キャタピラーの適時開示・決算・その他

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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):

January 29, 2026

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.

☐

Item 2.02. Results of Operations and Financial Condition.

On January 29, 2026, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended December 31, 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 January 29, 2026
	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.


January 29, 2026	By:	/s/ Derek Owens
		Derek Owens Chief Legal Officer and General Counsel

EX-99.1 2 cat_exx991x4qx2025xearning.htm EX-99.1 Document

Exhibit 99.1

Caterpillar Inc.

4Q 2025 Earnings Release

FOR IMMEDIATE RELEASE

Caterpillar Reports Fourth-Quarter and Full-Year 2025 Results


●			Fourth-quarter 2025 sales and revenues were $19.1 billion; full-year sales and revenues were $67.6 billion
●			Fourth-quarter 2025 profit per share of $5.12; adjusted profit per share of $5.16
●			Full-year profit per share of $18.81; adjusted profit per share of $19.06
●			Strong full-year enterprise operating cash flow of $11.7 billion; ended 2025 with $10.0 billion of enterprise cash
●			Deployed $7.9 billion of cash for share repurchases and dividends in 2025


	Fourth Quarter		Full Year
($ in billions except profit per share)	2025	2024	2025	2024
Sales and Revenues	$19.1	$16.2	$67.6	$64.8
Profit Per Share	$5.12	$5.78	$18.81	$22.05
Adjusted Profit Per Share	$5.16	$5.14	$19.06	$21.90

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.

IRVING, Texas, Jan. 29, 2026 – Caterpillar Inc. (NYSE: CAT) announced fourth-quarter and full-year results for 2025.

“Our centennial year marked a significant milestone, underscored by the highest full-year sales and revenues in Caterpillar’s history and a single-quarter record of $19.1 billion,” said Caterpillar CEO Joe Creed. “These results demonstrate the strength of our end markets and our disciplined execution. With a record backlog, we enter the new year with strong momentum and a continued focus on delivering long-term value for our customers and shareholders.”

Sales and revenues for the fourth quarter of 2025 were $19.1 billion, an 18% increase compared with $16.2 billion in the fourth quarter of 2024. Operating profit margin was 13.9% for the fourth quarter of 2025, compared with 18.0% for the fourth quarter of 2024. Adjusted operating profit margin was 15.6% for the fourth quarter of 2025, compared with 18.3% for the fourth quarter of 2024. Fourth-quarter 2025 profit per share was $5.12, compared with $5.78 profit per share in the fourth quarter of 2024. Adjusted profit per share in the fourth quarter of 2025 was $5.16, compared with fourth-quarter 2024 adjusted profit per share of $5.14.

Full-year sales and revenues in 2025 were $67.6 billion, up 4% compared with $64.8 billion in 2024. The increase reflected higher sales volume of $3.4 billion, partially offset by unfavorable price realization of $0.8 billion. Higher sales volume was primarily driven by higher sales of equipment to end users. Operating profit margin was 16.5% in 2025, compared with 20.2% in 2024. Adjusted operating profit margin was 17.2% in 2025, compared with 20.7% in 2024. Full-year profit was $18.81 per share in 2025, compared with profit of $22.05 per share in 2024. Adjusted profit per share in 2025 was $19.06, compared with adjusted profit per share of $21.90 in 2024.

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In 2025 and 2024, adjusted operating profit margin excluded restructuring costs. 2025 and 2024 adjusted profit per share excluded restructuring costs and mark-to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2024, adjusted profit per share also excluded a discrete tax benefit for a tax law change related to currency translation. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.

For the full year 2025, enterprise operating cash flow was $11.7 billion, and the company ended the fourth quarter with $10.0 billion of enterprise cash. During the year, the company deployed $5.2 billion of cash for repurchases of Caterpillar common stock and $2.7 billion of cash for dividends.

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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 fourth quarter of 2024 (at left) and the fourth 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 fourth quarter of 2025 were $19.133 billion, an increase of $2.918 billion, or 18%, compared with $16.215 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $2.708 billion. The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Total dealer inventory remained about flat during the fourth quarter of 2025, compared with a decrease of $1.3 billion during the fourth quarter of 2024. Machine dealer inventory decreased $500 million during the fourth quarter of 2025, compared with a decrease of $1.6 billion in the fourth quarter of 2024.

Sales were higher across the three primary segments.


Sales and Revenues by Segment
(Millions of dollars)	Fourth Quarter 2024		Sales Volume		Price Realization		Currency		Inter-Segment / Other		Fourth Quarter 2025		$ Change		% Change

Construction Industries	$	6,003	$	903	$	(60)	$	44	$	36	$	6,926	$	923	15%
Resource Industries	2,980		459		(67)		7		(26)		3,353		373		13%
Power & Energy	7,649		1,380		166		64		141		9,400		1,751		23%
All Other Segment	98		3		1		—		(3)		99		1		1%
Corporate Items and Eliminations	(1,398)		(37)		(2)		9		(148)		(1,576)		(178)
Machinery, Power & Energy	15,332		2,708		38		124		—		18,202		2,870		19%

Financial Products Segment	1,024		—		—		—		71		1,095		71		7%
Corporate Items and Eliminations	(141)		—		—		—		(23)		(164)		(23)
Financial Products Revenues	883		—		—		—		48		931		48		5%

Consolidated Sales and Revenues	$	16,215	$	2,708	$	38	$	124	$	48	$	19,133	$	2,918	18%

