Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, with 2023 sales and revenues totaling $67.060 billion . The company operates primarily through three main segments: Construction Industries, Resource Industries, and Energy & Transportation, and also provides financing and related services through its Financial Products segment . Caterpillar sells a wide range of machinery and engines, including asphalt pavers, large mining trucks, and diesel-electric locomotives, while also offering technology products and services for fleet management and autonomous machine capabilities .
- Energy & Transportation - Serves industries like Oil and Gas, Power Generation, and Transportation by providing reciprocating engines, turbines, and diesel-electric locomotives, contributing significantly to Caterpillar's revenue .
- Construction Industries - Focuses on machinery for infrastructure and building construction, including products like asphalt pavers, backhoe loaders, and wheel loaders, generating revenue through both direct sales and inter-segment sales .
- Resource Industries - Supports customers in mining and heavy construction with products such as large mining trucks and hydraulic shovels, and offers technology products and services for fleet management and autonomous machine capabilities .
- Financial Products - Offers financing and insurance services to support the purchase and lease of Caterpillar equipment, enhancing the company's revenue streams .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
D. James Umpleby III ExecutiveBoard | Chairman of the Board and Chief Executive Officer | Director at Chevron Corporation | Jim Umpleby has been with Caterpillar since 1980, serving in various leadership roles, including Group President of Energy & Transportation. He became CEO in 2017 and Chairman in 2018. He focuses on sustainability and diversity initiatives. | View Report → |
Andrew R.J. Bonfield Executive | Chief Financial Officer | None reported | Andrew Bonfield joined Caterpillar as CFO in 2018. He previously served as Group CFO for a multinational utility company. | |
Anthony D. Fassino Executive | Group President | None reported | Anthony Fassino has been Group President of Construction Industries since 2021. He previously served as Vice President of Building Construction Products. | |
Bob De Lange Executive | Group President | None reported | Bob De Lange has been a Group President since 2017, leading the Services, Distribution, and Digital division. | |
Denise C. Johnson Executive | Group President | None reported | Denise Johnson joined Caterpillar in 2012 and oversees the Resource Industries segment. She signed the Conflict Minerals Report for 2022. | |
Derek R. Owens Executive | Chief Legal Officer and General Counsel | None reported | Derek Owens joined Caterpillar in 2019 and became Chief Legal Officer in 2023. He previously worked as an Assistant U.S. Attorney. | |
Jason E. Kaiser Executive | Group President | None reported | Jason Kaiser joined Caterpillar in 2000 and became Group President of Energy & Transportation in 2024. He has held various roles in the Electric Power Division. | |
Joseph E. Creed Executive | Chief Operating Officer | Executive board member of the Caterpillar Foundation, Board member of Easterseals of Central Illinois | Joseph Creed joined Caterpillar in 1997 and became COO in 2023. He has held various leadership roles, including Group President of Energy & Transportation. | |
William E. Schaupp Executive | Vice President and Chief Accounting Officer | None reported | William Schaupp became Vice President and Chief Accounting Officer in 2022. He previously worked at PPG Industries. | |
Daniel M. Dickinson Board | Director | Executive Chairman and Managing Partner at HCI Equity Partners, CEO of Right to Dream | Daniel Dickinson has been a director at Caterpillar since 2006. He is the Chair of the Audit Committee. | |
David W. MacLennan Board | Director | Board member at Ecolab Inc. | David MacLennan joined the Caterpillar board in 2021. He previously served as CEO of Cargill, Inc. | |
Debra L. Reed-Klages Board | Director | Director at Chevron Corporation, Director at Lockheed Martin Corporation | Debra Reed-Klages has been a director at Caterpillar since 2015. She is the former Chairman and CEO of Sempra Energy. | |
Judith F. Marks Board | Director | Chair, CEO, and President of Otis Worldwide Corporation | Judith Marks joined the Caterpillar board in 2023. She is the Chair, CEO, and President of Otis Worldwide Corporation. | |
Nazzic S. Keene Board | Director | Director at Automatic Data Processing Inc. (ADP), Director at ITT Inc. | Nazzic Keene joined the Caterpillar board in 2024. She was previously CEO of SAIC. | |
Rayford Wilkins, Jr. Board | Director | Director at Morgan Stanley, Director at Valero Energy Corporation | Rayford Wilkins, Jr. has been a director at Caterpillar since 2017. He is the Chair of the Compensation and Human Resources Committee. | |
Susan C. Schwab Board | Director | Board member at FedEx Corporation, Marriott International, Inc. | Susan Schwab has been an independent director at Caterpillar since 2009. She has extensive experience in international trade and public policy. |
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Given your substantial investments to increase large engine capacity by over 125% compared to 2023 , how are you mitigating the risk of overcapacity if demand projections, particularly from data centers and distributed power generation, do not materialize as expected?
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With heightened competitive pressures in Construction Industries due to currency fluctuations like the depreciation of the yen and challenges in China , how do you plan to maintain market share and pricing without adversely impacting margins, especially considering that dealer inventories are already at the higher end of your target range?
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Considering your significant margin outperformance this year relative to long-term targets , can you elaborate on how sustainable these margins are in the face of potential pricing headwinds and the balance between profitability and market share?
