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CNH Industrial Capital LLC

11/09/2026 | Press release | Distributed by Public on 11/09/2026 10:11

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Organization

CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit"), CNH Industrial Capital America LLC ("CNH Capital America") and CNH Industrial Capital Canada Ltd. ("CNH Capital Canada") (collectively, "CNH Capital", the "Company" or "we") are each an indirect wholly owned subsidiary of CNH Industrial N.V. ("CNH N.V." and, together with its consolidated subsidiaries, "CNH") and is headquartered in Waterford, Wisconsin. As a captive finance company, our primary business is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America LLC ("CNH America") and CNH Industrial Canada Ltd. ("CNH Canada" and, together with CNH America, "CNH North America") and provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH North America.

We offer a range of financial products and services to the customers and dealers of CNH North America. Retail financing products primarily include retail notes, finance leases, operating leases and revolving charge account financing to end-use customers. Wholesale financing consists primarily of dealer floorplan financing as well as financing to dealers for used equipment taken in trade, equipment utilized in dealer-owned rental yards, parts inventory, working capital and other financing needs.

Trends and Economic Conditions

Global agriculture market conditions remained challenging during the first nine months of 2026. Farm income and capital spending remained under pressure from elevated input costs, higher financing costs, and continued uncertainty related to trade and agricultural policy, resulting in subdued demand for agriculture equipment. While farmer sentiment remained cautious, commodity markets demonstrated signs of improvement, with pricing strengthening in certain crop markets. CNH continues to view the current environment as a cyclical market downturn and remains focused on disciplined production and inventory management, operational efficiency, strategic cost actions, and investment in Precision Technology and innovation.

Our business is closely tied to the agricultural and construction equipment industries because we offer financing products for such equipment. For the three months ended September 30, 2026, CNH's net sales of agricultural equipment and net sales of construction equipment generated in North America were $1,025.1 million and $446.6 million, respectively, representing an increase of 2.6% and 11.5% from the same period in 2025, respectively. For the nine months ended September 30, 2026, CNH's net sales of agricultural equipment and net sales of construction equipment generated in North America were $3,269.2 million and $1,216.6 million, respectively, representing an increase of 3.2% and 10.5% from the same period in 2025, respectively.

In general, our receivable mix between agricultural and construction equipment financing directionally reflects the mix of equipment sales by CNH North America. As such, changes in the agricultural industry or with respect to our agricultural equipment customers may affect the majority of our portfolio.

As a finance company, we are subject to interest rate risks. Changing interest rates can reduce demand for CNH North America equipment, adversely affect our interest margins and increase our borrowing costs. Most of our retail customer receivables (as used herein, "retail customer receivables" refers primarily to retail notes and finances leases) are fixed rate, while our revolving charge accounts and wholesale receivables are a combination of fixed and floating rate. We manage interest rate risks via a match funding program and the selective use of derivatives.

Net income was $52.3 million and $165.3 million for the three and nine months ended September 30, 2026, respectively, compared to $58.7 million and $176.3 million for the same periods in 2025, respectively. The quarter-over-quarter decrease was driven by higher credit loss provisions and increased other expenses, net, due to certain discrete items recognized during the period, partially offset by a lower effective tax rate. The year-over-year decrease was driven by higher credit loss provisions, increased other expenses, net, due to certain discrete items recognized during the period and higher labor costs, partially offset by a lower effective tax rate and improved margins. The receivables balance greater than 30 days past due as a percentage of receivables was 1.2% at September 30, 2026, 1.3% at December 31, 2025 and 1.1% at September 30, 2025.

Macroeconomic issues impacting our revenues and profitability are governmental actions with respect to monetary, fiscal and legislative policies, global economic volatility, changes in demand and pricing for used equipment, capital market disruptions, trade agreements, and financial regulatory reform. Significant volatility in the price of certain commodities could also impact CNH North America's and our results.

