CNH Industrial NV (CNH) Cash Flow Statement
Where CNH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.54B +29.0% vs 2024
- Capital expenditures
- $543.0M 3.0% of revenue
- Free cash flow
- $2.00B 11.0% margin
- Returned to shareholders
- $433.0M 22% of free cash flow
- Change in cash
- −$637.0M cash at year-end $3.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CNH operating cash flow, capex and free cash flow
CNH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.77B2016 | $2.54B2025 | −1.0%/yr | |
| Capital expenditures | $2.13B2016 | $543.0M2025 | −14.1%/yr | |
| Free cash flow | $592.0M2016 | $2.00B2025 | +14.5%/yr | |
| Free cash flow margin | 2.4%2016 | 11.0%2025 | +8.7 pts | |
| Operating cash flow / net income | 9.882017 | 4.982025 | −4.90 | |
| Stock-based compensation | $3.0M2016 | $19.0M2024 | +26.0%/yr | |
| Dividends paid | $201.0M2016 | $333.0M2025 | +5.8%/yr | |
| Share buybacks (net) | $02020 | $100.0M2025 | — | |
| Capex / revenue | 8.5%2016 | 3.0%2025 | −5.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNH cash flow by activity
CNH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CNH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $510.0M | $1.26B | $2.29B | $2.04B | $1.80B | −$198.0M | $1.45B | $1.10B | $290.0M | −$252.0M |
| Depreciation & amortization | $629.0M | $605.0M | $564.0M | $535.0M | $537.0M | $538.0M | $1.22B | $1.34B | $1.35B | $1.26B |
| Stock-based compensation | — | $19.0M | $99.0M | $87.0M | $78.0M | $30.0M | $33.0M | — | — | $3.0M |
| Change in working capital | $938.0M | −$225.0M | −$2.01B | −$2.10B | $755.0M | $2.79B | −$1.06B | −$61.0M | $925.0M | $1.50B |
| Other non-cash items | $461.0M | $310.0M | −$31.0M | −$2.0M | $911.0M | $2.36B | $185.0M | $179.0M | $300.0M | $251.0M |
| Cash from operating activities | $2.54B | $1.97B | $907.0M | $557.0M | $4.08B | $5.53B | $1.83B | $2.55B | $2.87B | $2.77B |
| Investing activities | ||||||||||
| Capital expenditures | −$543.0M | −$1.19B | −$1.20B | −$999.0M | −$921.0M | −$846.0M | −$1.96B | −$1.90B | −$2.23B | −$2.13B |
| Investments (net) | — | −$2.77B | −$3.70B | −$3.01B | −$5.00B | −$2.75B | — | — | — | — |
| Acquisitions & other investing | −$837.0M | $1.19B | $1.20B | $999.0M | $921.0M | $846.0M | −$25.0M | −$18.0M | $366.0M | $478.0M |
| Cash from investing activities | −$1.38B | −$2.77B | −$3.70B | −$3.01B | −$5.00B | −$2.75B | −$1.99B | −$1.92B | −$1.87B | −$1.66B |
| Financing activities | ||||||||||
| Dividends paid | −$333.0M | −$607.0M | −$538.0M | −$423.0M | −$188.0M | −$8.0M | −$283.0M | −$243.0M | −$168.0M | −$201.0M |
| Share repurchases & issuance (net) | −$100.0M | −$702.0M | −$652.0M | −$153.0M | $0 | $0 | — | — | — | — |
| Net borrowing (repayment) | −$21.0M | $1.66B | $1.72B | $1.96B | −$1.10B | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.57B | −$416.0M | $2.07B | $580.0M | −$157.0M | $667.0M | $489.0M | −$480.0M | −$877.0M | −$1.34B |
| Cash from financing activities | −$2.02B | −$67.0M | $2.60B | $1.96B | −$1.45B | $659.0M | $206.0M | −$723.0M | −$1.04B | −$1.54B |
| Summary | ||||||||||
| Net change in cash | −$637.0M | −$1.18B | −$84.0M | −$716.0M | −$2.77B | $3.86B | −$30.0M | −$397.0M | $346.0M | −$457.0M |
| Cash at end of period | $3.23B | $3.87B | $5.04B | $5.13B | $6.86B | $9.63B | $5.77B | $5.80B | $6.20B | $5.85B |
| Free cash flow | $2.00B | $782.0M | −$288.0M | −$442.0M | $3.16B | $4.68B | −$136.0M | $652.0M | $630.0M | $592.0M |
| Free cash flow margin | 11.0% | 3.9% | −1.2% | −1.9% | 16.2% | 31.7% | −0.5% | 2.2% | 2.3% | 2.4% |
| Capex / revenue | 3.0% | 6.0% | 4.8% | 4.2% | 4.7% | 5.7% | 7.0% | 6.4% | 8.1% | 8.5% |
| Operating cash flow / net income | 4.98 | 1.56 | 0.40 | 0.27 | 2.27 | — | 1.26 | 2.32 | 9.88 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $141.0M | $10.0M | $86.0M | $67.0M | $217.0M | $132.0M | $176.0M | $310.0M | $404.0M | $369.0M | $617.0M | $508.0M |
| Depreciation & amortization | $166.0M | $166.0M | $164.0M | $159.0M | $156.0M | $150.0M | $151.0M | $155.0M | $151.0M | $148.0M | $148.0M | $146.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $99.0M | — |
