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CNH Q1 Earnings Meet Estimates, Revenues Beat on Favorable Pricing
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Key Takeaways
CNH reported Q1 EPS of a penny, matching estimates, while revenues beat forecasts on pricing and FX gains.
CNH Agriculture saw sales rise 1%, but EBIT margin shrank to 1% due to tariffs and higher costs.
CNH Construction swung to a loss as tariffs and weak volumes offset stronger industry demand.
CNH Industrial N.V. (CNH - Free Report) delivered first-quarter 2026 earnings of a penny per share, down 90% year over year. The result was in line with the Zacks Consensus Estimate.
Revenues were $3.83 billion, down 0.1% from the year-ago quarter. The top line beat the consensus estimate of $3.78 billion by 1.11%, aided by favorable currency impacts and pricing actions. The company’s net sales from industrial activities were $3.17 billion, flat year over year.
CNH Industrial N.V. Price, Consensus and EPS Surprise
CNH Agriculture Margins Compressed on Tariffs and Costs
Agriculture net sales totaled $2.60 billion, up 1% year over year. The improvement reflected favorable foreign exchange impacts and price realization, partially offset by lower volumes across regions outside EMEA.
Profitability weakened meaningfully. Agriculture adjusted EBIT fell to $27 million from $139 million a year ago, and the adjusted EBIT margin contracted to 1% from 5.4%, pressured by tariffs, higher SG&A and R&D, and lower joint venture results, despite the benefit of pricing.
CNH Industrial Construction Hit by Tariffs and Lower Volumes
Construction net sales declined 3% year over year to $574 million, due to lower volumes in South America and North America. Industry demand was higher year over year for both heavy and light equipment, but CNH’s quarterly sales did not fully convert that backdrop.
The segment posted an adjusted EBIT loss of $28 million versus a $14 million profit a year ago, and the adjusted EBIT margin moved to negative 4.9% from a positive 2.4%. Tariff impacts and higher SG&A were the main drags.
CNH Financial Services Sees Higher Risk Costs in Brazil
Financial Services revenues edged down 1% year over year to $646 million. The decline was tied to lower volumes across most regions, fewer operating lease maturities that reduced equipment sales, and lower yields in EMEA, partly offset by favorable currency translation and higher yields in South America and North America.
Segment net income decreased to $74 million from $90 million, largely due to higher risk costs in Brazil. Retail loan originations were $2.15 billion in the quarter, and the managed portfolio ended at $28 billion, flat year over year, with delinquency levels higher than the prior-year period.
CNH Industrial Cash Use Reflects Seasonal Working Capital
CNH generated $35 million of net cash from operating activities in the quarter, down from $162 million a year ago. The working-capital build was notable, with inventories rising versus year-end levels, consistent with the company’s seasonality and production planning.
CNH reported a free cash outflow from industrial activities of $589 million compared with a free cash outflow of $567 million in the first quarter of 2025.
Liquidity and leverage metrics moved modestly. Cash and cash equivalents were $1.60 billion as of March 31, 2026, down from $2.58 billion at year-end 2025, while total debt declined to $25.90 billion from $26.76 billion over the same timeframe.
CNH Reaffirms 2026 View Despite Trade Volatility
CNH reaffirmed its 2026 outlook, expecting the Agriculture segment net sales to be down 5% to flat year over year with an adjusted EBIT margin of 4.5% to 5.5%. For Construction, the company continues to project net sales about flat year over year and an adjusted EBIT margin of 1% to 2%.
During the first three months of 2026, the company repurchased $26 million of stock at an average price of about $10.70 per share.
Some better-ranked stocks in the industrial products space are CECO Environmental Corp. (CECO - Free Report) and ABB Ltd (ABBNY - Free Report) , each sporting a Zacks Rank #1 at present.
The Zacks Consensus Estimate for CECO’s 2026 sales and earnings implies year-over-year growth of 23.1% and 69.7%, respectively. The EPS estimates for 2026 and 2027 have increased 20 cents and 12 cents, respectively, over the past 90 days.
The Zacks Consensus Estimate for ABBNY’s 2026 sales and earnings implies year-over-year growth of 6.6% and 52.2%, respectively. The EPS estimate for 2026 and 2027 has improved 28 cents and 6 cents, respectively, over the past seven days.