Results of Operations

Three and Nine Months Ended September 30, 2026 Compared to Three and Nine Months Ended September 30, 2025

Revenues


		Three Months Ended
		September 30,
(In thousands of dollars)		2026			2025			$ Change			% Change
Interest income on retail notes and finance leases		$	101,933		$	100,719		$	1,214		1.2	%
Rental income on operating leases			66,743			64,692			2,051		3.2
Interest income on revolving charge accounts			13,846			12,526			1,320		10.5
Interest income on wholesale notes			23,574			34,250			(10,676)		(31.2)
Interest and other income from affiliates			117,102			119,683			(2,581)		(2.2)
Other income			5,172			5,086			86		1.7
Total revenues		$	328,370		$	336,956		$	(8,586)		(2.5)	%


		Nine Months Ended
		September 30,
(In thousands of dollars)		2026			2025			$ Change			% Change
Interest income on retail notes and finance leases		$	300,759		$	290,412		$	10,347		3.6	%
Rental income on operating leases			193,704			185,614			8,090		4.4
Interest income on revolving charge accounts			37,146			34,590			2,556		7.4
Interest income on wholesale notes			73,284			106,746			(33,462)		(31.3)
Interest and other income from affiliates			352,501			364,576			(12,075)		(3.3)
Other income			14,433			11,200			3,233		28.9
Total revenues		$	971,827		$	993,138		$	(21,311)		(2.1)	%

Total revenues decreased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to a lower average portfolio. The average portfolio yield was 8.4% and 8.5% for the three months ended September 30, 2026 and 2025, respectively, and 8.4% for both the nine months ended September 30, 2026 and 2025.

For the three months ended September 30, 2026, the increase in interest income on retail notes and finance leases from the same period in 2025 was primarily due to the favorable impact of $2.8 million from higher interest rates, partially offset by a $1.6 million unfavorable impact from lower average earning assets. For the nine months ended September 30, 2026, the increase from the same period in 2025 was due to the favorable impact of $11.0 million from higher interest rates, partially offset by a $0.7 million unfavorable impact from lower average earning assets.

For the three months ended September 30, 2026, the increase in rental income on operating leases from the same period in 2025 was primarily due to a $4.4 million favorable impact from higher average earning assets, partially offset by a $2.3 million unfavorable impact from lower interest rates. For the nine months ended September 30, 2026, the increase from the same period in 2025 was due to a $14.7 million favorable impact from higher average earning assets, partially offset by a $6.6 million unfavorable impact from lower interest rates.

For the three months ended September 30, 2026, the decrease in interest income on wholesale notes from the same period in 2025 was primarily due to the unfavorable impacts of $6.8 million from lower average earning assets and $3.9 million from lower interest rates. For the nine months ended September 30, 2026, the decrease from the same period in 2025 was due to the unfavorable impacts of $17.8 million from lower average earning assets and $15.7 million from lower interest rates.

The primary components of affiliated income and their drivers are summarized below.

◾

Compensation from CNH North America for retail low-rate financing programs and interest waiver programs offered to customers was $63.0 million and $192.5 million for the three and nine months ended September 30, 2026, respectively, a decrease of $4.8 million and $6.1 million from the same periods in 2025, respectively. The decreases were primarily due to lower volumes and changes in retail program mix.

◾

For select operating leases, compensation from CNH North America for the difference between market rental rates and the amounts paid by customers was $10.7 million and $31.1 million for the three and nine months ended September 30, 2026, respectively, an increase of $0.7 million and $1.6 million from the same periods in 2025, respectively. The increases were primarily due to a higher average earning assets and changes in retail program mix.

◾

For revolving charge accounts, compensation from CNH North America for low-rate financing programs and interest waiver programs offered to customers was $1.6 million and $4.3 million for the three and nine months ended September 30, 2026, respectively, an increase of $0.3 million and $0.6 million from the same periods in 2025, respectively. The increases were primarily due to changes in promotional programming mix and higher average earning assets.

