CNH INDUSTRIAL CAPITAL LLC

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 June 30, 2025
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)
5729 Washington Avenue Racine, Wisconsin (Address of principal executive offices)	(262) 636-6011 (Registrant’s telephone number, including area code)	53406 (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 June 30, 2025, 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 and Six Months Ended June 30, 2025 and 2024 (Unaudited)	1
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	2
	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Stockholder’s Equity for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	6
	Condensed Notes to Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	*
Item 4.	Controls and Procedures	37
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39

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

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
REVENUES
Interest income on retail notes and finance leases	$	95,584	$	92,184	$	189,693	$	179,575
Rental income on operating leases		61,129		57,540		120,922		117,346
Revolving charge account income		11,648		10,883		22,064		20,189
Interest income on wholesale notes		37,920		31,007		72,496		57,930
Interest and other income from affiliates		123,024		128,259		244,893		247,733
Other income		2,784		3,490		6,114		6,896
Total revenues		332,089		323,363		656,182		629,669
EXPENSES
Interest expense:
Interest expense to third parties		164,902		174,896		331,319		337,699
Interest expense to affiliates		482		968		717		5,592
Total interest expense		165,384		175,864		332,036		343,291
Administrative and operating expenses:
Fees charged by affiliates		12,559		11,448		24,603		25,043
Provision for credit losses		24,444		11,771		41,540		22,283
Depreciation of equipment on operating leases		48,154		44,195		94,486		87,295
Other expenses, net		3,004		4,699		9,662		5,295
Total administrative and operating expenses		88,161		72,113		170,291		139,916
Total expenses		253,545		247,977		502,327		483,207
INCOME BEFORE TAXES		78,544		75,386		153,855		146,462
Income tax provision		17,617		16,548		36,306		33,151
NET INCOME	$	60,927	$	58,838	$	117,549	$	113,311

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

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
NET INCOME	$	60,927	$	58,838	$	117,549	$	113,311
Other comprehensive income (loss):
Foreign currency translation adjustment		21,457		(4,298)		22,188		(14,778)
Pension liability adjustment		(97)		(112)		(185)		(220)
Change in derivative financial instruments		(768)		(489)		(3,059)		1,446
Total other comprehensive income (loss)		20,592		(4,899)		18,944		(13,552)
COMPREHENSIVE INCOME	$	81,519	$	53,939	$	136,493	$	99,759

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

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

(Dollars in thousands)

(Unaudited)


	June 30,		December 31,
	2025		2024
ASSETS
Cash	$	84,975	$	446,946
Restricted cash and cash equivalents		367,453		386,397
Receivables, less allowance for credit losses of $141,660 and $129,983, respectively		14,000,141		13,992,556
Affiliated accounts and notes receivable		209,002		401,285
Equipment on operating leases, net		1,506,005		1,422,001
Equipment held for sale		42,331		48,873
Goodwill		108,314		107,068
Other intangible assets, net		21,289		19,366
Other assets		115,360		102,416
TOTAL	$	16,454,870	$	16,926,908
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Short-term debt (including current maturities of long-term debt)	$	5,275,007	$	5,869,500
Accounts payable and other accrued liabilities		756,178		787,612
Affiliated debt		75,351		—
Long-term debt		8,728,806		8,666,627
Total liabilities		14,835,342		15,323,739
Commitments and contingent liabilities (Note 12)
Stockholder’s equity:
Member’s capital		—		—
Paid-in capital		918,201		918,335
Accumulated other comprehensive loss		(159,503)		(178,447)
Retained earnings		860,830		863,281
Total stockholder’s equity		1,619,528		1,603,169
TOTAL	$	16,454,870	$	16,926,908

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 JUNE 30, 2025 AND DECEMBER 31, 2024

(Dollars in thousands)

(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.


	June 30,		December 31,
	2025		2024
Restricted cash and cash equivalents	$	367,453	$	386,397
Receivables, less allowance for credit losses of $66,771 and $58,094, respectively		8,385,327		8,851,145
TOTAL	$	8,752,780	$	9,237,542

Short-term debt (including current maturities of long-term debt)	$	3,909,751	$	4,169,748
Long-term debt		4,231,617		4,557,176
TOTAL	$	8,141,368	$	8,726,924

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 SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Dollars in thousands)

(Unaudited)


	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	117,549	$	113,311
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases		94,486		87,299
Amortization of intangibles		1,654		1,582
Provision for credit losses		41,540		22,283
Deferred income tax benefit		(9,324)		(20,153)
Other non-cash items		21,749		29,125
Changes in components of working capital:
Change in affiliated accounts receivables		111,378		15,083
Change in other assets and equipment held for sale		(6,185)		(5,361)
Change in accounts payable and other accrued liabilities		(36,252)		7,501
Net cash from (used in) operating activities		336,595		250,670
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)		(6,853,145)		(8,704,128)
Collections of receivables (retail customer, revolving charge accounts and wholesale)		6,933,776		7,660,929
Change in affiliated cash pooling receivables, net		75,983		(134,074)
Collections of affiliated notes receivables		10,771		10,800
Purchase of equipment on operating leases		(319,793)		(202,390)
Proceeds from disposal of equipment on operating leases		171,504		153,345
Change in property, equipment and software, net		(5,078)		(217)
Net cash from (used in) investing activities		14,018		(1,215,735)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net		75,351		(131,366)
Proceeds from issuance of long-term debt		2,048,711		3,281,064
Payment of long-term debt		(2,228,703)		(2,365,410)
Change in committed asset-backed facilities, net		(210,262)		(282,739)
Change in short-term borrowings, net		(300,268)		185,828
Dividends paid to CNH Industrial America LLC		(120,000)		(75,000)
Net cash from (used in) financing activities		(735,171)		612,377
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		3,643		—
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS		(380,915)		(352,688)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period		833,343		797,927
End of period	$	452,428	$	445,239
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	$	84,975	$	81,128
Restricted cash and cash equivalents		367,453		364,111
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	$	452,428	$	445,239
CASH PAID DURING THE PERIOD FOR INTEREST	$	322,879	$	331,843
CASH PAID DURING THE PERIOD FOR TAXES	$	45,530	$	49,174

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 SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Dollars in thousands)

(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
Net income		—		—		—		60,927		60,927
Dividends paid to CNH Industrial America LLC		—		—		—		(60,000)		(60,000)
Foreign currency translation adjustment		—		—		21,457		—		21,457
Stock compensation		—		(66)		—		—		(66)
Pension liability adjustment, net of tax		—		—		(97)		—		(97)
Change in derivative financial instruments, net of tax		—		—		(768)		—		(768)
BALANCE - June 30, 2025	$	—	$	918,201	$	(159,503)	$	860,830	$	1,619,528

