The guidance raise to the higher end of prior ranges is the key signal—management sees stabilization at the trough and improved Construction outlook. However, the earnings decline and tariff headwinds persist. Watch Q3 2026 results and any further ag cycle recovery indicators (dealer inventory, commodity prices) before establishing a long position.
Price Chart
Executive Summary
CNH Industrial reported Q2 2026 consolidated revenues of $4.8B (+2% YoY), in line with consensus, and GAAP diluted EPS of $0.11, exactly matching the $0.11 consensus estimate. Net income fell 35% YoY to $141M as the agricultural cycle remains at a trough, but management narrowed full-year guidance to the higher end of prior ranges—raising Agriculture EBIT margin to 5.0%-5.5% and adjusted EPS to $0.41-$0.46—signaling stabilization. The Construction segment grew 12% in net sales, partly offsetting Agriculture's weakness.
Key Financial Metrics
Key Facts
- Consolidated revenues $4,803M vs consensus $4,750M (+1.1% beat); +2% YoY
- GAAP diluted EPS $0.11, flat vs consensus of $0.11
- Net income $141M, down 35% YoY from $217M
- Adjusted EBIT of Industrial Activities $167M, down 25% YoY, margin 4.0% vs 5.6%
- Agriculture net sales $3,277M (+1% YoY), adjusted EBIT margin 5.2% vs 8.1%
- Construction net sales $866M (+12% YoY), adjusted EBIT margin 1.7% vs 4.5%
- Free cash flow of Industrial Activities $150M vs $451M in Q2 2025
- Guidance raised/narrowed: Ag EBIT margin 5.0%-5.5% (prev 4.5%-5.5%); Construction net sales +5%-10% (prev ~flat); adj. diluted EPS $0.41-$0.46 (prev $0.35-$0.45); FCF $200M-$400M (prev $150M-$350M)
- Restructuring and other transformation expenses $27M in Q2
- Returned $0.2B to shareholders through dividends and buybacks in Q2
Financial Impact
Guidance raise to higher end of ranges suggests ~$0.06 improvement in adjusted EPS midpoint vs prior guidance. Revenue growth modest but margins compressed by tariffs and volume.
Risk Factors
- Protracted agricultural downcycle: farmer economics remain pressured with low commodity prices
- Tariff exposures: full-year 2026 cost impact estimated at ~170 bps for Agriculture and ~470 bps for Construction
- South America credit risk: Financial Services delinquencies rising to 4.4% from 3.9% YoY
- Revenue growth reliant on pricing and Construction; volume declines persist in Agriculture
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001567094-26-000015 |
| Document: cnh_2026xq2xfinal.htm | 0001567094-26-000015 |
| Document: cnhi-20260803.htm | 0001567094-26-000015 |
| Document: 0001567094-26-000015-index-headers.html | 0001567094-26-000015 |
| Document: 0001567094-26-000015-index.html | 0001567094-26-000015 |
| Document: 0001567094-26-000015.txt | 0001567094-26-000015 |
| 8-K Data (Synthetic) | 0001567094-26-000015 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | Press Release | $11.54 | awaiting T+60 | — | $11.49 (−0.43%) |
Sep 21, 2026 5w ago | Press Release | $13.67 | awaiting T+60 | — | $11.49 (−15.95%) |
Sep 16, 2026 5w ago | Press Release | $13.52 | awaiting T+60 | — | $11.49 (−15.01%) |
Aug 3, 2026 12w ago | 8-K | $10.80 | awaiting T+60 | — | $11.49 (+6.39%) |
May 18, 2026 23w ago | 3 | $10.40 $10.73 | ▲ +3.18% | ▼ −1.67% | $11.49 (+10.49%) |
Apr 30, 2026 25w ago | 8-K | $10.61 $11.08 | ▼ −4.45% | ▼ −1.35% | $11.49 (−8.32%) |
Mar 25, 2026 30w ago | DEFA14A | $10.96 $10.04 | ▼ −8.44% | ▼ −22.39% | $11.49 (+4.84%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers