Jun 2026 (Q2 FY26) — Aug 3, 2026
CNH Q2 FY26 — Operational Improvements Drive Margin Resilience Amidst Challenging Ag Market
Read the full callCNH (CNH) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CNH earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,803 | +2.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 138 | −35.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 26 judged targets kept · 33 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Agriculture net sales growth | about flat on a year-over-year basis | Mar 2026 | Our Ag segment sales were up 1%, with North America up 10%, EMEA up 1%, but South America, down 27%. | Achieved |
| Construction net sales growth | higher in the mid-teens | Mar 2026 | Construction net sales in the quarter were up 12% year-over-year to $866 million, driven by higher sales in North America. | Missed |
| Adjusted EPS | $0.35 to $0.45 | Dec 2025 | Adjusted EPS is now narrowed to between $0.41 and $0.46. | Revised Up |
13 of CNH Industrial N.V.'s 59 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 56 more targets are in the full ledger.
Claimed
- Consolidated revenues increased 2% year-over-year to $4.8 billion, including 2% positive currency impacts.
- Agriculture segment sales were up 1%, with North America sales growing 10%.
- Construction net sales rose 12% year-over-year to $866 million, driven by strong North America volume growth.
- Strategic sourcing program is on track to add 100-150 basis points to margin by 2030.
- The company achieved market share gains in Ag across tractors and combines in EMEA, North America, and South America.
Qualified
- Industrial adjusted EBIT was $167 million, reflecting lower industry demand and continued tariff impacts.
- Agriculture adjusted EBIT margin declined to 5.2% from 8.1% in Q2 2025 due to unfavorable product mix and tariffs.
- Construction adjusted EBIT margin fell to 1.7% from 4.5% in Q2 2025, primarily driven by significantly higher tariffs.
- Free cash flow from Industrial Activities was $150 million, a year-over-year decline due to lower EBIT and higher working capital investments.
- Financial Services net income was down due to margin compression and higher risk costs in Brazil, with delinquency rates at 4.4%.
Price
$11.22 −3.28% · −$0.38
Performance +7.5% 1Y
1Y: $10.44 on 17 Oct 2025 → $11.22. High $14.4 (4 Sept 2026), low $9.22 (31 Dec 2025).
- Previous close
- $11.6
- 52-week range
- $9.22 – $14.4
- One year
- +6.76%
Overview
- Symbol
- CNH
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 26 judged targets kept · 33 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Agriculture net sales growth | about flat on a year-over-year basis | Mar 2026 | Our Ag segment sales were up 1%, with North America up 10%, EMEA up 1%, but South America, down 27%. | Achieved |
| Construction net sales growth | higher in the mid-teens | Mar 2026 | Construction net sales in the quarter were up 12% year-over-year to $866 million, driven by higher sales in North America. | Missed |
| Adjusted EPS | $0.35 to $0.45 | Dec 2025 | Adjusted EPS is now narrowed to between $0.41 and $0.46. | Revised Up |
Claimed
- Consolidated revenues increased 2% year-over-year to $4.8 billion, including 2% positive currency impacts.
- Agriculture segment sales were up 1%, with North America sales growing 10%.
- Construction net sales rose 12% year-over-year to $866 million, driven by strong North America volume growth.
- Strategic sourcing program is on track to add 100-150 basis points to margin by 2030.
- The company achieved market share gains in Ag across tractors and combines in EMEA, North America, and South America.
Qualified
- Industrial adjusted EBIT was $167 million, reflecting lower industry demand and continued tariff impacts.
- Agriculture adjusted EBIT margin declined to 5.2% from 8.1% in Q2 2025 due to unfavorable product mix and tariffs.
- Construction adjusted EBIT margin fell to 1.7% from 4.5% in Q2 2025, primarily driven by significantly higher tariffs.
- Free cash flow from Industrial Activities was $150 million, a year-over-year decline due to lower EBIT and higher working capital investments.
- Financial Services net income was down due to margin compression and higher risk costs in Brazil, with delinquency rates at 4.4%.
