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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-55510

CNH INDUSTRIAL CAPITAL LLC

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		39-1937630 (I.R.S. Employer Identification Number)
1 CNH Way Waterford, Wisconsin (Address of principal executive offices)	(262) 636-6011 (Registrant’s telephone number, including area code)	53185 (Zip code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer x	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes x No

As of March 31, 2026, all of the limited liability company interests of the registrant were held by CNH Industrial America LLC, a wholly-owned subsidiary of CNH Industrial N.V.

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

Table of Contents

TABLE OF CONTENTS


		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	1
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Statements of Changes in Stockholder’s Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	6
	Condensed Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	*
Item 4.	Controls and Procedures	33
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34

*	This item has been omitted pursuant to the reduced disclosure format as set forth in General Instruction (H)(2) of Form 10-Q

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in thousands of dollars)

(Unaudited)


	2026			2025
REVENUES
Interest income on retail notes and finance leases	$	100,544		$	94,109
Rental income on operating leases		63,096			59,793
Revolving charge account income		10,910			10,416
Interest income on wholesale notes		24,909			34,576
Interest and other income from affiliates		114,503			121,869
Other income		4,470			3,330
Total revenues		318,432			324,093
EXPENSES
Interest expense:
Interest expense to third parties		156,049			166,417
Interest expense to affiliates		—			235
Total interest expense		156,049			166,652
Administrative and operating expenses:
Fees charged by affiliates		13,051			12,044
Provision for credit losses		24,183			17,096
Depreciation of equipment on operating leases		48,657			46,332
Other expenses, net		7,988			6,658
Total administrative and operating expenses		93,879			82,130
Total expenses		249,928			248,782
INCOME BEFORE TAXES		68,504			75,311
Income tax provision		16,120			18,689
NET INCOME	$	52,384		$	56,622

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in thousands of dollars)

(Unaudited)


	2026			2025
NET INCOME	$	52,384		$	56,622
Other comprehensive income (loss):
Foreign currency translation adjustment		(7,643)			731
Pension liability adjustment		6			(88)
Change in derivative financial instruments		869			(2,291)
Total other comprehensive income (loss)		(6,768)			(1,648)
COMPREHENSIVE INCOME	$	45,616		$	54,974

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(in thousands of dollars)

(Unaudited)


		March 31,			December 31,
		2026			2025
ASSETS
Cash		$	86,351		$	353,129
Restricted cash and cash equivalents			332,503			368,247
Receivables, less allowance for credit losses of $154,344 and $146,397, respectively			13,339,481			13,549,667
Affiliated accounts and notes receivable			155,701			291,695
Equipment on operating leases, net			1,578,697			1,569,896
Equipment held for sale			36,026			40,458
Goodwill			107,846			108,283
Other intangible assets, net			24,350			25,329
Other assets			150,713			140,009
TOTAL		$	15,811,668		$	16,446,713
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Short-term debt (including current maturities of long-term debt)		$	5,150,534		$	6,008,699
Accounts payable and other accrued liabilities			701,707			711,307
Affiliated debt			15,854			48,497
Long-term debt			8,339,084			8,059,298
Total liabilities			14,207,179			14,827,801
Commitments and contingent liabilities (Note 12)
Stockholder’s equity:
Member’s capital			—			—
Paid-in capital			918,283			918,322
Accumulated other comprehensive loss			(166,310)			(159,542)
Retained earnings			852,516			860,132
Total stockholder’s equity			1,604,489			1,618,912
TOTAL		$	15,811,668		$	16,446,713

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Continued)

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(in thousands of dollars)

(Unaudited)

The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the consolidated balance sheets. The assets in the table include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities in the table include third-party liabilities of the consolidated VIEs, for which creditors do not have recourse to the general credit of CNH Industrial Capital LLC. See Note 4: Receivables for additional information on the Company’s VIEs.


	March 31,			December 31,
	2026			2025
Restricted cash and cash equivalents	$	332,503		$	368,247
Receivables, less allowance for credit losses of $80,205 and $74,101, respectively		7,894,333			8,245,122
TOTAL	$	8,226,836		$	8,613,369

Short-term debt (including current maturities of long-term debt)	$	3,621,290		$	4,137,537
Long-term debt		4,065,156			3,962,842
TOTAL	$	7,686,446		$	8,100,379

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in thousands of dollars)

(Unaudited)


		2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	52,384		$	56,622
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases			48,685			46,332
Amortization of intangibles			1,042			699
Provision for credit losses			24,183			17,096
Deferred income tax expense (benefit)			8,269			(14,093)
Gains on sale of used equipment			(221)			—
Other non-cash items			9,233			10,916
Changes in components of working capital:
Change in affiliated accounts receivables			28,575			109,188
Change in other assets and equipment held for sale			(7,039)			(7,709)
Change in accounts payable and other accrued liabilities			(11,874)			23,054
Net cash from operating activities			153,237			242,105
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)			(2,882,941)			(3,204,327)
Collections of receivables (retail customer, revolving charge accounts and wholesale)			3,015,936			3,262,421
Change in affiliated cash pooling receivables, net			109,841			195,338
Cost of affiliated notes receivables acquired			(3,000)			—
Collections of affiliated notes receivables			561			—
Purchase of equipment on operating leases			(124,718)			(157,492)
Proceeds from disposal of equipment on operating leases			60,706			80,101
Change in property, equipment and software, net			(50)			(3,489)
Net cash from (used in) investing activities			176,335			172,552
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net			(32,310)			56,349
Proceeds from issuance of long-term debt			1,706,758			1,349,050
Payment of long-term debt			(1,486,141)			(989,940)
Change in committed asset-backed facilities, net			(659,263)			(475,499)
Change in short-term borrowings, net			(100,025)			(663,556)
Dividends paid to CNH Industrial America LLC			(60,000)			(60,000)
Net cash (used in) from financing activities			(630,981)			(783,596)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash			(1,113)			140
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS			(302,522)			(368,799)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period			721,376			833,343
End of period		$	418,854		$	464,544
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash		$	86,351		$	116,030
Restricted cash and cash equivalents			332,503			348,514
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS		$	418,854		$	464,544
CASH PAID DURING THE PERIOD FOR INTEREST		$	150,192		$	153,035
CASH PAID DURING THE PERIOD FOR TAXES		$	72,884		$	11,455

