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Caterpillar Inc.                                     
3Q 2025 Earnings Release



FOR IMMEDIATE RELEASE
Caterpillar Reports Third-Quarter 2025 Results
Third Quarter
($ in billions except profit per share)20252024
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
salesandrevenueschunkcharta.jpg
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 $1.554 billion. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Sales were higher across the three primary segments.
Sales and Revenues by Segment
(Millions of dollars)Third Quarter 2024Sales
Volume		Price
Realization		CurrencyInter-Segment / OtherThird Quarter 2025$
Change		%
Change
Construction Industries$6,345 $568 $(262)$69 $40 $6,760 $415 7%
Resource Industries3,048 138 (61)4 (19)3,110 62 2%
Energy & Transportation7,187 870 132 52 156 8,397 1,210 17%
All Other Segment72 2 — — (1)73 1 1%
Corporate Items and Eliminations(1,421)(24)— 7 (176)(1,614)(193) 
Machinery, Energy & Transportation15,231 1,554 (191)132 — 16,726 1,495 10%
Financial Products Segment1,034 — — — 42 1,076 42 4%
Corporate Items and Eliminations(159)— — — (5)(164)(5) 
Financial Products Revenues875 — — — 37 912 37 4%
Consolidated Sales and Revenues$16,106 $1,554 $(191)$132 $37 $17,638 $1,532 10%
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Sales and Revenues by Geographic Region
North AmericaLatin AmericaEAMEAsia/PacificExternal Sales and RevenuesInter-SegmentTotal Sales and Revenues
(Millions of dollars)$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg
Third Quarter 2025          
Construction Industries$3,912 8%$654 (1%)$1,217 6%$904 3%$6,687 6%$73 121%$6,760 7%
Resource Industries1,152 1%543 9%541 22%799 (8%)3,035 3%75 (20%)3,110 2%
Energy & Transportation4,045 26%559 24%1,367 (8%)1,088 27%7,059 18%1,338 13%8,397 17%
All Other Segment5 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 Segment722 4%118 22%130 —%106 (5%)1,076 4%— —%1,076 4%
Corporate Items and Eliminations(96)(26)(23)(19)(164)— (164)
Financial Products Revenues626 4%92 21%107 (2%)87 (1%)912 4%— —%912 4%
Consolidated Sales and Revenues$9,681 13%$1,850 10%$3,231 1%$2,876 7%$17,638 10%$— —%$17,638 10%
Third Quarter 2024              
Construction Industries$3,629 $658 $1,150 $875  $6,312 $33 $6,345 
Resource Industries1,141 499 444 870  2,954 94 3,048 
Energy & Transportation3,214 449 1,486 856  6,005 1,182 7,187 
All Other Segment1 (1)1 7  8 64 72 
Corporate Items and Eliminations(42)(3)9 (12)(48)(1,373)(1,421)
Machinery, Energy & Transportation7,943  1,602  3,090  2,596  15,231  —  15,231  
Financial Products Segment695 97 130 112  1,034 — 1,034 
Corporate Items and Eliminations(93)(21)(21)(24) (159)— (159)
Financial Products Revenues602  76  109  88  875  —  875  
Consolidated Sales and Revenues$8,545  $1,678  $3,199  $2,684  $16,106  $—  $16,106  

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Consolidated Operating Profit
operatingprofitchunkchart3q.jpg
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 $33 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses, including higher short-term incentive compensation expense. Favorable other operating income/expense included proceeds from an insurance claim.
Profit (Loss) by Segment
(Millions of dollars)Third Quarter 2025Third Quarter 2024$
Change
%
 Change
Construction Industries$1,377 $1,486 $(109)(7%)
Resource Industries499 619 (120)(19%)
Energy & Transportation1,678 1,433 245 17%
All Other Segment(6)(13)7 54%
Corporate Items and Eliminations(546)(427)(119) 
Machinery, Energy & Transportation3,002 3,098 (96)(3%)
Financial Products Segment241 246 (5)(2%)
Corporate Items and Eliminations(38)(30)(8)
Financial Products203 216 (13)(6%)
Consolidating Adjustments(153)(167)14 
Consolidated Operating Profit$3,052 $3,147 $(95)(3%)




