CNH financial statements

The full income statement, balance sheet, and cash-flow statement for CNH Industrial N.V. (CNH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 1.25B2024-09 1.25B2024-12 1.25B2025-03 1.25B2025-06 1.25B2025-09 1.25B2025-12 1.24B2026-03 1.24B2026-06 1.24B-1.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	18.1B YoY-8.8%	19.8B YoY-19.7%	24.7B YoY+4.8%	23.6B YoY+20.8%	19.5B YoY+31.9%
Cost of revenue	12.4B YoY-7.2%	13.3B YoY-20.7%	16.8B YoY+0.2%	16.8B YoY+19.1%	14.1B YoY+26.5%
Research & development	1.02B YoY+10.9%	924M YoY-11.2%	1.04B YoY+20.2%	866M YoY+34.9%	642M YoY+30.2%
Selling, general & administrative	1.88B YoY+9.6%	1.71B YoY-8.1%	1.86B YoY+6.3%	1.75B YoY+20.5%	1.45B YoY+12.2%
Restructuring	22.0M YoY-81.4%	118M YoY+76.1%	67.0M YoY+116.1%	31.0M YoY-11.4%	35.0M YoY+59.1%
Amortization of intangibles	165M YoY-9.3%	182M YoY+11.0%	164M YoY+26.2%	130M YoY+52.9%	85.0M YoY+18.1%
Interest expense	—	—	1.34B YoY+83.2%	734M YoY+33.7%	549M YoY-16.8%
Net interest income	-114M YoY+25.0%	-152M YoY-100.0%	-76.0M YoY+36.1%	-119M	—
Equity-method income	69.0M YoY-50.0%	138M YoY-22.5%	178M YoY+71.2%	104M YoY+14.3%	91.0M YoY+37.9%
Pre-tax income	620M YoY-57.4%	1.46B YoY-46.1%	2.70B YoY+0.8%	2.68B YoY+38.3%	1.94B YoY+1183.2%
Income tax	184M YoY-45.2%	336M YoY-43.4%	594M YoY-20.5%	747M YoY+226.2%	229M YoY+169.4%
	510M YoY-59.1%	1.25B YoY-45.2%	2.27B YoY+12.1%	2.03B YoY+17.8%	1.72B YoY+449.5%
Discontinued operations	—	—	0.00	0.00 YoY+100.0%	-41.0M YoY+82.9%
Net income to non-controlling interest	-5.00M YoY-138.5%	13.0M YoY+8.3%	12.0M YoY+20.0%	10.0M YoY-73.0%	37.0M YoY-32.7%
Net income to common	—	—	—	—	1.72B YoY+449.5%
	$0.41 YoY-58.6%	$0.99 YoY-41.4%	$1.69 YoY+13.4%	$1.49 YoY+17.3%	$1.27 YoY+452.8%
EPS (basic)	$0.41 YoY-58.6%	$0.99 YoY-42.1%	$1.71 YoY+14.0%	$1.50 YoY+18.1%	$1.27 YoY+452.8%
	1.25B YoY-0.5%	1.25B YoY-5.9%	1.33B YoY-1.4%	1.35B YoY-0.2%	1.35B YoY+0.2%
	1.25B YoY-0.7%	1.26B YoY-6.7%	1.35B YoY-0.9%	1.36B YoY+0.1%	1.36B YoY+0.7%
Dividends per share	$0.25 YoY-46.8%	$0.47 YoY+18.7%	$0.40 YoY+31.1%	$0.30 YoY-42.8%	$0.53
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	2.58B YoY-19.2%	3.19B YoY-26.2%	4.32B YoY-1.2%	4.38B YoY-13.2%	5.04B YoY-42.6%
Inventory	4.65B YoY-2.6%	4.78B YoY-13.9%	5.54B YoY+15.3%	4.81B YoY+14.1%	4.22B YoY-30.0%
