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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 $7.9 billion of cash for share repurchases and dividends in 2025
Fourth QuarterFull Year
($ in billions except profit per share)2025202420252024
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
salesandrevenueschunkchart.jpg
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 $1.6 billion in the fourth quarter of 2024.
Sales were higher across the three primary segments.
Sales and Revenues by Segment
(Millions of dollars)Fourth Quarter 2024Sales
Volume		Price
Realization		CurrencyInter-Segment / OtherFourth Quarter 2025$
Change		%
Change
Construction Industries$6,003 $903 $(60)$44 $36 $6,926 $923 15%
Resource Industries2,980 459 (67)7 (26)3,353 373 13%
Power & Energy7,649 1,380 166 64 141 9,400 1,751 23%
All Other Segment98 3 1 — (3)99 1 1%
Corporate Items and Eliminations(1,398)(37)(2)9 (148)(1,576)(178) 
Machinery, Power & Energy15,332 2,708 38 124 — 18,202 2,870 19%
Financial Products Segment1,024 — — — 71 1,095 71 7%
Corporate Items and Eliminations(141)— — — (23)(164)(23) 
Financial Products Revenues883 — — — 48 931 48 5%
Consolidated Sales and Revenues$16,215 $2,708 $38 $124 $48 $19,133 $2,918 18%
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Sales and Revenues by Geographic Region
North AmericaLatin AmericaEAMEAsia/PacificExternal Sales and RevenuesInter-SegmentTotal Sales and Revenues
(Millions of dollars)$% 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 Industries1,280 32%647 12%610 34%747 (15%)3,284 14%69 (27%)3,353 13%
Power & Energy4,595 30%563 21%1,834 16%1,134 22%8,126 25%1,274 12%9,400 23%
All Other Segment7 —%— —%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 Segment734 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 Revenues639 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 Industries967 580 455 883  2,885 95 2,980 
Power & Energy3,532 467 1,586 931  6,516 1,133 7,649 
All Other Segment7 — 1 —  8 90 98 
Corporate Items and Eliminations(30)— (2)(4)(36)(1,362)(1,398)
Machinery, Power & Energy7,633  1,670  3,162  2,867  15,332  —  15,332  
Financial Products Segment680 103 128 113  1,024 — 1,024 
Corporate Items and Eliminations(77)(21)(22)(21) (141)— (141)
Financial Products Revenues603  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
operatingprofitchunkchart4.jpg
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 $1.072 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.
Operating profit margin was 13.9% for the fourth quarter of 2025, compared with 18.0% for the fourth quarter of 2024. Adjusted operating profit margin was 15.6% for the fourth quarter of 2025, compared with 18.3% for the fourth quarter of 2024.
Profit (Loss) by Segment
(Millions of dollars)Fourth Quarter 2025Fourth Quarter 2024$
Change
%
 Change
Construction Industries$1,030 $1,174 $(144)(12%)
Resource Industries360 471 (111)(24%)
Power & Energy1,841 1,477 364 25%
All Other Segment17 11 6 55%
Corporate Items and Eliminations(676)(198)(478) 
Machinery, Power & Energy2,572 2,935 (363)(12%)
Financial Products Segment262 166 96 58%
Corporate Items and Eliminations(14)(29)15 
Financial Products248 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 2024Sales VolumePrice RealizationCurrencyInter-SegmentFourth Quarter 2025$
 Change		%
 Change
Total Sales$6,003 $903 $(60)$44 $36 $6,926 $923 15%
Sales by Geographic Region
Fourth Quarter 2025Fourth Quarter 2024$
Change		%
Change
North America$3,879 $3,157 $722 23%
Latin America660 623 37 6%
EAME1,326 1,122 204 18%
Asia/Pacific981 1,057 (76)(7%)
External Sales6,846 5,959 887 15%
Inter-segment80 44 36 82%
Total Sales$6,926 $6,003 $923 15%
Segment Profit
Fourth Quarter 2025Fourth Quarter 2024

