CNH Industrial (CNH) risk factors, FY2025 10-K

CNH Industrial's FY2025 10-K, filed Feb 26, 2026, lists 15 risk factors in 5 groups. Against the prior year's 6: 10 new, 1 dropped, 1 substantially reworded.

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Risk factors listed
155 groups
New this year
10vs 6 last year
Dropped
1since the prior 10-K
Substantially reworded
1of those kept
Section length
12k wordsItem 1A

What the changes say

  • Macroeconomic and agricultural business cycles dominate the risk profile.

What changed since the prior 10-K

New

  • New

    Strategic risks — macroeconomic cycles, trade and political risks, competitive and innovation challenges, execution of strategic initiatives, and environmental and demand shifts — are material risks that could adversely affect our results of operations, financial condition and cash flows

    Strategic risks from macroeconomic cycles, trade policies, competitive pressures, and cost reduction execution could harm results.

  • New

    Operational risks include supplier and dealer dependencies, emerging‑market and expansion risks, legal and contingent-liability exposures, and workforce and execution challenges that could materially affect our results

    Operational risks including supplier dependencies, emerging-market expansion, legal exposures, and workforce challenges could affect results.

  • New

    Compliance risks include evolving regulatory requirements, privacy and financial‑services rule changes, enforcement exposure that could materially affect our financial condition, results and investor confidence

    Compliance risks from evolving regulatory requirements and financial-services rule changes could impact financial condition.

  • New

    Financial and taxation risks — including financing and covenant constraints, market volatility, Financial Services credit concentration, pension funding, high leverage, tax‑residency and passive foreign investment company ("PFIC") exposure — could materially affect our liquidity, results of operations and cash flows

    Financial and taxation risks including financing constraints, market volatility, and debt leverage could impact liquidity and cash flows.

  • New

    Risks related to our common shares: The loyalty voting program may reduce share liquidity and market value, entrench existing management, deter potential acquirers and increase governance and investor‑relations risks, any of which could negatively affect the market price of our common shares

    The loyalty voting program may reduce share liquidity, deter acquirers, and negatively affect common share prices.

  • NewSTRATEGIC RISKS

    occurring at optimal times and may cause crop loss through increased disease or mold growth. Temperature affects the rate of growth, crop maturity, crop quality, and yield

    Temperatures outside normal ranges and natural disasters can cause crop failure, reducing demand for agricultural equipment.

  • NewCYBERSECURITY AND DIGITAL RISKS

    Cybersecurity breaches or IT system disruptions could impair operations, compromise data, and result in legal, financial, or reputational harm

    IT network and system disruptions could impair operations, compromise confidential data, and result in harm.

  • NewCYBERSECURITY AND DIGITAL RISKS

    Our information technology systems may be susceptible to cybersecurity threats, failures, and other disruptions

    Information technology systems remain susceptible to sophisticated cyber threats, malware, and AI-enabled attack techniques.

  • NewCYBERSECURITY AND DIGITAL RISKS

    Our reliance on third‑party cloud and software‑as‑a‑service providers introduces additional risks because we do not control the underlying infrastructure. Misconfigurations, outages, or security weaknesses at vendors could result in operational disruptions, unauthorized access to data, or compromised system integrity

    Reliance on third-party cloud providers and vulnerabilities in connected products introduce cybersecurity and operational risks.

  • NewCYBERSECURITY AND DIGITAL RISKS

    If we fail to advance these technologies at a pace consistent with industry standards or customer expectations—or if competitors deploy more effective or trusted AI‑enabled solutions—our competitive position could be negatively affected

    Failure to advance AI-enabled solutions or technology systems at industry pace could negatively affect competitive position.

Dropped

  • DroppedOPERATIONAL RISKS

    security concerns or comply with applicable privacy and data security laws, rules and regulations could have an adverse effect on our business prospects, results of operations and/or financial position

Reworded

  • 46% rewrittenSTRATEGIC RISKS

    There can be no guarantee that we will be able to quickly and completely adapt our business model to changes that could result from the foregoing, and any such changes may have an adverse effect on our business, results of operations and financial condition

    Expanded focus from general agricultural equipment demand drivers to specific impacts of international trade policies, tariffs, sanctions, and quotas.

All 15 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01We face many risks and uncertainties, any one of which could have a material adverse effect on our business, results of operations and financial condition. This section describes what we consider to be the most significant risks to our business based upon current knowledge, information and assumptions
  2. 02Strategic risks — macroeconomic cycles, trade and political risks, competitive and innovation challenges, execution of strategic initiatives, and environmental and demand shifts — are material risks that could adversely affect our results of operations, financial condition and cash flowsNew
  3. 03Operational risks include supplier and dealer dependencies, emerging‑market and expansion risks, legal and contingent-liability exposures, and workforce and execution challenges that could materially affect our resultsNew
  4. 04Compliance risks include evolving regulatory requirements, privacy and financial‑services rule changes, enforcement exposure that could materially affect our financial condition, results and investor confidenceNew
  5. 05Financial and taxation risks — including financing and covenant constraints, market volatility, Financial Services credit concentration, pension funding, high leverage, tax‑residency and passive foreign investment company ("PFIC") exposure — could materially affect our liquidity, results of operations and cash flowsNew
  6. 06Risks related to our common shares: The loyalty voting program may reduce share liquidity and market value, entrench existing management, deter potential acquirers and increase governance and investor‑relations risks, any of which could negatively affect the market price of our common sharesNew

STRATEGIC RISKS

  1. 07Further, the continuing war in Ukraine and heightened tensions in the Middle East, including the Red Sea have given rise to regional instability which has in the past, and may in the future continue, to impact our supply chain and operations
  2. 08There can be no guarantee that we will be able to quickly and completely adapt our business model to changes that could result from the foregoing, and any such changes may have an adverse effect on our business, results of operations and financial condition46% rewritten
  3. 09occurring at optimal times and may cause crop loss through increased disease or mold growth. Temperature affects the rate of growth, crop maturity, crop quality, and yieldNew

CYBERSECURITY AND DIGITAL RISKS

  1. 10Cybersecurity breaches or IT system disruptions could impair operations, compromise data, and result in legal, financial, or reputational harmNew
  2. 11Our information technology systems may be susceptible to cybersecurity threats, failures, and other disruptionsNew
  3. 12Our reliance on third‑party cloud and software‑as‑a‑service providers introduces additional risks because we do not control the underlying infrastructure. Misconfigurations, outages, or security weaknesses at vendors could result in operational disruptions, unauthorized access to data, or compromised system integrityNew
  4. 13If we fail to advance these technologies at a pace consistent with industry standards or customer expectations—or if competitors deploy more effective or trusted AI‑enabled solutions—our competitive position could be negatively affectedNew

FINANCIAL AND TAXATION RISKS

  1. 14We also face risks from currency devaluations. Currency devaluations result in a diminished value of funds denominated in the currency of the country suffering the devaluation
  2. 15These risks are exacerbated by the ongoing volatility in the financial markets, in part resulting from perceived strains on the finances and creditworthiness of several governments and financial institutions, and from continued concerns about global economic growth, particularly in emerging markets

Other CNH Industrial 10-Ks

  • FY2024 10-K risk factors
    38 risks

    Agriculture is now management’s primary focus, with Construction redesigned as a distinct division under new leadership.

    Filed Feb 28, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.