CNH Industrial N.V.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Investments in Unconsolidated Affiliates
Note 7: Investments in Unconsolidated Affiliates
A summary of investments in unconsolidated affiliates as of December 31, 2025 and 2024 is as follows (in millions of dollars):
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Equity method | $401 | $403 |
| Other investments, at carrying value | 36 | 87 |
| Total | $437 | $490 |
At December 31, 2025, the Company recognized a $62 million non-cash impairment on our investment in Monarch Tractors and other minority holdings within Other investments, at carrying value.
A summary of the combined results of operations and financial position as reported by the investees that CNH accounts for using the equity method is as follows (in millions of dollars, unaudited):
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net revenue | $2,015 | $2,621 | $2,748 |
| Income before taxes | $278 | $481 | $632 |
| Net income | $198 | $380 | $477 |
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Total assets | $8,498 | $7,558 |
| Total liabilities | $7,335 | $6,430 |
| Total equity | $1,163 | $1,128 |
The investees included in these tables primarily consist of TürkTraktör ve Ziraat Makineleri A.S. (37.5% ownership), New Holland HFT Japan Inc. (50.0% ownership), CNH de Mexico S.A. de C.V. (50.0% ownership), Al Ghazi Tractors Ltd. (43.2% ownership) and CIFINS S.p.a (50.0% ownership).
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