Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Listing Information
As of May 20, 2024, CNH Industrial N.V . common stock is listed solely on the New York Stock Exchange ("NYSE") under the symbol "CNH". Prior to May 20, 2024, CNH Industrial N.V . common stock was listed solely on the NYSE under the symbol "CNHI" and prior to January 2, 2024, CNH Industrial N.V. common stock also had a secondary listing on Euronext Milan in Italy.
Number of Shareholders
At January 31, 2026, there were 392 registered holders of our common stock, including 143 shareholders that hold special voting shares associated with their common shares. This number does not include stockholders who hold their stock through brokers, banks and other nominees.
Stock Performance Graph
The following graph compares the cumulative total shareholder return on our common stock with the total return on the S&P Midcap 400 Index and the S&P Midcap 400 Industrials Index for the five-year period ended December 31, 2025. It shows the growth of a $100 investment on December 31, 2020, including the reinvestment of all dividends.
Base Period Years Ended December 31,
Company/Index 2020 2021 2022 2023 2024 2025
CNH $100 $153 $148 $115 $112 $93
S&P Midcap 400 $100 $125 $108 $126 $144 $155
S&P Midcap 400 Industrials $100 $128 $114 $149 $170 $191
Dividends
CNH's dividend policy allows for annual dividends of between 25-35% of its consolidated net income in any one year. While the Company currently expects a cash dividend to be paid in the future, any future dividend payments will depend on the Company's earnings, capital requirements, financial condition, and other factors considered relevant by the Company's Board of Directors.
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Securities Authorized for Issuance under Equity Compensation Plans
See Part III, Item 12 of this Annual Report for information about our equity compensation plans, which is incorporated by reference herein.
Issuer Purchases of Equity Securities
On February 14, 2024, the Company's Board of Directors announced a $500 million share buyback program, which became effective March 1, 2024, under which the Company may repurchase its common shares in the open market or through privately negotiated or other transactions, including at the Company's election trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 depending on share price, market conditions and other factors.
The Company's purchases of its common shares under the buyback programs during the fourth quarter of 2025, were as follows:
Period Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share ($ )
Approximate USD Value of Shares that May Yet Be Purchased under the Plans or Programs ($)
10/1/2025 - 10/31/2025 1,597,066 10.54 277,825,268
11/1/2025 - 11/30/2025 1,787,280 9.95 260,047,675
12/1/2025 - 12/31/2025 1,106,381 9.42 249,624,162
Total 4,490,727
Item 6. [Reserved]
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
See the information under the caption " Management's Discussion and Analysis ," which is incorporated by reference herein.