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Regarding the introduction of the Cat Dynamic Energy Transfer system for mining applications , can you provide specifics on the expected commercialization timeline and how you plan to achieve competitive differentiation to ensure a strong return on this investment?
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With the acceleration in power generation sales and existing capacity constraints on larger products , what strategies are you implementing to prevent bottlenecks, and should we anticipate fluctuations in power generation growth due to capacity limitations and the reallocation of engines between segments?
Research analysts who have asked questions during CATERPILLAR earnings calls.
David Raso
Evercore ISI
4 questions for CAT
Jamie Cook
Truist Securities
4 questions for CAT
Kristen Owen
Oppenheimer & Co. Inc.
4 questions for CAT
Kyle Menges
Citigroup
4 questions for CAT
Michael Feniger
Bank of America
4 questions for CAT
Tami Zakaria
JPMorgan Chase & Co.
4 questions for CAT
Angel Castillo Malpica
Morgan Stanley
3 questions for CAT
Jerry Revich
Goldman Sachs Group Inc.
3 questions for CAT
Mircea Dobre
Robert W. Baird & Co.
3 questions for CAT
Robert Wertheimer
Melius Research
3 questions for CAT
Stephen Volkmann
Jefferies
3 questions for CAT
Steven Fisher
UBS
3 questions for CAT
Charles Albert Dillard
Bernstein
2 questions for CAT
Timothy Thein
Raymond James
2 questions for CAT
Chad Dillard
AllianceBernstein
1 question for CAT
Jairam Nathan
Daiwa Capital Markets
1 question for CAT
Rob Wertheimer
Melius Research LLC
1 question for CAT
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Principal global competitors in the reciprocating engines in marine, oil and gas, industrial and electric power generation systems along with turbines in oil and gas and electric power generation. | |
Deutz AG | Principal global competitors in the reciprocating engines in marine, oil and gas, industrial and electric power generation systems along with turbines in oil and gas and electric power generation. |
Rolls-Royce Power Systems | Principal global competitors in the reciprocating engines in marine, oil and gas, industrial and electric power generation systems along with turbines in oil and gas and electric power generation. |
Siemens Energy Global GmbH | Principal global competitors in the reciprocating engines in marine, oil and gas, industrial and electric power generation systems along with turbines in oil and gas and electric power generation. |
Volvo Penta AB | Competes in certain markets in which Caterpillar competes. |
FPT Industrial (Iveco Group) | Competes in certain markets in which Caterpillar competes. |
INNIO | Competes in certain markets in which Caterpillar competes. |
GE Vernova | Competes in certain markets in which Caterpillar competes. |
Kawasaki Heavy Industries Energy Solution & Marine Engineering | Competes in certain markets in which Caterpillar competes. |
MAN Energy Solutions (VW) | Competes in certain markets in which Caterpillar competes. |
Weichai Power Co., Ltd. | Competes in certain markets in which Caterpillar competes. |
Aggreko plc | Primarily packagers who source engines and/or other components from domestic and international suppliers and market products regionally and internationally. |
Primarily packagers who source engines and/or other components from domestic and international suppliers and market products regionally and internationally. | |
Kohler Energy | Primarily packagers who source engines and/or other components from domestic and international suppliers and market products regionally and internationally. |
Primarily packagers who source engines and/or other components from domestic and international suppliers and market products regionally and internationally. | |
Global competitors in rail-related businesses. | |
Global competitors in rail-related businesses. | |
Voestalpine AG | Global competitors in rail-related businesses. |
Vossloh AG | Global competitors in rail-related businesses. |
Global competitors in rail-related businesses. | |
Siemens Mobility | Global competitors in rail-related businesses. |
CRRC Corp., LTD. | Global competitors in rail-related businesses. |
Wells Fargo Equipment Finance Inc. | Competitors in the highly competitive environment of financing for users of Caterpillar equipment and services. |
Banc of America Leasing & Capital LLC | Competitors in the highly competitive environment of financing for users of Caterpillar equipment and services. |
BNP Paribas Leasing Solutions Limited | Competitors in the highly competitive environment of financing for users of Caterpillar equipment and services. |
Australia and New Zealand Banking Group Limited | Competitors in the highly competitive environment of financing for users of Caterpillar equipment and services. |
Société Générale S.A. | Competitors in the highly competitive environment of financing for users of Caterpillar equipment and services. |
John Deere Capital Corporation | Many manufacturers that compete with Caterpillar also own financial subsidiaries, utilizing below-market interest rate programs to support machine sales. |
Komatsu Financial L.P. | Many manufacturers that compete with Caterpillar also own financial subsidiaries, utilizing below-market interest rate programs to support machine sales. |
Volvo Financial Services | Many manufacturers that compete with Caterpillar also own financial subsidiaries, utilizing below-market interest rate programs to support machine sales. |
Kubota Credit Corporation | Many manufacturers that compete with Caterpillar also own financial subsidiaries, utilizing below-market interest rate programs to support machine sales. |
Global surface competitors in the Resource Industries segment. | |
Epiroc AB | Global surface and underground competitors in the Resource Industries segment. |
