CNH Industrial N.V.CNH
CNH Industrial N.V. Debt Disclosure
Debt
Credit Facilities
Lenders of committed credit facilities have the obligation to make advances up to the facility amount. Lenders of uncommitted facilities have the right to terminate the agreement with prior notice to CNH. At December 31, 2025, CNH's available committed unsecured facilities expiring after twelve months amounted to $6.5 billion, of which $1.3 billion for Financial Services ($5.5 billion at December 31, 2024, of which $1.2 billion for Financial Services).
Euro 3.25 billion Revolving Credit Facility: On April 19, 2024, the Company terminated its five-year committed revolving credit agreement dated March 18, 2019 (as amended and restated on December 10, 2021) and entered into a new five-year credit agreement, which provides for an unsecured, committed revolving credit facility in an aggregate principal amount equal to €3.25 billion. The Company may elect to increase the total commitments under the credit facility up to an additional €500 million on the terms set forth in the credit agreement. In March 2025, the Company extended the maturity date by one year on the terms set forth in the credit agreement. As such, the credit agreement will mature and all
outstanding loans will become due and payable on April 19, 2030, or such later date as may be extended pursuant to a remaining one-year extension option which is available to the Company on the terms set forth in the credit agreement.
The credit facility contains customary covenants (including a negative pledge, a status (or pari passu) covenant and restrictions on the incurrence of indebtedness by certain subsidiaries) and customary events of default, some of which are subject to minimum thresholds and customary mitigants (including cross acceleration provisions, failure to pay amounts due or to comply with certain provisions under the credit agreement, the occurrence of certain bankruptcy-related events) and mandatory prepayment obligations upon a change in control of the Company. At December 31, 2025, the Company was in compliance with all covenants in the credit agreement.
At December 31, 2025, Financial Services' committed asset-backed facilities expiring after twelve months amounted to $3.7 billion ($3.7 billion at December 31, 2024), of which $3.5 billion at December 31, 2025 ($3.1 billion at December 31, 2024) were utilized.
Repurchase Agreement
We are a party to a Global Master Repurchase Agreement which expires in September 2026. As of December 31, 2025, the Company had sold, and not yet repurchased, CAD 450.0 million ($328.7 million) of Canadian receivables under the repurchase agreement, with an obligation to repurchase such receivables in 30 days. The repurchase agreement is treated as a financing arrangement for accounting purposes.
Commercial Paper Programs
CNH Industrial Capital LLC had no outstanding commercial paper as of December 31, 2025 ($100 million outstanding at December 31, 2024).
Banco CNH Industrial Capital S.A. outstanding commercial paper totaled $294 million as of December 31, 2025 ($202 million outstanding at December 31, 2024).
Support Agreement in the Interest of CNH Industrial Capital LLC
CNH Industrial Capital LLC benefits from a support agreement issued by CNH Industrial N.V., pursuant to which CNH Industrial N.V. agrees to, among other things, (a) make cash capital contributions to CNH Industrial Capital LLC, to the extent necessary to cause its ratio of net earnings available for fixed charges to fixed charges to be not less than 1.05:1.0 for each fiscal quarter (with such ratio determined, on a consolidated basis and in accordance with U.S. GAAP, for such fiscal quarter and the immediately preceding three fiscal quarters taken as a whole), (b) generally maintain an ownership of at least 51% of the voting equity interests in CNH Industrial Capital LLC and (c) cause CNH Industrial Capital LLC to have, as of the end of any fiscal quarter, a consolidated tangible net worth of at least $50 million. The support agreement is not intended to be, and is not, a guarantee by CNH Industrial N.V. of the indebtedness or other obligations of CNH Industrial Capital LLC. The obligations of CNH Industrial N.V. to this support agreement are to CNH Industrial Capital LLC only and do not run to, and are not enforceable directly by, any creditor of CNH Industrial Capital LLC, including holders of the CNH Industrial Capital LLC's notes or the trustee under the indenture governing the notes. The support agreement may be modified, amended or terminated, at CNH Industrial N.V.’s election, upon thirty days' prior written notice to CNH Industrial Capital LLC and the rating agencies of CNH Industrial Capital LLC, if (a) the modification, amendment or termination would not result in a downgrade of CNH Industrial Capital LLC rated indebtedness; (b) the modification, amendment or notice of termination provides that the support agreement will continue in effect with respect to the CNH Industrial Capital LLC rated indebtedness then outstanding; or (c) CNH Industrial Capital LLC has no long-term rated indebtedness outstanding.