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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
Fourth Quarter 2025
Construction Industries	$	3,879	23%	$	660	6%	$	1,326	18%	$	981	(7%)	$	6,846	15%	$	80	82%	$	6,926	15%
Resource Industries	1,280		32%	647		12%	610		34%	747		(15%)	3,284		14%	69		(27%)	3,353		13%
Power & Energy	4,595		30%	563		21%	1,834		16%	1,134		22%	8,126		25%	1,274		12%	9,400		23%
All Other Segment	7		—%	—		—%	2		100%	3		—%	12		50%	87		(3%)	99		1%
Corporate Items and Eliminations	(61)			2			(3)			(4)			(66)			(1,510)			(1,576)
Machinery, Power & Energy	9,700		27%	1,872		12%	3,769		19%	2,861		—%	18,202		19%	—		—%	18,202		19%

Financial Products Segment	734		8%	120		17%	133		4%	108		(4%)	1,095		7%	—		—%	1,095		7%
Corporate Items and Eliminations	(95)			(25)			(26)			(18)			(164)			—			(164)
Financial Products Revenues	639		6%	95		16%	107		1%	90		(2%)	931		5%	—		—%	931		5%

Consolidated Sales and Revenues	$	10,339	26%	$	1,967	12%	$	3,876	19%	$	2,951	—%	$	19,133	18%	$	—	—%	$	19,133	18%

Fourth Quarter 2024
Construction Industries	$	3,157		$	623		$	1,122		$	1,057		$	5,959		$	44		$	6,003
Resource Industries	967			580			455			883			2,885			95			2,980
Power & Energy	3,532			467			1,586			931			6,516			1,133			7,649
All Other Segment	7			—			1			—			8			90			98
Corporate Items and Eliminations	(30)			—			(2)			(4)			(36)			(1,362)			(1,398)
Machinery, Power & Energy	7,633			1,670			3,162			2,867			15,332			—			15,332

Financial Products Segment	680			103			128			113			1,024			—			1,024
Corporate Items and Eliminations	(77)			(21)			(22)			(21)			(141)			—			(141)
Financial Products Revenues	603			82			106			92			883			—			883

Consolidated Sales and Revenues	$	8,236		$	1,752		$	3,268		$	2,959		$	16,215		$	—		$	16,215

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Consolidated Operating Profit

The chart above graphically illustrates reasons for the change in consolidated operating profit between the fourth quarter of 2024 (at left) and the fourth 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, Power & Energy’s other operating (income) expenses.

Operating profit for the fourth quarter of 2025 was $2.660 billion, a decrease of $264 million, or 9%, compared with $2.924 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $1.030 billion and higher restructuring costs of $282 million, partially offset by the profit impact of higher sales volume of $1.072 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.

Operating profit margin was 13.9% for the fourth quarter of 2025, compared with 18.0% for the fourth quarter of 2024. Adjusted operating profit margin was 15.6% for the fourth quarter of 2025, compared with 18.3% for the fourth quarter of 2024.


Profit (Loss) by Segment
(Millions of dollars)	Fourth Quarter 2025		Fourth Quarter 2024		$ Change		% Change
Construction Industries	$	1,030	$	1,174	$	(144)	(12	%)
Resource Industries	360		471		(111)		(24	%)
Power & Energy	1,841		1,477		364		25	%
All Other Segment	17		11		6		55	%
Corporate Items and Eliminations	(676)		(198)		(478)
Machinery, Power & Energy	2,572		2,935		(363)		(12	%)

Financial Products Segment	262		166		96		58	%
Corporate Items and Eliminations	(14)		(29)		15
Financial Products	248		137		111		81	%

Consolidating Adjustments	(160)		(148)		(12)

Consolidated Operating Profit	$	2,660	$	2,924	$	(264)	(9	%)

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Other Profit/Loss and Tax Items

•Other income (expense) in the fourth quarter of 2025 was income of $493 million, compared with income of $426 million in the fourth quarter of 2024. The change was primarily driven by higher mark-to-market gains for remeasurement of pension and OPEB plans (please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13 to 15) and favorable impacts from total return swap contracts, partially offset by unfavorable foreign currency impacts.

•The effective tax rate for the fourth quarter of 2025 was 23.5% compared to 14.3% for the fourth quarter of 2024. Excluding the discrete items discussed below, the global annual effective tax rate was 24.1% compared with 22.2% for 2024. The increase from 2024 was primarily due to changes in U.S. tax incentives.

The company recorded an $8 million charge in the fourth quarter of 2025 compared to a $33 million benefit in the fourth quarter of 2024 for the change in the estimated global annual effective tax rate through the first nine months. In addition, a discrete tax benefit of $22 million was recorded in the fourth quarter of 2025, compared with an $8 million benefit in the fourth quarter of 2024, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company also recorded a tax charge of $68 million related to $294 million of mark-to-market gains for remeasurement of pension and OPEB plans in the fourth quarter of 2025, compared to a tax charge of $43 million related to $154 million of mark-to-market gains in the fourth quarter of 2024. In the fourth quarter of 2024, the company recorded a discrete tax benefit of $224 million for a tax law change related to currency translation.

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.

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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
	Fourth Quarter 2024			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2025		$ Change		% Change
Total Sales	$	6,003		$	903		$	(60)		$	44		$	36	$	6,926	$	923	15	%

Sales by Geographic Region
	Fourth Quarter 2025			Fourth Quarter 2024			$ Change			% Change
North America	$	3,879		$	3,157		$	722		23		%
Latin America	660			623			37			6		%
EAME	1,326			1,122			204			18		%
Asia/Pacific	981			1,057			(76)			(7		%)
External Sales	6,846			5,959			887			15		%
Inter-segment	80			44			36			82		%
Total Sales	$	6,926		$	6,003		$	923		15		%

Segment Profit
	Fourth Quarter 2025			Fourth Quarter 2024			Change			% Change
Segment Profit	$	1,030		$	1,174		$	(144)		(12		%)
Segment Profit Margin	14.9		%	19.6		%	(4.7		pts)

Construction Industries’ total sales were $6.926 billion in the fourth quarter of 2025, an increase of $923 million, or 15%, compared with $6.003 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume. The increase in sales volume was mainly driven by higher sales of equipment to end users and by the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2025 than during the fourth quarter of 2024.