Hitachi Construction Machinery Co., Ltd. | Global surface competitors in the Resource Industries segment. |
Komatsu Ltd. | Global surface and underground competitors in the Resource Industries segment. |
Liebherr-International AG | Global surface competitors in the Resource Industries segment. |
Sandvik AB | Global surface and underground competitors in the Resource Industries segment. |
Volvo Construction Equipment | Global surface competitors in the Resource Industries segment. |
Global competitors in the construction machinery segment. | |
Doosan Bobcat (Part of Doosan Group) | Global competitors in the construction machinery segment. |
Hyundai Construction Equipment Co., Ltd. | Global competitors in the construction machinery segment. |
Hyundai Doosan Infracore Co., Ltd. | Global competitors in the construction machinery segment. |
J.C. Bamford Excavators Ltd. | Global competitors in the construction machinery segment. |
Kobelco Construction Machinery (part of Kobe Steel, Ltd) | Global competitors in the construction machinery segment. |
Kubota Farm & Industrial Machinery (part of Kubota Corporation) | Global competitors in the construction machinery segment. |
Sany Heavy Industry Co., Ltd. | Global competitors in the construction machinery segment. |
Guangxi LiuGong Machinery Co., Ltd. | Regional and local competitors in China for the construction machinery segment. |
Longking Holdings Ltd. | Regional and local competitors in China for the construction machinery segment. |
XCMG Construction Machinery Co., Ltd. | Regional and local competitors in China for the construction machinery segment. |
Shandong Lingong Construction Machinery Co., Ltd. (SDLG, JV with Volvo Construction Equipment) | Regional and local competitors in China for the construction machinery segment. |
Shantui Construction Machinery Co., Ltd. | Regional and local competitors in China for the construction machinery segment. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Marble Robotics | N/A | Marble Robotics was acquired by Caterpillar to support its autonomy initiatives and to enhance its technology stack in areas such as alternative fuels, connectivity, and digital electrification; however, the provided documents do not specify a definitive acquisition year. |
Tangent Energy Solutions | 2022 | Tangent Energy Solutions was acquired in 2022 to bolster Caterpillar’s energy-as-a-service offerings, leveraging Tangent’s proprietary software to monitor operations and optimize distributed power asset dispatch, thereby improving energy efficiency and operational resiliency. |
Recent press releases and 8-K filings for CAT.
- 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.
- 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.
- 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.
- 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.
- 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%.
- Caterpillar pledged $100 million over five years to fund workforce training and upskilling initiatives, beginning with a $5 million commitment in Indiana.
- The investment supports advanced manufacturing careers and prepares U.S. workers for future industry needs as part of the company’s centennial celebration.
- Announcement made at the Lafayette, Indiana large engine facility, which is undergoing a $725 million expansion to boost engine production for AI and data center power demands.
- Caterpillar employs 51,000 U.S. workers, including over 4,100 at 12 facilities in Indiana, underscoring its role in national manufacturing and exports.
- Caterpillar Inc. (NYSE: CAT) agreed to acquire RPMGlobal Holdings Limited (ASX: RUL), an Australian mining software company.
- RPMGlobal, based in Brisbane, provides data-driven solutions across the mining lifecycle, complementing Caterpillar’s asset management, fleet management and autonomy offerings.
- The transaction requires RPMGlobal shareholder and regulatory approvals and is expected to close in Q1 2026 under customary conditions.
- J.P. Morgan Securities LLC is serving as Caterpillar’s financial advisor for the deal.
- Caterpillar will acquire Australian mining software company RPMGlobal for A$1.123 billion (US$730 million), offering A$5 per share—a 33% premium to RPM’s share price prior to the announcement.
- The transaction carries an enterprise value of A$1.048 billion, will be structured as a Scheme of Arrangement, and is expected to close by Q1 2026, pending shareholder and regulatory approvals.
- The acquisition is intended to integrate RPMGlobal’s software into Caterpillar’s asset management, fleet management, and autonomy technologies to enhance mine site operations.
- JPMorgan Securities has been engaged as Caterpillar’s financial advisor for the deal.
- Montage Gold’s Koné project remains on-budget and on-schedule for first gold pour in Q2 2027, with 4.5 million construction hours completed and key milestones—such as erection of six CIL tanks—achieved two months ahead of schedule.
- The company has adopted an owner-operated mining model via Neemba International, underpinned by a $75.0 million Equipment Finance Facility from CAT Financial covering 85% of fleet acquisition, repayable over five years.
- Construction highlights include an on-site workforce of 2,800+ (90% local), completion of mill foundations, water-supply infrastructure, grid-connection works, and rapid progress on the tailings storage facility and resettlement village.
- Strategic initiatives aim to integrate higher-grade satellite deposits (924 koz indicated at 1.32 g/t Au) and implement an oxide circuit to enhance processing flexibility and potentially accelerate first production.
- Caterpillar shares were down in pre-market trading ahead of the August 29, 2025 opening bell.
- The company increased its 2025 tariff-related cost estimate to $1.5–$1.8 billion, up from its prior forecast of up to $1.5 billion.