Slug: caterpillar · Queue id: 192 · Theme: demand (user request) · Ticker: NYSE: CAT · SEC CIK: 18230
Researched: 2026-10-16 · Home market: United States · HQ: Irving, Texas
Primary source: Caterpillar Inc. Form 10-K for fiscal 2025 (calendar year ended December 31, 2025), filed February 13, 2026 — https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm · Investor relations: https://investors.caterpillar.com/
Labels: FACT = stated in Caterpillar's 10-K; SECONDARY = reputable press restating company figures (none needed); INFERENCE = calculated from stated figures.
Fiscal-year note: Caterpillar's fiscal year is the calendar year. All full-year figures are FY2025. Quarterly 2026 figures (10-Qs) are not used or annualized. The Rail division moved from Power & Energy to Resource Industries in 2026 (recast 8-K, March 2026); the FY2025 segment figures below are as reported in the 10-K.
| Metric | FY2025 | FY2024 | Label |
|---|---|---|---|
| Total sales and revenues | $67,589M (+4%) | $64,809M | FACT |
| Sales of Machinery, Power & Energy | $63,980M | $61,363M | FACT |
| Revenues of Financial Products | $3,609M | $3,446M | FACT |
| Operating profit | $11,151M (−15%) | $13,072M | FACT |
| Operating profit margin | 16.5% | 20.2% | FACT |
| Profit (net income attributable to common shareholders) | $8,884M | $10,792M | FACT |
| Profit per share (diluted) / adjusted | $18.81 / $19.06 | $22.05 / $21.90 | FACT |
| Cost of goods sold | $44,752M | $40,199M | FACT |
| SG&A | $6,985M | $6,667M | FACT |
| R&D | $2,148M | $2,107M | FACT |
| Interest expense of Financial Products | $1,359M | $1,286M | FACT |
| Net cash from operating activities (consolidated) | $11,739M | $12,035M | FACT |
| MP&E free cash flow | $9,484M | $9,449M | FACT |
| Capital expenditures (incl. equipment leased to others $1,465M) | $4,286M | $3,215M | FACT |
| Dividends paid | $2,749M | $2,646M | FACT |
| Share repurchases | 14.1M shares, $5.2B | 23.4M shares, $8.0B | FACT |
Drivers (FACT): volume +$3,389M; price realization −$817M; unfavorable manufacturing costs −$2,148M, "largely reflected the impact of higher tariffs". 2026 tariff impact expected ~$2.6B, "$800 million higher than incurred in 2025" → ~$1.8B in 2025 (INFERENCE).
| Segment | Sales & revenues | Chg | Segment profit | Chg |
|---|---|---|---|---|
| Power & Energy | 32,201 | +12% | 6,418 | +12% |
| Construction Industries | 25,060 | −2% | 4,675 | −24% |
| Resource Industries | 12,474 | flat | 1,988 | −22% |
| Financial Products Segment | 4,220 | +4% | 966 | +4% |
Power & Energy external sales by application (FACT): Power Generation $10,275M (2024: $7,756M; +32% INFERENCE), Oil and Gas $7,502M, Transportation $5,295M, Industrial $4,071M. Total $27,143M.
| $M | Share | Label | |
|---|---|---|---|
| Inside United States | 32,880 | 48.6% | FACT $ / INFERENCE % |
| Outside United States | 34,709 | 51.4% | FACT $ / INFERENCE % |
| Total | 67,589 | FACT |
Attribution (FACT): "Sales of MP&E are based on dealer or customer location. Revenues from services provided are based on where service is rendered."
By region (FACT $; INFERENCE %): North America $36,609M (54.2%), EAME $12,793M (18.9%), Asia/Pacific $11,199M (16.6%), Latin America $6,988M (10.3%). Regional change: NA +6%, LatAm +4%, EAME +4%, APAC −2% (FACT).
Retail loans, leases, revolving charge accounts (parts/service/rentals at dealers); wholesale inventory and rental-fleet financing for dealers. Marketing programs with Caterpillar/dealers fund below-market rates. Match-funding policy. Credit: Fitch high-A; Moody's/S&P mid-A. $11.5B global credit facility shared with Caterpillar.
Construction: Komatsu, Deere, Volvo CE, Hitachi, CNH (CASE), Sany, XCMG, JCB, Doosan Bobcat and others. Mining: Komatsu, Liebherr, Epiroc, Sandvik, Hitachi. Power: Cummins, Rolls-Royce Power Systems, Siemens Energy, GE Vernova, Wabtec (rail).
