8-K
CATERPILLAR INC (CAT)
| UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FORM | 8-K | |||||||||||
| Current Report | ||||||||||||
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||||||
| Date of Report (Date of earliest event reported): | October 29, 2025 | |||||||||||
| CATERPILLAR INC. | ||||||||||||
| (Exact name of registrant as specified in its charter) | ||||||||||||
| Delaware | 1-768 | 37-0602744 | ||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) | 5205 N. O'Connor Blvd., | Suite 100, | Irving, | Texas | 75039 | |||||
| --- | --- | --- | --- | --- | --- | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||
| Registrant’s telephone number, including area code: | (972) | 891-7700 | ||||||||||
| Former name or former address, if changed since last report: | N/A | |||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||
| --- | --- | --- | --- | --- | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||
| Title of each class | Trading Symbol (s) | Name of each exchange which registered | ||||||||||
| Common Stock (1.00 par value) | CAT | The New York Stock Exchange | ||||||||||
| 5.3% Debentures due September 15, 2035 | CAT35 | The New York Stock Exchange | ||||||||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | ||||||||||||
| 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | ||||||||||||
| Emerging growth company | ☐ | |||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | ||||||||||||
| for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
All values are in US Dollars.
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2025, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
Item 7.01. Regulation FD Disclosure.
Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits: | |
|---|---|---|
| The following is furnished as an exhibit to this report: | ||
| 99.1 | Caterpillar Inc. press release dated October 29, 2025 | |
| 99.2 | Retail Statistics | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | |
| SIGNATURES | ||
| --- | --- | --- |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||
| CATERPILLAR INC. | ||
| October 29, 2025 | By: | /s/ Derek Owens |
| Derek Owens<br>Chief Legal Officer and General Counsel |
Document
Exhibit 99.1
Caterpillar Inc.
3Q 2025 Earnings Release
FOR IMMEDIATE RELEASE
Caterpillar Reports Third-Quarter 2025 Results
| Third Quarter | ||
|---|---|---|
| ($ in billions except profit per share) | 2025 | 2024 |
| Sales and Revenues | $17.6 | $16.1 |
| Profit Per Share | $4.88 | $5.06 |
| Adjusted Profit Per Share | $4.95 | $5.17 |
| Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13. | ||
| ● | Third-quarter 2025 sales and revenues increased 10% to $17.6 billion | |
| --- | --- | |
| ● | Third-quarter 2025 profit per share of $4.88; adjusted profit per share of $4.95 | |
| ● | Deployed $1.1 billion of cash for dividends and share repurchases in the third quarter |
IRVING, Texas, Oct. 29, 2025 – Caterpillar Inc. (NYSE: CAT) announced third-quarter 2025 results.
“Solid performance from our team generated strong results this quarter, driven by resilient demand and focused execution across our three primary segments,” said Caterpillar CEO Joe Creed. “Our team’s continued discipline in a dynamic environment, coupled with a growing backlog, positions us for sustained momentum and long-term profitable growth.”
Sales and revenues for the third quarter of 2025 were $17.6 billion, a 10% increase compared with $16.1 billion in the third quarter of 2024. The increase was primarily due to higher sales volume. Higher sales volume was mainly driven by higher sales of equipment to end users.
Operating profit margin was 17.3% for the third quarter of 2025, compared with 19.5% for the third quarter of 2024. Adjusted operating profit margin was 17.5% for the third quarter of 2025, compared with 20.0% for the third quarter of 2024. Third-quarter 2025 profit per share was $4.88, compared with third-quarter 2024 profit per share of $5.06. Adjusted profit per share in the third quarter of 2025 was $4.95, compared with third-quarter 2024 adjusted profit per share of $5.17. Third-quarter 2025 profit per share of $4.88 reflected an increase in the estimated global annual effective tax rate to 24.0%, and a net discrete tax charge in the quarter. For the third quarter of 2025 and 2024, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.
For the third quarter of 2025, enterprise operating cash flow was $3.7 billion, and the company ended the third quarter with $7.5 billion of enterprise cash. In the quarter, the company deployed $0.7 billion of cash for dividends and $0.4 billion of cash for repurchases of Caterpillar common stock.
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CONSOLIDATED RESULTS
Consolidated Sales and Revenues
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2024 (at left) and the third quarter of 2025 (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 third quarter of 2025 were $17.638 billion, an increase of $1.532 billion, or 10%, compared with $16.106 billion in the third quarter of 2024. The increase was primarily due to higher sales volume of $1.554 billion. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Sales were higher across the three primary segments.
| Sales and Revenues by Segment | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | Third Quarter 2024 | Sales<br>Volume | Price<br>Realization | Currency | Inter-Segment / Other | Third Quarter 2025 | Change | %<br>Change | ||||||
| Construction Industries | $ | 6,345 | $ | 568 | $ | (262) | $ | 69 | $ | 40 | $ | 6,760 | 7% | |
| Resource Industries | 3,048 | 138 | (61) | 4 | (19) | 3,110 | 62 | 2% | ||||||
| Energy & Transportation | 7,187 | 870 | 132 | 52 | 156 | 8,397 | 1,210 | 17% | ||||||
| All Other Segment | 72 | 2 | — | — | (1) | 73 | 1 | 1% | ||||||
| Corporate Items and Eliminations | (1,421) | (24) | — | 7 | (176) | (1,614) | (193) | |||||||
| Machinery, Energy & Transportation | 15,231 | 1,554 | (191) | 132 | — | 16,726 | 1,495 | 10% | ||||||
| Financial Products Segment | 1,034 | — | — | — | 42 | 1,076 | 42 | 4% | ||||||
| Corporate Items and Eliminations | (159) | — | — | — | (5) | (164) | (5) | |||||||
| Financial Products Revenues | 875 | — | — | — | 37 | 912 | 37 | 4% | ||||||
| Consolidated Sales and Revenues | $ | 16,106 | $ | 1,554 | $ | (191) | $ | 132 | $ | 37 | $ | 17,638 | 10% |
All values are in US Dollars.
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| 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 | % Chg | |||||||
| Third Quarter 2025 | ||||||||||||||
| Construction Industries | 8% | (1%) | 6% | 3% | 6% | 121% | 7% | |||||||
| Resource Industries | 1,152 | 1% | 543 | 9% | 541 | 22% | 799 | (8%) | 3,035 | 3% | 75 | (20%) | 3,110 | 2% |
| Energy & Transportation | 4,045 | 26% | 559 | 24% | 1,367 | (8%) | 1,088 | 27% | 7,059 | 18% | 1,338 | 13% | 8,397 | 17% |
| All Other Segment | 5 | 400% | — | 100% | 2 | 100% | 3 | (57%) | 10 | 25% | 63 | (2%) | 73 | 1% |
| Corporate Items and Eliminations | (59) | 2 | (3) | (5) | (65) | (1,549) | (1,614) | |||||||
| Machinery, Energy & Transportation | 9,055 | 14% | 1,758 | 10% | 3,124 | 1% | 2,789 | 7% | 16,726 | 10% | — | —% | 16,726 | 10% |
| Financial Products Segment | 722 | 4% | 118 | 22% | 130 | —% | 106 | (5%) | 1,076 | 4% | — | —% | 1,076 | 4% |
| Corporate Items and Eliminations | (96) | (26) | (23) | (19) | (164) | — | (164) | |||||||
| Financial Products Revenues | 626 | 4% | 92 | 21% | 107 | (2%) | 87 | (1%) | 912 | 4% | — | —% | 912 | 4% |
| Consolidated Sales and Revenues | 13% | 10% | 1% | 7% | 10% | —% | 10% | |||||||
| Third Quarter 2024 | ||||||||||||||
| Construction Industries | ||||||||||||||
| Resource Industries | 1,141 | 499 | 444 | 870 | 2,954 | 94 | 3,048 | |||||||
| Energy & Transportation | 3,214 | 449 | 1,486 | 856 | 6,005 | 1,182 | 7,187 | |||||||
| All Other Segment | 1 | (1) | 1 | 7 | 8 | 64 | 72 | |||||||
| Corporate Items and Eliminations | (42) | (3) | 9 | (12) | (48) | (1,373) | (1,421) | |||||||
| Machinery, Energy & Transportation | 7,943 | 1,602 | 3,090 | 2,596 | 15,231 | — | 15,231 | |||||||
| Financial Products Segment | 695 | 97 | 130 | 112 | 1,034 | — | 1,034 | |||||||
| Corporate Items and Eliminations | (93) | (21) | (21) | (24) | (159) | — | (159) | |||||||
| Financial Products Revenues | 602 | 76 | 109 | 88 | 875 | — | 875 | |||||||
| Consolidated Sales and Revenues |
All values are in US Dollars.