Change
%
Change
Segment Profit$1,030 $1,174 $(144)(12%)
Segment Profit Margin14.9 %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 $322 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
Fourth Quarter 2024Sales VolumePrice RealizationCurrencyInter-SegmentFourth Quarter 2025$
 Change		%
 Change
Total Sales$2,980 $459 $(67)$7 $(26)$3,353 $373 13%
Sales by Geographic Region
Fourth Quarter 2025Fourth Quarter 2024$
Change		%
Change
North America$1,280 $967 $313 32%
Latin America647 580 67 12%
EAME610 455 155 34%
Asia/Pacific747 883 (136)(15%)
External Sales3,284 2,885 399 14%
Inter-segment69 95 (26)(27%)
Total Sales$3,353 $2,980 $373 13%
Segment Profit
Fourth Quarter 2025Fourth Quarter 2024

Change
%
Change
Segment Profit$360 $471 $(111)(24%)
Segment Profit Margin10.7 %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 $169 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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POWER & ENERGY
(Millions of dollars)
Segment Sales
Fourth Quarter 2024Sales VolumePrice RealizationCurrencyInter-SegmentFourth Quarter 2025$
 Change		%
 Change
Total Sales$7,649 $1,380 $166 $64 $141 $9,400 $1,751 23%
Sales by Application
Fourth Quarter 2025Fourth Quarter 2024$
Change		%
Change
Oil and Gas$2,398 $1,927 $471 24%
Power Generation3,238 2,242 996 44%
Industrial967 928 39 4%
Transportation1,523 1,419 104 7%
External Sales8,126 6,516 1,610 25%
Inter-segment1,274 1,133 141 12%
Total Sales$9,400 $7,649 $1,751 23%
Segment Profit
Fourth Quarter 2025Fourth Quarter 2024

Change
%
Change
Segment Profit$1,841 $1,477 $364 25%
Segment Profit Margin19.6 %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 2025Fourth Quarter 2024$
Change		%
Change
North America$734 $680 $54 8%
Latin America120 103 17 17%
EAME133 128 5 4%
Asia/Pacific108 113 (5)(4%)
Total Revenues$1,095 $1,024 $71 7%
Segment Profit
Fourth Quarter 2025Fourth 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














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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 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 ProfitOperating Profit MarginProfit Before TaxesProvision (Benefit) for Income TaxesProfitProfit 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) costs319 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) costs37 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) costs444 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. entities164 0.2 %164 54 110 0.22 
Other restructuring (income) costs195 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 TaxesProvision (Benefit) for Income TaxesEffective 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) costs319 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) costs37 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) costs445 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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15

Twelve Months Ended December 31, 2024 - U.S. GAAP$13,373 $2,629 19.7 %
Restructuring (income) costs - divestitures of certain non-U.S. entities164 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) costs195 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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16

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,
2025202420252024
Sales and revenues:
Sales of Machinery, Power & Energy$18,202 $15,332 $63,980 $61,363 
Revenues of Financial Products931 883 3,609 3,446 
Total sales and revenues19,133 16,215 67,589 64,809 
Operating costs: 
Cost of goods sold13,307 10,321 44,752 40,199 
Selling, general and administrative expenses1,876 1,769 6,985 6,667 
Research and development expenses562 519 2,148 2,107 
Interest expense of Financial Products351 338 1,359 1,286 
Other operating (income) expenses377 344 1,194 1,478 
Total operating costs16,473 13,291 56,438 51,737 
Operating profit2,660 2,924 11,151 13,072 
Interest expense excluding Financial Products127 107 502 512 
Other income (expense)493 426 892 813 
Consolidated profit before taxes3,026 3,243 11,541 13,373 
Provision (benefit) for income taxes712 463 2,768 2,629 
Profit of consolidated companies2,314 2,780 8,773 10,744 
Equity in profit (loss) of unconsolidated affiliated companies87 10 109 44 
Profit of consolidated and affiliated companies2,401 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)
– Basic466.5 480.0 470.0 486.7 
– Diluted 2
469.0 482.6 472.3 489.4 
1Profit attributable to common shareholders.
2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
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17

