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  4. [8-K] CNH Industrial N.V. Reports Material Event

CNH Industrial to sell 70% construction stake to Kobelco

CNH raised its 2026 adjusted EPS and industrial free-cash-flow ranges; the joint venture’s expected closing is subject to regulatory approvals and customary conditions.

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Form Type
8-K

Rhea-AI Filing Summary

CNH Industrial N.V. reported third-quarter 2026 consolidated revenue of $4.354 billion, down 1% year over year, and net income of $35 million, compared with $67 million. Results included $109 million in pre-tax IEEPA tariff refunds and a $156 million non-cash valuation allowance against Financial Services’ deferred tax assets in Brazil. Adjusted net income, a non-GAAP measure, was $205 million versus $109 million; Industrial Activities adjusted EBIT was $202 million, up 94%.

CNH updated 2026 guidance to adjusted diluted EPS of $0.44 to $0.48 and Industrial Activities free cash flow of $300 million to $450 million. It also announced an agreement with Kobelco under which CNH expects to sell a 70% interest in its Construction Equipment business, valued at an enterprise value of $1 billion. Kobelco is to own 70% of the joint venture, with CNH retaining 30%. CNH expects $700 million in cash consideration, subject to adjustments; closing is expected by the end of 2027, subject to regulatory approvals and other customary conditions.

2 points · 0 major

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0 major · 4 points

How the balance works

Positive

  • Moderate pointQ3 adjusted net income rose 88% to $205 million.
  • Moderate pointIndustrial Activities adjusted EBIT rose 94% to $202 million.

Negative

  • Moderate pointQ3 reported net income fell 48% to $35 million.
  • Moderate pointNine-month operating cash flow declined $727 million to $866 million.
  • Minor pointNine-month net income fell 55% to $186 million.
  • Minor pointNine-month Industrial Activities adjusted EBIT fell 24% to $324 million.

Filing Explained

New details: transaction proceeds are intended for debt reduction; net tariff-refund forecasts are five million dollars in Agriculture and thirty million in Construction.

For the pending Kobelco construction transaction, CNH says it intends to use the cash proceeds, net of tax, to reduce debt, making debt reduction a planned use rather than a completed step.

The presentation also specifies a three-year lockup for each party.

For 2026, CNH estimates gross tariff refunds of about $70 million for Agriculture and $50 million for Construction, while forecasting net refund benefits of about $5 million and $30 million, respectively, after reinvestments.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Consolidated revenue $4.354 billion Third quarter 2026; down 1% year over year
Net income $35 million Third quarter 2026; compared with $67 million in Q3 2025
Adjusted net income $205 million Non-GAAP; third quarter 2026, compared with $109 million in Q3 2025
Adjusted EBIT of Industrial Activities $202 million Non-GAAP; third quarter 2026, compared with $104 million in Q3 2025
Operating cash flow $686 million Third quarter 2026; $27 million higher year over year
2026 adjusted diluted EPS guidance $0.44 to $0.48 per share Updated full-year 2026 outlook
2026 Free Cash Flow of Industrial Activities guidance $300 million to $450 million Updated full-year 2026 outlook
Expected cash consideration $700 million CNH’s expected consideration for its 70% interest in the Construction Equipment business, subject to adjustments
valuation allowance financial
"a $156 million non-cash valuation allowance charge"
A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.
Adjusted EBIT of Industrial Activities financial
"Adjusted EBIT of Industrial Activities increased to $173 million"
IEEPA tariff refunds regulatory
"$109 million in pre-tax IEEPA tariff refunds recognized during the quarter"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
constant currency financial
"down $0.7 billion on a constant currency basis"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
managed portfolio financial
"The managed portfolio was $27.8 billion"
A managed portfolio is a collection of investments that a professional manager or automated service actively oversees and adjusts to meet specific goals like growth, income, or risk control. It matters to investors because the manager makes choices about what to buy, sell and how to spread risk—like hiring a gardener to tend a mixed flower bed—so investors trade hands-on time and pay fees for the expertise and convenience of tailored, ongoing care.
Consolidated revenue $4.354 billion Down 1% year over year
Net income $35 million Down 48% year over year
Adjusted net income $205 million Up 88% year over year
Adjusted EBIT of Industrial Activities $202 million Up 94% year over year
Diluted EPS $0.02 per share Down $0.04 year over year
Adjusted diluted EPS $0.16 per share Up $0.08 year over year
Operating cash flow $686 million $27 million higher year over year
Free cash flow used in Industrial Activities $10 million used $178 million less used than in Q3 2025
Guidance

For full-year 2026, adjusted diluted EPS is expected to be $0.44 to $0.48, and Free Cash Flow of Industrial Activities is expected to be $300 million to $450 million.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CNH’s Q3 2026 revenue and net income?
CNH reported consolidated revenue of $4.354 billion and net income of $35 million for Q3 2026. Revenue was down 1% from Q3 2025, while net income was $67 million a year earlier. Results included a $156 million non-cash valuation allowance charge against Brazilian Financial Services deferred tax assets.

What is CNH’s updated 2026 financial outlook?
CNH expects adjusted diluted EPS of $0.44 to $0.48 and Free Cash Flow of Industrial Activities of $300 million to $450 million. Agriculture adjusted EBIT margin is projected at 5.1% to 5.4%, while Construction adjusted EBIT margin is projected at 2.0% to 2.3%.

How will CNH and Kobelco divide ownership of the construction joint venture?
Kobelco is to own 70% of the joint venture, and CNH will retain 30% equity ownership. Each party is subject to a three-year lockup. The transaction is expected to close by the end of 2027, subject to regulatory approvals and other customary closing conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001567094false00015670942026-11-092026-11-090001567094us-gaap:CommonStockMember2026-11-092026-11-090001567094cnhi:A3850NotesDue2027Member2026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CNH Corporate Logo.jpg
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2026
CNH INDUSTRIAL N.V.
(Exact name of registrant as specified in its charter)
Netherlands001-3608598-1125413
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom
N/A
(Address of principal executive offices)(Zip Code)
+44 2079 251964
Registrant’s telephone number including area code

N/A
(Former name, former address and former fiscal year, if changed since last report):
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))     

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value €0.01CNH
New York Stock Exchange
3.850% Notes due 2027CNH27New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934(§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.

On November 9, 2026, CNH Industrial N.V. issued a press release announcing its results of operations for the third quarter of 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01.    Regulation FD Disclosure.

On November 9, 2026, CNH Industrial N.V. made available a presentation providing a review and highlights of its third quarter of 2026 results of operations and related information, which is being made available in connection with a November 9, 2026 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits.
Exhibit 99.1
CNH Industrial’s press release dated November 9, 2026, announcing its results of operations for the third quarter of 2026
Exhibit 99.2
CNH Industrial N.V. third quarter 2026 results review presentation
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)

















































SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CNH INDUSTRIAL N.V.
By:/s/ Britton Worthen
Name:Britton Worthen
Title:Chief Legal and Compliance Officer
Date: November 9, 2026

cnhcorporatelogo.jpgimage.jpg      Exhibit 99.1
CNH Industrial N.V. Reports Third Quarter 2026 Results
Consolidated revenues for the third quarter of 2026 were $4.4 billion, approximately flat year over year
Reported Net income was $35 million, including a $156 million non-cash charge to establish a valuation allowance against deferred tax assets; Adjusted Net income(1) was $205 million, compared with $109 million in the prior-year quarter
Third quarter diluted EPS of $0.02 and adjusted diluted EPS(1) of $0.16
Full year guidance updated with expected IEEPA tariff refund impacts net of one-off uses
Announced earlier today an agreement with Kobelco regarding CNH Construction business