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 (Continued)

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Dollars in thousands)

(Unaudited)


					Accumulated
					Other
	Member’s		Paid-in		Comprehensive		Retained
	Capital		Capital		Income (Loss)		Earnings		Total
BALANCE - January 1, 2024	$	—	$	919,702	$	(137,308)	$	816,582	$	1,598,976
Net income		—		—		—		54,473		54,473
Dividends paid to CNH Industrial America LLC		—		—		—		(60,000)		(60,000)
Foreign currency translation adjustment		—		—		(10,480)		—		(10,480)
Stock compensation		—		(1,219)		—		—		(1,219)
Pension liability adjustment, net of tax		—		—		(108)		—		(108)
Change in derivative financial instruments, net of tax		—		—		1,935		—		1,935
BALANCE - March 31, 2024	$	—	$	918,483	$	(145,961)	$	811,055	$	1,583,577
Net income		—		—		—		58,838		58,838
Dividends paid to CNH Industrial America LLC		—		—		—		(15,000)		(15,000)
Foreign currency translation adjustment		—		—		(4,298)		—		(4,298)
Stock compensation		—		(169)		—		—		(169)
Pension liability adjustment, net of tax		—		—		(112)		—		(112)
Change in derivative financial instruments, net of tax		—		—		(489)		—		(489)
BALANCE - June 30, 2024	$	—	$	918,314	$	(150,860)	$	854,893	$	1,622,347

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

(Dollars in thousands)

(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.

CNH N.V. is incorporated in and under the laws of the Netherlands. CNH N.V. has its corporate seat in Amsterdam, the Netherlands, and its principal office in Basildon, England, United Kingdom. The common shares of CNH N.V. are listed on the New York Stock Exchange under the symbol “CNH.”

The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected.

The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments.

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates.

Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2024 or June 30, 2024.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt the new disclosures as required on Form 10-K for the year ended December 31, 2025.

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. Early adoption is permitted and the amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact this guidance will have on the disclosures in its consolidated financial statements.

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges.

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended June 30, 2025:


	Currency		Pension		Unrealized
	Translation		Liability		(Losses) Gains
	Adjustment		(Asset)		on Derivatives		Total
Beginning balance, gross	$	(179,155)	$	(855)	$	(386)	$	(180,396)
Tax liability		—		214		87		301
Beginning balance, net of tax		(179,155)		(641)		(299)		(180,095)
Other comprehensive income (loss) before reclassifications		21,457		(139)		(158)		21,160
Amounts reclassified from accumulated other comprehensive income (loss)		—		10		(839)		(829)
Tax effects		—		32		229		261
Net current-period other comprehensive income (loss)		21,457		(97)		(768)		20,592
Total	$	(157,698)	$	(738)	$	(1,067)	$	(159,503)

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 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		22,188		(265)		(2,194)		19,729
Amounts reclassified from accumulated other comprehensive income (loss)		—		20		(1,821)		(1,801)
Tax effects		—		60		956		1,016
Net current-period other comprehensive income (loss)		22,188		(185)		(3,059)		18,944
Total	$	(157,698)	$	(738)	$	(1,067)	$	(159,503)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the three months ended June 30, 2024:


	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(153,278)	$	1,417	$	8,335	$	(143,526)
Tax liability		—		(339)		(2,096)		(2,435)
Beginning balance, net of tax		(153,278)		1,078		6,239		(145,961)
Other comprehensive income (loss) before reclassifications		(4,298)		(94)		431		(3,961)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(54)		(1,071)		(1,125)
Tax effects		—		36		151		187
Net current-period other comprehensive income (loss)		(4,298)		(112)		(489)		(4,899)
Total	$	(157,576)	$	966	$	5,750	$	(150,860)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the six months ended June 30, 2024:


	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(142,798)	$	1,559	$	5,677	$	(135,562)
Tax liability		—		(373)		(1,373)		(1,746)
Beginning balance, net of tax		(142,798)		1,186		4,304		(137,308)
Other comprehensive income (loss) before reclassifications		(14,778)		(182)		3,306		(11,654)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(108)		(1,288)		(1,396)
Tax effects		—		70		(572)		(502)
Net current-period other comprehensive income (loss)		(14,778)		(220)		1,446		(13,552)
Total	$	(157,576)	$	966	$	5,750	$	(150,860)

The reclassifications out of AOCI were immaterial for the three and six months ended June 30, 2025 and 2024.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES

A summary of receivables included in the consolidated balance sheets as of June 30, 2025 and December 31, 2024 is as follows:


	June 30,		December 31,
	2025		2024
Retail notes	$	1,774,161	$	1,180,540
Revolving charge accounts		268,530		235,640
Finance leases		244,688		233,621
Wholesale		1,515,472		1,507,176
Restricted receivables		10,338,950		10,965,562
		14,141,801		14,122,539
Less: Allowance for credit losses		(141,660)		(129,983)
Total receivables, net	$	14,000,141	$	13,992,556

Included in the receivables balance at June 30, 2025 and December 31, 2024 is unearned finance income and unamortized deferred fees and costs of $503,973 and $496,976, 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.

SPEs utilized in the securitization programs differ from other entities included in the Company’s consolidated financial statements because the assets they hold are legally isolated from the Company’s assets. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs’ creditors. The SPEs are consolidated since the Company has both the power to direct the activities that most significantly impact the SPEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs. Therefore, the SPEs do not meet the accounting criteria for deconsolidation. As a result, they are accounted for as a secured borrowing.

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 June 30, 2025 and December 31, 2024:


	June 30,		December 31,
	2025		2024
Retail notes	$	7,122,208	$	7,625,647
Wholesale		3,149,971		3,339,915
Total restricted receivables	$	10,272,179	$	10,965,562

Within the U.S. retail notes securitization programs, qualifying retail notes are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables in exchange for proceeds from asset-backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. In Canada, qualifying retail notes are transferred directly to trusts, which are also VIEs. The VIEs are consolidated since the Company has both the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables. Retail customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH North America dealers. Wholesale receivables include dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk.

Retail customer receivables that share the same risk characteristics, such as collateralization levels, geography, product type and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for credit losses on retail customer receivables is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

Wholesale receivables that share the same risk characteristics, such as collateralization levels, term, geography and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for wholesale credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

Retail customer receivables and wholesale receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset.