•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 increased in Latin America primarily due to higher sales volume and favorable currency impacts, primarily related to the Brazilian real. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the fourth quarter of 2025, compared with a decrease during the fourth quarter of 2024.

•In EAME, sales increased mainly due to higher sales volume and favorable currency impacts, primarily related to the euro. Higher sales volume was mainly due to the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2025 than during the fourth quarter of 2024.

•Sales decreased in Asia/Pacific primarily due to lower sales volume, partially offset by favorable price realization. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the fourth quarter of 2025 than during the fourth quarter of 2024.

Construction Industries’ segment profit was $1.030 billion in the fourth quarter of 2025, a decrease of $144 million, or 12%, compared with $1.174 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $420 million and unfavorable price realization of $60 million, partially offset by the profit impact of higher sales volume of $322 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
	Fourth Quarter 2024			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2025		$ Change		% Change
Total Sales	$	2,980		$	459		$	(67)		$	7		$	(26)	$	3,353	$	373	13	%

Sales by Geographic Region
	Fourth Quarter 2025			Fourth Quarter 2024			$ Change			% Change
North America	$	1,280		$	967		$	313		32		%
Latin America	647			580			67			12		%
EAME	610			455			155			34		%
Asia/Pacific	747			883			(136)			(15		%)
External Sales	3,284			2,885			399			14		%
Inter-segment	69			95			(26)			(27		%)
Total Sales	$	3,353		$	2,980		$	373		13		%

Segment Profit
	Fourth Quarter 2025			Fourth Quarter 2024			Change			% Change
Segment Profit	$	360		$	471		$	(111)		(24		%)
Segment Profit Margin	10.7		%	15.8		%	(5.1		pts)

Resource Industries’ total sales were $3.353 billion in the fourth quarter of 2025, an increase of $373 million, or 13%, compared with $2.980 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $459 million, partially offset by unfavorable price realization of $67 million. The increase in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the fourth quarter of 2025, compared with a decrease during the fourth quarter of 2024.

Resource Industries’ segment profit was $360 million in the fourth quarter of 2025, a decrease of $111 million, or 24%, compared with $471 million in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $204 million and unfavorable price realization of $67 million, partially offset by the profit impact of higher sales volume of $169 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

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POWER & ENERGY
(Millions of dollars)
Segment Sales
	Fourth Quarter 2024			Sales Volume			Price Realization			Currency			Inter-Segment		Fourth Quarter 2025		$ Change		% Change
Total Sales	$	7,649		$	1,380		$	166		$	64		$	141	$	9,400	$	1,751	23	%

Sales by Application
	Fourth Quarter 2025			Fourth Quarter 2024			$ Change			% Change
Oil and Gas	$	2,398		$	1,927		$	471		24		%
Power Generation	3,238			2,242			996			44		%
Industrial	967			928			39			4		%
Transportation	1,523			1,419			104			7		%
External Sales	8,126			6,516			1,610			25		%
Inter-segment	1,274			1,133			141			12		%
Total Sales	$	9,400		$	7,649		$	1,751		23		%

Segment Profit
	Fourth Quarter 2025			Fourth Quarter 2024			Change			% Change
Segment Profit	$	1,841		$	1,477		$	364		25		%
Segment Profit Margin	19.6		%	19.3		%	0.3		pts

Power & Energy’s total sales were $9.400 billion in the fourth quarter of 2025, an increase of $1.751 billion, or 23%, compared with $7.649 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $1.380 billion and favorable price realization of $166 million.

•Oil and Gas – Sales increased for turbines and turbine-related services.

•Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

•Industrial – Sales increased primarily in EAME.

•Transportation – Sales increased in rail services.

Power & Energy’s segment profit was $1.841 billion in the fourth quarter of 2025, an increase of $364 million, or 25%, compared with $1.477 billion in the fourth quarter of 2024. The increase was mainly due to the profit impact of higher sales volume of $666 million and favorable price realization of $166 million, partially offset by unfavorable manufacturing costs of $438 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
	Fourth Quarter 2025		Fourth Quarter 2024		$ Change		% Change
North America	$	734	$	680	$	54	8	%
Latin America	120		103		17		17	%
EAME	133		128		5		4	%
Asia/Pacific	108		113		(5)		(4	%)
Total Revenues	$	1,095	$	1,024	$	71	7	%

Segment Profit
	Fourth Quarter 2025		Fourth Quarter 2024		Change		% Change
Segment Profit	$	262	$	166	$	96	58	%

Financial Products’ segment revenues were $1.095 billion in the fourth quarter of 2025, an increase of $71 million, or 7%, compared with $1.024 billion in the fourth quarter of 2024. The increase was primarily due to a favorable impact from higher average earning assets of $89 million across all regions, partially offset by an unfavorable impact from lower average financing rates of $18 million across all regions except Latin America.

Financial Products’ segment profit was $262 million in the fourth quarter of 2025, an increase of $96 million, or 58%, compared with $166 million in the fourth quarter of 2024. The increase was mainly due to a favorable impact from higher margins at Insurance Services of $37 million, a favorable impact from higher average earning assets of $34 million and lower provision for credit losses at Cat Financial of $19 million.

At the end of 2025, past dues at Cat Financial were 1.37%, compared with 1.56% at the end of 2024. Write-offs, net of recoveries, were $101 million for 2025, compared with $115 million for 2024. As of December 31, 2025, Cat Financial's allowance for credit losses totaled $284 million, or 0.86% of finance receivables, compared with $267 million, or 0.91% of finance receivables, at December 31, 2024.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $690 million in the fourth quarter of 2025, an increase of $463 million from the fourth quarter of 2024, primarily driven by higher restructuring costs and increased expenses due to timing differences. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.

