CNH Industrial N.V. (NYSE:CNH) released fourth-quarter results on Tuesday that topped expectations, but investors focused on a weaker-than-anticipated earnings outlook for 2026, sending shares down 5.49% in pre-market trading.
For the quarter, CNH reported adjusted earnings of $0.19 per share, comfortably ahead of analyst projections of $0.11. Revenue increased 6% year over year to $5.16 billion, exceeding the consensus estimate of $4.97 billion.
However, the company’s 2026 adjusted earnings forecast of $0.35 to $0.45 per share came in well below the $0.54 analysts had expected, overshadowing the quarterly beat.
“Despite a challenging market environment, CNH delivered solid progress toward its long-term goals in 2025 and strengthened its foundation for success,” said Gerrit Marx, CNH Chief Executive Officer. “Our teams executed with discipline, focusing on what we can control while supporting our customers through dynamic economic conditions.”
In the fourth quarter, Agriculture segment net sales rose 5% to $3.6 billion, supported by pricing gains and favorable currency effects.
The Construction segment posted a 19% increase in net sales to $853 million, largely driven by stronger shipment volumes in North America.
For full-year 2025, CNH recorded consolidated revenue of $18.10 billion, a 9% decline from 2024, while adjusted diluted earnings per share fell to $0.55 from $1.05 the prior year.
Looking ahead, management anticipates continued softness in demand for agricultural equipment. The company projects global industry retail demand to fall an additional 5% in 2026, reaching what it described as “historic trough levels” before a recovery expected in 2027. CNH pointed to ongoing headwinds for farmers, including subdued commodity prices, elevated input costs, and trade-related uncertainty.
For 2026, Agriculture segment net sales are expected to range from down 5% to flat year over year, while Construction segment sales are forecast to remain roughly unchanged.