CNH Industrial (CNH) financial statements
CNH Industrial reported revenue of $15.3B in fiscal 2025, down 4.5% a year over 9 years.
Net income was $510M.
Free cash flow was $2.0B, and the company returned $333M in dividends.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CNH Industrial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.2B | $25.8B | $27.8B | $26.1B | $13.1B | $17.8B | $21.5B | $22.1B | $17.1B | $15.3B |
| Cost of revenue | $19.4B | $21.6B | $23.0B | $21.8B | $11.2B | $14.1B | $16.8B | $16.8B | $13.3B | $12.4B |
| Gross profit | — | — | — | — | $1.9B | $3.7B | $4.7B | $5.2B | $3.7B | $3.0B |
| Research and development | $860M | $957M | $1.1B | $1.0B | $493M | $642M | $866M | $1.0B | $924M | $1.0B |
| Selling, general and admin | $2.2B | $2.3B | $2.4B | $2.2B | $1.3B | $1.5B | $1.8B | $1.9B | $1.7B | $1.9B |
| Operating income | $1.5B | $1.7B | — | — | — | — | — | — | — | — |
| Interest expense | $1.0B | $940M | $812M | $798M | $660M | $549M | $734M | $1.3B | — | — |
| Pre-tax income | -$22M | $659M | $1.5B | $1.2B | -$179M | $1.9B | $2.7B | $2.7B | $1.5B | $620M |
| Income tax | $297M | $457M | $417M | -$271M | $85M | $229M | $747M | $594M | $336M | $184M |
| Net income | -$264M | $272M | $1.1B | $1.4B | -$493M | $1.7B | $2.0B | $2.3B | $1.2B | $510M |
| EPS (diluted) | -$0.19 | $0.20 | $0.78 | $1.05 | -$0.36 | $1.27 | $1.49 | $1.69 | $0.99 | $0.41 |
| Diluted shares | 1.36B | 1.37B | 1.36B | 1.35B | 1.35B | 1.36B | 1.36B | 1.35B | 1.26B | 1.25B |
| Gross margin | — | — | — | — | 14.8% | 20.7% | 22.0% | 23.7% | 21.7% | 19.3% |
| Operating margin | 6.2% | 6.5% | — | — | — | — | — | — | — | — |
| Net margin | -1.1% | 1.1% | 3.8% | 5.4% | -3.8% | 9.7% | 9.4% | 10.3% | 7.3% | 3.3% |
Balance sheet
Fiscal years, from CNH Industrial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5.0B | $5.4B | $5.0B | $4.9B | $8.8B | $5.0B | $4.4B | $4.3B | $3.2B | $2.6B |
| Inventory | $5.6B | $6.5B | $6.7B | $7.1B | $6.0B | $4.2B | $4.8B | $5.5B | $4.8B | $4.7B |
| Property, plant and equipment | $6.4B | $6.8B | $5.9B | $5.3B | $4.9B | $1.5B | $1.5B | $1.9B | $1.9B | $2.2B |
| Goodwill | $2.4B | $2.5B | $2.5B | $2.5B | $1.8B | $3.2B | $3.3B | $3.6B | $3.6B | $3.6B |
| Total assets | $45.5B | $48.3B | $46.1B | $47.4B | $48.7B | $49.4B | $39.4B | $46.3B | $42.9B | $42.7B |
| Total liabilities | $41.1B | $44.0B | $41.0B | $41.2B | $43.7B | $42.6B | $32.4B | $38.1B | $35.2B | $34.9B |
| Shareholders' equity | $4.3B | $4.2B | $5.1B | $6.1B | $5.0B | $6.8B | $6.9B | $8.1B | $7.7B | $7.8B |
| Net debt | -$5.0B | -$5.4B | -$5.0B | -$4.9B | -$8.8B | -$5.0B | -$4.4B | -$4.3B | -$3.2B | -$2.6B |
Cash flow
Fiscal years, from CNH Industrial's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $2.9B | $2.6B | $1.8B | $5.5B | $4.1B | $557M | $907M | $2.0B | $2.5B |
| Capital spending | $2.1B | — | — | — | $232M | $365M | $461M | $644M | $536M | $543M |
| Free cash flow | $634M | — | — | — | $5.3B | $3.7B | $96M | $263M | $1.4B | $2.0B |
| Stock-based compensation | $3M | $19M | $35M | $33M | $30M | $90M | $87M | $99M | $71M | $45M |
| Dividends paid | $207M | $168M | $243M | $283M | $8M | $188M | $423M | $538M | $607M | $333M |
| Net borrowing | -$1.1B | -$906M | -$710M | $272M | $1.7B | -$1.1B | $2.0B | $1.7B | $1.7B | -$21M |
| Free cash flow margin | 2.7% | — | — | — | 40.5% | 20.9% | 0.4% | 1.2% | 8.4% | 13.0% |
| Dividends per share | $0.15 | $0.12 | $0.18 | $0.21 | $0.01 | $0.14 | $0.31 | $0.40 | $0.48 | $0.27 |
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Open CNH in InvestinglyQuestions
What was CNH Industrial's revenue in 2025?
$15.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does CNH Industrial generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From CNH Industrial's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.