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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 Thursday, Jan. 29, 2026.

iii.Information on non-GAAP financial measures is included in the appendix on pages 13 to 15.

iv.Some amounts within this report are rounded to the millions or billions and may not add.

v.Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Jan. 29, 2026, to discuss its 2025 fourth-quarter and full-year results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company’s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers’ toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.

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 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.

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Forward-Looking Statements

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 four significant items in order for the company’s results to be meaningful to readers. These items consist of (i) other restructuring income/costs, (ii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iii) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024 and (iv) a discrete tax benefit for a tax law change related to currency translation in 2024. The company does not consider these items 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.

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 December 31, 2025 - U.S. GAAP	$	2,660	13.9	%	$	3,026	$	712	$	2,402	$	5.12
Other restructuring (income) costs	319		1.7	%	319		73		246		0.52
Pension/OPEB mark-to-market (gains) losses	—		—	%	(294)		(68)		(226)		(0.48)

Three Months Ended December 31, 2025 - Adjusted	$	2,979	15.6	%	$	3,051	$	717	$	2,422	$	5.16

Three Months Ended December 31, 2024 - U.S. GAAP	$	2,924	18.0	%	$	3,243	$	463	$	2,791	$	5.78

Other restructuring (income) costs	37		0.3	%	37		10		27		0.05
Pension/OPEB mark-to-market (gains) losses	—		—	%	(154)		(43)		(111)		(0.23)
Tax law change related to currency translation	—		—	%	—		224		(224)		(0.46)
Three Months Ended December 31, 2024 - Adjusted	$	2,961	18.3	%	$	3,126	$	654	$	2,483	$	5.14

Twelve Months Ended December 31, 2025 - U.S. GAAP	$	11,151	16.5	%	$	11,541	$	2,768	$	8,884	$	18.81

Other restructuring (income) costs	444		0.7	%	445		102		346		0.73

Pension/OPEB mark-to-market (gains) losses	—		—	%	(294)		(68)		(226)		(0.48)

Twelve Months Ended December 31, 2025 - Adjusted	$	11,595	17.2	%	$	11,692	$	2,802	$	9,004	$	19.06

Twelve Months Ended December 31, 2024 - U.S. GAAP	$	13,072	20.2	%	$	13,373	$	2,629	$	10,792	$	22.05

Restructuring (income) costs - divestitures of certain non-U.S. entities	164		0.2	%	164		54		110		0.22
Other restructuring (income) costs	195		0.3	%	195		46		149		0.32
Pension/OPEB mark-to-market (gains) losses	—		—	%	(154)		(43)		(111)		(0.23)
Tax law change related to currency translation	—		—	%	—		224		(224)		(0.46)
Twelve Months Ended December 31, 2024 - Adjusted	$	13,431	20.7	%	$	13,578	$	2,910	$	10,716	$	21.90

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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 and twelve months ended December 31, 2025, and 2024, these items consist of (i) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (ii) the impact of changes in estimates related to prior years, (iii) the change in the annual effective tax rate, (iv) a settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, (v) a discrete tax benefit for a tax law change related to currency translation in 2024 and (vi) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024. 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 December 31, 2025 - U.S. GAAP	$	3,026	$	712	23.5	%

Pension/OPEB mark-to-market (gains) losses	(294)		(68)

Change in annual effective tax rate	—		(8)


Excess stock-based compensation	—		22
Annual effective tax rate, excluding discrete items	$	2,732	$	658	24.1	%
Other restructuring (income) costs	319		73

Change in annual effective tax rate	—		8
Excess stock-based compensation	—		(22)

Three Months Ended December 31, 2025 - Adjusted	$	3,051	$	717


Three Months Ended December 31, 2024 - U.S. GAAP	$	3,243	$	463	14.3	%

Pension/OPEB mark-to-market (gains) losses	(154)		(43)
Tax law change related to currency translation	—		224
Change in annual effective tax rate	—		33
Excess stock-based compensation	—		8
Annual effective tax rate, excluding discrete items	$	3,089	$	685	22.2	%

Change in annual effective tax rate	—		(33)

Excess stock-based compensation	—		(8)
Other restructuring (income) costs	37		10

Three Months Ended December 31, 2024 - Adjusted	$	3,126	$	654




Twelve Months Ended December 31, 2025 - U.S. GAAP	$	11,541	$	2,768	24.0	%

Pension/OPEB mark-to-market (gains) losses	(294)		(68)
Changes in estimates related to prior years	—		(41)


Excess stock-based compensation	—		50
Annual effective tax rate, excluding discrete items	$	11,247	$	2,709	24.1	%
Other restructuring (income) costs	445		102
Changes in estimates related to prior years	—		41
Excess stock-based compensation	—		(50)


Twelve Months Ended December 31, 2025 - Adjusted	$	11,692	$	2,802

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Twelve Months Ended December 31, 2024 - U.S. GAAP	$	13,373	$	2,629	19.7	%
Restructuring (income) costs - divestitures of certain non-U.S. entities	164		54
Pension/OPEB mark-to-market (gains) losses	(154)		(43)
Tax law change related to currency translation	—		224
Changes in estimates related to prior years	—		47
Excess stock-based compensation	—		57
Annual effective tax rate, excluding discrete items	$	13,383	$	2,968	22.2	%
Changes in estimates related to prior years	—		(47)
Excess stock-based compensation	—		(57)
Other restructuring (income) costs	195		46

Twelve Months Ended December 31, 2024 - Adjusted	$	13,578	$	2,910

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, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E’s information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.

