Stocks CNH Financial statements
Financial statementsCNH Industrial N.V. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CNH Industrial N.V. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,095 | 27,701 | 29,706 | 28,079 | 14,779 | 19,496 | 23,551 | 24,687 | 19,836 | 18,095 |
| Cost of revenue | 19,420 | 21,572 | 22,958 | 21,832 | 11,152 | 14,109 | 16,797 | 16,838 | 13,350 | 12,389 |
| Gross profit | 5,675 | 6,129 | 6,748 | 6,247 | 3,627 | 5,387 | 6,754 | 7,849 | 6,486 | 5,706 |
| Research and development | 860 | 957 | 1,061 | 1,030 | 493 | 642 | 866 | 1,041 | 924 | 1,025 |
| Selling, general and administrative | 2,246 | 2,315 | 2,351 | 2,216 | 1,296 | 1,454 | 1,752 | 1,863 | 1,712 | 1,876 |
| Operating income | 1,451 | 1,663 | ||||||||
| Interest expense | 1,026 | 940 | 812 | 798 | 660 | 549 | 734 | 1,345 | ||
| Pre-tax income | -22 | 659 | 1,466 | 1,170 | -179 | 1,939 | 2,682 | 2,703 | 1,457 | 620 |
| Income tax | 297 | 457 | 417 | -271 | 85 | 229 | 747 | 594 | 336 | 184 |
| Net income to minority interests | 3 | 18 | 31 | 32 | 55 | 37 | 10 | 12 | 13 | -5 |
| Net income | -264 | 272 | 1,068 | 1,422 | -493 | 1,723 | 2,029 | 2,275 | 1,246 | 510 |
| EBITDA | 2,167 | 2,388 | ||||||||
| EPS, basic | -0.19 | 0.20 | 0.79 | 1.05 | -0.36 | 1.27 | 1.50 | 1.71 | 0.99 | 0.41 |
| EPS, diluted | -0.19 | 0.20 | 0.78 | 1.05 | -0.36 | 1.27 | 1.49 | 1.69 | 0.99 | 0.41 |
| Shares, basic (weighted) | 1,362 | 1,364 | 1,357 | 1,352 | 1,351 | 1,354 | 1,351 | 1,332 | 1,254 | 1,248 |
| Shares, diluted (weighted) | 1,362 | 1,367 | 1,361 | 1,354 | 1,351 | 1,361 | 1,362 | 1,350 | 1,260 | 1,251 |
| Dividend per share | 0.15 | 0.12 | 0.17 | 0.20 | 0.00 | 0.13 | 0.30 | 0.40 | 0.47 | 0.25 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 5,017 | 5,430 | 5,031 | 4,875 | 8,785 | 5,044 | 4,376 | 4,322 | 3,191 | 2,578 |
| Inventory | 5,609 | 6,452 | 6,726 | 7,082 | 6,022 | 4,216 | 4,811 | 5,545 | 4,776 | 4,651 |
| Property, plant and equipment | 6,397 | 6,831 | 5,901 | 5,269 | 4,923 | 1,475 | 1,532 | 1,913 | 1,936 | 2,181 |
| Lease right-of-use assets | 450 | 454 | 194 | 225 | 297 | 275 | 264 | |||
| Goodwill | 2,449 | 2,472 | 2,453 | 2,538 | 1,838 | 3,210 | 3,322 | 3,614 | 3,584 | 3,617 |
| Intangible assets | 787 | 792 | 788 | 806 | 772 | 1,207 | 1,129 | 1,292 | 1,221 | 1,086 |
| Total assets | 45,547 | 48,298 | 46,100 | 47,352 | 48,719 | 49,416 | 39,381 | 46,267 | 42,933 | 42,747 |
| Total liabilities | 41,075 | 44,041 | 41,002 | 41,196 | 43,690 | 42,563 | 32,405 | 38,117 | 35,165 | 34,922 |
| Total debt | 25,276 | 25,895 | 24,445 | 24,854 | 26,053 | 20,897 | 22,962 | 27,326 | 26,882 | 26,762 |
| Paid-in capital | 4,408 | 4,412 | 4,409 | 4,404 | 4,388 | 4,464 | 1,504 | 1,578 | 1,415 | 1,388 |
| Retained earnings | 1,787 | 1,763 | 2,596 | 3,808 | 3,279 | 4,818 | 7,906 | 9,654 | 10,309 | 10,506 |
| Treasury stock | -9 | -10 | -128 | -154 | -109 | -84 | -230 | -865 | -1,386 | -1,422 |
| Other comprehensive income | -1,767 | -1,966 | -1,859 | -2,002 | -2,676 | -2,445 | -2,278 | -2,362 | -2,712 | -2,767 |
| Minority interests | 7 | 8 | 25 | 40 | 82 | 30 | 0 | 66 | 62 | 42 |
| Total equity | 4,320 | 4,232 | 5,068 | 6,121 | 4,989 | 6,808 | 6,927 | 8,096 | 7,713 | 7,772 |
| Total liabilities and equity | 45,547 | 48,298 | 46,100 | 47,352 | 48,719 | 49,416 | 39,381 | 46,267 | 42,933 | 42,747 |
| Shares outstanding | 1,362 | 1,364 | 1,354 | 1,350 | 1,354 | 1,356 | 1,344 | 1,291 | 1,248 | 1,242 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -261 | 290 | 1,099 | 1,454 | -438 | 1,760 | 2,039 | 2,287 | 1,259 | 505 |
| Depreciation and amortization | 716 | 725 | 703 | 660 | 227 | 210 | 198 | 213 | 235 | 267 |
| Stock-based compensation | 3 | 19 | 35 | 33 | 30 | 90 | 87 | 99 | 71 | 45 |
| Deferred income tax | 68 | 103 | 64 | -474 | -100 | -269 | -72 | -524 | -106 | -196 |
| Change in receivables | -92 | -659 | -180 | -460 | 1,011 | 191 | -2,447 | -2,268 | 1,015 | 708 |
| Change in inventory | 769 | 682 | 112 | 440 | 1,224 | -555 | -151 | -259 | 787 | 749 |
| Change in payables | 96 | 344 | 280 | -179 | 314 | 738 | 125 | -157 | -1,186 | -198 |
| Cash from operations | 2,768 | 2,865 | 2,554 | 1,826 | 5,529 | 4,082 | 557 | 907 | 1,968 | 2,538 |
| Capital expenditures | -2,134 | |||||||||
