CNH Industrial N.V.
CNH Industrial N.V. is an equipment manufacturer organized in the Netherlands with its principal office in the United Kingdom and a global operating footprint across agriculture, construction, and captive finance. The company designs, produces, and sells tractors, harvesters, crop protection equipment, and construction machinery through a dealer network that serves farmers, builders, and contractors. Its Financial Services arm, marketed as CNH Capital, provides retail and wholesale financing that helps customers and dealers buy and stock CNH equipment. CNH is also pushing an "Iron + Tech" strategy that embeds precision agriculture, automation, connectivity, and autonomy into its product line to improve productivity and sustainability for customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTractors, combines, harvesters, crop protection equipment, and related implements sold through dealers.
Earthmoving and construction machinery used in infrastructure, building, and site preparation.
Retail, wholesale, and receivables financing that supports equipment sales and dealer inventory.
Replacement parts, maintenance support, and service offerings that extend equipment life and uptime.
Products
Reported · share of revenue- Agricultural Equipment80.4 %
- Construction Equipment19.2 %
- Services0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
CNH sells primarily through dealers and distributors, so its direct customers are channel partners that buy equipment at wholesale prices and then resell to end users. The end users are farmers, agricultural contractors, builders, and construction contractors that need machines for planting, harvesting, material handling, earthmoving, and site development. Many customers also use CNH Capital financing to reduce upfront cash needs and to finance dealer inventories, which makes financing an important part of the buying decision. Demand is influenced by farm economics, construction activity, replacement cycles, access to credit, and the value customers place on precision and connected equipment. Parts and service customers are existing equipment owners who need uptime, maintenance, and lifecycle support.
Farmers and agricultural operators buying tractors, combines, harvesters, and crop protection equipment to improve productivity and yields.
Builders, contractors, and site operators buying construction machinery for earthmoving, material handling, and infrastructure work.
Channel partners that purchase equipment wholesale, hold inventory, and resell to end customers while relying on CNH for support and incentives.
Retail buyers and dealers that use CNH Capital for loans, leases, revolving credit, and inventory financing to support equipment purchases.
Existing equipment owners purchasing replacement parts and service to maintain uptime and extend machine life.
Strategy
CNH's strategy centers on organic growth through product leadership, technology integration, and commercial expansion. The company is investing in its "Iron + Tech" platform to embed precision technology, automation, connectivity, and autonomy across its agriculture and construction portfolios. It is also broadening full-line offerings, including new generation combines, a refreshed tractor lineup, and factory-fit precision technology on large product lines. On the commercial side, CNH is rationalizing its dealer network, expanding market reach, and using customer engagement programs to deepen relationships and capture demand in emerging markets. These priorities are designed to strengthen brand relevance, improve customer productivity, and defend share against more technology-intensive competitors.
Technology-rich equipment can improve customer productivity and differentiate CNH from lower-tech competitors.
New generation combines and updated tractors support replacement demand and keep the portfolio competitive.
Dealer network rationalization and customer engagement can improve reach, service quality, and channel productivity.
Geography
2025CNH describes its geographic reporting across North America, EMEA, South America, and Asia Pacific, reflecting a business that sells and services equipment globally through local dealer networks. The company says it has industrial, commercial, and financial services subsidiaries in 32 countries and a commercial presence in approximately 166 countries. North America is a key market and includes the United States, Canada, and Mexico, while Europe, South America, and Asia Pacific provide additional demand and manufacturing and distribution reach. Geography matters because equipment demand is tied to regional farm income, construction cycles, currency movements, and local financing conditions. The company also notes that its financial services operations support customers in multiple regions, including North America, South America, and Asia Pacific.
Share of the revenue the company reports by geography.
Risks
CNH faces cybersecurity and digital risks because its equipment, dealer systems, and connected platforms rely heavily on IT networks, cloud providers, embedded software, and machine data. A breach or outage could disrupt manufacturing, supply chain, invoicing, financing, or connected-product functionality, while manipulation of connected equipment could damage customer trust and create safety or compliance exposure. The company is also exposed to regulatory and privacy changes, especially because it operates financial services and collects sensitive customer, dealer, and machine-generated data. More broadly, demand is cyclical and tied to farm income, construction activity, credit availability, and dealer inventory levels, so a downturn in end markets can quickly pressure volumes and margins. Foreign exchange, supply chain disruptions, and technology execution risk are additional industry-specific issues for a global equipment manufacturer.
- Cybersecurity breaches and IT system disruptionsImpact: HighLikelihood: Medium
CNH depends on connected systems for product development, manufacturing, distribution, invoicing, and payment collection.
Exposure - Unauthorized access to connected productsImpact: HighLikelihood: Medium
Embedded software and telematics can be manipulated, potentially affecting machine performance, safety, or compliance.
Exposure - Cyclical end-market demandImpact: HighLikelihood: Medium
Equipment purchases depend on farm economics, construction activity, and customer access to financing.
Exposure: Agriculture and construction equipment volumes
- Regulatory and privacy changesImpact: MediumLikelihood: Medium
The company handles sensitive customer and machine data and also operates financial services subject to evolving rules.
Exposure
Accounting
Judgemental itemsWholesale sales, promotional incentives, and retail conversion timing can shift reported revenue and margins between periods.
Impact: Quarterly comparability and gross margin
Dealer receivables and inventories fluctuate with planting, harvest, and construction cycles.
Impact: Cash flow, inventory, and receivables
Retail and wholesale financing portfolios require judgment on collectability and reserve levels.
Impact: Allowance for credit losses and finance income
FX movements can materially distort reported growth for a global manufacturer.
Impact: Revenue growth interpretation
Management separates industrial leverage from financial services debt to better reflect operating liquidity.
Impact: Leverage analysis
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Last updated: 24/09/2026