Company Overview

CNH Industrial N.V. is a global leader in the design, production, marketing, sale, and financing of agricultural and construction equipment. The multinational corporation operates across North America, Europe, the Middle East, Africa, South America, and the Asia Pacific. While its global headquarters are in Basildon, United Kingdom, it is controlled and mostly owned by the multinational investment company Exor, which is in turn controlled by the Agnelli family. CNH Industrial is listed on the New York Stock Exchange under the ticker symbol CNH.

Business Operations and Segments

The company operates through three distinct segments: Agriculture, Construction, and Financial Services. CNH Industrial has cemented its position as a global leader in heavy machinery manufacturing, offering a comprehensive range of products. Its extensive reach is supported by a vast network of over 3,600 dealer and distribution locations worldwide.

Agriculture Segment

This segment is dedicated to the design, manufacturing, and distribution of agricultural machinery and implements. Its product line includes a wide array of farm equipment such as two-wheel and four-wheel drive tractors, crawler tractors, combines, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment. It also provides advanced precision agriculture solutions, all marketed under renowned brands like Case IH, New Holland, STEYR, and Raven.

Construction Segment

The Construction segment offers a full suite of construction equipment essential for various infrastructure and building projects. Key products include excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders, designed to meet the demanding needs of the construction industry.

Financial Services

The Financial Services segment plays a crucial role in supporting customer purchases by providing and administering financing for new and used agricultural and construction equipment and components. It also offers revolving charge account financing and other financial services under the Banco CNH brand. Additionally, this segment provides wholesale financing and trade receivables factoring services to support dealers and customers.

Market Position and Scale

CNH Industrial holds a significant position in the global equipment manufacturing industry, with a market capitalization of $14.14 billion as of January 13, 2025. As of September 22, 2025, the company employed 35,850 individuals. Historically, in 2019, CNH Industrial had a workforce exceeding 63,000 employees, operating across 67 manufacturing plants and 56 research and development centers, demonstrating its extensive global operational scale and reach across 180 countries.

Recent Financial Performance

Fourth Quarter and Full Year 2024 Results

CNH Industrial reported a net income of $176 million for the fourth quarter of 2024, with diluted earnings per share of $0.14. This compares to a net income of $583 million and diluted earnings per share of $0.44 in Q4 2023. Consolidated revenues for the quarter stood at $4.88 billion, representing a 28% decrease compared to Q4 2023. Net sales from Industrial Activities were $4.13 billion, down 31% year-over-year.

For the full fiscal year 2024:

- Consolidated revenues totaled $19.84 billion, a 20% decrease from the previous year.

- Net sales of Industrial Activities reached $17.06 billion, down 23% year-over-year.

- Full-year net income was $1,259 million, a decrease from $2,287 million reported in 2023.

Market Challenges and Strategic Response

The decline in net sales for Industrial Activities was primarily attributed to lower shipment volumes, driven by decreased industry demand and aggressive dealer destocking. Agriculture dealer inventory saw a reduction of over $700 million in Q4, a result of focused retail sales support and a 34% reduction in production hours. The company's proactive and continuous efforts to align its business structure with the current industry environment have enabled it to deliver products while managing reasonable margin erosion.

Strategic Initiatives and Market Outlook

The challenging market conditions are anticipated to persist at least through the first half of 2025. In response, the company will deliberately maintain relatively low production levels to further reduce channel inventory. Management remains confident that ongoing efforts to simplify, streamline, and enhance operational quality will effectively prepare CNH Industrial for the prevailing regional market dynamics.

For the fiscal year 2025, CNH Industrial has provided the following outlook:

- Agriculture segment net sales are projected to decrease between 13% and 18% year-over-year, inclusive of currency translation effects.

- The Company forecasts that global industry retail sales in both the agriculture and construction equipment markets will be lower in 2025 compared to 2024. CNH Industrial is prioritizing the reduction of excess channel inventory, primarily by producing fewer units than the level of retail demand. Consequently, net sales for 2025 are expected to be lower than those recorded in 2024.

Corporate History and Evolution

CNH Industrial N.V. was officially established on November 12, 1999, through the significant merger of Case Corporation and New Holland. A subsequent major corporate restructuring occurred on September 29, 2013, when CNH Global N.V. and FIAT Industrial S.p.A. merged to form CNH Industrial N.V. Following the execution of a deed of demerger from CNH Industrial N.V., the Iveco Group was established as a separate entity on January 1, 2022. The company boasts a rich heritage dating back to 1842, built upon decades of pioneering innovation in agricultural and construction equipment manufacturing. Through strategic partnerships and targeted acquisitions, CNH Industrial has continuously expanded its global footprint and technological capabilities, enabling it to effectively serve a diverse customer base across varied markets and applications.