Q2 26 EPS
$0.13
BEAT +22.41%
Est. $0.11
Q2 26 Revenue
$4.80B
BEAT +1.10%
Est. $4.75B
Did CNH Beat Earnings? Q2 2026 Results
CNH Industrial posted a modest sequential recovery in its second quarter of 2026, delivering adjusted diluted EPS of $0.13 and revenue of $4.80 billion, as the agricultural equipment giant navigated what management described as the trough of the agri… Read more CNH Industrial posted a modest sequential recovery in its second quarter of 2026, delivering adjusted diluted EPS of $0.13 and revenue of $4.80 billion, as the agricultural equipment giant navigated what management described as the trough of the agriculture cycle. Consolidated revenues edged up 2% year-over-year, but profitability remained under pressure, with GAAP net income falling 35% to $141.00 million and adjusted net income declining 25% to $161.00 million. The Agriculture segment, which posted essentially flat net sales of $3.28 billion, bore the brunt of the pain, as adjusted EBIT margins contracted 290 basis points to 5.2% amid brutal industry conditions, including a 17% drop in North American high-horsepower tractor demand and a 29% plunge in South American combine demand. Construction offered a relative bright spot, with net sales jumping 12% to $866.00 million. Looking ahead, management narrowed full-year guidance to the higher end of prior ranges, targeting adjusted diluted EPS of $0.41 to $0.46, citing easing tariff headwinds as a key factor supporting the improved outlook.
Key Takeaways
- • Favorable price realization in Agriculture offset by lower South American volumes
- • Construction growth driven by higher North American volumes and catch-up shipments delayed from Q1
- • Tariff impacts pressuring margins across both industrial segments
- • Higher SG&A from increased labor costs
- • Financial Services margin compression and rising delinquencies in South America
- • Section 232 tariff rate reductions providing partial offset
CNH Forward Guidance & Outlook
CNH narrowed its full-year 2026 guidance to the higher end of previous ranges. Agriculture segment net sales expected about flat year-over-year (including +2% currency translation). Agriculture adjusted EBIT margin guided to 5.0%-5.5% (prior 4.5%-5.5%). Construction segment net sales expected up 5%-10% year-over-year (including +2% currency translation). Construction adjusted EBIT margin guided to 1.8%-2.3% (prior 1.0%-2.0%). Industrial Activities net sales expected flat to +2% year-over-year (prior -4% to flat). Industrial Activities adjusted EBIT margin guided to 3.2%-3.8% (prior 2.5%-3.5%). Free cash flow of Industrial Activities expected between $200 million and $400 million (prior $150M-$350M). Adjusted diluted EPS guided to $0.41-$0.46 (prior $0.35-$0.45). Tariff margin impact revised favorably: Agriculture ~170 bps (prior 210-220 bps), Construction ~470 bps (prior ~600 bps), with 2027 run rates at ~150 bps and ~450 bps respectively. For Q3 2026, management expects Agriculture net sales and EBIT margin roughly flat year-over-year, and Construction net sales and EBIT margin up year-over-year. Farmers continue to face low commodity prices, high input costs, and uncertain trade environment.
CNH YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CNH Revenue by Segment
With YoY comparisons, source: SEC Filings
CNH Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our second quarter results reflect disciplined execution by the CNH team in a market that remains at the trough of the agriculture cycle. Despite the industry conditions, we delivered year-over-year revenue growth and continued progress on our strategic priorities, including quality, sourcing, operational efficiency, and dealer network consolidation. While farmer economics remain pressured, we are seeing constructive equipment-cycle indicators, including dealer inventory normalization, aging fleets, and a more balanced relationship between new and used equipment pricing. We remain focused on supporting our dealers and customers today while investing in the iron and technology capabilities that will strengthen CNH through the next cycle.”
— Gerrit Marx, Q2 2026 Earnings Press Release
CNH Earnings Trends
CNH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CNH EPS Trend
Earnings per share: estimate vs actual
CNH Revenue Trend
Quarterly revenue: estimate vs actual
CNH Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.11 | $0.13 | +22.41% | $4.80B | +1.10% |
| Q1 26 BEAT | $0.00 | $0.01 | +194.12% | $3.83B | -0.87% |
| Q4 25 BEAT FY | $0.11 | $0.19 | +74.79% | $5.16B | +5.52% |
| FY Full Year | — | $0.55 | — | $18.10B | — |
| Q3 25 MISS | $0.14 | $0.08 | -41.48% | $4.40B | +4.34% |
| Q2 25 BEAT | $0.14 | $0.17 | +20.57% | $4.71B | +4.58% |