CAT 10-K & 10-Q changes, risk factors and insider trading
Caterpillar Inc. · NYSE · Construction Machinery & Equip · CIK 18230 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
“not to exceed a certain leverage ratio (consolidated debt to consolidated net worth, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31), to maintain a minimum interest coverage ratio (calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period) and not to terminate, amend or modify its support agre …”see in full comparison
We maintain a number of credit facilities to support general corporate purposes (facilities) and have issued debt securities to manage liquidity and fund operations (debt securities). The agreements relating to a number of the facilities and the debt securities contain certain restrictive covenants applicable to us and certain subsidiaries, including Cat Financial. These covenants include maintaining a minimum consolidated net worth (defined as the consolidated shareholder’s equity including preferred stock but excluding the pension and other post-retirement benefits balance within accumulated other comprehensive income (loss)), limitations on the incurrence of liens and sales and leaseback transactions, restrictions on the transfer of certain property and certain restrictions on consolidation and merger. Cat Financial has also agreed under certain of these agreements not to exceed a certain leverage ratio (consolidated debt to consolidated net worth, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31), to maintain a minimum interest coverage ratio (calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period) and not to terminate, amend or modify its support agreement with us.see in full comparison
We maintain certain defined benefit pension plans for our employees, which impose on us certain funding obligations. We use many assumptions in determining our future payment obligations under the plans.see in full comparisonWe employ a liability-driven investment strategy, where the interest rate sensitivity of the pension investments and pension obligations are aligned to reduce funded status volatility.Significant adverse changes in credit or capital markets could result in actual rates of return on pension investments being materially lower than projected and result in increased contribution requirements. These factors couldsignificantlyincrease our payment obligations under the plans and, as a result, adversely affect our business and overall financial condition. We may be required to make material contributions to our pension plans in the future and may fund contributions through the use of cash on hand, the proceeds of borrowings, shares of our common stock or a combination of the foregoing, as permitted by applicable law. We employ a liability-driven investment strategy, where the interest rate sensitivity of the pension investments and pension obligations are aligned to reduce funded status volatility.
“statements. It is impossible to predict or identify all such factors and, as a result, you should not consider the following factors to be a complete discussion of risks, uncertainties and assumptions.”see in full comparison
The following is a cautionary discussion of risks, uncertainties and assumptions that we believe are material to our business. In addition to the factors discussed elsewhere in this report, the following are some of the important factors that, individually or in the aggregate, we believe could make our actual results differ materially from those described in any forward-looking statements. It is impossible to predict or identify all such factors and, as a result, you should not consider the following factors to be a complete discussion of risks, uncertainties and assumptions.see in full comparison
“condition if we are unable to fully offset the effect of these increased costs through price increases, productivity improvements, cost reduction programs or hedging programs.”see in full comparison
Full comparison: every changed paragraph (7)
The following is a cautionary discussion of risks, uncertainties and assumptions that we believe are material to our business. In addition to the factors discussed elsewhere in this report, the following are some of the important factors that, individually or in the aggregate, we believe could make our actual results differ materially from those described in any forward-looking statements. It is impossible to predict or identify all such factors and, as a result, you should not consider the following factors to be a complete discussion of risks, uncertainties and assumptions.
statements. It is impossible to predict or identify all such factors and, as a result, you should not consider the following factors to be a complete discussion of risks, uncertainties and assumptions.
We are a significant user of steel and many other commodities required for the manufacture of our products. Increases in the prices of such commodities would increase our costs, negatively impacting our business, results of operations and financial condition if we are unable to fully offset the effect of these increased costs through price increases, productivity improvements, cost reduction programs or hedging programs.
condition if we are unable to fully offset the effect of these increased costs through price increases, productivity improvements, cost reduction programs or hedging programs.
We maintain a number of credit facilities to support general corporate purposes (facilities) and have issued debt securities to manage liquidity and fund operations (debt securities). The agreements relating to a number of the facilities and the debt securities contain certain restrictive covenants applicable to us and certain subsidiaries, including Cat Financial. These covenants include maintaining a minimum consolidated net worth (defined as the consolidated shareholder’s equity including preferred stock but excluding the pension and other post-retirement benefits balance within accumulated other comprehensive income (loss)), limitations on the incurrence of liens and sales and leaseback transactions, restrictions on the transfer of certain property and certain restrictions on consolidation and merger. Cat Financial has also agreed under certain of these agreements not to exceed a certain leverage ratio (consolidated debt to consolidated net worth, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31), to maintain a minimum interest coverage ratio (calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period) and not to terminate, amend or modify its support agreement with us.
not to exceed a certain leverage ratio (consolidated debt to consolidated net worth, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31), to maintain a minimum interest coverage ratio (calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period) and not to terminate, amend or modify its support agreement with us.
We maintain certain defined benefit pension plans for our employees, which impose on us certain funding obligations. We use many assumptions in determining our future payment obligations under the plans. We employ a liability-driven investment strategy, where the interest rate sensitivity of the pension investments and pension obligations are aligned to reduce funded status volatility. Significant adverse changes in credit or capital markets could result in actual rates of return on pension investments being materially lower than projected and result in increased contribution requirements. These factors could significantly increase our payment obligations under the plans and, as a result, adversely affect our business and overall financial condition. We may be required to make material contributions to our pension plans in the future and may fund contributions through the use of cash on hand, the proceeds of borrowings, shares of our common stock or a combination of the foregoing, as permitted by applicable law. We employ a liability-driven investment strategy, where the interest rate sensitivity of the pension investments and pension obligations are aligned to reduce funded status volatility.
Management's Discussion & Analysis (MD&A)
New heading “2025 COMPARED WITH 2024”
Removed heading “2023 COMPARED WITH 2022”
Largest changes
“Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold.”see in full comparison
22.Restructuring income/costs – May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense).see in full comparisonRestructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold.
see in full comparisonWeThe Company completedourits annualassessmentgoodwillofimpairmentgoodwilltests in the fourth quarter of20242025.andBaseddeterminedonthatthosetheretests, the fair value of each reporting unit was substantially above its respective carrying value, including goodwill, resulting in no impairmentof goodwill.charges. Caterpillar's market capitalization has remained significantly above the net book value of the Company.
“In Construction Industries, we expect another year of sales of equipment to end users growth in 2026 compared to 2025, supported by elevated order rates and a robust backlog. The outlook for North America remains positive, as sales of equipment to end users should grow moderately compared to 2025 with construction spending remaining healthy due to Infrastructure Investment and Jobs Act (IIJA) funding and other critical infrastructure programs. We also anticipate accelerated investment in data centers, which will further bolster overall construction spending. …”see in full comparison
“continue into 2025. We anticipate China to remain at relatively low levels for the excavator industry above 10-tons. In EAME, we anticipate that weak economic conditions in Europe will continue, and we anticipate a healthy level of construction activity in Africa and in the Middle East in 2025. Construction activity in Latin America is expected to moderately decline in 2025 as compared to 2024. We also anticipate the ongoing benefit of our services initiatives will positively impact Construction Industries in 2025.”see in full comparison
“In the first quarter of 2026 as compared to the first quarter of 2025, in Construction Industries, excluding the impact from incremental tariff costs, we anticipate favorable price realization and the profit impact of higher sales volume will be partially offset by higher manufacturing costs. In Resource Industries, excluding the impact from incremental tariff costs, we anticipate the profit impact of higher sales volume will be more than offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. We also anticipate an unfavorable mix of products in Resource Industries. …”see in full comparison
Full comparison: every changed paragraph (188)
•Sales and revenues for 20242025 were $64.809$67.589 billion, aan decreaseincrease of $2.251$2.780 billion, or 34 percent, compared with $67.060$64.809 billion for 2023.2024. In the three primary segments, salesSales were higher in Power & Energy, about flat in Resource Industries and slightly lower in Construction Industries and Resource Industries and higher in Energy & Transportation.Industries.
•In order for our results to be more meaningful to our readers, we have separately quantified the impact of several significant items. A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 47 - 48.
In order for our results to be more meaningful to our readers, we have separately quantified the impact of significant items.
