CNH Industrial Reaffirms 2026 Outlook Amid Flat Q1 Revenue and Slumping Net Income

CNH Industrial’s Q1 2026 results underscore a challenging backdrop for its core agricultural and construction businesses, yet the firm kept its full‑year outlook intact.

Consolidated revenues held steady at $3.83 billion year‑over‑year, but GAAP net income plunged 92% to $10 million, translating to a diluted EPS of just $0.01. Adjusted net income fell to $21 million from $132 million a year earlier, reflecting the steep drop in operating profitability. The company generated $35 million of cash from operations, but industrial activities absorbed $589 million in free‑cash‑flow, leaving the free‑cash‑flow target for 2026 at the low end of its $150‑$350 million range.

Segment performance: - Agriculture delivered $2.596 billion in net sales, essentially flat YoY, but adjusted EBIT slid to $27 million (1.0% margin), an 81% decline from the prior year. Volume weakness was most pronounced in North America and Brazil, where trade‑related headwinds and currency pressures persisted. - Construction posted $574 million in net sales, down 3% YoY, and posted an adjusted EBIT loss of $28 million (‑4.9% margin). - Financial Services generated $646 million in revenue, down 1% YoY, with net income of $74 million, down 18%. Retail loan originations fell $241 million to $2.152 billion, and past‑due receivables rose to 3.5% from 2.3%.

Despite the earnings dip, CNH reaffirmed its 2026 targets: agriculture net‑sales are expected to decline between 5% and flat (including a +2% currency boost) with adjusted EBIT margins of 4.5%‑5.5%; construction sales are projected to be flat with margins of 1.0%‑2.0%; and adjusted diluted EPS is slated at $0.35‑$0.45.

Management highlighted historically low demand for North American agricultural equipment, a “complex trade environment,” and Brazil’s macro challenges, but expressed confidence that the company’s product mix and cost‑discipline position it for a market rebound later in the year.

The market reacted positively, with CNH shares up 7.4% in after‑hours trading, lifting the stock to $10.82 and keeping it near the lower end of its 52‑week range. Analysts note that while the short‑term earnings shock is stark, the firm’s commitment to its margin guidance may provide a clearer runway for investors amid a broadly volatile industrial sector.

The filing, accession number 0001567094-26-000009, was released on April 30, 2026.