Key Partners
- 150 independent Cat dealers — 41 U.S., 109 abroad (FACT).
- Perkins — 86 distributors, 183 countries (FACT).
- FG Wilson — 108 distributors, 159 countries (FACT).
- Component and raw-material suppliers (FACT).
- Banks, commercial paper and bond markets fund Cat Financial (FACT).
- $11.5B syndicated bank credit facility (FACT).
Key Activities
- Design & build machines, engines, turbines, locomotives (FACT).
- R&D $2.1B FY25 (FACT).
- Autonomy, fleet management and analytics in mining (FACT).
- Remanufacture engines and components (FACT).
- Finance customers and dealers via Cat Financial (FACT).
- Parts distribution from 20 global centers (FACT).
Key Resources
- Cat brand and product range (FACT).
- ~118,000 employees; 66,400 outside the U.S. (FACT).
- PP&E $15.1B at Dec 31, 2025 (FACT).
- Firm backlog $51.2B (FACT).
- Technical centers in U.S., China, India (FACT).
- Cat Financial lending expertise (FACT).
Value Propositions
- Lowest total cost of ownership (FACT, company positioning).
- Uptime — parts and service through local dealers (FACT).
- Autonomy and fleet analytics for mines (FACT).
- SEM brand for price-sensitive markets (FACT).
- Reliable power for data centers and oil & gas (FACT).
- Financing and leasing at the point of sale (FACT).
Customer Relationships
- Dealer-led, multi-year support (FACT).
- Loans, leases and revolving charge accounts (FACT).
- Fleet-management and autonomy services (FACT).
- Direct sales force for turbines and locomotives (FACT).
- Services revenue expected to grow in 2026 (FACT outlook).
- Repeat purchases when fleets are replaced (INFERENCE).
Channels
- Independent Cat dealers, 190 countries (FACT).
- Perkins and FG Wilson distributor networks (FACT).
- Engines sold to other manufacturers (OEMs) (FACT).
- Own sales force for turbines and locomotives (FACT).
- North America 54% · EAME 19% · APAC 17% · LatAm 10% (INFERENCE %).
- Machine dealer inventory −$500M in 2025 (FACT).
Customer Segments
- Contractors and equipment rental companies (FACT).
- Mining, quarry and aggregates producers (FACT).
- Power generation incl. data centers — $10.3B (FACT).
- Oil and gas — $7.5B (FACT).
- Rail, marine and industrial users (FACT).
- OEMs buying engines; dealers buying financing (FACT).
Cost Structure
- Cost of goods sold $44.8B FY25 (FACT).
- SG&A $7.0B; R&D $2.1B FY25 (FACT).
- Tariffs — ~$1.8B in 2025, ~$2.6B expected 2026 (INFERENCE / FACT outlook).
- Financial Products interest expense $1.4B (FACT).
- Capex $4.3B incl. $1.5B leased equipment (FACT).
- MP&E free cash flow $9.5B (FACT).
Revenue Streams
- FY2025 sales and revenues $67.6B (+4%) (FACT).
- Power & Energy $32.2B (+12%) (FACT).
- Construction $25.1B; Resource $12.5B (FACT).
- Financial Products revenues $3.6B (FACT).
- Operating margin 16.5% (vs 20.2%) (FACT).
- Main engine (reviewed): hardware — equipment sales via dealers (INFERENCE / model).