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Consolidated Operating Profit
The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2024 (at left) and the third quarter of 2025 (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, Energy & Transportation’s other operating (income) expenses.
Operating profit for the third quarter of 2025 was $3.052 billion, a decrease of $95 million, or 3%, compared with $3.147 billion in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $686 million, unfavorable price realization of $191 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $129 million. This was partially offset by the profit impact of higher sales volume of $700 million, favorable other operating income/expense of $180 million and lower restructuring costs of $33 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses, including higher short-term incentive compensation expense. Favorable other operating income/expense included proceeds from an insurance claim.
| Profit (Loss) by Segment | |||||||
|---|---|---|---|---|---|---|---|
| (Millions of dollars) | Third Quarter 2025 | Third Quarter 2024 | Change | %<br><br>Change | |||
| Construction Industries | $ | 1,377 | $ | 1,486 | (7 | %) | |
| Resource Industries | 499 | 619 | (120) | (19 | %) | ||
| Energy & Transportation | 1,678 | 1,433 | 245 | 17 | % | ||
| All Other Segment | (6) | (13) | 7 | 54 | % | ||
| Corporate Items and Eliminations | (546) | (427) | (119) | ||||
| Machinery, Energy & Transportation | 3,002 | 3,098 | (96) | (3 | %) | ||
| Financial Products Segment | 241 | 246 | (5) | (2 | %) | ||
| Corporate Items and Eliminations | (38) | (30) | (8) | ||||
| Financial Products | 203 | 216 | (13) | (6 | %) | ||
| Consolidating Adjustments | (153) | (167) | 14 | ||||
| Consolidated Operating Profit | $ | 3,052 | $ | 3,147 | (3 | %) |
All values are in US Dollars.
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Other Profit/Loss and Tax Items
•Other income (expense) in the third quarter of 2025 was income of $208 million, compared with income of $76 million in the third quarter of 2024. The change was primarily driven by favorable foreign currency impacts.
•The effective tax rate for the third quarter of 2025 was 26.7% compared to 20.7% for the third quarter of 2024. Excluding the discrete items discussed below, the third-quarter 2025 estimated global annual effective tax rate was 24.0% compared with 22.5% for the third quarter of 2024.
The company recorded a $54 million charge in the third quarter of 2025 for an increase in the estimated global annual effective tax rate through the first six months, primarily due to a change in tax incentives driven by U.S. tax legislation enacted on July 4, 2025, which reinstated 100 percent bonus depreciation and full expensing of U.S. research and development expenditures. The company also recorded a discrete tax charge of $41 million in the third quarter of 2025, compared to discrete tax benefits of $47 million in the third quarter of 2024, to reflect changes in estimates related to prior years. In addition, a discrete tax benefit of $10 million was recorded in the third quarter of 2025, compared with a $7 million benefit in the third quarter of 2024, 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.
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| CONSTRUCTION INDUSTRIES | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | ||||||||||||||||||
| Segment Sales | ||||||||||||||||||
| Third Quarter 2024 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2025 | Change | %<br> Change | |||||||||||
| Total Sales | $ | 6,345 | $ | 568 | $ | 69 | $ | 40 | $ | 6,760 | 7 | % | ||||||
| Sales by Geographic Region | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| North America | $ | 3,912 | $ | 3,629 | 8 | % | ||||||||||||
| Latin America | 654 | 658 | (4) | (1 | %) | |||||||||||||
| EAME | 1,217 | 1,150 | 67 | 6 | % | |||||||||||||
| Asia/Pacific | 904 | 875 | 29 | 3 | % | |||||||||||||
| External Sales | 6,687 | 6,312 | 375 | 6 | % | |||||||||||||
| Inter-segment | 73 | 33 | 40 | 121 | % | |||||||||||||
| Total Sales | $ | 6,760 | $ | 6,345 | 7 | % | ||||||||||||
| Segment Profit | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| Segment Profit | $ | 1,377 | $ | 1,486 | (7 | %) | ||||||||||||
| Segment Profit Margin | 20.4 | % | 23.4 | % | (3.0 | pts) |
All values are in US Dollars.
Construction Industries’ total sales were $6.760 billion in the third quarter of 2025, an increase of $415 million, or 7%, compared with $6.345 billion in the third quarter of 2024. The increase in sales was mainly due to higher sales volume of $568 million and favorable currency impacts of $69 million, primarily related to the euro, partially offset by unfavorable price realization of $262 million. Higher sales volume was primarily driven by higher sales of equipment to end users.
•In North America, sales increased due to higher sales volume, partially offset by unfavorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users.
•Sales decreased in Latin America due to unfavorable price realization, partially offset by higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by higher sales of equipment to end users.
•In EAME, sales increased mainly due to higher sales volume and favorable currency impacts primarily related to the euro, partially offset by unfavorable price realization. Higher sales volume was primarily driven by higher sales of equipment to end users.
•Sales increased in Asia/Pacific mainly due to higher sales volume and favorable currency impacts primarily related to the Japanese yen. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2025, compared with a decrease during the third quarter of 2024.
Construction Industries’ segment profit was $1.377 billion in the third quarter of 2025, a decrease of $109 million, or 7%, compared with $1.486 billion in the third quarter of 2024. The decrease was primarily due to unfavorable price realization of $262 million and unfavorable manufacturing costs of $174 million, partially offset by the profit impact of higher sales volume of $313 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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| RESOURCE INDUSTRIES | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | ||||||||||||||||||
| Segment Sales | ||||||||||||||||||
| Third Quarter 2024 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2025 | Change | %<br> Change | |||||||||||
| Total Sales | $ | 3,048 | $ | 138 | $ | 4 | $ | (19) | $ | 3,110 | 2 | % | ||||||
| Sales by Geographic Region | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| North America | $ | 1,152 | $ | 1,141 | 1 | % | ||||||||||||
| Latin America | 543 | 499 | 44 | 9 | % | |||||||||||||
| EAME | 541 | 444 | 97 | 22 | % | |||||||||||||
| Asia/Pacific | 799 | 870 | (71) | (8 | %) | |||||||||||||
| External Sales | 3,035 | 2,954 | 81 | 3 | % | |||||||||||||
| Inter-segment | 75 | 94 | (19) | (20 | %) | |||||||||||||
| Total Sales | $ | 3,110 | $ | 3,048 | 2 | % | ||||||||||||
| Segment Profit | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| Segment Profit | $ | 499 | $ | 619 | (19 | %) | ||||||||||||
| Segment Profit Margin | 16.0 | % | 20.3 | % | (4.3 | pts) |
All values are in US Dollars.