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in thousands of dollars)

(Unaudited)


								Accumulated
								Other
		Member’s			Paid-in			Comprehensive			Retained
		Capital			Capital			Income (Loss)			Earnings			Total
BALANCE - January 1, 2025		$	—		$	918,335		$	(178,447)		$	863,281		$	1,603,169
Net income			—			—			—			56,622			56,622
Dividends paid to CNH Industrial America LLC			—			—			—			(60,000)			(60,000)
Foreign currency translation adjustment			—			—			731			—			731
Stock compensation			—			(68)			—			—			(68)
Pension liability adjustment, net of tax			—			—			(88)			—			(88)
Change in derivative financial instruments, net of tax			—			—			(2,291)			—			(2,291)
BALANCE - March 31, 2025		$	—		$	918,267		$	(180,095)		$	859,903		$	1,598,075
BALANCE - January 1, 2026		$	—		$	918,322		$	(159,542)		$	860,132		$	1,618,912
Net income			—			—			—			52,384			52,384
Dividends paid to CNH Industrial America LLC			—			—			—			(60,000)			(60,000)
Foreign currency translation adjustment			—			—			(7,643)			—			(7,643)
Stock compensation			—			(39)			—			—			(39)
Pension liability adjustment, net of tax			—			—			6			—			6
Change in derivative financial instruments, net of tax			—			—			869			—			869
BALANCE - March 31, 2026		$	—		$	918,283		$	(166,310)		$	852,516		$	1,604,489

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands of dollars)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION

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” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNH N.V.” and, together with its consolidated subsidiaries, “CNH”). CNH America and CNH Industrial Canada Ltd. (“CNH Canada” and together with CNH America, “CNH North America”) design, manufacture, and sell agricultural and construction equipment. CNH Capital provides financial services for CNH North America dealers and end-use customers primarily located in the United States and Canada.

The Company has prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain financial information and footnote disclosures normally included in annual financial statements has been condensed or omitted. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. These interim financial statements should be read in conjunction with the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2025. Results of operations and cash flows for interim periods are not necessarily indicative of full‑year results.

The consolidated financial statements include the Company and its consolidated subsidiaries and are presented in U.S. dollars. Consolidation is required for entities in which the Company has a controlling financial interest, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. A controlling financial interest exists when the Company holds a majority voting interest or has both the power to direct the activities that most significantly affect a VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the entity. Noncontrolling interests of minority owners are reflected for subsidiaries that are not wholly owned. The Company evaluates its status as primary beneficiary on an ongoing basis, and the consolidation status of VIEs may change as a result of these evaluations.

Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications had no impact on the Company’s results of operations or financial position as of December 31, 2025 or March 31, 2025.

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial statements.

Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact this guidance will have on the disclosures in its consolidated financial statements and related disclosures.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table summarizes the change in the components of the Company’s accumulated other comprehensive income (“AOCI”) balance and related tax effects for the three months ended March 31, 2026:


		Currency			Pension			Unrealized
		Translation			Liability			(Losses) Gains
		Adjustment			(Asset)			on Derivatives			Total
Beginning balance, gross		$	(158,293)		$	(46)		$	(1,556)		$	(159,895)
Tax liability			—			14			339			353
Beginning balance, net of tax			(158,293)			(32)			(1,217)			(159,542)
Other comprehensive income (loss) before reclassifications			(7,643)			(87)			1,412			(6,318)
Amounts reclassified from accumulated other comprehensive income (loss)			—			95			(253)			(158)
Tax effects			—			(2)			(290)			(292)
Net current-period other comprehensive income (loss)			(7,643)			6			869			(6,768)
Total		$	(165,936)		$	(26)		$	(348)		$	(166,310)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2025:


		Currency						Unrealized
		Translation			Pension			(Losses) Gains
		Adjustment			Liability			on Derivatives			Total
Beginning balance, gross		$	(179,886)		$	(739)		$	2,632		$	(177,993)
Tax liability			—			186			(640)			(454)
Beginning balance, net of tax			(179,886)			(553)			1,992			(178,447)
Other comprehensive income (loss) before reclassifications			731			(126)			(2,036)			(1,431)
Amounts reclassified from accumulated other comprehensive income (loss)			—			10			(982)			(972)
Tax effects			—			28			727			755
Net current-period other comprehensive income (loss)			731			(88)			(2,291)			(1,648)
Total		$	(179,155)		$	(641)		$	(299)		$	(180,095)

The reclassifications out of AOCI were immaterial for the three months ended March 31, 2026 and 2025.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 4: RECEIVABLES

A summary of receivables included in the consolidated balance sheets as of March 31, 2026 and December 31, 2025 is as follows:


		March 31,			December 31,
		2026			2025
Retail notes		$	1,943,290		$	1,987,533
Revolving charge accounts			259,398			239,314
Finance leases			245,276			252,921
Wholesale			1,203,860			1,205,873
Restricted receivables			9,842,001			10,010,423
			13,493,825			13,696,064
Less: Allowance for credit losses			(154,344)			(146,397)
Total receivables, net		$	13,339,481		$	13,549,667

The receivables balances at March 31, 2026 and December 31, 2025 include unearned finance income and unamortized deferred fees and costs of $485,558 and $511,869, respectively.