	42.7B YoY-0.4%	42.9B YoY-7.2%	46.3B YoY+17.5%	39.4B YoY-20.3%	49.4B YoY+1.4%
Property, plant & equipment	2.18B YoY+12.7%	1.94B YoY+1.2%	1.91B YoY+24.9%	1.53B YoY+3.9%	1.48B YoY-70.0%
Operating lease right-of-use	264M YoY-4.0%	275M YoY-7.4%	297M YoY+32.0%	225M YoY+16.0%	194M YoY-57.3%
Goodwill	3.62B YoY+0.9%	3.58B YoY-0.8%	3.61B YoY+8.8%	3.32B YoY+3.5%	3.21B YoY+74.6%
Intangible assets	1.09B YoY-11.1%	1.22B YoY-5.5%	1.29B YoY+14.4%	1.13B YoY-6.5%	1.21B YoY+56.3%
Deferred tax assets	1.21B YoY+30.2%	927M YoY-5.3%	979M YoY+126.1%	433M YoY+2.9%	421M YoY-71.0%
	34.9B YoY-0.7%	35.2B YoY-7.7%	38.1B YoY+17.6%	32.4B YoY-23.9%	42.6B YoY-2.6%
Operating lease liability (total)	272M YoY-3.5%	282M YoY-6.0%	300M YoY+31.6%	228M YoY+16.3%	196M YoY-56.7%
Deferred tax liabilities	17.0M YoY-39.3%	28.0M YoY-20.0%	35.0M YoY-58.8%	85.0M YoY-32.0%	125M YoY+11.6%
	7.77B YoY+0.8%	7.71B YoY-4.7%	8.10B YoY+16.9%	6.93B YoY+1.7%	6.81B YoY+36.5%
Common stock	25.0M YoY+0.0%	25.0M YoY+0.0%	25.0M YoY+0.0%	25.0M YoY+0.0%	25.0M YoY+0.0%
Additional paid-in capital	1.39B YoY-1.9%	1.42B YoY-10.3%	1.58B YoY+4.9%	1.50B YoY-66.3%	4.46B YoY+1.7%
Retained earnings	10.5B YoY+1.9%	10.3B YoY+6.8%	9.65B YoY+22.1%	7.91B YoY+64.1%	4.82B YoY+46.9%
Treasury stock	1.42B YoY+2.6%	1.39B YoY+60.2%	865M YoY+276.1%	230M YoY+173.8%	84.0M YoY-22.9%
Accumulated other comprehensive income	-2.77B YoY-2.0%	-2.71B YoY-14.8%	-2.36B YoY-3.7%	-2.28B YoY+6.8%	-2.44B YoY+8.6%
Non-controlling interest	42.0M YoY-32.3%	62.0M YoY-6.1%	66.0M	0.00 YoY-100.0%	30.0M YoY-63.4%
Total equity incl. non-controlling	7.77B YoY+0.8%	7.71B YoY-4.7%	8.10B YoY+16.9%	6.93B YoY+1.7%	6.81B YoY+36.5%
Total liabilities & equity	42.7B YoY-0.4%	42.9B YoY-7.2%	46.3B YoY+17.5%	39.4B YoY-20.3%	49.4B YoY+1.4%
	1.36B YoY+0.0%	1.36B YoY+0.0%	1.36B YoY+0.0%	1.36B YoY+0.0%	1.36B YoY+0.0%
	1.24B YoY-0.5%	1.25B YoY-3.3%	1.29B YoY-4.0%	1.34B YoY-0.9%	1.36B YoY+0.2%
	1.24B YoY-0.6%	1.25B YoY-0.7%	1.26B YoY-6.5%	1.34B YoY-0.9%	1.36B YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.54B YoY+29.0%	1.97B YoY+117.0%	907M YoY+62.8%	557M YoY-86.4%	4.08B YoY-26.2%
Depreciation & amortization	432M YoY+3.6%	417M YoY+10.6%	377M YoY+14.9%	328M YoY+11.2%	295M YoY-1.3%
Intangible amortization	165M YoY-9.3%	182M YoY+11.0%	164M YoY+26.2%	130M YoY+52.9%	85.0M YoY+18.1%