A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 48 - 49.
Total sales and revenues for 20242025 were $64.809$67.589 billion, aan decreaseincrease of $2.251$2.780 billion, or 34 percent, compared with $67.060$64.809 billion for 2023.2024. The decreaseincrease reflected lowerhigher sales volume, partially offset by favorableunfavorable price realization. LowerHigher sales volume was primarily driven by lowerhigher sales of equipment to end users. Profit per share was $22.05$18.81 in 2024,2025, compared with profit per share of $20.12$22.05 in 2023.2024. Profit was $8.884 billion in 2025, compared with $10.792 billion in 2024, compared with $10.335 billion in 2023.2024. The decrease was mainly due to unfavorable manufacturing costs and unfavorable price realization, partially offset by the profit impact of lowerhigher sales volumevolume. wasUnfavorable moremanufacturing thancosts offsetlargely by favorable price realization and the absence ofreflected the impact of thehigher divestiture of the company's Longwall business in 2023.tariffs.
In Construction Industries, we expect another year of sales of equipment to end users growth in 2026 compared to 2025, supported by elevated order rates and a robust backlog. The outlook for North America remains positive, as sales of equipment to end users should grow moderately compared to 2025 with construction spending remaining healthy due to Infrastructure Investment and Jobs Act (IIJA) funding and other critical infrastructure programs. We also anticipate accelerated investment in data centers, which will further bolster overall construction spending. In 2026, dealer rental fleet loading and dealer's rental revenue are both projected to increase, compared to 2025. In EAME, economic conditions in Europe are expected to strengthen, and construction activity in Africa and the Middle East is projected to remain strong. In Asia Pacific, outside of China, moderate economic conditions are expected in 2026. We anticipate positive momentum in China from low levels, with growth in the above 10-ton excavator industry in 2026. Growth in Latin America is expected to continue in 2026 at a similar rate to 2025.
Our results continue to reflect the benefit of the diversity of our end markets.
In Construction Industries, we expect moderately lower sales of equipment to end users in North America in 2025 compared to 2024. Construction spend in North America remains healthy, primarily driven by large, multi-year projects and government-related infrastructure investments supported by funding from the Infrastructure Investment and Jobs Act (IIJA). Although we anticipate the combined non-residential and residential construction spend in 2025 to remain similar to 2024 levels, our current planning assumptions reflect lower demand for new equipment in 2025 as compared to 2024. We also expect lower dealer rental fleet loading in 2025 compared to 2024, although dealer rental revenue is expected to grow. We remain positive about the medium- and long-term outlook in North America. In Asia Pacific, outside of China, we expect soft economic conditions to
continue into 2025. We anticipate China to remain at relatively low levels for the excavator industry above 10-tons. In EAME, we anticipate that weak economic conditions in Europe will continue, and we anticipate a healthy level of construction activity in Africa and in the Middle East in 2025. Construction activity in Latin America is expected to moderately decline in 2025 as compared to 2024. We also anticipate the ongoing benefit of our services initiatives will positively impact Construction Industries in 2025.
In Resource Industries, we anticipate lower sales of equipment to end users is expected to increase in 20252026 as compared to 2024,2025, partiallyprimarily offsetdriven by higherrising servicesdemand revenues,for includingcopper robustand rebuildgold, activity.and Customerspositive continuegrowth totrends displayin capitalheavy discipline,construction althoughand quarry and aggregates. In mining, most key commodities remain above investment thresholds.thresholds, Customerand customer product utilization remainsis high,high the number of parked trucks remains relatively low,while the age of the fleet remains elevated,elevated. andWith ourmodest autonomousincreases solutionsin continuecommodity prices projected in 2026, we expect rebuild activity to seeincrease strongslightly customer acceptance. We continuecompared to believe the energy transition will support increased commodity demand over time, expanding our total addressable market and providing further opportunities for long-term profitable growth.2025.
In EnergyPower & Transportation,Energy, demandwe isanticipate expected to remain stronggrowth in Power Generation, as we expect growthGeneration for both reciprocating engines and turbines and turbine-related services in 2025 as compared to 2024. Overall strength in Power Generation, for both prime and backup power applications, continues to be2026, driven by increasing energy demandsdemand to support data center growthbuild-out related to cloud computing and generative artificialArtificial intelligenceIntelligence (AI). ThroughAdditionally, continuedwe focusare onstarting improvingto manufacturingsee efficiencies,orders alongfor prime power trend higher as data center customers look for alternative power solutions to keep pace with initialtheir stagesgrowth. ofAfter ourreaching investmentrecord levels in 2025, Oil & Gas is expected to increase large engine output capability, we expect growth in reciprocating engines for Power Generation in 2025. We also expect growth in turbines and turbine-related services for Power Generation, driven by increased customer demand. For Oil and Gas, we expectsee moderate growth in 20252026. asReciprocating comparedengine sales are expected to 2024.increase, Wedriven expectby reciprocatingstrong engines and services to be slightly downdemand in 2025gas duecompression to continuing capital discipline by our customers, industry consolidation and efficiency improvements in our customers’ operations. We expect growth for turbines and turbine-related services in Oil & Gas in 2025 as compared to 2024.applications. For turbines and turbine-related services used in Oil & Gas applications, we expect another year of strong sales in 2026 comparable to our record 2025 performance as backlog remains strong,healthy, and we seewith continued healthysolid order and inquiry activity. Demand for products in Industrial applications in 2025 is expected to remaingrow atmoderately ain relatively2026 lowas level,we similarsee tocontinued 2024.recovery from previous lows. In Transportation, we anticipate growth in 2025, driven by rail services.services and locomotive deliveries in 2026 compared to 2025.
Our expectations assume the Rail division within Power & Energy, as was the case through year-end 2025. In March 2026, we will file a Form 8-K recasting historical periods to reflect the movement of the Rail division to Resource Industries. This will establish an appropriate baseline for evaluating future segment-level performance and expectations. If necessary, we will also update any segment specific forward-looking assumptions impacted by this change. There will be no impact on the enterprise-wide assumptions due to the Rail division recast.
For the full-year 2026, we anticipate sales and revenues to grow around the top end of our 5 to 7 percent compound annual growth rate (CAGR) target, as compared to 2025. The strong backlog coupled with healthy end markets supports our expectations for sales volume growth in all three primary segments, as well as favorable price realization of about 2 percent of sales and revenues. We expect machine dealer inventory to increase in 2026 and offset the $500 million decrease in 2025. Services revenues are also expected to grow in 2026 as compared to 2025.
Based on the incremental tariffs announced in 2025 and in place by January 29, 2026, we expect the impact from tariffs to be around $2.6 billion in 2026, which is $800 million higher than incurred in 2025. If we do not take the mitigating actions we plan to take in 2026, the impact from tariffs could be around 20 percent higher. We remain confident that we will manage the impact of tariffs over time.
In 2026, we expect restructuring costs of approximately $300 million to $350 million and capital expenditures of around $3.5 billion. We anticipate our 2026 estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
For the full-year 2025, we anticipate sales and revenues will be slightly lower compared to 2024, primarily driven by lower sales volume and unfavorable price realization. We expect lower sales in Construction Industries and Resource Industries to be partially offset by higher sales in Energy & Transportation. Currently, we do not anticipate a significant change in machine dealer inventories in 2025. Services revenues increased in 2024, and we expect services revenues to grow across all three primary segments in 2025.
For Construction Industries, we expect lower sales, including unfavorable price realization. In Resource Industries, we anticipate slightly lower sales, driven by unfavorable price realization and slightly lower sales volume. In Energy and Transportation, we expect an increase in sales driven by higher sales volume and favorable price realization.
In 2025, we anticipate unfavorable price realization and higher depreciation costs. We expect Other income (expense) to be unfavorable in 2025 as compared to 2024, primarily due to lower interest income as well as the absence of favorable foreign currency impacts. We do not anticipate translation movements in our expectations. In 2025, we expect restructuring costs of approximately $150 million to $200 million and expect capital expenditures of about $2.5 billion. We anticipate the annual effective tax rate, excluding discrete items, to be 23.0 percent in 2025.
