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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Caterpillar
Caterpillar (CAT) investor relations material
Caterpillar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Full-year 2025 sales and revenues reached a record $67.6 billion, up 4% year-over-year, with Q4 sales at a record $19.1 billion, up 18% year-over-year.
Adjusted operating profit margin for 2025 was 17.2%, within the target range, and adjusted profit per share was $19.06.
Record order backlog at year-end 2025 was $51.2 billion, up 71% year-over-year, providing strong momentum into 2026.
$7.9 billion was returned to shareholders in 2025 through share repurchases and dividends.
Strong operating and free cash flow supported capital returns and a year-end cash balance of $10.0 billion.
Financial highlights
Q4 2025 sales and revenues were $19.1 billion, an all-time quarterly record, with 18% growth year-over-year.
Q4 adjusted operating profit margin was 15.6%, and adjusted profit per share was $5.16.
Full-year MP&E free cash flow was $9.5 billion, marking the third consecutive year above $9 billion.
Full-year operating profit margin was 16.5% (GAAP), 17.2% (adjusted); profit per share was $18.81 (GAAP), $19.06 (adjusted).
Net incremental tariff headwinds totaled $1.7 billion for the year.
Outlook and guidance
2026 sales and revenues expected to grow near the top of the 5%-7% CAGR target, supported by a record backlog.
Adjusted operating profit margin for 2026 projected near the bottom of the target range due to $2.6 billion in incremental tariff costs.
Capital expenditures to rise to $3.5 billion, with free cash flow slightly lower than 2025.
2026 restructuring costs estimated at $300M–$350M; effective tax rate of 23%.
All segments expected to see volume and price growth, with Power and Energy leading.
Quantify tariff impact on operating profit
Explain dealer inventory impact on sales volume
Detail Rail division inventory write-downs impact
Backlog pricing strategy for 2027+ deliveries
Clarify new tariff reporting methodology
Power & Energy capacity ramp-up phasing
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Latest summaries
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- 323410
Strong growth in customers, profits, and deposits, with stable asset quality and global milestones. - 3407
Net income rose 22.7% year-over-year, with improved financials and a revised upward forecast. - RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m cash release, and resumed dividends by FY 2028. - 9101
Profits fell across most segments, but energy shipping and a major acquisition stood out. - 4626
Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
Revenue up 21.5% YoY, but profit down on higher investments; LiPLUS Holdings acquired. - 3401
Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next Caterpillar earnings date
Q1 202629 Apr, 2026
Caterpillar
Next Caterpillar earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
The world’s largest manufacturer seller of construction equipment
Caterpillar is not only the world's largest manufacturer and seller of construction equipment, but also a producer of mining equipment and generators, turbines, and engines. With hundreds of manufacturing and servicing locations - over 160 locations spread out in more than 193 countries - Caterpillar has helped create our roads, bridges, airports, yeah, simply the entire global infrastructure for almost 100 years. Some of Caterpillar’s main competitors are Deere & Company, Astec Industries, and Colombus McKinnon.
Replacing wheels with tracks
Caterpillar was founded through the merger of the two competitors Holt Manufacturing Company and C. L. Best Tractor Co. and currently has more than 4 million branded products in the iconic Hi-Way Yellow color at work around the world.
Fun fact: when Benjamin Holt replaced the rear wheels from one of his steam tractors with a pair of tracks to better deal with soft soil, the company photographer famously exclaimed that the machine crawled like a big…caterpillar and the company name was born.
More than only construction equipment
In addition to being a leading manufacturer, Caterpillar has branched into several other, maybe unsuspected operations. For example, the company makes durable smartphones for the industrial market and makes money from licensing agreements regarding its trademarked Hi-Yellow colored brand - with products in categories such as apparel, eyewear, games, scale models, toys, knives, and watches. Their brand is truly synonymous with high-performance products built to last.
Caterpillar has ongoing projects to reduce the cyclicality of its business by investing heavily in its services and aftermarket parts operations. Recent supply chain pressures, for example, were overcome by strong growth in services.
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