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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 $7 million benefit in the third quarter of 2024, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.
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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
Third Quarter 2024Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2025$
 Change		%
 Change
Total Sales$6,345 $568 $(262)$69 $40 $6,760 $415 7%
Sales by Geographic Region
Third Quarter 2025Third Quarter 2024$
Change		%
Change
North America$3,912 $3,629 $283 8%
Latin America654 658 (4)(1%)
EAME1,217 1,150 67 6%
Asia/Pacific904 875 29 3%
External Sales6,687 6,312 375 6%
Inter-segment73 33 40 121%
Total Sales$6,760 $6,345 $415 7%
Segment Profit
Third Quarter 2025Third Quarter 2024
Change		%
Change
Segment Profit$1,377 $1,486 $(109)(7%)
Segment Profit Margin20.4 %23.4 %(3.0  pts)
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 $313 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
Third Quarter 2024Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2025$
 Change		%
 Change
Total Sales$3,048 $138 $(61)$4 $(19)$3,110 $62 2%
Sales by Geographic Region
Third Quarter 2025Third Quarter 2024$
Change		%
Change
North America$1,152 $1,141 $11 1%
Latin America543 499 44 9%
EAME541 444 97 22%
Asia/Pacific799 870 (71)(8%)
External Sales3,035 2,954 81 3%
Inter-segment75 94 (19)(20%)
Total Sales$3,110 $3,048 $62 2%
Segment Profit
Third Quarter 2025Third Quarter 2024
Change		%
Change
Segment Profit$499 $619 $(120)(19%)
Segment Profit Margin16.0 %20.3 %(4.3  pts)
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 2024Sales VolumePrice RealizationCurrencyInter-SegmentThird Quarter 2025$
 Change		%
 Change
Total Sales$7,187 $870 $132 $52 $156 $8,397 $1,210 17%
Sales by Application
Third Quarter 2025Third Quarter 2024$
Change		%
Change
Oil and Gas$1,979 $1,656 $323 20%
Power Generation2,634 2,011 623 31%
Industrial1,077 1,028 49 5%
Transportation1,369 1,310 59 5%
External Sales7,059 6,005 1,054 18%
Inter-segment1,338 1,182 156 13%
Total Sales$8,397 $7,187 $1,210 17%
Segment Profit
Third Quarter 2025Third Quarter 2024
Change		%
Change
Segment Profit$1,678 $1,433 $245 17%
Segment Profit Margin20.0 %19.9 %0.1  pts
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 2025Third Quarter 2024$
Change		%
Change
North America$722 $695 $27 4%
Latin America118 97 21 22%
EAME130 130 — —%
Asia/Pacific106 112 (6)(5%)
Total Revenues$1,076 $1,034 $42 4%
Segment Profit
Third Quarter 2025Third Quarter 2024
Change		%
Change
Segment Profit$241 $246 $(5)(2%)
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 ProfitOperating Profit MarginProfit Before TaxesProvision (Benefit) for Income TaxesProfitProfit per Share
Three Months Ended September 30, 2025 - U.S. GAAP
$3,052 17.3 %$3,127 $836 $2,300 $4.88 
Restructuring (income) costs37 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) costs70 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 TaxesProvision (Benefit) for Income TaxesEffective 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) costs37 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) costs70 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,
2025202420252024
Sales and revenues:  
Sales of Machinery, Energy & Transportation$16,726 $15,231 $45,778 $46,031 
Revenues of Financial Products912 875 2,678 2,563 
Total sales and revenues17,638 16,106 48,456 48,594 
Operating costs:  
Cost of goods sold11,673 10,066 31,445 29,878 
Selling, general and administrative expenses1,822 1,669 5,109 4,898 
Research and development expenses555 533 1,586 1,588 
Interest expense of Financial Products346 336 1,008 948 
Other operating (income) expenses190 355 817 1,134 
Total operating costs14,586 12,959 39,965 38,446 
Operating profit3,052 3,147 8,491 10,148 
Interest expense excluding Financial Products133 125 375 405 
Other income (expense)208 76 399 387 
Consolidated profit before taxes3,127 3,098 8,515 10,130 
Provision (benefit) for income taxes836 642 2,056 2,166 
Profit of consolidated companies2,291 2,456 6,459 7,964 
Equity in profit (loss) of unconsolidated affiliated companies8 7 22 34 
Profit of consolidated and affiliated companies2,299 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)  
– Basic468.6 484.2 471.3 489.0 
– Diluted 2
470.8 486.7 473.4 491.7 
1Profit attributable to common shareholders.
2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
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16