Restricted Receivables and Securitization

As part of its overall funding strategy, the Company periodically transfers certain receivables into bankruptcy-remote special purpose entities (“SPEs”) as part of its asset-backed securitization programs.

Receivables transferred to SPEs are legally isolated and their related cash flows are restricted to satisfy the SPEs’ obligations. The SPEs, including certain VIE trusts, are consolidated because the Company has both the power to direct their significant activities and exposure to potentially significant benefits or losses. Accordingly, transfers to these entities do not qualify for sale accounting and are recorded as secured borrowings.

The Company may retain subordinated interests but does not guarantee securities issued by the VIE trusts. The Company provides customary representations and warranties, which may require it to repurchase receivables if those representations or warranties are breached. The trusts generally terminate upon final investor distributions or exercise of a cleanup call.

Under its Global Master Repurchase Agreement, which expires in September 2026, the Company had $322,937 (C$450,000) of Canadian receivables outstanding as of March 31, 2026, with an obligation to repurchase such receivables in 30 days. As of December 31, 2025, the Company had $328,662 (C$450,000) outstanding under this agreement.

The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the carrying value of restricted receivables as of March 31, 2026 and December 31, 2025:


		March 31,			December 31,
		2026			2025
Retail notes		$	6,806,372		$	7,050,791
Wholesale			3,035,629			2,959,632
			9,842,001			10,010,423
Less: Allowance for credit losses			(81,753)			(74,100)
Total restricted receivables, net		$	9,760,248		$	9,936,323

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Allowance for Credit Losses

The allowance for credit losses represents the Company’s estimate of the lifetime expected credit losses on its receivables. Retail customer receivables primarily include retail notes and finance leases, while revolving charge accounts provide financing for parts, service, rentals, implements and attachments purchased through CNH North America dealers. Wholesale receivables include dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Receivables within a geographic area generally share similar risk profiles and methods for assessing and monitoring risk.

Receivables with similar risk characteristics are evaluated collectively using loss‑forecast models updated quarterly and adjusted for current and expected economic conditions. Qualitative factors are applied when risks are not fully captured in the models. Receivables without shared risk characteristics are evaluated individually based on delinquency status, collection history, and expected cash shortfalls, including collateral when applicable. Revolving charge account receivables are assessed collectively using models that incorporate historical losses and delinquency trends.

Principal amounts of retail customer and wholesale receivables are charged off against the allowance when they are determined to be uncollectible. Revolving charge accounts are generally considered uncollectible and charged off when they reach 120 days past due.

Allowance for credit losses activity for the three months ended March 31, 2026 is as follows:


			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	133,439	$	6,542	$	6,416	$	146,397
Charge-offs		(15,121)		(1,764)		—		(16,885)
Recoveries		357		218		300		875
Provision (benefit)		22,202		2,171		(190)		24,183
Foreign currency translation and other		(198)		(8)		(20)		(226)
Ending balance	$	140,679	$	7,159	$	6,506	$	154,344
Gross receivables:
Ending balance	$	8,994,938	$	259,398	$	4,239,489	$	13,493,825

The allowance for credit losses increased in the first quarter of 2026 due to higher delinquencies and continued elevated loss trends.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Allowance for credit losses activity for the three months ended March 31, 2025 is as follows:


			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	114,935	$	7,603	$	7,445	$	129,983
Charge-offs		(15,960)		(1,510)		(34)		(17,504)
Recoveries		273		197		2		472
Provision (benefit)		15,231		1,873		(8)		17,096
Foreign currency translation and other		19		1		2		22
Ending balance	$	114,498	$	8,164	$	7,407	$	130,069
Gross receivables:
Ending balance	$	8,986,296	$	250,864	$	4,808,444	$	14,045,604

The Company evaluates the credit quality of its receivables based on delinquency status. Receivables are considered past due when scheduled principal or interest payments have not been received by the due date, and delinquency is reported for accounts more than 30 days past due. As retail customer receivables generally have terms longer than one year, past‑due information is presented by year of origination.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

The aging of receivables and gross charge-offs by vintage as of March 31, 2026 are as follows:


							Greater
			31 – 60 Days		61 – 90 Days		Than		Total		Gross
	Current		Past Due		Past Due		90 Days		Receivables		Charge-offs
Retail customer
United States
2026	$	620,445	$	714	$	58	$	—	$	621,217	$	—
2025		2,863,182		17,424		5,112		3,502		2,889,220		2,776
2024		1,875,108		15,371		6,537		15,684		1,912,700		5,498
2023		1,034,312		8,867		3,867		15,566		1,062,612		3,582
2022		505,893		5,331		2,074		6,261		519,559		1,396
Prior to 2022		260,242		2,280		917		38,912		302,351		759
Total	$	7,159,182	$	49,987	$	18,565	$	79,925	$	7,307,659	$	14,011
Canada
2026	$	207,296	$	67	$	—	$	—	$	207,363	$	—
2025		806,583		1,824		156		775		809,338		186
2024		356,589		1,783		459		679		359,510		374
2023		132,632		570		21		853		134,076		221
2022		100,330		1,973		128		402		102,833		160
Prior to 2022		72,990		423		19		727		74,159		169
Total	$	1,676,420	$	6,640	$	783	$	3,436	$	1,687,279	$	1,110
Revolving charge accounts
United States	$	233,908	$	4,876	$	2,062	$	1,264	$	242,110	$	1,672
Canada	$	16,587	$	349	$	281	$	71	$	17,288	$	92
Wholesale
United States	$	3,141,044	$	2,044	$	95	$	337	$	3,143,520	$	—
Canada	$	1,095,969	$	—	$	—	$	—	$	1,095,969	$	—
Total
Retail customer	$	8,835,602	$	56,627	$	19,348	$	83,361	$	8,994,938	$	15,121
Revolving charge accounts	$	250,495	$	5,225	$	2,343	$	1,335	$	259,398	$	1,764
Wholesale	$	4,237,013	$	2,044	$	95	$	337	$	4,239,489	$	—

