# CNH Industrial Q3 2026 Earnings Report

> CNH Industrial sells 70% of construction business for $700 million to focus on agriculture.
- Title: CNH Industrial Q3 2026 Earnings Report · The Motley Fool
- Summary: CNH Industrial sells 70% of construction business for $700 million to focus on agriculture.
- Keywords: cnh industrial, q3 2026, earnings call, construction business, agriculture focus, 70% stake, 700 million, ieepa tariff refunds, agricultural equipment, construction equipment, The Motley Fool
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/11/09/cnh-industrial-cnh-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-11-09T20:54:43+00:00
- Read time: 2 min
- Topics: cnh industrial, q3 2026, earnings call, construction business, agriculture focus, 70% stake, 700 million, ieepa tariff refunds, agricultural equipment, construction equipment, finance, money
## Q3 2026 Results
Consolidated revenue fell 1% to $4.4 billion, with agriculture sales down 2%.
## Agriculture Segment
Agriculture sales dropped 2% due to lower volumes in South America and EMEA, offset by growth in Asia Pacific and North America.
## Construction Segment
Construction sales rose 5% driven by higher North American volumes and favorable pricing.
## Tariff Refunds
Company received $71 million in IEEPA tariff refunds, partially offset by reinvestments.
## Construction JV
CNH will sell 70% of construction business to Kobelco for $700 million, valuing it at $1 billion enterprise value.
## JV Structure
CNH retains 30% equity in construction joint venture for at least three years with a put-call mechanism for full ownership transfer.
## Financial Impact
Construction segment EBIT margin improved to 8.4% from 1.9% due to tariff refunds and cost reductions.
## Agriculture Margin
Agriculture adjusted EBIT margin rose to 6.0% from 4.6% with tariff refunds and operational improvements.
## Share Repurchases
Company repurchased $24 million worth of shares at $10.53 per share in Q3.
## 2026 Guidance
Full-year adjusted diluted EPS guidance raised to $0.44 to $0.48 from $0.41 to $0.46.
## Tariff Impact
Full-year agriculture tariff margin impact estimated at 185 basis points, construction at 470 basis points.
## Model Year 2027
North American model year 2027 pricing increases expected at 3% to 3.5% list price.
## Dealer Inventory
Agriculture dealer inventory decreased by $100 million sequentially as part of inventory discipline strategy.
## Financial Services
Financial services reported a net loss of $77 million due to deferred tax assets in Brazil.
## 2027 Outlook
2026 likely represents cycle trough for North American agriculture market with model year 2027 order intake meeting expectations.
## JV Closure
Construction joint venture transaction expected to close by end of 2027 and be accretive to margins.
## Key takeaway

CNH Industrial reported a 1% revenue decline in Q3 2026 but raised full-year EPS guidance after selling 70% of construction business for $700 million.