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CNHBullishEarningsShort Term

High materiality7/10

CNH Industrial N.V. Reports Second Quarter 2026 Results

StockNews.AIAug 3, 6:30 AM EDT1 source

Trading thesisImportance 7/10

CNH next 1–3 quarters: bullish bias as guidance improves and cash flow strengthens; wait for cycle relief signals.

AI summary

What happened and why it matters

CNH reported Q2 2026 revenue of $4.80B, up 2% YoY, with net income of $141M and adjusted net income of $161M. Operating cash flow was $145M and industrial free cash flow $150M, supporting a updated outlook at the high end of prior ranges. The company projects flat Agriculture net sales but 5–10% Construction growth, with higher EBITDA margins and a robust free cash flow target for 2026, signaling discipline through the cycle.

2026 outlook narrowed to the high end, signaling potential multiple expansion.
Tariffs and currency effects remain headwinds and offsets to earnings.
Agriculture cycle trough persists; guard against continued volume weakness in SA.
Construction demand rebound could drive mid-single-digit net sales growth.

Sentiment rationale

Improved 2026 outlook at the high end, plus stronger industrial cash flow, can support near-term upside; may attract multiple expansion if agriculture trough persists but construction rebound confirms recovery signals; risk remains from ag cycle and tariff/currency dynamics.

Key facts

01
CNH Q2 2026 revenue $4.80B, +2% y/y; improved top line in trough ag cycle.
02
Net income $141M; adjusted net income $161M; diluted EPS $0.11.
03
Operating cash flow $145M; industrial free cash flow $150M; 2026 outlook at high end.
04
Agriculture net sales about flat; Construction net sales +5% to 10%; adj EBIT margins 5.0–5.5% (Ag) and 1.8–2.3% (Construction).
05
Regional demand shifts: NA tractors down 16–17%; SA down; APAC tractors up ~15%.

Earnings

Earnings — CNH issued Q2 results and updated 2026 outlook, with segment guidance and cash-flow metrics.