The full ledger
Open CNH Industrial N.V.’s full ledger
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Call summaries
Every analysed call
CNH earnings calls (CNH)
Financials
What the filings say
Net profit, year on year: −35% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,654 | 4,876 | 3,828 | 4,711 | 4,399 | 5,157 | 3,826 | 4,803 |
| Interest | 378 | — | — | — | — | — | — | — |
| Profit before tax | 360 | 241 | 162 | 275 | 51 | 132 | 13 | 172 |
| Tax rate | 20.8% | 36.9% | 29.0% | 27.6% | 2.0% | 45.5% | 30.8% | 25.0% |
| Net profit | 306 | 173 | 131 | 213 | 80 | 86 | 7 | 138 |
| EPS ($ per share) | 0.24 | — | 0.10 | 0.17 | 0.06 | — | 0.01 | 0.11 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 2,596 | 3,808 | 3,279 | 4,818 | 7,906 | 9,654 | 10,309 | 10,506 |
| Total liabilities | 41,002 | 41,196 | 43,690 | 42,563 | 32,405 | 38,117 | 35,165 | 34,922 |
| Fixed assets | 5,901 | 5,269 | 4,923 | 1,475 | 1,532 | 1,913 | 1,936 | 2,181 |
| Total assets | 46,100 | 47,352 | 48,719 | 49,416 | 39,381 | 46,267 | 42,933 | 42,747 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,554 | 1,826 | 5,529 | 4,082 | 557 | 907 | 1,968 | 2,538 |
| Cash from investing | -1,920 | -1,987 | -2,750 | -5,001 | -3,009 | -3,699 | -2,772 | -1,380 |
| Cash from financing | -723 | 206 | 659 | -1,445 | 1,964 | 2,598 | -67 | -2,020 |
| Net cash flow | -397 | -30 | 3,856 | -2,767 | -716 | -84 | -1,179 | -637 |
CNH revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture | — | — | 67% | 69% | 67% | 70% | 68% | 68% | +0.9% |
| Construction | — | — | 15% | 16% | 17% | 17% | 15% | 18% | +12.0% |
| Financial Services | — | — | 17% | 15% | 16% | 14% | 17% | 14% | -4.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
37 filings between Nov 11, 2025 and May 13, 2026.
Open market
decisions to buy or sellPurchases
$700.2K
4 purchases by 3 insiders
Sales
$490.1K
1 sale by 1 insider
Compensation
not trading decisions- 16
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Heywood Suzanne | $500.0K | — | Nov 18, 2025 |
| Tutino Francesco Vincenzo Maria | — | $490.1K | May 4, 2026 |
| Buffett Howard W. | $100.3K | — | Nov 12, 2025 |
| Sorensen Vagn O | $99.9K | — | Nov 11, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 13, 2026 | Schroeder Jay Chief Technology Officer | Tax withheld | 1,246 | $13.2K |
| May 11, 2026 | Linehan Karen Director | Tax withheld | 68 | $737 |
| May 11, 2026 | Sorensen Vagn O Director | Option exercise | 4,980 | — |
| May 11, 2026 | Sorensen Vagn O Director | Tax withheld | 202 | $2.2K |
| May 11, 2026 | Buffett Howard W. Director | Option exercise | 4,980 | — |
| May 11, 2026 | Buffett Howard W. Director | Tax withheld | 150 | $1.6K |
| May 11, 2026 | Nasi Alessandro Director | Option exercise | 4,980 | — |
| May 11, 2026 | Nasi Alessandro Director | Tax withheld | 210 | $2.3K |
| May 11, 2026 | Tamsons Asa Director | Option exercise | 4,980 | — |
| May 11, 2026 | Tamsons Asa Director | Tax withheld | 72 | $780 |
| May 11, 2026 | Bastoni Elizabeth A. Director | Option exercise | 4,980 | — |
| May 11, 2026 | Bastoni Elizabeth A. Director | Tax withheld | 50 | $542 |