Basildon, UK - November 9, 2026 - CNH Industrial N.V. (NYSE: CNH) reported Net income for the three months ended September 30, 2026, of $35 million, or $0.02 per basic and diluted share, compared with Net income of $67 million, or $0.06 per basic and diluted share, for the three months ended September 30, 2025. Adjusted Net income(1) for the third quarter of 2026 was $205 million, compared with $109 million in the third quarter of 2025. The 2026 results include $109 million in pre-tax IEEPA tariff refunds recognized during the quarter.
Consolidated revenues for the third quarter of 2026 were $4.35 billion, and Net Sales of Industrial Activities were $3.68 billion, both essentially in line with the third quarter of 2025.
Net cash provided by operating activities was $686 million, and Free cash flow used in Industrial Activities was $10 million in Q3 2026.
Income tax expense was $204 million ($1 million in Q3 2025) with an effective tax rate (“ETR”) of 89.9% (2.0% in Q3 2025). The adjusted ETR(1) was 20.6% for the third quarter of 2026 (14.0% in Q3 2025). Results for the third quarter of 2026 included a $156 million non-cash valuation allowance charge against Financial Services’ deferred tax assets in Brazil, which adversely impacted reported Net income and the ETR for the quarter.
“The combination of our third quarter results and our agreement with Kobelco regarding our Construction Equipment business reflect clear progress in the execution of our strategy,” said Gerrit Marx, Chief Executive Officer of CNH. “Stronger quality performance, supply chain focus, and operational efficiencies reflect disciplined execution in a challenging market environment, reinforcing our underlying business as we track our 2030 long-term value creation targets. We reinvested approximately 35% of tariff refunds received in the quarter in selective time-limited one-time efforts to clear aged inventory and accelerate our transformation. Our Agriculture segment used almost half of its refunds received in Q3 and will have reinvested over 90% by year end in discrete time-limited priorities. Although current conditions in EMEA and Brazil remain volatile, improving cycle indicators in North America reinforce our confidence in the path ahead.”
Marx continued, “We continue our rigorous execution, prudent production planning, and building a stronger, more competitive CNH for the cycle dynamics ahead. CNH’s agreement with Kobelco follows a deliberate process to strengthen our construction business and sharpen our focus on our agriculture business. The transaction positions CNH as the largest pure-play agriculture machinery OEM, with the ability to invest organically and inorganically as the agriculture industry moves toward recovery.”

2026 Third Quarter Results
US-GAAP
(All amounts in millions of dollars, except per share data)Q3 2026Q3 2025Change
Change at c.c.(2)
Consolidated revenues4,3544,399(1)%(1)%
of which Net sales of Industrial Activities3,6843,702—%(1)%
Net income3567(48)%
Diluted EPS0.020.06(0.04)
Cash flow provided by operating activities686659+27
NON-GAAP(1)
(All amounts in millions of dollars, except per share data)Q3 2026Q3 2025Change
Adjusted EBIT of Industrial Activities202104+94%
Adjusted EBIT Margin of Industrial Activities5.5%2.8%+270 bps
Adjusted Net income205109+88%
Adjusted diluted EPS $0.160.08+0.08
Free cash flow used in Industrial Activities(10)(188)+178
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Agriculture
(All amounts in millions of dollars)Q3 2026Q3 2025Change
Change at c.c.(2)
Net sales2,9072,963(2)%(2)%
Adjusted EBIT173137+26%
Adjusted EBIT margin(1)
6.0%4.6%+140 bps
In North America, third quarter industry sales volume was down 12% year-over-year for tractors under 140 HP and down 5% for tractors over 140 HP; combines were down 13%. In Europe, Middle East and Africa ("EMEA"), tractor and combine demand were down 4% and 3%, respectively. South America saw tractor and combine demand decline 22% and 19%, respectively. In Asia Pacific, tractor demand decreased 4%, while combine demand increased 76%.
Agriculture net sales decreased 2% to $2.9 billion in the quarter, driven by lower volumes in South America and EMEA, partially offset by growth in Asia Pacific and by favorable price realization.
Agriculture adjusted EBIT increased to $173 million from $137 million in Q3 2025, and adjusted margin increased 140 basis points to 6.0%. The improvement primarily reflects IEEPA tariff refunds recognized during the quarter and better quality-related costs, partially offset by lower volumes in South America and EMEA.
Construction
(All amounts in millions of dollars)Q3 2026Q3 2025Change
Change at c.c.(2)
Net sales777739+5%+5%
Adjusted EBIT6514+364%
Adjusted EBIT margin(1)
8.4%1.9%+650 bps
Global industry sales volume for construction equipment increased 13% year-over-year in the third quarter for Heavy equipment and 6% for Light equipment. Aggregated demand increased 10% in North America, 5% in EMEA, 14% in South America, and 10% in Asia Pacific.
Construction net sales increased 5% to $777 million in the quarter, driven by higher volumes in North America, partially offset by lower volumes in South America.
Construction adjusted EBIT increased to $65 million from $14 million in Q3 2025, primarily reflecting the benefit of IEEPA tariff refunds recognized during the quarter and lower SG&A expenses, partially offset by lower volumes in South America.
Financial Services
(All amounts in millions of dollars)Q3 2026Q3 2025Change
Change at c.c.(2)
Total Revenues665684(3)%(4)%
Net income (loss) (77)47(264)%
Adjusted Net income(1)
7946+72%
Equity at quarter-end2,7562,896(140)
Retail loan originations2,4832,657(174)
Financial Services revenues decreased 3% in the quarter, mainly due to lower volumes in South America and North America and lower yields in most regions. The decrease was partially offset by favorable currency translation and higher used equipment sales driven by increased operating lease maturities and early payoffs.
Financial Services recorded a net loss of $77 million, compared with net income of $47 million in Q3 2025. The current quarter results primarily reflected a $156 million non-cash valuation allowance charge against deferred tax assets in Brazil, unfavorable currency translation impacts, and lower volumes in South America and North America, partially offset by lower risk costs in South America. Adjusted Net income, which excludes the valuation allowance charge, increased to $79 million from $46 million in Q3 2025.
The managed portfolio (including unconsolidated joint ventures) was $27.8 billion as of September 30, 2026 (of which retail was 70% and wholesale was 30%), down $0.7 billion compared to September 30, 2025 (down $0.7 billion on a constant currency basis(2)).
As of September 30, 2026, the receivable balance greater than 30 days past due, as a percentage of receivables, was 4.1% (3.5% as of September 30, 2025), due to economic factors impacting farmers, specifically in South America.    

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Results for the Nine Months Ended September 30, 2026

US-GAAP
(All amounts in millions of dollars)YTD Q3 2026YTD Q3 2025Change
Change at c.c.(2)
Consolidated revenues12,98312,938—%(2)%
of which Net sales of Industrial Activities10,99710,895+1%(1)%
Net income186416(55)%
Diluted EPS $0.140.34(0.20)
Cash flow provided by operating activities8661,593(727)
NON-GAAP(1)
(All amounts in millions of dollars)YTD Q3 2026YTD Q3 2025Change
Adjusted EBIT of Industrial Activities324429(24)%
Adjusted EBIT Margin of Industrial Activities2.9%3.9%(100) bps
Adjusted Net income387457(15)%
Adjusted diluted EPS $0.300.36(0.06)
Free cash flow used in Industrial Activities(449)(304)(145)
Agriculture
(All amounts in millions of dollars)YTD Q3 2026YTD Q3 2025Change
Change at c.c.(2)
Net sales8,7808,792—%(2)%
Adjusted EBIT370539(31)%
Adjusted EBIT margin(1)
4.2%6.1%(190) bps
Construction
(All amounts in millions of dollars)YTD Q3 2026YTD Q3 2025Change
Change at c.c.(2)
Net sales2,2172,103+5%+4%
Adjusted EBIT5263(17)%
Adjusted EBIT margin(1)
2.3%3.0%(70) bps
Financial Services
(All amounts in millions of dollars)YTD Q3 2026YTD Q3 2025Change
Change at c.c.(2)
Total Revenues1,9672,020(3)%(6)%
Net income68224(70)%
Adjusted Net income(1)
224223—%


