Company file · CAT
Caterpillar
Power & Energy became Caterpillar's largest segment in 2025
Power & Energy sales to outside customers grew 12.7% to $27.1B, passing Construction Industries. Total sales and revenues rose 4.3% to $67.6B, while profit fell 17.7% to $8.9B.
Key facts
Caterpillar (NYSE: CAT) reported sales and revenues of $67.6B for fiscal 2025, the year ended Dec 31, 2025, up 4.3% from fiscal 2024. Profit to common shareholders was $8.9B, down 17.7%. In its latest 10-Q, for the quarter ended Jun 30, 2026, sales and revenues were $20.5B, up 24.0% from the same quarter a year earlier, and net income was $3.6B. The largest piece by segment (external sales) was Power & Energy, at 39% of fiscal 2025 sales and revenues. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026
How it makes money
By segment (external sales), FY2025
- LineAmountSharevs FY2024
- Power & Energy$27.1B39%+12.7%
- Construction Industries$25.1B36%−1.6%
- Resource Industries$12.5B18%+0.0%
- Financial Products$4.2B6%+4.1%
Source: 10-K FY2025, XBRL breakdown
Power & Energy was 39% of 2025 sales and revenues, Construction Industries 36%, Resource Industries 18% and Financial Products 6%. North America accounted for 54% of the total.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Caterpillar 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
By segment
Source: Caterpillar 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
The bull case and the bear case
The bull case
- Power & Energy sales to outside customers rose 12.7% in 2025 to $27.1B. 10-K, FY2025
- Sales and revenues in the quarter ended Jun 30, 2026 were $20.5B, up 24.0% on a year earlier, and profit rose 64.9% to $3.6B. 10-Q, quarter ended Jun 30, 2026
- North American sales and revenues grew 6.4% in 2025 to $36.6B. 10-K, FY2025
- Diluted shares fell 3.5% in 2025. 10-K, FY2025
The bear case
- Profit to common shareholders fell 17.7% in 2025 to $8.9B, from $10.8B. 10-K, FY2025
- Construction Industries sales fell 1.6% in 2025, to $25.1B, and were $27.4B in 2023. 10-K, FY2025
- Cash was $6.7B at Jun 30, 2026, down from $10.0B at the end of 2025. 10-Q, quarter ended Jun 30, 2026
- The 10-K lists the economic cycle, commodity prices, tariffs and trade policy, and dealer inventory changes among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Caterpillar makes construction and mining equipment, engines, gas turbines and diesel-electric locomotives, and offers financing to its customers through Cat Financial.
Caterpillar reports three machinery and engine segments plus Financial Products. Power & Energy makes engines, generator sets, turbines and locomotives used in oil and gas, power generation (including for data centers) and industry. Construction Industries makes machines such as excavators, loaders and dozers. Resource Industries makes mining trucks and other mining equipment. Financial Products, mainly Cat Financial, lends to and leases equipment for customers and dealers.
It sells mostly through a worldwide network of independent dealers. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Caterpillar's latest 10-K. Read the original for the full list.
- Economic cyclesDemand for machines and engines rises and falls with construction, mining, energy and the broader economy.
- Commodity pricesPrices of metals, oil and gas affect what mining and energy customers spend.
- Trade and tariffsTariffs, trade restrictions and international politics affect costs and sales.
- DealersIt sells through independent dealers, and changes in their inventories move its sales.
- Supply and costsMaterial costs and supplier problems can raise costs or delay production.
- FinancingCat Financial is exposed to customer credit and interest rates.
- Cyber and legalCyberattacks, product liability, emissions rules and other regulation can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Sales and revenues | $67.1B | $64.8B | $67.6B |
| Profit to common shareholders | $10.3B | $10.8B | $8.9B |
| Operating cash flow | $12.9B | $12.0B | $11.7B |
| Cash & equivalents (year end) | $7.0B | $6.9B | $10.0B |
| Diluted shares | 514M | 489M | 472M |
- Sales and revenues: Sales of machinery, engines and turbines, plus revenue from Cat Financial's loans and leases.
- Profit to common shareholders: Profit attributable to Caterpillar's common shareholders, after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment figures are sales to outside customers; sales between segments are excluded.
- Profit is profit attributable to common shareholders, the figure Caterpillar headlines.
What we left out
- Total debt: Caterpillar's borrowing is split between its machinery business and Cat Financial, which borrows to fund customer loans. A single consolidated debt total isn't tagged cleanly in its filings and would mostly reflect Cat Financial's lending, so it isn't shown.
Recent filings
Latest filings
- Oct 153:31 PM ET
8-K
Caterpillar files an 8-K on director or officer changes and other events
Caterpillar filed a Form 8-K on Oct 15, 2026 at 3:31 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 8.01 (Other Events).
- Oct 15:15 PM ET
Form 4
Caterpillar director Lynn J. Good reports an award of 30 phantom stock units
The filing reports 30 phantom stock units in a grant or award (code A).
- Oct 15:14 PM ET
Form 4
Caterpillar director David MacLennan reports an award of 28 phantom stock units
The filing reports 28 phantom stock units in a grant or award (code A).
- Sep 283:01 PM ET
Form 4
Caterpillar Group President Jason Kaiser reports an award of 11 phantom stock units
The filing reports 11 phantom stock units in a grant or award (code A).
- Sep 283:00 PM ET
Form 4
Caterpillar CFO Kyle Joseph Epley reports an award of 18 phantom stock units
The filing reports 18 phantom stock units in a grant or award (code A).
Common questions about Caterpillar
How does Caterpillar make money?
Caterpillar's sales and revenues were $67.6B in fiscal 2025. Power & Energy was 39% of 2025 sales and revenues, Construction Industries 36%, Resource Industries 18% and Financial Products 6%. North America accounted for 54% of the total. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was Caterpillar's revenue in fiscal 2025?
$67.6B of sales and revenues for the fiscal year ended Dec 31, 2025, up 4.3% from $64.8B in fiscal 2024. Fiscal 2023 was $67.1B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is Caterpillar profitable?
Caterpillar reported profit to common shareholders of $8.9B for fiscal 2025, down 17.7% from $10.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $3.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did Caterpillar report in its latest quarterly filing?
Sales and revenues were $20.5B in the quarter ended Jun 30, 2026, up 24.0% from $16.6B a year earlier. Net income was $3.6B, up 64.9% from $2.2B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.
What are the main risks Caterpillar lists?
Caterpillar's 10-K for fiscal 2025, filed Feb 13, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Economic cycles; commodity prices; trade and tariffs; dealers; supply and costs; financing; cyber and legal. The first: Demand for machines and engines rises and falls with construction, mining, energy and the broader economy. Source: 10-K, Item 1A Risk Factors.
Where do these Caterpillar numbers come from?
From Caterpillar's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in CAT
- The editor holds no position in Caterpillar (CAT). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell CAT from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CAT, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
| GE AerospaceGE | FY2025 | $45.9B | +18.5% | $8.7B |
| GE VernovaGEV | FY2025 | $38.1B | +9.0% | $4.9B |
| RTX | FY2025 | $88.6B | +9.7% | $6.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.