◾

For the three and nine months ended September 30, 2026, compensation from CNH North America for wholesale marketing programs was $41.3 million and $120.3 million, respectively, an increase of $2.7 million and a decrease of $5.4 million from the same periods in 2025, respectively. The quarter-over-quarter increase was due to restocking of new inventory and associated wholesale subsidy recognition. The year-over-year decrease was primarily due to destocking efforts and lower base rates.

Expenses


		Three Months Ended
		September 30,
(In thousands of dollars)		2026			2025			$ Change			% Change
Total interest expense		$	158,206		$	166,682		$	(8,476)		(5.1)	%
Fees charged by affiliates			13,488			12,597			891		7.1
Provision for credit losses			29,749			22,100			7,649		34.6
Depreciation of equipment on operating leases			49,105			49,020			85		0.2
Other expenses, net			13,689			9,196			4,493		48.9
Total expenses		$	264,237		$	259,595		$	4,642		1.8	%


		Nine Months Ended
		September 30,
(In thousands of dollars)		2026			2025			$ Change			% Change
Total interest expense		$	468,718		$	498,718		$	(30,000)		(6.0)	%
Fees charged by affiliates			39,436			37,200			2,236		6.0
Provision for credit losses			74,099			63,640			10,459		16.4
Depreciation of equipment on operating leases			146,926			143,506			3,420		2.4
Other expenses, net			29,945			18,858			11,087		58.8
Total expenses		$	759,124		$	761,922		$	(2,798)		(0.4)	%

The decrease in total interest expense for the three months ended September 30, 2026 was primarily due to the favorable impacts of $4.8 million from lower average total debt and $3.7 million from lower average interest rates. For the nine months ended September 30, 2026, the decrease from the same period in 2025 was due to the favorable impacts of $17.2 million from lower average interest rates and $12.8 million from lower average total debt. The average debt cost was 4.6% for the nine months ended September 30, 2026 compared to 4.7% for the nine months ended September 30, 2025.

Fees charged by affiliates increased in the first nine months of 2026 due to higher payroll and other human resource services provided by CNH America on behalf of the Company.

For the three and nine months ended September 30, 2026, the provision for credit losses increased, primarily reflecting higher delinquency levels and loss severity trends.

Depreciation on operating lease equipment increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to a larger average operating lease portfolio.

Other expenses increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to certain discrete items recognized during the period and higher general and administrative expenses.

The effective tax rates for the three months ended September 30, 2026 and 2025 were 18.4% and 24.1%, respectively. The effective tax rate was 22.3% for the nine months ended September 30, 2026, compared to 23.8% for the same period in 2025. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the same period in 2025 was primarily attributable to favorable discrete tax adjustments recorded during the third quarter of 2026, including provision-to-return adjustments and adjustments related to the 2021-2023 Canadian amended returns.

Receivables and Equipment on Operating Lease Originations


	Three Months Ended
	September 30,
(In thousands of dollars)	2026			2025			$ Change			% Change
Retail customer	$	1,126,791		$	1,183,194		$	(56,403)		(4.8)	%
Revolving charge accounts		311,392			294,684			16,708		5.7
Wholesale		1,871,033			1,888,823			(17,790)		(0.9)
Equipment on operating leases		149,651			136,094			13,557		10.0
Total originations	$	3,458,867		$	3,502,795		$	(43,928)		(1.3)	%


	Nine Months Ended
	September 30,
(In thousands of dollars)	2026			2025			$ Change			% Change
Retail customer	$	3,237,095		$	3,514,567		$	(277,472)		(7.9)	%
Revolving charge accounts		812,349			776,050			36,299		4.7
Wholesale		6,103,745			5,929,229			174,516		2.9
Equipment on operating leases		430,556			455,887			(25,331)		(5.6)
Total originations	$	10,583,745		$	10,675,733		$	(91,988)		(0.9)	%

Retail customer originations declined in both the quarter-to-date and year-to-date periods, primarily reflecting lower new equipment retail volumes and reduced penetration rates, partially offset by stronger used equipment activity in the quarter. Revolving charge account originations increased in both periods, supported by higher dealer sales of parts and service. Wholesale originations decreased quarter-to-date due to lower trade-in volumes, partially offset by higher new equipment deliveries, while year-to-date results reflected higher new equipment volumes partially offset by continued weakness in used equipment. Operating lease originations increased quarter-to-date, driven by an increased customer preference for lease products, but declined year-to-date due to lower new equipment retail volumes and reduced penetration rates.