Caterpillar Inc.
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
September 30,
2025		December 31,
2024
Assets  
Current assets: 
Cash and cash equivalents$7,538 $6,889 
Receivables – trade and other10,146 9,282 
Receivables – finance10,315 9,565 
Prepaid expenses and other current assets2,861 3,119 
Inventories18,958 16,827 
Total current assets49,818 45,682 
Property, plant and equipment – net14,310 13,361 
Long-term receivables – trade and other1,618 1,225 
Long-term receivables – finance13,985 13,242 
Noncurrent deferred and refundable income taxes3,000 3,312 
Intangible assets281 399 
Goodwill5,329 5,241 
Other assets5,381 5,302 
Total assets$93,722 $87,764 
Liabilities 
Current liabilities: 
Short-term borrowings: 
-- Financial Products$4,509 $4,393 
Accounts payable8,729 7,675 
Accrued expenses5,187 5,243 
Accrued wages, salaries and employee benefits2,126 2,391 
Customer advances3,391 2,322 
Dividends payable— 674 
Other current liabilities2,760 2,909 
Long-term debt due within one year:  
-- Machinery, Energy & Transportation32 46 
-- Financial Products9,257 6,619 
Total current liabilities35,991 32,272 
Long-term debt due after one year: 
-- Machinery, Energy & Transportation10,669 8,564 
-- Financial Products17,067 18,787 
Liability for postemployment benefits3,664 3,757 
Other liabilities5,672 4,890 
Total liabilities73,063 68,270 
Shareholders’ equity 
Common stock6,223 6,941 
Treasury stock(48,302)(44,331)
Profit employed in the business64,460 59,352 
Accumulated other comprehensive income (loss)(1,723)(2,471)
Noncontrolling interests1 3 
Total shareholders’ equity20,659 19,494 
Total liabilities and shareholders’ equity$93,722 $87,764 

(more)


17

Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Nine Months Ended September 30,
20252024
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 amortization1,664 1,598 
Provision (benefit) for deferred income taxes300 (329)
(Gain) loss on divestiture— 164 
Other509 221 
Changes in assets and liabilities, net of acquisitions and divestitures:  
Receivables – trade and other(788)(30)
Inventories(2,015)(781)
Accounts payable1,086 (96)
Accrued expenses51 9 
Accrued wages, salaries and employee benefits(296)(671)
Customer advances1,649 476 
Other assets – net(138)120 
Other liabilities – net(355)(37)
Net cash provided by (used for) operating activities8,148 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 equipment544 541 
Additions to finance receivables(10,964)(11,457)
Collections of finance receivables9,890 10,234 
Proceeds from sale of finance receivables26 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 securities1,945 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 cash648 (1,340)
Cash, cash equivalents and restricted cash at beginning of period6,896 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.

(more)


18

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$16,726 $16,726 $— $— 
Revenues of Financial Products912 — 1,115 (203)1
Total sales and revenues17,638 16,726 1,115 (203)
Operating costs:    
Cost of goods sold11,673 11,675 — (2)2
Selling, general and administrative expenses1,822 1,608 218 (4)2
Research and development expenses555 555 — — 
Interest expense of Financial Products346 — 358 (12)2
Other operating (income) expenses190 (114)336 (32)2
Total operating costs14,586 13,724 912 (50)
Operating profit3,052 3,002 203 (153)
Interest expense excluding Financial Products133 136 — (3)3
Other income (expense)208 25 33 150 4
Consolidated profit before taxes3,127 2,891 236 — 
Provision (benefit) for income taxes836 773 63 — 
Profit of consolidated companies2,291 2,118 173 — 
Equity in profit (loss) of unconsolidated affiliated companies8 8 — — 
Profit of consolidated and affiliated companies2,299 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.
3Elimination 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.
5Profit attributable to common shareholders.





