CATERPILLAR (CAT) Company Report

Q4 revenue of $19.1 billion and adjusted EPS of $5.16, topping estimates; power & energy sales rose 37%, with $9.4 billion in power revenues.
Full-year revenue of $67.6 billion; operating profit down ~15% to $11.2 billion, adjusted operating profit down ~14% to $11.6 billion; full-year adjusted EPS of $19.06, a ~13% YoY decline.
Order backlog surged by $11.3 billion QoQ to a record $51.2 billion, signaling robust demand.
Projects $2.6 billion in tariff costs for 2026 (including $800 million in Q1), exerting margin pressure.

5 days ago

Bloomberg

Caterpillar reports Q4 2025 results

CAT

Earnings

Guidance Update

Q4 2025 sales & revenues were $19.1 B, up 18% year-over-year.
Q4 2025 operating profit was $2.7 B, down 9% YoY; adjusted operating profit was $3.0 B, flat YoY with a 15.6% margin.
Q4 2025 MP&E free cash flow reached $3.7 B, up from $3.0 B in Q4 2024.
Backlog hit a record $51 B, up 71% YoY.
2026 guidance targets sales growth around the top end of a 5–7% CAGR, adjusted operating margin near the bottom of the annual range, and slightly lower MP&E free cash flow than 2025.

5 days ago

Presentation

Caterpillar reports Q4 2025 results

CAT

Earnings

Guidance Update

Share Buyback

Q4 record sales and revenues of $19.1 billion (up 18% YoY); adjusted operating margin 15.6%; adjusted EPS $5.16; Q4 MP&E-free cash flow $3.7 billion.
Full-year 2025 sales and revenues of $67.6 billion (+4% YoY); adjusted operating margin 17.2%; adjusted EPS $19.06; generated $9.5 billion MP&E-free cash flow; backlog of $51 billion (+71% YoY); returned $7.9 billion to shareholders via repurchases and dividends.
Q4 end-market performance: Construction Industries sales to users +11%; Resource Industries ‑7%; Power & Energy +37%, led by power generation and oil & gas demand.
2026 outlook: anticipate sales & revenues growth near the top of the 5–7% CAGR target; adjusted operating margin to exceed 2025 but remain near the lower end of the target range including ~$800 million of tariffs; capital expenditures ~$3.5 billion; MP&E-free cash flow slightly below 2025.

5 days ago

Transcript

Caterpillar reports Q4 2025 results

CAT

Earnings

Guidance Update

Dividends

Record full-year sales and revenues of $67.6 billion, up 4% year-over-year, and all-time Q4 revenue of $19.1 billion; backlog reached a record $51 billion, up 71% versus prior year.
Adjusted operating profit margin was 15.6% in Q4 and 17.2% for FY 2025; adjusted EPS of $5.16 for the quarter and $19.06 for the full year.
Generated $9.5 billion of MP&E free cash flow in 2025 and returned $7.9 billion to shareholders via $5.2 billion of share repurchases and $2.7 billion of dividends.
2026 outlook: anticipate sales growth at the top end of 5–7% CAGR, ~2% price realization, adjusted margin above 2025 but near the bottom of the target range including $2.6 billion of incremental tariffs, CapEx ~$3.5 billion, and slightly lower free cash flow, underpinned by strong backlog.

5 days ago

Transcript

Caterpillar reports Q4 2025 results and 2026 outlook

CAT

Earnings

Guidance Update

Share Buyback

Delivered record full-year sales and revenues of $67.6 billion (4% YoY) and Q4 sales of $19.1 billion (+18% YoY); full-year adjusted EPS was $19.06 with an adjusted operating margin of 17.2%, and Q4 adjusted EPS was $5.16 with a 15.6% margin.
Ended 2025 with a record $51 billion backlog, up 71% year-over-year.
Generated $9.5 billion of MP&E-free cash flow and returned $7.9 billion to shareholders through share repurchases and dividends.
Guidance for 2026 calls for segment sales growth, ~2% price realization, CapEx of ~$3.5 billion, adjusted operating margin near the bottom of the target range after tariffs, and slightly lower MP&E-free cash flow.

