CNH Industrial Reports 92% Q1 Net Income Drop Amid Weak Ag Demand, Reaffirms Full-Year Guidance
CNH is trading near its 52-week low of $9 (14% above the low).
Summary
CNH Industrial reported a 92% year-over-year drop in Q1 net income and negative adjusted EBIT for industrial activities, driven by weak agricultural demand, though it reaffirmed its full-year guidance.
Key Events · Earnings and Guidance · CNH
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Significant Profitability Decline
Q1 2026 reported net income fell 92% to $10 million, down from $132 million in Q1 2025. Diluted EPS decreased from $0.10 to $0.01.
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Industrial Activities EBIT Turns Negative
Adjusted EBIT for Industrial Activities swung to a loss of $(45) million in Q1 2026, compared to a positive $101 million in Q1 2025.
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Worsening Free Cash Flow Absorption
Free cash flow absorption of Industrial Activities increased to $(589) million in Q1 2026, from $(567) million in Q1 2025.
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Weak Segment Performance
Agriculture segment adjusted EBIT decreased 81% to $27 million, while Construction segment adjusted EBIT declined to $(28) million from $14 million.
Analysis · CNH · Technology
CNH Industrial reported a substantial decline in first-quarter profitability, with net income plummeting 92% year-over-year and adjusted EBIT for Industrial Activities turning negative. This continues the challenging trend noted in the previous 10-K, which reported a significant decline in 2025 net income. The company cited historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil as key headwinds. Despite the poor Q1 performance, management reaffirmed its full-year 2026 guidance, suggesting they anticipate market conditions to stabilize or improve, or that their cost discipline will mitigate further deterioration. Investors will be closely watching for signs of a market recovery and the effectiveness of the company's operational efficiency initiatives.
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At the time of this filing, CNH was trading at $10.23 on NYSE in the Technology sector, with a market capitalization of approximately $12.5B. The 52-week trading range was $9.00 to $14.27. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.