CNH Industrial (NYSE: CNH) earnings fall sharply as 2026 outlook cuts margins

Q: How did CNH (CNH) perform financially in Q4 2025?

CNH’s Q4 2025 consolidated revenues rose 6% to $5.16 billion , with Industrial Activities net sales up 8% to $4.45 billion . However, net income fell to $89 million from $176 million , while diluted EPS declined to $0.07 despite stronger adjusted earnings.

Q: What were CNH (CNH) full year 2025 revenues and earnings?

For 2025, CNH generated consolidated revenues of $18.10 billion , down 9% year over year. Net income dropped to $505 million from $1,259 million , with diluted EPS decreasing to $0.41 . Adjusted net income was $703 million and adjusted diluted EPS was $0.55 .

Q: How did CNH’s Agriculture segment perform in 2025?

CNH’s Agriculture segment saw 2025 net sales fall 12% to $12.39 billion . Adjusted EBIT declined to $772 million from $1,470 million , and adjusted EBIT margin compressed from 10.5% to 6.2% , reflecting weaker industry demand, tariffs, and higher costs.

Q: How strong was CNH’s free cash flow in 2025?

Industrial Free Cash Flow reached $513 million in 2025, compared with negative $401 million in 2024. This improvement was driven by lower inventories, better working capital, and disciplined capital spending, even as earnings and margins declined significantly year over year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

CNH Industrial reported mixed fourth-quarter 2025 results in a difficult agricultural cycle. Q4 consolidated revenues rose to $5.16 billion, up 6% year over year, and net sales of Industrial Activities grew 8% to $4.45 billion. However, Q4 net income fell to $89 million from $176 million, while diluted EPS declined to $0.07. Adjusted net income improved to $246 million with adjusted EPS of $0.19, helped by strong Industrial Activities adjusted EBIT of $234 million.

For full year 2025, consolidated revenues declined 9% to $18.10 billion and net income dropped to $505 million from $1.26 billion, with diluted EPS down to $0.41. Agriculture and Construction segments both saw double‑digit margin compression, partly due to tariffs, higher costs, and significant non‑cash impairments related to acquired R&D and minority investments. Industrial Free Cash Flow improved to $513 million, supported by inventory reductions and better working capital.

Looking to 2026, CNH expects global agriculture equipment demand to fall another 5% to trough levels before an anticipated industry recovery in 2027. Management guides Agriculture net sales to be between down 5% and flat with adjusted EBIT margin of 4.5%–5.5%, and Construction net sales about flat with 1.0%–2.0% margins. For Industrial Activities overall, the company targets net sales down 4% to flat, a lower adjusted EBIT margin of 2.5%–3.5%, Industrial Free Cash Flow of $150 million–$350 million, and adjusted diluted EPS of $0.35–$0.45.

Positive

None.

Negative

Sharp earnings deterioration and lower forward margin guidance: 2025 net income fell to $505 million from $1,259 million, and Industrial Activities adjusted EBIT margin dropped from 8.2% to 4.3%. For 2026, management guides further margin compression to 2.5%–3.5% and lower Industrial Free Cash Flow of $150–$350 million.

Insights

Cyclical downturn drives weaker 2025 earnings and a cautious 2026 profit outlook.

CNH Industrial is managing through a deep agriculture downcycle. 2025 consolidated revenues fell to $18.10 billion, down 9%, while net income dropped to $505 million from $1.26 billion. Industrial Activities adjusted EBIT roughly halved to $663 million, showing substantial margin pressure across core equipment businesses.

Agriculture remains the profit engine but was hit hardest. Full‑year Agriculture net sales declined 12% to $12.39 billion, and adjusted EBIT margin compressed from 10.5% to 6.2%. Construction net sales slipped 3%, with margin falling from 5.5% to 2.3%. Results also reflect sizable non‑cash impairments on Raven, Bennamann, Monarch Tractor and other holdings.

Management guided 2026 industry agriculture demand another 5% lower, at “historic trough” levels, and set Industrial Activities adjusted EBIT margin at only 2.5%–3.5%, down from 4.3% in 2025. Industrial Free Cash Flow is expected between $150 million and $350 million, versus $513 million in 2025. The company reiterates longer‑term ambitions for mid‑cycle Agriculture margins by 2030, but nearer‑term performance is guided down, which many investors may see as a material negative development.

02/17/2026 - 06:35 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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): February 17, 2026

CNH INDUSTRIAL N.V.

(Exact name of registrant as specified in its charter)

Netherlands

001-36085

98-1125413

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value €0.01

CNH

New York Stock Exchange

3.850% Notes due 2027

CNH27

New 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 February 17, 2026, CNH Industrial N.V. issued a press release announcing its results of operations for the fourth quarter of 2025 and full year 2025. 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 February 17, 2026, CNH Industrial N.V. made available a presentation providing a review and highlights of its fourth quarter of 2025 and full year 2025 results of operations and related information, which is being made available in connection with a February 17, 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 February 17, 2026, announcing its results of operations for the fourth quarter of 2025
Exhibit 99.2			CNH Industrial N.V. fourth quarter 2025 results review presentation
Exhibit 104			Cover 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: February 17, 2026

Exhibit 99.1

CNH Industrial N.V. Reports Fourth Quarter and Full Year 2025 Results

Fourth quarter consolidated revenues increased 6%; full year revenues declined 9% on lower industry equipment demand

Fourth quarter net income of $89 million; full year net income of $505 million

Full year diluted EPS at $0.41; adjusted diluted EPS at $0.55

Amid persistent agricultural equipment market challenges, the Company is preparing for lower demand levels in 2026 ahead of the start of an expected industry recovery in 2027

Basildon, UK - February 17, 2026 - CNH Industrial N.V. (NYSE: CNH) today reported results for the three and twelve months ended December 31, 2025. Fourth quarter net income was $89 million, with diluted earnings per share of $0.07, compared with net income of $176 million and diluted earnings per share of $0.14 in Q4 2024. Consolidated revenues were $5.16 billion in the quarter (up 6% compared to Q4 2024) and Net sales of Industrial Activities were $4.45 billion (up 8% compared to Q4 2024). Net cash provided by operating activities was $945 million, and Industrial Free Cash Flow was $817 million in Q4 2025.

Full year 2025 consolidated revenues were $18.10 billion, down 9% year-over-year, with Net sales of Industrial Activities at $15.35 billion, down 10%. Full year net income was $505 million compared to 2024 net income of $1,259 million. Full year diluted earnings per share was $0.41 compared to $0.99 in 2024. Adjusted net income was $703 million compared to $1,339 million in 2024, with adjusted diluted earnings per share of $0.55 compared to $1.05 in 2024. Full year net cash provided by operating activities was $2,538 million, and Industrial Free Cash Flow was $513 million.

“Despite a challenging market environment, CNH delivered solid progress toward its long-term goals in 2025 and strengthened its foundation for success,” said Gerrit Marx, CNH Chief Executive Officer. “We continued reducing dealer inventories, advanced our Quality and Operational Excellence initiatives, and introduced products that directly address the evolving needs of farmers and builders. Our teams executed with discipline, focusing on what we can control while supporting our customers through dynamic economic conditions. As we move into 2026, we remain committed to prudent production planning, purposeful innovation, and delivering superior iron and technology integration. In this industry trough year, while markets are still moving slowly, CNH is moving fast in its transformation and engagement of exceptional colleagues to deliver on our ambitious commitments.”

2025 Fourth Quarter Results

(all amounts in $ million, comparison vs Q4 2024 - unless otherwise stated)


US-GAAP
	Q4 2025	Q4 2024	Change	Change at c.c.(1)
Consolidated revenues	5,157	4,876	+6%	3%
of which Net sales of Industrial Activities	4,451	4,129	+8%	5%
Net income	89	176	(49)%
Diluted EPS $	0.07	0.14	(0.07)
Cash flow provided by operating activities	945	1,692	(747)


NON-GAAP(2)
	Q4 2025	Q4 2024	Change
Adjusted EBIT of Industrial Activities	234	194	+21%
Adjusted EBIT margin of Industrial Activities	5.3%	4.7%	+60 bps
Adjusted net income	246	196	+26%
Adjusted diluted EPS $	0.19	0.15	+0.04
Free cash flow of Industrial Activities	817	848	(31)

Net income was $89 million in Q4 2025 with adjusted net income of $246 million. The primary adjustments in the quarter included $123 million in non-cash pretax impairment charges related to in-process R&D acquired as part of the 2021 Raven acquisition, $62 million in non-cash pretax impairment of investment in Monarch Tractor and other minority holdings, and $8 million in pretax restructuring charges. In comparison, in Q4 2024, CNH reported net income of $176 million with adjusted net income of $196 million. The primary adjustment in Q4 2024 included $24 million in pretax restructuring charges.

Income tax expense was $60 million ($89 million in Q4 2024) with an effective tax rate (“ETR”) of 45.5% (36.9% in Q4 2024). The adjusted ETR(2) was 28.9% (34.1% in Q4 2024).

Agriculture

Q4 2025

Q4 2024

Change

Change at c.c.(1)

Net sales ($ million)

3,598

3,411

+5%

+3%

Adjusted EBIT ($ million)

233

244

(5)%

Adjusted EBIT margin

6.5%

7.2%

(70) bps

In North America, fourth quarter industry volume fell 31% year-over-year for tractors over 140 HP and 14% for tractors under 140 HP; combines were down 16%. In Europe, Middle East and Africa ("EMEA"), tractor demand fell 8%, while combine demand rose 40%. In South America, tractor demand fell 8% and combine demand fell 39%. In Asia Pacific, tractor demand increased 19% and combine demand increased 10%.

Agriculture net sales increased 5% for the quarter to $3.6 billion, driven by favorable price realization and positive foreign exchange impacts.

Adjusted EBIT decreased to $233 million ($244 million in Q4 2024), primarily due to tariffs, lower JV results, unfavorable geographic mix, and increased SG&A expenses, partially offset by favorable price realization and lower R&D spending. R&D investments accounted for 5.4% of net sales (6.2% in Q4 2024). Adjusted EBIT margin was 6.5% (7.2% in Q4 2024).

Construction

Q4 2025

Q4 2024

Change

Change at c.c.(1)

Net sales ($ million)

853

718

+19%

+17%

Adjusted EBIT ($ million)

(72)%

Adjusted EBIT margin

0.6%

2.5%

(190) bps

Global industry volume for construction equipment increased 5% year-over-year in Q4 2025 for heavy equipment, while light equipment stayed the same. Aggregated demand increased 1% in North America, 7% in EMEA, and 8% in South America, but decreased 1% in Asia Pacific.

Construction net sales increased 19% for the quarter to $853 million, driven by higher shipment volumes and favorable price realization, primarily in North America.

Adjusted EBIT decreased to $5 million ($18 million in Q4 2024), reflecting higher production costs including tariffs, partially offset by higher shipment volumes. Adjusted EBIT margin was 0.6% (2.5% in Q4 2024).


Financial Services
	Q4 2025	Q4 2024	Change	Change at c.c.(1)
Revenues ($ million)	700	743	(6)%	(8)%
Net income ($ million)	109	92	+18%
Equity at quarter-end ($ million)	2,898	2,745	+153
Retail loan originations ($ million)	2,822	3,216	(394)

Financial Services revenues decreased by 6% due to lower yields and reduced average portfolio balances across all regions (except APAC), along with lower equipment sales related to decreased operating lease maturities, partially offset by favorable currency translation.

Net income was $109 million in the fourth quarter of 2025, an increase of $17 million compared to the same quarter of 2024, due to interest margin improvements across all regions, partially offset by higher risk costs in Brazil and lower volumes in North America and EMEA. Results also benefited from a lower effective tax rate, reflecting a more favorable market mix in Latin America and the impact of the prior‑year Argentina valuation allowance adjustment.

The managed portfolio (including unconsolidated joint ventures) was $28.6 billion as of December 31, 2025 (of which retail was 70% and wholesale 30%), up $0.7 billion compared to December 31, 2024 (down $0.8 billion on a constant currency basis).

At December 31, 2025, the receivable balance past due greater than 30 days as a percentage of receivables was 3.1% (1.9% as of December 31, 2024) due to economic and environmental factors impacting farmers, specifically in South America.

Results for the Full Year 2025

(all amounts $ million, comparison vs FY 2024 - unless otherwise stated)


US-GAAP
	FY 2025	FY 2024	Change	Change at c.c.(1)
Consolidated revenues	18,095	19,836	(9)%	(9)%
of which Net sales of Industrial Activities	15,346	17,060	(10)%	(10)%
Net income	505	1,259	(60)%
Diluted EPS $	0.41	0.99	(0.58)
Cash flow provided by operating activities	2,538	1,968	+570


NON-GAAP(2)
	FY 2025	FY 2024	Change
Adjusted EBIT of Industrial Activities	663	1,404	(53)%
Adjusted EBIT margin of Industrial Activities	4.3%	8.2%	(390) bps
Adjusted net income	703	1,339	(47)%
Adjusted diluted EPS $	0.55	1.05	(0.50)
Free cash flow of Industrial Activities	513	(401)	+914


Agriculture
	FY 2025	FY 2024	Change	Change at c.c.(1)
Net sales	12,390	14,007	(12)%	(12)%
Adjusted EBIT	772	1,470	(47)%
Adjusted EBIT margin	6.2%	10.5%	(430) bps


Construction
	FY 2025	FY 2024	Change	Change at c.c.(1)
Net sales	2,956	3,053	(3)%	(3)%
Adjusted EBIT	68	169	(60)%
Adjusted EBIT margin	2.3%	5.5%	(320) bps


Financial Services
	FY 2025	FY 2024	Change	Change at c.c.(1)
Revenues	2,720	2,774	(2)%	(1)%
Net income	333	379	(12)%

2026 Outlook

Farmers continue to face challenging market dynamics, including low commodity prices, high input costs, and an uncertain trade environment. These conditions are expected to further weaken the North American industry demand for agricultural equipment, while some stability in the EMEA region is projected. In the aggregate, the Company forecasts the global industry retail demand to be lower than 2025 levels by another 5%, down to historic trough levels. CNH’s Agriculture segment has and will continue to respond to these market dynamics by maintaining low production levels, working with its dealer network to lower channel inventory, pursuing cost efficiencies, and managing rapid changes in trade policies. Agriculture equipment industry demand is expected to resume growth in 2027.

Industry construction equipment demand is forecasted to be flattish in 2026 when compared to 2025, with strength in certain non-residential construction markets offset by persistent weakness in residential construction. CNH’s Construction segment will continue to focus on quality, manufacturing efficiencies, and tariff cost offset opportunities.

Consequently, the Company is providing the following 2026 outlook:

•Agriculture segment net sales between down 5% and flat year-over-year, including +2% currency translation effects

•Agriculture segment adjusted EBIT margin between 4.5% and 5.5%

•Construction segment net sales about flat year-over-year, including +1% currency translation effects

•Construction segment adjusted EBIT margin between 1.0% and 2.0%

•Free Cash Flow of Industrial Activities(4) between $150 million and $350 million

•Adjusted diluted EPS(4) between $0.35 to $0.45

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.c.c. means at constant currency.

2.This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the “Supplementary Financial Information” section for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

3.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:

a.North America: United States, Canada, and Mexico;

b.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;

c.South America: Central and South America, and the Caribbean Islands; and

d.Asia Pacific: Continental Asia (including the India subcontinent), Indonesia, Japan and Oceania.

4.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.

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 under U.S. GAAP: is defined as net income (loss) before the following items: Income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete 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 charges and non-recurring 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 (Expense) Benefit: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.

•Adjusted Effective Tax Rate (“Adjusted ETR”): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated affiliates, less restructuring expenses and non-recurring items.

•Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term

deposits and investments towards high-credit rating counterparties) and derivative hedging debt. 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 consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.

•Change excl. FX or Constant Currency: CNH discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

Refer to the “Supplementary Financial Information” section of this press release for the reconciliations between the non-GAAP financial measure and the most comparable GAAP financial measure.

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. Forward-looking statements also include statements regarding the 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 and assumptions 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 other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the 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, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result 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 of 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.

Forward-looking statements are based upon assumptions relating to the factors described in this filing, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH's control. 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 its financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission ("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 most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q).

Conference Call and Webcast

Today, at 9:00 a.m. EST, management will hold a conference call to present fourth quarter and full year 2025 results to financial analysts and institutional investors. The call can be followed live online at bit.ly/CNH_Q4FY_2025 and a recording will be available later 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 Rebecca Fabian +1 312 515 2249

(Email mediarelations@cnh.com)

Investor Relations – Jason Omerza +1 630 740 8079 or Federico Pavesi +39 345 605 6218

(Email investor.relations@cnh.com)

CNH INDUSTRIAL N.V.

Consolidated Statements of Operations for the Three Months and Years Ended December 31, 2025 and 2024

(Unaudited)


	Three Months Ended December 31,				Year Ended December 31,
($ million)	2025		2024		2025		2024
Revenues
Net sales	$	4,451	$	4,129	$	15,346	$	17,060
Finance, interest and other income	706		747		2,749		2,776
Total Revenues	5,157		4,876		18,095		19,836
Costs and Expenses
Cost of goods sold	3,633		3,323		12,389		13,350
Selling, general and administrative expenses	463		414		1,876		1,712
Research and development expenses	342		238		1,025		924
Restructuring expenses	8		24		22		118
Interest expense	382		421		1,482		1,611
Other, net	197		215		681		664
Total Costs and Expenses	5,025		4,635		17,475		18,379

Consolidated income before income taxes	132		241		620		1,457
Income tax expense	(60)		(89)		(184)		(336)
Equity in income of unconsolidated affiliates	17		24		69		138
Net Income	89		176		505		1,259
Net income (loss) attributable to noncontrolling interests	3		3		(5)		13
Net Income attributable to CNH Industrial N.V.	$	86	$	173	$	510	$	1,246

Earnings per share attributable to CNH Industrial N.V.
Basic	$	0.07	$	0.14	$	0.41	$	0.99
Diluted	$	0.07	$	0.14	$	0.41	$	0.99
Weighted average shares outstanding (in millions)
Basic	1,244		1,248		1,248		1,254
Diluted	1,247		1,253		1,251		1,260

Cash dividends declared per common share	$	—	$	—	$	0.250	$	0.470

These Consolidated Statements of Operations should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Consolidated Balance Sheets as of December 31, 2025 and 2024

(Unaudited)


($ million)	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	2,578	$	3,191
Restricted cash	651		675
Financing receivables, net	23,105		23,085
Receivables from Iveco Group N.V.	195		168
Inventories, net	4,651		4,776
Property, plant and equipment, net and Equipment under operating leases	3,772		3,402
Intangible assets, net	4,703		4,805
Other receivables and assets	3,092		2,831
Total Assets	$	42,747	$	42,933
Liabilities and Equity
Debt	$	26,762	$	26,882
Payables to Iveco Group N.V.	91		62
Other payables and liabilities	8,069		8,221
Total Liabilities	34,922		35,165
Redeemable noncontrolling interest	53		55
Equity	7,772		7,713
Total Liabilities and Equity	$	42,747	$	42,933

These Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Consolidated Statement of Cash Flows for the Years Ended December 31, 2025 and 2024

(Unaudited)


	Year Ended December 31,
($ million)	2025		2024
Cash Flows from Operating Activities
Net income	$	505	$	1,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense excluding assets under operating leases	432		417
Depreciation and amortization expense of assets under operating leases	197		188

Undistributed (income) loss of unconsolidated affiliates	17		(11)
Other non-cash items	647		340
Changes in operating assets and liabilities:
Provisions	(336)		(204)
Deferred income taxes	(198)		(107)
Trade and financing receivables related to sales, net	708		1,015
Inventories, net	749		787
Trade payables	(198)		(1,186)
Other assets and liabilities	15		(530)
Net cash provided by operating activities	2,538		1,968
Cash Flows from Investing Activities
Additions to retail receivables	(7,554)		(8,227)
Collections of retail receivables	7,508		6,459

Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases	(543)		(536)
Expenditures for assets under operating leases	(655)		(650)
Other	(136)		182
Net cash used in investing activities	(1,380)		(2,772)
Cash Flows from Financing Activities
Net increase (decrease) in debt	(1,587)		1,242
Dividends paid	(333)		(607)
Other	(100)		(702)
Net cash used in financing activities	(2,020)		(67)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	225		(308)
Net decrease in cash, cash equivalents and restricted cash	(637)		(1,179)
Cash, cash equivalents and restricted cash, beginning of year	3,866		5,045
Cash, cash equivalents and restricted cash, end of period	$	3,229	$	3,866

These Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K. These Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries.

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Three Months Ended December 31, 2025 and 2024

(Unaudited)


	Three Months Ended December 31, 2025									Three Months Ended December 31, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
Revenues
Net sales	$	4,451	$	—	$	—		$	4,451	$	4,129	$	—	$	—		$	4,129
Finance, interest and other income	34		700		(28)		(2)	706		32		743		(28)		(2)	747
Total Revenues	4,485		700		(28)			5,157		4,161		743		(28)			4,876
Costs and Expenses
Cost of goods sold	3,633		—		—			3,633		3,323		—		—			3,323
Selling, general and administrative expenses	377		86		—			463		351		63		—			414
Research and development expenses	342		—		—			342		238		—		—			238
Restructuring expenses	8		—		—			8		24		—		—			24
Interest expense	71		339		(28)		(3)	382		70		379		(28)		(3)	421
Other, net	53		144		—			197		56		159		—			215
Total Costs and Expenses	4,484		569		(28)			5,025		4,062		601		(28)			4,635
Consolidated income before income taxes	1		131		—			132		99		142		—			241
Income tax expense	(32)		(28)		—			(60)		(34)		(55)		—			(89)
Equity in income of unconsolidated affiliates	11		6		—			17		19		5		—			24
Net Income (loss)	$	(20)	$	109	$	—		$	89	$	84	$	92	$	—		$	176

(1) Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Statements of Operations for the Years Ended December 31, 2025 and 2024

(Unaudited)


	Year Ended December 31, 2025									Year Ended December 31, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
Revenues
Net sales	$	15,346	$	—	$	—		$	15,346	$	17,060	$	—	$	—		$	17,060
Finance, interest and other income	141		2,720		(112)		(2)	2,749		130		2,774		(128)		(2)	2,776
Total Revenues	15,487		2,720		(112)			18,095		17,190		2,774		(128)			19,836
Costs and Expenses
Cost of goods sold	12,389		—		—			12,389		13,350		—		—			13,350
Selling, general and administrative expenses	1,427		449		—			1,876		1,380		332		—			1,712
Research and development expenses	1,025		—		—			1,025		924		—		—			924
Restructuring expenses	23		(1)		—			22		117		1		—			118
Interest expense	255		1,339		(112)		(3)	1,482		282		1,457		(128)		(3)	1,611
Other, net	156		525		—			681		150		514		—			664
Total Costs and Expenses	15,275		2,312		(112)			17,475		16,203		2,304		(128)			18,379
Consolidated income before income taxes	212		408		—			620		987		470		—			1,457
Income tax expense	(88)		(96)		—			(184)		(226)		(110)		—			(336)
Equity in income of unconsolidated affiliates	48		21		—			69		119		19		—			138
Net Income	$	172	$	333	$	—		$	505	$	880	$	379	$	—		$	1,259

(2) Elimination of Financial Services’ interest income earned from Industrial Activities.