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2026 Outlook
CNH is in the process of applying for and receiving refunds of IEEPA tariffs previously paid. The refunds are being recognized as received, and CNH will reinvest nearly all of them into selective and time-limited priorities to accelerate our transformation. CNH forecasts a full year net refund benefit of only $5 million in Agriculture ($32 million in Q3 2026) after reinvesting in some discretionary programs:
•~$70 million gross refunds ($62 million in Q3 2026)
•~$50 million reinvested in one-off efforts to clear aged and discontinued equipment inventories ($25 million in Q3 2026)
•~$15 million acceleration in precision technology R&D capacity increase ($5 million in Q3 2026)
We forecast a full year $30 million net refund benefit in Construction ($39 million in Q3 2026):
•~$50 million gross refunds ($47 million in Q3 2026)
•~$20 million reinvested in discretionary programs to promote connected equipment and to clear aged inventories ($8 million in Q3 2026)

In addition to reinvesting tariff refunds, CNH continues to execute a disciplined operating strategy in response to challenging market conditions and an uncertain 2027 outlook. We remain focused on maintaining appropriate production levels, reducing channel inventory in partnership with dealers, improving cost efficiency, and responding proactively to changes in global trade policies. As the agriculture industry approaches the end of this cyclical trough, we are positioning the business for the eventual recovery through supply chain and manufacturing preparedness. Overall, we expect the combined effect of tariff refunds, associated reinvestments, and prevailing market conditions to have only a modest net impact on our previously communicated guidance ranges.

Consequently, we are updating our 2026 outlook as follows:
•Agriculture segment net sales about flat year-over-year, including +2% currency translation effects (unchanged)
•Agriculture segment adjusted EBIT margin between 5.1% and 5.4% (previously between 5.0% and 5.5%)
•Construction segment net sales up between 8% to 10% year-over-year, including +1% currency translation effects (previously between 5% and 10% with 2% currency translation)
•Construction segment adjusted EBIT margin between 2.0% and 2.3% (previously between 1.8% and 2.3%)
•Free Cash Flow of Industrial Activities(3) between $300 million and $450 million (previously between $200 million and $400 million)
•Adjusted diluted EPS(3) between $0.44 and $0.48 (previously between $0.41 and $0.46)
In a separate press release today, CNH announced an agreement with Kobelco Construction Machinery Co., Ltd., a wholly owned subsidiary of Kobe Steel, Ltd., to establish CNH’s Construction Equipment business as a joint venture with Kobelco Construction Machinery (“Kobelco”) under Kobelco’s majority ownership. More information about the transaction is available at investors.cnh.com.
Notes
CNH reports quarterly and annual consolidated financial results under U.S. GAAP and annual consolidated financial results under EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP.
(1)These items are non-GAAP financial measures. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the “Other Supplemental Financial Information” section for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.
(2)c.c. means at constant currency.
(3)The Company is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
The following applies to the information throughout this release:
•See tables later in this release for the reconciliations of the non-GAAP financial measures to the most comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
•The consolidated financial statements within this release should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2025, included in the Annual Report on Form 10-K. These Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.
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•Industrial Activities represents the enterprise without Financial Services. Industrial Activities include the Company's Agriculture, Construction, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
•Certain financial information in this report has been presented by geographic area. Our geographical regions are: (a) North America; (b) EMEA; (c) South America and (d) Asia Pacific. The geographic designations have the following meanings:
•North America: United States, Canada, and Mexico;
•EMEA: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East;
•South America: Central and South America, and the Caribbean Islands; and
•Asia Pacific: Continental Asia (including the India subcontinent), Indonesia, Japan and Oceania.
Non-GAAP Financial Information
CNH monitors its operations through the use of several non-GAAP financial measures. CNH’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP.
CNH’s non-GAAP financial measures are defined as follows:
•Adjusted EBIT of Industrial Activities: is defined as Net income (loss) before the following items: Income tax benefit (expense), Financial Services’ results, Industrial Activities’ Interest income (expense), net of interest income and eliminations, Foreign exchange (gains) losses, net, Finance and non-service component of Pension and other postemployment benefit costs, Restructuring and other transformation expenses, and discrete items. In particular, discrete items are specifically disclosed items that management considers rare or non-recurring events that are infrequent in nature and not reflective of on-going operational activities.
•Adjusted EBIT Margin of Industrial Activities: is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities.
•Adjusted Net income (Loss): is defined as Net income (loss), less Restructuring and other transformation charges and discrete items, after tax.
•Adjusted diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.
•Adjusted Income tax benefit (expense): is defined as Income tax benefit (expense) less the tax effect of Restructuring and other transformation expenses and discrete items, and discrete tax charges or benefits.
•Adjusted effective tax rate ("Adjusted ETR"): is computed by dividing a) Adjusted income tax benefit (expense) by b) Income (loss) before income taxes and equity income (loss) from unconsolidated affiliates, less Restructuring and other transformation expenses and discrete items.
•Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as Total debt less Cash and cash equivalents, Restricted cash, Intersegment notes receivable, Other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and Derivatives. CNH provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities.
•Free cash flow of Industrial Activities ("Industrial Free Cash Flow"): refers to Industrial Activities only, and is computed as Net Cash flows provided by (used in) operating activities less: Net cash flow from operating activities of Financial Services, net of eliminations; Changes in derivatives of Industrial Activities and other, Investments of Industrial Activities in assets sold under operating leases, Investments in property, plant and equipment and intangible assets of Industrial Activities, and Other changes.
•Change at C.C.: CNH discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current period’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.
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Forward-looking Statements
All statements other than statements of historical fact contained in this filing including competitive strengths, business strategy, future financial position or operating results, budgets, projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items, costs, and plans and objectives of management regarding operations and products, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, and are subject to applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Forward-looking statements also include, but are not limited to, statements regarding the plans, objectives, strategies, financial performance and outlook, trends, and future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views, expectations, estimates, and assumptions, including, in some cases, estimates and data received from third parties, and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or if any other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.
Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, particularly as it relates to the agricultural market business cycle; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs and other protective measures issued to promote national interest or address foreign competition, which in turn result in, or may result in, retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and the related impact on cost and prices, which could consequently affect demand for our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies (including artificial intelligence) and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety, privacy and data security or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; weather conditions, particularly to the extent it impacts the agricultural industry; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other postemployment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics, terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.
The foregoing list of factors is not exhaustive. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this document to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH including factors that potentially could materially affect CNH's financial results, is included in CNH's reports and filings with the U.S. SEC.
All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.
Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2025 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q).
6
        
        
Conference Call and Webcast
Today, at 9:00 a.m. EST, management will hold a conference call to present third quarter 2026 results to financial analysts and institutional investors. The call can be followed live online and later a recording will be available on the Company’s website www.cnh.com. A presentation will be made available on the CNH website prior to the conference call.
CONTACTS
Media Inquiries – Laura Overall +44 207 925 1964 or Sara Granack +1 847 393 3604
(Email mediarelations@cnh.com)
Investor Relations – Jason Omerza +1 630 740 8079 or Joe Recendez + 1 708 932 5916
(Email investor.relations@cnh.com)


7
        
        
CNH INDUSTRIAL N.V.
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
(Dollars and shares in millions, except per share data)2026202520262025
Revenues
Net sales$3,684 $3,702 $10,997 $10,895 
Finance, interest and other income670 697 1,986 2,043 
Total Revenues4,354 4,399 12,983 12,938 
Costs and Expenditures
Cost of goods sold2,887 2,995 8,888 8,756 
Selling, general and administrative expenses490 549 1,449 1,413 
Research and development expenses223 281 685 683 
Restructuring and other transformation expenses16 3 47 14 
Interest expense358 378 1,095 1,100 
Other, net153 142 407 484 
Total Costs and Expenditures4,127 4,348 12,571 12,450 
Consolidated income before income taxes227 51 412 488 
Income tax expense(204)(1)(251)(124)
Equity income from unconsolidated affiliates12 17 25 52 
Net income35 67 186 416 
Net income (loss) attributable to noncontrolling interests5 (13)11 (8)
Net income attributable to CNH Industrial N.V.$30 $80 $175 $424 
Earnings per share attributable to CNH Industrial N.V.
Basic earnings per share$0.02 $0.06 $0.14 $0.34 
Diluted earnings per share$0.02 $0.06 $0.14 $0.34 
Weighted-average shares outstanding
Basic1,236 1,250 1,238 1,249 
Diluted1,239 1,253 1,241 1,253 
Cash dividends declared per common share$— $— $0.10 $0.25 
8
        
