CNH publishes 2026 Annual General Meeting agenda Basildon, March 25, 2026 CNH Industrial (NYSE: CNH) announced today that it has published its notice of the 2026 Annual General Meeting of Shareholders (“AGM”) and proxy statement. The AGM will be held on May 8, 2026, in Amsterdam, The Netherlands. The proceedings can also be followed via a live webcast on the Company's website (www.cnh.com). The Company’s AGM materials and instructions for voting and submitting questions in advance of the meeting, together ...

It has been about a month since the last earnings report for CNH Industrial (CNH) . Shares have lost about 20.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is CNH due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for CNH Industrial N.V. before we dive into how investors and analysts have reacted as of late.CNH Q4 Earnings Beat Expe ...

Core Insights - Hemisphere GNSS, a brand of CNH, and Calian Group Ltd. have announced the release of the new A65 GNSS antenna, which is a next-generation solution designed for exceptional accuracy and superior interference protection [1] Company Developments - The A65 GNSS antenna is engineered to deliver robust GNSS tracking performance, indicating a significant advancement in technology for both Hemisphere GNSS and Calian Group Ltd. [1]

Business Segments - CNH Industrial operates through three business segments: Agriculture, Construction, and Financial Services, with a global presence in 32 countries and commercial activities in approximately 166 countries[14][16]. - The Agriculture segment includes a full line of equipment such as tractors, harvesters, and precision agriculture solutions, with brands like Case IH and New Holland leading the market[20][21]. - The Construction segment offers a wide range of equipment, including excavators and compact track loaders, with a focus on innovation and customer needs[23][27]. - The Financial Services segment provides financing solutions for customers and dealers, supporting the purchase of new and used equipment[31]. Acquisitions and Investments - In 2023, CNH acquired Hemisphere GNSS and Augmenta, enhancing its capabilities in precision agriculture and automation technologies[22]. - The company is making targeted investments in precision agriculture technologies and sustainable equipment platforms to enhance farmer productivity and profitability[79]. - The company plans to make significant investments in research and development to enhance productivity and sustainability in farming[148]. Market Trends and Demand - The agricultural equipment industry is experiencing a cyclical downturn, particularly in large agriculture in the Americas, but long-term fundamentals remain attractive due to global protein demand and increasing adoption of precision technologies[43]. - Demand for precision agriculture technology is expected to drive replacement demand for new farm equipment, improving overall farm efficiency[42]. - The construction equipment market is divided into heavy construction equipment (over 12 metric tons) and light construction equipment (under 12 metric tons)[44]. - In North America and Europe, demand for heavy construction equipment is linked to government spending and economic growth, particularly in infrastructure projects[49]. - Light construction equipment sales are influenced by residential and commercial construction levels, which are affected by interest rates and financing availability[50]. Supply Chain and Production - The company has approximately 11,000 registered patents, emphasizing the importance of R&D in maintaining competitive advantage[78]. - The Strategic Sourcing Program initiated in 2023 aims to enhance supply chain resiliency and foster long-term supplier relationships[76]. - The company funds its operations through a combination of term receivable securitizations and various credit facilities, ensuring sufficient liquidity[93]. - The company relies on suppliers for raw materials and components, and any failure in their performance could result in manufacturing delays and increased costs[162]. - Access to raw materials may be affected by tariffs and trade policies, with potential disruptions in the supply chain impacting customer demand[163]. Financial Services - Financial Services offers a range of financial products, including retail notes and finance leases, to support dealer and customer financing across various regions[80]. - The company manages retail customer financing activities in North America through CNH Capital, supporting Agriculture and Construction sales[82]. - Financial Services' guidelines for minimum down payments for equipment range from 5% to 30% of the actual sales price, depending on various factors[89]. - Financial Services has accessed asset-backed securities markets in the U.S., Canada, and Australia to diversify funding sources[94]. - The financial services segment's performance could be adversely affected by negative economic conditions, particularly in regions like South America[199]. Regulatory and Compliance Risks - Compliance with evolving regulatory requirements, including data privacy and financial services regulations, poses risks that could materially affect the company's financial condition[126]. - The company has implemented a compliance program to mitigate risks associated with improper payments and bribery, although it may not fully protect against violations by employees or agents[111]. - The company anticipates significant compliance costs due to increasingly stringent environmental regulations, which may require additional investments in product designs[188]. - The company may face increased compliance costs and liabilities due to evolving privacy laws and data security regulations[191]. Economic and Market Risks - The company faces risks related to political, economic, and trade instability in various countries, which could impact manufacturing and sales operations[136]. - Global economic conditions, including the agricultural market business cycle, are critical to the company's results, with macroeconomic factors influencing performance[131]. - The company is subject to significant financial and taxation risks, including market volatility and high leverage, which could impact liquidity and cash flows[128]. - Rising interest rates could negatively affect customer demand for the company's products and services, as well as the financial health of its customers[196]. Competitive Landscape - The construction equipment industry is highly competitive, with key competitors including Caterpillar Inc., Komatsu Ltd., and Deere & Company[59]. - Competitive pressures have intensified, with competitors potentially offering products at little or no profit, affecting the company's market position[145]. - The company is focusing on integrating automation and emerging technologies into its products, which is crucial for maintaining competitive advantage[145]. Employee and Organizational Factors - The company emphasizes employee engagement and development, with 34,197 employees as of December 31, 2025, including significant representation in the U.S. and Canada[97]. - The company is committed to maintaining competitive base pay and benefits aligned with local market conditions and regulatory requirements[102]. Future Outlook and Challenges - Future performance is dependent on the successful development and market acceptance of innovative products, including precision technology solutions[147]. - The company is engaged in strategic initiatives aimed at improving efficiency and cash flow, though the realization of anticipated benefits is uncertain[151]. - Challenges related to acquisitions and strategic alliances may hinder the achievement of expected benefits and impact financial results[152]. - Disruptions from natural disasters, pandemics, or geopolitical tensions could negatively affect manufacturing operations and supply chains[158]. Taxation and Financial Structure - As of December 31, 2025, the company reported a consolidated gross indebtedness of $26,762 million, with $22,861 million related to Financial Services activities[203]. - The funded status for the company's defined benefit pension plans was a deficit of $327 million as of December 31, 2025[201]. - The company is subject to income taxes in various jurisdictions, and changes in effective tax rates could negatively impact financial condition and results of operations[210]. - CNH Industrial N.V. is considered a tax resident in the U.K. for tax purposes, which may be challenged by tax authorities in other jurisdictions, potentially impacting financial results[206].