The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 16 to 26 reconcile MP&E 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 December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Sales and revenues:
Sales of Machinery, Power & Energy	$	18,202	$	15,332	$	63,980	$	61,363
Revenues of Financial Products	931		883		3,609		3,446
Total sales and revenues	19,133		16,215		67,589		64,809

Operating costs:
Cost of goods sold	13,307		10,321		44,752		40,199
Selling, general and administrative expenses	1,876		1,769		6,985		6,667
Research and development expenses	562		519		2,148		2,107
Interest expense of Financial Products	351		338		1,359		1,286

Other operating (income) expenses	377		344		1,194		1,478
Total operating costs	16,473		13,291		56,438		51,737

Operating profit	2,660		2,924		11,151		13,072

Interest expense excluding Financial Products	127		107		502		512
Other income (expense)	493		426		892		813

Consolidated profit before taxes	3,026		3,243		11,541		13,373

Provision (benefit) for income taxes	712		463		2,768		2,629
Profit of consolidated companies	2,314		2,780		8,773		10,744

Equity in profit (loss) of unconsolidated affiliated companies	87		10		109		44

Profit of consolidated and affiliated companies	2,401		2,790		8,882		10,788

Less: Profit (loss) attributable to noncontrolling interests	(1)		(1)		(2)		(4)

Profit 1	$	2,402	$	2,791	$	8,884	$	10,792


Profit per common share	$	5.15	$	5.81	$	18.90	$	22.17
Profit per common share — diluted 2	$	5.12	$	5.78	$	18.81	$	22.05

Weighted-average common shares outstanding (millions)
– Basic	466.5		480.0		470.0		486.7
– Diluted 2	469.0		482.6		472.3		489.4


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)


	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	9,980	$	6,889
Receivables – trade and other	10,920		9,282
Receivables – finance	10,649		9,565
Prepaid expenses and other current assets	2,801		3,119
Inventories	18,135		16,827
Total current assets	52,485		45,682

Property, plant and equipment – net	15,140		13,361
Long-term receivables – trade and other	2,142		1,225
Long-term receivables – finance	14,272		13,242
Noncurrent deferred and refundable income taxes	2,882		3,312
Intangible assets	241		399
Goodwill	5,321		5,241
Other assets	6,102		5,302
Total assets	$	98,585	$	87,764

Liabilities
Current liabilities:
Short-term borrowings:

-- Financial Products	$	5,514	$	4,393
Accounts payable	8,968		7,675
Accrued expenses	5,587		5,243
Accrued wages, salaries and employee benefits	2,554		2,391
Customer advances	3,314		2,322
Dividends payable	703		674
Other current liabilities	2,798		2,909
Long-term debt due within one year:
-- Machinery, Power & Energy	35		46
-- Financial Products	7,085		6,619
Total current liabilities	36,558		32,272

Long-term debt due after one year:
-- Machinery, Power & Energy	10,678		8,564
-- Financial Products	20,018		18,787
Liability for postemployment benefits	3,838		3,757
Other liabilities	6,175		4,890
Total liabilities	77,267		68,270

Shareholders’ equity
Common stock	7,181		6,941
Treasury stock	(49,539)		(44,331)
Profit employed in the business	65,448		59,352
Accumulated other comprehensive income (loss)	(1,772)		(2,471)
Noncontrolling interests	—		3
Total shareholders’ equity	21,318		19,494
Total liabilities and shareholders’ equity	$	98,585	$	87,764

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Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)


	Twelve Months Ended December 31,
	2025		2024
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	8,882	$	10,788
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,262		2,153
Actuarial (gain) loss on pension and postretirement benefits	(294)		(154)
Provision (benefit) for deferred income taxes	465		(621)
(Gain) loss on divestiture	30		164

Other	742		564
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(2,138)		(160)
Inventories	(1,477)		(414)
Accounts payable	1,179		(282)
Accrued expenses	438		191
Accrued wages, salaries and employee benefits	187		(363)
Customer advances	1,933		370
Other assets – net	(176)		(97)
Other liabilities – net	(294)		(104)
Net cash provided by (used for) operating activities	11,739		12,035
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(2,821)		(1,988)
Expenditures for equipment leased to others	(1,465)		(1,227)
Proceeds from disposals of leased assets and property, plant and equipment	708		722
Additions to finance receivables	(15,329)		(15,409)
Collections of finance receivables	13,515		13,608
Proceeds from sale of finance receivables	71		83
Investments and acquisitions (net of cash acquired)	(47)		(34)
Proceeds from sale of businesses and investments (net of cash sold)	22		(61)
Proceeds from maturities and sale of securities	2,494		3,155
Investments in securities	(1,930)		(1,495)
Other – net	75		193
Net cash provided by (used for) investing activities	(4,707)		(2,453)
Cash flow from financing activities:
Dividends paid	(2,749)		(2,646)
Common stock issued, and other stock compensation transactions, net	(16)		20
Payments to purchase common stock	(5,190)		(7,697)
Excise tax paid on purchases of common stock	(73)		(40)
Proceeds from debt issued (original maturities greater than three months)	11,105		10,283
Payments on debt (original maturities greater than three months)	(8,081)		(9,316)
Short-term borrowings – net (original maturities three months or less)	1,106		(168)
Other – net	(1)		(1)
Net cash provided by (used for) financing activities	(3,899)		(9,565)
Effect of exchange rate changes on cash	(43)		(106)
Increase (decrease) in cash, cash equivalents and restricted cash	3,090		(89)
Cash, cash equivalents and restricted cash at beginning of period	6,896		6,985
Cash, cash equivalents and restricted cash at end of period	$	9,986	$	6,896


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 December 31, 2025

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$	18,202	$	18,202	$	—	$	—
Revenues of Financial Products	931		—		1,138		(207)		1
Total sales and revenues	19,133		18,202		1,138		(207)