Receivables and Equipment on Operating Leases Held


	September 30,			December 31,			September 30,
(In thousands of dollars)	2026			2025			2025
Retail customer	$	9,089,391		$	9,291,244		$	9,289,909
Revolving charge accounts		322,221			239,314			299,011
Wholesale		4,360,079			4,165,506			4,396,218
Equipment on operating leases		1,613,762			1,569,896			1,520,114
Total receivables and equipment on operating leases	$	15,385,453		$	15,265,960		$	15,505,252

The total balance of retail customer receivables greater than 30 days past due as a percentage of retail customer receivables was 1.7% at September 30, 2026, 1.8% at December 31, 2025 and 1.6% at September 30, 2025. The total revolving charge account receivables balance greater than 30 days past due as a percentage of the revolving charge account receivables was 3.4% at September 30, 2026, 4.1% at December 31, 2025 and 2.9% at September 30, 2025. The total wholesale receivables balance greater than 30 days past due as a percentage of the wholesale receivables was not significant at September 30, 2026, December 31, 2025 or September 30, 2025.

Total retail customer receivables on nonaccrual status were $91.3 million, $108.8 million and $97.9 million at September 30, 2026, December 31, 2025 and September 30, 2025, respectively. Total revolving charge account receivables on nonaccrual status were $1.6 million, $1.3 million and $1.6 million at of September 30, 2026, December 31, 2025 and September 30, 2025, respectively. Total wholesale receivables on nonaccrual status were $1.8 million, $18.9 million and $26.2 million at September 30, 2026 and December 31, 2025 and September 30, 2025, respectively.

Total receivable charge-offs and recoveries, by product were as follows:


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands of dollars)	2026			2025		2026			2025
Charge-offs:
Retail customer	$	12,458		$	14,530	$	45,084		$	42,986
Revolving charge accounts		3,166			2,499		6,834			5,586
Wholesale		4			184		1,086			218
Total charge-offs		15,628			17,213		53,004			48,790
Recoveries:
Retail customer		(386)			(228)		(1,084)			(937)
Revolving charge accounts		(343)			(221)		(846)			(660)
Wholesale		(3)			(5)		(333)			(13)
Total recoveries		(732)			(454)		(2,263)			(1,610)
Charge-offs, net of recoveries:
Retail customer		12,072			14,302		44,000			42,049
Revolving charge accounts		2,823			2,278		5,988			4,926
Wholesale		1			179		753			205
Total charge-offs, net of recoveries	$	14,896		$	16,759	$	50,741		$	47,180

Our allowance for credit losses on all receivables financed totaled $169.3 million at September 30, 2026, $146.4 million at December 31, 2025 and $146.8 million at September 30, 2025.

The allowance is subject to a quarterly evaluation based on many quantitative and qualitative factors, including historical loss experience by product category, portfolio duration, delinquency trends, forward-looking macroeconomic factors (in particular, those conditions directly affecting the profitability and financial strength of our customers), and collateral value. No single factor determines the adequacy of the allowance. Different assumptions or changes in forward-looking economic assumptions would result in changes to the allowance for credit losses and the provision for credit losses. These qualitative factors are subjective and require a degree of management judgment.

We believe our allowance is sufficient to provide for expected losses in our receivable portfolio as of September 30, 2026.

Liquidity and Capital Resources

The following discussion of liquidity and capital resources principally focuses on our statements of cash flows, balance sheets and capitalization. CNH Capital's current funding strategy is to maintain sufficient liquidity and flexible access to a wide variety of financial instruments and funding options.

In the past, securitization has been one of our most economical sources of funding and, therefore, the majority of our originated receivables are securitized, with the cash generated from such receivables utilized to repay the related debt or purchase new receivables.

In addition, we have secured and unsecured facilities, a repurchase agreement, commercial paper, unsecured bonds, affiliate borrowings and cash to fund our liquidity needs.

Cash Flows


	Nine Months Ended September 30,
(In thousands of dollars)	2026			2025
Cash flows from (used in):
Operating activities	$	490,707		$	443,862
Investing activities		(349,716)			(438,614)
Financing activities		(431,594)			(169,614)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(2,416)			2,562
Net cash decrease	$	(293,019)		$	(161,804)

The increase in net cash from operating activities during the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to changes in components of working capital, a higher deferred income tax expense and an increase in provision for credit losses, partially offset by a decrease in net income. The decrease in net cash used in investing activities for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to higher net collections for affiliated cash pooling of $480.2 million and decreased net expenditures for property and equipment and software of $3.9 million, partially offset by increased net expenditures for receivables, equipment on operating leases and affiliated notes receivables of $391.5 million, $2.9 million and $0.8 million, respectively. The increase in net cash used in financing activities for the nine months ended September 30, 2026 was primarily due to increased net cash paid on external borrowings and affiliated debt of $214.0 million and $47.9 million, respectively.

Securitization

CNH Capital and its predecessor entities have been securitizing receivables since 1992. CNH Capital had approximately $4,530.4 million of public and private asset-backed securities outstanding in the U.S. and Canada as of September 30, 2026. Our securitizations are treated as financing arrangements for accounting purposes.

Committed Asset-Backed Facilities

CNH Capital has committed asset-backed facilities with several banks or through their commercial paper conduit programs. Committed asset-backed facilities for the U.S. and Canada totaled $3,155.1 million as of September 30, 2026, with original borrowing maturities of up to two years. The unused availability under the facilities varies during the year, depending on origination volume and the refinancing of receivables with term securitization transactions and/or other financing. At September 30, 2026, there was $116.6 million of funding available under these facilities.

Repurchase Agreement

We are a party to a Global Master Repurchase Agreement which expires in September 2027. As of September 30, 2026, the Company had sold, and not yet repurchased, $303.2 million (C$430.1 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.

Unsecured Facilities and Debt

As of September 30, 2026, committed and uncommitted unsecured facilities with banks totaled $740.8 million, with no funds drawn as of that date. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. A portion of the available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. We had $150.0 million of commercial paper outstanding as of September 30, 2026.

Our unsecured senior notes were as follows:


	September 30,
(In thousands of dollars)	2026
Issued by CNH Industrial Capital LLC (the "U.S. Senior Notes"): ⁽¹⁾
4.500% notes, due 2027	$	500,000
4.750% notes, due 2028		500,000
4.550% notes, due 2028		600,000
5.500% notes, due 2029		500,000
5.100% notes, due 2029		600,000
4.500% notes, due 2030		500,000
4.375% notes, due 2031		500,000
4.950% notes, due 2031		600,000
Hedging, discounts and unamortized issuance costs		(63,008)
		4,236,992
Issued by CNH Industrial Capital Canada (the "Canadian Senior Notes"): ⁽²⁾
4.800% notes, due 2027		282,024
4.000% notes, due 2028		211,518
4.000% notes, due 2028		141,012
3.750% notes, due 2029		352,531
3.800% notes, due 2030		317,277
4.400% notes, due 2030		246,771
Hedging, discounts and unamortized issuance costs		(11,949)
		1,539,184
Total	$	5,776,176

(1)

These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Capital America and New Holland Credit.

(2)

These notes, which are senior unsecured obligations of CNH Capital Canada, are guaranteed by CNH Industrial Capital LLC, CNH Capital America and New Holland Credit.

On September 25, 2026, CNH Capital Canada completed a private placement offering of $141.4 million (C$200.0 million) of its 4.000% unsecured notes due 2028, with an issue price of 99.935%.

On September 25, 2026, CNH Capital Canada completed a private placement offering of $247.4 million (C$350.0 million) of its 4.400% unsecured notes due 2030, with an issue price of 99.989%.

Credit Ratings

We continue to evaluate alternatives to ensure we have access to capital on favorable terms, including agreements with global or regional partners, new funding arrangements, or a combination of these approaches. Our access to external sources of financing, as well as the associated cost, is influenced by the credit ratings of our debt, which are closely linked to the financial condition and outlook of CNH N.V. and the nature and availability of our support agreement with CNH N.V.


	Senior Long-Term		Short-Term		Outlook
S&P Global Ratings	BBB		A-2		Stable
Fitch Ratings	BBB		F2		Negative
Moody's Investors Service	Baa2		-		Stable

Affiliate Sources

CNH Capital borrows, as needed, from CNH. This source of funding is primarily used to finance various assets and provides additional flexibility when evaluating market conditions and potential third-party financing options. We had no affiliated debt as of September 30, 2026 and $48.5 million of affiliated debt as of December 31, 2025.

Equity Position

Our equity position also supports our ability to access various funding sources. Our stockholder's equity as of September 30, 2026 and December 31, 2025 was $1,593.1 million and $1,618.9 million, respectively.

Liquidity

While we expect securitization to continue to represent a material portion of our capital structure and affiliated borrowings to remain a marginal source of funding, we will continue to diversify our funding sources and expand our investor base to support our investment grade credit ratings. These diversified funding sources include committed asset-backed facilities, a repurchase agreement, unsecured notes, bank facilities and a commercial paper program.

The liquidity available for use varies due to: (a) changes in origination volumes, reflecting the financing needs of our customers, and is influenced by the timing of any refinancing of underlying receivables; and (b) the execution of our funding strategy of maintaining a sufficient level of liquidity and flexible access to a wide variety of financial instruments.

Guarantor Statements

CNH Capital America and New Holland Credit, which are 100%-owned subsidiaries of CNH Industrial Capital LLC, guarantee the U.S. Senior Notes (the "U.S. Notes Guarantees"). CNH Industrial Capital LLC, CNH Capital America and New Holland Credit (the "Guarantor Entities") guarantee the Canadian Senior Notes (the "Canadian Notes Guarantees" and, together with the U.S. Notes Guarantees, the "Guarantees"). The Guarantees are full, unconditional, and joint and several.

The Guarantees are general unsecured obligations of the applicable Guarantor Entities and rank senior in right of payment to all future obligations of such Guarantor Entities that are, by their terms, expressly subordinated in right of payment to such Guarantees and pari passu in right of payment with all existing and future unsecured indebtedness of such Guarantor Entities that are not so subordinated.

The Guarantor Entities' obligations under their applicable Guarantees are limited as necessary to prevent the Guarantees from constituting a fraudulent conveyance under applicable law. If the Guarantees were rendered voidable, they could be subordinated by a court to all other indebtedness (including guarantees and other contingent liabilities) of the applicable Guarantor Entities and, depending on the amount of the indebtedness, such Guarantor Entities' liability on the Guarantees to which they are parties could be reduced to zero.

The Guarantees of the Guarantor Entities will be automatically released:

(1)

in connection with any sale or other disposition of all of the capital stock of the applicable Guarantor Entities to a person other than, for purposes of the U.S. Notes Guarantees, CNH Industrial Capital LLC or any subsidiary of CNH Industrial Capital LLC, or, for purposes of the Canadian Notes Guarantees, CNH N.V. or any subsidiary of CNH N.V.;

(2)

in connection with the sale or other disposition of all or substantially all of the assets or properties of the applicable Guarantor Entities, including by way of merger, consolidation or otherwise, to a person other than, for purposes of the U.S. Notes Guarantees, CNH Industrial Capital LLC or any subsidiary of CNH Industrial Capital LLC or, for purposes of the Canadian Notes Guarantees, CNH N.V. or any subsidiary of CNH N.V.; or

(3)

in certain other circumstances.

