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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 .
| 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?
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.
- Effective May 1, 2025, COO Joe Creed is appointed as the new CEO while Chairman and CEO Jim Umpleby transitions to Executive Chairman, with Creed also joining the Board .
- Under Umpleby’s leadership since January 2017, Caterpillar achieved a record full‑year adjusted profit per share in 2024, increasing more than sixfold .
- Joe Creed, a 28‑year veteran, has held multiple senior roles including CFO and Group President, underscoring the company’s planned succession strategy .
- Compensation adjustments were detailed, including an increased salary for Joe Creed and revised target awards for both executives .
- The leadership changes are part of Caterpillar’s broader strategy as it enters its second century .