CNH Industrial N.V. CNH
CNH Industrial N.V. ("CNH" or the "Company") was formed in 2013 by the business combination transaction between Fiat Industrial S.p.A. and its subsidiary CNH Global N.V.. CNH was incorporated on November 23, 2012, as a public limited liability company (naamloze vennootschap) under the laws of the Netherlands. The Company's principal office is at Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom (telephone number: +44-207-9251-964). CNH's agent for U.S. federal securities law purposes is Britton Worthen, c/o CNH Industrial America LLC, 711 Jorie Boulevard, Oak Brook, Illinois 60523 (telephone number +1-331-256-0594).
Unless otherwise indicated or the context otherwise requires, as used in this Annual Report, the term "CNH", "we", "us", "our" or "the Company" refer to CNH Industrial N.V. together with its consolidated subsidiaries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.35B | $17.06B | $22.08B | $21.54B | $17.80B | $13.08B | $26.15B | $27.83B | $25.77B | $23.22B |
| Cost of revenue | $12.39B | $13.35B | $16.84B | $16.80B | $14.11B | $11.15B | $21.83B | $22.96B | $21.57B | $19.42B |
| Gross profit | $2.96B | $3.71B | $5.24B | $4.74B | $3.69B | $1.93B | $4.32B | $4.87B | $4.20B | $3.80B |
| R&D | $1.02B | $924.0M | $1.04B | $866.0M | $642.0M | $493.0M | $1.03B | $1.06B | $957.0M | $860.0M |
| SG&A | $1.88B | $1.71B | $1.86B | $1.75B | $1.45B | $1.30B | $2.22B | $2.35B | $2.31B | $2.25B |
| Operating income | — | — | — | — | — | — | — | — | $1.66B | $1.45B |
| Interest expense | $114.0M | $152.0M | $76.0M | $119.0M | $549.0M | $660.0M | $798.0M | $812.0M | $940.0M | $1.03B |
| Pre-tax income | $620.0M | $1.46B | $2.70B | $2.68B | $1.94B | -$179.0M | $1.17B | $1.47B | $659.0M | -$22.0M |
| Income tax | $184.0M | $336.0M | $594.0M | $747.0M | $229.0M | $85.0M | $271.0M | $417.0M | $457.0M | $297.0M |
| Net income | $510.0M | $1.25B | $2.27B | $2.03B | $1.72B | -$493.0M | $1.42B | $1.07B | $272.0M | -$264.0M |
| EPS, basic | 0.41 | 0.99 | 1.71 | 1.50 | 1.27 | -0.36 | 1.05 | 0.79 | 0.20 | -0.19 |
| EPS, diluted | 0.41 | 0.99 | 1.69 | 1.49 | 1.27 | -0.36 | 1.05 | 0.78 | 0.20 | -0.19 |
| Shares, diluted (wtd. avg.) | $1.25B | $1.26B | $1.35B | $1.36B | $1.36B | $1.35B | $1.35B | $1.36B | $1.37B | $1.36B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.58B | $3.19B | $4.32B | $5.13B | $5.84B | $8.99B | $5.77B | $5.80B | $6.20B | $5.85B |
| Inventory | $4.65B | $4.78B | $5.54B | $4.81B | $4.22B | $6.02B | $7.08B | $6.73B | $6.45B | $5.61B |
| Property, plant and equipment | $2.18B | $1.94B | $1.91B | $1.53B | $1.48B | $4.92B | $5.27B | $5.90B | $6.83B | $6.40B |
| Goodwill | $3.62B | $3.58B | $3.61B | $3.32B | $3.21B | $1.84B | $2.54B | $2.45B | $2.47B | $2.45B |
| Other intangibles | $1.09B | $1.22B | $1.29B | $1.13B | $1.21B | $772.0M | $806.0M | $788.0M | $792.0M | $787.0M |
| Total assets | $42.75B | $42.93B | $46.27B | $39.38B | $49.42B | $48.72B | $47.35B | $46.10B | $48.30B | $45.55B |
| Total liabilities | $34.92B | $35.16B | $38.12B | $32.41B | $42.56B | $43.69B | $41.20B | $41.00B | $44.04B | $41.08B |
| Retained earnings | $10.51B | $10.31B | $9.65B | $7.91B | $4.82B | $3.28B | $3.81B | $2.60B | $1.76B | $1.79B |
| Total equity | $7.77B | $7.71B | $8.10B | $6.93B | $6.81B | $4.99B | $6.12B | $5.07B | $4.23B | $4.32B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.54B | $1.97B | $907.0M | $557.0M | $4.08B | $5.53B | $1.83B | $2.55B | $2.87B | $2.77B |
| Depreciation and amortisation | $267.0M | $235.0M | $213.0M | $198.0M | $210.0M | $227.0M | $853.0M | $965.0M | $725.0M | $716.0M |
| Stock-based compensation | $45.0M | $71.0M | $99.0M | $87.0M | $90.0M | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — | — | — | — | — | $2.13B |
| Investing cash flow | -$1.38B | -$2.77B | -$3.70B | -$3.01B | -$5.00B | -$2.75B | -$1.99B | -$1.92B | -$1.87B | -$1.66B |
| Financing cash flow | -$2.02B | -$67.0M | $2.60B | $1.96B | -$1.45B | $659.0M | $206.0M | -$723.0M | -$1.04B | -$1.54B |
| Dividends paid | $333.0M | $607.0M | $538.0M | $423.0M | $188.0M | $8.0M | $283.0M | $243.0M | $168.0M | $207.0M |
| Buybacks | $100.0M | $702.0M | $652.0M | $153.0M | — | — | $57.0M | $156.0M | $38.0M | $14.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001567094-26-000006.
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| MTW | MANITOWOC CO INC | $772.1M | 107.0x | 2.9% |
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| GENC | GENCOR INDUSTRIES INC | $270.0M | 17.2x | 2.0% |