CATERPILLAR (CAT) Company Report

Revenue of $2.8 billion, up 14%; product support +9% to $1.5 billion and new equipment +12% to over $1.0 billion
EBIT of $240 million (up 25% YoY) and EPS of $1.17 (up 33% YoY)
Free cash flow used $56 million, driven by higher inventory to support activity levels
Declared quarterly dividend of $0.3025 per share and repurchased 1.2 million shares at an average cost of $59.45 (0.9% of public float)

Nov 11, 2025, 10:00 PM

Press Release

Caterpillar unveils Investor Day 2025 strategic growth plan

CAT

Guidance Update

New Projects/Investments

Long-term financial targets include a 5–7% sales & revenues CAGR (2024–2030), $30 B services revenues by 2030, 15–19% to 21–25% adjusted operating profit margin at $60 B–$100 B revenues, and $6 B–$15 B free cash flow with substantially all returned to shareholders.
Power & Energy capacity expansions: doubling large engine capacity and 2.5× gas turbine capacity versus 2024 through 2030 to address record backlog.
Digital & technology investment will be ~2.5× higher in 2025–2030 versus 2019–2024, targeting by 2030 2 M connected assets, +50% e-commerce sales per day, 2× condition monitoring PSE dollars, 500 K tech-enabled machines, and 3× autonomous trucks.
Strategic growth pillars: commercial excellence, advanced technology leadership, and transforming how we work, underpinned by operational excellence and a reorganized structure effective July 2025–January 2026.

Nov 4, 2025, 3:00 PM

Presentation

Caterpillar outlines 2030 growth targets and technology strategy at Investor Day 2025

CAT

Guidance Update

New Projects/Investments

Share Buyback

Resource Industries will emphasize commercial excellence, autonomy (including Precision Mining) and sustainability solutions, with mining capital expenditures projected to grow 50% by 2030.
Digital and technology are positioned as key competitive differentiators, with targets to reach 2 million connected assets, double condition monitoring PSEs, increase e-commerce by 50%, achieve 500,000 tech-enabled machines and triple autonomous trucks by 2030.
The company plans a 2.5× increase in digital and technology investment and to double capital expenditures in 2025–2030 versus 2019–2024, funding solar capacity expansion and engine manufacturing upgrades.
Financial targets include 5-7% CAGR in revenues, margin goals of 15-25%, free cash flow of $6 billion–$15 billion, while maintaining a mid-A credit rating and returning substantially all cash flow via dividends and share buybacks.

Nov 4, 2025, 3:00 PM

Transcript

Caterpillar outlines strategy and financial framework at Investor Day 2025

CAT

M&A

Guidance Update

New Projects/Investments

Resource Industries growth strategy includes integrating rail into RI, focusing on autonomy and sustainability solutions such as CAT Dynamic Energy Transfer, and addressing customer capital discipline amid aging fleets (avg. 14-year truck age).
Precision Mining expansion via acquisition of RPMGlobal (50-year mining tech expertise) to integrate planning, maintenance and simulation solutions; deal expected to close Q1 next year.
Digital & technology achievements: 1.5 million connected assets, $4.5 billion in e-commerce sales (2024), 690 autonomous mining trucks; 2030 targets include 2 million connected assets, double condition-monitoring leads, 500 000 tech-enabled machines, and tripling autonomous fleet.
Financial framework highlights 1.9× OPAC growth over five years, 22% annual TSR, $40 billion free cash flow since 2019 with ~100% returned to shareholders, and a long-term pull-through margin goal of 34–35%.

Nov 4, 2025, 3:00 PM

Transcript

Caterpillar presents 2030 strategy and financial targets at Investor Day 2025

CAT

Guidance Update

M&A

New Projects/Investments

Caterpillar set 2030 financial goals including 5–7% revenue CAGR, 15–25% operating margins, and $6–15 billion free cash flow, reinforcing its OPAC-driven profitable growth framework.
Total investments will include a 2.5× increase in digital & technology spend, 2× CapEx (2019–2024 vs. 2025–2030), and expanded large engine and turbine capacity to meet rising power-generation demand.
Announced acquisition of RPMGlobal to create an integrated Precision Mining software suite, expected to close in Q1 2026, enhancing Caterpillar’s mine planning and operations capabilities.
Technology and sustainability targets feature 2 million connected assets, tripling autonomous trucks to ~2 070 units, commercial launch of Cat Dynamic Energy Transfer in Q4 2026, and validation of battery-electric 793XE trucks.