(3) Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.

Supplemental Balance Sheets as of December 31, 2025 and 2024

(Unaudited)


	December 31, 2025									December 31, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,932	$	646	$	—		$	2,578	$	2,332	$	859	$	—		$	3,191
Restricted cash	109		542		—			651		89		586		—			675
Financing receivables, net	141		23,363		(399)		(2)	23,105		218		23,528		(661)		(2)	23,085
Receivables from Iveco Group N.V.	142		53		—			195		50		118		—			168
Inventories, net	4,564		87		—			4,651		4,713		63		—			4,776
Property, plant and equipment, net and Equipment on operating leases	2,199		1,573		—			3,772		1,979		1,423		—			3,402
Intangible assets, net	4,533		170		—			4,703		4,643		162		—			4,805
Other receivables and assets	2,707		580		(195)		(3)	3,092		2,653		515		(337)		(3)	2,831
Total Assets	16,327		27,014		(594)			42,747		16,677		27,254		(998)			$	42,933
Liabilities and Equity
Debt	$	4,385	$	22,861	$	(484)	(2)	$	26,762	$	4,499	$	23,173	$	(790)	(2)	$	26,882
Payables to Iveco Group N.V.	3		88		—			91		4		58		—			62
Other payables and liabilities	7,012		1,167		(110)		(3)	8,069		7,151		1,278		(208)		(3)	8,221
Total Liabilities	11,400		24,116		(594)			34,922		11,654		24,509		(998)			35,165
Redeemable noncontrolling interest	53		—		—			53		55		—		—			55
Equity	4,874		2,898		—			7,772		4,968		2,745		—			7,713
Total Liabilities and Equity	$	16,327	$	27,014	$	(594)		$	42,747	$	16,677	$	27,254	$	(998)		$	42,933

(2) This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.

(3) This item 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.

CNH INDUSTRIAL N.V.

Supplemental Statements of Cash Flows for the Years Ended December 31, 2025 and 2024

(Unaudited)


	Year Ended December 31, 2025									Year Ended December 31, 2024
($ million)	Industrial Activities(1)		Financial Services		Eliminations			Consolidated		Industrial Activities(1)		Financial Services		Eliminations			Consolidated
Cash Flows from Operating Activities
Net income	$	172	$	333	$	—		$	505	$	880	$	379	$	—		$	1,259
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding assets under operating leases	427		5		—			432		413		4		—			417
Depreciation and amortization expense of assets under operating leases	4		193		—			197		8		180		—			188

Undistributed (income) loss of unconsolidated affiliates	302		(21)		(264)		(2)	17		291		(19)		(283)		(2)	(11)
Other non-cash items, net	297		350		—			647		74		266		—			340
Changes in operating assets and liabilities:
Provisions	(340)		4		—			(336)		(204)		—		—			(204)
Deferred income taxes	(109)		(89)		—			(198)		(38)		(69)		—			(107)
Trade and financing receivables related to sales, net	(78)		783		3		(3)	708		3		1,016		(4)		(3)	1,015
Inventories, net	434		315		—			749		472		315		—			787
Trade payables	(199)		5		(4)		(3)	(198)		(1,173)		(17)		4		(3)	(1,186)
Other assets and liabilities	143		(129)		1		(3)	15		(564)		34		—			(530)
Net cash provided (used) by operating activities	1,053		1,749		(264)			2,538		162		2,089		(283)			1,968
Cash Flows from Investing Activities
Additions to retail receivables	—		(7,554)		—			(7,554)		—		(8,227)		—			(8,227)
Collections of retail receivables	—		7,508		—			7,508		—		6,459		—			6,459

Expenditures for property, plant and equipment and intangible assets excluding assets under operating leases	(530)		(13)		—			(543)		(533)		(3)		—			(536)
Expenditures for assets under operating leases	—		(655)		—			(655)		(31)		(619)		—			(650)
Other	(249)		113		—			(136)		587		(431)		26			182
Net cash provided (used) by investing activities	(779)		(601)		—			(1,380)		23		(2,821)		26			(2,772)
Cash Flows from Financing Activities
Net increase (decrease) in debt	(396)		(1,191)		—			(1,587)		137		1,105		—			1,242
Dividends paid	(333)		(264)		264		(2)	(333)		(607)		(283)		283		(2)	(607)
Other	(100)		—		—			(100)		(702)		26		(26)			(702)
Net cash provided (used) by financing activities	(829)		(1,455)		264			(2,020)		(1,172)		848		257			(67)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	175		50		—			225		(220)		(88)		—			(308)
Net increase (decrease) in cash, cash equivalents and restricted cash	(380)		(257)		—			(637)		(1,207)		28		—			(1,179)
Cash, cash equivalents and restricted cash, beginning of year	2,421		1,445		—			3,866		3,628		1,417		—			5,045
Cash, cash equivalents and restricted cash, end of period	$	2,041	$	1,188	$	—		$	3,229	$	2,421	$	1,445	$	—		$	3,866

(2) This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash provided (used) by operating activities.

(3) This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.

CNH Industrial N.V.

Supplementary Financial Information

(Unaudited)


Adjusted EBIT of Industrial Activities by Segment
	Three Months Ended December 31,				Year Ended December 31,
($ million)	2025		2024		2025		2024
Industrial Activities segments
Agriculture	$	233	$	244	$	772	$	1,470
Construction	5		18		68		169
Unallocated items, eliminations and other	(4)		(68)		(177)		(235)
Total Adjusted EBIT of Industrial Activities	$	234	$	194	$	663	$	1,404


Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities
	Three Months Ended December 31,				Year Ended December 31,
($ million)	2025		2024		2025		2024
Net Income	$	89	$	176	$	505	$	1,259
Less: Consolidated income tax expense	(60)		(89)		(184)		(336)
Consolidated income before taxes	149		265		689		1,595
Less: Financial Services
Financial Services Net Income	109		92		333		379
Financial Services Income Taxes	28		55		96		110
Add back of the following Industrial Activities items:
Interest expense of Industrial Activities, net of Interest income and eliminations	37		38		114		152
Foreign exchange losses, net of Industrial Activities	3		3		22		15
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1)	(11)		8		—		10
Adjustments for the following Industrial Activities items:
Restructuring expenses	8		24		23		117
Other discrete items(2)(3)	185		3		244		4
Total Adjusted EBIT of Industrial Activities	$	234	$	194	$	663	$	1,404

(1) In the three months ended December 31, 2025 and 2024, this item includes the pre-tax gain of $3 million and $6 million, respectively, as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification. In the year ended December 31, 2025 and 2024, this item includes the pre-tax gain of $21 million and $24 million, respectively, as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

(2) In the three months ended December 31, 2025, this item includes non-cash impairment charges of $123 million related to Raven IPR&D and $62 million for non-cash impairment of investment in Monarch Tractor and other minority holdings. In the year ended December 31, 2025, this item also includes a $49 million impairment for Bennamann IPR&D and a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor.