Debt
A summary of issued bonds outstanding as of December 31, 2025, is as follows (in millions of dollars, except percentages):
| Currency | Face value of outstanding bonds | Issue Date | Coupon | Maturity Date | Outstanding amount | |||||||||||||||
| Industrial Activities | ||||||||||||||||||||
| Euro Medium Term Notes: | ||||||||||||||||||||
CNH Industrial Finance Europe S.A.(1) | EUR | 600 | March 25, 2019 | 1.750 | % | March 25, 2027 | $ | 705 | ||||||||||||
CNH Industrial Finance Europe S.A.(1) | EUR | 50 | April 21, 2016 | 3.875 | % | April 21, 2028 | 58 | |||||||||||||
CNH Industrial Finance Europe S.A.(1) | EUR | 500 | July 3, 2019 | 1.625 | % | July 3, 2029 | 588 | |||||||||||||
CNH Industrial Finance Europe S.A.(1) | EUR | 50 | July 15, 2019 | 2.200 | % | July 15, 2039 | 58 | |||||||||||||
CNH Industrial N.V.(2) | EUR | 750 | June 11, 2024 | 3.750 | % | June 11, 2031 | 881 | |||||||||||||
CNH Industrial N.V.(2) | EUR | 500 | November 26, 2025 | 3.625 | % | January 26, 2033 | 588 | |||||||||||||
CNH Industrial N.V.(2) | EUR | 500 | September 3, 2025 | 3.875 | % | September 3, 2035 | 588 | |||||||||||||
| Other Bonds: | ||||||||||||||||||||
CNH Industrial N.V.(3) | USD | 500 | November 14, 2017 | 3.850 | % | November 15, 2027 | 500 | |||||||||||||
| Hedging effects, bond premium/discount, and unamortized issuance costs | (49) | |||||||||||||||||||
| Total Industrial Activities | $ | 3,917 | ||||||||||||||||||
| Financial Services | ||||||||||||||||||||
| CNH Industrial Capital LLC | USD | 500 | October 6, 2020 | 1.875 | % | January 15, 2026 | $ | 500 | ||||||||||||
| CNH Industrial Capital LLC | USD | 600 | May 24, 2021 | 1.450 | % | July 15, 2026 | 600 | |||||||||||||
| CNH Industrial Capital LLC | USD | 500 | October 9, 2024 | 4.500 | % | October 8, 2027 | 500 | |||||||||||||
| CNH Industrial Capital LLC | USD | 500 | March 21, 2025 | 4.750 | % | March 21, 2028 | 500 | |||||||||||||
| CNH Industrial Capital LLC | USD | 600 | April 10, 2023 | 4.550 | % | April 10, 2028 | 600 | |||||||||||||
| CNH Industrial Capital LLC | USD | 500 | September 13, 2023 | 5.500 | % | January 12, 2029 | 500 | |||||||||||||
| CNH Industrial Capital LLC | USD | 600 | March 21, 2024 | 5.100 | % | April 20, 2029 | 600 | |||||||||||||
| CNH Industrial Capital LLC | USD | 500 | September 25, 2025 | 4.500 | % | October 16, 2030 | 500 | |||||||||||||
CNH Industrial Capital Australia Pty. Limited(4) | AUD | 775 | 2023/2025 | 4.700 % 5.800 % | 2026/2028 | 518 | ||||||||||||||
| CNH Industrial Capital Canada Ltd. | CAD | 400 | August 11, 2023 | 5.500 | % | August 11, 2026 | 292 | |||||||||||||
| CNH Industrial Capital Canada Ltd. | CAD | 400 | March 25, 2024 | 4.800 | % | March 25, 2027 | 292 | |||||||||||||
| CNH Industrial Capital Canada Ltd. | CAD | 300 | October 10, 2024 | 4.000 | % | April 11, 2028 | 219 | |||||||||||||
| CNH Industrial Capital Canada Ltd. | CAD | 500 | June 5, 2025 | 3.750 | % | June 5, 2029 | 366 | |||||||||||||
CNH Industrial Capital Argentina S.A.(5) | USD | 160 | 2024/2025 | 6.000 % 8.250 % | 2026/2028 | 160 | ||||||||||||||
Banco CNH Industrial Capital S.A.(6) | BRL | 3,650 | 2021/2025 | 12.140 % 18.630 % | 2026/2032 | 663 | ||||||||||||||
| Hedging effects, bond premium/discount, and unamortized issuance costs | (8) | |||||||||||||||||||
| Total Financial Services | $ | 6,802 | ||||||||||||||||||
(1)Bond listed on the regulated market of Euronext Dublin
(2)Bond listed on the Global Exchange Market of Euronext Dublin
(3)Bond listed on the New York Stock Exchange
(4)Comprised of 4 bonds issued that range in coupon rates of 4.700% and 5.800% and mature between July 13, 2026 and June 20, 2028.
(5)Comprised of 5 bonds issued that range in coupon rates of 6.000% and 8.250% and mature between March 2, 2026 and November 12, 2028.