| May 11, 2026 | KRAMER RICHARD J Director | Option exercise | 4,980 | — |
| May 11, 2026 | Linehan Karen Director | Option exercise | 4,980 | — |
| May 11, 2026 | KRAMER RICHARD J Director | Tax withheld | 93 | $1.0K |
| May 4, 2026 | MacLeod Douglas President, Financial Services | Option exercise | 7,000 | — |
| May 4, 2026 | Nickolas James AJ Chief Financial Officer | Option exercise | 183,673 | — |
| May 4, 2026 | Nickolas James AJ Chief Financial Officer | Tax withheld | 81,368 | $864.1K |
| May 4, 2026 | Chishti Humayun President, Construction | Option exercise | 5,200 | — |
| May 4, 2026 | Chishti Humayun President, Construction | Tax withheld | 1,524 | $16.2K |
| May 4, 2026 | MacLeod Douglas President, Financial Services | Tax withheld | 2,240 | $23.8K |
| May 4, 2026 | Heywood Suzanne Director | Option exercise | 26,375 | — |
| May 4, 2026 | Heywood Suzanne Director | Tax withheld | 12,397 | $131.7K |
| May 4, 2026 | Pampalone Stefano See Remarks | Option exercise | 26,895 | — |
| May 4, 2026 | Pampalone Stefano See Remarks | Tax withheld | 10,301 | $110.3K |
| May 4, 2026 | Schroeder Jay Chief Technology Officer | Option exercise | 8,500 | — |
| May 4, 2026 | Schroeder Jay Chief Technology Officer | Tax withheld | 1,883 | $20.0K |
| May 4, 2026 | Tutino Francesco Vincenzo Maria Chief Human Resources Officer | Option exercise | 105,371 | — |
| May 4, 2026 | Tutino Francesco Vincenzo Maria Chief Human Resources Officer | Sale | 48,385 | $490.1K |
| Mar 2, 2026 | Marx Gerrit A. See Remarks | Tax withheld | 207,239 | $2.51M |
| Mar 2, 2026 | Schroeder Jay Chief Technology Officer | Tax withheld | 1,158 | $14.0K |
| Feb 28, 2026 | Schroeder Jay Chief Technology Officer | Option exercise | 3,346 | — |
| Feb 28, 2026 | Marx Gerrit A. See Remarks | Option exercise | 494,012 | — |
| Nov 18, 2025 | Heywood Suzanne Director | Purchase | 52,522 | $500.0K |
| Nov 12, 2025 | Buffett Howard W. Director | Purchase | 4,100 | $42.2K |
| Nov 11, 2025 | Buffett Howard W. Director | Purchase | 6,000 | $58.1K |
| Nov 11, 2025 | Sorensen Vagn O Director | Purchase | 10,385 | $99.9K |
| Aug 6, 2025 | Tutino Francesco Vincenzo Maria Chief Human Resources Officer | Sale | 12,271 | $153.7K |
| Aug 5, 2025 | Tutino Francesco Vincenzo Maria Chief Human Resources Officer | Option exercise | 27,211 | — |
| May 13, 2025 | Buffett Howard W. Director | Sale | 99 | $1.3K |
| May 13, 2025 | Sorensen Vagn O Director | Sale | 2,525 | $33.7K |
| May 13, 2025 | KRAMER RICHARD J Director | Sale | 245 | $3.3K |
| May 13, 2025 | Tamsons Asa Director | Sale | 179 | $2.4K |
| May 13, 2025 | Linehan Karen Director | Sale | 181 | $2.4K |
| May 12, 2025 | Tamsons Asa Director | Option exercise | 5,536 | — |
| May 12, 2025 | KRAMER RICHARD J Director | Option exercise | 5,536 | — |
| May 12, 2025 | Buffett Howard W. Director | Option exercise | 5,536 | — |
| May 12, 2025 | Linehan Karen Director | Option exercise | 5,536 | — |
| May 12, 2025 | Sorensen Vagn O Director | Option exercise | 5,536 | — |
| May 9, 2025 | MacLeod Douglas President, Financial Services | Sale | 1,992 | $25.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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