5 days ago

Transcript

Caterpillar reports Q4 2025 earnings

CAT

Earnings

Share Buyback

Dividends

Caterpillar reported 4Q 2025 sales of $19.1 billion, up 18% y/y, and profit per share of $5.12.
Full-year 2025 sales reached $67.6 billion, a 4% increase, with full-year profit per share of $18.81.
Operating profit margin declined to 13.9% in 4Q (from 18.0% in 4Q 2024) and to 16.5% for the full year (from 20.2%).
Enterprise operating cash flow was $11.7 billion, ending the year with $10.0 billion in cash, and the company deployed $7.9 billion to share repurchases and dividends in 2025.

5 days ago

8-K

Cat Financial reports Q4 and FY 2025 results

CAT

Earnings

Fourth-quarter 2025 revenues were $949 million, up 7% year-over-year, while profit was $139 million, down 61%.
Full-year 2025 revenues reached $3.63 billion, a 4% increase, with profit of $540 million, down 10%.
Profit before income taxes rose 38% in Q4 to $193 million and 38% for the full year to $734 million.
Retail new business volume grew 10% in Q4 to $4.07 billion and 8% full-year to $14.26 billion, while past dues fell to 1.37% at year-end.

5 days ago

Press Release

Caterpillar reports fourth-quarter and full-year 2025 results

CAT

Earnings

Share Buyback

Dividends

Caterpillar delivered fourth-quarter sales and revenues of $19.1 billion, up 18% year-over-year, and full-year revenues of $67.6 billion, a 4% increase.
Fourth-quarter profit per share was $5.12 (adjusted $5.16), while full-year profit per share was $18.81 (adjusted $19.06).
Fourth-quarter operating profit margin narrowed to 13.9% (adjusted 15.6%) from 18.0% (adjusted 18.3%) in the prior year’s quarter.
In 2025, the company generated $11.7 billion of operating cash flow, ended the year with $10.0 billion of cash, and deployed $7.9 billion on share repurchases and dividends.

5 days ago

Press Release

Caterpillar forms strategic alliance to deploy 2 GW power for AI infrastructure

CAT

New Projects/Investments

Caterpillar, American Intelligence & Power Corp (AIP Corp) and Boyd CAT launched a strategic alliance to build the Monarch Compute Campus, a multi-phase, large-scale power and infrastructure platform for hyperscale AI data centers.
AIP Corp placed an order for 2 GW of fast-response natural gas generator sets, with deliveries from September 2026 through August 2027 and power delivery beginning in 2026 and online in 2027.
The Caterpillar G3516 gensets will be paired with battery energy storage to manage rapid AI-driven load swings, featuring a ramp-up time from zero to full load in approximately 7 seconds.
Monarch is designed as a fully self-supplied, behind-the-meter platform targeting 8 GW of capacity, leveraging a West Virginia microgrid designation to avoid rate increases or additional costs for existing utility customers.
The alliance framework covers equipment optimization, phased expansion planning, operations and maintenance strategy, and includes vendor financing through Caterpillar Financial.

6 days ago

Press Release

Caterpillar equipment powers mixed-fleet autonomous quarry milestone

CAT

New Projects/Investments

Product Launch

Lake Bridgeport quarry achieved 2 million tons hauled in under eight months using Pronto’s AHS on a mixed fleet of Caterpillar 775G and Komatsu haul trucks.
Demonstrates seamless operation of disparate OEM equipment on a single autonomous system, leveraging an AI-first, vision-only solution without lidar or radar.
Features include dynamic zone management, safety redundancy via lightweight “Rover” transponders, and sustainability gains from optimized driving patterns.
Heidelberg Materials and Pronto plan to expand Pronto AHS to over 100 trucks globally after validating production-scale performance.