CNH Industrial

CNH Industrial makes farm and construction machinery. Its main brands are Case IH and New Holland for farm equipment and CASE for construction equipment. It reports three segments: Agriculture, which gives most of its sales, Construction, and Financial Services. Agriculture sells tractors, combines, sprayers, seeding equipment and precision technology through independent dealers around the world.

Financial Services (CNH Capital) lends money to farmers and dealers to buy the machines, and it had a managed portfolio of $27.8 billion at September 30, 2026. CNH makes money from machine sales, spare parts and services, and from interest on its loans. Its sales follow the farm cycle, which depends on crop prices, farm incomes and interest rates. On November 9, 2026, CNH agreed to sell 70% of its Construction Equipment business to Kobelco Construction Machinery, so it will become mostly a farm machinery company.

The market prices CNH at a discount because the farm machinery cycle is at a low point, and investors are not sure when it turns. Low crop prices and high costs squeeze farm incomes, so farmers delay new machines. In Q3 2026, North American industry sales of combines fell 13%, and South American sales of tractors and combines fell 22% and 19%. CNH's Agriculture sales fell 2%.

Agriculture adjusted EBIT rose to $173 million from $137 million, but this gain came mainly from refunds of tariffs that CNH paid earlier, and CNH will spend most of these refunds on one-time actions. Loans more than 30 days past due were 4.1% of receivables at September 30, 2026, up from 3.5% a year earlier, mainly in South America. S&P cut CNH's rating to BBB in April 2026, and Fitch moved its outlook to negative in May 2026. In October 2026, the FTC and the USDA opened an inquiry into dealer practices in farm equipment, and higher USDA crop forecasts sent corn and soybean prices lower.

On November 9, 2026, CNH agreed to sell 70% of its Construction Equipment business to Kobelco and to use the cash to reduce debt. For the gap to close, the farm cycle must turn in 2027: dealer inventories must stay low, industry tractor and combine volumes must stop falling, and CNH must deliver its updated 2026 outlook of a 5.1% to 5.4% Agriculture margin and $300 million to $450 million of industrial free cash flow. Past-due loans in South America must stop rising, the FTC inquiry must not lead to rules that limit dealer contracts, and the Kobelco deal must close by the end of 2027. The full-year report and the 2027 outlook in February 2027 are the next test.

If demand recovers in 2027, the gap can close slowly over 2027 and 2028. The main risk is a longer low point in farm incomes.

1. Nov 9, 2026Passed

   Q3 2026 results: Agriculture margin and past-due loansAn Agriculture margin in line with the 5.0% to 5.5% full-year outlook and past-due loans at or below 4.4% pass; a cut to the 2026 outlook or higher past-due loans fail.Outcome: The Agriculture margin was 6.0% in Q3 2026 with help from tariff refunds, CNH kept the middle of its margin outlook at 5.1% to 5.4% and raised its EPS outlook, and past-due loans fell to 4.1%.
2. Feb 9, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookA 2027 outlook with higher Agriculture sales and margin passes; a 2027 outlook with lower sales again fails.
3. 2027 · est.Pending

   FTC and USDA farm equipment inquiryAn inquiry that ends without new rules or legal action against CNH's dealer model passes; new limits on dealer contracts or parts and service fail.
4. Q4 2027 · est.Pending

   Kobelco deal for the Construction Equipment business closesA close by the end of 2027, with the cash used to reduce debt, passes; a delay into 2028 or a failed deal fails.

Every passed and failed checkpoint across all picks

• November 9, 2026CNH reported Q3 2026 results. Revenue was $4.35 billion, about flat from a year earlier. Net income fell to $35 million from $67 million, because of a $156 million non-cash charge on tax assets in Brazil, and diluted EPS was $0.02. Adjusted net income rose to $205 million from $109 million, and adjusted diluted EPS was $0.16. The results include $109 million of pre-tax refunds of tariffs that CNH paid earlier. Agriculture sales fell 2% to $2.9 billion, and the Agriculture adjusted EBIT margin rose to 6.0% from 4.6%. Industrial free cash flow was minus $10 million. CNH raised its 2026 outlook for adjusted diluted EPS to $0.44 to $0.48, from $0.41 to $0.46, and for industrial free cash flow to $300 million to $450 million, from $200 million to $400 million. It changed its Agriculture margin outlook to 5.1% to 5.4%, from 5.0% to 5.5%.
• November 9, 2026CNH agreed to sell 70% of its Construction Equipment business to Kobelco Construction Machinery, a subsidiary of Kobe Steel. The deal values the business at an enterprise value of $1 billion. CNH expects to receive $700 million in cash, before adjustments for net debt, working capital and other items, and it will keep 30% of the new joint venture. CNH plans to use the cash to reduce debt. It expects the deal to close by the end of 2027, after regulatory approvals.
• October 19, 2026CNH said that it will report Q3 2026 results on November 9, 2026, with a webcast at 9:00 a.m. ET.

Last earnings

August 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · cnhi-20260930
• 8-KNew material agreement and Investor disclosureFiled November 9, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled November 9, 2026 · cnhi-20261109
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 3, 2026 · cnhi-20260630
• 8-KEarnings release and Investor disclosureFiled August 3, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled July 28, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Investor disclosureFiled May 11, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · cnhi-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled March 30, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1567094)

• Farm incomes stay low for longer. Low crop prices and high input costs make farmers delay new machines. In October 2026, higher USDA crop forecasts pushed corn and soybean prices lower again. A longer low point keeps volumes and margins down.
• Credit risk in Financial Services. Loans more than 30 days past due were 4.1% of receivables at September 30, 2026, up from 3.5% a year earlier, mainly because of stress among farmers in South America. In Q3 2026, CNH also took a $156 million non-cash charge on tax assets in Brazil, because of past losses there. Higher losses lower profit and can raise funding costs.
• Regulation. The FTC and the USDA opened an inquiry into farm equipment dealer practices in October 2026. The findings can lead to new rules or legal actions that change how CNH works with dealers and sells parts and service.
• Tariffs and trade. Tariffs raised CNH's costs in 2026 and lowered segment margins. The US cut some tariffs on equipment in June 2026, and CNH got refunds of some tariffs in Q3 2026, but trade rules can change quickly.
• Credit ratings. S&P cut CNH to BBB in April 2026, and Fitch has a negative outlook on its BBB rating. A further cut raises the cost of the debt that funds Financial Services.
• The Kobelco deal needs regulatory approvals, and CNH expects it to close by the end of 2027. A delay or a failed deal keeps the construction business, and its low margins, in CNH.

Most of CNH's debt funds its Financial Services business, which lends to farmers and dealers. At September 30, 2026, total debt was $25.5 billion: $21.7 billion in Financial Services, backed by loans and leases to customers, and $4.3 billion in Industrial Activities. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.8% (last 12 months, at today’s price of $12.49)

Paid per share

$0.10 in the last 12 months (1 payment)

Current annual rate

$0.10 ($0.10 × 1 a year)

Payout ratio

61% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

May 21, 2026, $0.10 per share

Dividends per share by year

From 2015 to 2025, the dividend grew by about 2.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.