At a glance
CNH Industrial N.V. is worth $13.61B, about 27 times its fiscal 2025 earnings. Revenue fell 8.8% to $18.09B in fiscal 2025, with 2.8% kept as profit; over 5 years it has grown 4.1% a year. It pays a 0.91% dividend yield, and returned $2.09B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
CNH Industrial makes farm and construction equipment and lends money to its dealers and customers. Its farm machines include tractors, combine harvesters, hay and forage equipment, planters and self-propelled sprayers, sold mainly under the Case IH and New Holland brands. It also owns STEYR, a European tractor brand, and Raven, which develops automation and self-driving technology for farm machines. Construction machines, sold mainly as CASE and New Holland Construction, include excavators, wheel loaders, dozers, graders, backhoes and skid steer loaders.
Agriculture is the core of the business. In the fiscal year ended December 31, 2025, it brought in $12.4 billion, or 68.5% of total revenue of $18.1 billion. Construction added 16.3%. Financial Services, known commercially as CNH Capital (Banco CNH in Brazil), made up 15%. It earns money on retail loans and leases to farmers and contractors, and on wholesale loans that let dealers carry equipment inventory.
The United States was the largest market, at 32.1% of fiscal 2025 revenue, followed by Brazil at 13.8% and Canada at 8.5%. CNH is incorporated in the Netherlands, with its principal office in Basildon in the United Kingdom. Its "Iron + Tech" strategy aims to build guidance, automation and connectivity technology into its machines.
Price history
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CNH +4.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sales of goods | $15.29B | 84.5% |
| Construction | $2.96B | 16.3% |
By business segment
| Agriculture | $12.39B | 68.5% |
| Construction | $2.96B | 16.3% |
| Financial Services | $2.72B | 15% |
By geography
| U.S. | $5.81B | 32.1% |
| Other | $3.17B | 17.5% |
| Brazil | $2.50B | 13.8% |
| Canada | $1.55B | 8.5% |
| FRANCE | $986.0M | 5.4% |
| Australia | $693.0M | 3.8% |
| India | $634.0M | 3.5% |
| Argentina | $547.0M | 3% |
| Italy | $462.0M | 2.6% |
| Germany | $445.0M | 2.5% |
| U.K. | $393.0M | 2.2% |
| Poland | $317.0M | 1.8% |
| Spain | $310.0M | 1.7% |
| China | $276.0M | 1.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.80B, up 2% from a year earlier, and net income was $138.0M (-35.2%).
- For fiscal 2025, revenue was $18.09B (-8.8% year over year; +4.1% a year from FY2020 to FY2025) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.1% watch |
|---|---|
| Return on equity (FY2025) | 6.6% weak |
| Return on assets (FY2025) | 1.2% weak |
| Cash and investments | $1.87B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.78B | $-493.0M | — |
| FY2021 | $19.50B | $1.72B | — |
| FY2022 | $23.55B | $2.03B | — |
| FY2023 | $24.69B | $2.27B | — |
| FY2024 | $19.84B | $1.25B | — |
| FY2025 | $18.09B | $510.0M | — |
Valuation snapshot
| Market value | $13.61B |
|---|---|
| P/E ratio | 26.8 |
| Dividend yield | 0.91% |
Rank among 1514 US companies
Market value at each year end
CNH Industrial N.V.’s market value went from $14.15B at the end of 2024 to $13.61B on Oct 28, 2026, down 4%; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.61B | +18.5% |
| 2025 | $11.49B | -18.8% |
| 2024 | $14.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CNH price data to Oct 28, 2026 | +20.5% | +4.8% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.5% |
| 2025 | -17.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($490K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 4, 2026 | Francesco Vincenzo Maria Tutino Chief Human Resources Officer | sell | $490K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 6.3% | Sep 30, 2026 |
| HARRIS ASSOCIATES L P | 4.7% | Mar 31, 2026 |
ETFs with the most weight in CNH
| KROP Global X AgTech & Food Innovation ETF | 4.93% |
| FTAG First Trust Indxx Global Agriculture ETF | 3.65% |
| IVEG iShares Emergent Food and AgTech Multisector ETF | 3.59% |
| KNO AXS Knowledge Leaders ETF | 2.73% |
| DIVD Altrius Global Dividend ETF | 2.2% |
| VEGI iShares MSCI Agriculture Producers ETF | 2.16% |
| MOO VanEck Agribusiness ETF | 2.12% |
| LOPP Gabelli Love Our Planet & People ETF | 1.85% |
What could go wrong
- Farm cycle drives most of the business. Equipment demand swings with the farm cycle, crop prices and weather; agriculture is 68.5% of revenue. Profits can shrink fast: in fiscal 2025, revenue fell 8.8% and net income fell 59.1%.