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

The aging of receivables and gross charge-offs by vintage as of December 31, 2025 is as follows:


							Greater
			31 – 60 Days		61 – 90 Days		Than		Total		Gross
	Current		Past Due		Past Due		90 Days		Receivables		Charge-offs
Retail customer
United States
2025	$	3,148,519	$	9,826	$	2,655	$	2,728	$	3,163,728	$	756
2024		2,117,310		22,923		5,460		17,711		2,163,404		14,127
2023		1,185,281		12,726		4,158		12,253		1,214,418		20,735
2022		605,276		6,583		1,496		6,258		619,613		8,757
2021		295,469		2,875		824		3,624		302,792		2,903
Prior to 2021		55,297		1,242		396		36,598		93,533		3,851
Total	$	7,407,152	$	56,175	$	14,989	$	79,172	$	7,557,488	$	51,129
Canada
2025	$	916,263	$	2,011	$	—	$	2,488	$	920,762	$	178
2024		429,120		3,667		712		1,076		434,575		1,722
2023		156,190		1,074		71		387		157,722		2,048
2022		123,254		1,186		128		298		124,866		912
2021		78,910		293		59		482		79,744		456
Prior to 2021		15,539		279		39		230		16,087		30
Total	$	1,719,276	$	8,510	$	1,009	$	4,961	$	1,733,756	$	5,346
Revolving charge accounts
United States	$	213,630	$	5,677	$	2,327	$	1,208	$	222,842	$	6,459
Canada	$	15,907	$	250	$	216	$	99	$	16,472	$	440
Wholesale
United States	$	3,090,625	$	836	$	102	$	509	$	3,092,072	$	218
Canada	$	1,073,434	$	—	$	—	$	—	$	1,073,434	$	—
Total
Retail customer	$	9,126,428	$	64,685	$	15,998	$	84,133	$	9,291,244	$	56,475
Revolving charge accounts	$	229,537	$	5,927	$	2,543	$	1,307	$	239,314	$	6,899
Wholesale	$	4,164,059	$	836	$	102	$	509	$	4,165,506	$	218

Included in the receivables balance at March 31, 2026 and December 31, 2025 is accrued interest of $95,852 and $99,265, respectively. The Company does not include accrued interest in its allowance for credit losses.

Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 90 days past due, whichever occurs first. Accrued interest is charged-off to interest income and such amounts were not material for the three months ended March 31, 2026 and 2025. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time.

The retail customer receivables on nonaccrual status as of March 31, 2026 and December 31, 2025 are as follows:


	March 31,		December 31,
	2026		2025
United States	$	95,850	$	102,485
Canada	$	5,540	$	6,359

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

As of March 31, 2026 and December 31, 2025, total revolving charge account receivables on nonaccrual status were immaterial. As of March 31, 2026 and December 31, 2025, wholesale receivables on nonaccrual status in the United States were $3,053 and $18,857, respectively. There were no wholesale receivables on nonaccrual status in Canada as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, receivables on non‑accrual status without an allowance and the related interest income for the three months ended March 31, 2026 and 2025 were immaterial.

Modifications

The Company periodically modifies receivable terms for customers experiencing financial difficulties, with modifications including payment deferrals, extended maturities, interest‑rate adjustments, or partial waivers of interest or principal. As a collateral‑based lender, CNH Capital retains recourse to the financed assets in the event of default and continues to monitor the credit quality of modified receivables. The allowance for credit losses already incorporates historical loss experience related to such modifications, so additional adjustments to the allowance are generally not required when a receivable is modified.

As of March 31, 2026 and 2025, modifications of retail customer and wholesale receivables for customers experiencing financial difficulties were immaterial, and defaults and subsequent write‑offs of modified receivables during the preceding twelve months were not significant.

NOTE 5: EQUIPMENT ON OPERATING LEASES

Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $91,188) as of March 31, 2026 are as follows:


2026	$	153,232
2027		155,395
2028		80,062
2029		35,198
2030 and thereafter		12,033
Total lease payments	$	435,920

NOTE 6: CREDIT FACILITIES AND DEBT

On January 8, 2026, CNH Industrial Capital LLC completed an offering of $500,000 in aggregate principal amount of its 4.375% unsecured notes due 2031, with an issue price of 99.086%.

On January 15, 2026, CNH Industrial Capital LLC repaid the principal amount of $500,000 of its 1.875% unsecured notes due 2026.