(3) In the three months ended December 31, 2024, this item includes a loss of $2 million on the sale of certain non-core product lines. In the year ended December 31, 2024, this item includes a $17 million loss on the sale of certain non-core product lines and a $14 million gain for investment fair value adjustments.

CNH Industrial N.V.

Supplementary Financial Information

(Unaudited)


Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP
	Consolidated				Industrial Activities				Financial Services
($ million)	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Third party debt	$	(26,762)	$	(26,882)	$	(4,104)	$	(4,043)	$	(22,658)	$	(22,839)
Intersegment notes payable	—		—		(281)		(456)		(203)		(334)
Payable to Iveco Group N.V.	(91)		(62)		(3)		(4)		(88)		(58)
Total Debt(1)	(26,853)		(26,944)		(4,388)		(4,503)		(22,949)		(23,231)
Cash and cash equivalents	2,578		3,191		1,932		2,332		646		859
Restricted cash	651		675		109		89		542		586
Intersegment notes receivable	—		—		203		334		281		456
Financial Receivables from Iveco Group N.V.	195		168		142		50		53		118

Derivatives hedging debt	2		(37)		(23)		(29)		25		(8)
Net Debt(2)	$	(23,427)	$	(22,947)	$	(2,025)	$	(1,727)	$	(21,402)	$	(21,220)

(1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $281 million and $456 million as of December 31, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $203 million and $334 million as of December 31, 2025 and December 31, 2024, respectively.

(2) The net intersegment receivable balance recorded by Financial Services relating to Industrial Activities was $78 million and $122 million as of December 31, 2025 and December 31, 2024, respectively.


Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP
Year Ended December 31,					Three Months Ended December 31,
2025		2024		($ million)	2025		2024
$	2,538	$	1,968	Net cash provided by Operating Activities	$	945	$	1,692
(1,485)		(1,806)		Cash flows from Operating Activities of Financial Services, net of eliminations	72		(645)
6		5		Change in derivatives hedging debt of Industrial Activities and other	(7)		(7)
—		(31)		Investments in assets sold under operating leases assets of Industrial Activities	—		(4)
(530)		(533)		Investments in property, plant and equipment, and intangible assets of Industrial Activities	(209)		(204)
(16)		(4)		Other changes(1)	16		16
$	513	$	(401)	Free cash flow of Industrial Activities	$	817	$	848

(1) This item primarily includes capital increases in intersegment investments and change in financial receivables.

CNH Industrial N.V.

Supplementary Financial Information

(Unaudited)


Reconciliation of Adjusted Net Income and Adjusted Income Tax (Expense) Benefit to Net Income (Loss) and Income Tax (Expense) Benefit and Calculation of Adjusted Diluted EPS and Adjusted ETR under U.S. GAAP
Year Ended December 31,					Three Months Ended December 31,
2025		2024		($ million)	2025		2024
$	505	$	1,259	Net income	$	89	$	176
245		97		Adjustments impacting Income before income tax expense and equity in income of unconsolidated affiliates (a)	190		20
(47)		(17)		Adjustments impacting Income tax expense (b)	(33)		—
$	703	$	1,339	Adjusted net income	$	246	$	196
691		1,326		Adjusted net income attributable to CNH Industrial N.V.(1)	243		193
1,251		1,260		Weighted average shares outstanding – diluted (million)	1,247		1,253
$	0.55	$	1.05	Adjusted diluted EPS ($)	$	0.19	$	0.15

$	620	$	1,457	Consolidated income before income taxes	$	132	$	241
245		97		Adjustments impacting Income before income tax expense and equity in income of unconsolidated affiliates (a)	190		20
$	865	$	1,554	Adjusted income before income tax expense and equity in income of unconsolidated affiliates (A)	$	322	$	261

$	(184)	$	(336)	Income tax expense	$	(60)	$	(89)
(47)		(17)		Adjustments impacting Income tax expense (b)	(33)		—
$	(231)	$	(353)	Adjusted income tax expense (B)	$	(93)	$	(89)

26.7%		22.7%		Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)	28.9%		34.1%

				a) Adjustments impacting Income before income tax expense and equity in income of unconsolidated affiliates
$	22	$	118	Restructuring expenses	$	8	$	24
(21)		(24)		Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S.	(3)		(6)
49		—		Bennamann IPR&D impairment charge	—		—
123		—		Raven IPR&D impairment charge	123		—
62		—		Impairment of investment in Monarch Tractor and other minority holdings	62		—
10		—		New Holland T6.180 Methane Power Tractor write-down to net realizable value	—		—
—		17		Sales of certain non-core product lines	—		2
—		(14)		Investment fair value adjustments	—		—
$	245	$	97	Total	$	190	$	20

				b) Adjustments impacting Income tax expense
$	(47)	$	(23)	Tax effect of adjustments impacting Income before income tax expense and equity in income of unconsolidated affiliates	$	(33)	$	(6)
—		6		Adjustment to valuation allowances on deferred tax assets	—		6
$	(47)	$	(17)	Total	$	(33)	$	—

(1)Excludes the minority share of the after-tax impairment charge related to Bennamann IPR&D.

Q4 2025 FINANCIAL RESULTS February 17, 2026

Q4 2025 results | February 17, 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. Forward-looking statements also include statements regarding the 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 and assumptions 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 other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the 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, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result 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 of 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. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH’s control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement 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 its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission ("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 most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q). Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this presentation, which is available on our website at investors.cnh.com.

3 Q4 2025 results | February 17, 2026 Q4 2025 | MAIN HIGHLIGHTS Successful Tech Day presentation at Agritechnica - CNH Tech powers digital solutions for our iron - Global mid-range tractor renewal preview - Harvesting leadership showcase Flagship dealer consolidation transactions Savings from Quality and Operational Excellence on long-term target pace Ag dealer inventories further reduced by $0.2B ($0.8B in the full year)1 Low commodity prices yield persistent challenging economics for farmers (1) As independent businesses, dealers control their own inventory3

Q4 2025 results | February 17, 20264 Q4 2025 | RESULTS (1) Non-GAAP measures (definition and reconciliation in the appendix) Consolidated Revenues $5.2B +6% Adj. EBIT1 Industrial Activities $234M +21% Net Income $89M (49)% Diluted EPS $0.07 $(0.07) Net Sales Industrial Activities $4.5B +8% +60 bps +26% +$0.04 Adj. EBIT Margin1 Industrial Activities 5.3% Adj. Net Income1 $246M Adj. Diluted EPS1 $0.19 YoY vs Q4 2024

Q4 2025 results | February 17, 20265 FY 2025 | RESULTS (1) Non-GAAP measures (definition and reconciliation in the appendix) Consolidated Revenues $18.1B (9)% Adj. EBIT1 Industrial Activities $663M (53)% Net Income $505M (60)% Diluted EPS $0.41 $(0.58) Net Sales Industrial Activities $15.3B (10)% (390) bps (47)% $(0.50) Adj. EBIT%1 Industrial Activities 4.3% Adjusted Net Income1 $703M Adjusted Diluted EPS1 $0.55 YoY vs FY 2024

Q4 2025 results | February 17, 20266 SERVING FARMERS – ON THEIR SOIL Adding value to farmers through Sustainability leadership Sustainability starts with our farmers’ noble work of feeding the world while maintaining farm profitability Our vision: to create predictive, sustainable systems that help farmers see ahead, act smarter, decide better, and produce more with less Water conservation Integrated pest management Crop residue management Nutrient stratification Timeliness of operations Corporate Sustainability Assessment (CSA)