(more)


19

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$15,231 $15,231 $— $— 
Revenues of Financial Products875 — 1,078 (203)1
Total sales and revenues16,106 15,231 1,078 (203)
Operating costs:    
Cost of goods sold10,066 10,067 — (1)2
Selling, general and administrative expenses1,669 1,484 197 (12)2
Research and development expenses533 533 — — 
Interest expense of Financial Products336 — 336 — 
Other operating (income) expenses355 49 329 (23)2
Total operating costs12,959 12,133 862 (36)
Operating profit3,147 3,098 216 (167)
Interest expense excluding Financial Products125 127 — (2)
Other income (expense)76 (122)33 165 3
Consolidated profit before taxes3,098 2,849 249 — 
Provision (benefit) for income taxes642 582 60 — 
Profit of consolidated companies2,456 2,267 189 — 
Equity in profit (loss) of unconsolidated affiliated companies7 7 — — 
Profit of consolidated and affiliated companies2,463 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.
4Profit attributable to common shareholders.
(more)


20

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & Transportation Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$45,778 $45,778 $— $— 
Revenues of Financial Products2,678 — 3,244 (566)1
Total sales and revenues48,456 45,778 3,244 (566)
Operating costs:    
Cost of goods sold31,445 31,451 — (6)2
Selling, general and administrative expenses5,109 4,513 623 (27)2
Research and development expenses1,586 1,586 — — 
Interest expense of Financial Products1,008 — 1,026 (18)2
Other operating (income) expenses817 (84)979 (78)2
Total operating costs39,965 37,466 2,628 (129)
Operating profit8,491 8,312 616 (437)
Interest expense excluding Financial Products375 385 — (10)3
Other income (expense)399 (121)93 427 4
Consolidated profit before taxes8,515 7,806 709 — 
Provision (benefit) for income taxes2,056 1,878 178 — 
Profit of consolidated companies6,459 5,928 531 — 
Equity in profit (loss) of unconsolidated affiliated companies22 22 — — 
Profit of consolidated and affiliated companies6,481 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.
3Elimination 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.
5Profit attributable to common shareholders.



(more)


21

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & Transportation Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$46,031 $46,031 $— $— 
Revenues of Financial Products2,563 — 3,150 (587)1
Total sales and revenues48,594 46,031 3,150 (587)
Operating costs:
Cost of goods sold29,878 29,883 — (5)2
Selling, general and administrative expenses4,898 4,346 560 (8)2
Research and development expenses1,588 1,588 — — 
Interest expense of Financial Products948 — 948 — 
Other operating (income) expenses1,134 51 1,174 (91)2
Total operating costs38,446 35,868 2,682 (104)
Operating profit10,148 10,163 468 (483)
Interest expense excluding Financial Products405 407 — (2)
Other income (expense)387 (163)69 481 3
Consolidated profit before taxes10,130 9,593 537 — 
Provision (benefit) for income taxes2,166 1,983 183 — 
Profit of consolidated companies7,964 7,610 354 — 
Equity in profit (loss) of unconsolidated affiliated companies34 34 — — 
Profit of consolidated and affiliated companies7,998 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.
2Elimination 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.
4Profit attributable to common shareholders.
(more)


22

Caterpillar Inc.
Supplemental Data for Financial Position
At September 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation 		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$7,538 $6,633 $905 $— 
Receivables – trade and other10,146 3,531 542 6,073 
1,2
Receivables – finance10,315 — 16,665 (6,350)2
Prepaid expenses and other current assets2,861 2,659 440 (238)3
Inventories18,958 18,958 — — 
Total current assets49,818 31,781 18,552 (515)
Property, plant and equipment – net14,310 10,348 3,962 — 
Long-term receivables – trade and other1,618 1,712 166 (260)
1,2
Long-term receivables – finance13,985 — 14,948 (963)2
Noncurrent deferred and refundable income taxes3,000 3,264 130 (394)4
Intangible assets281 281 — — 
Goodwill5,329 5,329 — — 
Other assets5,381 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 payable8,729 8,636 391 (298)6,7
Accrued expenses5,187 4,558 629 — 
Accrued wages, salaries and employee benefits2,126 2,081 45 — 
Customer advances3,391 3,359 3 29 7
Dividends payable— — — — 
Other current liabilities2,760 2,209 806 (255)
4,5,8
Long-term debt due within one year9,289 32 9,257 — 
Total current liabilities35,991 20,875 15,640 (524)
Long-term debt due after one year27,736 10,899 18,067 (1,230)7,9
Liability for postemployment benefits3,664 3,663 1 — 
Other liabilities5,672 4,679 1,407 (414)4,5
Total liabilities73,063 40,116 35,115 (2,168)
    