Resource Industries’ total sales were $3.110 billion in the third quarter of 2025, an increase of $62 million, or 2%, compared with $3.048 billion in the third quarter of 2024. The increase was primarily due to higher sales volume of $138 million, partially offset by unfavorable price realization of $61 million. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Resource Industries’ segment profit was $499 million in the third quarter of 2025, a decrease of $120 million, or 19%, compared with $619 million in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $92 million and unfavorable price realization of $61 million, partially offset by the profit impact of higher sales volume of $49 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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| ENERGY & TRANSPORTATION | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions of dollars) | ||||||||||||||||||
| Segment Sales | ||||||||||||||||||
| Third Quarter 2024 | Sales Volume | Price Realization | Currency | Inter-Segment | Third Quarter 2025 | Change | %<br> Change | |||||||||||
| Total Sales | $ | 7,187 | $ | 870 | $ | 52 | $ | 156 | $ | 8,397 | 17 | % | ||||||
| Sales by Application | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| Oil and Gas | $ | 1,979 | $ | 1,656 | 20 | % | ||||||||||||
| Power Generation | 2,634 | 2,011 | 623 | 31 | % | |||||||||||||
| Industrial | 1,077 | 1,028 | 49 | 5 | % | |||||||||||||
| Transportation | 1,369 | 1,310 | 59 | 5 | % | |||||||||||||
| External Sales | 7,059 | 6,005 | 1,054 | 18 | % | |||||||||||||
| Inter-segment | 1,338 | 1,182 | 156 | 13 | % | |||||||||||||
| Total Sales | $ | 8,397 | $ | 7,187 | 17 | % | ||||||||||||
| Segment Profit | ||||||||||||||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | |||||||||||||||
| Segment Profit | $ | 1,678 | $ | 1,433 | 17 | % | ||||||||||||
| Segment Profit Margin | 20.0 | % | 19.9 | % | 0.1 | pts |
All values are in US Dollars.
Energy & Transportation’s total sales were $8.397 billion in the third quarter of 2025, an increase of $1.210 billion, or 17%, compared with $7.187 billion in the third quarter of 2024. The increase was primarily due to higher sales volume of $870 million and higher inter-segment sales of $156 million.
•Oil and Gas – Sales increased for turbines and turbine-related services. Sales also increased in reciprocating engines used in gas compression applications.
•Power Generation – Sales increased in large reciprocating engines, primarily data center applications.
•Industrial – Sales increased in EAME, partially offset by decreased sales in Asia/Pacific.
•Transportation – Sales increased in rail services.
Energy & Transportation’s segment profit was $1.678 billion in the third quarter of 2025, an increase of $245 million, or 17%, compared with $1.433 billion in the third quarter of 2024. The increase was primarily due to the profit impact of higher sales volume of $357 million and favorable price realization of $132 million, partially offset by unfavorable manufacturing costs of $287 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs.
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| FINANCIAL PRODUCTS SEGMENT | |||||||
|---|---|---|---|---|---|---|---|
| (Millions of dollars) | |||||||
| Revenues by Geographic Region | |||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | ||||
| North America | $ | 722 | $ | 695 | 4 | % | |
| Latin America | 118 | 97 | 21 | 22 | % | ||
| EAME | 130 | 130 | — | — | % | ||
| Asia/Pacific | 106 | 112 | (6) | (5 | %) | ||
| Total Revenues | $ | 1,076 | $ | 1,034 | 4 | % | |
| Segment Profit | |||||||
| Third Quarter 2025 | Third Quarter 2024 | Change | %<br>Change | ||||
| Segment Profit | $ | 241 | $ | 246 | (2 | %) |
All values are in US Dollars.
Financial Products’ segment revenues were $1.076 billion in the third quarter of 2025, an increase of $42 million, or 4%, compared with $1.034 billion in the third quarter of 2024. The increase was primarily due to a favorable impact from higher average earning assets of $56 million driven by North America, partially offset by an unfavorable impact from lower average financing rates of $15 million across all regions except Latin America.
Financial Products’ segment profit was $241 million in the third quarter of 2025, a decrease of $5 million, or 2%, compared with $246 million in the third quarter of 2024. The decrease was mainly due to a higher provision for credit losses at Cat Financial of $15 million, higher SG&A expenses of $7 million and an unfavorable impact from equity securities at Insurance Services of $6 million, partially offset by a favorable impact from higher average earning assets of $23 million.
At the end of the third quarter of 2025, past dues at Cat Financial were 1.47%, compared with 1.74% at the end of the third quarter of 2024. Write-offs, net of recoveries, were $40 million for the third quarter of 2025, compared with $27 million for the third quarter of 2024. As of September 30, 2025, Cat Financial's allowance for credit losses totaled $283 million, or 0.89% of finance receivables, compared with $290 million, or 0.94% of finance receivables at June 30, 2025. The allowance for credit losses at year-end 2024 was $267 million, or 0.91% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $584 million in the third quarter of 2025, an increase of $127 million from the third quarter of 2024, primarily driven by higher corporate costs, including higher short-term incentive compensation expense, and increased expenses due to timing differences, partially offset by proceeds from an insurance claim and favorable impacts of segment reporting methodology differences.
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Notes
i.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 Wednesday, Oct. 29, 2025.
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 Wednesday, Oct. 29, 2025, to discuss its 2025 third-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
With 2024 sales and revenues of $64.8 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.
Caterpillar’s latest financial results are also available online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)
Caterpillar investor relations contact: Alex Kapper, +1 773-250-2227 or Kapper_Alex@cat.com
Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or Tiffany.Heikkila@cat.com
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Forward-Looking Statements
Certain 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.