Charge-offs of principal amounts of retail customer receivables and wholesale receivables outstanding are deducted from the allowance at the point when it is estimated that amounts due are deemed uncollectible. Revolving charge accounts are generally deemed to be uncollectible and charged off to the allowance for credit losses when delinquency reaches 120 days.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Allowance for credit losses activity for the three months ended June 30, 2025 is as follows:


			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	114,498	$	8,164	$	7,407	$	130,069
Charge-offs		(12,496)		(1,577)		—		(14,073)
Recoveries		436		242		6		684
Provision (benefit)		23,054		1,571		(181)		24,444
Foreign currency translation and other		458		28		50		536
Ending balance	$	125,950	$	8,428	$	7,282	$	141,660

Allowance for credit losses activity for the six months ended June 30, 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		(28,456)		(3,087)		(34)		(31,577)
Recoveries		709		439		8		1,156
Provision (benefit)		38,285		3,444		(189)		41,540
Foreign currency translation and other		477		29		52		558
Ending balance	$	125,950	$	8,428	$	7,282	$	141,660
Gross receivables:
Ending balance	$	9,204,652	$	268,530	$	4,668,619	$	14,141,801

The allowance for credit losses increased during the first six months of 2025, primarily due to a rise in delinquency rates, which necessitated higher specific reserve needs.

Allowance for credit losses activity for the three months ended June 30, 2024 is as follows:


			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance, as previously reported	$	104,244	$	8,396	$	5,725	$	118,365
Charge-offs		(6,034)		(1,146)		—		(7,180)
Recoveries		910		206		8		1,124
Provision		7,116		2,302		2,353		11,771
Foreign currency translation and other		(91)		(7)		(11)		(109)
Ending balance	$	106,145	$	9,751	$	8,075	$	123,971

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Allowance for credit losses activity for the six months ended June 30, 2024 is as follows:


			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	101,649	$	7,594	$	5,502	$	114,745
Charge-offs		(11,887)		(2,296)		—		(14,183)
Recoveries		1,185		302		21		1,508
Provision		15,529		4,170		2,584		22,283
Foreign currency translation and other		(331)		(19)		(32)		(382)
Ending balance	$	106,145	$	9,751	$	8,075	$	123,971
Gross receivables:
Ending balance	$	8,504,298	$	259,572	$	5,768,906	$	14,532,776

The Company assesses and monitors the credit quality of its receivables based on delinquency status. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. As the terms for the retail customer receivables are greater than one year, the past due information is presented by year of origination.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The aging of receivables by vintage as of June 30, 2025 are as follows:

														S
					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2025	$	3,810	$	501	$	106	$	4,417	$	1,596,312	$	1,600,729	$	54
2024		27,168		9,213		6,584		42,965		2,682,701		2,725,666		3,181
2023		18,686		6,426		13,570		38,682		1,503,962		1,542,644		11,565
2022		8,720		3,332		6,349		18,401		985,556		1,003,957		4,609
2021		5,353		1,895		4,980		12,228		447,819		460,047		1,714
Prior to 2021		1,786		380		37,633		39,799		141,200		180,999		4,242
Total	$	65,523	$	21,747	$	69,222	$	156,492	$	7,357,550	$	7,514,042	$	25,365
Canada
2025	$	581	$	—	$	63	$	644	$	472,814	$	473,458	$	—
2024		1,971		329		495		2,795		654,462		657,257		946
2023		1,585		888		422		2,895		213,115		216,010		1,174
2022		1,252		203		440		1,895		181,255		183,150		502
2021		871		107		617		1,595		121,270		122,865		388
Prior to 2021		291		122		195		608		37,262		37,870		81
Total	$	6,551	$	1,649	$	2,232	$	10,432	$	1,680,178	$	1,690,610	$	3,091
Revolving charge accounts
United States	$	5,394	$	2,456	$	1,328	$	9,178	$	239,513	$	248,691	$	2,893
Canada	$	472	$	183	$	100	$	755	$	19,084	$	19,839	$	194
Wholesale
United States	$	20	$	4	$	93	$	117	$	3,607,751	$	3,607,868	$	34
Canada	$	—	$	—	$	—	$	—	$	1,060,751	$	1,060,751	$	—
Total
Retail customer	$	72,074	$	23,396	$	71,454	$	166,924	$	9,037,728	$	9,204,652	$	28,456
Revolving charge accounts	$	5,866	$	2,639	$	1,428	$	9,933	$	258,597	$	268,530	$	3,087
Wholesale	$	20	$	4	$	93	$	117	$	4,668,502	$	4,668,619	$	34

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The aging of receivables by vintage as of December 31, 2024 is as follows:


					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2024	$	11,150	$	2,177	$	2,530	$	15,857	$	3,396,385	$	3,412,242	$	1,168
2023		14,713		5,758		11,439		31,910		1,899,459		1,931,369		9,538
2022		10,027		3,499		9,858		23,384		1,200,888		1,224,272		7,902
2021		6,764		1,679		4,865		13,308		610,425		623,733		4,107
2020		3,037		657		30,779		34,473		202,608		237,081		2,552
Prior to 2020		925		430		3,916		5,271		47,538		52,809		2,250
Total	$	46,616	$	14,200	$	63,387	$	124,203	$	7,357,303	$	7,481,506	$	27,517
Canada
2024	$	4,929	$	520	$	74	$	5,523	$	821,811	$	827,334	$	130
2023		1,326		—		835		2,161		281,729		283,890		1,241
2022		1,755		731		673		3,159		222,266		225,425		1,054
2021		912		123		653		1,688		158,451		160,139		797
2020		410		68		248		726		49,125		49,851		505
Prior to 2020		23		2		33		58		11,605		11,663		674
Total	$	9,355	$	1,444	$	2,516	$	13,315	$	1,544,987	$	1,558,302	$	4,401
Revolving charge accounts
United States	$	6,303	$	2,447	$	1,360	$	10,110	$	209,241	$	219,351	$	4,993
Canada	$	1,478	$	555	$	183	$	2,216	$	14,073	$	16,289	$	306
Wholesale
United States	$	22	$	—	$	225	$	247	$	3,858,213	$	3,858,460	$	—
Canada	$	—	$	—	$	—	$	—	$	988,631	$	988,631	$	—
Total
Retail customer	$	55,971	$	15,644	$	65,903	$	137,518	$	8,902,290	$	9,039,808	$	31,918
Revolving charge accounts	$	7,781	$	3,002	$	1,543	$	12,326	$	223,314	$	235,640	$	5,299
Wholesale	$	22	$	—	$	225	$	247	$	4,846,844	$	4,847,091	$	—

Included in the receivables balance at June 30, 2025 and December 31, 2024 is accrued interest of $98,710 and $100,325, 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. Interest income charged-off was not material for the three and six months ended June 30, 2025 and 2024. 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 June 30, 2025 and December 31, 2024 are as follows:


	June 30,		December 31,
	2025		2024
United States	$	86,440	$	74,795
Canada	$	3,618	$	3,818

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

As of June 30, 2025 and December 31, 2024, total revolving charge account receivables on nonaccrual status were immaterial. As of June 30, 2025 and December 31, 2024, wholesale receivables on nonaccrual status in the United States were $14,818 and $25,916, respectively. There were no wholesale receivables on nonaccrual status in Canada as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three and six months ended June 30, 2025 and 2024 was immaterial.

