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 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.
- Caterpillar Inc. and Hunt Energy Company, L.P. entered a long-term strategic collaboration to deliver efficient, independent power solutions for data centers, prioritizing reliability and uptime.
- Caterpillar will supply its portfolio of natural gas and diesel generation equipment, gas turbines, switchgear, controls, and engineering services, along with advanced monitoring and servicing capabilities.
- Hunt Energy brings its expertise in infrastructure development, project financing, and operations, having deployed 310 MW of battery energy storage systems over the past four years.
- The partnership’s first project in Texas initiates a multi-year program to provide up to 1 GW of power generation capacity for North American data centers, with plans for global expansion.
- Evercore ISI upgraded Caterpillar to Outperform, raising the price target from $373 to $476, signaling more than 15% upside.
- Analyst David Raso cited Caterpillar’s margin resilience, production leverage, and geographic diversity—particularly a U.S. market benefit from normalized machinery inventories.
- The consensus analyst price target among 22 analysts is $429.95, with a range of $350–$507, indicating mixed valuation views.
- Other early August 2025 analyst moves include JP Morgan to $520, Citigroup to $500, Barclays to $425, Truist to $507, while Morgan Stanley downgraded to Underweight but raised its target to $350.
- Caterpillar, Joule Capital Partners, and Wheeler Machinery Co. will deliver a 4 GW distributed generation system—including G3520K gensets, CCHP, and 1.1 GWh of battery storage—to Joule’s high-performance compute campus in Utah.
- The solution integrates gensets, controls, switchgear, inverters, and heat-recovery cooling, with Caterpillar and Wheeler providing ongoing service to meet uptime targets.
- Leveraging Caterpillar’s U.S. manufacturing footprint, the full power package can be deployed more rapidly than alternative technologies, addressing surging AI compute demand.
- Joule’s 4,000-acre Utah campus, designed for AI-driven workloads, is slated to launch with gigawatt-scale capacity in 2026.
- Sales & revenues of $16.6 B, down 1% year-over-year.
- Operating profit of $2.9 B, an 18% decrease; margin at 17.3%.
- Adjusted EPS of $4.72, reflecting adverse currency translation and restructuring impacts.
- Energy & Transportation segment sales up 7% to $7.8 B with profit of $1.585 B (20.2% margin).
- Full-year guidance: slightly higher sales, $1.3–1.5 B in tariffs, and adjusted margin in the bottom half of the target range.
- Expect increased volatility over the next two months due to seasonal headwinds and Fed-policy uncertainty.
- Positive setup into year-end, with earnings growth likely to drive markets higher after recent pullbacks.
- Buying opportunity: consider adding positions in Caterpillar and Eaton amid short-term weakness.
- Economic backdrop remains supportive, with GDP growth above trend at 2.1% and unemployment at 4.2%, creating a Goldilocks scenario despite sticky inflation.
- Melius Research upgraded Caterpillar to buy with a $500 price target, citing AI-driven power demand as a catalyst
- Growing AI workloads are prompting data centers to install their own power plants, creating a new grid-focused market for CAT’s engines and turbines
- Enhanced aftermarket services and stronger management have helped mitigate Caterpillar’s traditional cyclicality
- Mining-equipment peers like Komatsu and engine supplier Cummins may benefit as miners remain disciplined on CAPEX, though a broader mining upcycle has yet to emerge
- On June 11, 2025, Caterpillar’s Board approved a 10-cent increase to the quarterly dividend, raising it to $1.51 per share, payable August 20, 2025 to shareholders of record July 21, 2025.
- The 7% year-over-year boost continues Caterpillar’s streak of raising annual dividends for 31 consecutive years and maintains its status on the S&P 500 Dividend Aristocrats Index.
- Caterpillar plans to return substantially all Machinery, Energy & Transportation free cash flow to shareholders over time through dividends and share repurchases.
- Demand Remains robust with machine backlogs and near-peak performance compared to 2023, underscoring strong order flow and effective operational execution.
- Mixed global dynamics were noted: North America remains healthy while Europe faces uncertainty and China and emerging markets show recent improvement, driven by infrastructure investments.
- Margin expansion and service innovation were emphasized, with margins more than doubling since 2014 thanks to predictive maintenance, connected machines, and flexible rental strategies.
- Operational flexibility in manufacturing and scenario planning is seen as key to managing tariff uncertainties and adapting to evolving market conditions.
- Caterpillar Inc. announced a debt offering of $2 billion aggregate principal amount, comprising $1.7 billion of 5.200% Senior Notes due 2035 and $300 million of 5.500% Senior Notes due 2055.
- The underwriting agreement was executed on May 12, 2025 with Barclays Capital Inc., Citigroup Global Markets Inc., and SG Americas Securities, with the sale closing on March 15, 2025.
- The net proceeds from the offering will be used for general corporate purposes, which may include the repayment of existing indebtedness.