        
CNH INDUSTRIAL N.V.
Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025
(Unaudited)

(All amounts in millions of dollars)September 30, 2026December 31, 2025
Assets
Cash and cash equivalents$1,590 $2,578 
Restricted cash635 651 
Financing receivables, net22,273 23,105 
Financial receivables from Iveco Group N.V.218 195 
Inventories, net5,134 4,651 
Property, plant and equipment, net and Equipment under operating leases, net3,816 3,772 
Intangible assets, net4,660 4,703 
Other receivables and assets3,126 3,092 
Total Assets$41,452 $42,747 
Liabilities and Equity
Debt$25,478 $26,762 
Financial payables to Iveco Group N.V.47 91 
Other payables and liabilities8,040 8,069 
Total Liabilities33,565 34,922 
Redeemable noncontrolling interest63 53 
Equity7,824 7,772 
Total Liabilities and Equity$41,452 $42,747 
9
        
        
CNH INDUSTRIAL N.V.
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025
(Unaudited)

Nine Months Ended September 30,
(All amounts in millions of dollars)20262025
Cash Flows from Operating Activities
Net income$186 $416 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense, excluding assets under operating leases351 318 
Depreciation and amortization expense of assets under operating leases148 147 
Undistributed (income) loss from unconsolidated affiliates(19)2 
Deferred income taxes108 9 
Other non-cash items324 389 
Changes in operating assets and liabilities:
Provisions(151)(212)
Trade and financing receivables, net288 948 
Inventories, net(306)(92)
Trade payables(91)(161)
Other assets and liabilities28 (171)
Net cash provided by operating activities866 1,593 
Cash Flows from Investing Activities
Additions to retail receivables(5,020)(5,605)
Collections of retail receivables5,547 5,575 
Expenditures for property, plant and equipment and intangible assets(340)(330)
Expenditures for assets under operating leases, net(430)(456)
Other, net(49)(272)
Net cash used in investing activities(292)(1,088)
Cash Flows from Financing Activities
Net decrease in debt(1,368)(1,257)
Dividends paid(129)(322)
Purchase of treasury shares(87)(55)
Net cash used in financing activities(1,584)(1,634)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash6 219 
Net decrease in cash, cash equivalents and restricted cash(1,004)(910)
Cash, cash equivalents and restricted cash, beginning of period3,229 3,866 
Cash, cash equivalents and restricted cash, end of period$2,225 $2,956 
10
        
        
CNH INDUSTRIAL N.V.
Supplemental Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
(Unaudited)

Three Months Ended September 30, 2026Three Months Ended September 30, 2025
(All amounts in millions of dollars)Industrial ActivitiesFinancial ServicesEliminationsConsolidatedIndustrial ActivitiesFinancial ServicesEliminationsConsolidated
Revenues
Net sales$3,684 $— $— $3,684 $3,702 $— $— $3,702 
Finance, interest and other income29 665 (24)(4)670 38 684 (25)(4)697 
Total Revenues3,713 665 (24)4,354 3,740 684 (25)4,399 
Costs and Expenditures
Cost of goods sold2,887 — — 2,887 2,995 — — 2,995 
Selling, general and administrative expenses367 123 — 490 381 168 — 549 
Research and development expenses223 — — 223 281 — — 281 
Restructuring and other transformation expenses16 — — 16 4 (1)— 3 
Interest expense59 323 (24)(5)358 64 339 (25)(5)378 
Other, net21 132 — 153 20 122 — 142 
Total Costs and Expenditures3,573 578 (24)4,127 3,745 628 (25)4,348 
Consolidated income (loss) before income taxes140 87 — 227 (5)56 — 51 
Income tax benefit (expense)(34)(170)— (204)14 (15)— (1)
Equity income from unconsolidated affiliates6 6 — 12 11 6 — 17 
Net income (loss)$112 $(77)$— $35 $20 $47 $— $67 

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(All amounts in millions of dollars)Industrial ActivitiesFinancial ServicesEliminationsConsolidatedIndustrial ActivitiesFinancial ServicesEliminationsConsolidated
Revenues
Net sales$10,997 $— $— $10,997 $10,895 $— $— $10,895 
Finance, interest and other income85 1,967 (66)(4)1,986 107 2,020 (84)(4)2,043 
Total Revenues11,082 1,967 (66)12,983 11,002 2,020 (84)12,938 
Costs and Expenditures
Cost of goods sold8,888 — — 8,888 8,756 — — 8,756 
Selling, general and administrative expenses1,089 360 — 1,449 1,050 363 — 1,413 
Research and development expenses685 — — 685 683 — — 683 
Restructuring and other transformation expenses47 — — 47 15 (1)— 14 
Interest expense179 982 (66)(5)1,095 184 1,000 (84)(5)1,100 
Other, net48 359 — 407 103 381 — 484 
Total Costs and Expenditures10,936 1,701 (66)12,571 10,791 1,743 (84)12,450 
Consolidated income before income taxes146 266 — 412 211 277 — 488 
Income tax expense(38)(213)— (251)(56)(68)— (124)
Equity income from unconsolidated affiliates10 15 — 25 37 15 — 52 
Net income$118 $68 $— $186 $192 $224 $— $416 
(4)Elimination of Financial Services’ interest income earned from Industrial Activities.
(5)Elimination of Industrial Activities’ interest expense to Financial Services.

11
        
        
CNH INDUSTRIAL N.V.
Supplemental Balance Sheets as of September 30, 2026 and December 31, 2025
(Unaudited)

September 30, 2026December 31, 2025
(All amounts in millions of dollars)Industrial ActivitiesFinancial ServicesEliminationsConsolidatedIndustrial ActivitiesFinancial ServicesEliminationsConsolidated
Assets
Cash and cash equivalents$1,256 $334 $— $1,590 $1,932 $646 $— $2,578 
Restricted cash115 520 — 635 109 542 — 651 
Financing receivables, net204 22,432 (363)(6)22,273 141 23,363 (399)(6)23,105 
Financial receivables from Iveco Group N.V.119 99 — 218 142 53 — 195 
Inventories, net5,058 76 — 5,134 4,564 87 — 4,651 
Property, plant and equipment, net and Equipment under operating leases, net2,197 1,619 — 3,816 2,199 1,573 — 3,772 
Intangible assets, net4,490 170 — 4,660 4,533 170 — 4,703 
Other receivables and assets2,871 466 (211)(7)3,126 2,707 580 (195)(7)3,092 
Total Assets$16,310 $25,716 $(574)$41,452 $16,327 $27,014 $(594)$42,747 
Liabilities and Equity
Debt$4,263 $21,680 $(465)(6)$25,478 $4,385 $22,861 $(484)(6)$26,762 
Financial payables to Iveco Group N.V.2 45 — 47 3 88 — 91 
Other payables and liabilities6,914 1,235 (109)(7)8,040 7,012 1,167 (110)(7)8,069 
Total Liabilities11,179 22,960 (574)33,565 11,400 24,116 (594)34,922 
Redeemable noncontrolling interest63 — — 63 53 — — 53 
Equity5,068 2,756 — 7,824 4,874 2,898 — 7,772 
Total Liabilities and Equity$16,310 $25,716 $(574)$41,452 $16,327 $27,014 $(594)$42,747 
(6)Elimination of financial receivables/payables between Industrial Activities and Financial Services.
(7)Primarily represents the reclassification of deferred tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.
12
        
        
CNH INDUSTRIAL N.V.
Supplemental Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025
(Unaudited)