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APPENDIX
NON-GAAP FINANCIAL MEASURES
The 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 income/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 2025, 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 September 30, 2025 - U.S. GAAP | $ | 3,052 | 17.3 | % | $ | 3,127 | $ | 836 | $ | 2,300 | $ | 4.88 |
| Restructuring (income) costs | 37 | 0.2 | % | 37 | 9 | 28 | 0.07 | |||||
| Three Months Ended September 30, 2025 - Adjusted | $ | 3,089 | 17.5 | % | $ | 3,164 | $ | 845 | $ | 2,328 | $ | 4.95 |
| Three Months Ended September 30, 2024 - U.S. GAAP | $ | 3,147 | 19.5 | % | $ | 3,098 | $ | 642 | $ | 2,464 | $ | 5.06 |
| Restructuring (income) costs | 70 | 0.5 | % | 70 | 16 | 54 | 0.11 | |||||
| Three Months Ended September 30, 2024 - Adjusted | $ | 3,217 | 20.0 | % | $ | 3,168 | $ | 658 | $ | 2,518 | $ | 5.17 |
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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 September 30, 2025 and 2024, these items consist of (i) the increase in the annual effective tax rate in 2025, (ii) the impact of changes in estimates related to prior years and (iii) 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 September 30, 2025 - U.S. GAAP | $ | 3,127 | 836 | 26.7 | % | |||||||||
| Increase in annual effective tax rate | — | (54) | ||||||||||||
| Changes in estimates related to prior years | — | (41) | ||||||||||||
| Excess stock-based compensation | — | 10 | ||||||||||||
| Annual effective tax rate, excluding discrete items | $ | 3,127 | $ | 751 | 24.0 | % | ||||||||
| Increase in annual effective tax rate | — | 54 | ||||||||||||
| Changes in estimates related to prior years | — | 41 | ||||||||||||
| Excess stock-based compensation | — | (10) | ||||||||||||
| Restructuring (income) costs | 37 | 9 | ||||||||||||
| Three Months Ended September 30, 2025 - Adjusted | $ | 3,164 | $ | 845 | Three Months Ended September 30, 2024 - U.S. GAAP | $ | 3,098 | $ | 642 | 20.7 | % | |||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| Changes in estimates related to prior years | — | 47 | ||||||||||||
| Excess stock-based compensation | — | 7 | ||||||||||||
| Annual effective tax rate, excluding discrete items | $ | 3,098 | $ | 696 | 22.5 | % | ||||||||
| Changes in estimates related to prior years | — | (47) | ||||||||||||
| Excess stock-based compensation | — | (7) | ||||||||||||
| Restructuring (income) costs | 70 | 16 | ||||||||||||
| Three Months Ended September 30, 2024 - Adjusted | $ | 3,168 | $ | 658 |
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Supplemental Consolidating Data
The 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, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’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 ME&T and Financial Products.
The nature of the ME&T 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 25 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.
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Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Sales and revenues: | |||||||||||
| Sales of Machinery, Energy & Transportation | $ | 16,726 | $ | 15,231 | $ | 45,778 | $ | 46,031 | |||
| Revenues of Financial Products | 912 | 875 | 2,678 | 2,563 | |||||||
| Total sales and revenues | 17,638 | 16,106 | 48,456 | 48,594 | |||||||
| Operating costs: | |||||||||||
| Cost of goods sold | 11,673 | 10,066 | 31,445 | 29,878 | |||||||
| Selling, general and administrative expenses | 1,822 | 1,669 | 5,109 | 4,898 | |||||||
| Research and development expenses | 555 | 533 | 1,586 | 1,588 | |||||||
| Interest expense of Financial Products | 346 | 336 | 1,008 | 948 | |||||||
| Other operating (income) expenses | 190 | 355 | 817 | 1,134 | |||||||
| Total operating costs | 14,586 | 12,959 | 39,965 | 38,446 | |||||||
| Operating profit | 3,052 | 3,147 | 8,491 | 10,148 | |||||||
| Interest expense excluding Financial Products | 133 | 125 | 375 | 405 | |||||||
| Other income (expense) | 208 | 76 | 399 | 387 | |||||||
| Consolidated profit before taxes | 3,127 | 3,098 | 8,515 | 10,130 | |||||||
| Provision (benefit) for income taxes | 836 | 642 | 2,056 | 2,166 | |||||||
| Profit of consolidated companies | 2,291 | 2,456 | 6,459 | 7,964 | |||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 8 | 7 | 22 | 34 | |||||||
| Profit of consolidated and affiliated companies | 2,299 | 2,463 | 6,481 | 7,998 | |||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | (1) | (3) | |||||||
| Profit 1 | $ | 2,300 | $ | 2,464 | $ | 6,482 | $ | 8,001 | |||
| Profit per common share | $ | 4.91 | $ | 5.09 | $ | 13.76 | $ | 16.36 | |||
| Profit per common share — diluted 2 | $ | 4.88 | $ | 5.06 | $ | 13.69 | $ | 16.27 | |||
| Weighted-average common shares outstanding (millions) | |||||||||||
| – Basic | 468.6 | 484.2 | 471.3 | 489.0 | |||||||
| – Diluted 2 | 470.8 | 486.7 | 473.4 | 491.7 | 1 | Profit attributable to common shareholders. | |||||
| --- | --- | ||||||||||
| 2 | Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
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Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
| September 30,<br>2025 | December 31,<br>2024 | |||
|---|---|---|---|---|
| Assets | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 7,538 | $ | 6,889 |
| Receivables – trade and other | 10,146 | 9,282 | ||
| Receivables – finance | 10,315 | 9,565 | ||
| Prepaid expenses and other current assets | 2,861 | 3,119 | ||
| Inventories | 18,958 | 16,827 | ||
| Total current assets | 49,818 | 45,682 | ||
| Property, plant and equipment – net | 14,310 | 13,361 | ||
| Long-term receivables – trade and other | 1,618 | 1,225 | ||
| Long-term receivables – finance | 13,985 | 13,242 | ||
| Noncurrent deferred and refundable income taxes | 3,000 | 3,312 | ||
| Intangible assets | 281 | 399 | ||
| Goodwill | 5,329 | 5,241 | ||
| Other assets | 5,381 | 5,302 | ||
| Total assets | $ | 93,722 | $ | 87,764 |
| Liabilities | ||||
| Current liabilities: | ||||
| Short-term borrowings: | ||||
| -- Financial Products | $ | 4,509 | $ | 4,393 |
| Accounts payable | 8,729 | 7,675 | ||
| Accrued expenses | 5,187 | 5,243 | ||
| Accrued wages, salaries and employee benefits | 2,126 | 2,391 | ||
| Customer advances | 3,391 | 2,322 | ||
| Dividends payable | — | 674 | ||
| Other current liabilities | 2,760 | 2,909 | ||
| Long-term debt due within one year: | ||||
| -- Machinery, Energy & Transportation | 32 | 46 | ||
| -- Financial Products | 9,257 | 6,619 | ||
| Total current liabilities | 35,991 | 32,272 | ||
| Long-term debt due after one year: | ||||
| -- Machinery, Energy & Transportation | 10,669 | 8,564 | ||
| -- Financial Products | 17,067 | 18,787 | ||
| Liability for postemployment benefits | 3,664 | 3,757 | ||
| Other liabilities | 5,672 | 4,890 | ||
| Total liabilities | 73,063 | 68,270 | ||
| Shareholders’ equity | ||||
| Common stock | 6,223 | 6,941 | ||
| Treasury stock | (48,302) | (44,331) | ||
| Profit employed in the business | 64,460 | 59,352 | ||
| Accumulated other comprehensive income (loss) | (1,723) | (2,471) | ||
| Noncontrolling interests | 1 | 3 | ||
| Total shareholders’ equity | 20,659 | 19,494 | ||