Modifications

CNH Capital periodically modifies the terms of its receivable agreements with customers experiencing financial difficulties. Typically, the types of modifications granted are payment deferrals, extended contract maturities, modification of a contractual interest rate or waiving of interest and principal. As a collateral-based lender, CNH Capital has recourse to the financed assets on default. The Company continues to monitor the credit quality of these modified receivables. CNH Capital’s allowance for credit losses incorporates historical loss information, including the effects of the modified receivables. Therefore, additional adjustments to the allowance are generally not recorded upon modification of the receivable.

As of June 30, 2025 and 2024, modifications of CNH Capital’s retail customer receivables and wholesale receivables for customers experiencing financial difficulties were immaterial. Defaults and subsequent write-offs of receivables modified were not significant during the previous twelve months ended June 30, 2025 and 2024.

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 $91,301) as of June 30, 2025 are as follows:


2025	$	105,026
2026		176,635
2027		103,827
2028		41,433
2029 and thereafter		18,226
Total lease payments	$	445,147

NOTE 6: CREDIT FACILITIES AND DEBT

On May 23, 2025, the Company repaid the principal amount of $500,000 of its 3.950% unsecured notes due 2025.

On June 5, 2025, CNH Capital Canada completed a private placement offering of C$500,000 ($365,850) in aggregate principal amount of its 3.750% unsecured notes due 2029, issued at par.

On June 30, 2025, the Company, through a trust, issued C$486,050 ($355,432) of amortizing asset-backed notes secured by Canadian retail receivables.

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Repurchase Agreement

The Company is a party to a Global Master Repurchase Agreement which expires in September 2025. As of June 30, 2025, the Company had sold, and not yet repurchased, C$450,000 ($329,070) 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 June 30, 2025, committed and uncommitted unsecured facilities with banks totaled $797,417. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of June 30, 2025, the Company had $49,600 outstanding under these credit facilities. The remaining available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. The Company had no commercial paper outstanding as of June 30, 2025.

NOTE 7: INCOME TAXES

The effective tax rates for the three months ended June 30, 2025 and 2024 were 22.4% and 22.0%, respectively. The effective tax rate was 23.6% for the six months ended June 30, 2025, compared to 22.6% for the same period in 2024.

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; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

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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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Determination of Fair Value

When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

The following sections describe the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions.

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 has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being 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 June 30, 2025, 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 56 months. As of June 30, 2025, the after-tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately ($1,431).

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 and six months ended June 30, 2025 and 2024.

All of the Company’s interest rate derivatives as of June 30, 2025 and December 31, 2024 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 $4,943,929 and $4,749,748 at June 30, 2025 and December 31, 2024, respectively. The seven-month average notional amounts for the six months ended June 30, 2025 and 2024 were $4,804,342 and $3,996,818, respectively.

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(Dollars in thousands)

(Unaudited)

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.

Financial Statement Impact of the Company’s Derivatives

The fair values of the Company’s derivatives as of June 30, 2025 and December 31, 2024 in the consolidated balance sheets are recorded as follows:


	June 30,		December 31,
	2025		2024
Derivatives Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	27,922	$	12,862
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	11,067	$	21,087
Derivatives Not Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	10,487	$	21,522
Foreign exchange contracts		—		2,996
Total	$	10,487	$	24,518
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	10,487	$	21,522

Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three and six months ended June 30, 2025 and 2024 are recorded in the following accounts:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cash Flow Hedges
Recognized in accumulated other comprehensive income (loss):
Interest rate derivatives	$	(158)	$	431	$	(2,194)	$	3,306
Reclassified from accumulated other comprehensive income (loss):
Interest rate derivatives—Interest expense to third parties	$	839	$	1,071	$	1,821	$	1,288
Not Designated as Hedges
Foreign exchange contracts—Other expenses, net	$	21,263	$	(339)	$	21,104	$	(1,243)

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CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

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 June 30, 2025 and December 31, 2024, all of which are measured as Level 2:


	June 30,		December 31,
	2025		2024
Assets
Interest rate derivatives	$	38,409	$	34,384
Foreign exchange contracts		—		2,996
Total assets	$	38,409	$	37,380
Liabilities
Interest rate derivatives	$	21,554	$	42,609

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

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 June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value *		Amount		Fair Value *
Receivables	$	14,000,141	$	14,001,036	$	13,992,556	$	14,040,507
Long-term debt	$	8,728,806	$	8,813,317	$	8,666,627	$	8,654,374

______________

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)

(Dollars in thousands)

(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. CNH Capital’s revenue is primarily generated through the income of its portfolio and the income generated through marketing programs with CNH North America. The Company has identified CNH’s President of North America Financial Services as its 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. Therefore, no additional segment information is presented.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
REVENUES
Revenues and other income from third parties	$	209,065	$	195,104	$	411,289	$	381,936
Interest and other income from affiliates		123,024		128,259		244,893		247,733
Total revenues		332,089		323,363		656,182		629,669
EXPENSES
Interest expense to third parties	$	164,902	$	174,896		331,319		337,699
Interest expense to affiliates		482		968		717		5,592
Fees charged by affiliates		12,559		11,448		24,603		25,043
Provision for credit losses		24,444		11,771		41,540		22,283
Depreciation of equipment on operating leases		48,154		44,195		94,486		87,295
Gains on sale of used equipment		(2,162)		(2,102)		(1,999)		(4,871)
Other general and administrative		5,166		6,801		11,661		10,166
Income tax provision		17,617		16,548		36,306		33,151
Total expenses		271,162		264,525		538,633		516,358
SEGMENT NET INCOME		60,927		58,838		117,549		113,311
Adjustments and reconciling items		—		—		—		—
NET INCOME	$	60,927	$	58,838	$	117,549	$	113,311

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 10: GEOGRAPHICAL INFORMATION

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues
United States	$	271,966	$	259,630	$	535,325	$	505,307
Canada		65,632		63,920		128,860		124,764
Eliminations		(5,509)		(187)		(8,003)		(402)
Total	$	332,089	$	323,363	$	656,182	$	629,669
Interest expense
United States	$	138,783	$	143,975	$	277,455	$	281,059
Canada		32,110		32,076		62,584		62,634
Eliminations		(5,509)		(187)		(8,003)		(402)
Total	$	165,384	$	175,864	$	332,036	$	343,291
Net income
United States	$	48,261	$	46,174	$	92,297	$	89,792
Canada		12,666		12,664		25,252		23,519
Total	$	60,927	$	58,838	$	117,549	$	113,311
Depreciation and amortization
United States	$	34,886	$	31,230	$	68,482	$	61,412
Canada		14,223		13,778		27,658		27,469
Total	$	49,109	$	45,008	$	96,140	$	88,881
Expenditures for equipment on operating leases
United States	$	115,772	$	58,338	$	247,121	$	138,260
Canada		46,529		41,868		72,672		64,130
Total	$	162,301	$	100,206	$	319,793	$	202,390
Provision for credit losses
United States	$	21,343	$	10,976	$	38,406	$	20,993
Canada		3,101		795		3,134		1,290
Total	$	24,444	$	11,771	$	41,540	$	22,283


	As of		As of
	June 30,		December 31,
	2025		2024
Total assets
United States	$	12,979,920	$	13,987,559
Canada		3,549,906		3,180,759
Eliminations		(74,956)		(241,410)
Total	$	16,454,870	$	16,926,908
Gross receivables
United States	$	11,370,601	$	11,559,317
Canada		2,771,200		2,563,222
Total	$	14,141,801	$	14,122,539

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(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 and six months ended June 30, 2025 and 2024 is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Subsidy from CNH North America
Retail customer	$	67,260	$	49,675	$	130,751	$	99,082
Operating lease		10,174		9,119		19,597		18,569
Revolving charge accounts		1,289		1,160		2,429		1,999
Wholesale		43,026		66,349		87,128		124,994
Income from affiliated receivables
CNH North America		556		1,033		3,498		1,033
Banco CNH Industrial Capital Brazil		470		640		1,003		1,356
Other affiliates		249		283		487		700
Total interest and other income from affiliates	$	123,024	$	128,259	$	244,893	$	247,733

Interest expense to affiliates was $482 and $968, respectively, for the three months ended June 30, 2025 and 2024, and $717 and $5,592, respectively, for the six months ended June 30, 2025 and 2024. Fees charged by affiliates were $12,559 and $11,448, respectively, for the three months ended June 30, 2025 and 2024, and $24,603 and $25,043, respectively, for the six months ended June 30, 2025 and 2024, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company.

As of June 30, 2025 and December 31, 2024, the Company had various accounts and notes receivable and debt with the following affiliates:


	June 30,		December 31,
	2025		2024
Affiliated receivables
CNH America	$	—	$	317,587
CNH Canada		172,357		35,006
Banco CNH Industrial Capital Brazil		24,228		36,182
Other affiliates		12,417		12,510
Total affiliated receivables	$	209,002	$	401,285
Affiliated debt
CNH America	$	75,351	$	—
Total affiliated debt	$	75,351	$	—

Accounts payable and other accrued liabilities, including tax payables, of $109,994 and $50,915 were payable to related parties as of June 30, 2025 and December 31, 2024, respectively.

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CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(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 June 30, 2025, 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	$	7,700,969	$	4,601,795	$	3,099,174
Revolving charge accounts	$	2,782,812	$	272,380	$	2,510,432

NOTE 13: SUBSEQUENT EVENTS

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into U.S. law. Key income tax-related provisions of the OBBBA include the extension of bonus depreciation and revisions to U.S. international tax rules. The Company is evaluating the financial implications of the OBBBA and will begin reflecting its effects in the third quarter of 2025.

On July 22, 2025, the Company, through a bankruptcy-remote trust, issued $892,050 of amortizing asset-backed notes secured by U.S. retail receivables.

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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 Racine, 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

The global economy is experiencing volatile disruptions due to a combination of factors, including geopolitical events, shifts in trade and economic policies, including the imposition of tariffs and other retaliatory restrictions on trade, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first half and are expected to persist through the rest of 2025. These factors also affect CNH’s customers’ profitability, impacting their ability to achieve higher returns on their output and reducing their purchasing power and demand for CNH’s products. CNH is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, have on its business, customers, and suppliers.

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 June 30, 2025, CNH’s net sales of agricultural equipment and net sales of construction equipment generated in North America were $1,118.8 million and $379.3 million, respectively, representing decreases of 35.7% and 24.7% from the same period in 2024, respectively. For the six months ended June 30, 2025, CNH’s net sales of agricultural equipment and net sales of construction equipment generated in North America were $2,168.4 million and $700.9 million, respectively, representing decreases of 31.8% and 25.6% from the same period in 2024, 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 $60.9 million and $117.5 million for the three and six months ended June 30, 2025, respectively, compared to $58.8 million and $113.3 million for the same periods in 2024, respectively. The quarter-over-quarter and year-over-year increases were primarily driven by margin improvement and favorable volumes, partially offset by higher provisions for credit losses, higher labor costs and lower recoveries on used equipment sales. The receivables balance greater than 30 days past due as a percentage of receivables was 1.3% at June 30, 2025, 1.1% at December 31, 2024 and 0.9% at June 30, 2024.

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Macroeconomic issues for us include the uncertainty of 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 Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024

Revenues

Revenues for the three and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
Interest income on retail notes and finance leases	$	95,584	$	92,184	$	3,400	3.7	%
Rental income on operating leases		61,129		57,540		3,589	6.2
Interest income on revolving charge accounts		11,648		10,883		765	7.0
Interest income on wholesale notes		37,920		31,007		6,913	22.3
Interest and other income from affiliates		123,024		128,259		(5,235)	(4.1)
Other income		2,784		3,490		(706)	(20.2)
Total revenues	$	332,089	$	323,363	$	8,726	2.7	%


	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
Interest income on retail notes and finance leases	$	189,693	$	179,575	$	10,118	5.6	%
Rental income on operating leases		120,922		117,346		3,576	3.0
Interest income on revolving charge accounts		22,064		20,189		1,875	9.3
Interest income on wholesale notes		72,496		57,930		14,566	25.1
Interest and other income from affiliates		244,893		247,733		(2,840)	(1.1)
Other income		6,114		6,896		(782)	(11.3)
Total revenues	$	656,182	$	629,669	$	26,513	4.2	%

Total revenues were $332.1 million and $656.2 million for the three and six months ended June 30, 2025, respectively, compared to $323.4 million and $629.7 million for the same periods in 2024, respectively. The quarter-over-quarter and year-over-year increases were due to a higher average portfolio coupled with a higher average yield for the total portfolio. The average yield for the total portfolio was 8.5% and 8.3% for the three months ended June 30, 2025 and 2024, respectively, and 8.3% and 8.2% for the six months ended June 30, 2025 and 2024, respectively.

