CNH Industrial, parent company of Case CE and New Holland, reported declining construction equipment net sales in 2025 and that it will resume searching for partnerships for its construction business.
Construction equipment sales were up 19% in the fourth quarter to $853 million, driven by a $25 million increase in shipment volumes and $9 million in favorable price realization (the net difference between a machine’s listed price and the actual selling price), primarily in North America. The gains, however, were offset by an additional $43 million in product costs and tariffs, which contributed to a 72% drop in adjusted earnings before interest and taxes in the quarter to $5 million.
Looking at the full year 2025, CNH Industrial reported a 3% decline in its construction net sales to just under $3 billion. Adjusted earnings before interest and taxes in the construction segment was down 60% year-over-year in the full year to $68 million.
During the earnings call, CNH CEO Gerrit Marx spoke about the company’s renewed search for partnerships to expand its construction business.
“With no urgency or pressure for outcome, we have restarted discussions with several players about the partnering options for our construction business,” Marx said. “To fully leverage our brand strength and reach, we will explore partnership options to regain a strong footing in the recovering global construction industry. When there is news to share, we will include those in our earnings calls in 2026 or 2027.”
Marx prefaced that statement by saying the company will always offer a full suite of Case and New Holland construction equipment through both its agriculture and construction dealer network.
CNH’s agriculture equipment business saw a 5% year-over-year increase in fourth-quarter net sales and a 12% drop in full-year net sales to $12.4 billion.
Consolidated revenue in the fourth quarter was up 6% year-over-year to $5.2 billion but was down 9% in the full year to $18.1 billion.
Consolidated net income fell 49% in the fourth quarter to $89 million and was down 60% in the full year to $505 million.
For its 2026 fiscal year, CNH Industrial forecasts construction equipment demand will remain flat compared to 2025, as strong nonresidential segments are offset by weakening residential construction. As a result, the company expects construction net sales to be mostly the same in 2026 as in 2025.