(6)Comprised of 22 bonds issued that range in coupon rates of 12.140% and 18.630% and mature between May 9, 2026 and December 22, 2032.
A summary of total debt as of December 31, 2025 and 2024, is as follows (in millions of dollars):
| As of December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Industrial Activities | Financial Services | Consolidated | Industrial Activities | Financial Services | Consolidated | ||||||||||||||||||||||||||||||
| Total bonds | $ | 3,917 | $ | 6,802 | $ | 10,719 | $ | 3,774 | $ | 6,022 | $ | 9,796 | |||||||||||||||||||||||
| Asset-backed debt | — | 11,294 | 11,294 | — | 11,965 | 11,965 | |||||||||||||||||||||||||||||
| Other debt | 187 | 4,562 | 4,749 | 269 | 4,852 | 5,121 | |||||||||||||||||||||||||||||
| Intersegment debt | 281 | 203 | — | 456 | 334 | — | |||||||||||||||||||||||||||||
| Total Debt | 4,385 | 22,861 | 26,762 | 4,499 | 23,173 | 26,882 | |||||||||||||||||||||||||||||
| Financial payables to Iveco Group N.V. | 3 | 88 | 91 | 4 | 58 | 62 | |||||||||||||||||||||||||||||
| Total Debt (including Financial payables to Iveco Group N.V.) | $ | 4,388 | $ | 22,949 | $ | 26,853 | $ | 4,503 | $ | 23,231 | $ | 26,944 | |||||||||||||||||||||||
The weighted-average interest rate on consolidated debt at December 31, 2025, and 2024 was 5.5% and 5.7%, respectively.
The bonds issued by CNH may contain commitments of the issuer, and in certain cases commitments of CNH Industrial N.V. in its capacity as guarantor, which are typical of international practice for bond issues of this type such as, in particular, negative pledge (in relation to quoted indebtedness), a status (or pari passu) covenant and cross default clauses. A breach of these commitments can lead to the early repayment of the applicable notes. The bonds guaranteed by CNH Industrial N.V. under the Euro Medium Term Note Programme (and its predecessor the Global Medium Term Note Programme), as well as the notes issued by CNH Industrial N.V., contain clauses which could lead to early repayment if there is a change of control of CNH Industrial N.V. leading to a rating downgrading of CNH Industrial N.V.. At December 31, 2025, the Company was in compliance with such obligations and covenants.
Other debt consists primarily of borrowings from banks which are at various terms and rates. Included in Other debt of Financial Services is approximately $1.3 billion and $1.3 billion at December 31, 2025 and 2024, respectively, of funding provided by the Brazilian development agency, BNDES. The program provides subsidized funding to financial institutions to be loaned to customers to support the purchase of agricultural or construction machinery or commercial equipment in accordance with the program.
A summary of the minimum annual repayments of debt as of December 31, 2025, and thereafter is as follows (in millions of dollars):
Industrial Activities | Financial Services | Consolidated | ||||||||||||||||||
| 2026 | $ | 7 | $ | 10,085 | $ | 10,092 | ||||||||||||||
| 2027 | 1,368 | 4,006 | 5,374 | |||||||||||||||||
| 2028 | 59 | 3,745 | 3,804 | |||||||||||||||||
| 2029 | 588 | 2,852 | 3,440 | |||||||||||||||||
| 2030 | 1 | 1,274 | 1,275 | |||||||||||||||||
| 2031 and thereafter | 2,119 | 731 | 2,850 | |||||||||||||||||
| Financial payables to Iveco Group N.V. | 3 | 88 | 91 | |||||||||||||||||
| Intersegment debt | 281 | 203 | — | |||||||||||||||||
Costs and premium discounts related to issuances | (38) | (35) | (73) | |||||||||||||||||
| Total | $ | 4,388 | $ | 22,949 | $ | 26,853 | ||||||||||||||
Please refer to "Note 16: Financial Instruments" for fair value information on debt.
We sell certain of our financial receivables to third parties in order to improve liquidity, to take advantage of market opportunities and, in certain circumstances, to reduce credit and concentration risk in accordance with our risk management objectives.
The sale of financial receivables is executed primarily through ABS transactions and involves retail notes and wholesale receivables originated by our Financial Services subsidiaries from end-use customers and dealers, respectively.
At December 31, 2025, our receivables from financing activities included receivables sold and financed through both ABS and factoring transactions of $13.1 billion ($13.9 billion at December 31, 2024), which do not meet derecognition requirements and therefore are recorded on our Consolidated Balance Sheets. These receivables are recognized as such
in our financial statements even though they have been legally sold; a corresponding financial liability is recorded in the Consolidated Balance Sheets as debt (see "Note 4: Receivables" to our Consolidated Financial Statements).Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.