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.

Why did CNH fall 5.8% after missing EPS estimates in FY2025 Q3?

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Reported Before market openNYSEIndustrials $14.31B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.08 Consensus $0.13
EPS surprise -38.9% Reported versus consensus
Reported revenue $4.40B Consensus $4.26B
Revenue surprise +3.4% Reported versus consensus
Check the math in the surprise calculator >

Market reaction

prior-close to event-session close
Stock move -5.8% Event window
SPY move +0.1% Same window
Abnormal move -5.9% Stock minus SPY
Volume 2.9× Versus trailing sessions
Subsequent drift -4.3% Up to 20 sessions
CNHSPY benchmark

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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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Earnings History

Estimate Beat Miss Match
CNH REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 actual $7B, None Q1 '24 actual $5B, None Q2 '24 estimate $5B Q2 '24 actual $5B, beat Q2 '25 estimate $4B Q2 '25 actual $5B, beat Q3 '25 estimate $4B Q3 '25 actual $4B, beat Q4 '25 estimate $5B Q4 '25 actual $5B, beat Q1 '26 estimate $4B Q1 '26 actual $4B, beat Q2 '26 estimate $5B Q2 '26 actual $5B, beat Q3 '26 estimate $5B Q3 '26 actual $4B, miss Q4 '26 estimate $5B Q1 '27 estimate $4B Q2 '27 estimate $5B Q3 '27 estimate $5B
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Analyst Consensus ?

ConsensusBuy15 ratings
Bullish1173.3%
Neutral320.0%
Bearish16.7%

Analyst 52W Price Targets

$12.46Current
$10Low
$13.59Average
$19High

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.

FirmRatingPrior ratingActionDate
Truist Securities Buy BuyMaintainNov 10, 2026
JP Morgan Underweight UnderweightMaintainNov 10, 2026
Evercore ISI Group Outperform OutperformMaintainNov 10, 2026
Citigroup Buy BuyMaintainNov 10, 2026
Barclays Overweight OverweightMaintainNov 10, 2026
Show 10 more rating actions

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.

FirmAnalyst52W targetPrice when postedUpsideDate
BernsteinChad Dillard$12$12.24 -3.7%Nov 10, 2026
Raymond JamesTim Thein$15$12.82 +20.4%Nov 10, 2026
BarclaysAnalyst unavailable$14$11.6 +12.4%Oct 19, 2026
Industrial Alliance SecuritiesAnalyst unavailable$18$13.65 +44.5%Sep 2, 2026
BMO CapitalAnalyst unavailable$12$10.8 -3.7%Aug 4, 2026
See 23 more

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Company context

Snapshot as of publication

CNH 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 earnings

Industrials peers this season

Latest reports in the same sector

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-11-09T21:40:46.195994+00:00
  4. 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.