Caterpillar Inc (CAT)

CAT raises dividend for 32nd consecutive year—to annualized $6.52 (from $6.04):

https://www.prnewswire.com/news-releases/caterpillar-inc-increases-dividend-302797237.html Caterpillar expects to continue to return substantially all Machinery, Power & Energy (MP&E) free cash flow to shareholders over time through dividends and share repurchases. The above phrase means all corporate cash flow other than income from the finance subsidiary.

Caterpillar Inc. Increases DividendJune 10, 2026 4:05 PM
PR Newswire (US) IRVING, Texas, June 10, 2026 /PRNewswire/ -- The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to raise the quarterly dividend by 12 cents, an eight percent increase, to one dollar and sixty-three cents ($1.63) per share of common stock payable Aug. 19, 2026, to shareholders of record at the close of business July 20, 2026. Caterpillar expects to continue to return substantially all Machinery, Power & Energy (MP&E) free cash flow to shareholders over time through dividends and share repurchases. "Our results reflect the execution of our enterprise strategy, combining world-class equipment with advanced technology to solve our customers' toughest challenges," said Caterpillar Chairman and CEO Joe Creed. "That's driving profitable growth, strong MP&E free cash flow and a dividend increase that maintains our place on the S&P 500 Dividend Aristocrats Index."Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 32 consecutive years and is recognized as a member of the S&P 500 Dividend Aristocrats Index.About Caterpillar 
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.  View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-inc-increases-dividend-302797237.htmlSOURCE Caterpillar Inc. Original: Caterpillar Inc. Increases Dividend

Caterpillar Inc. Releases 2025 Annual and Sustainability ReportsMay 12, 2026 9:05 AM
PR Newswire (US) Reports highlight strong 2025 performance, refreshed strategy for profitable growthIRVING, Texas, May 12, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) today released its 2025 Annual and Sustainability Reports, detailing the company's strong business performance and refreshed strategy for profitable growth. "Our centennial year was a significant milestone, marked by the highest full-year sales and revenues in Caterpillar history," said Caterpillar Chairman and CEO Joe Creed. "Our 2025 reports highlight how our employees, alongside the Cat® dealer network, are building on a strong foundation to deliver our mission: solving our customers' toughest challenges."Advancing Caterpillar's Strategy and Sustainability Priorities
Caterpillar's refreshed enterprise strategy for profitable growth, grounded in our purpose to build a better, more sustainable world, is organized around three pillars: Commercial Excellence, Advanced Technology Leader and Transform How We Work.Progress toward Caterpillar's 2030 sustainability goals is also highlighted, including growth in remanufactured products and solutions and an ongoing commitment to employee safety, health and well–being.Enabling Customer Success
The reports demonstrate how Caterpillar and its dealer network provide solutions to help customers as they work to improve efficiency, extend asset life and support their sustainability objectives."Our strategy starts with what our customers need to succeed," said Ebban Clause, chief sustainability and strategy officer. "By combining advanced technologies with integrated services and a broad range of power and equipment solutions, we're helping customers improve productivity, reduce emissions and create value across the full lifecycle of their operations."Investing in Communities and People
The talent, dedication and different perspectives of Caterpillar employees are what fuels the company's ability to innovate, solve complex challenges and deliver on its purpose and mission. The reports detail how Caterpillar drives a culture of safety excellence and offers employees opportunities to develop skills and grow their careers. They also highlight how the company supports communities through corporate and philanthropic donations.The reports highlight the company's ongoing commitment to its people, demonstrated through a $100 million pledge over five years to help equip the workforce of the future with the skills needed for tomorrow's manufacturing and industrial jobs.Caterpillar and its employees are equally dedicated to improving the lives of others around the world through the Caterpillar Foundation. Through its ongoing work, the Caterpillar Foundation surpassed $1 billion in global giving in 2025 to help build stronger, more sustainable communities. This critical work is detailed in the reports.Learn more and explore the reports at caterpillar.com/reports.About Caterpillar?
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.  View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-inc-releases-2025-annual-and-sustainability-reports-302768765.htmlSOURCE Caterpillar Inc. Original: Caterpillar Inc. Releases 2025 Annual and Sustainability Reports

Wow! Monster status!

Evercore ISI raises CAT price target_to $1103:

https://www.tipranks.com/news/the-fly/caterpillar-price-target-raised-to-1103-from-878-at-evercore-isi-thefly-news

CAT might even get there the way the business is firing on all cylinders (including the cylinders in the company’s reciprocating-engine business, LOL).

p.s. CAT’s 2026 guidance does not include any provision for tariff refunds, so any such refunds are pure upside.

CAT 1Q26 addendum—Growth of sales in the power-generation business were even stronger than they appeared to be from the figures in #msg-177557749. Specifically, sales of power-generation equipment by CAT’s independent dealers to end users were +48% YoY. From the 1Q26 CC transcript:

https://stockanalysis.com/stocks/cat/transcripts/548419-q1-2026/ In Power and Energy, sales to users grew a robust 32% [i.e. for the P&E segment overall, of which power generation is a part], with growth across all applications. Power generation grew 48%, driven by strong demand for large gensets and turbines used in data center applications with an increasing mix towards prime power [as opposed to backup power]. This 48% figure is a better indicator of end-user demand than the growth rate for CAT’s P&E sales to its independent dealers. More from the CC transcript: …Yesterday, we announced another exciting opportunity to provide ProPower up to 2.1 GW of large gas generator sets for prime power generation [#msg-177553676] in support of data center, oil and gas, and industrial applications. …This represents the sixth agreement with at least 1 GW of Caterpillar equipment for prime power applications. Prime power-generation equipment (as opposed to backup power) will generate robust future demand for servicing and parts.

CAT director bought $220K of_stock_on_open_market:

https://www.sec.gov/Archives/edgar/data/18230/000110465926055493/xslF345X06/tm2613618-1_4seq1.xml

Addendum—The reason CAT’s 2026 tariff guidance of $2.2-2.4B didn’t have an even larger reduction relative to the prior guidance of $2.6B is that the bulk of CAT’s tariff costs relate to equipment parts containing steel or aluminum, which are governed by Section 232. Section 232 tariffs recently became steeper for these kinds of parts (#msg-177465156).

p.s. The $2.2B figure for CAT’s prior tariff-cost guidance in #msg-177557749 is a typo that should have said $2.6B.

Power and energy segments driving much of the growth and expansion.

CAT poised for more new ATH's today

Tech Stocks Set to Extend Rally as Apple Crushes Estimates: Dow Jones, S&P and Nasdaq FuturesMay 1, 2026 9:09 AM
IH Market News
Dow Jones, S&P 500 and Nasdaq futures are currently pointing to a higher open on Friday, with stocks likely to see further upside following the rally seen over the course of the previous session.Apple (NASDAQ:AAPL) may help lead an extended advance on Wall Street, as the tech giant is surging by 3.6 percent in pre-market trading.The jump by Apple comes after the company reported fiscal better than expected fiscal second quarter results and forecast revenues for the current quarter above analyst estimates.Early buying interest may also be generated by an extended pullback by the price of crude oil, with U.S. crude oil futures tumbling by more than 2 percent.U.S. crude oil futures showed a significant downturn on Thursday, slumping by 1.7 percent after reaching their highest levels in four years.The continued decrease by crude oil prices comes after an Axios reporter said Iran has delivered its response to the latest U.S. amendments on the agreement to end the war through Pakistani mediators.After seeing considerable volatility early in the session, stocks moved sharply higher over the course of the trading day on Thursday. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 reaching new record closing highs.The major averages gave back some ground going into the end of the day but still posted strong gains. The Dow surged 790.33 points or 1.6 percent to 49,652.14, the S&P 500 jumped 73.06 points or 1 percent to 7,209.01 and the Nasdaq advanced 219.08 points or 0.9 percent to 24,892.31.The Dow turned in a strong performance throughout the day amid a sharp increase by shares of Caterpillar (NYSE:CAT), with the construction equipment spiking by 9.9 percent.Shares of Caterpillar soared after the company reported better than expected first quarter results and raised its full-year revenue forecast.Chipmaker Qualcomm (NASDAQ:QCOM) also skyrocketed by 15.1 percent on the day after reporting second quarter earnings that exceeded analyst estimates.Shares of Alphabet (NASDAQ:GOOGL) also surged by 10 percent after the Google parent better than expected first quarter revenues.On the other hand, Facebook parent Meta Platforms (NASDAQ:META) and software giant Microsoft (NASDAQ:MSFT) moved sharply lower amid concerns about their plans to increase spending.Traders also kept an eye on the price of crude oil, which pulled back sharply after soaring to its highest levels in four years despite lingering concerns about the Middle East conflict.Networking stocks turned in some of the market’s best performances on the day, with the NYSE Arca Networking Index spiking by 3.8 percent to a new record closing high.Substantial strength was also visible among pharmaceutical stocks, as reflected by the 3.7 percent surge by the NYSE Arca Pharmaceutical Index.Eli Lilly (NYSE:LLY) helped lead the sector higher, soaring by 9.8 percent after reporting better than expected first quarter results and raising its full-year sale outlook.Computer hardware, gold, telecom and semiconductor stocks also saw significant strength, while software stocks bucked the uptrend amid the steep drop by Microsoft.

Original: Tech Stocks Set to Extend Rally as Apple Crushes Estimates: Dow Jones, S&P and Nasdaq Futures

Caterpillar Announces Virtual 2026 Shareholder MeetingApril 30, 2026 4:15 PM
PR Newswire (US)

IRVING, Texas, April 30, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) will hold a virtual annual shareholder meeting Wednesday, June 10 at 8 a.m. CDT.







Shareholders owning Caterpillar common stock at the close of business on April 13, or their legal proxy holders, are entitled to participate, submit questions and vote on several items at the virtual annual meeting. Attendance and registration details, as well as information on items of business to be addressed at the meeting, can be found on page 84 in Caterpillar's 2026 proxy statement at www.caterpillar.com/proxymaterials.About CaterpillarFor more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.   



View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-announces-virtual-2026-shareholder-meeting-302759317.htmlSOURCE Caterpillar Inc.

Original: Caterpillar Announces Virtual 2026 Shareholder Meeting

CAT soars_to_all-time_high_on_MUCH_higher_2026_sales_guidance, driven_mainly_by_robust_growth_in_construction_and turbines/engines for data centers:

https://www.prnewswire.com/news-releases/caterpillar-reports-first-quarter-2026-results-302758655.html

Full-year 2026 guidance

• 2026 sales growth is now expected to be low double-digits, which is a big hike from the prior guidance of 6-7%. (CAT does not issue guidance for GAAP or non-GAAP EPS.)

• CAT now expects full-year 2026 to incur incremental tariff costs of $2.2-2.4B, down from the prior guidance of $2.2B. (The 1Q26 number was $600M, as noted below.)

1Q26 results

• 1Q26 revenue (including CAT Financial revenue) was $17.4B, +22% YoY.

• 1Q26 equipment sales (excluding CAT financial) were $16.5B, +23% YoY. Of this 23% YoY growth, 17% came from volume, 3% from price, and 3% from currency.