Share-based compensation	45.0M YoY-36.6%	71.0M YoY-28.3%	99.0M YoY+13.8%	87.0M YoY-3.3%	90.0M
Deferred income taxes	-196M YoY-84.9%	-106M YoY+79.8%	-524M YoY-627.8%	-72.0M YoY+73.2%	-269M YoY-169.0%
Change in inventory	-749M YoY+4.8%	-787M YoY-403.9%	259M YoY+71.5%	151M YoY-72.8%	555M YoY+145.3%
Change in payables	-198M YoY+83.3%	-1.19B YoY-655.4%	-157M YoY-225.6%	125M YoY-83.1%	738M YoY+135.0%
	-1.38B YoY+50.2%	-2.77B YoY+25.1%	-3.70B YoY-22.9%	-3.01B YoY+39.8%	-5.00B YoY-81.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	136M YoY+174.7%	-182M YoY-170.3%	259M YoY-47.8%	496M YoY-81.4%	2.67B YoY+334.9%
	-2.02B YoY-2914.9%	-67.0M YoY-102.6%	2.60B YoY+32.3%	1.96B YoY+235.9%	-1.45B YoY-319.3%
Long-term debt issued	13.0B YoY-14.1%	15.1B YoY+52.0%	9.94B YoY-11.1%	11.2B YoY+40.0%	7.99B YoY-10.1%
Long-term debt repaid	13.0B YoY-3.3%	13.5B YoY+63.6%	8.22B YoY-10.8%	9.22B YoY+1.5%	9.09B YoY+25.8%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	333M YoY-45.1%	607M YoY+12.8%	538M YoY+27.2%	423M YoY+125.0%	188M YoY+2250.0%
Other financing activities	-100M YoY+85.8%	-702M YoY-7.7%	-652M YoY-326.1%	-153M	0.00
Net change in cash	-637M YoY+46.0%	-1.18B YoY-1303.6%	-84.0M YoY+88.3%	-716M YoY+74.1%	-2.77B YoY-171.8%
Interest paid	1.46B YoY-8.5%	1.60B YoY+46.5%	1.09B YoY+51.9%	718M YoY+33.2%	539M YoY-13.8%
Income taxes paid	227M YoY-70.5%	769M YoY-4.1%	802M YoY+11.9%	717M YoY+106.0%	348M YoY+335.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.4B YoY-19.1%	14.1B YoY-12.7%	16.2B YoY-25.1%	21.6B YoY-17.9%	26.3B YoY+51.6%
P/E	22.4× YoY+97.7%	11.3× YoY+62.3%	7.0× YoY-43.8%	12.4× YoY-18.7%	15.3×
P/S	0.6× YoY-11.3%	0.7× YoY+9.3%	0.7× YoY-33.4%	1.0× YoY-27.5%	1.4× YoY+14.9%
P/B	1.5× YoY-19.7%	1.8× YoY-9.4%	2.0× YoY-40.5%	3.4× YoY-12.1%	3.9× YoY+11.1%
P/FCF	18.0× YoY-19.1%	22.3× YoY-12.7%	25.6× YoY-25.1%	34.1× YoY-17.9%	41.6× YoY+51.6%
	4.5% YoY-49.4%	8.8% YoY-38.4%	14.3% YoY+77.9%	8.0% YoY+22.9%	6.5%
	5.5% YoY+23.6%	4.5% YoY+14.6%	3.9% YoY+33.5%	2.9% YoY+21.8%	2.4% YoY-34.0%
	2.7% YoY-34.6%	4.1% YoY+27.6%	3.3% YoY+72.9%	1.9% YoY-30.8%	2.7%
Source filing	10-K	10-K	10-K	10-K/A	20-F

About this data

Source: CNH's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CNH filings on SEC EDGAR → Not investment advice.