Interest income on retail notes and finance leases for the three and six months ended June 30, 2025 was $95.6 million and $189.7 million, respectively, representing an increase of $3.4 million and $10.1 million from the same periods in 2024, respectively. For the three months ended June 30, 2025, the increase from the same period in 2024 was primarily due to a $8.6 million favorable impact from higher average earning assets, partially offset by a $5.2 million unfavorable impact from lower interest rates. For the six months ended June 30, 2025, the increase from the same period in 2024 was due to a $17.4 million favorable impact from higher average earning assets, partially offset by a $7.3 million unfavorable impact from lower interest rates.

Rental income on operating leases for the three and six months ended June 30, 2025 was $61.1 million and $120.9 million, respectively, representing increases of $3.6 million from the same periods in 2024. For the three months ended June 30, 2025, the increase from the same period in 2024 was primarily due to a $7.0 million favorable impact from higher average earning assets, partially offset by a $3.4 million unfavorable impact from lower interest rates. For the six months ended June 30, 2025, the increase from the same period in 2024 was primarily due to a $10.7 million favorable impact from higher average earning assets, partially offset by a $7.1 million unfavorable impact from lower interest rates.

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Revolving charge accounts income for the three and six months ended June 30, 2025 was $11.6 million and $22.1 million, respectively, representing an increase of $0.8 million and $1.9 million from the same periods in 2024, respectively.

Interest income on wholesale notes for the three and six months ended June 30, 2025 was $37.9 million and $72.5 million, respectively, representing an increase of $6.9 million and $14.6 million from the same periods in 2024, respectively. For the three months ended June 30, 2025, the increase from the same period in 2024 was primarily due to a $10.5 million favorable impact from higher average earning assets, partially offset by a $3.6 million unfavorable impact from lower interest rates. For the six months ended June 30, 2025, the increase from the same period in 2024 was primarily due to a $23.6 million favorable impact from higher average earning assets, partially offset by a $9.0 million unfavorable impact from lower interest rates.

Interest and other income from affiliates for the three and six months ended June 30, 2025 was $123.0 million and $244.9 million, respectively, compared to $128.3 million and $247.7 million for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2025, compensation from CNH North America for retail low-rate financing programs and interest waiver programs offered to customers was $67.3 million and $130.8 million, respectively, an increase of $17.6 million and $31.7 million from the same periods in 2024, respectively. The increases were primarily due to higher volumes and the mix in pricing programs. For select operating leases, compensation from CNH North America for the difference between market rental rates and the amounts paid by customers was $10.2 million and $19.6 million for the three and six months ended June 30, 2025, respectively, an increase of $1.1 million and $1.0 million from the same periods in 2024, respectively. The increases were primarily due to 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 $1.3 million and $2.4 million for the three and six months ended June 30, 2025, respectively, relatively flat from the same periods in 2024. For the three and six months ended June 30, 2025, compensation from CNH North America for wholesale marketing programs was $43.0 million and $87.1 million, respectively, a decrease of $23.3 million and $37.9 million from the same periods in 2024, respectively. The decreases were primarily due to destocking efforts and lower base rates.

Other income represents commissions earned on insurance and equipment protection products underwritten through a third-party insurer. For the three and six months ended June 30, 2025, other income was $2.8 million and $6.1 million, respectively, a decrease of $0.7 million and $0.8 million from the same periods in 2024, respectively.

Expenses

Expenses for the three and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
Total interest expense	$	165,384	$	175,864	$	(10,480)	(6.0)	%
Fees charged by affiliates		12,559		11,448		1,111	9.7
Provision for credit losses		24,444		11,771		12,673	107.7
Depreciation of equipment on operating leases		48,154		44,195		3,959	9.0
Other expenses, net		3,004		4,699		(1,695)	(36.1)
Total expenses	$	253,545	$	247,977	$	5,568	2.2	%


	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
Total interest expense	$	332,036	$	343,291	$	(11,255)	(3.3)	%
Fees charged by affiliates		24,603		25,043		(440)	(1.8)
Provision for credit losses		41,540		22,283		19,257	86.4
Depreciation of equipment on operating leases		94,486		87,295		7,191	8.2
Other expenses, net		9,662		5,295		4,367	82.5
Total expenses	$	502,327	$	483,207	$	19,120	4.0	%

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Total interest expense was $165.4 million and $332.0 million for the three and six months ended June 30, 2025, respectively, compared to $175.9 million and $343.3 million for the same periods in 2024, respectively. For the three months ended June 30, 2025, the decrease was primarily due to a $12.1 million favorable impact from lower average interest rates, partially offset by a $1.6 million unfavorable impact from higher average total debt. For the six months ended June 30, 2025, the decrease was primarily due to a $22.4 million favorable impact from lower average interest rates, partially offset by a $11.1 million unfavorable impact from higher average total debt. The average debt cost was 4.8% for the six months ended June 30, 2025 compared to 5.1% for the six months ended June 30, 2024.

Fees charged by affiliates was $12.6 million and $24.6 million for the three and six months ended June 30, 2025, respectively, compared to $11.4 million and $25.0 million for the same periods in 2024, respectively, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company. The quarter-over-quarter increase was due to higher payroll costs.

The provision for credit losses was $24.4 million and $41.5 million for the three and six months ended June 30, 2025, respectively, compared to $11.8 million and $22.3 million for the same periods in 2024, respectively. For the three and six months ended June 30, 2025, compared to the same periods in 2024, the increases were primarily due to a rise in delinquency rates, which necessitated higher specific reserve needs.

Depreciation of equipment on operating leases was $48.2 million and $94.5 million for the three and six months ended June 30, 2025, respectively, compared to $44.2 million and $87.3 million for the same periods in 2024, respectively. The increase for the three and six months ended June 30, 2025, compared to the same periods in 2024, was largely due to a higher average operating lease portfolio.

Other expenses, net were $3.0 million and $9.7 million for the three and six months ended June 30, 2025, respectively, compared to $4.7 million and $5.3 million for the same periods in 2024, respectively. For the six months ended June 30, 2025, compared to the same period in 2024, the increase was due to lower recoveries on used equipment sales.

