CNH Industrial N.V. designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles in North America, Europe, South America, and internationally. It operates through five segments: Agriculture, Construction, Commercial and Specialty Vehicles, Powertrain, and Financial. The Agriculture segment provides farm machinery and implements that include two-and four-wheel drive tractors, crawler tractors, combines, cotton pickers, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment under the New Holland Agriculture, Case IH, STEYR, Miller, Kongskilde, Överum, K-Line, and JF brands. The Construction segment offers excavators, crawler dozers, graders, wheel and backhoe loaders, and skid steer and compact track loaders under the CASE Construction and New Holland Construction brands. The Commercial and Specialty Vehicles segment provides light, medium, and heavy vehicles for the transportation and distribution of goods under the IVECO brand; commuter buses and city-buses under the IVECO BUS and Heuliez Bus brands; quarry and mining equipment under the IVECO ASTRA brand; firefighting vehicles under the Magirus brand; and vehicles for civil defense and peace-keeping missions under the Iveco Defence Vehicles brand. The Powertrain segment offers engines, transmission systems, and axles for on- and off-road applications, as well as for marine and power generation under the FPT Industrial brand. The Financial Services segment provides and administers retail financing to customers for the purchase or lease of new and used industrial equipment or vehicles, and other equipment; wholesale financing, which primarily consists of floor plan financing; and trade receivables factoring services. The company was founded in 1842 and is headquratered in London, the United Kingdom.
AI Generated Analysis | Feedback
Here are 1-2 brief analogies for CNH Industrial:
- Imagine John Deere, but also manufacturing construction equipment like excavators and loaders, as well as commercial trucks and buses.
- A diversified industrial company, somewhat like a blend of Volvo Group (for trucks, buses, and construction equipment) and John Deere (for agricultural machinery).
AI Generated Analysis | Feedback
- Agricultural Machinery: Manufactures and distributes a wide range of agricultural equipment, including tractors, combines, and hay & forage equipment.
- Construction Equipment: Produces and sells various construction machines such as excavators, loaders, and backhoe loaders.
- Financial Services: Provides financing, leasing, and insurance solutions to customers and dealers for the purchase of its equipment.
AI Generated Analysis | Feedback
CNH Industrial (Symbol: CNH) Major Customers
CNH Industrial (CNH) primarily sells its products and services to other companies (B2B), rather than directly to individuals. Its extensive portfolio of agricultural equipment, construction equipment, commercial vehicles, and powertrains is utilized across various industrial sectors globally.
Due to the highly diversified nature of its customer base and its go-to-market strategy primarily through an independent global dealer network, CNH Industrial does not have a small number of identifiable "major customer companies" that account for a significant portion of its revenue. Instead, its ultimate customers are millions of businesses across numerous industries worldwide. Therefore, specific named customer companies are not publicly disclosed by CNH.
However, the company serves the following broad categories of business customers:
- Agricultural Enterprises: This category includes individual farmers, large-scale farming operations, and agribusinesses that utilize CNH's agricultural machinery (e.g., tractors, combines, harvesters, planters, sprayers) for crop production, livestock farming, and other agricultural activities.
- Construction and Infrastructure Companies: This comprises construction firms, civil engineering companies, road builders, mining operations, material handling companies, and equipment rental companies. They purchase and lease CNH's construction equipment (e.g., excavators, loaders, dozers, backhoes, graders) for various building, infrastructure development, and earth-moving projects.
- Logistics, Transportation, and Municipalities: This category encompasses trucking companies, freight carriers, public and private passenger transport operators, utility companies, emergency services (firefighting), and municipalities. These customers acquire CNH's commercial vehicles (e.g., light, medium, and heavy-duty trucks, buses, coaches) for cargo transport, public transit, specialized industrial applications, and public services.
AI Generated Analysis | Feedback
- Dana Incorporated (DAN)
- Parker Hannifin (PH)
- Michelin (ML)
AI Generated Analysis | Feedback
Gerrit Marx, Chief Executive Officer
Gerrit Marx was appointed CEO of CNH Industrial in July 2024. Prior to this, he served as CEO of Iveco Group N.V. from January 2022 to June 2024, following its spin-off from CNH Industrial, where he was President of Commercial and Specialty Vehicles from January 2019. From 2012, Mr. Marx was a member of the European Leadership Team at Bain Capital, a multi-asset investment firm, where he oversaw portfolio activities and led transformational change programs focused on automotive and industrial assets. During his time at Bain Capital, he also held interim roles such as CEO of Wittur Group and President of the Powertools Division at Apex Tool Group. His career also includes executive positions at Volkswagen AG China, Skoda China, and Daimler AG (now Mercedes-Benz Group AG), and he began at McKinsey & Company in 1999.