The following tables present summarized financial information for the obligor groups of the U.S. Senior Notes and the Canadian Senior Notes. The obligor group consists of the issuer and guarantors for the applicable senior notes. Intercompany balances and transactions between the issuer and guarantors have been eliminated. The investments in, and equity in income from, non-guarantor subsidiaries has been excluded.

The summarized statement of income information for the obligor group of the U.S. Senior Notes was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of dollars)	2026		2025		2026		2025
Revenues	$	171,144	$	162,378	$	496,720	$	489,618
Interest expense		91,130		90,962		257,975		280,635
Administrative and operating expenses		76,473		57,144		199,514		160,192
Income tax provision (benefit)		(1,392)		3,547		7,928		11,877
Net income	$	4,933	$	10,725	$	31,303	$	36,914

For the U.S. Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of dollars)	2026		2025		2026		2025
Interest and other income from affiliates	$	13,908	$	15,439	$	41,529	$	52,193
Interest expense to affiliates		33,929		36,061		94,924		113,544

The summarized balance sheet information for the obligor group of the U.S. Senior Notes was as follows:


	September 30,		December 31,
(In thousands of dollars)	2026		2025
Cash	$	49,306	$	247,251
Restricted cash and cash equivalents		-		-
Receivables, less allowance for credit losses of $49,558 and $40,240		3,024,833		3,157,713
Equipment on operating leases, net		1,167,950		1,105,826
Short-term debt, including current maturities of long-term debt		173,505		1,250,427
Accounts payable and other accrued liabilities		558,057		592,360
Long-term debt		4,242,883		3,224,482

For the U.S. Senior Notes, the obligors' amounts due from and due to the non-guarantor subsidiaries of CNH Industrial Capital LLC were as follows:


	September 30,		December 31,
(In thousands of dollars)	2026		2025
Affiliated accounts and notes receivable	$	3,673,737	$	3,234,843
Accounts payable and other accrued liabilities		4,679,210		4,550,607

The summarized statement of income information for the obligor group of the Canadian Senior Notes was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of dollars)	2026		2025		2026		2025
Revenues	$	233,461	$	227,627	$	685,417	$	675,721
Interest expense		119,120		121,400		341,648		365,654
Administrative and operating expenses		102,971		78,001		270,824		216,662
Income tax provision (benefit)		(369)		6,983		14,574		21,066
Net income	$	11,739	$	21,243	$	58,371	$	72,339

For the Canadian Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of dollars)	2026		2025		2026		2025
Interest and other income from affiliates	$	13,416	$	15,170	$	39,231	$	43,921
Interest expense to affiliates		33,929		36,061		94,924		113,544

The summarized balance sheet information for the obligor group of the Canadian Senior Notes was as follows:


	September 30,		December 31,
(In thousands of dollars)	2026		2025
Cash	$	59,152	$	284,467
Restricted cash and cash equivalents		44,652		57,975
Receivables, less allowance for credit losses of $63,938 and $51,064		5,828,142		5,970,551
Equipment on operating leases, net		1,613,762		1,569,896
Short-term debt, including current maturities of long-term debt		1,362,063		2,563,810
Accounts payable and other accrued liabilities		701,404		732,741
Long-term debt		5,925,364		4,752,929

For the Canadian Senior Notes, the obligors' amounts due from and due to the non-guarantor subsidiaries of CNH Industrial Capital LLC were as follows:


	September 30,		December 31,
(In thousands of dollars)	2026		2025
Affiliated accounts and notes receivable	$	3,668,549	$	3,227,605
Accounts payable and other accrued liabilities		4,701,348		4,573,540