Receivables and Equipment on Operating Leases Originated and Held

Receivables and equipment on operating lease originations for the three and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
Retail customer	$	1,241,236	$	1,282,222	$	(40,986)	(3.2)	%
Revolving charge accounts		276,256		271,268		4,988	1.8
Wholesale		2,131,326		3,237,119		(1,105,793)	(34.2)
Equipment on operating leases		162,301		100,206		62,095	62.0
Total originations	$	3,811,119	$	4,890,815	$	(1,079,696)	(22.1)	%


	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
Retail customer	$	2,331,373	$	2,266,000	$	65,373	2.9	%
Revolving charge accounts		481,366		481,405		(39)	(0.0)
Wholesale		4,040,406		5,956,723		(1,916,317)	(32.2)
Equipment on operating leases		319,793		202,390		117,403	58.0
Total originations	$	7,172,938	$	8,906,518	$	(1,733,580)	(19.5)	%

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The quarter-over-quarter decrease in retail customer originations was primarily due to lower new equipment deliveries, partially offset by improved penetration rates on new units and increased used equipment volumes. The quarter-over-quarter increase in operating lease originations as well as the year-over-year increases in originations for both retail customer and operating leases were primarily due to improved penetration rates on new units and increased used equipment volumes partially offset by lower new equipment deliveries. Both the quarter-over-quarter and year-over-year decreases in wholesale originations were due to lower new equipment deliveries.

Receivables and equipment on operating leases held as of June 30, 2025, December 31, 2024 and June 30, 2024 were as follows (dollars in thousands):


	June 30,		December 31,		June 30,
	2025		2024		2024
Retail customer	$	9,204,652	$	9,039,808	$	8,504,298
Revolving charge accounts		268,530		235,640		259,572
Wholesale		4,668,619		4,847,091		5,768,906
Equipment on operating leases		1,506,005		1,422,001		1,320,375
Total receivables and equipment on operating leases	$	15,647,806	$	15,544,540	$	15,853,151

The total balance of retail customer receivables greater than 30 days past due as a percentage of retail customer receivables was 1.8% at June 30, 2025, 1.5% at December 31, 2024 and 1.4% at June 30, 2024. The total revolving charge account receivables balance greater than 30 days past due as a percentage of the revolving charge account receivables was 3.7% at June 30, 2025, 5.2% at December 31, 2024 and 4.4% at June 30, 2024. The total wholesale receivables balance greater than 30 days past due as a percentage of the wholesale receivables was not significant at June 30, 2025, December 31, 2024 or June 30, 2024.

Total retail customer receivables on nonaccrual status were $90.1 million, $78.6 million and $64.9 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. As of June 30, 2025, December 31, 2024 and June 30, 2024, total revolving charge account receivables on nonaccrual status were immaterial. Total wholesale receivables on nonaccrual status were $14.8 million, $25.9 million and $29.5 million at June 30, 2025 and December 31, 2024 and June 30, 2024, respectively.

Total receivable charge-offs and recoveries, by product, for the three and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Charge-offs:
Retail customer	$	12,496	$	6,034	$	28,456	$	11,887
Revolving charge accounts		1,577		1,146		3,087		2,296
Wholesale		—		—		34		—
Total charge-offs		14,073		7,180		31,577		14,183
Recoveries:
Retail customer		(436)		(910)		(709)		(1,185)
Revolving charge accounts		(242)		(206)		(439)		(302)
Wholesale		(6)		(8)		(8)		(21)
Total recoveries		(684)		(1,124)		(1,156)		(1,508)
Charge-offs, net of recoveries:
Retail customer		12,060		5,124		27,747		10,702
Revolving charge accounts		1,335		940		2,648		1,994
Wholesale		(6)		(8)		26		(21)
Total charge-offs, net of recoveries	$	13,389	$	6,056	$	30,421	$	12,675

Our allowance for credit losses on all receivables financed totaled $141.7 million at June 30, 2025, $130.0 million at December 31, 2024 and $124.0 million at June 30, 2024.

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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 losses in our receivable portfolio as of June 30, 2025.

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 six months ended June 30, 2025 and 2024, our cash flows were as follows (dollars in thousands):


	2025		2024
Cash flows from (used in):
Operating activities	$	336,595	$	250,670
Investing activities		14,018		(1,215,735)
Financing activities		(735,171)		612,377
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		3,643		—
Net cash decrease	$	(380,915)	$	(352,688)

The increase in net cash from operating activities during the six months of 2025 compared to the same period in 2024 was primarily due to changes in components of working capital, an increase in provision for credit losses and a lower deferred income tax benefit. The increase in net cash from investing activities for the six months ended June 30, 2025 was primarily due to the decreases in net expenditures for receivables and affiliated cash pooling receivables of $1.1 billion and $210.1 million, respectively, partially offset by the increases in net expenditures for equipment on operating leases of $99.2 million and net expenditures for property, equipment and software of $4.9 million. The increase in net cash used in financing activities for the six months ended June 30, 2025 was primarily due to increases in net cash paid on external borrowings of $1.5 billion and higher dividends paid of $45.0 million, partially offset by a decrease in net cash paid on affiliated debt of $206.7 million.

Securitization

CNH Capital and its predecessor entities have been securitizing receivables since 1992. CNH Capital had approximately $5.3 billion of public and private asset-backed securities outstanding in the U.S. and Canada as of June 30, 2025. Our securitizations are treated as financing arrangements for accounting purposes.

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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 $3.2 billion as of June 30, 2025, 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 June 30, 2025, there was approximately $0.2 billion of funding available under these facilities.

Repurchase Agreement

We are a party to a Global Master Repurchase Agreement which expires in September 2025. As of June 30, 2025, the Company had sold, and not yet repurchased, C$450.0 million ($329.1 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 June 30, 2025, committed and uncommitted unsecured facilities with banks totaled $797.4 million. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of June 30, 2025, we had $49.6 million outstanding under these credit facilities. The remaining available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. We had no commercial paper outstanding as of June 30, 2025.

As of June 30, 2025, our unsecured senior notes were as follows (dollars in thousands):


Issued by CNH Industrial Capital LLC (the “U.S. Senior Notes”):⁽¹⁾
5.450% notes, due 2025	$	400,000
1.875% notes, due 2026		500,000
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
Hedging, discounts and unamortized issuance costs		(11,459)
		4,188,541
Issued by CNH Industrial Capital Canada (the “Canadian Senior Notes”):⁽²⁾
5.500% notes, due 2026		292,506
4.800% notes, due 2027		292,506
4.000% notes, due 2028		219,381
3.750% notes, due 2029		365,633
Discounts and unamortized issuance costs		(4,909)
		1,165,117
Total	$	5,353,658

(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 June 5, 2025, CNH Capital Canada Ltd. completed a private placement offering of C$500.0 ($365.9) million in aggregate principal amount of 3.750% unsecured notes due 2029, issued at par.

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Credit Ratings

Our ability to obtain funding is affected by credit ratings of our debt, which are closely related to the outlook for and the financial condition of CNH N.V., and the nature and availability of our support agreement with CNH N.V.

