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CNH Industrial (37C) Q3 2026 Earnings Report

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DE:37C Q3 2026 EPS Results

Actual EPS
EUR 0.14
Consensus EPS
EUR 0.09
Beat/Miss
Beat by +EUR 0.06
One Year Ago EPS
EUR 0.07

DE:37C Q3 2026 Revenue Results

Actual Revenue
EUR 3.93B
Expected Revenue
EUR 4.07B
Beat/Miss
Missed by -EUR 145.42M
YoY Revenue Growth
-0.95%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/09/2026
Time
Before Open
Conference Call
Monday, November 9, 2026
DE:37C Upcoming Earnings

CNH Industrial's next earnings date is estimated for February 16, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:37C Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 09, 2026|% Change Since:8.90%|
Earnings Call Sentiment|Positive

The call was broadly constructive. CNH reported significantly improved profitability, raised full-year sales, cash flow and EPS guidance, announced a strategically important construction joint venture, and described improving inventory and North American order trends. These positives were tempered by continued agriculture-cycle weakness, substantial regional declines in EMEA and South America, tariff headwinds, elevated Brazilian delinquencies and a delayed South American recovery.

Company Guidance

For 2026, CNH forecasts global agriculture industry machine retail sales at about 80% of mid-cycle, Agriculture net sales approximately flat year-over-year, including about 2% of favorable currency translation, and Agriculture EBIT margin of 5.1% to 5.4%; Construction net sales are expected to be up 8% to 10%, including about 1% of favorable currency translation, with EBIT margin of 2% to 2.3%, which includes the net tariff benefit. Industrial net sales are expected to increase approximately 2% year-over-year, industrial EBIT margin is expected at 3.4% to 3.8%, industrial free cash flow at $300 million to $450 million, and adjusted diluted EPS at $0.44 to $0.48. Full year 2026 margin impact of tariffs, excluding the IEEPA refunds, is estimated at 185 basis points in agriculture and 470 basis points in construction, with the same impact assumed in 2027; Agriculture will reinvest all but $5 million of the refunds, while Construction’s full year net refund benefit will be about $30 million. Agriculture dealer inventories are expected to decline another $150 million to $250 million in the fourth quarter, and 2026 will be the trough of the cycle for the North America region.

