CNH Industrial N.V.
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.69%.
Did CNH Beat Earnings? Q1 2026 Results
CNH Industrial delivered a mixed first quarter for fiscal 2026, landing well ahead of expectations on the bottom line while falling just short on revenue. The company posted adjusted diluted EPS of $0.01, clearing the $0.00 consensus estimate by 194.12%, even as revenue of $3.83 billion came in 0.87% below expectations and was essentially flat year-over-year, down just 0.1%. The headline profit picture was stark, however, with net income collapsing 92% to $10 million from $132 million a year ago, as the Agriculture segment bore the brunt of the downturn; adjusted EBIT there plunged 81% to $27 million, weighed down by tariff costs, elevated R&D spending, and North American large tractor industry volumes that fell 27% in the quarter. Management characterized these results as the expected trough of the agricultural equipment cycle, and analysts holding bullish ratings have echoed that framing. CNH reaffirmed its full-year 2026 guidance, projecting adjusted diluted EPS of $0.35 to $0.45 and Industrial free cash flow of $150 million to $350 million.
- Historically low North American agricultural equipment demand
- Complex and rapidly changing trade/tariff environment
- Ongoing challenges in Brazil including higher delinquencies
- Positive price realization and product cost performance in Agriculture
- Favorable foreign exchange impacts
- Lower volumes across most regions
- Higher SG&A from variable compensation and labor inflation
- Tariff cost impacts on both Agriculture and Construction margins
“While the first quarter reflected historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil, our performance was consistent with expectations. The team stayed disciplined by managing production carefully, holding channel inventories steady, and delivering positive price and product cost performance through operational efficiency and quality improvements. We believe the industry is moving through the lowest period of the current agriculture cycle, assuming global trade routes are open. Our focus remains on positioning CNH for the market recovery ahead, supporting our customers with strong products and technology, and creating durable, long-term value.”
CNH Industrial CEO, on the earnings call
Forward Guidance & Outlook
CNH reaffirmed its full-year 2026 outlook despite a challenging trade environment. Agriculture segment net sales are expected down 5% to flat year-over-year (including +2% currency translation), with adjusted EBIT margin of 4.5%-5.5%. Construction segment net sales are expected about flat year-over-year (including +1% currency translation), with adjusted EBIT margin of 1.0%-2.0%. Free Cash Flow of Industrial Activities is guided at $150 million to $350 million, and adjusted diluted EPS at $0.35 to $0.45. For Q2 2026, Agriculture net sales are expected roughly flat YoY, Construction up mid-teens percent YoY, with segment margins within full-year guidance ranges. South American market conditions and transportation/tariff cost dynamics require close monitoring. Tariff margin impact was revised for Construction to approximately 600 bps from 500 bps previously.
CNH YoY Financials
CNH Revenue by Segment
CNH Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.