On January 28, 2026, the Company, through a bankruptcy-remote trust, issued $1,211,328 of amortizing asset-backed notes secured by U.S. retail receivables.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Repurchase Agreement

The Company is a party to a Global Master Repurchase Agreement which expires in September 2026. As of March 31, 2026, the Company had sold, and not yet repurchased, $322,937 (C$450,000) 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 March 31, 2026, committed and uncommitted unsecured facilities with banks totaled $743,715, with no amounts 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. The Company had no commercial paper outstanding as of March 31, 2026.

NOTE 7: INCOME TAXES

The effective tax rates for the three months ended March 31, 2026 and 2025 were 23.5% and 24.8%, respectively.

NOTE 8: FINANCIAL INSTRUMENTS

The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items.

Fair-Value Hierarchy

The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

Level 1 —

Quoted prices for identical instruments in active markets.

Level 2 —

Quoted prices for similar instruments in active markets; identical or similar instruments in inactive markets and model-derived valuations where all significant inputs and value drivers are observable.

Level 3 —

Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the use of observable market data when available.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Derivatives

The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designed as a hedge at the inception of the derivative contract. The Company does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows.

Interest Rate Derivatives

The Company uses interest rate derivatives to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. As of March 31, 2026, the maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 49 months. As of March 31, 2026, the after-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately $46.

The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three months ended March 31, 2026 and 2025.

All of the Company’s interest rate derivatives as of March 31, 2026 and December 31, 2025 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $6,238,644 and $6,305,019 at March 31, 2026 and December 31, 2025, respectively. The four-month average notional amounts for the three months ended March 31, 2026 and 2025 were $6,247,058 and $4,786,285, respectively.

Foreign Exchange Contracts

The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed.

All of the Company’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Financial Statement Impact of the Company’s Derivatives

The fair values of the Company’s derivatives as of March 31, 2026 and December 31, 2025 in the consolidated balance sheets are recorded as follows:


		March 31,			December 31,
		2026			2025
Derivatives Designated as Hedging Instruments
Other assets:
Interest rate derivatives		$	27,925		$	30,282
Accounts payable and other accrued liabilities:
Interest rate derivatives		$	6,757		$	4,542
Derivatives Not Designated as Hedging Instruments
Other assets:
Interest rate derivatives		$	14,588		$	11,372
Foreign exchange contracts			822			—
Total		$	15,410		$	11,372
Accounts payable and other accrued liabilities:
Interest rate derivatives		$	14,588		$	11,372

Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three months ended March 31, 2026 and 2025 are recorded in the following accounts:


	2026			2025
Cash Flow Hedges
Recognized in accumulated other comprehensive income (loss):
Interest rate derivatives	$	1,412		$	(2,036)
Reclassified from accumulated other comprehensive income (loss):
Interest rate derivatives—Interest expense to third parties	$	253		$	982
Not Designated as Hedges
Foreign exchange contracts—Other expenses, net	$	(1,337)		$	(159)

Items Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, all of which are measured as Level 2:


	March 31,			December 31,
	2026			2025
Assets
Interest rate derivatives	$	42,513		$	41,654
Foreign exchange contracts		822			—
Total assets	$	43,335		$	41,654
Liabilities
Interest rate derivatives	$	21,345		$	15,914

There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

Fair Value of Other Financial Instruments

The carrying amount of cash, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2.

Financial Instruments Not Carried at Fair Value

The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of March 31, 2026 and December 31, 2025 are as follows:


		March 31, 2026						December 31, 2025
		Carrying			Estimated			Carrying			Estimated
		Amount			Fair Value *			Amount			Fair Value *
Receivables		$	13,339,481		$	13,384,171		$	13,549,667		$	13,608,889
Long-term debt		$	8,339,084		$	8,359,047		$	8,059,298		$	8,164,425

______________

Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

Receivables

The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Long-term debt

The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 9: SEGMENT INFORMATION

CNH Capital operates in a single reportable segment as a captive financial services company that underwrites, services and manages financing products for end use customers and dealers of CNH North America. Segment information is prepared in accordance with the internal reporting provided to the Chief Operating Decision Maker (“CODM”). The CODM evaluates the performance of the Company and allocates resources based on net income that also is reported on the consolidated statements of income as net income. The measure of segment assets is reported on the consolidated balance sheets as total assets. There were no changes to the Company’s reportable segment or to the methods used to measure segment results during the quarter.

A summary of the Company’s segment net income is as follows:


		Three Months Ended
		March 31,
		2026			2025
REVENUES
Revenues and other income from third parties		$	203,929		$	202,224
Interest and other income from affiliates			114,503			121,869
Total revenues			318,432			324,093
EXPENSES
Interest expense to third parties			156,049			166,417
Interest expense to affiliates			—			235
Fees charged by affiliates			13,051			12,044
Provision for credit losses			24,183			17,096
Depreciation of equipment on operating leases			48,657			46,332
Losses (gains) on sale of used equipment			(221)			163
Other general and administrative			8,209			6,495
Income tax provision			16,120			18,689
Total expenses			266,048			267,471
SEGMENT NET INCOME			52,384			56,622
Adjustments and reconciling items			—			—
NET INCOME		$	52,384		$	56,622

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 10: GEOGRAPHICAL INFORMATION

A summary of the Company’s geographical information is as follows:


		Three Months Ended
		March 31,
		2026			2025
Revenues
United States		$	255,483		$	263,359
Canada			63,623			63,228
Eliminations			(674)			(2,494)
Total		$	318,432		$	324,093
Interest expense
United States		$	127,878		$	138,672
Canada			28,845			30,474
Eliminations			(674)			(2,494)
Total		$	156,049		$	166,652
Net income
United States		$	43,204		$	44,036
Canada			9,180			12,586
Total		$	52,384		$	56,622
Depreciation and amortization
United States		$	35,559		$	33,596
Canada			14,168			13,435
Total		$	49,727		$	47,031
Expenditures for equipment on operating leases
United States		$	98,359		$	131,349
Canada			26,359			26,143
Total		$	124,718		$	157,492
Provision for credit losses
United States		$	20,709		$	17,063
Canada			3,474			33
Total		$	24,183		$	17,096