Operating costs:
Cost of goods sold	13,307		13,310		—		(3)		2
Selling, general and administrative expenses	1,876		1,670		219		(13)		2
Research and development expenses	562		562		—		—
Interest expense of Financial Products	351		—		363		(12)		2

Other operating (income) expenses	377		88		308		(19)		2
Total operating costs	16,473		15,630		890		(47)

Operating profit	2,660		2,572		248		(160)

Interest expense excluding Financial Products	127		131		—		(4)		3
Other income (expense)	493		806		20		(333)		4

Consolidated profit before taxes	3,026		3,247		268		(489)

Provision (benefit) for income taxes	712		647		65		—
Profit of consolidated companies	2,314		2,600		203		(489)

Equity in profit (loss) of unconsolidated affiliated companies	87		87		—		—

Profit of consolidated and affiliated companies	2,401		2,687		203		(489)

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

Profit 5	$	2,402	$	2,688	$	203	$	(489)


1			Elimination of Financial Products’ revenues earned from MP&E.
2			Elimination of net expenses recorded between MP&E and Financial Products.
3			Elimination of interest expense recorded between Financial Products and MP&E.
4			Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.


5			Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended December 31, 2024

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$	15,332	$	15,332	$	—	$	—
Revenues of Financial Products	883		—		1,062		(179)		1
Total sales and revenues	16,215		15,332		1,062		(179)

Operating costs:
Cost of goods sold	10,321		10,323		—		(2)		2
Selling, general and administrative expenses	1,769		1,535		226		8		2
Research and development expenses	519		519		—		—
Interest expense of Financial Products	338		—		338		—

Other operating (income) expenses	344		20		361		(37)		2
Total operating costs	13,291		12,397		925		(31)

Operating profit	2,924		2,935		137		(148)

Interest expense excluding Financial Products	107		111		—		(4)		3
Other income (expense)	426		891		16		(481)		4

Consolidated profit before taxes	3,243		3,715		153		(625)

Provision (benefit) for income taxes	463		680		(217)		—
Profit of consolidated companies	2,780		3,035		370		(625)

Equity in profit (loss) of unconsolidated affiliated companies	10		10		—		—

Profit of consolidated and affiliated companies	2,790		3,045		370		(625)

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

Profit 5	$	2,791	$	3,046	$	370	$	(625)


1			Elimination of Financial Products’ revenues earned from MP&E.
2			Elimination of net expenses recorded between MP&E paid to Financial Products.
3			Elimination of interest expense recorded between Financial Products and MP&E.
4			Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.
5			Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Twelve Months Ended December 31, 2025

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$	63,980	$	63,980	$	—	$	—
Revenues of Financial Products	3,609		—		4,382		(773)		1
Total sales and revenues	67,589		63,980		4,382		(773)

Operating costs:
Cost of goods sold	44,752		44,761		—		(9)		2
Selling, general and administrative expenses	6,985		6,183		842		(40)		2
Research and development expenses	2,148		2,148		—		—
Interest expense of Financial Products	1,359		—		1,389		(30)		2

Other operating (income) expenses	1,194		4		1,287		(97)		2
Total operating costs	56,438		53,096		3,518		(176)

Operating profit	11,151		10,884		864		(597)

Interest expense excluding Financial Products	502		516		—		(14)		3
Other income (expense)	892		685		113		94		4

Consolidated profit before taxes	11,541		11,053		977		(489)

Provision (benefit) for income taxes	2,768		2,525		243		—
Profit of consolidated companies	8,773		8,528		734		(489)

Equity in profit (loss) of unconsolidated affiliated companies	109		109		—		—


Profit of consolidated and affiliated companies	8,882		8,637		734		(489)

Less: Profit (loss) attributable to noncontrolling interests	(2)		(3)		1		—

Profit 5	$	8,884	$	8,640	$	733	$	(489)


1			Elimination of Financial Products’ revenues earned from MP&E.
2			Elimination of net expenses recorded between MP&E and Financial Products.
3			Elimination of interest expense recorded between Financial Products and MP&E.


4			Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.
5			Profit attributable to common shareholders.

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Caterpillar Inc.

Supplemental Data for Results of Operations

For the Twelve Months Ended December 31, 2024

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$	61,363	$	61,363	$	—	$	—
Revenues of Financial Products	3,446		—		4,212		(766)		1
Total sales and revenues	64,809		61,363		4,212		(766)

Operating costs:
Cost of goods sold	40,199		40,206		—		(7)		2
Selling, general and administrative expenses	6,667		5,881		786		—
Research and development expenses	2,107		2,107		—		—
Interest expense of Financial Products	1,286		—		1,286		—

Other operating (income) expenses	1,478		71		1,535		(128)		2
Total operating costs	51,737		48,265		3,607		(135)

Operating profit	13,072		13,098		605		(631)

Interest expense excluding Financial Products	512		518		—		(6)		3
Other income (expense)	813		728		85		—

Consolidated profit before taxes	13,373		13,308		690		(625)

Provision (benefit) for income taxes	2,629		2,663		(34)		—
Profit of consolidated companies	10,744		10,645		724		(625)

Equity in profit (loss) of unconsolidated affiliated companies	44		44		—		—


Profit of consolidated and affiliated companies	10,788		10,689		724		(625)

Less: Profit (loss) attributable to noncontrolling interests	(4)		(5)		1		—

Profit 4	$	10,792	$	10,694	$	723	$	(625)


1			Elimination of Financial Products’ revenues earned from MP&E.
2			Elimination of net expenses recorded between MP&E and Financial Products.
3			Elimination of interest expense recorded between Financial Products and MP&E.