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 other10,920 9,282 
Receivables – finance10,649 9,565 
Prepaid expenses and other current assets2,801 3,119 
Inventories18,135 16,827 
Total current assets52,485 45,682 
Property, plant and equipment – net15,140 13,361 
Long-term receivables – trade and other2,142 1,225 
Long-term receivables – finance14,272 13,242 
Noncurrent deferred and refundable income taxes2,882 3,312 
Intangible assets241 399 
Goodwill5,321 5,241 
Other assets6,102 5,302 
Total assets$98,585 $87,764 
Liabilities 
Current liabilities: 
Short-term borrowings: 
-- Financial Products$5,514 $4,393 
Accounts payable8,968 7,675 
Accrued expenses5,587 5,243 
Accrued wages, salaries and employee benefits2,554 2,391 
Customer advances3,314 2,322 
Dividends payable703 674 
Other current liabilities2,798 2,909 
Long-term debt due within one year:
-- Machinery, Power & Energy35 46 
-- Financial Products7,085 6,619 
Total current liabilities36,558 32,272 
Long-term debt due after one year: 
-- Machinery, Power & Energy10,678 8,564 
-- Financial Products20,018 18,787 
Liability for postemployment benefits3,838 3,757 
Other liabilities6,175 4,890 
Total liabilities77,267 68,270 
Shareholders’ equity 
Common stock7,181 6,941 
Treasury stock(49,539)(44,331)
Profit employed in the business65,448 59,352 
Accumulated other comprehensive income (loss)(1,772)(2,471)
Noncontrolling interests— 3 
Total shareholders’ equity21,318 19,494 
Total liabilities and shareholders’ equity$98,585 $87,764 

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18

Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Twelve Months Ended
December 31,
20252024
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 amortization2,262 2,153 
Actuarial (gain) loss on pension and postretirement benefits(294)(154)
Provision (benefit) for deferred income taxes465 (621)
(Gain) loss on divestiture30 164 
Other742 564 
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other(2,138)(160)
Inventories(1,477)(414)
Accounts payable1,179 (282)
Accrued expenses438 191 
Accrued wages, salaries and employee benefits187 (363)
Customer advances1,933 370 
Other assets – net(176)(97)
Other liabilities – net(294)(104)
Net cash provided by (used for) operating activities11,739 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 equipment708 722 
Additions to finance receivables(15,329)(15,409)
Collections of finance receivables13,515 13,608 
Proceeds from sale of finance receivables71 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 securities2,494 3,155 
Investments in securities(1,930)(1,495)
Other – net75 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 cash3,090 (89)
Cash, cash equivalents and restricted cash at beginning of period6,896 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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19

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 Products931 — 1,138 (207)1
Total sales and revenues19,133 18,202 1,138 (207)
Operating costs:
Cost of goods sold13,307 13,310 — (3)2
Selling, general and administrative expenses1,876 1,670 219 (13)2
Research and development expenses562 562 — — 
Interest expense of Financial Products351 — 363 (12)2
Other operating (income) expenses377 88 308 (19)2
Total operating costs16,473 15,630 890 (47)
Operating profit2,660 2,572 248 (160)
Interest expense excluding Financial Products127 131 — (4)3
Other income (expense)493 806 20 (333)4
Consolidated profit before taxes3,026 3,247 268 (489)
Provision (benefit) for income taxes712 647 65 — 
Profit of consolidated companies2,314 2,600 203 (489)
Equity in profit (loss) of unconsolidated affiliated companies87 87 — — 
Profit of consolidated and affiliated companies2,401 2,687 203 (489)
Less: Profit (loss) attributable to noncontrolling interests(1)(1)— — 
Profit 5
$2,402 $2,688 $203 $(489)
1Elimination of Financial Products’ revenues earned from MP&E.
2Elimination of net expenses recorded between MP&E and Financial Products.
3Elimination of interest expense recorded between Financial Products and MP&E.
4Elimination 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.
5Profit attributable to common shareholders.

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20

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended December 31, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Power & EnergyFinancial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Power & Energy$15,332 $15,332 $— $— 
Revenues of Financial Products883 — 1,062 (179)1
Total sales and revenues16,215 15,332 1,062 (179)
Operating costs:
Cost of goods sold10,321 10,323 — (2)2
Selling, general and administrative expenses1,769 1,535 226 8 2
Research and development expenses519 519 — — 
Interest expense of Financial Products338 — 338 — 
Other operating (income) expenses344 20 361 (37)2
Total operating costs13,291 12,397 925 (31)
Operating profit2,924 2,935 137 (148)
Interest expense excluding Financial Products107 111 — (4)3
Other income (expense)426 891 16 (481)4
Consolidated profit before taxes3,243 3,715 153 (625)
Provision (benefit) for income taxes463 680 (217)— 
Profit of consolidated companies2,780 3,035 370 (625)
Equity in profit (loss) of unconsolidated affiliated companies10 10 — — 
Profit of consolidated and affiliated companies2,790 3,045 370 (625)
Less: Profit (loss) attributable to noncontrolling interests(1)(1)— — 
Profit 5
$2,791 $3,046 $370 $(625)
1Elimination of Financial Products’ revenues earned from MP&E.
2Elimination of net expenses recorded between MP&E paid to Financial Products.
3Elimination of interest expense recorded between Financial Products and MP&E.
4Elimination 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.
5Profit attributable to common shareholders.