	As of			As of
	March 31,			December 31,
	2026			2025
Total assets
United States	$	12,532,873		$	12,981,088
Canada		3,412,276			3,494,190
Eliminations		(133,481)			(28,565)
Total	$	15,811,668		$	16,446,713
Gross receivables
United States	$	10,693,289		$	10,872,402
Canada		2,800,536			2,823,662
Total	$	13,493,825		$	13,696,064

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 11: RELATED-PARTY TRANSACTIONS

The Company receives compensation from CNH North America for retail customer, operating lease, revolving charge accounts and wholesale sales programs offered by CNH North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH North America.

The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income for the three months ended March 31, 2026 and 2025 is as follows:


	2026			2025
Subsidy from CNH North America
Retail customer	$	65,393		$	63,491
Operating lease		10,016			9,423
Revolving charge accounts		1,182			1,140
Wholesale		35,158			44,102
Income from affiliated receivables
CNH North America		2,073			2,942
Banco CNH Industrial Capital Brazil		519			533
Other affiliates		162			238
Total interest and other income from affiliates	$	114,503		$	121,869

There was no interest expense to affiliates for the three months ended March 31, 2026 and $235 of interest expense to affiliates for the three months ended March 31, 2025. Fees charged by affiliates were $13,051 and $12,044 for the three months ended March 31, 2026 and 2025, respectively, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company.

As of March 31, 2026 and December 31, 2025, the Company had various accounts and notes receivable and debt with the following affiliates:


	March 31,		December 31,
	2026		2025
Affiliated receivables
CNH America	$	107,948	$	235,745
CNH Canada		—		11,126
Banco CNH Industrial Capital Brazil		23,998		24,223
CNH Industrial Capital South America		11,256		8,098
Other affiliates		12,499		12,503
Total affiliated receivables	$	155,701	$	291,695
Affiliated debt
CNH Canada	$	15,854	$	48,497
Total affiliated debt	$	15,854	$	48,497

Accounts payable and other accrued liabilities, including tax payables, of $79,702 and $68,029 were payable to related parties as of March 31, 2026 and December 31, 2025, respectively.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands of dollars)

(Unaudited)

NOTE 12: COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations.

Guarantees

The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNH N.V. for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities.

Commitments

As of March 31, 2026, the Company had various agreements, on an uncommitted basis, to extend credit for the following portfolios:


	Total
	Credit Limit		Utilized		Not Utilized
Wholesale and dealer financing	$	7,888,892	$	4,137,572	$	3,751,320
Revolving charge accounts	$	2,875,636	$	264,757	$	2,610,879

NOTE 13: SUBSEQUENT EVENTS

On April 9, 2026, S&P Global Ratings downgraded the senior long-term debt ratings of CNH Industrial Capital LLC and CNH Industrial Capital Canada Ltd. from ‘BBB+’ to ‘BBB’, assigned a stable outlook and affirmed the ‘A-2’ short-term issuer credit rating for both companies.

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Item 2. 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

Industry conditions in early 2026 continue to reflect the ongoing cyclical downturn, with historically low agriculture equipment demand, particularly in North America, as ongoing tariff and input‑cost pressures weigh on farmer sentiment. CNH continues to view these trends as cyclical rather than structural. During the first quarter, CNH remained focused on price discipline, production and inventory management, cost‑reduction initiatives, and continued investment in Precision Technology and quality.

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 March 31, 2026, CNH’s net sales of agricultural equipment and net sales of construction equipment generated in North America were $1,014.7 million and $302.2 million, respectively, representing a decrease of 3.3% and 6.1% 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 $52.4 million for the three months ended March 31, 2026, compared to $56.6 million for the three months ended March 31, 2025. The decrease was primarily driven by higher provisions for credit losses and higher labor costs, partially offset by margin improvement. The receivables balance greater than 30 days past due as a percentage of receivables was 1.3% at March 31, 2026 and December 31, 2025 and 1.2% at March 31, 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.

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Results of Operations

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Revenues

Revenues for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


	2026			2025			$ Change			% Change
Interest income on retail notes and finance leases	$	100,544		$	94,109		$	6,435		6.8	%
Rental income on operating leases		63,096			59,793			3,303		5.5
Interest income on revolving charge accounts		10,910			10,416			494		4.7
Interest income on wholesale notes		24,909			34,576			(9,667)		(28.0)
Interest and other income from affiliates		114,503			121,869			(7,366)		(6.0)
Other income		4,470			3,330			1,140		34.2
Total revenues	$	318,432		$	324,093		$	(5,661)		(1.7)	%

Total revenues decreased in the first quarter of 2026 compared to 2025 due to a lower average portfolio, partially offset by a higher average yield for the portfolio. The average yield for the total portfolio was 8.3% and 8.2% for the three months ended March 31, 2026 and 2025, respectively.

Interest income on retail notes and finance leases increased in the first quarter of 2026 compared to 2025 primarily due to the favorable impacts of $4.7 million from higher interest rates and $1.7 million from higher average earning assets.

Rental income on operating leases increased in the first quarter of 2026 compared to 2025 primarily due to a $5.7 million favorable impact from higher average earning assets, partially offset by a $2.4 million unfavorable impact from lower interest rates.