| Total liabilities and shareholders’ equity | $ | 93,722 | $ | 87,764 |
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Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Cash flow from operating activities: | ||||||
| Profit of consolidated and affiliated companies | $ | 6,481 | $ | 7,998 | ||
| Adjustments to reconcile profit to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 1,664 | 1,598 | ||||
| Provision (benefit) for deferred income taxes | 300 | (329) | ||||
| (Gain) loss on divestiture | — | 164 | ||||
| Other | 509 | 221 | ||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||
| Receivables – trade and other | (788) | (30) | ||||
| Inventories | (2,015) | (781) | ||||
| Accounts payable | 1,086 | (96) | ||||
| Accrued expenses | 51 | 9 | ||||
| Accrued wages, salaries and employee benefits | (296) | (671) | ||||
| Customer advances | 1,649 | 476 | ||||
| Other assets – net | (138) | 120 | ||||
| Other liabilities – net | (355) | (37) | ||||
| Net cash provided by (used for) operating activities | 8,148 | 8,642 | ||||
| Cash flow from investing activities: | ||||||
| Capital expenditures – excluding equipment leased to others | (1,923) | (1,285) | ||||
| Expenditures for equipment leased to others | (1,021) | (893) | ||||
| Proceeds from disposals of leased assets and property, plant and equipment | 544 | 541 | ||||
| Additions to finance receivables | (10,964) | (11,457) | ||||
| Collections of finance receivables | 9,890 | 10,234 | ||||
| Proceeds from sale of finance receivables | 26 | 69 | ||||
| Investments and acquisitions (net of cash acquired) | (26) | (32) | ||||
| Proceeds from sale of businesses and investments (net of cash sold) | 12 | (67) | ||||
| Proceeds from maturities and sale of securities | 1,945 | 2,841 | ||||
| Investments in securities | (1,291) | (892) | ||||
| Other – net | (19) | 137 | ||||
| Net cash provided by (used for) investing activities | (2,827) | (804) | ||||
| Cash flow from financing activities: | ||||||
| Dividends paid | (2,043) | (1,966) | ||||
| Common stock issued, and other stock compensation transactions, net | (39) | 15 | ||||
| Payments to purchase common stock | (4,850) | (7,057) | ||||
| Excise tax paid on purchases of common stock | (73) | — | ||||
| Proceeds from debt issued (original maturities greater than three months) | 8,454 | 7,579 | ||||
| Payments on debt (original maturities greater than three months) | (6,205) | (6,862) | ||||
| Short-term borrowings – net (original maturities three months or less) | 106 | (848) | ||||
| Net cash provided by (used for) financing activities | (4,650) | (9,139) | ||||
| Effect of exchange rate changes on cash | (23) | (39) | ||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 648 | (1,340) | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 6,896 | 6,985 | ||||
| Cash, cash equivalents and restricted cash at end of period | $ | 7,544 | $ | 5,645 | Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. | |
| --- |
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Sales and revenues: | ||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 16,726 | $ | 16,726 | $ | — | $ | — | ||||
| Revenues of Financial Products | 912 | — | 1,115 | (203) | 1 | |||||||
| Total sales and revenues | 17,638 | 16,726 | 1,115 | (203) | ||||||||
| Operating costs: | ||||||||||||
| Cost of goods sold | 11,673 | 11,675 | — | (2) | 2 | |||||||
| Selling, general and administrative expenses | 1,822 | 1,608 | 218 | (4) | 2 | |||||||
| Research and development expenses | 555 | 555 | — | — | ||||||||
| Interest expense of Financial Products | 346 | — | 358 | (12) | 2 | |||||||
| Other operating (income) expenses | 190 | (114) | 336 | (32) | 2 | |||||||
| Total operating costs | 14,586 | 13,724 | 912 | (50) | ||||||||
| Operating profit | 3,052 | 3,002 | 203 | (153) | ||||||||
| Interest expense excluding Financial Products | 133 | 136 | — | (3) | 3 | |||||||
| Other income (expense) | 208 | 25 | 33 | 150 | 4 | |||||||
| Consolidated profit before taxes | 3,127 | 2,891 | 236 | — | ||||||||
| Provision (benefit) for income taxes | 836 | 773 | 63 | — | ||||||||
| Profit of consolidated companies | 2,291 | 2,118 | 173 | — | ||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 8 | 8 | — | — | ||||||||
| Profit of consolidated and affiliated companies | 2,299 | 2,126 | 173 | — | ||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||
| Profit 5 | $ | 2,300 | $ | 2,127 | $ | 173 | $ | — | 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||
| --- | --- | |||||||||||
| 2 | Elimination of net expenses recorded between ME&T and Financial Products. | |||||||||||
| 3 | Elimination of interest expense recorded between Financial Products and ME&T. | |||||||||||
| 4 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | |||||||||||
| 5 | Profit attributable to common shareholders. |
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Sales and revenues: | ||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 15,231 | $ | 15,231 | $ | — | $ | — | ||||
| Revenues of Financial Products | 875 | — | 1,078 | (203) | 1 | |||||||
| Total sales and revenues | 16,106 | 15,231 | 1,078 | (203) | ||||||||
| Operating costs: | ||||||||||||
| Cost of goods sold | 10,066 | 10,067 | — | (1) | 2 | |||||||
| Selling, general and administrative expenses | 1,669 | 1,484 | 197 | (12) | 2 | |||||||
| Research and development expenses | 533 | 533 | — | — | ||||||||
| Interest expense of Financial Products | 336 | — | 336 | — | ||||||||
| Other operating (income) expenses | 355 | 49 | 329 | (23) | 2 | |||||||
| Total operating costs | 12,959 | 12,133 | 862 | (36) | ||||||||
| Operating profit | 3,147 | 3,098 | 216 | (167) | ||||||||
| Interest expense excluding Financial Products | 125 | 127 | — | (2) | ||||||||
| Other income (expense) | 76 | (122) | 33 | 165 | 3 | |||||||
| Consolidated profit before taxes | 3,098 | 2,849 | 249 | — | ||||||||
| Provision (benefit) for income taxes | 642 | 582 | 60 | — | ||||||||
| Profit of consolidated companies | 2,456 | 2,267 | 189 | — | ||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 7 | 7 | — | — | ||||||||
| Profit of consolidated and affiliated companies | 2,463 | 2,274 | 189 | — | ||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | — | — | ||||||||
| Profit 4 | $ | 2,464 | $ | 2,275 | $ | 189 | $ | — | 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||
| --- | --- | |||||||||||
| 2 | Elimination of net expenses recorded by ME&T paid to Financial Products. | |||||||||||
| 3 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | |||||||||||
| 4 | Profit attributable to common shareholders. |
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Sales and revenues: | ||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 45,778 | $ | 45,778 | $ | — | $ | — | ||||
| Revenues of Financial Products | 2,678 | — | 3,244 | (566) | 1 | |||||||
| Total sales and revenues | 48,456 | 45,778 | 3,244 | (566) | ||||||||
| Operating costs: | ||||||||||||
| Cost of goods sold | 31,445 | 31,451 | — | (6) | 2 | |||||||
| Selling, general and administrative expenses | 5,109 | 4,513 | 623 | (27) | 2 | |||||||
| Research and development expenses | 1,586 | 1,586 | — | — | ||||||||