Q4 2025 results | February 17, 20267 Q4 2025 | FINANCIAL HIGHLIGHTS (1) Non-GAAP measure (definition and reconciliation in the appendix) ($M) $0.15 $0.19 Q4 2024 Q4 2025 848 817 Q4 2024 Q4 2025 196 246 Q4 2024 Q4 2025 4,129 4,451 Q4 2024 Q4 2025 Net Sales Industrial Activities Free Cash Flow1 Industrial Activities Adjusted Diluted EPS1 Adjusted Net Income1 +8% +26% +$0.04 (31) Δ YoY

Q4 2025 results | February 17, 20268 (17) 45 (4) (30) 26 (32) 244 233 Q4 2025 | 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 3,411 3,598 Q4 2024 Q4 2025 Net Sales ($M) Adj. Gross Margin1 Adjusted EBIT ($M) Q4 2024 Volume & Mix Pricing, Net Product Cost SG&A R&D FX & Other Q4 2025 6.5%7.2% +5% YoY (60) bps YoY 20.6% 20.0% Q4 2024 Q4 2025 244 233 Production hours Δ YoY • Q4: +15% • FY: (10)% Dealer inventory2 sequential reductions • Q4: $(0.2)B • FY: $(0.8)B Production slots filled • Q1: • Q2: ● ◕

Q4 2025 results | February 17, 20269 25 9 (43) (1) 0 (3) 18 5 Q4 2025 | 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 718 853 Q4 2024 Q4 2025 Net Sales ($M) Adj. Gross Margin1 Adjusted EBIT ($M) Q4 2024 Volume & Mix Pricing, Net Product Cost SG&A R&D FX & Other Q4 2025 0.6% 2.5% +19% YoY (340) bps YoY 14.8% 11.4% Q4 2024 Q4 2025 18 5 Production hours Δ YoY • Q4: (1)% • FY: (9)% Dealer inventory2 YoY • Q4: (9)% Production slots filled • Q1: • Q2: ● ◑

Q4 2025 results | February 17, 202610 Q4 2025 | FINANCIAL SERVICES (1) Return on Assets defined as: EBIT / average managed assets annualized (2) Including unconsolidated JVs (3) At constant currency Q4 retail originations $2.8B, -$0.4B YoY Managed portfolio $28.6B, +$0.7B YoY (-$0.8B @ CC3) Managed Portfolio2 & Retail Originations2 Net Income ($M) Delinquencies on Book (>30 Days) Profitability Ratios Gross Margin / Avg. Assets on Book Return on Assets1 3.4% 3.2% 3.5% 2.4% 2.1% 1.9% 0.0% 1.0% 2.0% 3.0% 4.0% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1.4% 1.9% 3.1% 1.0% 2.0% 3.0% 4.0% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2024 2025 92 379 109 333 Q4 FY Δ YoY +18% -12% Portfolio at Dec. 31, 2025 Retail Wholesale Operating Lease 65% 30% 5%

Q4 2025 results | February 17, 202611 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

Q4 2025 results | February 17, 202612 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

Q4 2025 results | February 17, 202613 EXPANDING PRODUCT LEADERSHIP Major Ag product launches Tractors Harvesting Crop Production Precision 5 in 2025 8 in 2026 3+ in 2027 7 in 2025 3 in 2026 9 in 2027 4 in 2025 5 in 2026 1 in 2027 10 in 2025 12 in 2026 9+ in 2027

Q4 2025 results | February 17, 202614 ADVANCING IRON + TECH INTEGRATION Innovations highlighted at Agritechnica Green-on-Green Spraying Implement Control FieldOps • Identifies, targets, and sprays weeds • Will allow input savings, operational efficiency, and sustainability gains • Active & passive controls correct for field conditions • Maximizes yield potential, giving farmers the healthiest soil and root growth • Latest features include AI boundary creation, boundary management tools, & remote display view • More features coming in 2026! FLEETPRO • Guidance kits with 10” & 12” displays & both hydraulic and assisted steering options • Compatible with all brands and models

Q4 2025 results | February 17, 202615 DRIVING COMMERCIAL EXCELLENCE Sales at dual-branded dealers2 (1) Reduction in the number of dealer owners, not points of sale (2) As a percentage of Agriculture net sales in selected markets within North America and Europe Flagship transactions (out of 50+ total transactions): • Progressive Tractor acquired 4 New Holland locations and is dual-branding all their facilities • Equipment Ontario expanded and opened dual-brand locations across a 10-location footprint • Lankhorst appointed as multi-branded dealer across 14 stores • Lloyd replaced 3 Case IH dealers to increase multi-brand coverage Ag dealer owners1 30% ~60% 2024 2030E 100% increase ~2,500 ~1,700 2024 2030E reduce ~1/3

Q4 2025 results | February 17, 202616 Operational excellence $30M Strategic Sourcing savings1 $60M Manufacturing efficiency savings1 EXPANDING AG MID-CYCLE MARGINS (1) Included in the Product Cost category of the Agriculture adj. EBIT bridge (2) Net Promoter Score in 2025 vs 2024 $230M 2025 cost savings $550M cumulative savings target through 2030 Operational excellence $34M Strategic Sourcing savings1 25 bps in 2025, 100-150 bps by 2030 $45M Manufacturing Efficiency savings1 35 bps in 2025, 50 bps by 2030 Quality as a mindset $151M Quality cost improvement1 (warranty expense and manufacturing quality) 120 bps in 2025, 200-250 bps by 2030 NPS2 improved 8 p.p. YoY

Q4 2025 results | February 17, 202617 0 bps 60 bps 85 bps 120 bps (20) bps (75) bps PROGRESS VS. INVESTOR DAY 2025 TARGETS Agriculture adj. EBIT margin vs. 2024 Operational efficiencies Quality Manufacturing quality & warranty expense Includes not repeating 2024 true-ups Strategic Sourcing Plant efficiencies Progress underway with financial impacts coming in the back-half of the plan Commercial investments R&D investments R&D expenses expected 50-75 bps higher vs 2024 by 2030 Strengthening the dealer network Included in SG&A expense Commercial actions 2025 Progress to Target +350-450 bps by 2030 We hold our commitment to 16-17% mid-cycle EBIT margins by 2030

Q4 2025 results | February 17, 202618 6.2% 2025A 2026E $12,390M 2025A 2026E 2026 OUTLOOK – AGRICULTURE (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Agriculture – Main Assumptions (5)% - flat Δ YoY Net Sales Adj. EBIT Margin 4.5% - 5.5% Tractors Combines North America ~flat LHP (20)% - (15)% HHP (10)% - (5)% EMEA flat - 5% (5)% - flat South America (5)% - flat (10)% - (5)% APAC (15)% - (10)% flat - 5% Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes.

Q4 2025 results | February 17, 202619 2.3% 2025A 2026E $2,956M 2025A 2026E 2026 OUTLOOK – CONSTRUCTION (1) Regional split definition in the appendix Industry Retail Demand Forecast1 (Units) CNH Construction – Main Assumptions ~flat YoY Net Sales Adj. EBIT Margin 1.0% - 2.0% Light Heavy North America ~flat flat - 5% EMEA flat - 5% ~flat South America (5)% - flat (15)% - (10)% APAC ~flat ~flat Total Industry Volume % change FY 2026 vs. FY 2025 reflecting the aggregate for key markets where the Company competes.