Interest income on wholesale notes decreased in the first quarter of 2026 compared to 2025 primarily due to the unfavorable impacts of $6.0 million from lower interest rates and $3.7 million from lower average earning assets.

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 $65.4 million and $63.5 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to higher 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 $10.0 million and $9.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to a higher average earning assets.

◾

For revolving charge accounts, compensation from CNH North America for low-rate financing programs and interest waiver programs offered to customers was $1.2 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to higher average earning assets.

◾

For the three months ended March 31, 2026, compensation from CNH North America for wholesale marketing programs was $35.2 million, a decrease of $8.9 million from the same period in 2025. The decrease was primarily due to destocking efforts and lower base rates.

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Expenses

Expenses for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


		2026			2025			$ Change			% Change
Total interest expense		$	156,049		$	166,652		$	(10,603)		(6.4)	%
Fees charged by affiliates			13,051			12,044			1,007		8.4
Provision for credit losses			24,183			17,096			7,087		41.5
Depreciation of equipment on operating leases			48,657			46,332			2,325		5.0
Other expenses, net			7,988			6,658			1,330		20.0
Total expenses		$	249,928		$	248,782		$	1,146		0.5	%

The decrease in total interest expense for the first quarter of 2026 was primarily due to the favorable impacts of $6.5 million from lower average interest rates and $4.1 million from lower average total debt. The average debt cost was 4.6% for the three months ended March 31, 2026 compared to 4.7% for the three months ended March 31, 2025.

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

The provision for credit losses was higher in the first quarter of 2026 due to higher delinquencies and continued elevated loss trends.

Depreciation of equipment on operating leases increased in the first quarter of 2026 largely due to a higher average operating lease portfolio.

Other expenses increased in the first three months of 2026 compared to the same period in 2025 due to higher general and administrative costs.

The effective tax rates for the three months ended March 31, 2026 and 2025 were 23.5% and 24.8%, respectively.

Receivables and Equipment on Operating Leases Originated and Held

Receivables and equipment on operating lease originations for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


	2026			2025			$ Change			% Change
Retail customer	$	921,554		$	1,090,137		$	(168,583)		(15.5)	%
Revolving charge accounts		213,658			205,110			8,548		4.2
Wholesale		1,747,729			1,909,080			(161,351)		(8.5)
Equipment on operating leases		124,718			157,492			(32,774)		(20.8)
Total originations	$	3,007,659		$	3,361,819		$	(354,160)		(10.5)	%

Retail customer originations declined due to lower new equipment deliveries, reduced used equipment volumes, and lower penetration rates. Wholesale originations decreased with reduced new equipment deliveries and trade‑ins. The decrease in operating lease originations was primarily driven by lower new equipment deliveries and penetration rates.

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Receivables and equipment on operating leases held as of March 31, 2026, December 31, 2025 and March 31, 2025 were as follows (in thousands of dollars):


	March 31,			December 31,			March 31,
	2026			2025			2025
Retail customer	$	8,994,938		$	9,291,244		$	8,986,296
Revolving charge accounts		259,398			239,314			250,864
Wholesale		4,239,489			4,165,506			4,808,444
Equipment on operating leases		1,578,697			1,569,896			1,457,155
Total receivables and equipment on operating leases	$	15,072,522		$	15,265,960		$	15,502,759

The total balance of retail customer receivables greater than 30 days past due as a percentage of retail customer receivables was 1.8% at March 31, 2026 and December 31, 2025 and 1.7% at March 31, 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 March 31, 2026, 4.1% at December 31, 2025 and 3.7% at March 31, 2025. The total wholesale receivables balance greater than 30 days past due as a percentage of the wholesale receivables was not significant at March 31, 2026, December 31, 2025 or March 31, 2025.

Total retail customer receivables on nonaccrual status were $101.4 million, $108.8 million and $88.0 million at March 31, 2026, December 31, 2025 and March 31, 2025, respectively. As of March 31, 2026, December 31, 2025 and March 31, 2025, total revolving charge account receivables on nonaccrual status were immaterial. Total wholesale receivables on nonaccrual status were $3.1 million, $18.9 million and $21.9 million at March 31, 2026 and December 31, 2025 and March 31, 2025, respectively.

Total receivable charge-offs and recoveries, by product, for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


	2026			2025
Charge-offs:
Retail customer	$	15,121		$	15,960
Revolving charge accounts		1,764			1,510
Wholesale		—			34
Total charge-offs		16,885			17,504
Recoveries:
Retail customer		(357)			(273)
Revolving charge accounts		(218)			(197)
Wholesale		(300)			(2)
Total recoveries		(875)			(472)
Charge-offs, net of recoveries:
Retail customer		14,764			15,687
Revolving charge accounts		1,546			1,313
Wholesale		(300)			32
Total charge-offs, net of recoveries	$	16,010		$	17,032

Our allowance for credit losses on all receivables financed totaled $154.3 million at March 31, 2026, $146.4 million at December 31, 2025 and $130.1 million at March 31, 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 March 31, 2026.