• 1Q26 sales in the Construction segment (comprising 43% of non-financial corporate sales) were $7.2B, +38 YoY.

• 1Q26 sales in the Power & Energy segment (comprising 42% of non-financial corporate sales) were $7.0B, +22% YoY. This is the business segment that makes turbines and reciprocating engines to power AI data centers.

• 1Q26 sales in the Resources Industries (mining equipment) segment (comprising 23% of non-financial corporate sales) were $3.8B, +4% YoY.

• Note: The three non-financial reporting segments above sum to more than 100% of corporate non-financial sales because inter-segment sales are eliminated from the overall sales number.

• 1Q26 non-GAAP EPS, which excludes restructuring costs, was $5.54, +30% YoY. This EPS growth is remarkable in light of the $600M of incremental tariff costs in 1Q26 relative to 1Q25.

• CAT’s equipment backlog at 3/31/26 was a record $63B, up from $51B at 12/31/25.


1Q26 CC slides:
https://s25.q4cdn.com/358376879/files/doc_financials/2026/q1/1Q-2026-Analyst-Slide-Deck_Final.pdf

1Q26 CC transcript:
https://stockanalysis.com/stocks/cat/transcripts/548419-q1-2026/

5-min video with CFO on 1Q26 results:

+$81. CAT is a monster today and has been all year. Lovin' it with our holdings

$CAT: Pushing the DOW big time today................

$CAT up over 10%............. that'll do it on awesome EARNINGS


GO $CAT

Caterpillar shares surge after Q1 results beat expectationsApril 30, 2026 8:35 AM
IH Market News
Shares of Caterpillar (NYSE:CAT) climbed more than 5% in premarket trading on Thursday after the company reported first-quarter earnings and revenue that exceeded Wall Street forecasts.The machinery giant posted earnings per share of $5.54 for the quarter, well above the consensus estimate of $4.63. Revenue increased 10% year-over-year to $17.4 billion, also surpassing the $16.49 billion expected by analysts.Profit before income taxes rose 12% from a year earlier to $195 million. Caterpillar said the improvement was mainly driven by a positive contribution of $40 million from higher average earning assets, partially offset by a $22 million increase in general, operating and administrative expenses.Retail new business volume totaled $3.19 billion in the first quarter, up $226 million, or 8%, from $2.96 billion in the same period last year. The company attributed the growth primarily to stronger demand across Mining, North America, Asia Pacific and Power segments.Caterpillar stock price

Original: Caterpillar shares surge after Q1 results beat expectations

Agree. CAT +$50 in premarket trading at a new All-Time High on fabulous Q1 earnings report out this am

Caterpillar Reports First-Quarter 2026 ResultsApril 30, 2026 6:30 AM
PR Newswire (US)

First-quarter 2026 sales and revenues increased 22% to $17.4 billionFirst-quarter 2026 profit per share of $5.47; adjusted profit per share of $5.54   Deployed $5.7 billion of cash for share repurchases and dividends in the first quarter

First Quarter($ in billions except profit per share)
20262025Sales and Revenues
$17.4$14.2Profit Per Share
$5.47$4.20Adjusted Profit Per Share
$5.54$4.25Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.  IRVING, Texas, April 30, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced first-quarter 2026 results.







"Our team delivered a strong start to the year, driven by resilient end markets and disciplined execution in a dynamic operating environment," said Caterpillar Chairman and CEO Joe Creed. "Solid sales and revenues growth, combined with robust order activity, demonstrate the strength of our business and our focus on solving our customers' toughest challenges. A record backlog provides a strong foundation for continued positive momentum."Sales and revenues for the first quarter of 2026 were $17.4 billion, a 22% increase compared with $14.2 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million.Operating profit margin was 17.7% for the first quarter of 2026, compared with 18.1% for the first quarter of 2025. Adjusted operating profit margin was 18.0% for the first quarter of 2026, compared with 18.3% for the first quarter of 2025. First-quarter 2026 profit per share was $5.47, compared with first-quarter 2025 profit per share of $4.20. Adjusted profit per share in the first quarter of 2026 was $5.54, compared with first-quarter 2025 adjusted profit per share of $4.25. For the first quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.For the first quarter of 2026, enterprise operating cash flow was $1.9 billion, and the company ended the first quarter with $4.1 billion of enterprise cash. In the quarter, the company deployed $5.0 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.CONSOLIDATED RESULTSConsolidated Sales and RevenuesConsolidated Sales and Revenues Comparison
First Quarter 2026 vs. First Quarter 2025 To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.  The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees.Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22%, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.Sales were higher across the three primary segments.Sales and Revenues by Segment(Millions of dollars)First
Quarter
2025
SalesVolume
PriceRealization
Currency
Inter-
Segment /
Other
First
Quarter
2026
$Change
%Change















Power & Energy$     5,783
$       840
$       108
$       111
$       189
$     7,031
$     1,248
22 %Construction Industries5,184
1,459
356
143
19
7,161
1,977
38 %Resource Industries3,661
85
(39)
78
12
3,797
136
4 %All Other Segment70
1
—
—
6
77
7
10 %Corporate Items and Eliminations(1,320)
(67)
1
19
(226)
(1,593)
(273)

Machinery, Power & Energy13,378
2,318
426
351
—
16,473
3,095
23 %















Financial Products Segment1,007
—
—
—
89
1,096
89
9 %Corporate Items and Eliminations(136)
—
—
—
(18)
(154)
(18)

Financial Products Revenues871
—
—
—
71
942
71
8 %















Consolidated Sales and Revenues$    14,249
$     2,318
$       426
$       351
$        71
$    17,415
$     3,166
22 %















 Sales and Revenues by Geographic Region
North America
Latin America
EAME
Asia/Pacific
External Sales
and Revenues
Inter-Segment
Total Sales
and Revenues(Millions of dollars)$
% Chg
$
% Chg
$
% Chg
$
% Chg
$
% Chg
$
% Chg
$
% ChgFirst Quarter 2026


























Power & Energy$ 3,500
33 %
$  278
(15 %)
$ 1,141
11 %
$  794
17 %
$ 5,713
23 %
$ 1,318
17 %
$ 7,031
22 %Construction Industries4,292
48 %
650
29 %
1,199
38 %
961
11 %
7,102
38 %
59
48 %
7,161
38 %Resource Industries1,836
14 %
572
(6 %)
560
10 %
742
(14 %)
3,710
3 %
87
16 %
3,797
4 %All Other Segment7
(13 %)
—
— %
3
200 %
2
— %
12
9 %
65
10 %
77
10 %Corporate Items and Eliminations(55)


—


(4)


(5)


(64)


(1,529)


(1,593)

Machinery, Power & Energy9,580
34 %
1,500
5 %
2,899
21 %
2,494
4 %
16,473
23 %
—
— %
16,473
23 %



























Financial Products Segment741
9 %
111
12 %
133
9 %
111
7 %
1,096
9 %
—
— %
1,096
9 %Corporate Items and Eliminations(91)


(19)


(24)


(20)


(154)


—


(154)

Financial Products Revenues650
8 %
92
15 %
109
6 %
91
6 %
942
8 %
—
— %
942
8 %



























Consolidated Sales and Revenues$ 10,230
32 %
$ 1,592
5 %
$ 3,008
20 %
$ 2,585
4 %
$ 17,415
22 %
$   —
— %
$ 17,415
22 %



























First Quarter 2025


























Power & Energy$ 2,625


$  326


$ 1,026


$  677


$ 4,654


$ 1,129


$ 5,783

Construction Industries2,904


504


867


869


5,144


40


5,184

Resource Industries1,610


606


510


860


3,586


75


3,661

All Other Segment8


—


1


2


11


59


70

Corporate Items and Eliminations(11)


(1)


(1)


(4)


(17)


(1,303)


(1,320)

Machinery, Power & Energy7,136


1,435


2,403


2,404


13,378


—


13,378





























Financial Products Segment682


99


122


104


1,007


—


1,007

Corporate Items and Eliminations(80)


(19)


(19)


(18)


(136)


—


(136)

Financial Products Revenues602


80


103


86


871


—


871





























Consolidated Sales and Revenues$ 7,738


$ 1,515


$ 2,506


$ 2,490


$ 14,249


$   —


$ 14,249





























Consolidated Operating ProfitConsolidated Operating Profit Comparison
First Quarter 2026 vs. First Quarter 2025 To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.  The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy's other operating (income) expenses.Operating profit for the first quarter of 2026 was $3.085 billion, an increase of $506 million, or 20%, compared with $2.579 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.Profit (Loss) by Segment(Millions of dollars)First Quarter
2026
First Quarter
2025
$Change
% ChangePower & Energy$           1,450
$           1,288
$             162
13 %Construction Industries1,535
1,024
511
50 %Resource Industries378
623
(245)
(39 %)All Other Segment(43)
(19)
(24)
(126 %)Corporate Items and Eliminations(321)
(401)
80

Machinery, Power & Energy2,999
2,515
484
19 %







Financial Products Segment245
215
30
14 %Corporate Items and Eliminations(8)
(14)
6

Financial Products237
201
36
18 %







Consolidating Adjustments(151)
(137)
(14)









Consolidated Operating Profit$           3,085
$           2,579
$             506
20 %







Other Profit/Loss and Tax Items Other income (expense) in the first quarter of 2026 was income of $260 million, compared with income of $107 million in the first quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and commodity hedges.The effective tax rate for the first quarter of 2026 was 20.9% compared to 22.3% for the first quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was 23.0% for the first quarter of 2026 and 2025.A discrete tax benefit of $68 million was recorded in the first quarter of 2026, compared with a $17 million benefit in the first quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.POWER & ENERGY(Millions of dollars)















Segment Sales















First Quarter
2025
Sales
Volume
Price
Realization
Currency
Inter-
Segment
First Quarter
2026
$ Change
% ChangeTotal Sales
$     5,783
$       840
$     108
$       111
$        189
$       7,031
$  1,248
22 %
















Sales by Application









First Quarter
2026
First Quarter
2025
$Change
%Change







Power Generation
$     2,817
$     1,996
$     821
41 %







Oil and Gas
1,423
1,258
165
13 %







Industrial
1,473
1,400
73
5 %







External Sales
5,713
4,654
1,059
23 %







Inter-segment
1,318
1,129
189
17 %







Total Sales
$     7,031
$     5,783
$   1,248
22 %
























Segment Profit









First Quarter
2026
First Quarter
2025
Change
%Change







Segment Profit
$     1,450
$     1,288
$     162
13 %







Segment Profit Margin
20.6 %
22.3 %
      (1.7 pts)


























Power & Energy's total sales were $7.031 billion in the first quarter of 2026, an increase of $1.248 billion, or 22%, compared with $5.783 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $840 million and higher inter-segment sales of $189 million.Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily data center applications.Oil and Gas –  Sales increased in reciprocating engines used in gas compression applications. Sales also increased in turbines and turbine-related services.Industrial –  Sales increased primarily in EAME and Asia/Pacific.Power & Energy's segment profit was $1.450 billion in the first quarter of 2026, an increase of $162 million, or 13%, compared with $1.288 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435 million and favorable price realization of $108 million, partially offset by unfavorable manufacturing costs of $346 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariff costs.CONSTRUCTION INDUSTRIES(Millions of dollars)















