US Multinationals Set for Earnings Boost from Strong Dollar
The Federal Reserve's continued focus on inflation has brought back into view the strong dollar story. Currency fluctuations can quietly reshape earnings for US multinationals, creating sharp winners and losers.
CNH Industrial (CNH) is a global equipment company that manufactures tractors, harvesters, construction machinery, and related precision agriculture technology under brands like Case IH and New Holland. It also operates a financing arm to help customers and dealers fund the purchase of its agricultural and construction equipment.
The company generates most of its revenue from agriculture equipment at $12.4 billion, with construction equipment contributing roughly $3.0 billion and financial services around $2.7 billion. CNH Industrial's large export footprint makes it relevant when the US dollar is firm and policymakers keep rates higher for longer.
Deere (DE) is another global equipment company that makes agricultural machinery, turf equipment, construction, and forestry machines, as well as providing financing to customers and dealers. Deere generates most of its revenue from Production & Precision AG at $17.1 billion, Construction and Forestry at roughly $13.2 billion, Small AG & Turf at about $11.4 billion, and Financial Services at around $6.2 billion.
Hewlett Packard Enterprise (HPE) is a global technology company that provides servers, hybrid cloud platforms, networking, and security products to businesses and public sector customers across various regions. HPE generates about $10.1 billion from its Networking segment, $27.9 billion from segment adjustments, and $0.8 billion from Corporate Investments and Other.
The three companies' recent performance has been mixed, with CNH Industrial experiencing better-than-expected revenue and EPS in Q2 2026 despite pressure on margins due to tariffs and a soft farm cycle. Deere is working through a soft patch in large ag demand, while HPE's AI and networking story appears to be gaining momentum.