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21

Caterpillar Inc.
Supplemental Data for Results of Operations
For the Twelve Months Ended December 31, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Power & Energy Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Power & Energy$63,980 $63,980 $— $— 
Revenues of Financial Products3,609 — 4,382 (773)1
Total sales and revenues67,589 63,980 4,382 (773)
Operating costs:
Cost of goods sold44,752 44,761 — (9)2
Selling, general and administrative expenses6,985 6,183 842 (40)2
Research and development expenses2,148 2,148 — — 
Interest expense of Financial Products1,359 — 1,389 (30)2
Other operating (income) expenses1,194 4 1,287 (97)2
Total operating costs56,438 53,096 3,518 (176)
Operating profit11,151 10,884 864 (597)
Interest expense excluding Financial Products502 516 — (14)3
Other income (expense)892 685 113 94 4
Consolidated profit before taxes11,541 11,053 977 (489)
Provision (benefit) for income taxes2,768 2,525 243 — 
Profit of consolidated companies8,773 8,528 734 (489)
Equity in profit (loss) of unconsolidated affiliated companies109 109 — — 
Profit of consolidated and affiliated companies8,882 8,637 734 (489)
Less: Profit (loss) attributable to noncontrolling interests(2)(3)1 — 
Profit 5
$8,884 $8,640 $733 $(489)
1Elimination of Financial Products’ revenues earned from MP&E.
2Elimination of net expenses recorded between MP&E and Financial Products.
3Elimination of interest expense recorded between Financial Products and MP&E.
4Elimination 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.
5Profit attributable to common shareholders.







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22



Caterpillar Inc.
Supplemental Data for Results of Operations
For the Twelve Months Ended December 31, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Power & Energy Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Power & Energy$61,363 $61,363 $— $— 
Revenues of Financial Products3,446 — 4,212 (766)1 
Total sales and revenues64,809 61,363 4,212 (766)
Operating costs:
Cost of goods sold40,199 40,206 — (7)2 
Selling, general and administrative expenses6,667 5,881 786 — 
Research and development expenses2,107 2,107 — — 
Interest expense of Financial Products1,286 — 1,286 — 
Other operating (income) expenses1,478 71 1,535 (128)2 
Total operating costs51,737 48,265 3,607 (135)
Operating profit13,072 13,098 605 (631)
Interest expense excluding Financial Products512 518 — (6)3 
Other income (expense)813 728 85 — 
Consolidated profit before taxes13,373 13,308 690 (625)
Provision (benefit) for income taxes2,629 2,663 (34)— 
Profit of consolidated companies10,744 10,645 724 (625)
Equity in profit (loss) of unconsolidated affiliated companies44 44 — — 
Profit of consolidated and affiliated companies10,788 10,689 724 (625)
Less: Profit (loss) attributable to noncontrolling interests(4)(5)1 — 
Profit 4
$10,792 $10,694 $723 $(625)
1Elimination of Financial Products’ revenues earned from MP&E.
2Elimination of net expenses recorded between MP&E and Financial Products.
3Elimination of interest expense recorded between Financial Products and MP&E.
4Profit attributable to common shareholders.
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23

Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Power &
Energy		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$9,980 $9,333 $647 $— 
Receivables – trade and other10,920 3,883 657 6,380 
1,2
Receivables – finance10,649 — 17,325 (6,676)2
Prepaid expenses and other current assets2,801 2,448 441 (88)3
Inventories18,135 18,135 — — 
Total current assets52,485 33,799 19,070 (384)
Property, plant and equipment – net15,140 10,985 4,106 49 4
Long-term receivables – trade and other2,142 1,982 163 (3)
1,2
Long-term receivables – finance14,272 — 15,538 (1,266)2
Noncurrent deferred and refundable income taxes2,882 3,208 133 (459)5
Intangible assets241 241 — — 
Goodwill5,321 5,321 — — 
Other assets6,102 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 payable8,968 8,988 268 (288)7,8
Accrued expenses5,587 4,877 710 — 
Accrued wages, salaries and employee benefits2,554 2,494 60 — 
Customer advances3,314 3,311 3 — 
Dividends payable703 703 — — 
Other current liabilities2,798 2,259 645 (106)
5,9
Long-term debt due within one year7,120 35 7,085 — 
Total current liabilities36,558 22,667 14,285 (394)
Long-term debt due after one year30,696 10,955 21,018 (1,277)10
Liability for postemployment benefits3,838 3,837 1 — 
Other liabilities6,175 5,162 1,516 (503)5
Total liabilities77,267 42,621 36,820 (2,174)
    