Segment Sales















First Quarter
2025
Sales
Volume
Price
Realization
Currency
Inter-
Segment
First Quarter
2026
$ Change
% ChangeTotal Sales
$     5,184
$     1,459
$     356
$       143
$          19
$       7,161
$  1,977
38 %
















Sales by Geographic Region









First Quarter
2026
First Quarter
2025
$Change
%Change







North America
$     4,292
$     2,904
$   1,388
48 %







Latin America
650
504
146
29 %







EAME
1,199
867
332
38 %







Asia/Pacific
961
869
92
11 %







External Sales
7,102
5,144
1,958
38 %







Inter-segment
59
40
19
48 %







Total Sales
$     7,161
$     5,184
$   1,977
38 %
























Segment Profit









First Quarter
2026
First Quarter
2025
Change
%Change







Segment Profit
$     1,535
$     1,024
$     511
50 %







Segment Profit Margin
21.4 %
19.8 %
       1.6 pts 


























Construction Industries' total sales were $7.161 billion in the first quarter of 2026, an increase of $1.977 billion, or 38%, compared with $5.184 billion in the first quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.5 billion and favorable price realization of $356 million. Higher sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the first quarter of 2026, compared with a slight decrease during the first quarter of 2025.In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories.Sales increased in Latin America mainly due to higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by the impact from changes in dealer inventories.In EAME, sales increased primarily due to higher sales volume and favorable currency impacts mainly related to the euro. Higher sales volume was primarily driven by the impact from changes in dealer inventories.Sales increased in Asia/Pacific mainly due to favorable price realization and favorable currency impacts primarily related to the Australian dollar. Construction Industries' segment profit was $1.535 billion in the first quarter of 2026, an increase of $511 million, or 50%, compared with $1.024 billion in the first quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $505 million and favorable price realization of $356 million, partially offset by unfavorable manufacturing costs of $362 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.RESOURCE INDUSTRIES(Millions of dollars)















Segment Sales















First Quarter
2025
Sales
Volume
Price
Realization
Currency
Inter-
Segment
First Quarter
2026
$ Change
% ChangeTotal Sales
$     3,661
$        85
$     (39)
$        78
$          12
$       3,797
$    136
4 %
















Sales by Industry









First Quarter
2026
First Quarter
2025
$Change
%Change







Mining, HC and Q&A*
$     2,954
$     2,842
$     112
4 %







Rail
756
744
12
2 %







External Sales
3,710
3,586
124
3 %







Inter-segment
87
75
12
16 %







Total Sales
$     3,797
$     3,661
$     136
4 %







*Heavy Construction and Quarry & Aggregates (HC and Q&A)
















Segment Profit









First Quarter
2026
First Quarter
2025
Change
%Change







Segment Profit
$       378
$       623
$    (245)
(39 %)







Segment Profit Margin
10.0 %
17.0 %
      (7.0 pts)


























Resource Industries' total sales were $3.797 billion in the first quarter of 2026, an increase of $136 million, or 4%, compared with $3.661 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $85 million and favorable currency impacts of $78 million mainly related to the Australian dollar. Higher sales volume was primarily driven by higher sales of equipment to end users.Mining, Heavy Construction and Quarry & Aggregates – Sales increased primarily due to higher sales of equipment to end users in Mining.Rail – Sales increased in rail services.Resource Industries' segment profit was $378 million in the first quarter of 2026, a decrease of $245 million, or 39%, compared with $623 million in the first quarter of 2025. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.FINANCIAL PRODUCTS SEGMENT(Millions of dollars)















Revenues by Geographic Region









First Quarter
2026
First Quarter
2025
$Change
%Change







North America
$        741
$        682
$          59
9 %







Latin America
111
99
12
12 %







EAME
133
122
11
9 %







Asia/Pacific
111
104
7
7 %







Total Revenues
$       1,096
$       1,007
$          89
9 %
























Segment Profit









First Quarter
2026
First Quarter
2025
Change
%Change







Segment Profit
$        245
$        215
$          30
14 %
























Financial Products' segment revenues were $1.096 billion in the first quarter of 2026, an increase of $89 million, or 9%, compared with $1.007 billion in the first quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets across all regions.Financial Products' segment profit was $245 million in the first quarter of 2026, an increase of $30 million, or 14%, compared with $215 million in the first quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $40 million and a favorable impact from higher margins at Insurance Services of $9 million, partially offset by higher SG&A expenses of $22 million.At the end of the first quarter of 2026, past dues at Cat Financial were 1.39%, compared with 1.58% at the end of the first quarter of 2025. Write-offs, net of recoveries, were $29 million for the first quarter of 2026, compared with $20 million for the first quarter of 2025. As of March 31, 2026, Cat Financial's allowance for credit losses totaled $283 million, or 0.86% of finance receivables, compared with $284 million, or 0.86% of finance receivables at December 31, 2025.Corporate Items and EliminationsExpense for corporate items and eliminations was $329 million in the first quarter of 2026, a decrease of $86 million from the first quarter of 2025, primarily driven by favorable impacts of segment reporting methodology differences and decreased expenses due to timing differences, partially offset by higher corporate costs and an unfavorable change in fair value adjustments related to deferred compensation plans.Notesi.   Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Apr. 30, 2026.
iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.
iv. Some amounts within this report are rounded to the millions or billions and may not add.
v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Apr. 30, 2026, to discuss its 2026 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx. About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at caterpillar.com.Caterpillar's latest financial results are also available online:https://investors.caterpillar.com/overview/default.aspxhttps://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)Forward-Looking StatementsCertain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.APPENDIXNON-GAAP FINANCIAL MEASURESThe following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2026, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:(Dollars in millions except per share data)
Operating
Profit
Operating
Profit Margin
Profit Before
Taxes
Provision
(Benefit) for
Income Taxes

Profit
Profit per
Share













Three Months Ended March 31, 2026 - U.S. GAAP
$       3,085
17.7 %
$       3,211
$        670

$       2,549
$        5.47Restructuring costs
41
0.3 %
41
9

32
0.07Three Months Ended March 31, 2026 - Adjusted
$       3,126
18.0 %
$       3,252
$        679

$       2,581
$        5.54













Three Months Ended March 31, 2025 - U.S. GAAP
$       2,579
18.1 %
$       2,570
$        574

$       2,003
$        4.20Restructuring costs
32
0.2 %
33
8

25
0.05Three Months Ended March 31, 2025 - Adjusted
$       2,611
18.3 %
$       2,603
$        582

$       2,028
$        4.25













The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended March 31, 2026 and 2025, this item consists of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:(Dollars in millions)
Profit Before
Taxes
Provision
(Benefit) for
Income Taxes
Effective Tax
Rate






Three Months Ended March 31, 2026 - U.S. GAAP
$       3,211
670
20.9 %Excess stock-based compensation
—
68

Annual effective tax rate, excluding discrete items
$       3,211
$        738
23.0 %Excess stock-based compensation
—
(68)

Restructuring costs
41
9








Three Months Ended March 31, 2026 - Adjusted
$       3,252
$        679








Three Months Ended March 31, 2025 - U.S. GAAP
$       2,570
$        574
22.3 %Excess stock-based compensation
—
17

Annual effective tax rate, excluding discrete items
$       2,570
$        591
23.0 %Excess stock-based compensation
—
(17)

Restructuring costs
33
8








Three Months Ended March 31, 2025 - Adjusted
$       2,603
$        582

Supplemental Consolidating DataThe company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:Consolidated – Caterpillar Inc. and its subsidiaries.Machinery, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.Pages 15 to 23 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.Caterpillar Inc.Condensed Consolidated Statement of Results of Operations(Unaudited)(Dollars in millions except per share data) 
Three Months Ended March 31,
2026
2025Sales and revenues:


Sales of Machinery, Power & Energy$    16,473
$   13,378Revenues of Financial Products942
871Total sales and revenues17,415
14,249



Operating costs:


Cost of goods sold11,306
8,965Selling, general and administrative expenses1,816
1,593Research and development expenses537
480Interest expense of Financial Products345
326Other operating (income) expenses326
306Total operating costs14,330
11,670



Operating profit3,085
2,579



Interest expense excluding Financial Products134
116Other income (expense)260
107



Consolidated profit before taxes3,211
2,570



Provision (benefit) for income taxes670
574Profit of consolidated companies2,541
1,996



Equity in profit (loss) of unconsolidated affiliated companies7
7



Profit of consolidated and affiliated companies2,548
2,003



Less: Profit (loss) attributable to noncontrolling interests(1)
—



Profit 1$      2,549
$     2,003







Profit per common share$       5.50
$      4.22Profit per common share — diluted 2$       5.47
$      4.20



Weighted-average common shares outstanding (millions)


– Basic463.4
474.9– Diluted 2465.8
477.1



1Profit attributable to common shareholders.2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. Caterpillar Inc.Condensed Consolidated Statement of Financial Position(Unaudited)(Millions of dollars) 
March 31,
2026
December 31,
2025Assets


Current assets:


Cash and cash equivalents$              4,072
$              9,980Receivables – trade and other11,447
10,920Receivables – finance10,443
10,649Prepaid expenses and other current assets2,980
2,801Inventories19,626
18,135Total current assets48,568
52,485



Property, plant and equipment – net15,249
15,140Long-term receivables – trade and other2,490
2,142Long-term receivables – finance14,341
14,272Noncurrent deferred and refundable income taxes2,419
2,882Intangible assets419
241Goodwill5,865
5,321Other assets6,199
6,102Total assets$            95,550
$            98,585



Liabilities


Current liabilities:


Short-term borrowings:


-- Financial Products$              4,729
$              5,514Accounts payable9,641
8,968Accrued expenses5,454
5,587Accrued wages, salaries and employee benefits1,434
2,554Customer advances4,382
3,314Dividends payable—
703Other current liabilities2,567
2,798Long-term debt due within one year:


-- Machinery, Power & Energy35
35-- Financial Products7,660
7,085Total current liabilities35,902
36,558



Long-term debt due after one year:


-- Machinery, Power & Energy10,671
10,678-- Financial Products19,971
20,018Liability for postemployment benefits3,659
3,838Other liabilities6,687
6,175Total liabilities76,890
77,267



Shareholders' equity


Common stock5,852
7,181Treasury stock(53,307)
(49,539)Profit employed in the business67,997
65,448Accumulated other comprehensive income (loss)(1,881)
(1,772)Noncontrolling interests(1)
—Total shareholders' equity18,660
21,318Total liabilities and shareholders' equity$            95,550
$            98,585 Caterpillar Inc.Condensed Consolidated Statement of Cash Flow(Unaudited)(Millions of dollars) 
Three Months Ended March 31,
2026
2025Cash flow from operating activities:


Profit of consolidated and affiliated companies$         2,548
$         2,003Adjustments to reconcile profit to net cash provided by operating activities:


Depreciation and amortization595
540Provision (benefit) for deferred income taxes534
(38)Other68
78Changes in assets and liabilities, net of acquisitions and divestitures:


Receivables – trade and other(801)
155Inventories(1,501)
(990)Accounts payable938
401Accrued expenses(202)
(198)Accrued wages, salaries and employee benefits(1,123)
(1,144)Customer advances1,328
713Other assets – net(184)
69Other liabilities – net(330)
(300)Net cash provided by (used for) operating activities1,870
1,289Cash flow from investing activities:


Capital expenditures – excluding equipment leased to others(728)
(710)Expenditures for equipment leased to others(323)
(208)Proceeds from disposals of leased assets and property, plant and equipment191
149Additions to finance receivables(3,890)
(3,209)Collections of finance receivables3,876
3,049Proceeds from sale of finance receivables13
7Investments and acquisitions (net of cash acquired)(788)
(2)Proceeds from sale of businesses and investments (net of cash sold)—
12Proceeds from maturities and sale of securities361
923Investments in securities(467)
(177)Other – net(20)
(9)Net cash provided by (used for) investing activities(1,775)
(175)Cash flow from financing activities:


Dividends paid(703)
(674)Common stock issued, and other stock compensation transactions, net(97)
(64)Payments to purchase common stock(5,028)
(3,660)Proceeds from debt issued (original maturities greater than three months)3,908
2,633Payments on debt (original maturities greater than three months)(3,222)
(1,797)Short-term borrowings – net (original maturities three months or less)(808)
(934)Net cash provided by (used for) financing activities(5,950)
(4,496)Effect of exchange rate changes on cash(55)
54Increase (decrease) in cash, cash equivalents and restricted cash(5,910)
(3,328)Cash, cash equivalents and restricted cash at beginning of period9,986
6,896Cash, cash equivalents and restricted cash at end of period$         4,076
$         3,568
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.   Caterpillar Inc.Supplemental Data for Results of OperationsFor the Three Months Ended March 31, 2026 (Unaudited)(Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery, Power
& Energy
FinancialProducts
ConsolidatingAdjustments
Sales and revenues:







Sales of Machinery, Power & Energy$            16,473
$                   16,473
$                   —
$                    —
Revenues of Financial Products942
—
1,143
(201)1Total sales and revenues17,415
16,473
1,143
(201)









Operating costs:







Cost of goods sold11,306
11,308
—
(2)2Selling, general and administrative expenses1,816
1,609
222
(15)2Research and development expenses537
537
—
—
Interest expense of Financial Products345
—
356
(11)2Other operating (income) expenses326
20
328
(22)2Total operating costs14,330
13,474
906
(50)









Operating profit3,085
2,999
237
(151)









Interest expense excluding Financial Products134
140
—
(6)3Other income (expense)260
99
16
1454








Consolidated profit before taxes3,211
2,958
253
—









Provision (benefit) for income taxes670
607
63
—
Profit of consolidated companies2,541
2,351
190
—









Equity in profit (loss) of unconsolidated affiliated companies7
7
—
—









Profit of consolidated and affiliated companies2,548
2,358
190
—









Less: Profit (loss) attributable to noncontrolling interests(1)
(1)
—
—









Profit 5$              2,549
$                     2,359
$                190
$                    —

1Elimination of Financial Products' revenues earned from MP&E.2Elimination of net expenses recorded between MP&E and Financial Products.3Elimination of interest expense recorded between Financial Products and MP&E.4Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.5Profit attributable to common shareholders. Caterpillar Inc.Supplemental Data for Results of OperationsFor the Three Months Ended March 31, 2025(Unaudited)(Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery,
Power & Energy
FinancialProducts
ConsolidatingAdjustments
Sales and revenues:







Sales of Machinery, Power & Energy$            13,378
$                   13,378
$                   —
$                    —
Revenues of Financial Products871
—
1,048
(177)1Total sales and revenues14,249
13,378
1,048
(177)









Operating costs:







Cost of goods sold8,965
8,967
—
(2)2Selling, general and administrative expenses1,593
1,408
196
(11)2Research and development expenses480
480
—
—
Interest expense of Financial Products326
—
326
—
Other operating (income) expenses306
8
325
(27)2Total operating costs11,670
10,863
847
(40)









Operating profit2,579
2,515
201
(137)









Interest expense excluding Financial Products116
119
—
(3)
Other income (expense)107
(45)
18
1343








Consolidated profit before taxes2,570
2,351
219
—









Provision (benefit) for income taxes574
520
54
—
Profit of consolidated companies1,996
1,831
165
—









Equity in profit (loss) of unconsolidated affiliated companies7
7
—
—









Profit of consolidated and affiliated companies2,003
1,838
165
—









Less: Profit (loss) attributable to noncontrolling interests—
—
—
—









Profit 4$              2,003
$                     1,838
$                165
$                    —

1Elimination of Financial Products' revenues earned from MP&E.2Elimination of net expenses recorded between MP&E and Financial Products.3Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.4Profit attributable to common shareholders. Caterpillar Inc.Supplemental Data for Financial PositionAt March 31, 2026 (Unaudited)(Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery, Power
& Energy
FinancialProducts
ConsolidatingAdjustments
Assets







Current assets:







Cash and cash equivalents$               4,072
$                   3,316
$                  756
$                    —
Receivables – trade and other11,447
4,515
624
6,3081,2Receivables – finance10,443
—
17,014
(6,571)2Prepaid expenses and other current assets2,980
2,614
446
(80)3Inventories19,626
19,626
—
—
Total current assets48,568
30,071
18,840
(343)









Property, plant and equipment – net15,249
11,078
4,124
474Long-term receivables – trade and other2,490
2,323
117
501,2Long-term receivables – finance14,341
—
15,671
(1,330)2Noncurrent deferred and refundable income taxes2,419
2,728
129
(438)5Intangible assets419
419
—
—
Goodwill5,865
5,865
—
—
Other assets6,199
4,562
2,706
(1,069)6Total assets$             95,550
$                  57,046
$             41,587
$             (3,083)









Liabilities







Current liabilities:







Short-term borrowings$               4,729
$                        —
$               4,729
$                    —
Accounts payable9,641
9,590
310
(259)7Accrued expenses5,454
4,764
690
—
Accrued wages, salaries and employee benefits1,434
1,399
35
—
Customer advances4,382
4,379
3
—
Dividends payable—
—
—
—
Other current liabilities2,567
2,004
659
(96)5,8Long-term debt due within one year7,695
35
7,660
—
Total current liabilities35,902
22,171
14,086
(355)









Long-term debt due after one year30,642
10,956
20,971
(1,285)9Liability for postemployment benefits3,659
3,659
—
—
Other liabilities6,687
5,662
1,525
(500)5Total liabilities76,890
42,448
36,582
(2,140)









Shareholders' equity







Common stock5,852
5,852
905
(905)10Treasury stock(53,307)
(53,307)
—
—
Profit employed in the business67,997
62,977
4,989
3110Accumulated other comprehensive income (loss)(1,881)
(925)
(955)
(1)10Noncontrolling interests(1)
1
66
(68)10Total shareholders' equity18,660
14,598
5,005
(943)
Total liabilities and shareholders' equity$             95,550
$                  57,046
$             41,587
$             (3,083)

1Elimination of receivables between MP&E and Financial Products.2Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.3Elimination of MP&E's insurance premiums that are prepaid to Financial Products.4Reclassification of Financial Products' other assets to property, plant and equipment.5Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.6Elimination of other intercompany assets and liabilities between MP&E and Financial Products.7Elimination of payables between MP&E and Financial Products.8Elimination of prepaid insurance in Financial Products' other liabilities.9Elimination of debt between MP&E and Financial Products.10Eliminations associated with MP&E's investments in Financial Products' subsidiaries. Caterpillar Inc.Supplemental Data for Financial PositionAt December 31, 2025 (Unaudited)(Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery, Power
& Energy
FinancialProducts
ConsolidatingAdjustments
Assets







Current assets:







Cash and cash equivalents$              9,980
$                   9,333
$                 647
$                     —
Receivables – trade and other10,920
3,883
657
6,3801,2Receivables – finance10,649
—
17,325
(6,676)2Prepaid expenses and other current assets2,801
2,448
441
(88)3Inventories18,135
18,135
—
—
Total current assets52,485
33,799
19,070
(384)









Property, plant and equipment – net15,140
10,985
4,106
494Long-term receivables – trade and other2,142
1,982
163
(3)1,2Long-term receivables – finance14,272
—
15,538
(1,266)2Noncurrent deferred and refundable income taxes2,882
3,208
133
(459)5Intangible assets241
241
—
—
Goodwill5,321
5,321
—
—
Other assets6,102
4,525
2,651
(1,074)6Total assets$             98,585
$                  60,061
$            41,661
$               (3,137)









Liabilities







Current liabilities:







Short-term borrowings$              5,514
$                        —
$              5,514
$                     —
Accounts payable8,968
8,988
268
(288)7Accrued expenses5,587
4,877
710
—
Accrued wages, salaries and employee benefits2,554
2,494
60
—
Customer advances3,314
3,311
3
—
Dividends payable703
703
—
—
Other current liabilities2,798
2,259
645
(106)5,8Long-term debt due within one year7,120
35
7,085
—
Total current liabilities36,558
22,667
14,285
(394)









Long-term debt due after one year30,696
10,955
21,018
(1,277)9Liability for postemployment benefits3,838
3,837
1
—
Other liabilities6,175
5,162
1,516
(503)5Total liabilities77,267
42,621
36,820
(2,174)









Shareholders' equity







Common stock7,181
7,181
905
(905)10Treasury stock(49,539)
(49,539)
—
—
Profit employed in the business65,448
60,639
4,799
1010Accumulated other comprehensive income (loss)(1,772)
(843)
(929)
—
Noncontrolling interests—
2
66
(68)10Total shareholders' equity21,318
17,440
4,841
(963)
Total liabilities and shareholders' equity$             98,585
$                  60,061
$            41,661
$               (3,137)

1Elimination of receivables between MP&E and Financial Products.2Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.3Elimination of MP&E's insurance premiums that are prepaid to Financial Products.4Reclassification of Financial Products' other assets to property, plant and equipment.5Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.6Elimination of other intercompany assets and liabilities between MP&E and Financial Products.7Elimination of payables between MP&E and Financial Products.8Elimination of prepaid insurance in Financial Products' other liabilities.9Elimination of debt between MP&E and Financial Products.10Eliminations associated with MP&E's investments in Financial Products' subsidiaries. Caterpillar Inc.Supplemental Data for Cash Flow For the Three Months Ended March 31, 2026 (Unaudited) (Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery, Power
& Energy
FinancialProducts
ConsolidatingAdjustments
Cash flow from operating activities:







Profit of consolidated and affiliated companies$                      2,548
$                      2,358
$                         190
$                            —
Adjustments to reconcile profit to net cash provided by operating activities:







Depreciation and amortization595
396
199
—
Provision (benefit) for deferred income taxes534
550
(16)
—
Other68
4
(96)
1601Changes in assets and liabilities, net of acquisitions and divestitures:







Receivables – trade and other(801)
(817)
(2)
181,2Inventories(1,501)
(1,501)
—
—
Accounts payable938
864
45
291Accrued expenses(202)
(183)
(19)
—
Accrued wages, salaries and employee benefits(1,123)
(1,098)
(25)
—
Customer advances1,328
1,328
—
—
Other assets – net(184)
(183)
11
(12)1Other liabilities – net(330)
(416)
59
271Net cash provided by (used for) operating activities1,870
1,302
346
222
Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others(728)
(719)
(10)
11Expenditures for equipment leased to others(323)
(4)
(320)
11Proceeds from disposals of leased assets and property, plant and equipment191
22
171
(2)1Additions to finance receivables(3,890)
—
(4,452)
5622Collections of finance receivables3,876
—
4,443
(567)2Net intercompany purchased receivables—
—
217
(217)2Proceeds from sale of finance receivables13
—
13
—
Collections of intercompany receivables (original maturities greater than three months)—
—
26
(26)3Investments and acquisitions (net of cash acquired)(788)
(788)
—
—
Proceeds from maturities and sale of securities361
219
142
—
Investments in securities(467)
(213)
(254)
—
Other – net(20)
91
(111)
—
Net cash provided by (used for) investing activities(1,775)
(1,392)
(135)
(248)
Cash flow from financing activities:







Dividends paid(703)
(703)
—
—
Common stock issued, and other stock compensation transactions, net(97)
(97)
—
—
Payments to purchase common stock(5,028)
(5,028)
—
—
Payments on intercompany borrowings (original maturities greater than three months)—
(26)
—
263Proceeds from debt issued (original maturities greater than three months)3,908
—
3,908
—
Payments on debt (original maturities greater than three months)(3,222)
(10)
(3,212)
—
Short-term borrowings – net (original maturities three months or less)(808)
—
(808)
—
Net cash provided by (used for) financing activities(5,950)
(5,864)
(112)
26
Effect of exchange rate changes on cash(55)
(64)
9
—
Increase (decrease) in cash, cash equivalents and restricted cash(5,910)
(6,018)
108
—
Cash, cash equivalents and restricted cash at beginning of period9,986
9,336
650
—
Cash, cash equivalents and restricted cash at end of period$                      4,076
$                      3,318
$                         758
$                            —

1Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.2Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.3Elimination of proceeds and payments to/from MP&E and Financial Products. Caterpillar Inc.Supplemental Data for Cash Flow For the Three Months Ended March 31, 2025 (Unaudited) (Millions of dollars) 


Supplemental Consolidating Data

Consolidated
Machinery, Power
& Energy
FinancialProducts
ConsolidatingAdjustments
Cash flow from operating activities:







Profit of consolidated and affiliated companies$                2,003
$                1,838
$                   165
$                     —
Adjustments to reconcile profit to net cash provided by operating activities:







Depreciation and amortization540
351
189
—
Provision (benefit) for deferred income taxes(38)
(34)
(4)
—
Other78
76
(123)
1251Changes in assets and liabilities, net of acquisitions and divestitures:







Receivables – trade and other155
215
(19)
(41)1,2Inventories(990)
(990)
—
—
Accounts payable401
343
60
(2)1Accrued expenses(198)
(211)
13
—
Accrued wages, salaries and employee benefits(1,144)
(1,117)
(27)
—
Customer advances713
713
—
—
Other assets – net69
224
(12)
(143)1Other liabilities – net(300)
(482)
55
1271Net cash provided by (used for) operating activities1,289
926
297
66
Cash flow from investing activities:







Capital expenditures – excluding equipment leased to others(710)
(700)
(11)
11Expenditures for equipment leased to others(208)
(4)
(205)
11Proceeds from disposals of leased assets and property, plant and equipment149
14
137
(2)1Additions to finance receivables(3,209)
—
(3,549)
3402Collections of finance receivables3,049
—
3,458
(409)2Net intercompany purchased receivables—
—
(3)
32Proceeds from sale of finance receivables7
—
7
—
Collections of intercompany receivables (original maturities greater than three months)—
—
7
(7)3Investments and acquisitions (net of cash acquired)(2)
(2)
—
—
Proceeds from sale of businesses and investments (net of cash sold)12
12
—
—
Proceeds from maturities and sale of securities923
782
141
—
Investments in securities(177)
(28)
(149)
—
Other – net(9)
(44)
35
—
Net cash provided by (used for) investing activities(175)
30
(132)
(73)
Cash flow from financing activities:







Dividends paid(674)
(674)
—
—
Common stock issued, including treasury shares reissued(64)
(64)
—
—
Payments to purchase common stock(3,660)
(3,660)
—
—
Payments on intercompany borrowings (original maturities greater than three months)—
(7)
—
73Proceeds from debt issued (original maturities greater than three months)2,633
—
2,633
—
Payments on debt (original maturities greater than three months)(1,797)
(27)
(1,770)
—
Short-term borrowings – net (original maturities three months or less)(934)
—
(934)
—
Net cash provided by (used for) financing activities(4,496)
(4,432)
(71)
7
Effect of exchange rate changes on cash54
49
5
—
Increase (decrease) in cash, cash equivalents and restricted cash(3,328)
(3,427)
99
—
Cash, cash equivalents and restricted cash at beginning of period6,896
6,170
726
—
Cash, cash equivalents and restricted cash at end of period$                3,568
$                2,743
$                   825
$                     —

1Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.2Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.3Elimination of proceeds and payments to/from MP&E and Financial Products. 



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Original: Caterpillar Reports First-Quarter 2026 Results

Cat Financial Reports First-Quarter 2026 ResultsApril 30, 2026 6:31 AM
PR Newswire (US)

NASHVILLE, Tenn., April 30, 2026 /PRNewswire/ -- Cat Financial reported first-quarter 2026 revenues of $947 million, an increase of $87 million, or 10%, compared with $860 million in the first quarter of 2025. The increase in revenues was primarily due to a favorable impact from higher average earning assets. First-quarter 2026 profit was $144 million, an increase of $14 million, or 11%, compared with $130 million profit in the first quarter of 2025.First-quarter 2026 profit before income taxes was $195 million, an increase of $21 million, or 12%, compared with $174 million profit in the first quarter of 2025. The increase was mainly driven by a favorable impact from higher average earning assets of $40 million, partially offset by higher general, operating and administrative expenses of $22 million.The provision for income taxes reflected an estimated annual tax rate of 26% for the first quarter of 2026 compared with 25% for the first quarter of 2025.During the first quarter of 2026, retail new business volume was $3.19 billion, an increase of $226 million, or 8%, compared with $2.96 billion in the first quarter of 2025. The increase was primarily driven by higher volume in Mining, North America, Asia Pacific and Power.At the end of the first quarter of 2026, past dues at Cat Financial were 1.39%, compared with 1.58% at the end of the first quarter of 2025. Write-offs, net of recoveries, were $29 million for the first quarter of 2026, compared with $20 million for the first quarter of 2025. As of March 31, 2026, Cat Financial's allowance for credit losses totaled $283 million, or 0.86% of finance receivables, compared with $284 million, or 0.86% of finance receivables at December 31, 2025."The Cat Financial team's focus on supporting Caterpillar customers and dealers with financial services solutions continues to deliver solid operational results," said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. "Retail new business volume was strong, and our portfolio continues to perform well, with past dues remaining at historically low levels."About Cat FinancialCat Financial is a subsidiary of Caterpillar, the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Cat Financial provides a wide range of financing solutions to customers and Cat® dealers for machines, engines, Solar® turbines, genuine Cat parts and services. Headquartered in Nashville, Tennessee, Cat Financial serves customers globally with offices and subsidiaries located throughout North and South America, Asia, Australia, Europe and Africa. Visit cat.com to learn more about Cat Financial.STATISTICAL HIGHLIGHTS:FIRST-QUARTER 2026 VS. FIRST-QUARTER 2025(ENDED MARCH 31, EXCEPT TOTAL ASSETS)(Millions of dollars)
2026
2025
CHANGERevenues$       947
$       860
10 %Profit Before Income Taxes$       195
$       174
12 %Profit (excluding profit attributable to noncontrolling interests)$       144
$       130
11 %Retail New Business Volume$    3,190
$    2,964
8 %Total Assets at March 31, and December 31, respectively$  38,163
$  38,313
— %FORWARD-LOOKING STATEMENTSCertain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.Cat Financial's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (ii) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) used equipment values and estimated residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for Caterpillar products; (x) marketing, operational or administrative support received from Caterpillar; (xi) our ability to develop, produce and market quality products that meet our customers' needs; (xii) information technology security threats and computer crime; (xiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xiv) new regulations or changes in financial services regulations; (xv) additional tax expense or exposure; (xvi) changes in accounting guidance; (xvii) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xviii) other factors described in more detail in Cat Financial's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.



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Original: Cat Financial Reports First-Quarter 2026 Results

This is a pretty big deal (eom).

PROPWR Secures Strategic Framework Agreement with Caterpillar Inc.April 29, 2026 4:15 PM
PR Newswire (US)

Agreement Enables Acquisition of Up to 2.1 Gigawatts of Incremental Power Generation Capacity by 2031IRVING, Texas, April 29, 2026 /PRNewswire/ -- ProPetro Holding Corp. (NYSE: PUMP) ("ProPetro") today announced that its PROPWR business unit has entered into a strategic framework agreement with Caterpillar Inc. (NYSE: CAT) to purchase up to 2.1 gigawatts of power generation assets to support the growing energy demands of data center, oil and gas and industrial customers with efficient, reliable solutions.