To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our securities as an indicator of credit quality for fixed income investors. A credit rating agency may change or withdraw our ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, and reduced access to debt capital markets.

Our current credit ratings are as follows:


	Senior Long-Term	Short-Term	Outlook
S&P Global Ratings	BBB+	A-2	Negative
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 $75.4 million of affiliated debt as of June 30, 2025 and no affiliated debt as of December 31, 2024.

Equity Position

Our equity position also supports our ability to access various funding sources. Our stockholder’s equity at both June 30, 2025 and December 31, 2024 was $1.6 billion.

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.

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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.

For the three and six months ended June 30, 2025 and 2024, the summarized statement of income information for the obligor group of the U.S. Senior Notes was as follows (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues	$	225,746	$	173,134	$	327,240	$	336,641
Interest expense		158,048		117,760		189,673		225,050
Administrative and operating expenses		51,619		48,501		103,048		97,026
Income tax provision (benefit)		4,194		3,730		8,330		3,899
Net income	$	11,885	$	3,143	$	26,189	$	10,666

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 and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest and other income from affiliates	$	20,032	$	16,952	$	36,754	$	33,683
Interest expense to affiliates		39,955		55,027		77,483		104,986

As of June 30, 2025 and December 31, 2024, the summarized balance sheet information for the obligor group of the U.S. Senior Notes was as follows (dollars in thousands):


	June 30,		December 31,
	2025		2024
Cash	$	60,313	$	308,593
Restricted cash and cash equivalents		—		—
Receivables, less allowance for credit losses of $43,019 and $40,218		3,431,345		3,213,029
Equipment on operating leases, net		1,049,026		988,028
Short-term debt, including current maturities of long-term debt		1,036,187		1,386,998
Accounts payable and other accrued liabilities		557,185		649,261
Long-term debt		3,332,108		3,348,690

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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 June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):


	June 30,		December 31,
	2025		2024
Affiliated accounts and notes receivable	$	3,238,416	$	3,307,088
Accounts payable and other accrued liabilities		4,219,150		4,145,280

For the three and six months ended June 30, 2025 and 2024, the summarized statement of income information for the obligor group of the Canadian Senior Notes was as follows (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues	$	225,332	$	236,865	$	448,094	$	461,000
Interest expense		124,114		149,649		244,254		287,282
Administrative and operating expenses		70,401		65,970		138,661		131,653
Income tax provision		6,590		6,166		14,083		9,258
Net income	$	24,227	$	15,080	$	51,096	$	32,807

For the Canadian Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC for the three and six months ended June 30, 2025 and 2024 were as follows (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Interest and other income from affiliates	$	14,523	$	16,765	$	28,751	$	33,281
Interest expense to affiliates		39,955		55,027		77,483		104,986

As of June 30, 2025 and December 31, 2024, the summarized balance sheet information for the obligor group of the Canadian Senior Notes was as follows (dollars in thousands):


	June 30,		December 31,
	2025		2024
Cash	$	72,154	$	327,928
Restricted cash and cash equivalents		57,217		56,164
Receivables, less allowance for credit losses of $54,264 and $50,935		6,191,300		5,765,534
Equipment on operating leases, net		1,506,005		1,422,001
Short-term debt, including current maturities of long-term debt		2,083,501		2,368,449
Accounts payable and other accrued liabilities		668,208		767,320
Long-term debt		5,226,541		4,821,053

For the Canadian Senior Notes, the obligors’ amounts due from and due to the non-guarantor subsidiaries of CNH Industrial Capital LLC as of June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):


	June 30,		December 31,
	2025		2024
Affiliated accounts and notes receivable	$	3,233,929	$	3,136,147
Accounts payable and other accrued liabilities		4,242,112		4,167,105

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Other Data


	As of or for the
	Six Months Ended June 30,
	2025			2024

	(Dollars in thousands)
Gross receivables	$	14,141,801		$	14,532,776
Equipment on operating leases, net		1,506,005			1,320,375
Total portfolio	$	15,647,806		$	15,853,151
Delinquency ⁽¹⁾		1.25	%		0.92	%
Average gross receivables balance	$	14,295,581		$	13,250,065
Net credit loss ⁽²⁾		0.36	%		0.15	%
Profitability: ⁽³⁾
Return on average portfolio ⁽⁴⁾		1.52	%		1.50	%
Asset Quality:
Allowance for credit losses / gross receivables		1.00	%		0.85	%

(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 respective average balance of gross receivables.

(3)

Six months ended June 30, 2025 and 2024 annualized.

(4)

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

Critical Accounting Policies and Estimates

See our critical accounting policies and estimates discussed in our annual report for the year ended December 31, 2024 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 June 30, 2025.

Cautionary Note on Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. 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. Forward-looking statements also include statements regarding the 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 and assumptions 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 other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

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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; 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, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result 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 other protective measures and the related impact on cost and prices, which could consequently affect demand of CNH’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 and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety 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; 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 (such as the COVID-19 pandemic), 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.

Forward-looking statements are based upon assumptions relating to the factors described in this filing, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside of our control. 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 its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).

All future written and oral forward-looking statements by CNH Capital or persons acting on 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 2024 Annual Report and subsequent quarterly reports).

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our President and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934. Based on this evaluation of our disclosure controls and procedures as of June 30, 2025, our disclosure controls and procedures were effective as of June 30, 2025.

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Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the three months ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

CNH Capital 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 CNH Capital’s financial position or results of operations.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K (Part I, Item 1A) for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q (Part II, Item 1A) for the quarter ended March 1, 2025. The risks described in those reports, and in the Cautionary Note on Forward Looking Statements” within this report are not the only risks faced by us. Additional risks and uncertainties not currently known, or that are currently judged to be immaterial, may also materially affect our business, financial condition or operating results.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits


Exhibit	Description
22		Issuer and Guarantors of Guaranteed Securities
31.1		Certifications of President Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certifications of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1†		Certification required by Exchange Act Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are imbedded within the Inline XBRL document)
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover page Interactive Data File is formatted in Inline XBRL and included in Exhibits 101

†	These certifications are deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section; nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act.

Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt have not been filed. The registrant will furnish copies thereof to the SEC upon request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	CNH INDUSTRIAL CAPITAL LLC
Date: August 4, 2025	/s/ Douglas MacLeod
	Douglas MacLeod, Chairman and President
	(Principal Executive Officer)


Date: August 4, 2025	/s/ Daniel Willems Van Dijk
	Daniel Willems Van Dijk, Chief Financial Officer and Assistant Treasurer
	(Principal Financial Officer)