Shareholders’ equity    
Common stock7,181 7,181 905 (905)11
Treasury stock(49,539)(49,539)— — 
Profit employed in the business65,448 60,639 4,799 10 11
Accumulated other comprehensive income (loss)(1,772)(843)(929)— 
Noncontrolling interests— 2 66 (68)11
Total shareholders’ equity21,318 17,440 4,841 (963)
Total liabilities and shareholders’ equity$98,585 $60,061 $41,661 $(3,137)
1Elimination of receivables between MP&E and Financial Products.
2Reclassification of MP&E’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3Elimination of MP&E's insurance premiums that are prepaid to Financial Products.
4Reclassification of Financial Products’ other assets to property, plant and equipment.
5Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
6Elimination of other intercompany assets and liabilities between MP&E and Financial Products.
7Elimination of payables between MP&E and Financial Products.
8Reclassification of Financial Products’ payables to customer advances.
9Elimination of prepaid insurance in Financial Products’ other liabilities.
10Elimination of debt between MP&E and Financial Products.
11Eliminations associated with MP&E’s investments in Financial Products’ subsidiaries.
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24

Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Power &
Energy 		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)
1Elimination of receivables between MP&E and Financial Products.
2Reclassification of MP&E’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3Elimination 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.
5Elimination of other intercompany assets and liabilities between MP&E and Financial Products.
6Elimination of payables between MP&E 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 MP&E and Financial Products.
10Eliminations associated with MP&E’s investments in Financial Products’ subsidiaries.
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25

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Twelve Months Ended December 31, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Power & EnergyFinancial
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 amortization2,262 1,497 765 — 
Actuarial (gain) loss on pension and postretirement benefits(294)(294)— — 
Provision (benefit) for deferred income taxes465 395 70 — 
(Gain) loss on divestiture30 30 — — 
Other742 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 payable1,179 1,217 (11)(27)2
Accrued expenses438 486 (48)— 
Accrued wages, salaries and employee benefits187 185 2 — 
Customer advances1,933 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 activities11,739 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 equipment708 79 665 (36)2
Additions to finance receivables(15,329)— (18,058)2,729 3
Collections of finance receivables13,515 — 15,664 (2,149)3
Net intercompany purchased receivables— — (529)529 3
Proceeds from sale of finance receivables71 — 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 securities2,494 1,541 953 — 
Investments in securities(1,930)(797)(1,133)— 
Other – net75 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 cash3,090 3,166 (76)— 
Cash, cash equivalents and restricted cash at beginning of period6,896 6,170 726 — 
Cash, cash equivalents and restricted cash at end of period$9,986 $9,336 $650 $— 
1Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries.
2Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4Elimination of proceeds and payments to/from MP&E and Financial Products
5Elimination of dividend activity between Financial Products and MP&E.
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26

Caterpillar Inc.
Supplemental Data for Cash Flow
For the Twelve Months Ended December 31, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery, Power & EnergyFinancial
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 amortization2,153 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 divestiture164 (46)210 — 
Other564 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 expenses191 78 113 — 
Accrued wages, salaries and employee benefits(363)(358)(5)— 
Customer advances370 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 activities12,035 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 equipment722 35 698 (11)2
Additions to finance receivables(15,409)— (16,845)1,436 3
Collections of finance receivables13,608 — 14,707 (1,099)3
Net intercompany purchased receivables— — 129 (129)3
Proceeds from sale of finance receivables83 — 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 securities3,155 2,795 360 — 
Investments in securities(1,495)(909)(586)— 
Other – net193 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 reissued20 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 period6,985 6,111 874 — 
Cash, cash equivalents and restricted cash at end of period$6,896 $6,170 $726 $— 
1Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries.
2Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
3Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
4Elimination of net proceeds and payments to/from MP&E and Financial Products.
5Elimination of dividend activity between Financial Products and MP&E.
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