Group 1 - The company has been making similar statements for five years, but there is limited evidence of progress, leading to skepticism about its future direction [1] - The article expresses a critical viewpoint regarding the company's ability to deliver on its promises over an extended period [1] Group 2 - No specific financial data or performance metrics are provided in the content [2]

Core Insights - CNH has achieved a ranking in the top 1% of companies in S&P Global's 2026 Sustainability Yearbook, with a score of 83/100, evaluated among over 9,200 organizations across 62 industries [1][2][3] - This recognition follows CNH's inclusion in S&P Global's Dow Jones Sustainability World and North America Indices, where it secured a joint first place in the Machinery and Electrical Equipment Industry category [2][3] - The Chief Sustainability Officer of CNH emphasized that this recognition reflects the company's impactful sustainability strategy, particularly in agriculture, where their technologies contribute to healthier soils and biodiversity [3] Sustainability Performance - CNH received an A Climate score and an A- Water score from CDP, highlighting its commitment to environmental sustainability [4] - The company has progressed to the top 1% from being in the top 5% for two consecutive years, indicating significant improvement in sustainability performance [7] Company Overview - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [5][6] - The company operates various brands, including Case IH and New Holland for agriculture, and CASE and New Holland Construction Equipment for construction, providing a comprehensive range of products and digital technologies [5] - With over 35,000 employees, CNH promotes a diverse and inclusive workplace aimed at empowering customers and fostering a better world [6]

Core Insights - CNH has achieved a ranking in the top 1% of companies in S&P Global's 2026 Sustainability Yearbook, marking its first year in this elite category after two consecutive years in the top 5% [1] - The company scored 83 out of 100 in the S&P Global 2025 Corporate Sustainability Assessment, which evaluated over 9,200 organizations across 62 industries [1] - CNH is one of only two companies from its industry group to be included in the top 1% [1] Sustainability Recognition - This recognition follows CNH's inclusion in S&P Global's Dow Jones Sustainability World and North America Indices, where it received a joint first place ranking in the Machinery and Electrical Equipment Industry category [2] - CNH was awarded an A Climate score and an A- Water score from CDP, a global non-profit organization focused on environmental disclosure [4] Strategic Impact - The Chief Sustainability Officer of CNH emphasized that the company's sustainability strategy is making a significant impact in agriculture, particularly in enhancing soil health, protecting biodiversity, and improving resource efficiency [3]

Core Insights - CNH Industrial reported fourth-quarter 2025 adjusted earnings per share (EPS) of 19 cents, an increase from 15 cents in the prior-year quarter, surpassing the Zacks Consensus Estimate of 11 cents [1] - Consolidated revenues rose 5.8% year over year to $5.16 billion, exceeding the Zacks Consensus Estimate of $5.02 billion [1] Segmental Performance - Agriculture segment net sales increased 5% year over year to $3.6 billion, driven by favorable price realization and positive foreign exchange impacts, beating the estimate of $3.41 billion [2] - Adjusted EBIT for the Agriculture segment was $233 million, down 5% year over year due to lower volumes and higher costs, but still above the estimate of $172.6 million; adjusted EBIT margin decreased to 6.5% from 7.2% [2] - Construction segment sales rose 19% year over year to $853 million, attributed to higher volume and favorable price realization in North America, surpassing the estimate of $810.3 million [3] - Adjusted EBIT for the Construction segment was $5 million, down 72% year over year due to increased production costs, with adjusted EBIT margin decreasing to 0.6% from 2.5% [3] - Financial Services segment revenues fell 6% to $700 million, missing the estimate of $770.4 million, while net income increased from $92 million to $109 million year over year [4] Financial Details - As of December 31, 2025, CNH Industrial had cash and cash equivalents of $2.58 billion, down from $3.19 billion a year earlier [5] - Total debt was $26.76 billion, a slight decrease from $26.88 billion as of December 31, 2024 [5] - Net cash provided by operating activities was $945 million, compared to $1.69 billion in the prior year [5] - Free cash outflow from industrial activities was $817 million, slightly improved from $848 million in the fourth quarter of 2024 [5] 2026 Guidance - For 2026, Agriculture sales are expected to decrease and remain flat at 5% year over year, with adjusted EBIT margin projected between 4.5-5.5% [6] - Construction segment sales are expected to remain flat year over year, with adjusted EBIT margin anticipated in the range of 1-2% [6] - Free cash flow from industrial activities is expected to be between $150-$350 million, with adjusted EPS projected between 35 cents and 45 cents, down from 55 cents in 2025 [7] Zacks Rank & Key Picks - CNH currently holds a Zacks Rank 4 (Sell) [8] - Other better-ranked stocks in the industrial product space include Kawasaki Heavy Industries, Kennametal, and Proto Labs, each with a Zacks Rank 1 (Strong Buy) [10]

Core Insights - CNH Industrial reported a fourth-quarter revenue of $5.2 billion, reflecting a 6% increase year-over-year, with agricultural segment sales rising by 5% and construction sales increasing by 19% [5][6] - The company anticipates 2026 to be a challenging year, forecasting a decline in global industry retail demand and expecting Agriculture net sales to be flat to down 5% compared to 2025 [11][13] Agriculture Segment Performance - The adjusted EBIT margin for the Agriculture segment was 6.5%, down from 7.2% in the prior-year quarter, impacted by pricing pressures and increased SG&A costs [1] - Fourth-quarter net sales in Agriculture were approximately $3.6 billion, up 5% year-over-year, driven by favorable pricing and currency translation, although the adjusted gross margin decreased to 20% from 20.6% [2] - For the full year, consolidated revenues in Agriculture fell by 9%, with the EBIT margin affected by higher tariff costs and an unfavorable geographic mix [3] Construction Segment Performance - Construction net sales rose 19% to $853 million in the fourth quarter, primarily due to improved sales in North and South America, but the gross margin fell to 11.5% due to tariff impacts [7] - The EBIT margin for the construction segment was projected at 1% to 2% for 2026, reflecting the full-year impact of tariffs estimated to affect margins by around 500 basis points [14] Cost Management and Dealer Inventory - The company successfully removed $230 million in costs from the Agriculture segment in 2025, aiming for a cumulative savings target of $550 million by 2030 [8] - CNH reduced Agriculture dealer inventories by $200 million in Q4, achieving a total reduction of about $800 million for the year, slightly below the initial $1 billion target [9] Future Outlook - The company expects Agriculture EBIT margin in 2026 to be between 4.5% and 5.5%, with cost initiatives projected to improve margins by 50 to 75 basis points, although tariff headwinds are expected to increase [13] - For the first quarter of 2026, Agriculture sales are anticipated to decline sequentially in the low 30% range due to a sales pull-forward from Q4 [16] Capital Allocation and Strategic Initiatives - CNH reiterated its capital allocation priorities, including reinvesting in the business and returning cash to shareholders, with $432 million returned through dividends and share repurchases in the full year [17] - The company plans to increase CapEx in 2026 to enhance manufacturing facilities and support strategic initiatives, including dealer enhancements [18] Partnership and Network Consolidation - Discussions have been restarted regarding potential partnerships for the construction business, with no immediate urgency for outcomes [19] - The company aims to consolidate its dealer network by reducing the number of first-level Ag dealer owners by about a third by 2030 while maintaining coverage [10]