Q4 2025 results | February 17, 202620 2026 OUTLOOK – FINANCIAL TARGETS (1) Non-GAAP measure (definition in the appendix) Industrial Activities 2025A 2026E Net Sales $15.3B (4)% - flat YoY Adj. EBIT margin1 4.3% 2.5% - 3.5% R&D expenses $853M ~flat YoY Capex $530M $600M - $650M Free Cash Flow1 $513M $150M - $350M Company Adj. Effective Tax Rate1 26.7% 24% - 26% Adj. Diluted EPS1 $0.55 $0.35 - $0.45

21 Q4 2025 results | February 17, 2026 Q1 2026 – KEY CONSIDERATIONS Low production levels maintained Agriculture dealer destocking continues Lowest sales quarter of the year Full-year profits back-end loaded more than the usual seasonality Industrial FCF impacted by lower EBIT and working capital seasonality

22 Q4 2025 results | February 17, 2026 2026 PRIORITIES & OUTLOOK Careful production planning and channel inventory optimization Commercial launch of new mid-range tractors Improving speed of product development to market commercialization - Increased frequency of tech releases - Progress on new product categories 50-75 bps improvement from self-help initiatives Additional flagship transactions for network development

23 APPENDIX

Q4 2025 results | February 17, 202624 UPCOMING EVENTS Annual General Meeting of Shareholders: Friday, May 8, 3:00pm CEST (9:00am ET) Q1 2026 earnings call: Thursday, April 30, 9:30am ET Note: dates are subject to change

Q4 2025 results | February 17, 202625 Q4 / FY 2025 | YOY UNIT PERFORMANCE (1) Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes (2) Regional split definition in the slide “Geographic Information” (3) As independent businesses, dealers control their own inventory T o ta l I n d u s tr y 1 ,2 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 C o m p a n y Tractors Combines Light CE Heavy CE Company Inventory Dealer Inventory3 Retail Production NORTH AMERICA EMEA SOUTH AMERICA APAC Q4 FY Q4 FY Q4 FY Q4 FY 0-140 HP – Small Tractors (14)% (7)% (8)% (13)% (8)% (1)% 19% 12% 140+ HP – Large Tractors (31)% (33)% Combines (16)% (26)% 40% (3)% (39)% (16)% 10% (26)% Light Construction flat 2% 3% (1)% 7% 7% (3)% flat Heavy Construction 5% (2)% 11% 9% 9% 4% 1% 10%

Q4 2025 results | February 17, 202626 (843) 56 143 (29) 84 (109) 772 FY 2025 | SEGMENT PERFORMANCE 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 14,007 12,390 FY 2024 FY 2025 Net Sales ($M) Adj. Gross Margin1 Adjusted EBIT ($M) FY 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other FY 2025 6.2% 10.5% (12)% (230) bps 22.9% 20.6% FY 2024 FY 2025 1,470 772 Adjusted EBIT ($M) Δ YoYAGRICULTURE CONSTRUCTION Adj. Gross Margin1Net Sales ($M) 16.3% 14.0% Q3 2024 Q3 2025 (230) bps(3)% 3,053 2,956 FY 2024 FY 2025 (47) 20 (46) (8) (3) (17) 169 68 FY 2024 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other FY 2025 5.5% 2.3%169 68

Q4 2025 results | February 17, 202627 Q4 2025 | INDUSTRIAL ACTIVITIES NET SALES Note: numbers may not add due to rounding (1) Δ YoY @CC means at constant currency Agriculture Construction Industrial Activities $3,598M $853M $4,451M +5% YoY +3% @CC1 +19% YoY +17% @CC1 +8% YoY +5% @CC1 By Region as reported By Region as reported By Region as reported 31% 39% 17% 13% 47% 22% 25% 6% 34% 36% 19% 11% 37% 31% 19% 13% 46% 25% 20% 8% 38% 30% 19% 12% By Product as reported By Product as reported By Segment as reported 59% 23% 18% 38% 60% 2% 83% 17% 56% 22% 22% 37% 61% 2% 83% 17% Q4 2024 Q4 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC Q4 2025 mix Q4 2024 mix Q4 2025 mix Q4 2024 mix

Q4 2025 results | February 17, 202628 FY 2025 | INDUSTRIAL ACTIVITIES NET SALES Note: numbers may not add due to rounding (1) Δ YoY @CC means at constant currency Agriculture Construction Industrial Activities $12,390M $2,956M $15,346M (12)% YoY (12)% @CC1 (3)% YoY (3)% @CC1 (10)% YoY (10)% @CC1 By Region as reported By Region as reported By Region as reported 35% 37% 16% 12% 51% 24% 19% 6% 38% 35% 17% 11% 42% 30% 16% 12% 53% 22% 18% 7% 44% 29% 17% 11% By Product as reported By Product as reported By Segment as reported 60% 21% 19% 36% 61% 3% 82% 18% 59% 19% 22% 38% 60% 2% 82% 18% FY 2024 FY 2025 Agriculture Construction NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC FY 2025 mix FY 2024 mix FY 2025 mix FY 2024 mix

Q4 2025 results | February 17, 202629 Q4 / FY 2025 | 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 ($M) Revenues & Net Sales Adj. Gross Profit1 Adj. Gross Margin1 Adj. EBIT1 Adj. EBIT Margin1 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 Agriculture 3,598 3,411 721 701 20.0% 20.6% 233 244 6.5% 7.2% Construction 853 718 97 106 11.4% 14.8% 5 18 0.6% 2.5% Elimination & Other - - - - - - (4) (68) - - Industrial Activities 4,451 4,129 818 807 18.4% 19.5% 234 194 5.3% 4.7% Financial Services 700 743 Elimination & Other 6 4 CNH Industrial 5,157 4,876 FY 25 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 FY 24 Agriculture 12,390 14,007 2,555 3,211 20.6% 22.9% 772 1,470 6.2% 10.5% Construction 2,956 3,053 413 499 14.0% 16.3% 68 169 2.3% 5.5% Elimination & Other - - (1) - - - (177) (235) - - Industrial Activities 15,346 17,060 2,967 3,710 19.3% 21.7% 663 1,404 4.3% 8.2% Financial Services 2,720 2,774 Elimination & Other 29 2 CNH Industrial 18.095 19,836

Q4 2025 results | February 17, 202630 Q4 / FY 2025 | INDUSTRIAL ACTIVITIES R&D AND CAPEX Note: numbers may not add due to rounding (1) Excludes impairment charges related to in-process research and development ("IPR&D"): Q4 and FY include $123M of Raven, FY includes $123M of Raven and $49M of Bennamann ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Agriculture R&D1 193 213 755 830 CapEx 180 168 459 455 Total 373 381 1,214 1,285 of which Precision Tech 18% 20% 23% 25% Construction R&D 26 25 98 94 CapEx 28 35 70 75 Total 55 60 168 169 Industrial Activities R&D 219 238 853 924 CapEx 209 204 530 533 Total 428 442 1,383 1,457

Q4 2025 results | February 17, 202631 DEBT MATURITY SCHEDULE | BREAKDOWN Note: numbers may not add due to rounding Outstanding Dec. 31, 2025 2026 2027 2028 2029 2030 Beyond 3.0 Bank Debt 1.1 0.5 0.4 0.2 0.2 0.5 12.3 Capital Market 2.5 3.0 1.9 2.2 0.6 2.2 0.1 Other Debt 0.1 - - - - - 15.5 Cash Portion of Debt Maturities 3.7 3.5 2.4 2.4 0.8 2.7 of which Industrial Activities - 1.4 0.1 0.6 - 2.1 of which Financial Services 3.7 2.1 2.3 1.8 0.8 0.6 3.2 Cash & Cash Equivalents and Restricted Cash 0.7 of which restricted cash 0.1 Net Receivables / (Payables) with Iveco Group 6.5 Undrawn Committed credit lines 9.8 Total Available Liquidity ($B)