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(All amounts in millions of dollars)
Industrial Activities
Financial ServicesEliminationsConsolidated
Industrial Activities
Financial ServicesEliminationsConsolidated
Cash Flows from Operating Activities
Net income$118 $68 $— $186 $192 $224 $— $416 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization expense, excluding assets under operating leases346 5 — 351 314 4 — 318 
Depreciation and amortization expense of assets under operating leases1 147 148 4 143 — 147 
Undistributed (income) loss from unconsolidated affiliates186 (15)(190)(8)(19)197 (15)(180)(8)2 
Deferred income taxes(42)150 — 108 (38)47 — 9 
Other non-cash items41 283 — 324 96 293 — 389 
Changes in operating assets and liabilities:
Provisions(154)3 — (151)(215)3 — (212)
Trade and financing receivables, net8 282 (2)(9)288 (54)1,000 2 (9)948 
Inventories, net(543)237 — (306)(308)216 — (92)
Trade payables(54)(39)2 (9)(91)(120)(38)(3)(9)(161)
Other assets and liabilities(18)46 — 28 (32)(140)1 (171)
Net cash provided by (used in) operating activities(111)1,167 (190)866 36 1,737 (180)1,593 
Cash Flows from Investing Activities
Additions to retail receivables— (5,020)— (5,020)— (5,605)— (5,605)
Collections of retail receivables— 5,547 — 5,547 — 5,575 — 5,575 
Expenditures for property, plant and equipment and intangible assets(333)(7)— (340)(321)(9)— (330)
Expenditures for assets under operating leases, net— (430)— (430)— (456)— (456)
Other, net(86)37 — (49)(69)(203)— (272)
Net cash provided by (used in) investing activities(419)127 — (292)(390)(698)— (1,088)
Cash Flows from Financing Activities
Net increase (decrease) in debt85 (1,453)— (1,368)(276)(981)— (1,257)
Dividends paid(129)(190)190 (8)(129)(322)(180)180 (8)(322)
Purchase of treasury shares(87)— — (87)(55)— — (55)
Net cash provided by (used in) financing activities(131)(1,643)190 (1,584)(653)(1,161)180 (1,634)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(9)15 — 6 154 65 — 219 
Net decrease cash, cash equivalents and restricted cash(670)(334)— (1,004)(853)(57)— (910)
Cash, cash equivalents and restricted cash, beginning of period2,041 1,188 — 3,229 2,421 1,445 — 3,866 
Cash, cash equivalents and restricted cash, end of period$1,371 $854 $— $2,225 $1,568 $1,388 $— $2,956 
(8)Elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash provided (used) by operating activities.
(9)Elimination of certain minor activities between Industrial Activities and Financial Services.
13
        
        
CNH Industrial N.V.
Other Supplemental Financial Information
(Unaudited)

Adjusted EBIT of Industrial Activities Segment
Three Months Ended September 30,Nine Months Ended September 30,
(All amounts in millions of dollars)2026202520262025
Adjusted EBIT:
Agriculture$173 $137 $370 $539 
Construction65 14 52 63 
Unallocated items, eliminations and others(36)(47)(98)(173)
Adjusted EBIT of Industrial Activities$202 $104 $324 $429 

Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities
Three Months Ended September 30,Nine Months Ended September 30,
(All amounts in millions of dollars)2026202520262025
Net income$35 $67 $186 $416 
Less: Income tax expense(204)(1)(251)(124)
Consolidated income before income taxes239 68 437 540 
Less: Financial Services
Financial Services Net income (loss)(77)47 68 224 
Financial Services Income tax expense170 15 213 68 
Add back the following Industrial Activities items:
Interest expense, net of interest income and eliminations30 26 94 77 
Foreign exchange losses, net5 5 8 19 
Finance and non-service component of Pension and other postemployment benefit costs5 4 11 11 
Adjustments for the following Industrial Activities items:
Restructuring and other transformation expenses16 4 47 15 
Other discrete items(10)
— 59 8 59 
Adjusted EBIT of Industrial Activities$202 $104 $324 $429 
(10)For the nine months ended September 30, 2026, this item included an $8 million non-cash impairment on a minority investment. For the three and nine months ended September 30, 2025, this item includes a $49 million impairment charge related to Bennamann in-process research and development (“IPR&D”) and a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor.
14
        
        
CNH Industrial N.V.
Other Supplemental Financial Information
(Unaudited)


Reconciliation of Total Debt under U.S. GAAP to Net Debt
Industrial ActivitiesFinancial ServicesConsolidated
(All amounts in millions of dollars)September 30, 2026December 31, 2025September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Third party debt$(4,072)$(4,104)$(21,406)$(22,658)$(25,478)$(26,762)
Intersegment notes payable(191)(281)(274)(203)— — 
Financial payables to Iveco Group N.V.(2)(3)(45)(88)(47)(91)
Total Debt(4,265)(4,388)(21,725)(22,949)(25,525)(26,853)
Cash and cash equivalents1,256 1,932 334 646 1,590 2,578 
Restricted cash115 109 520 542 635 651 
Intersegment notes receivable274 203 191 281 — — 
Financial receivables from Iveco Group N.V.119 142 99 53 218 195 
Derivatives(42)(23)(35)25 (77)2 
Net Debt$(2,543)$(2,025)$(20,616)$(21,402)$(23,159)$(23,427)

Reconciliation of Net cash provided by Operating Activities under U.S. GAAP to Free cash flow used in Industrial Activities
Nine Months Ended September 30,Three Months Ended September 30,
20262025(All amounts in millions of dollars)20262025
$866 $1,593 Net cash provided by Operating Activities$686 $659 
Less:
(977)(1,557)Net Cash used in Operating Activities of Financial Services, net of eliminations(557)(733)
(20)13 Change in derivatives of Industrial Activities(28)4 
(333)(321)Expenditures for property, plant and equipment and intangible assets of Industrial Activities(127)(130)
15 (32)Other changes16 12 
$(449)$(304)Free cash flow used in Industrial Activities$(10)$(188)
15
        
        
CNH Industrial N.V.
Other Supplemental Financial Information
(Unaudited)

Reconciliation of Net income and Income tax expense under U.S. GAAP to Adjusted Net income and Adjusted Income tax expense and
Calculation of Adjusted Diluted EPS and Adjusted ETR
Nine Months Ended September 30,Three Months Ended September 30,
20262025(Dollars and shares in millions, except per share data)20262025
$186 $416 Net income$35 $67 
55 55 Adjustments impacting Net income before Income tax expense and equity income from unconsolidated affiliates (a)16 56 
146 (14)Adjustments impacting Income tax expense (b)154 (14)
$387 $457 Adjusted Net income$205 $109 
$376 $448 
Adjusted Net income attributable to CNH Industrial N.V.(11)
$200 $105 
1,241 1,253 Weighted-average shares outstanding – diluted1,239 1,253 
$0.30 $0.36 Adjusted diluted EPS$0.16 $0.08 
$412 $488 Consolidated income before income taxes$227 $51 
55 55 Adjustments impacting Consolidated income before income taxes and equity income from unconsolidated affiliates (a)16 56 
$467 $543 Adjusted consolidated income before income taxes and equity income from unconsolidated affiliates (A)$243 $107 
$(251)$(124)Income tax expense$(204)$(1)
146 (14)Adjustments impacting Income tax expense (b)154 (14)
$(105)$(138)Adjusted income tax expense (B)$(50)$(15)
22.5 %25.4 %Adjusted effective tax rate (Adjusted ETR) (C=B/A)20.6 %14.0 %
(a) Adjustments impacting consolidated income before income taxes and equity income from unconsolidated affiliates
$47 $14 Restructuring and other transformation expenses$16 $3 
— (18)Pre-tax gain related to the 2021 U.S. healthcare plan modification— (6)
— 49 Bennamann IPR&D charge— 49 
— 10 
New Holland T6.180 Methane Power Tractor write-down to net realizable value
— 10 
8 — Impairment of a minority investment— — 
$55 $55 Total adjustments impacting consolidated income before income taxes and equity income from unconsolidated affiliates$16 $56 
(b) Adjustments impacting Income tax expense
$(10)$(14)Tax effect of adjustments impacting consolidated income before income taxes and equity income from unconsolidated affiliates$(2)$(14)
156 — Valuation allowance charge in Financial Services156 — 
$146 $(14)Total adjustments impacting Adjusted income tax expense (B)$154 $(14)
(11)Excludes the minority share of the after-tax impairment charge related to Bennamann IPR&D.