4			Profit attributable to common shareholders.

(more)

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2025

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents	$	9,980	$	9,333	$	647	$	—
Receivables – trade and other	10,920		3,883		657		6,380		1,2
Receivables – finance	10,649		—		17,325		(6,676)		2

Prepaid expenses and other current assets	2,801		2,448		441		(88)		3
Inventories	18,135		18,135		—		—
Total current assets	52,485		33,799		19,070		(384)

Property, plant and equipment – net	15,140		10,985		4,106		49		4
Long-term receivables – trade and other	2,142		1,982		163		(3)		1,2
Long-term receivables – finance	14,272		—		15,538		(1,266)		2


Noncurrent deferred and refundable income taxes	2,882		3,208		133		(459)		5
Intangible assets	241		241		—		—
Goodwill	5,321		5,321		—		—
Other assets	6,102		4,525		2,651		(1,074)		6
Total assets	$	98,585	$	60,061	$	41,661	$	(3,137)

Liabilities
Current liabilities:
Short-term borrowings	$	5,514	$	—	$	5,514	$	—

Accounts payable	8,968		8,988		268		(288)		7,8
Accrued expenses	5,587		4,877		710		—
Accrued wages, salaries and employee benefits	2,554		2,494		60		—
Customer advances	3,314		3,311		3		—
Dividends payable	703		703		—		—
Other current liabilities	2,798		2,259		645		(106)		5,9
Long-term debt due within one year	7,120		35		7,085		—
Total current liabilities	36,558		22,667		14,285		(394)

Long-term debt due after one year	30,696		10,955		21,018		(1,277)		10
Liability for postemployment benefits	3,838		3,837		1		—
Other liabilities	6,175		5,162		1,516		(503)		5
Total liabilities	77,267		42,621		36,820		(2,174)

Shareholders’ equity
Common stock	7,181		7,181		905		(905)		11
Treasury stock	(49,539)		(49,539)		—		—
Profit employed in the business	65,448		60,639		4,799		10		11
Accumulated other comprehensive income (loss)	(1,772)		(843)		(929)		—
Noncontrolling interests	—		2		66		(68)		11
Total shareholders’ equity	21,318		17,440		4,841		(963)
Total liabilities and shareholders’ equity	$	98,585	$	60,061	$	41,661	$	(3,137)


1			Elimination of receivables between MP&E and Financial Products.
2			Reclassification of MP&E’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3			Elimination of MP&E's insurance premiums that are prepaid to Financial Products.
4			Reclassification of Financial Products’ other assets to property, plant and equipment.
5			Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
6			Elimination of other intercompany assets and liabilities between MP&E and Financial Products.
7			Elimination of payables between MP&E and Financial Products.
8			Reclassification of Financial Products’ payables to customer advances.
9			Elimination of prepaid insurance in Financial Products’ other liabilities.
10			Elimination of debt between MP&E and Financial Products.
11			Eliminations associated with MP&E’s investments in Financial Products’ subsidiaries.

(more)

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2024

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating 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 MP&E and Financial Products.
2			Reclassification of MP&E’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3			Elimination of MP&E'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 MP&E and Financial Products.
6			Elimination of payables between MP&E 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 MP&E and Financial Products.
10			Eliminations associated with MP&E’s investments in Financial Products’ subsidiaries.

(more)

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Twelve Months Ended December 31, 2025

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	8,882	$	8,637	$	734	$	(489)	1,5
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,262		1,497		765		—

Actuarial (gain) loss on pension and postretirement benefits	(294)		(294)		—		—
Provision (benefit) for deferred income taxes	465		395		70		—
(Gain) loss on divestiture	30		30		—		—

Other	742		658		(513)		597		2

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(2,138)		(503)		63		(1,698)		2,3
Inventories	(1,477)		(1,473)		—		(4)		2
Accounts payable	1,179		1,217		(11)		(27)		2
Accrued expenses	438		486		(48)		—
Accrued wages, salaries and employee benefits	187		185		2		—
Customer advances	1,933		1,933		—		—
Other assets – net	(176)		(48)		(28)		(100)		2
Other liabilities – net	(294)		(442)		40		108		2
Net cash provided by (used for) operating activities	11,739		12,278		1,074		(1,613)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(2,821)		(2,758)		(94)		31		2
Expenditures for equipment leased to others	(1,465)		(36)		(1,438)		9		2
Proceeds from disposals of leased assets and property, plant and equipment	708		79		665		(36)		2
Additions to finance receivables	(15,329)		—		(18,058)		2,729		3
Collections of finance receivables	13,515		—		15,664		(2,149)		3
Net intercompany purchased receivables	—		—		(529)		529		3
Proceeds from sale of finance receivables	71		—		71		—
Additions to intercompany receivables (original maturities greater than three months)	—		(1,000)		—		1,000		4

Collections of intercompany receivables (original maturities greater than three months)	—		—		80		(80)		4
Investments and acquisitions (net of cash acquired)	(47)		(47)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	22		22		—		—
Proceeds from maturities and sale of securities	2,494		1,541		953		—
Investments in securities	(1,930)		(797)		(1,133)		—
Other – net	75		126		(51)		—
Net cash provided by (used for) investing activities	(4,707)		(2,870)		(3,870)		2,033
Cash flow from financing activities:
Dividends paid	(2,749)		(2,749)		(500)		500		5

Common stock issued, and other stock compensation transactions, net	(16)		(16)		—		—
Payments to purchase common stock	(5,190)		(5,190)		—		—
Excise tax paid on purchases of common stock	(73)		(73)		—		—
Proceeds from intercompany borrowings (original maturities greater than three months)	—		—		1,000		(1,000)		4
Payments on intercompany borrowings (original maturities greater than three months)	—		(80)		—		80		4

Proceeds from debt issued (original maturities greater than three months)	11,105		1,976		9,129		—
Payments on debt (original maturities greater than three months)	(8,081)		(51)		(8,030)		—
Short-term borrowings – net (original maturities three months or less)	1,106		—		1,106		—
Other – net	(1)		(1)		—		—
Net cash provided by (used for) financing activities	(3,899)		(6,184)		2,705		(420)
Effect of exchange rate changes on cash	(43)		(58)		15		—
Increase (decrease) in cash, cash equivalents and restricted cash	3,090		3,166		(76)		—
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	$	9,986	$	9,336	$	650	$	—


1			Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries.
2			Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3			Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4			Elimination of proceeds and payments to/from MP&E and Financial Products
5			Elimination of dividend activity between Financial Products and MP&E.