| Cash from investing | -1,656 | -1,869 | -1,920 | -1,987 | -2,750 | -5,001 | -3,009 | -3,699 | -2,772 | -1,380 |
| Debt issued | 12,629 | 15,896 | 16,211 | 13,197 | 8,888 | 7,988 | 11,183 | 9,941 | 15,111 | 12,985 |
| Debt repaid | -13,770 | -16,802 | -16,921 | -12,925 | -7,227 | -9,088 | -9,223 | -8,224 | -13,453 | -13,006 |
| Stock issued | 0 | 28 | 2 | 0 | 0 | 0 | ||||
| Dividends paid | -207 | -168 | -243 | -283 | -8 | -188 | -423 | -538 | -607 | -333 |
| Cash from financing | -1,538 | -1,045 | -723 | 206 | 659 | -1,445 | 1,964 | 2,598 | -67 | -2,020 |
| Exchange rate effect | -31 | 395 | ||||||||
| Net change in cash | -457 | 346 | -397 | -30 | 3,856 | -2,767 | -716 | -84 | -1,179 | -637 |
| Free cash flow | 634 | |||||||||
| Interest paid | 930 | 896 | 807 | 762 | 625 | 539 | 718 | 1,091 | 1,598 | 1,462 |
| Income taxes paid | 104 | 224 | 355 | 208 | 80 | 348 | 717 | 802 | 769 | 227 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 30.6% | Gross profit / revenue. |
| Pre-tax margin | 2.0% | Pre-tax income / revenue. |
| Net margin | 1.7% | Net income / revenue. |
| Operating cash flow margin | 9.8% | Cash from operations / revenue. |
| Effective tax rate | 29.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 0.7% | Net income / average total assets. |
| R&D / revenue | 6.0% | Research and development expense / revenue. |
| SG&A / revenue | 10.8% | Selling, general and administrative expense / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -8.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -8.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 4.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -12.0% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -5.5% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 9.5% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -59.1% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -36.9% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | -58.6% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -35.0% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 29.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 65.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -14.4% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | -46.8% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | -6.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | -0.4% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.8% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -2.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -2.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.5% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / assets | 61.6% | Total debt / total assets. |
| Liabilities / assets | 81.4% | Total liabilities / total assets. |
| Net debt | $24.10B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 11.1% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.43x | Revenue / average total assets. |
| Fixed asset turnover | 8.30x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.44x | Cost of revenue / average inventory. |
| Days inventory | 149 days | 365 x average inventory / cost of revenue. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.25 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $14.65 | Revenue / diluted weighted shares. |
| Operating cash flow per share | $1.44 | Cash from operations / diluted weighted shares. |
| Cash per share | $1.51 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 44.7% | Dividends paid / net income, when net income is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $16.20B | Share price x shares outstanding. |
| Enterprise value | $40.30B | Market cap + total debt - cash - short-term investments. |
| P/E | 52.1x | Market cap / net income. Only when net income is positive. |
| P/S | 0.89x | Market cap / revenue. |
| P/OCF | 9.08x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.22x | Enterprise value / revenue. |
| Earnings yield | 1.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 0.9% | (Dividends paid + share buybacks) / market cap. |
What was CNH Industrial N.V.'s revenue in fiscal 2025?
CNH Industrial N.V. reported revenue of $18.10B for fiscal 2025, 8.8% lower than the year before.
Was CNH Industrial N.V. profitable in fiscal 2025?
Yes. Net income was $510.0M, a net margin of 2.8%.