Basildon, UK - CNH Industrial., an agricultural machinery manufacturer, reported a sharp decline in first-quarter 2026 earnings, with net income falling to USD 10 million from USD 132 million in Q1 2025. Adjusted net income also dropped to USD 21 million, compared with USD 132 million a year earlier.
The company’s consolidated revenues stood at USD 3.83 billion, while net sales from industrial activities reached USD 3.17 billion, remaining broadly flat compared with the same period last year. Net cash provided by operating activities was USD 35 million, while industrial free cash flow recorded an absorption of USD 589 million during the quarter.
Income tax expense declined to USD 4 million from USD 47 million in Q1 2025, with the effective tax rate at 30.8%. The adjusted effective tax rate stood at 20.0%, compared with 29.0% a year earlier.
CNH CEO Gerrit Marx said the quarter reflected weak North American agricultural equipment demand, a challenging trade environment, and continued pressure in Brazil. He noted that the company remained disciplined in production management, inventory control, pricing, and cost efficiency.
CNH said it believes the agriculture equipment cycle is moving through its lowest phase, provided global trade routes remain open. The company said its focus remains on preparing for market recovery, supporting customers with advanced products and technology, and building long-term value.
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