In the first quarter of 2026 as compared to the first quarter of 2025, we expect lowerstronger sales and revenues as compared to the first quarter of 2024, primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be mainly driven by higher sales of equipment to end users and by the unfavorable impact from changes in machine dealer inventories and unfavorable machine price realization.inventories. We expect machine dealer inventory to increase lessin excess of $1.0 billion during the first quarter of 20252026, asaligning with the seasonal pattern, compared to theroughly $1.1flat billion increaselevels in the first quarter of 2024.2025.
In the first quarter of 2026 as compared to the first quarter of 2025, we anticipate strong sales growth in Construction Industries, primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be driven by higher sales of equipment to end users and by the impact from changes in dealer inventories. We expect a more typical seasonal dealer inventory build in the first quarter of 2026 as compared to the first quarter of 2025. In Resource Industries, we anticipate strong sales growth in the first quarter of 2026 as compared to the first quarter of 2025, primarily due to higher sales volume. We expect higher sales volume to be driven by higher sales of equipment to end users and by the impact from changes in dealer inventories. We also expect price realization for the first quarter of 2026 to be about flat as compared to the first quarter of 2025. In Power & Energy, we anticipate sales growth in the first quarter of 2026 as compared to the first quarter of 2025, driven by strength in Power Generation and Oil & Gas, and favorable price realization. We expect sales in the first quarter of 2026 will be the lowest of the year and lower than the fourth quarter of 2025, aligned with typical seasonal pattern.
We expect the impact from incremental tariffs to be around $800 million in the first quarter of 2026, which is similar to the fourth quarter of 2025. We anticipate around 50 percent of the incremental tariff costs will be in Construction Industries, 20 percent in Resource Industries and 30 percent in Power & Energy.
In the first quarter of 2026 as compared to the first quarter of 2025, excluding the impact from incremental tariff costs, we expect the profit impact of higher sales volume and favorable price realization will be partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research & development (R&D) expenses.
In the first quarter of 2026 as compared to the first quarter of 2025, in Construction Industries, excluding the impact from incremental tariff costs, we anticipate favorable price realization and the profit impact of higher sales volume will be partially offset by higher manufacturing costs. In Resource Industries, excluding the impact from incremental tariff costs, we anticipate the profit impact of higher sales volume will be more than offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. We also anticipate an unfavorable mix of products in Resource Industries. In Power & Energy, excluding the impact from incremental tariff costs, we anticipate the profit impact of higher sales volume and favorable price realization will be partially offset by higher manufacturing costs.
In a typical year, we see our lowest sales of the year in the first quarter. In 2025, we anticipate that trend to continue but be more pronounced as sales in the first quarter should account for a lower percentage of full year sales than is typical, mainly due to our expectations for changes in dealer inventories and price realization for machines. In Energy & Transportation, we expect normal seasonality with sales growing throughout the year.
In the first quarter of 2025 as compared to the first quarter of 2024, we anticipate lower sales in Construction Industries primarily due to lower sales of equipment to end users, an unfavorable impact from changes in dealer inventories and unfavorable price realization. In Resource Industries, we expect lower sales primarily due to lower sales volume and unfavorable price realization. In Energy & Transportation, we anticipate similar sales in the first quarter of 2025 as compared to the first quarter of 2024, as continued strength in Power Generation is expected to be offset by lower sales in Oil & Gas and in Transportation. We expect favorable price realization for Energy & Transportation in the first quarter of 2025.
In the first quarter of 2025, we expect the profit impact from lower machine sales volume and unfavorable machine price realization to be partially offset by favorable price realization in Energy & Transportation. In Construction Industries and in Resource Industries, we expect an unfavorable profit impact from lower sales volume and unfavorable price realization in the first quarter of 2025 as compared to the first quarter of 2024. In Energy & Transportation, we expect unfavorable manufacturing costs and the impact of an unfavorable mix of products to be partially offset by favorable price realization.
We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary costcost, labor pressures and laborthe pressures.impact of trade policies. Areas of particular focus include transportation, certain components and raw materials. We continue to work to minimize supply chain challenges that may impact our ability to meet customer demand. We continue to assess the environment to determine if additional actions need to be taken.
2025 COMPARED WITH 2024
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between 2024 (at left) and 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion in 2024. The increase was primarily driven by higher sales volume of $3.389 billion, partially offset by unfavorable price realization of $817 million. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Sales were higher in Power & Energy, about flat in Resource Industries and slightly lower in Construction Industries.
North America sales increased 6 percent due to higher sales volume, partially offset by unfavorable price realization. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Sales increased 4 percent in Latin America primarily due to higher sales volume, partially offset by unfavorable currency impacts related to the Brazilian real. The increase in sales volume was mainly driven by higher sales of equipment to end users.
EAME sales increased 4 percent mainly due to higher sales volume and favorable currency impacts related to the euro, partially offset by unfavorable price realization. The increase in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased in 2025, compared to a decrease in 2024.
Asia/Pacific sales decreased 2 percent primarily due to unfavorable currency impacts related to the Australian dollar, and lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.
Total dealer inventory increased about $900 million during 2025, compared to an increase of about $400 million during 2024. Machine dealer inventory decreased about $500 million during 2025, compared to a decrease of about $700 million during 2024. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rental rates and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers. We expect machine dealer inventory to increase in 2026 and offset the $500 million decrease in 2025.
The chart above graphically illustrates reasons for the change in consolidated operating profit between 2024 (at left) and 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar entitled Other includes consolidating adjustments and Machinery, Power & Energy other operating (income) expenses.
Operating profit was $11.151 billion in 2025, a decrease of $1.921 billion, or 15 percent, compared with $13.072 billion in 2024. The decrease was primarily due to unfavorable manufacturing costs of $2.148 billion and unfavorable price realization of $817 million, partially offset by the profit impact of higher sales volume of $1.218 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Operating profit margin was 16.5 percent in 2025, compared with 20.2 percent in 2024.
•Interest expense excluding Financial Products in 2025 was $502 million, compared with $512 million in 2024.
•Other income (expense) in 2025 was income of $892 million, compared with income of $813 million in 2024.
•The effective tax rate for 2025 was 24.0 percent compared to 19.7 percent for 2024. Excluding the discrete items discussed below, the annual effective tax rate was 24.1 percent for 2025 compared to 22.2 percent for 2024. The increase from 2024 was primarily due to changes in U.S. tax incentives.
The company recorded a discrete tax charge of $41 million in 2025, compared to discrete tax benefits of $47 million in 2024, to reflect changes in estimates related to prior years. The company also recorded a tax charge of $68 million related to $294 million of mark-to-market gains for remeasurement of pension and other postretirement benefit (OPEB) plans in 2025, compared to a tax charge of $43 million related to $154 million of mark-to-market gains in 2024. In addition, a discrete tax benefit of $50 million was recorded in 2025, compared with a $57 million benefit in 2024, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. In 2024, the company recorded a discrete tax benefit of $224 million for a tax law change related to currency translation. The 2024 annual effective tax rate excluded the impact of losses of $164 million for the divestitures of certain non-U.S. entities with related tax benefits of $54 million.
Please see a reconciliation of GAAP to non-GAAP financial measures on pages 48-49.
Construction Industries’ total sales were $25.060 billion in 2025, a decrease of $395 million, or 2 percent, compared with $25.455 billion in 2024. The decrease was primarily due to unfavorable price realization of $1.136 billion, partially offset by higher sales volume of $568 million. The increase in sales volume was mainly driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory decreased during 2025, compared with an increase in 2024.
•In North America, sales decreased due to unfavorable price realization, partially offset by higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory decreased during 2025, compared with an increase in 2024.
•Sales decreased in Latin America due to lower sales volume, unfavorable price realization and unfavorable currency impacts primarily related to the Brazilian real. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased less during 2025 than during 2024.
•In EAME, sales increased due to higher sales volume and favorable currency impacts primarily related to the euro, partially offset by unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during 2025, compared with a decrease in 2024.