| Interest expense of Financial Products | 1,008 | — | 1,026 | (18) | 2 | |||||||
| Other operating (income) expenses | 817 | (84) | 979 | (78) | 2 | |||||||
| Total operating costs | 39,965 | 37,466 | 2,628 | (129) | ||||||||
| Operating profit | 8,491 | 8,312 | 616 | (437) | ||||||||
| Interest expense excluding Financial Products | 375 | 385 | — | (10) | 3 | |||||||
| Other income (expense) | 399 | (121) | 93 | 427 | 4 | |||||||
| Consolidated profit before taxes | 8,515 | 7,806 | 709 | — | ||||||||
| Provision (benefit) for income taxes | 2,056 | 1,878 | 178 | — | ||||||||
| Profit of consolidated companies | 6,459 | 5,928 | 531 | — | ||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 22 | 22 | — | — | ||||||||
| Profit of consolidated and affiliated companies | 6,481 | 5,950 | 531 | — | ||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (2) | 1 | — | ||||||||
| Profit 5 | $ | 6,482 | $ | 5,952 | $ | 530 | $ | — | 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||
| --- | --- | |||||||||||
| 2 | Elimination of net expenses recorded between ME&T and Financial Products. | |||||||||||
| 3 | Elimination of interest expense recorded between Financial Products and ME&T. | |||||||||||
| 4 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | |||||||||||
| 5 | Profit attributable to common shareholders. |
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Sales and revenues: | ||||||||||||
| Sales of Machinery, Energy & Transportation | $ | 46,031 | $ | 46,031 | $ | — | $ | — | ||||
| Revenues of Financial Products | 2,563 | — | 3,150 | (587) | 1 | |||||||
| Total sales and revenues | 48,594 | 46,031 | 3,150 | (587) | ||||||||
| Operating costs: | ||||||||||||
| Cost of goods sold | 29,878 | 29,883 | — | (5) | 2 | |||||||
| Selling, general and administrative expenses | 4,898 | 4,346 | 560 | (8) | 2 | |||||||
| Research and development expenses | 1,588 | 1,588 | — | — | ||||||||
| Interest expense of Financial Products | 948 | — | 948 | — | ||||||||
| Other operating (income) expenses | 1,134 | 51 | 1,174 | (91) | 2 | |||||||
| Total operating costs | 38,446 | 35,868 | 2,682 | (104) | ||||||||
| Operating profit | 10,148 | 10,163 | 468 | (483) | ||||||||
| Interest expense excluding Financial Products | 405 | 407 | — | (2) | ||||||||
| Other income (expense) | 387 | (163) | 69 | 481 | 3 | |||||||
| Consolidated profit before taxes | 10,130 | 9,593 | 537 | — | ||||||||
| Provision (benefit) for income taxes | 2,166 | 1,983 | 183 | — | ||||||||
| Profit of consolidated companies | 7,964 | 7,610 | 354 | — | ||||||||
| Equity in profit (loss) of unconsolidated affiliated companies | 34 | 34 | — | — | ||||||||
| Profit of consolidated and affiliated companies | 7,998 | 7,644 | 354 | — | ||||||||
| Less: Profit (loss) attributable to noncontrolling interests | (3) | (4) | 1 | — | ||||||||
| Profit 4 | $ | 8,001 | $ | 7,648 | $ | 353 | $ | — | 1 | Elimination of Financial Products’ revenues earned from ME&T. | ||
| --- | --- | |||||||||||
| 2 | Elimination of net expenses recorded between ME&T and Financial Products. | |||||||||||
| 3 | Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T. | |||||||||||
| 4 | Profit attributable to common shareholders. |
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22
Caterpillar Inc.
Supplemental Data for Financial Position
At September 30, 2025
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery,<br>Energy &<br>Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 7,538 | $ | 6,633 | $ | 905 | $ | — | ||||
| Receivables – trade and other | 10,146 | 3,531 | 542 | 6,073 | 1,2 | |||||||
| Receivables – finance | 10,315 | — | 16,665 | (6,350) | 2 | |||||||
| Prepaid expenses and other current assets | 2,861 | 2,659 | 440 | (238) | 3 | |||||||
| Inventories | 18,958 | 18,958 | — | — | ||||||||
| Total current assets | 49,818 | 31,781 | 18,552 | (515) | ||||||||
| Property, plant and equipment – net | 14,310 | 10,348 | 3,962 | — | ||||||||
| Long-term receivables – trade and other | 1,618 | 1,712 | 166 | (260) | 1,2 | |||||||
| Long-term receivables – finance | 13,985 | — | 14,948 | (963) | 2 | |||||||
| Noncurrent deferred and refundable income taxes | 3,000 | 3,264 | 130 | (394) | 4 | |||||||
| Intangible assets | 281 | 281 | — | — | ||||||||
| Goodwill | 5,329 | 5,329 | — | — | ||||||||
| Other assets | 5,381 | 3,923 | 2,468 | (1,010) | 5 | |||||||
| Total assets | $ | 93,722 | $ | 56,638 | $ | 40,226 | $ | (3,142) | ||||
| Liabilities | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | $ | 4,509 | $ | — | $ | 4,509 | $ | — | ||||
| Accounts payable | 8,729 | 8,636 | 391 | (298) | 6,7 | |||||||
| Accrued expenses | 5,187 | 4,558 | 629 | — | ||||||||
| Accrued wages, salaries and employee benefits | 2,126 | 2,081 | 45 | — | ||||||||
| Customer advances | 3,391 | 3,359 | 3 | 29 | 7 | |||||||
| Dividends payable | — | — | — | — | ||||||||
| Other current liabilities | 2,760 | 2,209 | 806 | (255) | 4,5,8 | |||||||
| Long-term debt due within one year | 9,289 | 32 | 9,257 | — | ||||||||
| Total current liabilities | 35,991 | 20,875 | 15,640 | (524) | ||||||||
| Long-term debt due after one year | 27,736 | 10,899 | 18,067 | (1,230) | 7,9 | |||||||
| Liability for postemployment benefits | 3,664 | 3,663 | 1 | — | ||||||||
| Other liabilities | 5,672 | 4,679 | 1,407 | (414) | 4,5 | |||||||
| Total liabilities | 73,063 | 40,116 | 35,115 | (2,168) | ||||||||
| Shareholders’ equity | ||||||||||||
| Common stock | 6,223 | 6,223 | 905 | (905) | 10 | |||||||
| Treasury stock | (48,302) | (48,302) | — | — | ||||||||
| Profit employed in the business | 64,460 | 59,365 | 5,085 | 10 | 10 | |||||||
| Accumulated other comprehensive income (loss) | (1,723) | (768) | (955) | — | ||||||||
| Noncontrolling interests | 1 | 4 | 76 | (79) | 10 | |||||||
| Total shareholders’ equity | 20,659 | 16,522 | 5,111 | (974) | ||||||||
| Total liabilities and shareholders’ equity | $ | 93,722 | $ | 56,638 | $ | 40,226 | $ | (3,142) | 1 | Elimination of receivables between ME&T and Financial Products. | ||
| --- | --- | |||||||||||
| 2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | |||||||||||
| 3 | Elimination of ME&T's insurance premiums that are prepaid to Financial Products. | |||||||||||
| 4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | |||||||||||
| 5 | Elimination of other intercompany assets and liabilities between ME&T and Financial Products. | |||||||||||
| 6 | Elimination of payables between ME&T and Financial Products. | |||||||||||
| 7 | Reclassification of Financial Products' payables to customer advances. | |||||||||||
| 8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | |||||||||||
| 9 | Elimination of debt between ME&T and Financial Products. | |||||||||||
| 10 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. |
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23
Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery,<br>Energy &<br>Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 6,889 | $ | 6,165 | $ | 724 | $ | — | ||||
| Receivables – trade and other | 9,282 | 3,463 | 688 | 5,131 | 1,2 | |||||||
| Receivables – finance | 9,565 | — | 14,957 | (5,392) | 2 | |||||||
| Prepaid expenses and other current assets | 3,119 | 2,872 | 401 | (154) | 3 | |||||||