Nov 4, 2025, 3:00 PM

Transcript

Caterpillar announces Q3 2025 results

CAT

Earnings

Guidance Update

Caterpillar delivered record Q3 sales & revenues of $17.6 B, up 10% year-over-year.
Operating profit was $3.05 B, with a 17.3% margin, down 3% YoY primarily due to higher tariffs and costs.
ME&T free cash flow reached $3.2 B, with $1.1 B deployed to shareholders and an enterprise cash balance of $7.5 B.
Order backlog was a record $39.8 B, increasing by $11.2 B year-over-year.
Full-year 2025 guidance expects modestly higher sales & revenues, net incremental tariffs of $1.6–1.75 B, and free cash flow above the midpoint of targets.

Oct 29, 2025, 12:30 PM

Presentation

Caterpillar reports Q3 2025 results

CAT

Earnings

Guidance Update

Share Buyback

Q3 sales up 10% to $17.6 billion, adjusted operating margin at 17.5%, adjusted EPS of $4.95, and record backlog of $39.8 billion.
Construction Industries sales rose 7% to $6.8 billion, Resource Industries sales increased 2% to $3.1 billion, and Energy & Transportation sales grew 17% to $8.4 billion in Q3.
Q3 tariffs hit net $500–$600 million and are expected to total $1.6–$1.75 billion for FY 2025; Q3 ME&T free cash flow was $3.2 billion.
For Q4, Caterpillar forecasts strong volume-driven sales growth with enterprise pricing flat; full year 2025 sales and revenues are expected to modestly exceed 2024, with adjusted operating margin near the bottom of the target range including tariffs, and ME&T free cash flow above the midpoint of $5–$10 billion.
In Q3, the company returned $1.1 billion to shareholders through $700 million of dividends and share repurchases, ending the quarter with $7.5 billion of enterprise cash and $1.2 billion in marketable securities.

Oct 29, 2025, 12:30 PM

Transcript

Caterpillar reports Q3 2025 results

CAT

Earnings

Dividends

Share Buyback

Sales and revenues were $17.6 billion, a 10% increase year over year; profit per share was $4.88 (adjusted EPS $4.95), down from $5.06 ($5.17) in Q3 2024.
Operating profit was $3.052 billion, a 3% decrease; operating margin was 17.3% versus 19.5% in Q3 2024.
In the Machinery, Energy & Transportation segment, sales rose 10% to $16.726 billion; Energy & Transportation sales grew 17% to $8.397 billion with segment profit up 17% to $1.678 billion.
Construction Industries sales were $6.760 billion (+7%) with profit down 7% to $1.377 billion; Resource Industries sales were $3.110 billion (+2%) with profit down 19% to $499 million.
The company generated $3.7 billion of operating cash flow and ended the quarter with $7.5 billion in cash, deploying $1.1 billion to dividends and share repurchases.

Oct 29, 2025, 10:32 AM

8-K

Caterpillar announces Q3 2025 results

CAT

Earnings

Cat Financial reported Q3 2025 revenues of $926 million, up 4% year-over-year.
Profit excluding noncontrolling interests was $134 million, down 2% y/y, while profit before income taxes rose 1% to $184 million.
Retail new business volume increased 7% y/y to $3.63 billion.
Credit quality continued to strengthen with past dues of 1.47% and an allowance for credit losses of $283 million (0.89% of finance receivables) as of September 30, 2025.

Oct 29, 2025, 10:31 AM

Press Release

Caterpillar reports third-quarter 2025 results

CAT

Earnings

Dividends

Share Buyback

Caterpillar’s Q3 2025 sales and revenues were $17.6 billion, up 10% year-over-year, driven by higher equipment sales volume.
GAAP EPS of $4.88 and adjusted EPS of $4.95, versus $5.06 and $5.17 in Q3 2024, respectively.
Operating profit was $3.052 billion (down 3%) with an operating margin of 17.3% (adjusted 17.5%).
Enterprise operating cash flow totaled $3.7 billion, ending the quarter with $7.5 billion of cash; the company deployed $1.1 billion to dividends and share repurchases.
Sales rose across all primary segments: Construction Industries +7%, Resource Industries +2%, and Energy & Transportation +17%.

Oct 29, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CATERPILLAR.

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