•Sales decreased in Asia/Pacific due to unfavorable price realization, lower sales volume and unfavorable currency impacts primarily related to the Australian dollar. Lower sales volume was mainly driven by lower sales of equipment to end users.
Construction Industries’ profit was $4.675 billion in 2025, a decrease of $1.490 billion, or 24 percent, compared with $6.165 billion in 2024. The decrease was mainly due to unfavorable price realization of $1.136 billion and unfavorable manufacturing costs of $671 million, partially offset by the profit impact of higher sales volume of $315 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Construction Industries’ profit as a percent of total sales was 18.7 percent in 2025, compared with 24.2 percent in 2024.
Resource Industries’ total sales were $12.474 billion in 2025, an increase of $3 million, or about flat, compared with $12.471 billion in 2024. Higher sales volume of $403 million was mostly offset by unfavorable price realization of $272 million and unfavorable currency impacts of $46 million, primarily related to the Australian dollar. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased less during 2025 than during 2024.
Resource Industries’ profit was $1.988 billion in 2025, a decrease of $550 million, or 22 percent, compared with $2.538 billion in 2024. The decrease was mainly due to unfavorable manufacturing costs of $302 million and unfavorable price realization of $272 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Resource Industries’ profit as a percent of total sales was 15.9 percent for 2025, compared with 20.4 percent for 2024.
Power & Energy’s total sales were $32.201 billion in 2025, an increase of $3.347 billion, or 12 percent, compared with $28.854 billion in 2024. The increase was primarily due to higher sales volume of $2.401 billion and favorable price realization of $592 million.
•Oil and Gas – Sales increased in turbines and turbine-related services. The increase was partially offset by lower sales of reciprocating engines, primarily engines used in gas compression applications.
•Industrial – Sales increased in EAME, partially offset by decreased sales in North America, Latin America and Asia/Pacific.
•Transportation – Sales decreased in marine, partially offset by increased sales in rail services.
Power & Energy’s profit was $6.418 billion in 2025, an increase of $682 million, or 12 percent, compared with $5.736 billion in 2024. The increase was mainly due to the profit impact of higher sales volume of $972 million and favorable price realization of $592 million, partially offset by unfavorable manufacturing costs of $919 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs.
Power & Energy’s profit as a percent of total sales was 19.9 percent in 2025 and 2024.
What changed in the latest 10-Q
Risk Factors
New heading “Resource Industries”
New heading “Financial Products Segment”
New heading “Corporate Items and Eliminations”
New heading “SIX MONTHS ENDED JUNE 30, 2026 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2025”
New heading “CONSOLIDATED SALES AND REVENUES”
New heading “CONSOLIDATED OPERATING PROFIT”
New heading “Other Profit/Loss and Tax Items”
New heading “Construction Industries”
New heading “For the Three Months Ended June 30, 2025”
New heading “For the Six Months Ended June 30, 2025”
Removed heading “Supplemental Data for Results of Operations”
Removed heading “Supplemental Data for Results of Operations”
Largest changes
“Expense for corporate items and eliminations was $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.”see in full comparison
Expense for corporate items and eliminations wassee in full comparison$329$847 millioninfor thefirstsixquartermonthsofended June 30, 2026, a decrease of$86$170 million from thefirstsixquartermonthsofended June 30, 2025,primarilymainly driven by decreased expenses due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the six months ended June 30, 2026, and favorable impacts of segment reporting methodologydifferences and decreased expenses due to timingdifferences, partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.
“SIX MONTHS ENDED JUNE 30, 2026 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2025”see in full comparison
Full comparison: every changed paragraph (136)
THREE MONTHS ENDED MARCHJUNE 31,30, 2026, COMPARED WITH THREE MONTHS ENDED MARCHJUNE 31,30, 2025
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the firstsecond quarter of 2025 (at left) and the firstsecond quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues for the firstsecond quarter of 2026 were $17.415$20.543 billion, an increase of $3.166$3.974 billion, or 2224 percent, compared with $14.249$16.569 billion in the firstsecond quarter of 2025. The increase was primarily due to higher sales volume of $2.3$3.1 billion and favorable price realization of $426$595 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.
North America sales increased 3439 percent primarily due to higher sales volume and favorable price realization. The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.users.
Sales increased 510 percent in Latin America primarily due to favorable currency impacts primarily related to the Brazilian real and higher sales volume. The increase in sales volume was mainly driven by thehigher impact from changes in dealer inventories. Dealer inventory increased more during the first quartersales of 2026equipment thanto duringend the first quarter of 2025.users.
EAME sales increased 2115 percent primarilymainly due to higher sales volume and favorable currency impacts primarily related to the euro. Higher sales volume was mainly driven by thehigher impact from changes in dealer inventories. Dealer inventory increased during the first quartersales of 2026equipment andto remainedend about flat during the first quarter of 2025.users.
Asia/Pacific salesSales increased 4 percent mainlyin Asia/Pacific primarily due to favorable currency impacts primarilymainly related to the Australian dollar.dollar and favorable price realization.
Total dealer inventory increased $2.0$600 billionmillion during the firstsecond quarter of 2026, compared with an increase of $100 million during the firstsecond quarter of 2025. Construction Industries' dealer inventory increased by $1.5$400 billionmillion during the firstsecond quarter of 2026, compared with a slight$300 million decrease during the firstsecond quarter of 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
1 Includes revenues from Machinery, Power & Energy of $183$210 million and $163$172 million in the firstsecond quarter of 2026 and 2025, respectively.
The chart above graphically illustrates reasons for the change in consolidated operating profit between the firstsecond quarter of 2025 (at left) and the firstsecond quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy's other operating (income) expenses.
Operating profit for the firstsecond quarter of 2026 was $3.085$4.295 billion, an increase of $506$1.435 million,billion, or 2050 percent, compared with $2.579$2.860 billion in the firstsecond quarter of 2025. The increase was mainlyprimarily due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher SG&A/R&D expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.volume.
Operating profit in the second quarter of 2026 included $392 million of expected IEEPA tariff recoveries.
Operating profit margin was 17.720.9 percent for the firstsecond quarter of 2026, compared with 18.117.3 percent for the firstsecond quarter of 2025.
•Interest expense excluding Financial Products in the firstsecond quarter of 2026 was $134$135 million, compared with $116$126 million in the firstsecond quarter of 2025. The increase was primarily due to higher average debt outstanding.
•Other income (expense) in the firstsecond quarter of 2026 was income of $260$398 million, compared with income of $107$84 million in the firstsecond quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and commodityinvestment hedges.and interest income.
•The effective tax rate for the firstsecond quarter of 2026 was 20.923.1 percent compared to 22.323.0 percent for the firstsecond quarter of 2025. Excluding the discrete items discussed below, the estimated annual effective tax rate was 23.0 percent for the firstsecond quarterquarters of 2026 and 2025.
A discrete tax benefit of $68$26 million was recorded in the firstsecond quarter of 2026, compared with a $17$1 million benefit in the firstsecond quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
In addition, the estimated annual effective tax rate in the second quarter of 2026 excluded the impact of second quarter losses of $139 million for the divestiture of certain non-U.S. entities with no related tax benefit.
Power & Energy’s total sales were $7.031$8.238 billion in the firstsecond quarter of 2026, an increase of $1.248$1.201 billion, or 2217 percent, compared with $5.783$7.037 billion in the firstsecond quarter of 2025. The increase was primarily due to higher sales volume of $840$736 million, favorable price realization of $212 million and higher inter-segment sales of $189$200 million.
•Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily in data center applications.
•Oil and Gas – Sales increased in reciprocating engines used in gas compression applications and in reciprocating engine aftermarket parts, partially offset by lower sales of reciprocating engines used in well servicing applications. Sales also increased in turbines and turbine-related services.
•Industrial – Sales increased primarily in EAMENorth America and Asia/Pacific.EAME.