| Inventories | 16,827 | 16,827 | — | — | ||||||||
| Total current assets | 45,682 | 29,327 | 16,770 | (415) | ||||||||
| Property, plant and equipment – net | 13,361 | 9,531 | 3,830 | — | ||||||||
| Long-term receivables – trade and other | 1,225 | 500 | 86 | 639 | 1,2 | |||||||
| Long-term receivables – finance | 13,242 | — | 14,048 | (806) | 2 | |||||||
| Noncurrent deferred and refundable income taxes | 3,312 | 3,594 | 118 | (400) | 4 | |||||||
| Intangible assets | 399 | 399 | — | — | ||||||||
| Goodwill | 5,241 | 5,241 | — | — | ||||||||
| Other assets | 5,302 | 4,050 | 2,277 | (1,025) | 5 | |||||||
| Total assets | $ | 87,764 | $ | 52,642 | $ | 37,129 | $ | (2,007) | ||||
| Liabilities | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | $ | 4,393 | $ | — | $ | 4,393 | $ | — | ||||
| Accounts payable | 7,675 | 7,619 | 331 | (275) | 6,7 | |||||||
| Accrued expenses | 5,243 | 4,589 | 654 | — | ||||||||
| Accrued wages, salaries and employee benefits | 2,391 | 2,335 | 56 | — | ||||||||
| Customer advances | 2,322 | 2,305 | 3 | 14 | 7 | |||||||
| Dividends payable | 674 | 674 | — | — | ||||||||
| Other current liabilities | 2,909 | 2,388 | 696 | (175) | 4,8 | |||||||
| Long-term debt due within one year | 6,665 | 46 | 6,619 | — | ||||||||
| Total current liabilities | 32,272 | 19,956 | 12,752 | (436) | ||||||||
| Long-term debt due after one year | 27,351 | 8,731 | 18,787 | (167) | 9 | |||||||
| Liability for postemployment benefits | 3,757 | 3,757 | — | — | ||||||||
| Other liabilities | 4,890 | 3,977 | 1,344 | (431) | 4 | |||||||
| Total liabilities | 68,270 | 36,421 | 32,883 | (1,034) | ||||||||
| Shareholders’ equity | ||||||||||||
| Common stock | 6,941 | 6,941 | 905 | (905) | 10 | |||||||
| Treasury stock | (44,331) | (44,331) | — | — | ||||||||
| Profit employed in the business | 59,352 | 54,787 | 4,555 | 10 | 10 | |||||||
| Accumulated other comprehensive income (loss) | (2,471) | (1,182) | (1,289) | — | ||||||||
| Noncontrolling interests | 3 | 6 | 75 | (78) | 10 | |||||||
| Total shareholders’ equity | 19,494 | 16,221 | 4,246 | (973) | ||||||||
| Total liabilities and shareholders’ equity | $ | 87,764 | $ | 52,642 | $ | 37,129 | $ | (2,007) | 1 | Elimination of receivables between ME&T and Financial Products. | ||
| --- | --- | |||||||||||
| 2 | Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables. | |||||||||||
| 3 | Elimination of ME&T’s insurance premiums that are prepaid to Financial Products. | |||||||||||
| 4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. | |||||||||||
| 5 | Elimination of other intercompany assets and liabilities between ME&T and Financial Products. | |||||||||||
| 6 | Elimination of payables between ME&T and Financial Products. | |||||||||||
| 7 | Reclassification of Financial Products' payables to customer advances. | |||||||||||
| 8 | Elimination of prepaid insurance in Financial Products’ other liabilities. | |||||||||||
| 9 | Elimination of debt between ME&T and Financial Products. | |||||||||||
| 10 | Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries. |
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24
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Cash flow from operating activities: | ||||||||||||
| Profit of consolidated and affiliated companies | $ | 6,481 | $ | 5,950 | $ | 531 | $ | — | ||||
| Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 1,664 | 1,096 | 568 | — | ||||||||
| Provision (benefit) for deferred income taxes | 300 | 308 | (8) | — | ||||||||
| Other | 509 | 431 | (412) | 490 | 1 | |||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||
| Receivables – trade and other | (788) | 89 | 102 | (979) | 1,2 | |||||||
| Inventories | (2,015) | (2,012) | — | (3) | 1 | |||||||
| Accounts payable | 1,086 | 1,051 | 44 | (9) | 1 | |||||||
| Accrued expenses | 51 | 161 | (110) | — | ||||||||
| Accrued wages, salaries and employee benefits | (296) | (284) | (12) | — | ||||||||
| Customer advances | 1,649 | 1,649 | — | — | ||||||||
| Other assets – net | (138) | (219) | 15 | 66 | 1 | |||||||
| Other liabilities – net | (355) | (475) | 176 | (56) | 1 | |||||||
| Net cash provided by (used for) operating activities | 8,148 | 7,745 | 894 | (491) | ||||||||
| Cash flow from investing activities: | ||||||||||||
| Capital expenditures – excluding equipment leased to others | (1,923) | (1,920) | (33) | 30 | 1 | |||||||
| Expenditures for equipment leased to others | (1,021) | (24) | (1,004) | 7 | 1 | |||||||
| Proceeds from disposals of leased assets and property, plant and equipment | 544 | 54 | 524 | (34) | 1 | |||||||
| Additions to finance receivables | (10,964) | — | (12,668) | 1,704 | 2 | |||||||
| Collections of finance receivables | 9,890 | — | 11,347 | (1,457) | 2 | |||||||
| Net intercompany purchased receivables | — | — | (241) | 241 | 2 | |||||||
| Proceeds from sale of finance receivables | 26 | — | 26 | — | ||||||||
| Additions to intercompany receivables (original maturities greater than three months) | — | (1,000) | — | 1,000 | 3 | |||||||
| Collections of intercompany receivables (original maturities greater than three months) | — | — | 56 | (56) | 3 | |||||||
| Investments and acquisitions (net of cash acquired) | (26) | (26) | — | — | ||||||||
| Proceeds from sale of businesses and investments (net of cash sold) | 12 | 12 | — | — | ||||||||
| Proceeds from maturities and sale of securities | 1,945 | 1,259 | 686 | — | ||||||||
| Investments in securities | (1,291) | (510) | (781) | — | ||||||||
| Other – net | (19) | 43 | (62) | — | ||||||||
| Net cash provided by (used for) investing activities | (2,827) | (2,112) | (2,150) | 1,435 | ||||||||
| Cash flow from financing activities: | ||||||||||||
| Dividends paid | (2,043) | (2,043) | — | — | ||||||||
| Common stock issued, and other stock compensation transactions, net | (39) | (39) | — | — | ||||||||
| Payments to purchase common stock | (4,850) | (4,850) | — | — | ||||||||
| Excise tax paid on purchases of common stock | (73) | (73) | — | — | ||||||||
| Proceeds from intercompany borrowings (original maturities greater than three months) | — | — | 1,000 | (1,000) | 3 | |||||||
| Payments on intercompany borrowings (original maturities greater than three months) | — | (56) | — | 56 | 3 | |||||||
| Proceeds from debt issued (original maturities greater than three months) | 8,454 | 1,976 | 6,478 | — | ||||||||
| Payments on debt (original maturities greater than three months) | (6,205) | (43) | (6,162) | — | ||||||||
| Short-term borrowings – net (original maturities three months or less) | 106 | — | 106 | — | ||||||||
| Net cash provided by (used for) financing activities | (4,650) | (5,128) | 1,422 | (944) | ||||||||
| Effect of exchange rate changes on cash | (23) | (39) | 16 | — | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 648 | 466 | 182 | — | ||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 6,896 | 6,170 | 726 | — | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 7,544 | $ | 6,636 | $ | 908 | $ | — | 1 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. | ||
| --- | --- | |||||||||||
| 2 | Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory. | |||||||||||
| 3 | Elimination of proceeds and payments to/from ME&T and Financial Products. |