Reconciliation of Financial Services Net Income (loss) under U.S. GAAP to Adjusted Net Income
Nine Months Ended
September 30,
Three Months Ended September 30,
20262025(Dollars and shares in millions)20262025
$68 $224 Net income (loss)$(77)$47 
156 — Valuation allowance charge156 — 
— (1)Restructuring and other transformation expenses (credit)— (1)
$224 $223 Adjusted Net income$79 $46 
16
Q3 2026 FINANCIAL RESULTS November 9, 2026

 

Q3 2026 results | November 9, 20262 SAFE HARBOR STATEMENT AND DISCLOSURES All statements other than statements of historical fact contained in this presentation, including competitive strengths, business strategy, future financial position or operating results, budgets, projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items, costs, and plans and objectives of management regarding operations and products, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, and are subject to applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Forward-looking statements also include, but are not limited to, statements regarding the plans, objectives, strategies, financial performance and outlook, trends, and future performance of CNH and its subsidiaries on a standalone basis as well as statements regarding the proposed joint venture transaction, including its expected timing, benefits and effects on CNH. These statements may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects", "plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views, expectations, estimates, and assumptions, including, in some cases, estimates and data received from third parties, and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or if any other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, particularly as it relates to the agricultural market business cycle; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs and other protective measures issued to promote national interest or address foreign competition, which in turn result in, or may result in, retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and the related impact on cost and prices, which could consequently affect demand for our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies (including artificial intelligence) and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety, privacy and data security or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; weather conditions, particularly to the extent it impacts the agricultural industry; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other postemployment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics, terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; risks related to the proposed joint venture transaction, including the ability to complete it in the expected timeframe or at all and to realize its anticipated benefits; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. The foregoing list of factors is not exhaustive. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this document to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH including factors that potentially could materially affect CNH's financial results, is included in CNH's reports and filings with the U.S. SEC. All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above. Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2025 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q). Reconciliations of non-GAAP measures to the most directly comparable U.S. GAAP measure are included in this presentation, which is available on our website at investors.cnh.com.

 

3 Q3 2026 results | November 9, 2026 Q3 2026 | MAIN HIGHLIGHTS (1) As independent businesses, dealers control their own inventory Cycle indicators improving in North America Ag dealer inventories1 reduced by ~$100 million Challenging market conditions in EMEA and Brazil Operational discipline driving quality, sourcing, and efficiency gains Strategic alliance with Bourgault to enhance global seeding portfolio Announced sale of 70% of our Construction Equipment business 3

 

Q3 2026 results | November 9, 20264 Q3 2026 | RESULTS (1) Non-GAAP measures (definition and reconciliation in the appendix) YoY vs Q3 2025 Consolidated Revenues $4.4B (1)% Net Sales Industrial Activities $3.7B ~flat Adjusted EBIT1 Industrial Activities $202M +94% +270 bps Adjusted Industrial EBIT Margin1 5.5% Net Income $35M (48)% +88% Adjusted Net Income1 $205M Diluted EPS $0.02 $(0.04) +$0.08 Adjusted Diluted EPS1 $0.16 Operating Cash Flow $686M +$27M +$178M Free Cash Flow1 Industrial Activities $(10)M

 

Q3 2026 results | November 9, 20265 FORWARD STRATEGY FOR CONSTRUCTION: JOINT VENTURE WITH KOBELCO A leading, pure-play agriculture equipment, technology, and services company with a strengthened financial profile TODAY’S ANNOUNCEMENT: CNH Construction to be established as a JV majority-owned by Kobelco (“CE JV”) • Enables a full suite of construction machines at the highest quality, competitive cost, and leading technology levels • Kobelco is a trusted home for the Construction business, brands, and team 2021 Acquisition of Raven Industries 2023 Acquisition of Hemisphere GNSS and Augmenta 2022 Iveco Group spinoff BUILDING CNH TECH

 

Q3 2026 results | November 9, 20266 CREATING TWO FOCUSED INDUSTRY LEADERS CONSTRUCTION A global manufacturer of construction equipment A leading, pure-play agriculture equipment, technology, and services company CE JV Ownership 70% Ownership 100% Ownership 30% AGRICULTURE DISTRIBUTION MANUFACTURING

 

Q3 2026 results | November 9, 20267 CONSTRUCTION TRANSACTION BENEFITS Largest pure-play agriculture machinery OEM Kobelco’s complementary expertise, product strengths, technology, and geographies to support CE JV’s long-term growth CE JV Enhanced capacity to invest in agriculture products, precision technology, and global dealer network Enhances competitive position and agility to the benefit of employees, dealers, and customers Strengthened financial profile – expected to be accretive to CNH margins Gains the scale and focus to accelerate innovation and serve the global construction industry better

 

Q3 2026 results | November 9, 20268 Breaking new ground on Iron + Tech Expanding mid-cycle margins PATH TO 2030 Quality as a mindset Driving commercial excellence Operational excellence Expanding product leadership Advancing Iron + Tech integration

 

Q3 2026 results | November 9, 20269 PRODUCT LEADERSHIP: BOURGAULT ALLIANCE Supports CNH’s strategy to bring innovation to market faster and expand customer choice ✓ Combines Bourgault’s seeding leadership with CNH’s reach, trusted brands, and dealer network ✓ Best-in-class portfolio will include precision seeding & air drill systems, high-capacity air carts, digital technology, and control systems ✓ Supports CNH’s focus on soil health, which determines not only yield, but food quality ✓ Continues our commitment to allowing all equipment makes to connect through our FieldOps digital platform

 

Q3 2026 results | November 9, 202610 (57) 29 55 (4) 7 6 Q3 2026 | AGRICULTURE Note: numbers may not add due to rounding (1) Adj. Gross Margin calculated as Adj. Gross Profit divided by Net Sales, as shown in the appendix (2) As independent businesses, dealers control their own inventory Production hours Δ YoY • Q3: (11)% • YTD: (3)% Dealer inventory2 sequential reductions • Q3: $(0.1)B • YTD: $(0.1)B Production slots filled • Q4: • Q1: $32M net IEEPA refunds in Product Cost $ 62M in Pricing, Net $(25)M in R&D $ (5)M ● ◑ Q3 2025 Volume & Mix Pricing, Net Product Cost SG&A R&D FX & Other Q3 2026 173 2,963 2,907 Q3 2025 Q3 2026 Net Sales ($ million) Adj. Gross Margin1 Adjusted EBIT ($ million) 6.0% 4.6% (2)% YoY +170 bps YoY 20.6% 22.3% Q3 2025 Q3 2026 137

 

Q3 2026 results | November 9, 202611 Q3 2026 | CONSTRUCTION Note: numbers may not add due to rounding (1) Adj. Gross Margin calculated as Adj. Gross Profit divided by Net Sales, as shown in the appendix (2) As independent businesses, dealers control their own inventory Production hours Δ YoY • Q3: +8% • YTD: +12% Dealer inventory2 YoY • Q3: +1% Production slots filled • Q4: • Q1: $39M net IEEPA refunds in Product Cost $47M in Pricing, Net $(8)M Q3 2025 Volume & Mix Pricing, Net Product Cost SG&A R&D FX & Other Q3 2026 (6) 7 37 7 0 6 739 777 Q3 2025 Q3 2026 Net Sales ($ million) Adj. Gross Margin1 Adjusted EBIT ($ million) 8.4% 1.9% +5% YoY +470 bps YoY 14.5% 19.2% Q3 2025 Q3 2026 6514 ● ◑

 