Power & Energy’s segment profit was $1.450$2.027 billion in the firstsecond quarter of 2026, an increase of $162$473 million, or 1330 percent, compared with $1.288$1.554 billion in the firstsecond quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435$457 million and favorable price realization of $108$212 million, partially offset by unfavorable manufacturing costs of $346$149 million. Unfavorable manufacturing costs primarilylargely reflected theincreased impactperiod of higher tariffmanufacturing costs.
Power & Energy’s segment profit as a percent of total sales was 20.624.6 percent in the firstsecond quarter of 2026, compared with 22.322.1 percent in the firstsecond quarter of 2025.
Construction Industries’ total sales were $7.161$8.346 billion in the firstsecond quarter of 2026, an increase of $1.977$2.156 billion, or 3835 percent, compared with $5.184$6.190 billion in the firstsecond quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.5$1.8 billion and favorable price realization of $356$309 million. Higher sales volume was primarily driven by thehigher impact from changes in dealer inventories. Dealer inventory increased during the first quartersales of 2026,equipment comparedto withend a slight decrease during the first quarter of 2025.users.
•In North America, sales increased primarily due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users and by the impact from changes in dealer inventories.
•Sales increased in Latin America mainly due to higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by thehigher impactsales fromof changesequipment into dealerend inventories.users.
•In EAME, sales increased primarily due to higher sales volume and favorable currency impacts mainly related to the euro. Higher sales volume was primarily driven by higher sales of equipment to end users.
•Sales increased in Asia/Pacific mainly due to higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users.
Construction Industries’ segment profit was $1.947 billion in the second quarter of 2026, an increase of $703 million, or 57 percent, compared with $1.244 billion in the second quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.
Construction Industries’ segment profit as a percent of total sales was 23.3 percent in the second quarter of 2026, compared with 20.1 percent in the second quarter of 2025.
Resource Industries
Resource Industries’ total sales were $4.648 billion in the second quarter of 2026, an increase of $762 million, or 20 percent, compared with $3.886 billion in the second quarter of 2025. The increase was primarily due to higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users.
•Mining, Heavy Construction and Quarry & Aggregates – Sales increased primarily due to higher sales of equipment to end users.
•Rail – Sales increased due to higher international locomotive deliveries. Sales also increased in rail services.
Resource Industries’ segment profit was $693 million in the second quarter of 2026, an increase of $130 million, or 23 percent, compared with $563 million in the second quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $269 million, partially offset by unfavorable manufacturing costs of $158 million. Unfavorable manufacturing costs primarily reflected increased period manufacturing costs.
Resource Industries’ segment profit as a percent of total sales was 14.9 percent in the second quarter of 2026, compared with 14.5 percent in the second quarter of 2025.
Financial Products Segment
Financial Products’ segment revenues were $1.145 billion in the second quarter of 2026, an increase of $103 million, or 10 percent, compared with $1.042 billion in the second quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets across all regions.
Financial Products’ segment profit was $328 million in the second quarter of 2026, an increase of $80 million, or 32 percent, compared with $248 million in the second quarter of 2025. The increase was mainly due to favorable impacts from higher average earning assets of $44 million, equity securities at Insurance Services of $22 million and higher margins at Insurance Services of $21 million, partially offset by higher provision for credit losses at Cat Financial of $22 million.
At the end of the second quarter of 2026, past dues at Cat Financial were 1.31 percent, compared with 1.62 percent at the end of the second quarter of 2025. Write-offs, net of recoveries, were $20 million for the second quarter of 2026 compared with $18 million for the second quarter of 2025. As of June 30, 2026, Cat Financial's allowance for credit losses totaled $294 million, or 0.84 percent of finance receivables, compared with $283 million, or 0.86 percent of finance receivables at March 31, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86 percent of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.
In the second quarter of 2026, restructuring costs increased primarily due to the divestiture of certain non-U.S. entities.
SIX MONTHS ENDED JUNE 30, 2026 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2025
CONSOLIDATED SALES AND REVENUES
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the six months ended June 30, 2025 (at left) and the six months ended June 30, 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues were $37.958 billion for the six months ended June 30, 2026, an increase of $7.140 billion, or 23 percent, compared with $30.818 billion for the six months ended June 30, 2025. The increase was primarily due to higher sales volume of $5.4 billion and favorable price realization of $1.0 billion. The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the six months ended June 30, 2026 than during the six months ended June 30, 2025.
Sales were higher across the three primary segments.
North America sales increased 37 percent primarily due to higher sales volume and favorable price realization. The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the six months ended June 30, 2026 than during the six months ended June 30, 2025.
Sales increased 7 percent in Latin America mainly due to higher sales volume. The increase in sales volume was primarily driven by higher sales of equipment to end users.
EAME sales increased 17 percent primarily due to higher sales volume and favorable currency impacts mainly related to the euro. The increase in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased more during the six months ended June 30, 2026, than during the six months ended June 30, 2025.
Sales increased 4 percent in Asia/Pacific mainly due favorable currency impacts primarily related to the Australian dollar.
Dealer inventory increased $2.6 billion during the six months ended June 30, 2026, compared with an increase of $200 million during the six months ended June 30, 2025. Construction Industries' dealer inventory increased $1.9 billion during the six months ended June 30, 2026, compared with a decrease of $400 million during the six months ended June 30, 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
1 Includes revenues from Machinery, Power & Energy of $393 million and $335 million for the six months ended June 30, 2026 and 2025, respectively.
CONSOLIDATED OPERATING PROFIT
The chart above graphically illustrates reasons for the change in consolidated operating profit between the six months ended June 30, 2025 (at left) and the six months ended June 30, 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy’s other operating (income) expenses.
Operating profit for the six months ended June 30, 2026, was $7.380 billion, an increase of $1.941 billion, or 36 percent, compared with $5.439 billion for the six months ended June 30, 2025. The increase was primarily due to the profit impact of higher sales volume.
Operating profit for the six months ended June 30, 2026 included $392 million of expected IEEPA tariff recoveries.
Operating profit margin was 19.4 percent for the six months ended June 30, 2026, compared with 17.6 percent for the six months ended June 30, 2025.
Management's Discussion & Analysis (MD&A)
New heading “Highlights for the six months ended June 30, 2026 include:”
New heading “Resource Industries”
New heading “Financial Products Segment”
New heading “Corporate Items and Eliminations”
New heading “SIX MONTHS ENDED JUNE 30, 2026 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2025”
New heading “CONSOLIDATED SALES AND REVENUES”
New heading “CONSOLIDATED OPERATING PROFIT”
New heading “Other Profit/Loss and Tax Items”
New heading “Construction Industries”
New heading “For the Three Months Ended June 30, 2025”
New heading “For the Six Months Ended June 30, 2025”
Removed heading “Supplemental Data for Results of Operations”
Removed heading “Supplemental Data for Results of Operations”
Largest changes
“Expense for corporate items and eliminations was $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.”see in full comparison
Expense for corporate items and eliminations wassee in full comparison$329$847 millioninfor thefirstsixquartermonthsofended June 30, 2026, a decrease of$86$170 million from thefirstsixquartermonthsofended June 30, 2025,primarilymainly driven by decreased expenses due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the six months ended June 30, 2026, and favorable impacts of segment reporting methodologydifferences and decreased expenses due to timingdifferences, partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.
“SIX MONTHS ENDED JUNE 30, 2026 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2025”see in full comparison
Full comparison: every changed paragraph (166)
Highlights for the firstsecond quarter of 2026 include:
•Total sales and revenues for the firstsecond quarter of 2026 were $17.415$20.543 billion, an increase of $3.166$3.974 billion, or 2224 percent, compared with $14.249$16.569 billion in the firstsecond quarter of 2025. Sales were higher across the three primary segments.
•Operating profit margin was 17.720.9 percent for the firstsecond quarter of 2026, compared with 18.117.3 percent for the firstsecond quarter of 2025. Adjusted operating profit margin was 18.021.9 percent for the firstsecond quarter of 2026, compared with 18.317.6 percent for the firstsecond quarter of 2025.
•First-quarterSecond-quarter 2026 profit per share was $5.47,$7.77, and excluding the items in the table below, adjusted profit per share was $8.17. Second-quarter 2025 profit per share was $4.62, and excluding the item in the table below, adjusted profit per share was $5.54. First-quarter 2025 profit per share was $4.20, and excluding the item in the table below, adjusted profit per share was $4.25.$4.72.
•Caterpillar ended the firstsecond quarter of 2026 with $4.1$6.7 billion of enterprise cash.
Highlights for the six months ended June 30, 2026 include:
•Total sales and revenues were $37.958 billion for the six months ended June 30, 2026, an increase of $7.140 billion, or 23 percent, compared with $30.818 billion for the six months ended June 30, 2025.
•Operating profit margin was 19.4 percent for the six months ended June 30, 2026, compared with 17.6 percent for the six months ended June 30, 2025. Adjusted operating profit margin was 20.1 percent for the six months ended June 30, 2026, compared with 17.9 percent for the six months ended June 30, 2025.
•Profit per share for the six months ended June 30, 2026, was $13.23, and excluding the items in the table below, adjusted profit per share was $13.70. Profit per share for the six months ended June 30, 2025, was $8.82, and excluding the item in the table below, adjusted profit per share was $8.97.
•Enterprise operating cash flow was $6.2 billion for the six months ended June 30, 2026.
Total sales and revenues for the firstsecond quarter of 2026 were $17.415$20.543 billion, an increase of $3.166$3.974 billion, or 2224 percent, compared with $14.249$16.569 billion in the firstsecond quarter of 2025. The increase was primarily due to higher sales volume of $2.3$3.1 billion and favorable price realization of $426$595 million.
First-quarterSecond-quarter 2026 profit per share was $5.47,$7.77, compared with $4.20$4.62 profit per share in the firstsecond quarter of 2025. In the firstsecond quarter of 2026 and 2025, profit per share included restructuring costs. Profit for the firstsecond quarter of 2026 was $2.549$3.593 billion, an increase of $546$1.414 million,billion, or 2765 percent, compared with $2.003$2.179 billion for the firstsecond quarter of 2025. The increase was mainly due to the profit impact of higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.volume.
We continue to see strong momentum in our end markets despite ongoing uncertainty due to geopolitical events. We are also progressing on our capacity expansion plans, and we expect to increase our throughput in the second half of 2026.
While there is increased uncertainty due to geopolitical events and elevated energy prices, our end markets have been resilient. We are closely monitoring the environment, and we are not forecasting a material impact to our 2026 outlook.
In Power & Energy, theour positive outlook for 2026 outlookcontinues remainsto positivereflect asstrong robust backlog growth was driven by continued momentumdemand in both Power Generation and Oil & Gas. We continue to anticipate growth in Power Generation for both reciprocating engines and turbines and turbine-related services, driven by increasing energy demand to support data center build-out related to cloud computing and generative Artificial Intelligence (AI). We continue to see demand forAdditionally, prime power demand continues to trend higher asfor dataturbines centerand customersturbine-related lookservices and for alternativereciprocating engine products and services to support their need for power solutions to keep pace with their growth.solutions. Oil & Gas is expected to seegrow moderate growthmoderately in 2026 as compared to 2025. Reciprocating engine sales are expectedanticipated to increase, driven by strong demand in gas compression applications. We expect continued momentum in demand for reciprocating engine aftermarket parts. For turbines and turbine-related services used in Oil & Gas applications, we anticipate another year of strong sales inare 2026expected asto grow while the backlog remains healthy, with continued solid order and inquiry activity. Services revenues in Oil & Gas applications are also expected to increase in 2026. Demand for products in Industrial applications is projectedexpected to grow modestlymoderately in 2026 as compared to 2025.
In Construction Industries, in 2026 as compared to 2025, we continue to expect growth in sales of equipment to end users supported by strong order rates. The outlook for North America remains positive, as sales of equipment to end users are anticipated to grow in 2026 as compared to 2025. Construction spending remains at healthy levels supported by the Infrastructure Investment and Jobs Act (IIJA), with the remaining funds to be spent over the next few years. InvestmentNon-residential investment in critical infrastructure programsprograms, heavy construction and data centers is contributing to overall construction spending levels. DealerWe expect dealer rental fleet loading andwill dealer’s rental revenue are both projectedcontinue to increasegrow in 2026 compared to 2025.2025, including additional fleet loading for Major Projects in the third quarter of 2026. In EAME, Europe is expected to remain stable in 2026 as compared to 2025, supported by non-residential construction, and construction activity in Africa is projected to remain strong. While softening in the Middle East iscontinues anticipated,to be challenged, we expectcurrently theanticipate only a limited impact on sales of equipment to end users in EAME to be limited.EAME. In Asia Pacific, outside of China, softer economic conditions are expected in 2026. In China, we anticipate moderate conditions, with growth in the above 10-ton excavator industry in 2026, off of low levels of activity. Growth in Latin America is expected to continue.
In Resource Industries, we are seeing continued positive momentum with robust order rates and strong backlog growth. Sales of equipment to end users are expected to increase in 2026 as compared to 2025, primarily driven by rising demand for copper and gold, and positive dynamics in Heavy Construction and Quarry and Aggregates. In Mining, most key commodities remain above investment thresholds, customer product utilization is high, and the age of the fleet remains elevated. While some commodity prices have increased recently, customers remain focused on the long-term. We continue tonow expect rebuild activity in 2026 to increase slightlymoderately as compared to 2025. Rail services and locomotive deliveries are both anticipated to grow in 2026 as compared to 2025.
Second-QuarterThird-Quarter 2026 Company Trends and Expectations
In the secondthird quarter of 2026 as compared to the secondthird quarter of 2025, we anticipate strong sales and revenues growth, primarily driven by higher sales volume and favorable price realization in each of our three primary segments. We expect higher sales volume to be mainly driven by higher sales of equipment to end users,users withacross aall higherthree year-overprimary year increase in sales of equipment to end userssegments in the secondthird quarter of 2026 as compared to the firstthird quarter of 2026. We expect a minimal change in Construction Industries dealer inventory in the second quarter of 2026 as compared to the first quarter of 2026.2025.
In the secondthird quarter of 2026 as compared to the secondthird quarter of 2025, we anticipate strong sales growth in Power & Energy mainlyEnergy, driven by continued strength in Power Generation and in Oil & Gas.Gas, and modest growth in Industrial applications as it continues to recover. We expect favorable price realization in Power & Energy. In Construction Industries, we expect strong sales growth primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be primarily driven by higher sales of equipment to end users.users, partially offset by the impact from changes in dealer inventories. We anticipateexpect a moreslight typicalincrease salesin dealer inventory in the third quarter of 2026, but modestly lower than the increase in the second quarter of 2026 as compared to the first quarter of 2026, in contrast to the sizable sales increase in the second quarter of 2025 as compared to the firstthird quarter of 2025. In Resource Industries, we expect strong sales growth primarily due to higher sales volume and favorable price realization.volume. We expect higher sales volume to be mainly driven by higher sales of equipment to end users. We also expect services revenues growth in the third quarter of 2026 as compared to the third quarter of 2025. We anticipate favorable price realization in Resource Industries toin improvethe duringthird quarter of 2026 as compared to the third quarter of 2025, but to a lesser extent than the second quarter of 2026 as compared to the second quarter of 2025.
We expectanticipate tariff costs to beof around $700$600 million in the secondthird quarter of 2026.2026, which is similar to what was incurred in the third quarter of 2025. We expect about 50 percent of the tariff costs to be incurred in Construction Industries,Industries and about 25 percent of tariff costs to be incurred in both Power & Energy and Resource Industries.
In the secondthird quarter of 2026 as compared to the secondthird quarter of 2025, we expect favorable price realization and the profit impact of higher sales volume and favorable price realization to be partially offset by higherunfavorable manufacturing costs and higher selling, general and administrative (SG&A/) and research and development (R&D) expenses.
