v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table includes reported segment revenue and income, significant segment expenses and other segment items considered in the calculation of both Adjusted EBIT for Industrial Activities and Income before income taxes for Financial Services (in millions of dollars):
Year Ended December 31, 2025
AgricultureConstruction
Financial Services(1)
Total
Net sales$12,390 $2,956 $— 
Finance, interest and other income (Financial Services)— — 2,720 
Total Revenues12,390 2,956 2,720 
Cost of goods sold(9,835)(2,543)— 
Selling, general and administrative expenses(2)
(1,076)(247)(449)
Research and development expenses(755)(98)— 
Interest expense (Financial Services)— — (1,339)
Restructuring expenses (Financial Services)— — 1 
Other, net (Financial Services)— — (525)
Equity in income of joint ventures48 — 21 
Adjusted EBIT [A]
772 68 n/a
Income before income taxes [B]
n/an/a429 
Segment Profit/(loss) [C=A+B]
$1,269 
Interest expenses, net (excluding Financial Services)
$(114)
Restructuring expenses (Industrial Activities)(23)
Foreign exchange gains, net (Industrial Activities)
(22)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)
— 
Unallocated amounts(4)
(177)
Discrete items excluded from Segments(5)
(244)
Income tax expense(184)
Net income$505 
    
Year Ended December 31, 2024
AgricultureConstruction
Financial Services(1)
Total
Net sales$14,007 $3,053 $— 
Finance, interest and other income— — 2,774 
Total Revenues14,007 3,053 2,774 
Cost of goods sold(10,796)(2,554)— 
Selling, general and administrative expenses(2)
(1,031)(235)(332)
Research and development expenses(829)(95)— 
Interest expense (Financial Services)— — (1,457)
Restructuring expenses (Financial Services)— — (1)
Other, net (Financial Services)— — (514)
Equity in income of joint ventures119 — 19 
Adjusted EBIT [A]
1,470 169 n/a
Income before income taxes [B]
n/an/a489 
Segment Profit/(loss) [C=A+B]
$2,128 
Interest expenses, net (excluding Financial Services)
$(152)
Restructuring expenses (Agriculture & Construction)(117)
Foreign exchange gains, net (Industrial Activities)
(15)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)
(10)
Unallocated amounts(4)
(235)
Discrete items excluded from Segments(5)
(4)
Income tax expense(336)
Net income$1,259 
Year Ended December 31, 2023
Agriculture
Construction
Financial Services(1)
Total
Net sales$18,148 $3,932 $— 
Finance, interest and other income— — 2,573 
Total Revenues18,148 3,932 2,573 
Cost of goods sold(13,521)(3,317)— 
Selling, general and administrative expenses(2)
(1,214)(273)(218)
Research and development expenses(937)(104)— 
Interest expense (Financial Services)— — (1,235)
Restructuring expenses (Financial Services)— — (2)
Other, net (Financial Services)— — (629)
Equity in income of joint ventures160 — 18 
Adjusted EBIT [A]
2,636 238 n/a
Income before income taxes [B]
n/an/a507 
Segment Profit/(loss) [C=A+B]
$3,381 
Interest expenses, net (excluding Financial Services)
$(76)
Restructuring expenses (Agriculture & Construction)(65)
Foreign exchange gains, net (Agriculture & Construction)
(105)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)
(4)
Unallocated amounts(4)
(240)
Discrete items excluded from Segments(5)
(10)
Income tax expense(594)
Net income$2,287 
(1)For Financial Services, the CODM uses Income before income taxes as the measure to allocate resources and assess segment performance.
(2)In the years ended December 31, 2025, 2024, and 2023, this item included risk costs for the Financial Services segment of $313 million, $204 million and $80 million, respectively.
(3)In the year ended December 31, 2025, this item included an annual pre-tax gain of $21 million and $24 million for the years ended December 31, 2024 and 2023, as a result of the amortization over 4 years of the $101 million positive impact from the 2021 modifications of a healthcare plan in the U.S.
(4)Unallocated amounts include certain corporate costs and other operating expenses and incomes not allocated to segments' results.
(5)In the year ended December 31, 2025, this item includes a $172 million non-cash impairment charge related to IPR&D acquired as part of the Raven and Bennamann acquisitions, $62 million for non-cash impairment of investment in Monarch Tractors and other minority holdings and a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor. In the year ended December 31, 2024, this item includes a loss of $17 million on the sale of certain non-core product lines and a gain of $14 million for investment fair value adjustments. In the year ended December 31, 2023, this item includes a loss of $23 million on the sale of the CNH Industrial Russia and CNH Capital Russia businesses, partially offset by a gain of $13 million for the fair value remeasurement of Augmenta and Bennamann.
Schedule of operating segment information
A summary of additional operating segment information for the years ended December 31, 2025, 2024 and 2023 is as follows (in millions of dollars):
 
Years Ended December 31,
202520242023
Revenues
Agriculture$12,390 $14,007 $18,148 
Construction2,956 3,053 3,932 
Net sales15,346 17,060 22,080 
Financial Services2,720 2,774 2,573 
Eliminations and other29 2 34 
Total Revenues$18,095 $19,836 $24,687 
Depreciation and Amortization(1)
Agriculture$372 $366 $331 
Construction53 45 42 
Other activities and adjustments2 2 — 
Depreciation and amortization of Industrial Activities 427 413 373 
Financial Services5 4 4 
Total Depreciation and amortization$432 $417 $377 
Expenditures for long-lived assets(2)
Agriculture$459 $455 $534 
Construction70 75 96 
Other activities1 3 7 
Expenditures for long-lived assets of Industrial Activities530 533 637 
Financial Services13 3 7 
Total Expenditures for long-lived assets$543 $536 $644 

(1) Excluding equipment on operating leases.
(2) Excluding equipment on operating leases and right-of-use assets.
A summary of additional operating segment information as of December 31, 2025 and 2024 is as follows (in millions of dollars):
As of December 31,
20252024
Inventory
Agriculture$3,635 $3,730 
Construction928 983 
Financial Services88 63 
Total Inventory$4,651 $4,776 
Equity Method Investments
Agriculture$255 $284 
Financial Services146 119 
Total Equity Method Investments$401 $403 
Schedule of net revenue The following highlights revenues earned from external customers in the rest of the world by destination (in millions of dollars):
 
Years Ended December 31,
202520242023
United States$5,813 $7,193 $9,090 
Brazil2,503 2,748 3,540 
Canada1,546 1,745 1,712 
France986 1,060 1,300 
Australia693 888 1,222 
Argentina547 566 574 
India634 532 499 
Italy462 422 562 
Germany445 399 633 
China276 326 300 
Poland317 287 373 
Spain310 259 263 
Other3,170 3,052 4,071 
Total Revenues from external customers in the rest of world$17,702 $19,477 $24,139 
Schedule of long-lived assets by geographical area The following highlights long-lived tangible and intangible assets by geography in the rest of the world (in millions of dollars):
As of December 31,
20252024
United States$5,869 $5,795 
Canada698 680 
Italy547 466 
Brazil265 202 
France77 62 
China56 51 
Germany18 19 
Spain1 3 
Other656 605 
Total Long-lived assets in the rest of the world$8,187 $7,883