# Caterpillar Inc. — research brief **Slug:** `caterpillar` · **Queue id:** 192 · **Theme:** demand (user request) · **Ticker:** NYSE: CAT · **SEC CIK:** 18230 **Researched:** 2026-10-16 · **Home market:** United States · **HQ:** Irving, Texas **Primary source:** Caterpillar Inc. Form 10-K for fiscal 2025 (calendar year ended December 31, 2025), filed February 13, 2026 — https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm · Investor relations: https://investors.caterpillar.com/ Labels: **FACT** = stated in Caterpillar's 10-K; **SECONDARY** = reputable press restating company figures (none needed); **INFERENCE** = calculated from stated figures. Fiscal-year note: Caterpillar's fiscal year is the calendar year. All full-year figures are **FY2025**. Quarterly 2026 figures (10-Qs) are not used or annualized. The Rail division moved from Power & Energy to Resource Industries in 2026 (recast 8-K, March 2026); the FY2025 segment figures below are as reported in the 10-K. --- ## Full-year financials (FY2025) | Metric | FY2025 | FY2024 | Label | |---|---|---|---| | Total sales and revenues | **$67,589M** (+4%) | $64,809M | FACT | | Sales of Machinery, Power & Energy | $63,980M | $61,363M | FACT | | Revenues of Financial Products | $3,609M | $3,446M | FACT | | Operating profit | $11,151M (−15%) | $13,072M | FACT | | Operating profit margin | 16.5% | 20.2% | FACT | | Profit (net income attributable to common shareholders) | **$8,884M** | $10,792M | FACT | | Profit per share (diluted) / adjusted | $18.81 / $19.06 | $22.05 / $21.90 | FACT | | Cost of goods sold | $44,752M | $40,199M | FACT | | SG&A | $6,985M | $6,667M | FACT | | R&D | $2,148M | $2,107M | FACT | | Interest expense of Financial Products | $1,359M | $1,286M | FACT | | Net cash from operating activities (consolidated) | $11,739M | $12,035M | FACT | | MP&E free cash flow | $9,484M | $9,449M | FACT | | Capital expenditures (incl. equipment leased to others $1,465M) | $4,286M | $3,215M | FACT | | Dividends paid | $2,749M | $2,646M | FACT | | Share repurchases | 14.1M shares, $5.2B | 23.4M shares, $8.0B | FACT | Drivers (FACT): volume +$3,389M; price realization −$817M; unfavorable manufacturing costs −$2,148M, "largely reflected the impact of higher tariffs". 2026 tariff impact expected ~$2.6B, "$800 million higher than incurred in 2025" → ~$1.8B in 2025 (INFERENCE). ## Segments (FY2025, $M) — FACT | Segment | Sales & revenues | Chg | Segment profit | Chg | |---|---|---|---|---| | Power & Energy | 32,201 | +12% | 6,418 | +12% | | Construction Industries | 25,060 | −2% | 4,675 | −24% | | Resource Industries | 12,474 | flat | 1,988 | −22% | | Financial Products Segment | 4,220 | +4% | 966 | +4% | Power & Energy external sales by application (FACT): Power Generation $10,275M (2024: $7,756M; +32% INFERENCE), Oil and Gas $7,502M, Transportation $5,295M, Industrial $4,071M. Total $27,143M. ## Backlog and outlook — FACT - Firm backlog ≈ $51.2B at Dec 31, 2025 (vs $30.0B), largest increase in Power & Energy; ≈ $19.3B not expected to be filled in 2026. - 2026: sales and revenues growth around the top end of the 5–7% CAGR target; price realization ≈ +2%; services revenues expected to grow; capex ≈ $3.5B; restructuring $300–350M. (Company outlook, not results.) ## Geography (FY2025) — Note 23, Information about Geographic Areas | | $M | Share | Label | |---|---|---|---| | Inside United States | 32,880 | 48.6% | FACT $ / INFERENCE % | | Outside United States | 34,709 | **51.4%** | FACT $ / INFERENCE % | | Total | 67,589 | | FACT | Attribution (FACT): "Sales of MP&E are based on dealer or customer location. Revenues from services provided are based on where service is rendered." By region (FACT $; INFERENCE %): North America $36,609M (54.2%), EAME $12,793M (18.9%), Asia/Pacific $11,199M (16.6%), Latin America $6,988M (10.3%). Regional change: NA +6%, LatAm +4%, EAME +4%, APAC −2% (FACT). ## Distribution, people, assets — FACT - Dealers: 41 in the U.S., 109 outside, serving 190 countries; dealers are independent and non-exclusive. - Perkins: 86 distributors, 183 countries. FG Wilson: 108 distributors, 159 countries. - Turbines and locomotives sold mainly by Caterpillar's own sales force. - Brands: Caterpillar, CAT, EMD, FG Wilson, MWM, Perkins, Progress Rail, SEM, Solar Turbines. - Employees ≈ 118,000 (≈ 51,600 U.S.; ≈ 66,400 outside the U.S.) at Dec 31, 2025. - PP&E net $15,140M (U.S. $9,455M; outside $5,685M). - Technical centers: Aurora & Mossville (IL), Wuxi (China), Chennai (India). 20 parts distribution centers worldwide. - Machine dealer inventory −$500M in 2025; total dealer inventory +$900M. ## Cat Financial — FACT Retail loans, leases, revolving charge accounts (parts/service/rentals at dealers); wholesale inventory and rental-fleet financing for dealers. Marketing programs with Caterpillar/dealers fund below-market rates. Match-funding policy. Credit: Fitch high-A; Moody's/S&P mid-A. $11.5B global credit facility shared with Caterpillar. ## Competitors (FACT, 10-K lists) Construction: Komatsu, Deere, Volvo CE, Hitachi, CNH (CASE), Sany, XCMG, JCB, Doosan Bobcat and others. Mining: Komatsu, Liebherr, Epiroc, Sandvik, Hitachi. Power: Cummins, Rolls-Royce Power Systems, Siemens Energy, GE Vernova, Wabtec (rail). ## Model read (INFERENCE) - Primary engine: **hardware** — equipment sold to independent dealers, with aftermarket parts/service and captive financing extending lifetime revenue. - FY2025 story: Power & Energy (data-center power, oil & gas) offset softer construction/mining; tariffs compressed margins. - No customer concentration figure is disclosed; services revenue dollar total is not stated in the 10-K, so it is not used.