Revenue
The following table summarizes revenues for the years ended December 31, 2025, 2024 and 2023 (in millions of dollars):
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Agriculture | | $ | 12,390 | | | $ | 14,007 | | | $ | 18,148 | |
| Construction | | 2,956 | | | 3,053 | | | 3,932 | |
| Total Industrial Activities | | 15,346 | | | 17,060 | | | 22,080 | |
| Financial Services | | 2,720 | | | 2,774 | | | 2,573 | |
| Eliminations and other | | 29 | | | 2 | | | 34 | |
| Total Revenues | | $ | 18,095 | | | $ | 19,836 | | | $ | 24,687 | |
The following table disaggregates revenues by major source for the years ended December 31, 2025, 2024 and 2023 (in millions of dollars):
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Revenues from: | | | | | | |
| Sales of goods | | $ | 15,290 | | | $ | 17,009 | | | $ | 22,036 | |
| Rendering of services and other revenues | | 56 | | | 51 | | | 44 | |
| Revenues from sales of goods and services | | 15,346 | | | 17,060 | | | 22,080 | |
| Finance and interest income | | 2,132 | | | 2,170 | | | 1,882 | |
| Rents and other income on operating leases | | 617 | | | 606 | | | 725 | |
| Finance, interest and other income | | 2,749 | | | 2,776 | | | 2,607 | |
| Total Revenues | | $ | 18,095 | | | $ | 19,836 | | | $ | 24,687 | |
Contract liabilities recorded in "Other liabilities" were $122 million, $72 million and $50 million at December 31, 2025, 2024 and 2023, respectively. Contract liabilities primarily relate to extended warranties. During the year ended December 31, 2025, 2024 and 2023, revenues included $21 million, $18 million and $11 million, respectively, relating to contract liabilities outstanding at the beginning of each period.
As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $122 million (approximately $72 million at December 31, 2024 and approximately $48 million at December 31, 2023). CNH expects to recognize revenue on approximately 27% and 81% of the remaining performance obligations over the next 12 and 36 months, respectively (approximately 30% and 90% at of December 31, 2024 and approximately 32% and 95% at of December 31, 2023, respectively).
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.