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CNH Q1 Earnings Meet Estimates, Revenues Beat on Favorable Pricing
Key Takeaways
CNH Industrial N.V. (CNH - Free Report) delivered first-quarter 2026 earnings of a penny per share, down 90% year over year. The result was in line with the Zacks Consensus Estimate.
Revenues were $3.83 billion, down 0.1% from the year-ago quarter. The top line beat the consensus estimate of $3.78 billion by 1.11%, aided by favorable currency impacts and pricing actions. The company’s net sales from industrial activities were $3.17 billion, flat year over year.
CNH Industrial N.V. Price, Consensus and EPS Surprise
CNH Industrial N.V. price-consensus-eps-surprise-chart | CNH Industrial N.V. Quote
CNH Agriculture Margins Compressed on Tariffs and Costs
Agriculture net sales totaled $2.60 billion, up 1% year over year. The improvement reflected favorable foreign exchange impacts and price realization, partially offset by lower volumes across regions outside EMEA.
Profitability weakened meaningfully. Agriculture adjusted EBIT fell to $27 million from $139 million a year ago, and the adjusted EBIT margin contracted to 1% from 5.4%, pressured by tariffs, higher SG&A and R&D, and lower joint venture results, despite the benefit of pricing.
CNH Industrial Construction Hit by Tariffs and Lower Volumes
Construction net sales declined 3% year over year to $574 million, due to lower volumes in South America and North America. Industry demand was higher year over year for both heavy and light equipment, but CNH’s quarterly sales did not fully convert that backdrop.
The segment posted an adjusted EBIT loss of $28 million versus a $14 million profit a year ago, and the adjusted EBIT margin moved to negative 4.9% from a positive 2.4%. Tariff impacts and higher SG&A were the main drags.
CNH Financial Services Sees Higher Risk Costs in Brazil
Financial Services revenues edged down 1% year over year to $646 million. The decline was tied to lower volumes across most regions, fewer operating lease maturities that reduced equipment sales, and lower yields in EMEA, partly offset by favorable currency translation and higher yields in South America and North America.
Segment net income decreased to $74 million from $90 million, largely due to higher risk costs in Brazil. Retail loan originations were $2.15 billion in the quarter, and the managed portfolio ended at $28 billion, flat year over year, with delinquency levels higher than the prior-year period.
CNH Industrial Cash Use Reflects Seasonal Working Capital
CNH generated $35 million of net cash from operating activities in the quarter, down from $162 million a year ago. The working-capital build was notable, with inventories rising versus year-end levels, consistent with the company’s seasonality and production planning.
CNH reported a free cash outflow from industrial activities of $589 million compared with a free cash outflow of $567 million in the first quarter of 2025.
Liquidity and leverage metrics moved modestly. Cash and cash equivalents were $1.60 billion as of March 31, 2026, down from $2.58 billion at year-end 2025, while total debt declined to $25.90 billion from $26.76 billion over the same timeframe.
CNH Reaffirms 2026 View Despite Trade Volatility
CNH reaffirmed its 2026 outlook, expecting the Agriculture segment net sales to be down 5% to flat year over year with an adjusted EBIT margin of 4.5% to 5.5%. For Construction, the company continues to project net sales about flat year over year and an adjusted EBIT margin of 1% to 2%.
During the first three months of 2026, the company repurchased $26 million of stock at an average price of about $10.70 per share.
CNH currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Picks From Industrial Products Space
Some better-ranked stocks in the industrial products space are CECO Environmental Corp. (CECO - Free Report) and ABB Ltd (ABBNY - Free Report) , each sporting a Zacks Rank #1 at present.
The Zacks Consensus Estimate for CECO’s 2026 sales and earnings implies year-over-year growth of 23.1% and 69.7%, respectively. The EPS estimates for 2026 and 2027 have increased 20 cents and 12 cents, respectively, over the past 90 days.
The Zacks Consensus Estimate for ABBNY’s 2026 sales and earnings implies year-over-year growth of 6.6% and 52.2%, respectively. The EPS estimate for 2026 and 2027 has improved 28 cents and 6 cents, respectively, over the past seven days.