Shareholders’ equity    
Common stock6,223 6,223 905 (905)10
Treasury stock(48,302)(48,302)— — 
Profit employed in the business64,460 59,365 5,085 10 10
Accumulated other comprehensive income (loss)(1,723)(768)(955)— 
Noncontrolling interests1 4 76 (79)10
Total shareholders’ equity20,659 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.
3Elimination 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.
7Reclassification of Financial Products' payables to customer advances.
8Elimination 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
 ConsolidatedMachinery,
Energy &
Transportation 		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$6,889 $6,165 $724 $— 
Receivables – trade and other9,282 3,463 688 5,131 
1,2
Receivables – finance9,565 — 14,957 (5,392)2
Prepaid expenses and other current assets3,119 2,872 401 (154)3
Inventories16,827 16,827 — — 
Total current assets45,682 29,327 16,770 (415)
Property, plant and equipment – net13,361 9,531 3,830 — 
Long-term receivables – trade and other1,225 500 86 639 
1,2
Long-term receivables – finance13,242 — 14,048 (806)2
Noncurrent deferred and refundable income taxes3,312 3,594 118 (400)4
Intangible assets399 399 — — 
Goodwill5,241 5,241 — — 
Other assets5,302 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 payable7,675 7,619 331 (275)6,7
Accrued expenses5,243 4,589 654 — 
Accrued wages, salaries and employee benefits2,391 2,335 56 — 
Customer advances2,322 2,305 3 14 7
Dividends payable674 674 — — 
Other current liabilities2,909 2,388 696 (175)
4,8
Long-term debt due within one year6,665 46 6,619 — 
Total current liabilities32,272 19,956 12,752 (436)
Long-term debt due after one year27,351 8,731 18,787 (167)9
Liability for postemployment benefits3,757 3,757 — — 
Other liabilities4,890 3,977 1,344 (431)4
Total liabilities68,270 36,421 32,883 (1,034)
    
Shareholders’ equity    
Common stock6,941 6,941 905 (905)10
Treasury stock(44,331)(44,331)— — 
Profit employed in the business59,352 54,787 4,555 10 10
Accumulated other comprehensive income (loss)(2,471)(1,182)(1,289)— 
Noncontrolling interests3 6 75 (78)10
Total shareholders’ equity19,494 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.
3Elimination 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.
5Elimination of other intercompany assets and liabilities between ME&T and Financial Products.
6Elimination of payables between ME&T and Financial Products.
7Reclassification of Financial Products' payables to customer advances.
8
Elimination of prepaid insurance in Financial Products’ other liabilities.
9Elimination 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
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
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 amortization1,664 1,096 568 — 
Provision (benefit) for deferred income taxes300 308 (8)— 
Other509 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 payable1,086 1,051 44 (9)1
Accrued expenses51 161 (110)— 
Accrued wages, salaries and employee benefits(296)(284)(12)— 
Customer advances1,649 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 activities8,148 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 equipment544 54 524 (34)1
Additions to finance receivables(10,964)— (12,668)1,704 2
Collections of finance receivables9,890 — 11,347 (1,457)2
Net intercompany purchased receivables— — (241)241 2
Proceeds from sale of finance receivables26 — 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 securities1,945 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 cash648 466 182 — 
Cash, cash equivalents and restricted cash at beginning of period6,896 6,170 726 — 
Cash, cash equivalents and restricted cash at end of period$7,544 $6,636 $908 $— 
1Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3Elimination of proceeds and payments to/from ME&T and Financial Products.
(more)


25

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & TransportationFinancial
Products		Consolidating
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 amortization1,598 1,010 588 — 
Provision (benefit) for deferred income taxes(329)(277)(52)— 
(Gain) loss on divestiture164 (46)210 — 
Other221 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 expenses9 — 9 — 
Accrued wages, salaries and employee benefits(671)(660)(11)— 
Customer advances476 475 1 — 
Other assets – net120 (226)191 155 1
Other liabilities – net(37)(135)232 (134)1
Net cash provided by (used for) operating activities8,642 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 equipment541 25 525 (9)1
Additions to finance receivables(11,457)— (12,271)814 2
Collections of finance receivables10,234 — 10,889 (655)2
Net intercompany purchased receivables— — 68 (68)2
Proceeds from sale of finance receivables69 — 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 securities2,841 2,565 276 — 
Investments in securities(892)(469)(423)— 
Other – net137 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 reissued15 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 period6,985 6,111 874 — 
Cash, cash equivalents and restricted cash at end of period$5,645 $4,765 $880 $— 
1Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3Elimination of net proceeds and payments to/from ME&T and Financial Products.
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