"We are pleased to build upon the strong momentum PROPWR has established since its inception. This agreement marks a major milestone in the expansion of our strategic collaboration with Caterpillar, reinforcing our position as a leader in high-efficiency power-as-a-service solutions," said Travis Simmering, president of PROPWR. "By leveraging the global reputation of the Caterpillar brand and the proven success of our historical collaboration, we are poised to enhance reliability, drive operational excellence, and deliver exceptional value to our customers," said Sam Sledge, ProPetro's chief executive officer. "This collaboration will be a key enabler in achieving PROPWR's long-term objectives and sustaining our rapid growth trajectory." Under this agreement, PROPWR agrees to purchase at least 1.5 GW of incremental power generation assets, with the option to bring the total to approximately 2.1 GW of additional power generation capacity over the next five years. When combined with the approximately 550 megawatts previously ordered, PROPWR is positioned to have approximately 2.6 GW of power generation capacity delivered by year-end 2031 and fully deployed in 2032. "This agreement reflects the strength of our long-standing collaboration with ProPetro and a shared focus on helping customers meet growing power needs with reliable, scalable solutions," said Tara Rossman, senior vice president of Caterpillar Oil & Gas and Marine. "As demand from data centers and other energy intensive applications continue to accelerate, Caterpillar is committed to supporting PROPWR with proven power generation technologies and the global scale needed to execute over the long term."Caterpillar Media Contact: Tiffany Heikkila,

CAT, new highs

Wall Street Set for Further Gains as U.S.-Iran Talk Optimism Builds: Dow Jones, S&P, Nasdaq, FuturesApril 16, 2026 9:14 AM
IH Market News
U.S. stock futures point to a slightly higher open on Thursday, suggesting equities could build on the strong rally seen in recent sessions.Markets appear poised to carry forward the positive momentum that pushed both the Nasdaq and S&P 500 to record closing highs on Wednesday.Investors remain hopeful about a potential second round of negotiations between the United States and Iran, although no official meeting has yet been confirmed.Reports indicate the two sides are weighing a two-week extension of the current ceasefire to create more room for diplomatic discussions.“It’s like the events of the past month-and-a-half have been placed in the rearview mirror by investors,” said Dan Coatsworth, head of markets at AJ Bell.He added, “The market’s sanguine perspective may be tested if the rhetoric about an end to the fighting isn’t matched by reality sooner rather than later.”Futures moved modestly higher after the Labor Department released data showing initial jobless claims in the U.S. declined more than expected in the week ending April 11.Following the early-week rally, stocks continued their upward trajectory on Wednesday, with both the Nasdaq and S&P 500 finishing at fresh record highs.The Nasdaq climbed 376.93 points, or 1.6%, to 24,016.02, while the S&P 500 gained 55.57 points, or 0.8%, to close at 7,022.95. In contrast, the Dow Jones Industrial Average slipped 72.27 points, or 0.2%, to 48,463.72.The Nasdaq’s strong performance was driven in part by gains in technology stocks, with Broadcom (NASDAQ:AVGO) leading the sector higher.Shares of Broadcom (NASDAQ:AVGO) jumped 4.2% after the company unveiled a multi-year, multi-generation partnership aimed at supporting Meta (NASDAQ:META) in scaling its artificial intelligence infrastructure.Meanwhile, the Dow’s decline was partly due to a sharp drop in Caterpillar (NYSE:CAT), with the construction equipment maker falling 3.0%.Traders continued to express confidence that tensions in the Middle East could ease, even as they await further clarity on upcoming U.S.-Iran talks.In an interview with Fox Business, President Donald Trump said the conflict is “very close to over” and repeated his view that Iran is eager to strike a deal “very badly.”Trump also forecast that the “stock market is going to boom” once the conflict involving the U.S., Israel and Iran comes to an end.Software stocks posted strong gains, with the Dow Jones U.S. Software Index surging 4.6%.Brokerage firms also performed well, reflected in a 1.9% rise in the NYSE Arca Broker/Dealer Index.On the downside, gold-related stocks declined sharply as bullion prices fell, pulling the NYSE Arca Gold Bugs Index down by 3.1%.Housing stocks also came under pressure following data showing a larger-than-expected drop in homebuilder confidence, with the Philadelphia Housing Sector Index falling 2.0%.Broadcom stock priceMeta stock priceCaterpillar stock price

Original: Wall Street Set for Further Gains as U.S.-Iran Talk Optimism Builds: Dow Jones, S&P, Nasdaq, Futures

CAT, new highs

Caterpillar Elects New Chief Financial OfficerApril 8, 2026 4:05 PM
PR Newswire (US)

IRVING, Texas, April 8, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced today that Chief Financial Officer (CFO) Andrew Bonfield has elected to retire effective Oct. 1, 2026, following eight years with the company. Caterpillar veteran Kyle Epley has been appointed CFO effective May 1, 2026, at which time Bonfield will assume an advisory role for the remainder of the transition.







Bonfield was named 2025 CFO of the Year by the CFO Leadership Council and Chief Executive Group. His planned retirement follows a period of record financial performance and transformation for the company. During Bonfield's tenure, Caterpillar strengthened its robust operating and execution model and delivered consistently strong returns for shareholders, including the highest full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion for the fourth quarter of 2025."Andrew's leadership has been instrumental to Caterpillar's success," said Joe Creed, Caterpillar chairman and CEO. "He brought exceptional financial expertise, a relentless focus on disciplined decision-making and a deep commitment to our customers and shareholders. With Andrew at the forefront, our global finance organization became a strategic advantage for the enterprise, and his impact will be felt long after his retirement."As part of a seamless transition, Bonfield will serve in an advisory role through Oct. 1, 2026.Epley brings nearly three decades of Caterpillar experience to the role. Currently serving as senior vice president of Global Finance Services, he leads a global team managing enterprise-wide finance operations, strategy, planning, treasury, pricing, real estate and facilities. Throughout his career, Epley has held several senior finance leadership roles across the company, including division CFO and corporate controller, giving him extensive operational and financial insight across Caterpillar's diverse businesses."Kyle is an outstanding leader with deep institutional knowledge and a proven track record of working with the business to drive results," Creed said. "He understands our strategy, our culture and our mission of solving our customers' toughest challenges. I have great confidence in Kyle's ability to build on our strong foundation to lead Caterpillar's finance organization into the future."Bonfield shares strong support for his successor and optimism about the company's direction."It has been a privilege to serve as Caterpillar's CFO and to work alongside such a talented team," said Bonfield. "Kyle is the right leader for this next chapter. He brings the experience, judgment and customer-focused mindset needed to help Caterpillar continue to deliver profitable growth and create long-term value. I look forward to supporting him during the transition and watching Caterpillar continue to thrive."About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team.














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Original: Caterpillar Elects New Chief Financial Officer

Caterpillar Inc. Maintains DividendApril 8, 2026 9:05 AM
PR Newswire (US)

IRVING, Texas, April 8, 2026 /PRNewswire/ -- The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted to maintain the quarterly dividend of one dollar and fifty-one cents ($1.51) per share of common stock payable May 19, 2026, to shareholders of record at the close of business April 20, 2026.







Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 32 consecutive years and is recognized as a member of the S&P 500 Dividend Aristocrats Index.About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com. 



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Original: Caterpillar Inc. Maintains Dividend

CAT is expected to report 1Q26 results on Apr 29 or Apr 30.

CAT, trending sideways

CAT, buy the dip

Atlas Energy Solutions reaches power equipment agreement with CaterpillarMarch 10, 2026 8:45 AM
IH Market News
Atlas Energy Solutions Inc. (NYSE:AESI) announced it has signed a Global Framework Agreement with Caterpillar Inc. (NYSE:CAT) covering roughly 1.4 gigawatts of power generation equipment, with orders expected to be placed between 2027 and 2029.The deal carries total purchase commitments of about $840 million over the contract period. Atlas said that with the successful rollout of these assets, it expects to own and operate around 2.0 gigawatts of power generation capacity by 2030.The equipment package will include natural gas reciprocating generator sets, including CG260-16 stationary units intended for behind-the-meter installations and G3520 series units designed for both behind-the-meter and bridge power applications. As part of the arrangement, Atlas will provide Caterpillar with rolling demand forecasts, while Caterpillar will allocate the necessary manufacturing capacity to meet those needs.John Turner, President and CEO of Atlas, said the agreement provides “supply certainty, pricing discipline, and execution reliability” as the company expands its power infrastructure platform. Turner pointed to growing electricity demand driven by the expansion of AI infrastructure and the reshoring of manufacturing, noting that limitations in the power grid are encouraging industrial customers to adopt private power solutions.Atlas Energy Solutions delivers distributed power systems, oilfield logistics and proppant supply services, primarily operating in the Permian Basin. The company has also published an investor presentation titled “Long-Term Power Strategy” on its website.Atlas Energy Solutions stock priceCaterpillar stock price

Original: Atlas Energy Solutions reaches power equipment agreement with Caterpillar

CAT, buy the dip

Caterpillar Elevates Skilled Trades Through Global Technician and Operator ChallengesMarch 4, 2026 9:05 AM
PR Newswire (US)

Tom March from England Crowned Inaugural Global Dealer Technician Challenge ChampionBrian Hayden from the United States of America wins 3rd Global Operator ChallengeBuilding the Future Workforce Initiative to launch Spring 2026LAS VEGAS, March 4, 2026 /PRNewswire/ -- Caterpillar (NYSE: CAT) is investing in the future of skilled trades through programs that highlight technical excellence, real-world expertise and the people who power the construction industry. These efforts reinforce Caterpillar's commitment to workforce development and prepare the next generation to support customers and build the world's infrastructure.







"As global infrastructure demand increases, access to skilled technicians and operators is a critical issue for our industry," said Caterpillar CEO Joe Creed. "By investing in training and upskilling, we're helping to build the workforce our industry depends on and staying true to our mission of solving our customers' toughest challenges."Caterpillar crowned the winners of its two major global competitions — the Global Dealer Technician Challenge and the Global Operator Challenge — during CONEXPO/CON-AGG. Both challenges highlighted the essential role technicians and machine operators play in powering progress around the world.Celebrating the Heroes of the Trade
The Global Dealer Technician Challenge showcased the high-tech, high-impact nature of today's technician careers. The competition spotlighted the agility, diagnostic expertise and problem-solving skills required to keep customers' equipment running at peak performance through a series of challenges in which technicians had to accurately diagnose and make repairs under intense time pressure.Cat dealers continue to experience strong demand for technicians. By the end of 2028, Cat dealers may need to hire more than 38,000 technicians globally. The challenge was designed to raise awareness of these opportunities and encourage individuals who are mechanically inclined, tech-savvy and eager to solve complex problems to consider a career with a Cat dealer.Of the thousands of technicians who competed in events around the world, only 10 advanced to the finals. The 2026 Global Dealer Technician Challenge Champion is Tom March from England representing Finning UK. [Click here to see highlights from the Global Dealer Technician Challenge.]The World's Most Skilled Machine Operators Forge Their Legacy
Since the spring of 2025, thousands of operators from more than 40 countries have competed in the Caterpillar Global Operator Challenge — one of the largest and most celebrated events for operators in the construction industry. The competition highlighted the mastery required to safely operate Cat machines with precision, efficiency and technological sophistication through a series of challenges that tested material loading, object handling, precision placement and advanced machine control using wheel loaders, excavators and dozers. Nine operators advanced to the finals in Las Vegas.Caterpillar crowned Brian Hayden from the United States of America as the 2026 Global Operator Challenge World Champion. Hayden will receive either a $10,000 cash prize or an equivalent value trip. [Click here to see highlights from the Global Operator Challenge.]Building a Stronger Workforce for the Future
Caterpillar's workforce development initiatives — including these global competitions — are designed to elevate skilled trades, expand training opportunities and inspire the next generation of technicians and operators. The company is committed to helping individuals build rewarding careers that support the world's growing infrastructure needs. Caterpillar announced a five-year, $25 million innovation challenge at CES in January. As part of the Caterpillar Building the Future Workforce Initiative, this innovation prize will identify, test and scale solutions that help workers develop the skills needed to thrive in an increasingly digital and autonomous environment. The challenge launches in spring 2026 and is part of the $100 million commitment Caterpillar pledged last year.Those interested in learning more about skilled trades can visit cat.com/dealertech or cat.com/operatortraining.About Caterpillar
For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com. 