Other Data


	As of or for the
	Nine Months Ended September 30,
(In thousands of dollars)	2026			2025
Receivables, less unearned finance income and unamortized deferred fees and costs	$	13,771,691		$	13,985,138
Equipment on operating leases, net		1,613,762			1,520,114
Total portfolio	$	15,385,453		$	15,505,252
Delinquency ⁽¹⁾		1.22	%		1.11	%
Average gross receivables balance	$	13,697,059		$	14,162,795
Net credit loss ⁽²⁾		0.47	%		0.42	%
Profitability: ⁽³⁾
Return on average portfolio ⁽⁴⁾		1.45	%		1.52	%
Asset Quality:
Allowance for credit losses / gross receivables		1.23	%		1.05	%

(1)

Delinquency is reported on gross receivables greater than 30 days past due, expressed as a percentage of the gross receivables as of the end of the respective period.

(2)

Net credit losses on the receivables means charge-offs, net of recoveries, for the preceding 12 months expressed as a percentage of the average balance of gross receivables for the same period.

(3)

Nine months ended September 30, 2026 and 2025 annualized.

(4)

Net income for the period expressed as a percentage of the average portfolio balance.

Critical Accounting Policies and Estimates

See our critical accounting policies and estimates discussed in our annual report for the year ended December 31, 2025 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 2 to our audited consolidated financial statements included in such annual report. There were no material changes to these policies or estimates during the three months ended September 30, 2026.

Cautionary Note on Forward-Looking Statements

This Quarterly Report , filed with the U.S. Securities and Exchange commission (the "SEC"), includes all statements other than statements of historical fact contained in this filing, including competitive strengths, business strategy, future financial position or operating results, budgets, projections with respect to revenue, income, capital expenditures, dividends, liquidity, capital structure or other financial items, costs, and plans and objectives of management regarding operations, products and services, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements also include, but are not limited to, statements regarding the plans, objectives, strategies, financial performance and outlook, trends, and future performance of CNH and its subsidiaries on a stand-alone basis. These statements may include terminology such as "may," "will," "expect," "could," "should," "intend," "estimate," "anticipate," "believe," "outlook," "continue," "remain," "on track," "design," "target," "objective," "goal," "forecast," "projection," "prospects," "plan," or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views, expectations, estimates, and assumptions, including, in some cases, estimates and data received from third parties, and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or if any other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of CNH's markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, particularly as it relates to the agricultural market business cycle; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs and other protective measures issued to promote national interest or address foreign competition, which in turn result in, or may result in, retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and the related impact on cost and prices, which could consequently affect demand for CNH North America's products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which CNH North America competes; development and use of new technologies (including artificial intelligence) and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety, privacy and data security, or other aspects of CNH's products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; weather conditions, particularly to the extent it impacts the agricultural industry; our ability to obtain financing or to refinance existing debt; restrictive covenants in our debt agreements; actions by rating agencies concerning the ratings on our debt and asset-backed securities and the credit rating of CNH N.V.; price pressure on new and used equipment; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of the Company and CNH North America dealers; security breaches with respect to CNH's products; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of CNH's strategic plan including targeted restructuring actions to optimize CNH's cost structure and improve the efficiency of its operations; CNH's failure to realize, or a delay in realizing, all of the anticipated benefits of its acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our and CNH's success in managing the risks involved in the foregoing.

The foregoing list of factors is not exhaustive. CNH Capital expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this document to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Capital, including factors that potentially could materially affect CNH Capital's financial results, is included in the CNH Capital's reports and filings with the U.S. SEC.

All future written and oral forward-looking statements by CNH Capital or persons acting on the behalf of CNH Capital are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company's filings with the SEC (including, but not limited to, the factors discussed in our 2025 Annual Report and subsequent quarterly reports).

CNH Industrial Capital LLC published this content on November 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 09, 2026 at 16:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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