James Nickolas, Chief Financial Officer
James (Jim) Nickolas assumed the role of Chief Financial Officer at CNH Industrial on May 6, 2025. He brings over 30 years of experience in corporate finance, mergers and acquisitions, business strategy, tax, and investment banking. Before joining CNH Industrial, Mr. Nickolas was the CFO and Executive Vice President at Martin Marietta, a U.S.-based construction materials supplier. He also spent nearly a decade at Caterpillar, holding senior roles such as Head of Corporate Development and Caterpillar Ventures, CFO of the Resources Industries segment, and CFO of the Global Mining unit. Earlier in his career, he worked at JP Morgan Securities as an Executive Director of Investment Banking and began at Coopers & Lybrand L.L.P. as a Senior Tax Associate.
Friedrich Eichler, Chief Technology Officer
Friedrich Eichler was appointed Chief Technology Officer of CNH Industrial in June 2023. He has more than 30 years of experience in automotive engineering, having worked with major carmakers such as Volkswagen Group and Mercedes-Benz Group. His background includes leading the development of advanced powertrains and innovative technologies.
Humayun Chishti, President, Construction
Humayun Chishti was appointed President, Construction in July 2024. He joined CNH Industrial in 2002 and previously served as the finance business partner for the Construction segment.
Douglas MacLeod, President, Financial Services
Douglas MacLeod was confirmed as President, Financial Services in July 2024, having been with CNH Industrial for over 15 years.
AI Generated Analysis | Feedback
The key risks to CNH Industrial (CNH) primarily revolve around market dynamics, financial leverage, and operational challenges.
- Downturns in Agricultural and Construction Markets: CNH Industrial's performance is highly susceptible to downturns in the agricultural and construction industries. These downturns, often influenced by global economic conditions, commodity prices, high interest rates, and reduced farm income, can lead to decreased demand for equipment, lower sales volumes, reduced production, and higher sales discounts. Unfavorable market conditions in 2024, expected to persist in 2025, have already resulted in lower sales and profitability, and could reduce customer confidence, leading to declines in credit applications and increased default rates for CNH's Financial Services arm.
- High Debt Levels and Financing Risks: CNH Industrial carries a significant debt burden, reported at approximately $27.7 billion with a debt-equity ratio of 3.5 as of June 2024. This elevated debt exposes the company to fluctuations in interest rates, which can lead to substantial interest expenses and potentially reduce profitability. Furthermore, the company's ability to access capital markets or other forms of financing and the associated costs are highly dependent on its credit ratings. Any difficulty in obtaining financing or refinancing existing debt could materially impact its business, operations, and financial position.
- Supply Chain Disruptions, Inflationary Pressures, and Trade Tensions: CNH Industrial faces ongoing threats from supply chain disruptions and inflationary pressures. While some improvements have been noted, these issues continue to challenge the company's ability to maintain positive price realization amidst rising costs, impacting profitability and competitiveness. Additionally, trade tensions and tariff risks, such as the August 2025 expansion of U.S. steel and aluminum tariffs, have added pressure to margins, as CNH shares tariff costs with customers despite mitigation efforts.
AI Generated Analysis | Feedback
The rapid emergence and adoption of highly specialized, often electric and autonomous, robotic farming equipment from tech startups and dedicated agricultural technology firms. These specialized robotic units are designed to perform specific tasks (e.g., weeding, planting, pest control) with high precision and efficiency, potentially reducing the overall demand for traditional large, multi-purpose agricultural machinery and shifting value towards task-specific automation and AI-driven solutions. This trend threatens to disaggregate the conventional agricultural equipment market and diminish the core value proposition of integrated heavy machinery.
AI Generated Analysis | Feedback
CNH Industrial (symbol: CNH) operates primarily in the agricultural equipment, construction equipment, and financial services sectors. The addressable markets for its main products and services are sized as follows:
Agricultural Equipment
- The global agriculture equipment market was valued at approximately USD 238.044 billion in 2024 and is projected to reach USD 421.00531 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 5.32% from 2025 to 2035.
- Another estimate pegs the global agriculture equipment market size at USD 193.46 billion in 2024, projected to grow to USD 344.73 billion by 2032, with a CAGR of 7.5% during the forecast period.
- In the United States, the agriculture equipment market was valued at USD 42.5 billion in 2023 and is projected to reach USD 56.8 billion by 2029, growing at a CAGR of 4.9%.