In the secondthird quarter of 2026 as compared to the secondthird quarter of 2025, in Power & Energy, we anticipate the profit impact of higher sales volume and favorable price realization willto be partially offset by higherunfavorable manufacturing costs.costs and higher SG&A/R&D expenses. In Construction Industries, we anticipate favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. In Resource Industries, we anticipate the profit impact of higher sales volume and favorable price realization towill be partially offset by higherunfavorable manufacturing costs and higher SG&A/R&D expenses. In Resource Industries, we anticipate higher manufacturing costs and higher SG&A/R&D expenses to be partially offset by favorable price realization and by the profit impact of higher sales volume.
We now anticipate sales and revenues growth in the mid-to-high teens for 2026 as compared to 2025. We expect strong sales growth across each of our primary segments, mainly driven by higher sales volume and favorable price realization. Services revenues are also expected to grow in 2026 as compared to 2025. We expect higher sales and revenues in the second half of 2026 as compared to the first half of 2025 following the typical seasonable trend. We expect a more typical decrease in Construction Industries’ dealer inventory of over $1.0 billion in the fourth quarter of 2026. We also expect Construction Industries’ dealer inventory will be higher at year-end 2026 as compared to year-end 2025. As a result, we expect an unfavorable impact from changes in dealer inventories for Construction Industries’ sales volume in the second half of 2026 as compared to the second half of 2025.
Excluding the expected IEEPA tariff recoveries in the second quarter of 2026, we now expect 2026 tariff costs of around $2.2 billion. Our outlook does not include any additional IEEPA tariff recoveries in the second half of 2026.
For the full-year 2026, we anticipate sales and revenues growth in the low double digits as compared to 2025. We expect strong sales growth across each of our three primary segments, mainly driven by higher sales volume and favorable price realization. Services revenues are expected to grow in 2026 as compared to 2025.
Based on tariffs implemented since the beginning of 2025 and in place over the course of 2026, we expect tariff costs to be around $2.2 billion to $2.4 billion in 2026. We remain confident that we will manage the impact of tariffs over time.
In 2026 as compared to 2025, we expect favorable price realization and the profit impact of higher sales volume and favorable price realization to be partially offset by higherunfavorable manufacturing costs and higher SG&A/R&D expenses.
In 2026, we continue to expect restructuring costs of approximately $300 to $350 million, and capital expenditures of aroundapproximately $3.5 billion. We anticipate our estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the IEEPA on goods imported into the United States were unauthorized. During 2025 and until CBP ceased collecting IEEPA tariffs in 2026, the company's total IEEPA tariff costs were approximately $1.0 billion.
During the second quarter of 2026, CBP launched the CAPE system, which enabled the submission of certain IEEPA refund claims. For both the three and six months ended June 30, 2026, the company recorded $392 million of expected IEEPA tariff recoveries for claims submitted and accepted through the CAPE system. These recoveries were deemed probable and were recorded in Current assets: Receivables - trade and other within the Consolidated Statement of Financial Position and in Cost of goods sold within the Consolidated Statement of Results of Operations.
The company continues to assess the availability, timing and amounts of additional claim submissions for the remaining amounts paid under IEEPA, as these remain uncertain and were not deemed to be probable as of June 30, 2026.
On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the United States were unauthorized. As of March 31, 2026, total IEEPA tariff costs were approximately $1.0 billion. The ruling did not address potential refunds, and therefore the ultimate availability, timing and amount of any potential refunds of these tariffs is highly uncertain. Based on the current facts and circumstances, we have determined that recovery of any funds is not probable. We will continue to monitor developments related to U.S. and foreign import and export policies that could impact our consolidated results of operations, financial position and cash flows.
THREE MONTHS ENDED MARCHJUNE 31,30, 2026, COMPARED WITH THREE MONTHS ENDED MARCHJUNE 31,30, 2025
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the firstsecond quarter of 2025 (at left) and the firstsecond quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues for the firstsecond quarter of 2026 were $17.415$20.543 billion, an increase of $3.166$3.974 billion, or 2224 percent, compared with $14.249$16.569 billion in the firstsecond quarter of 2025. The increase was primarily due to higher sales volume of $2.3$3.1 billion and favorable price realization of $426$595 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.
North America sales increased 3439 percent primarily due to higher sales volume and favorable price realization. The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.users.
Sales increased 510 percent in Latin America primarily due to favorable currency impacts primarily related to the Brazilian real and higher sales volume. The increase in sales volume was mainly driven by thehigher impact from changes in dealer inventories. Dealer inventory increased more during the first quartersales of 2026equipment thanto duringend the first quarter of 2025.users.
EAME sales increased 2115 percent primarilymainly due to higher sales volume and favorable currency impacts primarily related to the euro. Higher sales volume was mainly driven by thehigher impact from changes in dealer inventories. Dealer inventory increased during the first quartersales of 2026equipment andto remainedend about flat during the first quarter of 2025.users.
Asia/Pacific salesSales increased 4 percent mainlyin Asia/Pacific primarily due to favorable currency impacts primarilymainly related to the Australian dollar.dollar and favorable price realization.
Total dealer inventory increased $2.0$600 billionmillion during the firstsecond quarter of 2026, compared with an increase of $100 million during the firstsecond quarter of 2025. Construction Industries' dealer inventory increased by $1.5$400 billionmillion during the firstsecond quarter of 2026, compared with a slight$300 million decrease during the firstsecond quarter of 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
1 Includes revenues from Machinery, Power & Energy of $183$210 million and $163$172 million in the firstsecond quarter of 2026 and 2025, respectively.
The chart above graphically illustrates reasons for the change in consolidated operating profit between the firstsecond quarter of 2025 (at left) and the firstsecond quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy's other operating (income) expenses.
Operating profit for the firstsecond quarter of 2026 was $3.085$4.295 billion, an increase of $506$1.435 million,billion, or 2050 percent, compared with $2.579$2.860 billion in the firstsecond quarter of 2025. The increase was mainlyprimarily due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher SG&A/R&D expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.volume.
Operating profit in the second quarter of 2026 included $392 million of expected IEEPA tariff recoveries.
Operating profit margin was 17.720.9 percent for the firstsecond quarter of 2026, compared with 18.117.3 percent for the firstsecond quarter of 2025.
•Interest expense excluding Financial Products in the firstsecond quarter of 2026 was $134$135 million, compared with $116$126 million in the firstsecond quarter of 2025. The increase was primarily due to higher average debt outstanding.
•Other income (expense) in the firstsecond quarter of 2026 was income of $260$398 million, compared with income of $107$84 million in the firstsecond quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and commodityinvestment hedges.and interest income.
•The effective tax rate for the firstsecond quarter of 2026 was 20.923.1 percent compared to 22.323.0 percent for the firstsecond quarter of 2025. Excluding the discrete items discussed below, the estimated annual effective tax rate was 23.0 percent for the firstsecond quarterquarters of 2026 and 2025.
A discrete tax benefit of $68$26 million was recorded in the firstsecond quarter of 2026, compared with a $17$1 million benefit in the firstsecond quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
In addition, the estimated annual effective tax rate in the second quarter of 2026 excluded the impact of second quarter losses of $139 million for the divestiture of certain non-U.S. entities with no related tax benefit.
Power & Energy’s total sales were $7.031$8.238 billion in the firstsecond quarter of 2026, an increase of $1.248$1.201 billion, or 2217 percent, compared with $5.783$7.037 billion in the firstsecond quarter of 2025. The increase was primarily due to higher sales volume of $840$736 million, favorable price realization of $212 million and higher inter-segment sales of $189$200 million.
•Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily in data center applications.
•Oil and Gas – Sales increased in reciprocating engines used in gas compression applications and in reciprocating engine aftermarket parts, partially offset by lower sales of reciprocating engines used in well servicing applications. Sales also increased in turbines and turbine-related services.
•Industrial – Sales increased primarily in EAMENorth America and Asia/Pacific.EAME.
Power & Energy’s segment profit was $1.450$2.027 billion in the firstsecond quarter of 2026, an increase of $162$473 million, or 1330 percent, compared with $1.288$1.554 billion in the firstsecond quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435$457 million and favorable price realization of $108$212 million, partially offset by unfavorable manufacturing costs of $346$149 million. Unfavorable manufacturing costs primarilylargely reflected theincreased impactperiod of higher tariffmanufacturing costs.
