London, UK – CNH Industrial., an agricultural machinery manufacturer, has reported a significant decline in its financial results for the second quarter of 2025, reflecting ongoing challenges in global agricultural and construction equipment markets. Net income dropped to $217 million, down from $404 million in Q2 2024. Consolidated revenues fell 14% year-over-year to $4.71 billion, while net sales of industrial activities declined 16% to $4.02 billion.
Despite market headwinds, CNH generated $772 million in net cash from operating activities and reported $451 million in industrial free cash flow for the quarter.
The drop in industrial sales was primarily attributed to lower shipments resulting from weaker industry demand and dealer destocking. Adjusted net income stood at $216 million, down from $451 million in Q2 2024.
Mr. Gerrit Marx, Chief Executive Officer, said, “We are focused on the strategic priorities that we outlined at our recent investor day to advance our operational improvements and the investments that deliver dedicated products and technology for our farmers and builders. We appreciate the support from our suppliers as we navigate uncertain trade waters, and from our dealer network that strives for unmatched customer service as we position CNH for long-term success.”
Regional Market Trends
- North America: Tractor demand fell 7% for models under 140 HP and 37% for those over 140 HP; combine demand declined 23%.
- EMEA: Tractor demand dropped 7%, while combine demand rise 8%.
- South America: Tractor demand grew 4%, but combine demand decreased 6%.
- Asia Pacific: Tractor demand was up 3%, while combine demand plummeted 42%.
CNH’s Agriculture net sales fell 17% YoY to $3.25 billion in Q2 2025, driven by lower shipments due to weak demand and dealer destocking. Adjusted EBIT dropped to $263 million from $502 million last year, with volume declines partially offset by better pricing and cost savings. R&D spending rose to 6.0% of sales, while EBIT margin narrowed to 8.1% from 12.8% in Q2 2024.
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