CNH Industrial N.V.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
CNH$12.26-4.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||||
|---|---|---|---|---|---|
| (in millions of dollars) · 2025 · 2024 · 2023 | |||||
| Cash Flows from Operating Activities | |||||
| Net income | $505 | $1,259 | $2,287 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation and amortization expense excluding depreciation and amortization of assets under operating leases | 432 | 417 | 377 | ||
| Depreciation and amortization expense of assets under operating leases | 197 | 188 | 187 | ||
| Undistributed income of unconsolidated affiliates | 17 | (11) | (115) | ||
| Other non-cash items | 647 | 340 | 183 | ||
| Changes in operating assets and liabilities: | |||||
| Provisions | (336) | (204) | 911 | ||
| Deferred income taxes | (198) | (107) | (535) | ||
| Trade and financing receivables related to sales, net | 708 | 1,015 | (2,268) | ||
| Inventories, net | 749 | 787 | (259) | ||
| Trade payables | (198) | (1,186) | (157) | ||
| Other assets and liabilities | 15 | (530) | 296 | ||
| Net cash provided by operating activities | 2,538 | 1,968 | 907 | ||
| Cash Flows from Investing Activities | |||||
| Additions to retail receivables | (7,554) | (8,227) | (8,069) | ||
| Collections of retail receivables | 7,508 | 6,459 | 5,824 | ||
| Expenditures for property, plant and equipment and intangible assets excluding assets under operating leases | (543) | (536) | (644) | ||
| Expenditures for assets under operating leases | (655) | (650) | (551) | ||
| Other, net | (136) | 182 | (259) | ||
| Net cash used in investing activities | (1,380) | (2,772) | (3,699) | ||
| Cash Flows from Financing Activities | |||||
| Proceeds from long-term debt | 12,985 | 15,111 | 9,941 | ||
| Payments of long-term debt | (13,006) | (13,453) | (8,224) | ||
| Net increase (decrease) in other financial liabilities | (1,566) | (416) | 2,071 | ||
| Dividends paid | (333) | (607) | (538) | ||
| Purchase of treasury stock | (100) | (702) | (652) | ||
| Net cash provided (used) by financing activities | (2,020) | (67) | 2,598 | ||
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 225 | (308) | 110 | ||
| Net decrease in cash, cash equivalents and restricted cash | (637) | (1,179) | (84) | ||
| Cash, cash equivalents and restricted cash, beginning of year | 3,866 | 5,045 | 5,129 | ||
| Cash, cash equivalents and restricted cash, end of year | $3,229 | $3,866 | $5,045 | ||
| Components of cash, cash equivalents and restricted cash | |||||
| Cash and cash equivalents | $2,578 | $3,191 | $4,322 | ||
| Restricted cash | 651 | 675 | 723 | ||
| Total cash, cash equivalents and restricted cash | $3,229 | $3,866 | $5,045 | ||
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