View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-elevates-skilled-trades-through-global-technician-and-operator-challenges-302703940.htmlSOURCE Caterpillar Inc.

Original: Caterpillar Elevates Skilled Trades Through Global Technician and Operator Challenges

Caterpillar Transforms the Construction Worksite with Advanced Technology, Services and Solutions at CONEXPO-CON/AGG 2026March 2, 2026 9:05 AM
PR Newswire (US)

Expands AI and autonomy capabilities across the jobsite Launches Cat Rentals and Cat Compact to meet evolving customer needsStrengthens digital and connected fleet solutions to drive operational and cost efficiencyCelebrates the industry's most skilled operators and technicians in global competitionsLAS VEGAS, March 2, 2026 /PRNewswire/ -- At CONEXPO-CON/AGG 2026, Caterpillar Inc. (NYSE: CAT) will showcase how it is helping customers solve their toughest challenges through advanced technology, service solutions and new products that improve productivity, enhance safety and address labor shortages.







"As jobsites become more complex, we're rapidly innovating to simplify how our customers operate and grow — at any scale," said Caterpillar CEO Joe Creed. "This week, we're demonstrating how a single platform connects the entire operation — empowering customers with AI and autonomy, redefining service and investing in the people doing the work every day."Ground Breakers Keynote
Construction Industries Group President Rod Shurman, Chief Technology Officer Jaime Mineart and Chief Digital Officer Ogi Redzic will spotlight how Caterpillar is tackling the industry's toughest challenges head-on, pushing boundaries and shaping the future of construction."Caterpillar is focused on the challenges customers are dealing with right now: labor, safety and productivity," said Caterpillar Construction Industries Group President Rod Shurman. "From AI and autonomy in action to full-fleet connectivity to services commitments, everything we're showing is built to work where and when customers need it most whether it's on the job, in the shop or at the office." [Watch the keynote on Wednesday, March 4, at 1 p.m. PST in West Hall 108-110, or live stream here.]Caterpillar Exhibits
Operator Stadium: Technology in Action
Caterpillar will transform 70,000 square feet of CONEXPO's Festival Grounds into an outdoor Operator Stadium, where customers can see some of the world's best operators put the latest technologies to the test in real-world jobsite scenarios. The stadium will also offer hands-on experiences with technology, service and Cat Rentals. Demonstrations run daily at 9:30 a.m., 12:00 p.m. and 2:30 p.m. [View live demonstrations here.]West Hall: Fast, Convenient Support for Small Contractors and Growing Customers
Debuting at CONEXPO, Cat Compact is a streamlined customer experience built for small contractors and growing businesses who value simplicity and speed. It brings everything together in one destination — allowing customers to buy, rent and service compact equipment with ease. By blending digital discovery and online research with the trusted, in-person expertise of Cat dealers, Cat Compact reduces complexity at every step. Designed to support customers where they are, it expands Caterpillar's relevance in the compact equipment industry and helps contractors stay productive and focused on getting the job done.South Hall: Powering the Jobsite
Designed to support reliable, around-the-clock jobsite performance, the power solutions on display include new high-horsepower C3.6 and C13D engines. Engines and aftermarket offerings, such as condition monitoring, connectivity tools, and parts options, help customers protect uptime and get more from their equipment.Physical AI and Autonomy Highlights
Building on momentum from CES 2026, Caterpillar will showcase how Cat® AI Assistant™ helps customers interact more easily with Cat equipment and digital tools. By reducing complexity and delivering timely answers and recommendations, Cat AI Assistant helps teams make faster, smarter decisions from the office to the jobsite.Caterpillar will also highlight its collaboration with Geotab Inc., which integrates on-highway data into VisionLink™, enabling customers to manage their entire fleet through one platform. VisionLink™ improves uptime, productivity, safety, compliance and cost efficiency across on- and off-highway equipment for both Cat and non-Cat assets. [Learn more about Caterpillar's advanced technology here.]Attendees at Operator Stadium can watch Caterpillar's first autonomous soil compactor — the Cat® CS12 — in action, in addition to Collision Mitigation, the newest solution in the Cat Detect portfolio. Live demonstrations from across the United States will showcase the latest advancements in remote operation and construction autonomy.Enhanced Customer Programs and Rental Solutions
Caterpillar is enhancing its rewards, financing and service programs through Cat Rewards, the Cat Commercial Account and an upgraded Services Commitment that offers next-day parts, two-day repairs and Cat Credits when commitments aren't met. A refreshed Cat Rentals brand and digital solution will make it easier for customers to search for, manage and monitor equipment as they scale their operations.Celebrating Skilled Labor
Caterpillar is elevating the skill and expertise of the world's top equipment operators and technicians — the professionals who drive productivity, safety and quality on jobsites every day.Nine finalists from around the world will compete live in Caterpillar's Global Operator Challenge Finals at Operator Stadium on Tuesday, March 3, at 9:30 a.m. Following the competition, Caterpillar will also recognize the critical role dealer technicians serve by crowning the winner of its inaugural Global Dealer Technician Challenge. The awards ceremony for both challenges will begin at 3 p.m. [Watch the Global Operator Challenge and award ceremony live here.]As previously announced, Creed and Shurman will participate in a fireside chat with Jefferies at 8 a.m. on Thursday, March 5. Streaming information can be found here.Visit Caterpillar's displays:Festival Grounds F29029West Hall W40416South Hall S80229For more information on Caterpillar's CONEXPO-CON/AGG 2026 presence, visit www.cat.com/conexpo2026.About Caterpillar
For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.   


















View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-transforms-the-construction-worksite-with-advanced-technology-services-and-solutions-at-conexpo-conagg-2026-302701038.htmlSOURCE Caterpillar Inc.

Original: Caterpillar Transforms the Construction Worksite with Advanced Technology, Services and Solutions at CONEXPO-CON/AGG 2026

CAT, buy the dip

Caterpillar CEO Joe Creed and Group President Rod Shurman to Participate in Fireside Chat at CONEXPOFebruary 19, 2026 9:05 AM
PR Newswire (US)

IRVING, Texas, Feb. 19, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Chief Executive Officer Joe Creed and Construction Industries Group President Rod Shurman are expected to participate in a fireside chat, hosted by Steve Volkmann of Jefferies, during CONEXPO in Las Vegas on Thursday, March 5 at Ceasar's Palace. Creed and Shurman are scheduled to speak beginning at approximately 8:00 a.m. PST.







A real-time video webcast will be available to the public. A secondary video webcast is also available. Participants should visit the website at least 15 minutes before the live event to download and install any necessary software. A transcript, audio and video will be posted afterward on Caterpillar's investor relations website, https://investors.caterpillar.com/events-presentations/default.aspx. Phone Call-In Information: 312-270-1925
Conference ID: 502345791#Caterpillar Media Contact:
Tiffany Heikkila, Enterprise Media, tiffany.heikkila @jim3489-0958Caterpillar Investor Relations Contact:
Alex Kapper, Investor Relations,

Caterpillar Bolsters Mining Technology Solutions with RPMGlobal AcquisitionFebruary 17, 2026 7:35 PM
PR Newswire (US)

IRVING, Texas, Feb. 17, 2026  /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) has acquired RPMGlobal Holdings Limited (ASX: RUL), an Australian-based mining software company. The acquisition expands Caterpillar's portfolio of data-driven mining technology and software solutions that help customers plan, operate and manage their sites more efficiently.







Headquartered in Brisbane, Australia, RPMGlobal has deep domain expertise in mining technology enablement, providing customers with data-driven software solutions across the mining value chain. Caterpillar announced an agreement to acquire RPMGlobal in October 2025."Acquiring RPMGlobal is a notable milestone supporting our strategy to solve the challenges our mining customers face every day," said Denise Johnson, group president, Caterpillar Resource Industries. "By combining RPMGlobal's software capabilities with Caterpillar's proven equipment and technology solutions, we will unlock new opportunities to help customers improve mine site performance, while advancing the future of mining technology in a way that is practical, scalable and grounded in their needs.""Given the complementary nature of the two companies' technology offerings, Caterpillar is an ideal home for both our people and our software products," said Richard Mathews, chief executive officer, RPMGlobal. "By deeply integrating our solution sets, we will be able to better solve the most difficult challenges mining companies grapple with daily. The team and I are looking forward to working with the Caterpillar team for the benefit of our customers."RPMGlobal will continue to offer products and services under the RPMGlobal brand.About Caterpillar
For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com. About RPMGlobal
RPMGlobal Holdings Limited [RPM®] is a global leader in the provision and development of mining software solutions to the mining industry.RPM has been advancing the global mining industry through the provision of innovative software solutions and deep domain expertise for almost 50 years. The company's innovative technology solutions support mining clients to extract more value at every stage of the mining lifecycle. In partnership with the industry, RPM has delivered safer, cleaner and more efficient operations in over 125 countries. Learn more at www.rpmglobal.com. 



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Original: Caterpillar Bolsters Mining Technology Solutions with RPMGlobal Acquisition

CAT, still making new highs

Caterpillar CFO Andrew Bonfield to Participate in Fireside Chat at Barclays Industrial Select ConferenceFebruary 11, 2026 9:05 AM
PR Newswire (US)

IRVING, Texas, Feb. 11, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Chief Financial Officer Andrew Bonfield is expected to participate in a fireside chat, hosted by Adam Seiden, managing director, Barclays, at Barclays Industrial Select Conference in Miami, FL on Wednesday, Feb. 18. Bonfield is scheduled to speak beginning at approximately 10:25 a.m. EST.







A real-time video webcast will be available to the public. Participants should visit the website at least 15 minutes before the live event to download and install any necessary software. A transcript, audio and video will be posted afterward on Caterpillar's investor relations website, https://investors.caterpillar.com/events-presentations/default.aspx. About Caterpillar
For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-cfo-andrew-bonfield-to-participate-in-fireside-chat-at-barclays-industrial-select-conference-302684336.htmlSOURCE Caterpillar Inc.

Original: Caterpillar CFO Andrew Bonfield to Participate in Fireside Chat at Barclays Industrial Select Conference

Cat up $13 premarket jobs report came in 130,000 jobs added in January and construction was one of them could be a great day for catCat up $13 premarket jobs report came in 130,000 jobs added in January and construction was one of them could be a great day for cat

CAT, new high

Backlog still supports results, but the market is starting to price peak-cycle risk. This trades more on macro headlines than company-specific news right now.

CAT 4Q25 CC slides:

https://s25.q4cdn.com/358376879/files/doc_financials/2025/q4/4Q-2025-Analyst-Slide-Deck_Final.pdf

Many investors were skeptical of CAT’s AI linkage when I first posted about this (e.g. #msg-174689613). Not anymore!

CAT share-price ascent is seemingly unstoppable (eom).