  • Improved Third-Quarter Profitability and Cash FlowConsolidated revenues were $4.4 billion, down 1% year-over-year, while industrial net sales were approximately flat at $3.7 billion. Industrial adjusted EBIT increased 94% to $202 million, and adjusted industrial EBIT margin improved 270 basis points to 5.5%. Adjusted net income was $205 million, adjusted diluted EPS was $0.16, and free cash flow from industrial activities improved by $178 million year-over-year to an outflow of $10 million.
  • Agriculture Margin ExpansionAgriculture net sales were about $2.9 billion, down 2% year-over-year, but adjusted gross margin improved to 22.3% from 20.6%. Agriculture adjusted EBIT increased to $173 million from $137 million, and adjusted EBIT margin improved to 6.0% from 4.6%, supported by better quality-related costs, operational execution and tariff refunds.
  • Construction Segment ImprovementConstruction net sales increased 5% year-over-year to $777 million, driven by favorable price realization and higher North American volumes. Adjusted gross margin improved 470 basis points to 19.2%, while adjusted EBIT rose to $65 million from $14 million and adjusted EBIT margin increased to 8.4% from 1.9%.
  • Raised Full-Year GuidanceCNH raised its 2026 industrial net sales outlook to approximately 2% growth year-over-year, increased industrial free cash flow guidance to $300 million-$450 million from $200 million-$400 million, and raised adjusted diluted EPS guidance to $0.44-$0.48 from $0.41-$0.46. Agriculture EBIT margin guidance was narrowed to 5.1%-5.4%, construction net sales guidance was raised and narrowed to up 8%-10%, and industrial EBIT margin guidance was adjusted to 3.4%-3.8%.
  • Construction Joint Venture with KobelcoCNH announced a definitive agreement to establish its construction equipment business as a joint venture with Kobelco Construction Machinery. The transaction values the construction equipment business at an enterprise value of $1 billion, with Kobelco owning 70% and CNH retaining 30%. The transaction is expected to close by the end of 2027, subject to regulatory approvals and customary closing conditions.
  • Expected Cash Proceeds and Agriculture FocusCNH expects to receive $700 million in cash consideration for the sale of 70% of the construction business, subject to customary adjustments, and plans to use the net cash proceeds to reduce debt and strengthen the balance sheet. Management said the transaction will sharpen CNH's focus as a pure-play agriculture equipment, technology and services company and enable more focused investment in agriculture products and the global dealer network.
  • Construction Portfolio and Dealer Benefits from the JVManagement said the joint venture will combine Kobelco's geographies, technology, innovation resources and product strength with CNH Construction's brands, products and global sales and service network. The resulting business is intended to provide a stronger full-line construction equipment offering, while construction machines used in agricultural applications will continue to be supplied through CNH's agriculture dealer network.
  • Progress on Inventory NormalizationCNH said dealer used inventories were at or below pandemic levels, while new inventories intentionally declined by approximately $100 million sequentially during the third quarter. Agriculture dealer inventories are expected to decline by another $150 million-$250 million in the fourth quarter, with production remaining aligned to underlying retail demand.
  • North American Order Intake and Cycle OutlookModel year 2027 order intake in North America was in line with expectations, and the early order program showed approximately 15%-20% uptake. Management said this supports its view that 2026 will be the trough of the cycle for North America, while noting that the early order program should not be extrapolated to all products or the entire year.
  • Operational Execution and Quality ImprovementsCNH reported better quality, operational efficiencies, supply chain readiness and continued cost initiatives. Agriculture manufacturing production hours declined 11% year-over-year in the third quarter and 3% year-to-date, while margin improvement work continued in quality, strategic sourcing and operational efficiency.
  • Continued Investment in Agriculture TechnologyCNH said it is continuing to invest organically and inorganically in products and technologies intended to strengthen its competitive position. During the quarter, $5 million of tariff refunds was used to accelerate Precision Technology R&D capacity growth, and the company stated that it remains committed to expanding product leadership, iron and technology integration, commercial excellence, operational excellence and quality.
  • Bourgault Seeding AllianceCNH highlighted its strategic alliance with Bourgault Industries, which expands its global seeding portfolio across precision seeding and air drill systems, high-capacity air carts, digital technology and control systems. Management said the alliance supports soil-health initiatives and allows CNH to bring innovation to market faster through its brands, reach and dealer network.
  • Regional Growth OpportunitiesNorth America agriculture sales increased 2% year-over-year, while Asia Pacific provided a partial offset to agriculture declines in South America and EMEA. Management also said CNH is gaining share with small and compact tractors in India, is sold out of current capacity there, and is preparing a second Indian plant capable of producing more than 100,000 tractors for local and export markets.
  • Share Repurchases and Capital AllocationCNH repurchased approximately $24 million of its stock during the third quarter at an average price of $10.53 per share, bringing total share repurchases through the first nine months of the year to $87 million. Management reiterated priorities of supporting organic growth, preserving balance sheet strength, maintaining capacity for strategic M&A and returning excess cash flow through dividends and repurchases.
  • Tariff Refund Benefits and Targeted ReinvestmentCNH recognized $71 million in net IEEPA tariff refund benefits during the third quarter, including $32 million in Agriculture and $39 million in Construction. The company reinvested $25 million in agriculture to clear aged and discontinued equipment inventories and $5 million to accelerate Precision Technology R&D, while Construction reinvested $8 million in connected-equipment and aged-inventory programs.
  • Construction Industry Demand Remains StrongManagement said global construction industry demand continues to be strong, particularly for heavy equipment. Construction's full-year net sales outlook was raised to up 8%-10%, including about 1% of favorable currency translation.

DE:37C Earnings History

DE:37C earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 16, 20272026 (Q4)0.16-0.17――
Nov 09, 20262026 (Q3)0.090.140.07100.00% (+0.07)
Aug 03, 20262026 (Q2)0.090.120.15-23.53% (-0.04)
Apr 30, 20262026 (Q1)0.000.010.09-90.00% (-0.08)
Feb 17, 20262025 (Q4)0.100.170.1426.67% (+0.04)
Nov 07, 20252025 (Q3)0.120.070.22-66.67% (-0.14)
Aug 01, 20252025 (Q2)0.130.150.34-55.26% (-0.19)
May 01, 20252025 (Q1)0.080.090.3-69.70% (-0.21)
Feb 04, 20252024 (Q4)0.160.140.38-64.29% (-0.24)
Nov 07, 20242024 (Q3)0.250.220.38-42.86% (-0.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed