CNH Industrial N.V. (CNHI) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	20-F	20-F	20-F	20-F	20-F
Revenues:
Agricultural Equipment								11,025
Construction Equipment								2,542
Commercial Vehicles								9,542
Powertrain				4,117	4,565	4,369		3,560
Other				23,962	25,141	23,332
Total revenues [+]	23,551	19,496	14,779	28,079	29,706	27,701	25,095	25,912
Products	21,541	17,802	13,083	26,149	27,831	25,769		24,677
Net interest income							1,879
Financial services							1,190	1,235
Revenue growth [+]	20.8%	31.9%	-47.4%	-5.5%	7.2%	10.4%	-3.2%	-20.4%
Agricultural Equipment								-27.5%
Construction Equipment								-24.0%
Commercial Vehicles								-12.4%
Powertrain				-9.8%	4.5%			-20.3%
Financial Services	19.4%	0.7%	-17.5%	1.1%	-1.9%	5.8%	19.5%	-12.3%
Cost of goods sold	16,797	14,109	11,152	21,832	22,958	21,572	19,420	20,357
Gross profit	6,754	5,387	3,627	6,247	6,748	6,129	5,675	5,555
Gross margin	28.7%	27.6%	24.5%	22.2%	22.7%	22.1%	22.6%	21.4%
Selling, general and administrative	1,752	1,454	1,296	2,216	2,351	2,315	2,246	2,317
Research and development	866	642	493	1,030	1,061	957	860	856
Equity in earnings	104	91	66	13	50	88	58	41
Other operating expenses	793	859	816	937	1,047	88	58	41
EBITDA [+]						3,582	3,285
EBITDA growth	36.6%	131.9%	-47.6%	-11.2%	-34.7%	9.0%	37.9%	-28.5%
EBITDA margin	14.6%	12.9%	7.4%	7.4%	7.9%	12.9%	13.1%	9.2%
Depreciation	-130	-85	-72	-112	-116	610	605	-107
EBITA	3,577	2,608	1,160	2,189	2,455	2,972	2,680	2,489
EBITA margin	15.2%	13.4%	7.8%	7.8%	8.3%	10.7%	10.7%	9.6%
Amortization of intangibles	130	85	72	112	116	115	111	107
EBIT [+]	3,447	2,523	1,088	2,077	2,339	2,857	2,569	2,382
EBIT growth	36.6%	131.9%	-47.6%	-11.2%	-18.1%	11.2%	7.9%	8.7%
EBIT margin	14.6%	12.9%	7.4%	7.4%	7.9%	10.3%	10.2%	9.2%
Non-recurring items [+]	31	35	607	109	61	93	44	84
Asset impairment			585
Interest expense	734	549	660	798	812	940	1,026	1,106
Interest expense	734	549	660	798	812	940	1,026	1,106
Other income (expense), net						-1,165	-1,521	-625
Pre-tax income	2,682	1,939	-179	1,170	1,466	659	-22	567
Income taxes	747	229	85	-271	417	457	297	360
Tax rate	27.9%	11.8%			28.4%	69.3%		63.5%
Minority interest	10	37	55	32	31	18	3	-5
Earnings from continuing ops	2,029	3,565	-253	1,422	1,068	272	-264	253
Earnings from discontinued ops		-41	-240
Net income	2,029	3,524	-493	1,422	1,068	272	-264	253
Net margin	8.6%	18.1%	-3.3%	5.1%	3.6%	1.0%	-1.1%	1.0%

Basic EPS [+]	$1.50	$2.63	($0.19)	$1.05	$0.79	$0.20	($0.19)	$0.19
Growth	-43.0%	-1506.0%	-117.8%	33.6%	294.7%	-202.9%	-204.3%	-64.5%
Diluted EPS [+]	$1.49	$2.62	($0.19)	$1.05	$0.78	$0.20	($0.19)	$0.19
Growth	-43.1%	-1498.7%	-117.8%	33.8%	294.4%	-202.7%	-204.4%	-64.4%

Dividends per share [+]	$0.30	$0.13	$0.01	$0.20	$0.17	$0.12	$0.15	$0.21
Growth	128.8%	2129.2%	-97.1%	17.3%	46.6%	-20.3%	-30.8%	-22.7%

Shares outstanding (basic) [+]	1,351	1,354	1,351	1,352	1,357	1,364	1,362	1,361
Growth	-0.2%	0.2%	-0.1%	-0.4%	-0.5%	0.1%	0.1%	0.5%
Shares outstanding (diluted) [+]	1,362	1,361	1,351	1,354	1,361	1,367	1,362	1,363
Growth	0.1%	0.7%	-0.2%	-0.5%	-0.4%	0.4%	-0.1%	0.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.