Sales and deliveries were down in North America for Volvo CE’s fourth quarter amid rising tariffs and declining sales volumes, though net order intake rose.
Volvo CE’s net sales for the quarter fell 16% year-over-year to $2.1 billion and were down 8% to $9.2 billion for the full year 2025.
In North America, Volvo’s construction equipment sales were down 20% in the fourth quarter to $451 million and down 18% in the full year to $2.2 billion. The continent saw the largest percentage decline in 2025 of the company's regions.
Volvo’s global construction segment's operating margin improved to 13.9% despite the impact of lower sales volumes and U.S. tariffs.
Net order intake was down 39% year-over-year in the fourth quarter to 9,358 machines (driven by Volvo CE’s divestment of its former Chinese subsidiary SDLG) but was up 1% in the full year to 53,453 machines. When adjusted for SDLG’s divestiture, net order intake for the quarter rose 18% year-over-year, driven partially by dealer inventory replenishment in Europe and North America.
Both declines were driven primarily by notable declines in Volvo CE’s orders in Asia, which fell 74% in the fourth quarter and 12% in the full year.
In the fourth quarter, Volvo CE sold 947 new financed machines in the U.S., according to Fusable’s EDA equipment finance data. Popular models included the L90H-2, L70H-2 and L60H-2 wheel loaders. (EDA is owned by Fusable, parent company of Equipment World.)
Volvo CE saw net order intake gains in North America of 14% in the fourth quarter to 1,863 machines and 16% for the full year to 6,118 machines. However, deliveries for North America were down 26% in the fourth quarter and 20% for the full year.
Among all Volvo CE’s regions, net order intake for large and medium size construction equipment was down 37% in the fourth quarter to 7,228 machines and down 1% for the full year to 39,731 machines. Compact machine net order intakes were also down in the fourth quarter, falling 44% to 2,130 orders, but were up for the full year by 7% to 14,069 orders.
Volvo CE reported an 81% year-over-year decline in fourth-quarter electric machine net orders, receiving 145 orders. However, electric machine orders were up 41% for the full year to 2,768 machines, though 87% of those orders came from SDLG.
Volvo CE forecasts the total North American construction equipment market will change –5% to +5% in 2026, up from a previous forecast of –10% to 0%.
Net sales among all Volvo’s business segments for the fourth quarter fell 11%, and 9% for the full year.
