$CNH · CNH Industrial N.V.
CNH Industrial reported Q3 FY2026 results: consolidated revenues of $4.354B (roughly flat YoY), GAAP net income of $35M (down 48% from $67M), and diluted EPS of $0.02. Adjusted net income was $205M vs $109M a year ago, with adjusted diluted EPS of $0.16. Results included $109M in pre-tax IEEPA tariff refunds and a $156M non-cash valuation allowance against Financial Services' Brazil deferred tax assets. The company also announced a Kobelco agreement regarding its Construction business and updated full-year guidance.
- Adjusted EBIT of Industrial Activities rose 94% to $202M; margin up 270 bps to 5.5%.
- Agriculture adjusted EBIT rose 26% to $173M; Construction adjusted EBIT up 364% to $65M.
- Financial Services swung to a $77M net loss from $47M profit on the Brazil valuation allowance.
- YTD net income fell 55% to $186M; operating cash flow down $727M to $866M.
- Full-year Agriculture adjusted EBIT margin narrowed to 5.1%-5.4%; Construction net sales raised to 8%-10% growth.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Adjusted earnings nearly doubled while GAAP results were dragged by a one-time tax charge, and a Kobelco deal reshapes CNH into a pure-play agriculture OEM.
CNH's Kobelco deal would make it the largest pure-play agriculture machinery OEM, sharpening focus versus diversified peers like Deere and AGCO.
Receivables over 30 days past due rose to 4.1% from 3.5%, driven by farmer stress in South America; EMEA and Brazil conditions remain volatile.