Power & Energy’s segment profit as a percent of total sales was 20.624.6 percent in the firstsecond quarter of 2026, compared with 22.322.1 percent in the firstsecond quarter of 2025.
Construction Industries’ total sales were $7.161$8.346 billion in the firstsecond quarter of 2026, an increase of $1.977$2.156 billion, or 3835 percent, compared with $5.184$6.190 billion in the firstsecond quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.5$1.8 billion and favorable price realization of $356$309 million. Higher sales volume was primarily driven by thehigher impact from changes in dealer inventories. Dealer inventory increased during the first quartersales of 2026,equipment comparedto withend a slight decrease during the first quarter of 2025.users.
•In North America, sales increased primarily due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users and by the impact from changes in dealer inventories.
•Sales increased in Latin America mainly due to higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by thehigher impactsales fromof changesequipment into dealerend inventories.users.
CAT insider buying and selling (Form 4)
Form 4 filings since 2026-04-11: 1 open-market purchase (about $219.2K) and 35 open-market sales (about $113.9M), across 23 filings with stock transactions. Awards, option exercises, tax withholding and gifts are listed but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-28 | Creed Joseph E |
Option exercise | 44,403 | $219.76 | $9.8M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 4,831 | $813.72 | $3.9M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 1,280 | $812.09 | $1.0M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 5,035 | $811.31 | $4.1M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 3,041 | $810.31 | $2.5M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 2,137 | $809.08 | $1.7M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 2,639 | $808.20 | $2.1M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 6,135 | $807.41 | $5.0M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 3,382 | $806.31 | $2.7M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 1,351 | $805.36 | $1.1M |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 520 | $803.86 | $418.0K |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 750 | $803.39 | $602.5K |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 280 | $802.10 | $224.6K |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 540 | $801.10 | $432.6K |
| 2026-08-28 | Creed Joseph E |
Open-market sale | 480 | $800.19 | $384.1K |
| 2026-08-28 | Creed Joseph E |
Shares withheld for tax | 12,002 | $812.98 | $9.8M |
| 2026-06-10 | Wilkins Rayford Jr |
Grant/award | 211 | — | — |
| 2026-06-10 | Schwab Susan C |
Grant/award | 211 | — | — |
| 2026-06-10 | Reed Debra L |
Grant/award | 211 | — | — |
| 2026-06-10 | Marks Judith Fran |
Grant/award | 211 | — | — |
| 2026-06-10 | Maclennan David |
Grant/award | 211 | — | — |
| 2026-06-10 | Keene Nazzic S |
Grant/award | 211 | — | — |
| 2026-06-10 | Johnson Gerald |
Grant/award | 211 | — | — |
| 2026-06-10 | Fish James C Jr |
Grant/award | 211 | — | — |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 1,491 | $906.73 | $1.4M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 1,191 | $907.98 | $1.1M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 2,302 | $908.76 | $2.1M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 1,568 | $909.70 | $1.4M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 402 | $910.65 | $366.1K |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 2,259 | $905.73 | $2.0M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 1,605 | $911.92 | $1.5M |
| 2026-05-14 | Johnson Denise C |
Shares withheld for tax | 3,473 | $910.55 | $3.2M |
| 2026-05-14 | Johnson Denise C |
Option exercise | 16,078 | $196.70 | $3.2M |
| 2026-05-14 | Johnson Denise C |
Open-market sale | 1,787 | $904.70 | $1.6M |
| 2026-05-13 | Johnson Denise C |
Open-market sale | 2,650 | $910.24 | $2.4M |
| 2026-05-13 | Johnson Denise C |
Open-market sale | 3,546 | $909.46 | $3.2M |
| 2026-05-13 | Johnson Denise C |
Option exercise | 7,900 | $196.70 | $1.6M |
| 2026-05-13 | Johnson Denise C |
Shares withheld for tax | 1,704 | $911.61 | $1.6M |
| 2026-05-13 | Schaupp William E |
Open-market sale | 360 | $906.00 | $326.2K |
| 2026-05-11 | Creed Joseph E |
Shares withheld for tax | 574 | $912.03 | $523.5K |
| 2026-05-11 | Pambianchi Christine M |
Shares withheld for tax | 224 | $912.03 | $204.3K |
| 2026-05-11 | Fassino Anthony D. |
Shares withheld for tax | 5,120 | $918.65 | $4.7M |
| 2026-05-11 | Fassino Anthony D. |
Open-market sale | 843 | $917.73 | $773.6K |
| 2026-05-11 | Fassino Anthony D. |
Option exercise | 21,403 | $219.76 | $4.7M |
| 2026-05-11 | Fassino Anthony D. |
Open-market sale | 15,440 | $916.75 | $14.2M |
| 2026-05-08 | Epley Kyle Joseph |
Grant/award | 515 | — | — |
| 2026-05-06 | De Lange Bob |
Option exercise | 28,105 | $127.60 | $3.6M |
| 2026-05-06 | De Lange Bob |
Shares withheld for tax | 3,883 | $923.38 | $3.6M |
| 2026-05-06 | De Lange Bob |
Open-market sale | 14,470 | $922.55 | $13.3M |
| 2026-05-06 | De Lange Bob |
Open-market sale | 9,752 | $923.47 | $9.0M |
| 2026-05-06 | Fassino Anthony D. |
Shares withheld for tax | 2,848 | $925.74 | $2.6M |
| 2026-05-06 | Fassino Anthony D. |
Option exercise | 12,000 | $219.76 | $2.6M |
| 2026-05-06 | Fassino Anthony D. |
Open-market sale | 8,802 | $926.23 | $8.2M |
| 2026-05-06 | Fassino Anthony D. |
Open-market sale | 350 | $926.83 | $324.4K |
| 2026-05-06 | Bonfield Andrew R J |
Open-market sale | 15,674 | $918.71 | $14.4M |
| 2026-05-06 | Bonfield Andrew R J |
Option exercise | 3,726 | $332.04 | $1.2M |
| 2026-05-06 | Bonfield Andrew R J |
Option exercise | 7,673 | $338.65 | $2.6M |
| 2026-05-06 | Bonfield Andrew R J |
Option exercise | 11,655 | $253.98 | $3.0M |
| 2026-05-06 | Bonfield Andrew R J |
Shares withheld for tax | 7,380 | $920.72 | $6.8M |
| 2026-05-06 | Kaiser Jason |
Gift | 294 | — | — |
Well-known investors holding CAT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Gates Foundation Trust | 2026-06-30 | 6,353,614 | $6.8B | 19.65% | No change |
| PRIMECAP Management | 2026-06-30 | 871,700 | $928.3M | 0.55% | No change |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 505,020 | $533.2M | 0.19% | Added 89% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 355,861 | $379.0M | 0.22% | Added 15% |
| Markel Group (Tom Gayner) | 2026-06-30 | 328,650 | $350.0M | 2.67% | No change |
| Two Sigma Investments | 2026-06-30 | 171,574 | $182.7M | 0.14% | Reduced 15% |
| D. E. Shaw & Co. | 2026-06-30 | 124,461 | $132.5M | 0.08% | Added 133% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 105,101 | $111.9M | 0.26% | Reduced 10% |
| ARK Investment Management (Cathie Wood) | 2026-06-30 | 56,008 | $59.6M | 0.39% | Reduced 4% |
| Dodge & Cox | 2026-06-30 | 39,404 | $42.0M | 0.02% | Reduced 1% |
| Renaissance Technologies | 2026-06-30 | 21,507 | $15.2M | — | Sold out |
| Millennium Management (Israel Englander) | 2026-06-30 | 7,857 | $8.4M | 0.01% | Reduced 92% |
| Bridgewater Associates | 2026-06-30 | 7,329 | $7.8M | 0.03% | Reduced 91% |
| Harris Associates (Oakmark Funds) | 2026-06-30 | 1,840 | $2.0M | 0.0% | No change |
| Gardner Russo & Quinn (Tom Russo) | 2026-06-30 | 265 | $282.2K | 0.0% | Reduced 41% |