(more)

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Twelve Months Ended December 31, 2024

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	10,788	$	10,689	$	724	$	(625)	1,5
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	2,153		1,368		785		—

Actuarial (gain) loss on pension and postretirement benefits	(154)		(154)		—		—
Provision (benefit) for deferred income taxes	(621)		(327)		(294)		—

(Gain) loss on divestiture	164		(46)		210		—
Other	564		355		(388)		597		2

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(160)		413		207		(780)		2,3
Inventories	(414)		(400)		—		(14)		2
Accounts payable	(282)		(200)		(41)		(41)		2
Accrued expenses	191		78		113		—
Accrued wages, salaries and employee benefits	(363)		(358)		(5)		—
Customer advances	370		369		1		—
Other assets – net	(97)		(188)		48		43		2
Other liabilities – net	(104)		(162)		85		(27)		2
Net cash provided by (used for) operating activities	12,035		11,437		1,445		(847)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,988)		(1,952)		(41)		5		2
Expenditures for equipment leased to others	(1,227)		(36)		(1,211)		20		2
Proceeds from disposals of leased assets and property, plant and equipment	722		35		698		(11)		2
Additions to finance receivables	(15,409)		—		(16,845)		1,436		3
Collections of finance receivables	13,608		—		14,707		(1,099)		3
Net intercompany purchased receivables	—		—		129		(129)		3
Proceeds from sale of finance receivables	83		—		83		—
Net intercompany borrowings	—		—		21		(21)		4
Investments and acquisitions (net of cash acquired)	(34)		(34)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	(61)		92		(153)		—
Proceeds from maturities and sale of securities	3,155		2,795		360		—
Investments in securities	(1,495)		(909)		(586)		—
Other – net	193		142		51		—
Net cash provided by (used for) investing activities	(2,453)		133		(2,787)		201
Cash flow from financing activities:
Dividends paid	(2,646)		(2,646)		(625)		625		5

Common stock issued, including treasury shares reissued	20		20		—		—
Payments to purchase common stock	(7,697)		(7,697)		—		—
Excise tax paid on purchases of common stock	(40)		(40)		—		—
Net intercompany borrowings	—		(21)		—		21		4
Proceeds from debt issued (original maturities greater than three months)	10,283		—		10,283		—
Payments on debt (original maturities greater than three months)	(9,316)		(1,032)		(8,284)		—
Short-term borrowings – net (original maturities three months or less)	(168)		—		(168)		—
Other – net	(1)		(1)		—		—
Net cash provided by (used for) financing activities	(9,565)		(11,417)		1,206		646
Effect of exchange rate changes on cash	(106)		(94)		(12)		—
Increase (decrease) in cash, cash equivalents and restricted cash	(89)		59		(148)		—
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	$	6,896	$	6,170	$	726	$	—


1			Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries.
2			Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3			Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4			Elimination of net proceeds and payments to/from MP&E and Financial Products.
5			Elimination of dividend activity between Financial Products and MP&E.

EX-99.2 3 ex992toformxretailstatisti.htm EX-99.2 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 Power & Energy 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.
Quarterly Retail Sales Statistics

Machines and P&E Combined

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

1st Quarter 2025

World

UP 15%

UP 12%

UP 3%

Machines

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

1st Quarter 2025

Asia/Pacific

DOWN 12%

DOWN 16%

UP 3%

DOWN 7%

EAME

DOWN 7%

UP 19%

UP 3%

UP 5%

Latin America

UP 15%

UP 8%

DOWN 5%

UP 6%

North America

UP 15%

UP 9%

UNCHANGED

DOWN 2%

World

UP 6%

UNCHANGED

DOWN 1%

Resource Industries (RI)

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

1st Quarter 2025

Asia/Pacific

DOWN 23%

DOWN 24%

UP 9%

DOWN 14%

EAME

DOWN 21%

UP 56%

DOWN 4%

UP 8%

Latin America

UP 34%

UP 20%

DOWN 2%

DOWN 10%

North America

UP 2%

DOWN 10%

DOWN 15%

World

DOWN 7%

UP 6%

DOWN 3%

DOWN 10%

Construction Industries (CI)

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

1st Quarter 2025

Asia/Pacific

DOWN 2%

DOWN 9%

DOWN 2%

DOWN 3%

EAME

DOWN 1%

UP 7%

UP 5%

UP 4%

Latin America

UP 6%

UP 2%

DOWN 7%

UP 16%

North America

UP 18%

UP 11%

UP 3%

UP 1%

World

UP 11%

UP 7%

UP 2%

UP 3%

Reported in price neutral dollars and based on unit sales as reported primarily by dealers.

Power & Energy (P&E) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:

Power & Energy (P&E)

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

1st Quarter 2025

Power Gen

UP 44%

UP 33%

UP 19%

UP 58%

Industrial

UP 12%

UP 20%

UP 18%

UP 1%

Transportation

UP 22%

UP 19%

DOWN 24%

UP 4%

Oil & Gas

UP 36%

UP 19%

UP 4%

DOWN 23%

Total

UP 37%

UP 25%

UP 9%

UP 13%

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.

Power & Energy: 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 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.