Q3 2026 results | November 9, 202612 2.2% 3.5% 4.1% 0% 1% 2% 3% 4% 5% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 3.1% 3.6% 3.5% 1.3% 0.9% 1.3% 0% 1% 2% 3% 4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3 2026 | FINANCIAL SERVICES (1) Non-GAAP measure (definition and reconciliation in the appendix); (2) Including unconsolidated JVs; (3) At constant currency; (4) Return on Assets defined as: EBIT / average managed assets annualized Adjusted Net Income1 ($ million) Delinquencies on Book (>30 Days)Profitability Ratios Gross Margin / Avg. Assets on Book Return on Assets4 Main Highlights 46 79 Q3 2025 Q3 2026 Q3 retail originations2 $2.5B, -$0.2B YoY Managed portfolio2 $27.8B, -$0.7B YoY (-$0.7B @CC3) Delinquencies at 4.1%, primarily driven by South America Q3 2026 reported net income includes $156M non-cash charge against deferred tax assets in Brazil Adj. Net income1 up, mainly driven by lower risk cost

 

Q3 2026 results | November 9, 202613 CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH & MARGIN EXPANSION Support organic growth through investment in commercial actions, operational efficiencies, and quality improvements BALANCE SHEET STRENGTH & STRONG CREDIT RATING Preserve investment grade credit rating as foundational commitment INORGANIC GROWTH Maintain option for strategic, disciplined, and margin accretive M&A SHAREHOLDER RETURNS After debt repayment and M&A, return substantially all Industrial FCF to shareholders through dividends and share buybacks

 

Q3 2026 results | November 9, 202614 TARIFFS & REFUNDS IMPACT (1) Excludes $3M recognized in the balance sheet as a reduction in inventory value Q2 Actual Q3 Actual Q4 Estimate FY Estimate Agriculture Margin impact from tariffs excluding IEEPA refunds (185) bps Net IEEPA refund ($M) 4 32 ~(30) ~5 Gross refunds received1 4 62 ~5 ~70 One-off efforts to clear aged & discontinued equipment inventories (25) ~(25) ~(50) Acceleration in precision technology R&D capacity increase (5) ~(10) ~(15) Construction Margin impact from tariffs excluding IEEPA refunds (470) bps Net IEEPA refund ($M) 1 39 ~(10) ~30 Gross refunds received1 1 47 ~2 ~50 Discretionary programs to promote connected equipment and to clear aged inventories (8) ~(12) ~(20)

 

Q3 2026 results | November 9, 202615 2026 OUTLOOK – AGRICULTURE (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions Tractors Combines North America ~(10)% LHP (20)% - (15)% HHP ~(5)% EMEA ~(5)% ~Flat South America (10)% - (5)% (25)% - (20)% APAC Flat – 5% (30)% - (25)% Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes. 6.2% 2025A 2026E prior 2026E current $12,390M 2025A 2026E prior 2026E current ~flat Δ YoY Net Sales Adj. EBIT Margin 5.1% - 5.4% ~flat Δ YoY 5.0% - 5.5%

 

Q3 2026 results | November 9, 202616 2.3% 2025A 2026E prior 2026E current $2,956M 2025A 2026E prior 2026E current 2026 OUTLOOK – CONSTRUCTION (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions 8-10% YoY Net Sales Adj. EBIT Margin 2.0% - 2.3% Light Heavy North America Flat – 5% 10% - 15% EMEA ~5% ~15% South America (5)% - Flat 10% - 15% APAC ~10% 15% - 20% Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes. 5-10% YoY 1.8% - 2.3%

 

Q3 2026 results | November 9, 202617 2026 OUTLOOK – FINANCIAL TARGETS (1) Non-GAAP measure (definition in the appendix) Industrial Activities 2025A 2026E prior 2026E current Net Sales $15.3B flat to +2% YoY ~2% YoY Adj. EBIT margin1 4.3% 3.2% - 3.8% 3.4% - 3.8% Free Cash Flow1 $513M $200M - $400M $300M - $450M Company Adj. Diluted EPS1 $0.55 $0.41 - $0.46 $0.44 - $0.48

 

18 Q3 2026 results | November 9, 2026 CONSTRUCTION TRANSACTION OVERVIEW 18 Transaction Structure • CNH to sell 70% interest in CNH’s Construction Equipment business; forms new joint venture ("CE JV") • Transaction values CNH’s Construction Equipment business at an enterprise value of $1 billion • Kobelco to own 70% of CE JV; CNH to retain 30% equity ownership in CE JV • Each party subject to three-year lockup CNH Consideration • CNH expects to receive $700 million in cash consideration for its 70% of the business, subject to adjustments for net debt, working capital, and other customary items • CNH intends to use cash proceeds, net of tax, to reduce debt and strengthen balance sheet Continued Collaboration • CNH Agriculture dealers will have continued access to a full suite of competitive construction equipment machines supplied by CE JV • CNH Capital will continue to support CE JV customers and dealers with a full range of retail financing, leases, rental programs, and insurance products • To support a smooth business transition for dealers, customers, and employees, CNH will continue to collaborate closely with CE JV Expected Close • Expected to close by the end of 2027, subject to regulatory approvals and other customary closing conditions

 

19 Q3 2026 results | November 9, 2026 2026 PRIORITIES & OUTLOOK Tracking macroeconomic factors impacting ag industry cycle North America order intake pace modestly positive for MY27 vs MY261 Ag dealer inventories2 expected to further reduce in Q4 Margin improvements from quality, sourcing, and operational efficiency Focus on manufacturing and supply base readiness Ongoing multi-brand dealership consolidation in all geographies (1) MY = model year (2) As independent businesses, dealers control their own inventory

 

20 APPENDIX

 

Q3 2026 results | November 9, 202621 UPCOMING EVENTS Q4 2026 earnings call: Tuesday, February 16, 2027 at 9:00am ET Note: dates and times are subject to change

 

Q3 2026 results | November 9, 202622 Q3 2026 | YOY UNIT PERFORMANCE (1) Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes. NOTE: Total Industry Volume % change 2026 vs. 2025 reflecting aggregate for key markets where Company competes. APAC CE when excluding China 6% in Light & 16% in Heavy T o ta l I n d u s tr y NORTH AMERICA1 EMEA1 SOUTH AMERICA1 APAC1 0-140 HP – Small Tractors (12)% (4)% (22)% (4)% 140+ HP – Large Tractors (5)% Combines (13)% (3)% (19)% 76% Light 9% 0% 12% 7% Heavy 16% 10% 15% 14% Company Inventory Dealer Inventory Retail Production C o m p a n y Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Tractors Light HeavyCombines

 

Q3 2026 results | November 9, 202623 Q3 2026 | INDUSTRIAL ACTIVITIES NET SALES Note: numbers may not add due to rounding (1) Δ YoY @CC means at constant currency Agriculture Construction Industrial Activities $2,907M $777M $3,684M (2)% YoY (2)% @CC1 5% YoY 5% @CC1 (0)% YoY (1)% @CC1 By Region as reported By Region as reported By Region as reported 35% 34% 14% 17% 58% 25% 12% 5% 40% 32% 13% 15% 34% 35% 17% 14% 54% 26% 14% 6% 38% 34% 17% 11% By Product as reported By Product as reported By Segment as reported 63% 23% 14% 40% 59% 1% 79% 21% 62% 22% 16% 35% 62% 3% 80% 20% Q3 2025 Q3 2026 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC Q3 2026 mix Q3 2025 mix Q3 2026 mix Q3 2025 mix

 

Q3 2026 results | November 9, 202624 9M 2026 | INDUSTRIAL ACTIVITIES NET SALES Note: numbers may not add due to rounding (1) Δ YoY @CC means at constant currency Agriculture Construction Industrial Activities $8,780M $2,217M $10,997M (0)% YoY (2)% @CC1 5% YoY 4% @CC1 1% YoY (1)% @CC1 By Region as reported By Region as reported By Region as reported 37% 38% 12% 13% 55% 25% 14% 6% 41% 35% 12% 12% 36% 37% 16% 11% 52% 25% 16% 7% 39% 34% 16% 11% By Product as reported By Product as reported By Segment as reported 61% 21% 18% 39% 60% 1% 80% 20% 60% 20% 20% 36% 62% 2% 81% 19% 9M 2025 9M 2026 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC 9M 2026 mix 9M 2025 mix 9M 2026 mix 9M 2025 mix