- Its lending arm carries credit risk. CNH Capital finances a significant portion of CNH's sales. If more borrowers fall behind or machines are repossessed, or if CNH struggles to raise funding for these loans, profits could suffer.
- Dealers can cut orders to trim stock. Dealers decide how many machines to order and keep in stock. When they cut inventory, CNH's sales can fall faster than actual purchases by farmers and contractors.
- Precision technology must keep pace with rivals. CNH is betting on guidance, automation and self-driving technology. If its tools lag rivals', run into technical or regulatory limits, or connected machines are hacked, customers could lose confidence and switch brands.
- Loyalty voting shares can limit shareholder power. Long-term holders can earn extra votes through a loyalty voting program. CNH says this may reduce trading in its shares, weigh on the share price, and make takeovers or management changes harder.
- Trade policy and global political shocks. Tariffs and trade disputes can reduce demand for its machines or weaken it against rivals. With subsidiaries in 32 countries and sales in about 166, CNH also faces political and economic shocks beyond its control.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
CNH pays a dividend, but it has no streak of increases. Dividends per share grew from zero for fiscal 2020 to $0.47 for 2024, then fell to $0.25 for 2025, when diluted earnings per share dropped to $0.41. Dividends paid used about 65% of 2025 net income. From fiscal 2021 through 2025, CNH paid about $2.1 billion in dividends. The yield was 0.91% as of October 28, 2026, low for anyone relying on portfolio income. The share count fell 7.6% between March 31, 2023, and June 30, 2026.
Our price history for CNH spans only about 2.4 years, through October 28, 2026, so it doesn't show how the shares held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In that window, the deepest drop from a peak was 33.2%. The stock lost 17% in 2025, then gained 20.5% in 2026 through October 28. Single stocks carry more risk than diversified funds.
Questions investors ask
How does CNH Industrial make money?
Mostly from farm equipment sales. In the fiscal year ended December 31, 2025, agriculture brought in $12.4 billion, or 68.5% of CNH's $18.1 billion in revenue, through brands such as Case IH and New Holland. Construction equipment, sold as CASE and New Holland Construction, added 16.3%. The Financial Services segment, CNH Capital, made up 15% by financing equipment for customers and inventory for dealers. The United States was the biggest market, at 32.1% of revenue.
Did CNH Industrial cut its dividend?
Yes. Dividends per share fell to $0.25 for fiscal 2025 from $0.47 for fiscal 2024, after rising each year from zero for fiscal 2020. The lower payout came in a year when net income dropped 59.1% to $510 million. Even so, dividends paid used about 65% of that net income. The yield was 0.91% as of October 28, 2026, which is modest for investors seeking income.
Is CNH Industrial an American company?
It is legally Dutch, based in the U.K. and listed in New York. CNH Industrial N.V. is incorporated in the Netherlands, has its principal office in Basildon, U.K., and operates as a U.K. tax resident. Its shares trade on the NYSE, and the United States is its largest market, at 32.1% of fiscal 2025 revenue. The company warns it could be classed as a passive foreign investment company, or PFIC, which can mean less favorable tax treatment for U.S. shareholders.
Are CNH Industrial's sales growing?
Sales have fallen for two straight fiscal years. Revenue peaked at $24.7 billion in fiscal 2023, then fell to $19.8 billion in 2024 and $18.1 billion in 2025. Net income dropped from $2.3 billion to $510 million over the same stretch. In the quarter ended June 30, 2026, revenue rose 2% from a year earlier to $4.8 billion, but net income fell 35.2% to $138 million. Over the five years from fiscal 2020, revenue grew about 4.1% a year.
Which ETFs hold CNH Industrial stock?
CNH is held by 123 ETFs, by our count. It carries some of its largest weights in agriculture-themed funds such as the Global X AgTech & Food Innovation ETF (KROP), First Trust Indxx Global Agriculture ETF (FTAG) and VanEck Agribusiness ETF (MOO). It also appears in the Altrius Global Dividend ETF (DIVD). In each, CNH is one holding among many, which spreads company-specific risk, though agriculture funds still concentrate on one industry.