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25
Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
| Supplemental Consolidating Data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | Machinery, Energy & Transportation | Financial<br>Products | Consolidating<br>Adjustments | |||||||||
| Cash flow from operating activities: | ||||||||||||
| Profit of consolidated and affiliated companies | $ | 7,998 | $ | 7,644 | $ | 354 | $ | — | ||||
| Adjustments to reconcile profit to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 1,598 | 1,010 | 588 | — | ||||||||
| Provision (benefit) for deferred income taxes | (329) | (277) | (52) | — | ||||||||
| (Gain) loss on divestiture | 164 | (46) | 210 | — | ||||||||
| Other | 221 | 236 | (447) | 432 | 1 | |||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||
| Receivables – trade and other | (30) | 554 | (17) | (567) | 1,2 | |||||||
| Inventories | (781) | (770) | — | (11) | 1 | |||||||
| Accounts payable | (96) | (79) | (40) | 23 | 1 | |||||||
| Accrued expenses | 9 | — | 9 | — | ||||||||
| Accrued wages, salaries and employee benefits | (671) | (660) | (11) | — | ||||||||
| Customer advances | 476 | 475 | 1 | — | ||||||||
| Other assets – net | 120 | (226) | 191 | 155 | 1 | |||||||
| Other liabilities – net | (37) | (135) | 232 | (134) | 1 | |||||||
| Net cash provided by (used for) operating activities | 8,642 | 7,726 | 1,018 | (102) | ||||||||
| Cash flow from investing activities: | ||||||||||||
| Capital expenditures – excluding equipment leased to others | (1,285) | (1,264) | (25) | 4 | 1 | |||||||
| Expenditures for equipment leased to others | (893) | (20) | (889) | 16 | 1 | |||||||
| Proceeds from disposals of leased assets and property, plant and equipment | 541 | 25 | 525 | (9) | 1 | |||||||
| Additions to finance receivables | (11,457) | — | (12,271) | 814 | 2 | |||||||
| Collections of finance receivables | 10,234 | — | 10,889 | (655) | 2 | |||||||
| Net intercompany purchased receivables | — | — | 68 | (68) | 2 | |||||||
| Proceeds from sale of finance receivables | 69 | — | 69 | — | ||||||||
| Net intercompany borrowings | — | — | 15 | (15) | 3 | |||||||
| Investments and acquisitions (net of cash acquired) | (32) | (32) | — | — | ||||||||
| Proceeds from sale of businesses and investments (net of cash sold) | (67) | 86 | (153) | — | ||||||||
| Proceeds from maturities and sale of securities | 2,841 | 2,565 | 276 | — | ||||||||
| Investments in securities | (892) | (469) | (423) | — | ||||||||
| Other – net | 137 | 118 | 19 | — | ||||||||
| Net cash provided by (used for) investing activities | (804) | 1,009 | (1,900) | 87 | ||||||||
| Cash flow from financing activities: | ||||||||||||
| Dividends paid | (1,966) | (1,966) | — | — | ||||||||
| Common stock issued, including treasury shares reissued | 15 | 15 | — | — | ||||||||
| Payments to purchase common stock | (7,057) | (7,057) | — | — | ||||||||
| Net intercompany borrowings | — | (15) | — | 15 | 3 | |||||||
| Proceeds from debt issued (original maturities greater than three months) | 7,579 | — | 7,579 | — | ||||||||
| Payments on debt (original maturities greater than three months) | (6,862) | (1,021) | (5,841) | — | ||||||||
| Short-term borrowings – net (original maturities three months or less) | (848) | — | (848) | — | ||||||||
| Net cash provided by (used for) financing activities | (9,139) | (10,044) | 890 | 15 | ||||||||
| Effect of exchange rate changes on cash | (39) | (37) | (2) | — | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (1,340) | (1,346) | 6 | — | ||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 6,985 | 6,111 | 874 | — | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 5,645 | $ | 4,765 | $ | 880 | $ | — | 1 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. | ||
| --- | --- | |||||||||||
| 2 | Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory. | |||||||||||
| 3 | Elimination of net proceeds and payments to/from ME&T and Financial Products. |
Document
EXHIBIT 99.2
Caterpillar Inc. (“Caterpillar”, “we” or “our”) is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers (“OEMs”). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar’s business and the industries it serves, particularly in light of the time delay between Caterpillar’s sales to dealers and dealers’ sales to end users.
In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.
The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar’s internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar’s audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.
| Caterpillar Inc.<br>Quarterly Retail Sales Statistics | ||||
|---|---|---|---|---|
| Machines and E&T Combined | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 |
| World | UP 12% | UP 3% | UP 3% | DOWN 2% |
| Machines | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 |
| Asia/Pacific | DOWN 16% | UP 3% | DOWN 7% | DOWN 8% |
| EAME | UP 19% | UP 3% | UP 5% | DOWN 2% |
| Latin America | UP 8% | DOWN 5% | UP 6% | UP 1% |
| North America | UP 9% | UNCHANGED | DOWN 2% | DOWN 3% |
| World | UP 6% | UNCHANGED | DOWN 1% | DOWN 3% |
| Resource Industries (RI) | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 |
| Asia/Pacific | DOWN 24% | UP 9% | DOWN 14% | DOWN 4% |
| EAME | UP 56% | DOWN 4% | UP 8% | UP 15% |
| Latin America | UP 20% | DOWN 2% | DOWN 10% | DOWN 5% |
| North America | UP 2% | DOWN 10% | DOWN 15% | DOWN 11% |
| World | UP 6% | DOWN 3% | DOWN 10% | DOWN 3% |
| Construction Industries (CI) | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 |
| Asia/Pacific | DOWN 9% | DOWN 2% | DOWN 3% | DOWN 11% |
| EAME | UP 7% | UP 5% | UP 4% | DOWN 8% |
| Latin America | UP 2% | DOWN 7% | UP 16% | UP 5% |
| North America | UP 11% | UP 3% | UP 1% | DOWN 1% |
| World | UP 7% | UP 2% | UP 3% | DOWN 3% |
| Reported in dollars and based on unit sales as reported primarily by dealers. | ||||
| Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year: | ||||
| Energy & Transportation (E&T) | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 |
| Power Gen | UP 33% | UP 19% | UP 58% | UP 27% |
| Industrial | UP 20% | UP 18% | UP 1% | DOWN 22% |
| Transportation | UP 19% | DOWN 24% | UP 4% | UP 6% |
| Oil & Gas | UP 19% | UP 4% | DOWN 23% | DOWN 13% |
| Total | UP 25% | UP 9% | UP 13% | UP 2% |
| Reported in dollars based on reporting from dealers and direct sales. |
Glossary of Terms
Construction Industries: A segment primarily responsible for supporting customers using machinery in
infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools.
EAME: A geographic region including Europe, Africa, the Middle East and Eurasia.
Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric and hybrid locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies.
Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; wear and maintenance components and related parts. In addition to equipment, Resource Industries also sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated component design and manufacturing and research and development for hydraulic systems and cabs.
FORWARD-LOOKING STATEMENTS
Certain statements in this report 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.