Construction Equipment
- The global construction equipment market was valued at USD 226.79 billion in 2024 and is expected to reach USD 330.01 billion by 2032, with a CAGR of 4.80% from 2025 to 2032.
- Another report states the global construction equipment market size was USD 249.99 billion in 2025 and is projected to reach USD 349.91 billion by 2034, exhibiting a CAGR of 3.42% from 2026 to 2034.
- The Asia-Pacific region is the dominant market, holding over 43.8% of the global market share in 2024.
Financial Services
Information on the specific addressable market size for CNH Industrial's financial services (equipment financing) was not readily available as a distinct global market value in the provided search results.
AI Generated Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for CNH Industrial (CNH) over the next 2-3 years:
- Advancing Iron + Tech Integration and Precision Agriculture: CNH Industrial is prioritizing the integration of "Iron + Tech" and investing heavily in precision agriculture technologies. The company aims to nearly double Precision Tech sales as a percentage of total Agriculture Net Sales during its strategic plan period and intends to develop 90% of its Precision Tech systems in-house by 2030. This focus includes autonomous systems and data-driven solutions, which are expected to drive long-term growth in a rapidly evolving market.
- Expanding Product Leadership and New Product Launches: CNH Industrial plans to consolidate its position as a top player in major markets by strengthening its product leadership across the agricultural cycle. This involves significant new product launches and updates, including a complete refresh of its tractor lineup and the introduction of new generation combines. These new offerings are designed to enhance customer efficiency and reduce the total cost of ownership.
- Strengthening Go-to-Market Approach and Dealer Strategy Enhancement: The company is implementing a new dual-brand dealer strategy and investing approximately 100 basis points of annual margin over five years into growth-oriented dealers. This initiative aims to improve farmer engagement, strengthen its dealer network, and enhance customer-centric service capabilities through integrated platforms and AI-powered solutions.
- Growth in the Construction Segment: Despite broader challenges, CNH Industrial's construction segment has shown resilience, with sales increasing by 8% in the third quarter of 2025. The company is targeting a mid-cycle adjusted EBIT margin of 7-8% for its Construction segment by 2030 and sees demand driven by urbanization and the significant need for infrastructure development.
- Expansion into Emerging Markets: CNH Industrial is actively targeting growth opportunities in emerging markets. These regions are expected to experience increasing demand for agricultural and construction equipment due to factors such as global population growth and urbanization, presenting avenues for future revenue expansion.
AI Generated Analysis | Feedback
Share Repurchases
- In March 2024, CNH Industrial's board approved an additional $500 million share buyback program, slated to commence after the completion of an existing $1 billion share repurchase program.
- The company concluded the €400 million (approximately $423.8 million) component of its $1 billion share buyback program by December 2023, repurchasing 39,171,237 common shares.
- Shareholders reapproved and extended the company's share buyback authorization in May 2025, with CNH Industrial continuing to operate under a $500 million program approved the prior year.
Share Issuance
- In May 2025, CNH Industrial shareholders approved an amendment and restatement of the Equity Incentive Plan, authorizing an increase of 20,000,000 common shares for issuance under the plan.
- In February 2020, the Board of Directors approved the issuance of up to 50 million common shares under the Equity Incentive Plan.
- Additionally, in April 2020, shareholders approved the issuance of up to 7 million common shares to executive directors as part of the 2021-2023 Long-Term Incentive Plan.
Outbound Investments
- In June 2021, CNH Industrial acquired Raven Industries, Inc., a U.S.-based leader in precision agriculture technology, for an enterprise value of $2.1 billion, significantly enhancing its capabilities in autonomous and precision agriculture.
- The company acquired Specialty Enterprises LLC, North America's largest manufacturer of premium aluminum spray booms for agricultural applications, to strengthen Case IH's sprayer product platform and accelerate technology development.
- CNH Industrial has made 10 investments across various sectors, including Crop Tech, Electric Vehicles, and Autonomous Vehicles, with notable recent investments such as a Seed round in BemAgro in February 2024.
Capital Expenditures
- CNH Industrial's total capital expenditures were $644 million in 2023, $461 million in 2022, and $365 million in 2021, with the increase in 2023 primarily due to higher investments in new product introductions and technology.
- These capital expenditures are principally focused on initiatives to introduce new products, enhance manufacturing efficiency, increase capacity, and cover maintenance and engineering needs.
- Since 2019, CNH Industrial has nearly doubled its R&D and capital expenditures, with 25% of this investment now directed towards Precision Technology.
