CNH Industrial(US:CNHI)2025-11-07 17:32Financial Performance - Total revenues for the three months ended September 30, 2025, were $4,399 million, a decrease of 5.5% compared to $4,654 million in the same period of 2024[11]. - Net sales for the nine months ended September 30, 2025, were $10,895 million, down 15.8% from $12,931 million in the same period of 2024[11]. - Net income attributable to CNH Industrial N.V. for the three months ended September 30, 2025, was $80 million, a decrease of 73.6% from $306 million in the same period of 2024[11]. - The company reported a comprehensive income attributable to CNH Industrial N.V. of $428 million for the nine months ended September 30, 2025, down from $878 million in the same period of 2024[14]. - The company reported a net income of $416 million for the nine months ended September 30, 2025, compared to $1,083 million for the same period in 2024, indicating a decline[57][58]. - The net income for the three months ended September 30, 2025, was $67 million, compared to $310 million for the same period in 2024, indicating a significant decrease[55][56]. Cash and Liquidity - Cash and cash equivalents at the end of the period were $2,303 million, compared to $1,801 million at the end of the previous year[17]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $1,593 million, significantly higher than $276 million in the same period of 2024[17]. - The company reported a net cash used in investing activities of $1,088 million in 2025, an improvement from $1,777 million in 2024, reflecting a decrease of 38.8%[17]. - The total cash, cash equivalents, and restricted cash at the end of the period was $2,956 million in 2025, compared to $2,450 million in 2024, an increase of 20.7%[17]. Assets and Liabilities - Total assets increased to $43,258 million as of September 30, 2025, from $42,933 million at December 31, 2024[9]. - Total liabilities rose to $35,421 million as of September 30, 2025, compared to $35,165 million at December 31, 2024[9]. - The company’s debt stood at $27,128 million as of September 30, 2025, an increase from $26,882 million at December 31, 2024[9]. - The total past due receivables in North America for 2025 were $3,462 million, reflecting an increase from $2,973 million in 2024[77]. Research and Development - Research and development expenses for the three months ended September 30, 2025, were $281 million, an increase of 27.2% from $221 million in the same period of 2024[11]. - Research and development expenses for the Agriculture segment were $205 million in Q3 2025, compared to $199 million in Q3 2024, showing a slight increase[55][56]. Dividends and Retained Earnings - The company declared cash dividends of $0.250 per common share for the nine months ended September 30, 2025, compared to $0.470 in the same period of 2024[11]. - The company paid dividends totaling $313 million during the period, which is a decrease compared to the previous period[19]. - The total retained earnings increased to $10,420 million, reflecting a growth from $10,340 million[19]. Segment Performance - Total revenues for the Agriculture segment were $2,963 million, while the Construction segment reported revenues of $739 million for the three months ended September 30, 2025[55]. - Net sales for the Agriculture segment decreased from $3,310 million in Q3 2024 to $2,963 million in Q3 2025, representing a decline of approximately 10.5%[55][56]. - Total revenues for Financial Services increased from $659 million in Q3 2024 to $684 million in Q3 2025, reflecting a growth of about 3.8%[55][56]. Tax and Compliance - The effective tax rate for the three months ended September 30, 2025, was 2.0%, a significant decrease from 20.8% in 2024[43]. - The company concluded its cooperation with the SEC's inquiry regarding revenue recognition and sales practices, with no enforcement action recommended[111]. Inventory and Financing - Total inventory as of September 30, 2025, was $5,353 million, an increase from $4,776 million as of December 31, 2024[63]. - Financing receivables totaled $23,001 million as of September 30, 2025, slightly down from $23,085 million as of December 31, 2024[64]. Derivatives and Fair Value - The total notional amount of CNH's foreign exchange derivatives was $4.3 billion as of September 30, 2025, compared to $4.2 billion at December 31, 2024[122]. - The fair value of CNH's derivative assets was $134 million as of September 30, 2025, down from $147 million at December 31, 2024[132]. Other Comprehensive Income - Other comprehensive income (loss) for the nine months ended September 30, 2025, was $(2,709) million, compared to $(2,712) million for the same period in 2024, indicating a slight improvement[19]. - The total other comprehensive income (loss) for the nine months ended September 30, 2025, was $(24) million, compared to $(191) million for the same period in 2024, showing an improvement in comprehensive income[139].