Financial Data and Key Metrics Changes - Fourth quarter consolidated revenues were $5.2 billion, up 6% from Q4 of 2024, with adjusted net income at $246 million and adjusted EPS at $0.19, up from $0.15 in Q4 2024 [10][14] - For the full year 2025, consolidated revenues were down 9% year-over-year, while industrial sales decreased in double digits [11][14] - Industrial adjusted EBIT margin for 2025 was 4.3%, primarily driven by higher tariff costs and unfavorable geographic mix [11] Business Line Data and Key Metrics Changes - Agriculture segment sales in Q4 were about $3.6 billion, up 5% year-over-year, with EMEA up 33% and North America down 10% [10][15] - Construction sales increased by 19% year-over-year to $853 million, driven by better sales in North and South America [10][16] - Financial services segment net income in Q4 was $109 million, an 18% year-over-year increase [17] Market Data and Key Metrics Changes - North America is expected to see a significant decrease in large equipment industry retail demand, while EMEA is forecasted to have flat demand with slight increases in tractors [28][30] - Global industry retail demand is projected to be around 80% of mid-cycle, down approximately 5% from 2025 levels [29] Company Strategy and Development Direction - The company’s strategy focuses on five key pillars: expanding product leadership, advancing tech integration, driving commercial excellence, operational excellence, and quality as a mindset [19] - The company aims to achieve a 16%-17% EBIT margin in agriculture by 2030, despite tariff impacts [26] - A robust pipeline of new product launches is planned, including over 15 new tractor launches and 30 precision technology releases by the end of 2027 [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that commodity prices remain low, impacting farmers' ability to purchase equipment, and the trade environment is still uncertain [9][11] - The company expects the North American revenue and profit pool to grow significantly over the next five to ten years as demand for larger machines increases [11][30] - Management expressed cautious optimism about the European market, highlighting some recovery signs but acknowledging ongoing challenges [11][80] Other Important Information - The company has made significant progress in cost-saving initiatives, achieving $230 million in savings in 2025, on track to reach a cumulative target of $550 million by 2030 [8][25] - Sustainability remains a priority, with the company ranked number one in its industry on the S&P Global Corporate Sustainability Assessment [12] Q&A Session Summary Question: Clarification on inventory situation and setup for 2027 - Management indicated that dealer destocking was accomplished globally, with a shortfall of $150 million against a $1 billion target, landing at $800 million [43][44] Question: EBIT bridge for 2026 - Management provided a breakdown of expected margin impacts, including a reduction in volumes and geographic mix, with operational improvements expected to offset some tariff headwinds [48] Question: Ag profitability in Q1 - Management confirmed that Ag segment EBIT is expected to be around breakeven for Q1 [50] Question: Farmer sentiment in North America - Management noted that farmer sentiment is currently low due to flat income projections and ongoing commodity price challenges [71][72] Question: Product launch pipeline in Europe - Management highlighted excitement around new mid-range tractors and next-gen combines, with positive feedback from farmers [75][76]