| Change in working capital | −$174.0M | −$221.0M | $617.0M | $236.0M | $266.0M | −$181.0M | $1.29B | $199.0M | −$288.0M | −$1.42B | $810.0M | −$464.0M |
| Other non-cash items | $12.0M | $80.0M | $78.0M | $197.0M | $133.0M | $61.0M | $77.0M | $127.0M | $112.0M | $13.0M | −$159.0M | $42.0M |
| Cash from operating activities | $145.0M | $35.0M | $945.0M | $659.0M | $772.0M | $162.0M | $1.69B | $791.0M | $379.0M | −$894.0M | $1.51B | $232.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$273.0M | −$93.0M | −$412.0M | −$186.0M | −$252.0M | −$264.0M | −$475.0M | −$291.0M | −$218.0M | −$202.0M | −$410.0M | −$324.0M |
| Investments (net) | — | — | — | −$466.0M | −$342.0M | −$280.0M | −$995.0M | −$848.0M | −$510.0M | −$419.0M | −$1.66B | −$795.0M |
| Acquisitions & other investing | $292.0M | $147.0M | $120.0M | $186.0M | $252.0M | $264.0M | $475.0M | $291.0M | $218.0M | $202.0M | $410.0M | $324.0M |
| Cash from investing activities | $19.0M | $54.0M | −$292.0M | −$466.0M | −$342.0M | −$280.0M | −$995.0M | −$848.0M | −$510.0M | −$419.0M | −$1.66B | −$795.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$126.0M | −$1.0M | −$11.0M | −$1.0M | −$320.0M | −$1.0M | −$7.0M | −$6.0M | −$593.0M | −$1.0M | −$7.0M | −$2.0M |
| Share repurchases & issuance (net) | −$36.0M | −$26.0M | −$45.0M | −$55.0M | $5.0M | −$5.0M | −$13.0M | −$48.0M | −$60.0M | −$581.0M | −$428.0M | −$55.0M |
| Net borrowing (repayment) | $280.0M | −$432.0M | −$754.0M | $275.0M | $613.0M | −$155.0M | $773.0M | $493.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$152.0M | −$531.0M | $424.0M | −$592.0M | −$137.0M | −$1.26B | $176.0M | −$615.0M | −$486.0M | $901.0M | $1.83B | $427.0M |
| Cash from financing activities | −$34.0M | −$990.0M | −$386.0M | −$373.0M | $161.0M | −$1.42B | $929.0M | −$176.0M | −$1.14B | $319.0M | $1.39B | $370.0M |
| Summary | ||||||||||||
| Net change in cash | $125.0M | −$890.0M | $273.0M | −$191.0M | $749.0M | −$1.47B | $1.42B | −$197.0M | −$1.31B | −$1.09B | $1.36B | −$240.0M |
| Cash at end of period | $2.46B | $2.34B | $3.23B | $2.96B | $3.15B | $2.40B | $3.87B | $2.45B | $2.65B | $3.96B | $5.04B | $3.69B |
| Free cash flow | −$128.0M | −$58.0M | $533.0M | $845.0M | $520.0M | −$102.0M | $1.22B | $500.0M | $161.0M | −$1.10B | $1.10B | −$92.0M |
| Free cash flow margin | −2.7% | −1.5% | 10.3% | 19.2% | 11.0% | −2.7% | 25.0% | 10.7% | 2.9% | −22.7% | 16.3% | −1.5% |
| Capex / revenue | 5.7% | 2.4% | 8.0% | 4.2% | 5.3% | 6.9% | 9.7% | 6.3% | 4.0% | 4.2% | 6.0% | 5.4% |
| Operating cash flow / net income | 1.03 | 3.50 | 10.99 | 9.84 | 3.56 | 1.23 | 9.61 | 2.55 | 0.94 | −2.42 | 2.46 | 0.46 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CNH cash generation
In fiscal 2025 (ended December 31, 2025), CNH Industrial generated $2.5 billion of cash from operations (up 29.0%) and spent $543.0 million on capital expenditures, leaving free cash flow of $2.0 billion, 11.0% of revenue. It returned $433.0 million to shareholders through dividends ($333.0 million) and net share buybacks ($100.0 million). Cash and equivalents fell by $637.0 million over the year.
Related: CNH income statement, CNH balance sheet, CNH dividend history. See the CNH stock overview for the latest quote and news.
CNH cash flow FAQ
What is CNH Industrial's free cash flow?
CNH Industrial's free cash flow was $2.0 billion in fiscal 2025: $2.5 billion of operating cash flow minus $543.0 million of capital expenditures It was $782.0 million a year earlier..
How much cash does CNH Industrial generate from operations?
CNH Industrial generated $2.5 billion of cash from operating activities in fiscal 2025, 4.98 times its net income of $510.0 million.
How much does CNH Industrial spend on capital expenditures?
CNH Industrial spent $543.0 million on capital expenditures in fiscal 2025, 3.0% of revenue, compared with $1.2 billion the year before.
How much stock does CNH Industrial buy back?
CNH Industrial spent $100.0 million on net share repurchases in fiscal 2025.
How much does CNH Industrial pay in dividends?
CNH Industrial paid $333.0 million in dividends in fiscal 2025, 16.7% of free cash flow.