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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

For the three months ended March 31, 2026 and 2025, our cash flows were as follows (in thousands of dollars):


	2026			2025
Cash flows from (used in):
Operating activities	$	153,237		$	242,105
Investing activities		176,335			172,552
Financing activities		(630,981)			(783,596)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(1,113)			140
Net cash decrease	$	(302,522)		$	(368,799)

The decrease in net cash from operating activities during the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to changes in components of working capital and a decrease in net income, partially offset by a higher deferred income tax expense and increased provisions for credit losses. The increase in net cash from investing activities for the three months ended March 31, 2026 was primarily due to higher net collections for receivables of $74.9 million and decreased net expenditures for equipment on operating lease and property and equipment and software of $13.4 million and $3.4 million, respectively, partially offset by lower net collections for affiliated cash pooling of $85.5 million and increased net expenditures for affiliated notes receivables of $2.4 million. The decrease in net cash used in financing activities for the three months ended March 31, 2026 was primarily due to lower net cash paid on external borrowings of $241.3 million, partially offset by increased net cash paid on affiliated debt of $88.7 million.

Securitization

CNH Capital and its predecessor entities have been securitizing receivables since 1992. CNH Capital had approximately $4,951.3 million of public and private asset-backed securities outstanding in the U.S. and Canada as of March 31, 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 $3,167.6 million as of March 31, 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 March 31, 2026, there was $369.0 million of funding available under these facilities.

Repurchase Agreement

We are a party to a Global Master Repurchase Agreement which expires in September 2026. As of March 31, 2026, the Company had sold, and not yet repurchased, $322.9 million (C$450.0 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.

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Unsecured Facilities and Debt

As of March 31, 2026, committed and uncommitted unsecured facilities with banks totaled $743.7 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 no commercial paper outstanding as of March 31, 2026.

As of March 31, 2026, our unsecured senior notes were as follows (in thousands of dollars):


Issued by CNH Industrial Capital LLC (the “U.S. Senior Notes”):⁽¹⁾
1.450% notes, due 2026	$	600,000
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
Hedging, discounts and unamortized issuance costs		(13,178)
		4,286,822
Issued by CNH Industrial Capital Canada (the “Canadian Senior Notes”):⁽²⁾
5.500% notes, due 2026		287,055
4.800% notes, due 2027		287,055
4.000% notes, due 2028		215,292
3.750% notes, due 2029		358,819
Hedging, discounts and unamortized issuance costs		(4,686)
		1,143,535
Total	$	5,430,357

(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 January 8, 2026, CNH Industrial Capital LLC completed an offering of $500.0 million in aggregate principal amount of 4.375% unsecured notes due 2031, with an issue price of 99.086%.

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.

Ratings as of March 31, 2026 for the Company are as follows:


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

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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 affiliated debt of $15.9 million and $48.5 million as of March 31, 2026 and December 31, 2025, respectively.

Equity Position

Our equity position also supports our ability to access various funding sources. Our stockholder’s equity as of March 31, 2026 and December 31, 2025 was $1,604.5 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.

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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.

For the three months ended March 31, 2026 and 2025, the summarized statement of income information for the obligor group of the U.S. Senior Notes was as follows (in thousands of dollars):


	2026		2025
Revenues	$	159,389	$	101,494
Interest expense		79,433		31,625
Administrative and operating expenses		63,779		51,429
Income tax provision		4,161		4,136
Net income	$	12,016	$	14,304

For the U.S. Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


	2026		2025
Interest and other income from affiliates	$	13,513	$	16,722
Interest expense to affiliates		26,961		37,528

As of March 31, 2026 and December 31, 2025, the summarized balance sheet information for the obligor group of the U.S. Senior Notes was as follows (in thousands of dollars):


	March 31,		December 31,
	2026		2025
Cash	$	64,777	$	247,251
Restricted cash and cash equivalents		—		—
Receivables, less allowance for credit losses of $44,176 and $40,240		3,043,127		3,157,713
Equipment on operating leases, net		1,127,072		1,105,826
Short-term debt, including current maturities of long-term debt		632,354		1,250,427
Accounts payable and other accrued liabilities		510,864		592,360
Long-term debt		3,704,375		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 as of March 31, 2026 and December 31, 2025 were as follows (in thousands of dollars):


	March 31,		December 31,
	2026		2025
Affiliated accounts and notes receivable	$	3,472,013	$	3,234,843
Accounts payable and other accrued liabilities		4,600,263		4,550,607

For the three months ended March 31, 2026 and 2025, the summarized statement of income information for the obligor group of the Canadian Senior Notes was as follows (in thousands of dollars):


	2026		2025
Revenues	$	222,338	$	222,762
Interest expense		107,604		120,140
Administrative and operating expenses		86,184		68,260
Income tax provision		6,910		7,493
Net income	$	21,640	$	26,869

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For the Canadian Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC for the three months ended March 31, 2026 and 2025 were as follows (in thousands of dollars):


	2026		2025
Interest and other income from affiliates	$	12,839	$	14,228
Interest expense to affiliates		26,961		37,528

As of March 31, 2026 and December 31, 2025, the summarized balance sheet information for the obligor group of the Canadian Senior Notes was as follows (in thousands of dollars):


	March 31,		December 31,
	2026		2025
Cash	$	75,751	$	284,467
Restricted cash and cash equivalents		48,361		57,975
Receivables, less allowance for credit losses of $57,134 and $51,064		5,830,705		5,970,551
Equipment on operating leases, net		1,578,697		1,569,896
Short-term debt, including current maturities of long-term debt		2,155,887		2,563,810
Accounts payable and other accrued liabilities		649,210		732,741
Long-term debt		4,848,265		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 as of March 31, 2026 and December 31, 2025 were as follows (in thousands of dollars):


	March 31,		December 31,
	2026		2025
Affiliated accounts and notes receivable	$	3,359,858	$	3,227,605
Accounts payable and other accrued liabilities		4,622,795		4,573,540

Other Data

CNH Industrial Capital LLC 10-Q