 

Q3 2026 results | November 9, 202625 Q3 / 9M 2026 | FINANCIALS BY SEGMENT Note: numbers may not add due to rounding (1) Non-GAAP measure: definition in the slide “Non-GAAP Financial Measures”; reconciliation in “Reconciliations” section QTD Revenues & Net Sales Gross Profit Gross Margin Adj. EBIT1 Adj. EBIT Margin1 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Agriculture 2,907 2,963 648 611 22.3% 20.6% 173 137 6.0% 4.6% Construction 777 739 149 107 19.2% 14.5% 65 14 8.4% 1.9% Elimination & Other - - - (1) - - (36) (47) - - Industrial Activities 3,684 3,702 797 717 21.6% 19.4% 202 104 5.5% 2.8% Financial Services 665 684 Elimination & Other 5 13 CNH Industrial 4,354 4,399 YTD Revenues & Net Sales Gross Profit Gross Margin Adj. EBIT1 Adj. EBIT Margin1 9M 26 9M 25 9M 26 9M 25 9M 26 9M 25 9M 26 9M 25 9M 26 9M 25 Agriculture 8,780 8,792 1,789 1,834 20.4% 20.9% 370 539 4.2% 6.1% Construction 2,217 2,103 320 316 14.4% 15.0% 52 63 2.3% 3.0% Elimination & Other - - - (1) - - (98) (173) - - Industrial Activities 10,997 10,895 2,109 2,149 19.2% 19.7% 324 429 2.9% 3.9% Financial Services 1,967 2,020 Elimination & Other 19 23 CNH Industrial 12,983 12,938 AL checked

 

Q3 2026 results | November 9, 202626 DEBT MATURITY SCHEDULE Breakdown as of September 30, 2026, $ billion Note: Numbers may not add due to rounding Outstanding Sep. 30, 2026 2026 2027 2028 2029 2030 Beyond 2.7 Bank Debt 0.6 0.6 0.4 0.2 0.2 0.7 12.4 Capital Market 0.6 3.0 2.1 2.3 1.1 3.3 0.1 Other Debt 0.1 0.0 0.0 0.0 0.0 0.0 15.2 Cash Portion of Debt Maturities 1.2 3.6 2.5 2.5 1.3 4.0 of which Industrial Activities 0.1 1.3 0.1 0.6 0.0 2.0 of which Financial Services 1.2 2.3 2.4 2.0 1.3 2.0 2.2 Cash & Cash Equivalents and Restricted Cash 0.6 of which restricted cash 0.2 Net Receivables / (Payables) with Iveco Group 6.3 Undrawn Committed credit lines 8.7 Total Available Liquidity AL checked

 

27 RECONCILIATIONS

 

Q3 2026 results | November 9, 202628 ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net income 35 67 186 416 Less: Income tax expense (204) (1) (251) (124) Consolidated income before taxes 239 68 437 540 Less: Financial Services Financial Services net income (loss) (77) 47 68 224 Financial Services income tax expense 170 15 213 68 Add back the following Industrial Activities items: Interest expense, net of Interest income and eliminations 30 26 94 77 Foreign exchange losses, net 5 5 8 19 Finance and non-service component of pension and other post-employment benefit costs 5 4 11 11 Adjustments for the following Industrial Activities items: Restructuring and other transformation expenses 16 4 47 15 Other discrete items - 59 8 59 Total adjusted EBIT of Industrial Activities 202 104 324 429 ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities

 

Q3 2026 results | November 9, 202629 ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net income (loss) 35 67 186 416 Adjustments impacting Net income before Income tax expense and equity income from unconsolidated affiliates 16 56 55 55 Restructuring and other transformation expenses 16 3 47 14 Pre-tax gain related to the 2021 U.S. healthcare plan modification - (6) - (18) Impairment of minority investment, IPR&D impairment, tractor write-down - 59 8 59 Adjustments impacting Income tax expense 154 (14) 146 (14) Adjusted net income 205 109 387 457 Adjusted net income attributable to CNH Industrial N.V. 200 105 376 448 Weighted average shares outstanding – diluted (million) 1,239 1,253 1,241 1,253 Adjusted diluted EPS $0.16 $0.08 $0.30 $0.36 ADJUSTED NET INCOME RECONCILIATION Reconciliation of Net Income (Loss) under U.S. GAAP to Adj. Net Income & Calculation of Adj. Diluted EPS Net income (loss) of Financial Services (77) 47 68 224 Valuation allowance charge 156 - 156 - Restructuring and other transformation expenses (credit) - (1) - (1) Adjusted Net income of Financial Services 79 46 224 223

 

Q3 2026 results | November 9, 202630 ($M) Q3 2026 Q3 2025 9M 2026 9M 2025 Net cash provided by Operating Activities 686 659 866 1,593 Net Cash used in Operating Activities of Financial Services, net of eliminations (557) (733) (977) (1,557) Change in derivatives of Industrial Activities (28) 4 (20) 13 Expenditures for property, plant and equipment and intangible assets of Industrial Activities (127) (130) (333) (321) Other changes 16 12 15 (32) Free cash flow used in Industrial Activities (10) (188) (449) (304) FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided by Operating Activities under U.S. GAAP to Free Cash Flow used in Industrial Activities

 

Q3 2026 results | November 9, 202631 The composition of our regions part of the geographic information is as follows: • North America: United States, Canada, and Mexico • Europe, Middle East, and Africa (EMEA): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East • South America: Central and South America, and the Caribbean Islands • Asia Pacific (APAC): Continental Asia (including the Indian subcontinent), Indonesia, Japan, and Oceania Industry Data • In this presentation, industry information is generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers’ in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau. • Not all Agricultural or Construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Türkiye, Brazil, and any country where local shipments are not reported. • In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated and may require adjustments when determining our estimates of retail unit data in any period. GEOGRAPHIC INFORMATION

 

Q3 2026 results | November 9, 202632 CNH monitors its operations through the use of several non-GAAP financial measures. CNH’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP. CNH’s non-GAAP financial measures used in this presentation are defined as follows: Change at C.C. (Constant Currency): CNH discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current period’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. Adjusted Gross Profit Margin of Industrial Activities is computed by dividing Net Sales less Costs of good sold, as adjusted by non-recurring items, by Net Sales. Adjusted EBIT of Industrial Activities is defined as Net income (loss) before the following items: Income tax benefit (expense), Financial Services’ results, Industrial Activities’ Interest income (expense), net of interest income and eliminations, Foreign exchange (gains) losses, net, Finance and non-service component of Pension and other postemployment benefit costs, Restructuring and other transformation expenses, and discrete items. In particular, discrete items are specifically disclosed items that management considers rare or non-recurring events that are infrequent in nature and not reflective of on-going operational activities. Adjusted EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities. Adjusted Income Tax (Expense) Benefit is defined as Income tax benefit (expense) less the tax effect of Restructuring and other transformation expenses and discrete items, and discrete tax charges or benefits. Adjusted Net income (Loss) is defined as Net income (loss), less Restructuring and other transformation charges and discrete items, after tax. Adjusted Diluted EPS is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Free cash flow of Industrial Activities ("Industrial Free Cash Flow") refers to Industrial Activities only, and is computed as Net Cash flows provided by (used in) operating activities less: Net cash flow from operating activities of Financial Services, net of eliminations; Changes in derivatives of Industrial Activities and other, Investments of Industrial Activities in assets sold under operating leases, Investments in property, plant and equipment and intangible assets of Industrial Activities, and Other changes. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. NON-GAAP FINANCIAL MEASURES

 

33 INVESTOR RELATIONS CONTACTS investors.cnh.com investor.relations@cnh.com Jason Omerza +1 (630) 740 8079 jason.omerza@cnh.com Joe Recendez +1 (708) 932 5916 joseph.recendez@cnh.com

 

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