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CNH Industrial (CNH) investor relations material
CNH Industrial Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Q2 2025 revenues declined 14% year-over-year to $4.7 billion, driven by lower shipment volumes, dealer destocking, and weak market demand, especially in North America.
Net income for Q2 2025 was $217 million, down 46% from Q2 2024, reflecting lower sales and higher credit risk provisions.
Adjusted EBIT for Industrial Activities fell 55% to $224 million, with cost-saving initiatives and favorable pricing partially offsetting volume declines.
Strategic focus remains on operational excellence, cost-saving initiatives, advancing technology integration, and a new Starlink connectivity partnership.
Full-year 2025 guidance for net sales, EBIT margin, and EPS was reaffirmed despite challenging market and trade conditions.
Financial highlights
Consolidated Q2 revenues were $4.7 billion, down 14% year-over-year; net sales of Industrial Activities fell 16% to $4.0 billion.
Adjusted EBIT for Industrial Activities was $224 million, down 55% year-over-year; adjusted EBIT margin was 5.6%.
Adjusted diluted EPS was $0.17, down from $0.35 in Q2 2024.
Free cash flow from Industrial Activities improved to $451 million, up year-over-year due to improved working capital.
Gross margin for Q2 was 20.6%–21.8%, down from 22.9%–24.4% last year, mainly due to lower volumes and unfavorable geographic mix.
Outlook and guidance
2025 global industry demand expected to be down ~10% from 2024, with net sales and EBIT margin guidance reaffirmed.
Agriculture net sales projected to decline 12–20% year-over-year; adjusted EBIT margin between 7% and 9%.
Construction net sales expected to decline 4–15% year-over-year; adjusted EBIT margin between 2% and 4%.
Free cash flow of Industrial Activities forecasted between $100 million and $500 million; adjusted diluted EPS between $0.50 and $0.70.
2026 demand outlook remains uncertain, pending clarity on global trade deals and tariffs.
How did dealer destocking impact net sales?
What's driving increased risk costs in Brazil?
Elaborate on the U.S. trade policy uncertainty.
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Next CNH Industrial earnings date
Q3 20257 Nov, 2025
Next CNH Industrial earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
CNH Industrial N.V. designs, manufactures, and sells agricultural and construction equipment, as well as commercial vehicles and powertrain solutions. The company serves customers worldwide through a portfolio of brands and a network of dealers and distributors. It also offers financial services. The company is headquartered in London, United Kingdom, and its shares are listed on the BIT.
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