ACI Wins Multi-Year Caterpillar Engagement as Strategic Technology Transformation PartnerFebruary 3, 2026 12:37 PM
PR Newswire (US)

Global Technology Firm Selected to Lead Mission-Critical Digital Infrastructure Modernization for the Heavy Equipment LeaderSOMERSET, N.J., Feb. 3, 2026 /PRNewswire/ -- ACI, a global provider of enterprise-grade technology services, today announced it has entered into a multi-year, strategic partnership with Caterpillar Inc. (NYSE: CAT). ACI will lead a comprehensive modernization initiative focused on mission-critical applications across Caterpillar's dealer network.







The engagement represents a long-term commitment to building a more agile, future-ready digital infrastructure. ACI was selected for its proven track record in executing complex enterprise transformations where technical rigor and strategic alignment are paramount. The initiative will focus on modernizing systems to ensure long-term scalability and resilience across Caterpillar's digital ecosystem."This partnership is a testament to ACI's twenty-year history of delivering high-impact solutions for the global enterprise," said Jag Kanumuri, President & CEO of ACI. "Caterpillar requires a partner with the specialized expertise to manage and modernize its most critical digital assets. We are honored to be entrusted with this mandate and look forward to executing on a roadmap that drives sustained value for the Caterpillar dealer network."The program marks the beginning of a multi-phase transformation journey. By modernizing core application infrastructure, the partnership will enable a more seamless digital experience and provide a foundation for future innovation. ACI will oversee the strategic orchestration and technical execution of these mission-critical systems, ensuring continuity and excellence at every milestone.The selection of ACI Infotech underscores the firm's position as a premier alternative to traditional large-scale systems integrators, offering the precision and high-touch execution required for Fortune 100-scale transformations.About ACI ACI is a global technology services firm with over two decades of experience delivering digital transformation, systems modernization, and strategic innovation to Fortune 500 clients. With a focus on technical excellence and business-critical execution, ACI empowers global organizations across the manufacturing, finance, and retail sectors to build resilient, future-ready ecosystems. The company's ArqAI platform was recently recognized with the GEC Award for enterprise AI innovation in governance & compliance.For more information, visit www.aciinfotech.com.










View original content to download multimedia:https://www.prnewswire.com/news-releases/aci-wins-multi-year-caterpillar-engagement-as-strategic-technology-transformation-partner-302677978.htmlSOURCE ACI Infotech

Original: ACI Wins Multi-Year Caterpillar Engagement as Strategic Technology Transformation Partner

CAT, new all time high

CAT soars_to_all-time_high_on record quarterly_sales, driven by growth in all segments but especially turbines and engines for data centers; 4Q25 adjusted EPS was flat YoY, reflecting a $1.8B hit from US tariffs.

https://www.prnewswire.com/news-releases/caterpillar-reports-fourth-quarter-and-full-year-2025-results-302673883.html

• 2026 sales growth is expected to be at the high end of the 5-7% range that is CAT’s long-term (2024-2030) projected CAGR. CAT does not give guidance on EPS.

• 4Q25 sales (excluding CAT Financial revenue) were a record $19.13B, +18 YoY, consisting entirely of volume growth, as price realization was flat YoY. 4Q25 sales to end users were +15% YoY. Inventory by CAT’s independent dealers declines by $500M in the quarter, accounting the difference between the 18% and 15% figures mentioned above.

• 4Q25 sales in the Construction segment (comprising 35% of non-financial corporate sales) were $6.93B, +15 YoY. Segment sales to end users were +11% YoY.

• 4Q25 sales in the Resources Industries (mining equipment) segment (comprising 17% of non-financial corporate sales) were $3.35B, +13% YoY. Segment sales to end users were -7% YoY.

• 4Q25 sales in the Power & Energy segment (comprising 48% of non-financial corporate sales) were $9.40B, +23% YoY. This is the business segment that makes turbines and reciprocating engines to power AI data centers. Segment sales to end users were +37% YoY, while sales of power generation equipment to end users were +44% YoY.

• 4Q25 non-GAAP EPS, which excludes restructuring costs, was $5.16, flat versus $5.14 in 4Q24 due to the tariff headwind mentioned above.

• CAT’s equipment backlog at 12/31/25 was a record $51B, up from $30B at 12/31/24.

• The 2026 tariff headwind is expected to be $2.6B, up from $1.8B in 2025, when tariffs were in effect for only part of the year. (The $2.6B figure equates to $7.05 per share.) Almost all of the tariffs come from imported parts rather than finished goods.


4Q25 CC slides: https://s25.q4cdn.com/358376879/files/doc_financials/2025/q4/4Q-2025-Analyst-Slide-Deck_Final.pdf

Caterpillar Posts Record Q4 Revenue as AI-Driven Data Center Buildout Lifts Energy DemandJanuary 29, 2026 8:28 AM
IH Market News
Caterpillar (NYSE:CAT) delivered a sharp rise in fourth-quarter revenue that comfortably topped Wall Street expectations, as surging investment in artificial intelligence infrastructure boosted demand for the company’s power and energy equipment.Heavy spending on data centres required to support advanced AI models has increased the need for Caterpillar’s power-generation systems in recent quarters, helping propel the stock up more than 65% over the past year.Revenue in the power and energy division reached $9.4 billion, up 23% year on year, driven by higher volumes and pricing. Segment profit climbed 25% to $1.84 billion. The company’s construction equipment business also benefited from a U.S. policy focus on large-scale energy projects.Shares of the Irving, Texas-based group were up more than 5% in premarket U.S. trading on Thursday.At the group level, revenue for the quarter ended December rose 18% to $19.13 billion, beating Bloomberg consensus estimates of $17.91 billion. Adjusted earnings per share increased to $5.16, compared with $5.14 a year earlier and well ahead of analyst forecasts of $4.69.Chief executive Joe Creed said the results “demonstrate the strength of our end markets and our disciplined execution,” adding that Caterpillar’s “record backlog” positions the company with “strong momentum” heading into 2026.Caterpillar said it is targeting annual sales and revenue growth “around the top end” of its previously outlined compound annual growth rate range of 5% to 7%. However, analysts at Vital Knowledge noted that the company’s margin expansion outlook came in slightly below expectations, reflecting incremental costs of roughly $2.6 billion tied to broad U.S. tariffs.

Original: Caterpillar Posts Record Q4 Revenue as AI-Driven Data Center Buildout Lifts Energy Demand

Cat Financial Reports Fourth-Quarter and Full-Year 2025 ResultsJanuary 29, 2026 6:31 AM
PR Newswire (Canada)

Fourth-Quarter 2025 vs. Fourth-Quarter 2024NASHVILLE, Tenn., Jan. 29, 2026 /CNW/ -- Cat Financial reported fourth-quarter 2025 revenues of $949 million, an increase of $66 million, or 7%, compared with $883 million in the fourth quarter of 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $89 million, partially offset by an unfavorable impact from lower average financing rates of $18 million. Fourth-quarter 2025 profit was $139 million, a decrease of $218 million, or 61%, compared with $357 million in the fourth quarter of 2024.Fourth-quarter 2025 profit before income taxes was $193 million, an increase of $53 million, or 38%, compared with $140 million in the fourth quarter of 2024. The increase was mainly due to a favorable impact from higher average earning assets of $34 million and lower provision for credit losses of $19 million.The provision for income taxes was $54 million for the fourth quarter of 2025 compared with a benefit of $217 million for the fourth quarter of 2024. The benefit from income taxes for the fourth quarter of 2024 included a non-cash tax benefit of $224 million from a tax law change related to currency translation.During the fourth quarter of 2025, retail new business volume was $4.07 billion, an increase of $379 million, or 10%, compared with $3.69 billion in the fourth quarter of 2024. The increase was driven by higher volume across all segments.At the end of 2025, past dues were 1.37%, compared with 1.56% at the end of 2024. Write-offs, net of recoveries, were $101 million for 2025, compared with $115 million for 2024. As of December 31, 2025, the allowance for credit losses totaled $284 million, or 0.86% of finance receivables, compared with $267 million, or 0.91% of finance receivables at December 31, 2024.Full-Year 2025 vs. Full-Year 2024Cat Financial reported revenues of $3.63 billion for 2025, an increase of $145 million, or 4%, compared with $3.49 billion for 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $222 million, partially offset by an unfavorable impact from lower average financing rates of $68 million. Profit was $540 million for 2025, a decrease of $58 million, or 10%, compared with $598 million for 2024.Profit before income taxes was $734 million for 2025, an increase of $201 million, or 38%, compared with $533 million for 2024. The increase was primarily driven by the absence of a $210 million loss on divestiture of a non-U.S. entity in 2024 and a favorable impact from higher average earning assets of $90 million, partially offset by the absence of an insurance settlement of $33 million in 2024 and higher provision for credit losses of $31 million.The provision for income taxes was $193 million for 2025 compared with a benefit of $66 million for 2024. The benefit from income taxes for 2024 included a non-cash tax benefit of $224 million from a tax law change related to currency translation.During 2025, retail new business volume was $14.26 billion, an increase of $1.02 billion, or 8%, compared with $13.24 billion for 2024. The increase was driven by higher volume across all segments except Mining."Cat Financial closed the year with strong retail new business volume and past dues at historical lows," said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. "The Cat Financial team remains focused on executing our strategy and supporting Caterpillar customers and dealers with financial services solutions, positioning us well for long-term profitable growth."About Cat FinancialCat Financial is a subsidiary of Caterpillar, the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Cat Financial provides a wide range of financing solutions to customers and Cat® dealers for machines, engines, Solar® turbines, genuine Cat parts and services. Headquartered in Nashville, Tennessee, Cat Financial serves customers globally with offices and subsidiaries located throughout North and South America, Asia, Australia, Europe and Africa. Visit cat.com to learn more about Cat Financial.STATISTICAL HIGHLIGHTS:FOURTH-QUARTER 2025 VS. FOURTH-QUARTER 2024
(ENDED DECEMBER 31)
(Millions of dollars)

2025
2024
CHANGERevenues$         949
$         883
7 %Profit Before Income Taxes$         193
$         140
38 %Profit (excluding profit attributable to noncontrolling interests)$         139
$         357
(61) %Retail New Business Volume$      4,071
$      3,692
10 %Total Assets$    38,313
$    34,084
12 %





FULL-YEAR 2025 VS. FULL-YEAR 2024
(ENDED DECEMBER 31)
(Millions of dollars)

2025
2024
CHANGERevenues$      3,634
$      3,489
4 %Profit Before Income Taxes$         734
$         533
38 %Profit (excluding profit attributable to noncontrolling interests)$         540
$         598
(10) %Retail New Business Volume$    14,264
$    13,242
8 %CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCertain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.Cat Financial's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (ii) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for Caterpillar products; (x) marketing, operational or administrative support received from Caterpillar; (xi) our ability to develop, produce and market quality products that meet our customers' needs; (xii) information technology security threats and computer crime; (xiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xiv) new regulations or changes in financial services regulations; (xv) additional tax expense or exposure; (xvi) changes in accounting guidance; (xvii) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xviii) other factors described in more detail in Cat Financial's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.



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Original: Cat Financial Reports Fourth-Quarter and Full-Year 2025 Results