32 RECONCILIATIONS

Q4 2025 results | February 17, 202633 ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 [A] Net sales 4,451 4,129 15,346 17,060 Cost of goods sold (3,633) (3,323) (12,389) (13,350) [B] Gross Profit 818 807 2,957 3,710 New Holland T6.180 Methane Power Tractor write-down to net realizable value - - 10 - [C] Adjusted gross profit 818 807 2,967 3,710 [B/A] Gross profit margin 18.4% 19.5% 19.3% 21.7% [C/A] Adjusted gross profit margin 18.4% 19.5% 19.3% 21.7% ADJUSTED GROSS PROFIT RECONCILIATION Reconciliation of Adjusted Gross Profit to Gross Profit of Industrial Activities Note: numbers may not add due to rounding

Q4 2025 results | February 17, 202634 ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net Income 89 176 505 1,259 Less: Consolidated income tax expense (60) (89) (184) (336) Consolidated income before taxes 149 265 689 1,595 Less: Financial Services Financial Services Net Income 109 92 333 379 Financial Services Income Taxes 28 55 96 110 Add back of the following Industrial Activities items: Interest expense of Industrial Activities, net of Interest income and elim. 37 38 114 152 Foreign exchange (gains) losses, net of Industrial Activities 3 3 22 15 Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) (11) 8 - 10 Adjustments for the following Industrial Activities items: Restructuring expenses 8 24 23 117 Other discrete items(2) 185 3 244 4 Total Adjusted EBIT of Industrial Activities 234 194 663 1,404 ADJUSTED EBIT RECONCILIATION Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities (1) In Q4 2025 and 2024, this item includes the pre-tax gain of $3M and $6M, respectively, as a result of the amortization over the 4 years of the $101M positive impact from the 2021 U.S. healthcare plan modification. In FY 2025 and 2024, this item includes the pre-tax gain of $21M and $24M, respectively, as a result of the amortization over the 4 years of the $101M positive impact from the 2021 U.S. healthcare plan modification. (2) In Q4 2025, this item includes non-cash impairment charges of $123M related to Raven IPR&D and $62M for non-cash impairment of investment in Monarch Tractor and other minority holdings. In FY 2025, this item also includes a $49M impairment for Bennamann IPR&D and a $10M inventory write-down for the New Holland T6.180 Methane Power Tractor. In Q4 2024, this item includes a loss of $2M on the sale of certain non-core product lines. In FY 2024, this item includes a $17M loss on the sale of certain non-core product lines and a $14M gain for investment fair value adjustments.

Q4 2025 results | February 17, 202635 ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net income (loss) 89 176 505 1,259 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 190 20 245 97 Restructuring expenses 8 24 22 118 Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (3) (6) (21) (24) Bennamann IPR&D impairment charge - - 49 - Raven IPR&D R&D impairment charge 123 - 123 - Impairment of investment in Monarch Tractor and other minority holdings 62 - 62 - New Holland T6.180 Methane Power Tractor write-down to net realizable value - - 10 - Sale of certain non-core product lines - 2 - 17 Investment fair value adjustments - - - (14) Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (33) - (47) (17) Adjusted net income (loss) 246 196 703 1,339 Adjusted net income (loss) attributable to CNH Industrial N.V. 243 193 691 1,326 Weighted average shares outstanding – diluted (million) 1,247 1,253 1,251 1,260 Adjusted diluted EPS $0.19 $0.15 $0.55 $1.05 ADJUSTED NET INCOME RECONCILIATION Reconciliation of Adjusted Net Income to Net Income (Loss) & Calculation of Adjusted Diluted EPS

Q4 2025 results | February 17, 202636 ($M) Q4 2025 Q4 2024 FY 2025 FY 2024 Net cash provided by (used in) Operating Activities 945 1,692 2,538 1,968 Cash flows from Operating Activities of Fin. Serv. net of eliminations 72 (645) (1,485) (1,806) Change in derivatives hedging debt of Industrial Activities and other (7) (7) 6 5 Investments in assets sold under operating lease assets of Ind. Act. - (4) - (31) Inv. in property, plant & equipment, and intangible assets of Ind. Act. (209) (204) (530) (533) Other changes(1) 16 16 (16) (4) Free cash flow of Industrial Activities 817 848 513 (401) FREE CASH FLOW RECONCILIATION Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

Q4 2025 results | February 17, 202637 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

Q4 2025 results | February 17, 202638 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 excluding FX or Constant Currency refers to the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’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 income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non- recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete 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 taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR) is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Adjusted Net Income is defined as net income, less restructuring charges and non-recurring 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 (or Industrial Free Cash Flow) refers to Industrial Activities only and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. 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

39 INVESTOR RELATIONS CONTACTS investors.cnh.com investor.relations@cnh.com Jason Omerza +1 (630) 740 8079 jason.omerza@cnh.com Federico Pavesi +39 (345) 605 6218 federico.pavesi@cnh.com

Source: View Original Filing on SEC EDGAR

FAQ

How did CNH (CNH) perform financially in Q4 2025?

CNH’s Q4 2025 consolidated revenues rose 6% to $5.16 billion, with Industrial Activities net sales up 8% to $4.45 billion. However, net income fell to $89 million from $176 million, while diluted EPS declined to $0.07 despite stronger adjusted earnings.

What were CNH (CNH) full year 2025 revenues and earnings?

For 2025, CNH generated consolidated revenues of $18.10 billion, down 9% year over year. Net income dropped to $505 million from $1,259 million, with diluted EPS decreasing to $0.41. Adjusted net income was $703 million and adjusted diluted EPS was $0.55.

How did CNH’s Agriculture segment perform in 2025?

CNH’s Agriculture segment saw 2025 net sales fall 12% to $12.39 billion. Adjusted EBIT declined to $772 million from $1,470 million, and adjusted EBIT margin compressed from 10.5% to 6.2%, reflecting weaker industry demand, tariffs, and higher costs.

What is CNH (CNH) guiding for its 2026 financial performance?

For 2026, CNH expects Industrial Activities net sales to be between down 4% and flat year over year, with adjusted EBIT margin of 2.5%–3.5%. It targets Industrial Free Cash Flow of $150–$350 million and adjusted diluted EPS between $0.35 and $0.45.

What outlook does CNH give for the agricultural equipment market?

CNH forecasts global agriculture equipment retail demand in 2026 to be about 5% lower than 2025, reaching historic trough levels. Management expects agriculture equipment industry demand to resume growth in 2027, while continuing low production, dealer inventory reductions, and cost efficiency actions in 2026.

How strong was CNH’s free cash flow in 2025?

Industrial Free Cash Flow reached $513 million in 2025, compared with negative $401 million in 2024. This improvement was driven by lower inventories, better working capital, and disciplined capital spending, even as earnings and margins declined significantly year over year.

Did CNH record any significant impairment charges in 2025?

Yes. CNH’s adjustments include non‑cash impairment charges related to Raven in‑process R&D, a Bennamann IPR&D impairment, and an impairment of its investment in Monarch Tractor and other minority holdings, along with a write‑down of the New Holland T6.180 Methane Power Tractor.

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CNH Industrial (NYSE: CNH) earnings fall sharply as 2026 outlook cuts margins

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How did CNH (CNH) perform financially in Q4 2025?

What were CNH (CNH) full year 2025 revenues and earnings?

How did CNH’s Agriculture segment perform in 2025?

What is CNH (CNH) guiding for its 2026 financial performance?

What outlook does CNH give for the agricultural equipment market?

How strong was CNH’s free cash flow in 2025?

Did CNH record any significant impairment charges in 2025?

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CNH Industrial (NYSE: CNH) earnings fall sharply as 2026 outlook cuts margins

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FAQ

How did CNH (CNH) perform financially in Q4 2025?

What were CNH (CNH) full year 2025 revenues and earnings?

How did CNH’s Agriculture segment perform in 2025?

What is CNH (CNH) guiding for its 2026 financial performance?

What outlook does CNH give for the agricultural equipment market?

How strong was CNH’s free cash flow in 2025?

Did CNH record any significant impairment charges in 2025?

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