CNH Industrial N.V. · CNH · FY2025 Q3 · Calendar Q4 2025
CNH Q3: Tariffs and weak agriculture demand pressure outlook
CNH’s near-term earnings profile remains pressured by weak agricultural demand, tariffs and mix, while cost reductions, pricing actions and product execution offer potential offsets. The supplied analysis supports a cautious rather than confident view of the recovery.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, management’s guidance posture shifted from maintained to lowered. Q3 analysis also emphasizes tariff-related margin pressure, continued North American agricultural weakness and a plan to align 2026 production with retail demand while controlling inventory.
Guidance delta
Management lowered full-year guidance. The supplied analysis says demand is expected to be flat to slightly down in 2026, with pricing and cost actions intended to mitigate tariff pressure; revised numeric guidance is not provided here.
Key takeaways
- Revenue and margins declined amid tariffs, unfavorable regional mix and higher SG&A.
- Management cited more than $60 million in year-to-date quality cost reductions and continued dealer-inventory reduction efforts.
- New product and technology launches, alongside cost and sourcing programs, are intended to support execution despite subdued demand.
Management priorities
- Continue the 2030 margin-improvement roadmap, including iron-tech integration and quality programs.
- Adjust production to retail demand while maintaining inventory targets, with planned production-hour increases in 2026.
- Advance strategic sourcing, cost mitigation and product launches, including AI-enabled solutions.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Nov 10, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Nov 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Nov 10, 2026 |
| Citigroup | Buy | Buy | Maintain | Nov 10, 2026 |
| Barclays | Overweight | Overweight | Maintain | Nov 10, 2026 |
| Baird | Outperform | Outperform | Maintain | Nov 10, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Aug 20, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 4, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | May 11, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Feb 18, 2026 |
| UBS | Buy | Buy | Maintain | Jan 5, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Oct 22, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 16, 2025 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Apr 11, 2025 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 6, 2025 |
Named analyst price targets
Upside is calculated against the persisted current price $12.46. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Chad Dillard | $12 | $12.24 | -3.7% | Nov 10, 2026 |
| Raymond James | Tim Thein | $15 | $12.82 | +20.4% | Nov 10, 2026 |
| Barclays | Analyst unavailable | $14 | $11.6 | +12.4% | Oct 19, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $18 | $13.65 | +44.5% | Sep 2, 2026 |
| BMO Capital | Analyst unavailable | $12 | $10.8 | -3.7% | Aug 4, 2026 |
| Evercore ISI | Analyst unavailable | $12.25 | $10.86 | -1.6% | May 11, 2026 |
| Industrial Alliance Securities | Daniela Costa | $10.5 | $10.96 | -15.7% | May 11, 2026 |
| Truist Financial | Analyst unavailable | $16 | $10.78 | +28.5% | May 1, 2026 |
| D.A. Davidson | Michael Shlisky | $12 | $13.1 | -3.7% | Feb 19, 2026 |
| Robert W. Baird | Analyst unavailable | $13 | $13.09 | +4.4% | Feb 18, 2026 |
| Oppenheimer | Analyst unavailable | $16 | $13.09 | +28.5% | Feb 18, 2026 |
| Truist Financial | Jamie Cook | $12 | $10.7 | -3.7% | Jan 14, 2026 |
| Industrial Alliance Securities | Daniela Costa | $13 | $10.45 | +4.4% | Jan 14, 2026 |
| UBS | Analyst unavailable | $14 | $9.47 | +12.4% | Jan 5, 2026 |
| Barclays | Analyst unavailable | $11 | $9.61 | -11.7% | Dec 22, 2025 |
| Industrial Alliance Securities | Tami Zakaria | $10 | $9.4 | -19.7% | Nov 27, 2025 |
| CFRA | Nazmi Ghazali | $11 | $9.58 | -11.7% | Nov 10, 2025 |
| Truist Financial | Jamie Cook | $13 | $9.58 | +4.4% | Nov 10, 2025 |
| Truist Financial | Analyst unavailable | $14 | $10.96 | +12.4% | Oct 8, 2025 |
| UBS | Analyst unavailable | $15 | $11.28 | +20.4% | Apr 22, 2025 |
| Morgan Stanley | Angel Castillo | $15 | $11.1 | +20.4% | Apr 16, 2025 |
| Robert W. Baird | Analyst unavailable | $15 | $12.15 | +20.4% | Mar 3, 2025 |
| Truist Financial | Jamie Cook | $17 | $12.06 | +36.5% | Dec 19, 2024 |
| Raymond James | Tim Thein | $14 | $10.8 | +12.4% | Sep 24, 2024 |
| Industrial Alliance Securities | Joel Jackson | $11 | $9.85 | -11.7% | Aug 8, 2024 |
| BMO Capital | Joel Jackson | $11 | $9.85 | -11.7% | Aug 8, 2024 |
| Northland Securities | Ted Jackson | $18 | $10.2 | +44.5% | Jun 13, 2024 |
| Goldman Sachs | Daniela Costa | $19 | $11.42 | +52.5% | Jan 17, 2024 |
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Start freeCompany context
Snapshot as of publicationCNH Industrial N.V. operates as a multinational producer of heavy-duty industrial machinery, specializing in a diverse portfolio that includes both agricultural and construction equipment. A testament to its legacy, the highly recognized Case IH brand has been a trusted partner to farmers for generations. The company's reach is extensive, supported by a robust global distribution network comprising over 3,600 dealer and distribution outlets. To boost accessibility and sales, CNH also operates a dedicated financial services division, offering retail financing directly to end-customers and crucial wholesale funding to its widespread dealer base.
Historical context
All CNH earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| TDG TransDigm Group Incorporated | FY2026 Q4 · Calendar Q4 2026 | +1.9% | +0.5% | TransDigm closes FY2026 with broad growth and sets a higher-investment FY2027 outlook |
| EMBJ Embraer S.A. | FY2026 Q3 · Calendar Q4 2026 | -49.4% | +7.0% | Embraer’s record Q3 and raised outlook meet a sharp EPS miss |
| RKLB Rocket Lab USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | -79.5% | -1.0% | Rocket Lab Q3: Revenue Beat, EPS Loss Wider Than Expected |
| FERG Ferguson Enterprises Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.6% | +11.2% | Ferguson raises FY2026 outlook as industrial and HVAC sales accelerate |
| RBA RB Global, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.0% | +2.4% | RB Global raises FY2026 outlook as Q3 GTV and adjusted EBITDA grow |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-09T21:40:46.195994+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-09T21:40:46.193044+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-09. For educational purposes only; not investment advice.