Caterpillar Inc.
Sector unknown·CAT · USA (SEC 10-K)·Fiscal year to 31/12/2025
Overview With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Agriculture and food production
End markets
Market
“Construction Industries Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure and building construction applications. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates and mining industries.”
Annual report 2025A · The company itself
Market
“The Construction Industries product portfolio includes the following machines and related parts, services and worktools: · asphalt pavers · motor graders · track-type tractors (small, medium) · backhoe loaders · pipelayers · track excavators (mini, small · cold planers · road reclaimers medium, large) · compactors · skid steer loaders · wheel excavators · compact track loaders · telehandlers · wheel loaders (compact, small, · forestry machines · track-type loaders medium) · material handlers Resource Industries The Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Natural gas
Raw materials and inputs
Market
“•Oil and Gas – Sales increased in turbines and turbine-related services.”
Annual report 2025A · The company itself
Market
“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”
Annual report 2025A · The company itself
Shipping and logistics
End markets
StrategyPositive impact: strengthens
“Cat Financial finances a significant portion of Caterpillar dealers’ sales and inventory of Caterpillar equipment throughout the world. Cat Financial’s competitive position is improved by marketing programs offered in conjunction with Caterpillar and/or Caterpillar dealers.”
Annual report 2025A · The company itself
Market
“Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company’s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers’ toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“The refreshed strategy establishes three profitable growth pillars focused on addressing customers' needs; Commercial Excellence, Advanced Technology Leader, and Transform How We Work.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automation and robotics
Technology
Market
“In addition to equipment, Resource Industries sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“Overview With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.”
Annual report 2025A · The company itself
Aviation and travel
End markets
Market
“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Construction
End markets
Market
“Construction Industries Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure and building construction applications. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates and mining industries.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Data centres
Technology
Market
“Table of Contents Power & Energy Sales by Application (Millions of dollars) 2025 2024 $ Change % Change Oil and Gas $ 7,502 $ 6,980 $ 522 7 % Power Generation 10,275 7,756 2,519 32 % Industrial 4,071 3,990 81 2 % Transportation 5,295 5,362 (67) (1 %) External Sales 27,143 24,088 3,055 13 % Inter-Segment 5,058 4,766 292 6 % Total Sales $ 32,201 $ 28,854 $ 3,347 12 % 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.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Electric vehicles and EV batteries
End markets
Market
“The product and services portfolio includes reciprocating engines, generator sets, integrated systems and solutions, turbines and turbine-related services, electrified powertrain and zero-emission power sources and service solutions development, the remanufacturing of Caterpillar engines and components, remanufacturing services for other companies, diesel-electric locomotives and other rail-related products and services as well as product support of on-highway engines.”
Annual report 2025A · The company itself
Electrification
Technology
Market
“The Power & Energy portfolio includes the following products and related parts: •Reciprocating engine-powered generator sets •Reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machinery •Integrated systems and solutions used in the electric power generation industry •Turbines, centrifugal gas compressors and turbine-related services •Reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries •Electrified powertrain and zero-emission power sources and service solutions •Diesel-electric and hybrid locomotives and components and other rail-related products and services Financial Products Segment The business of our Financial Products Segment is primarily conducted by Cat Financial, Insurance Services and their respective subsidiaries and affiliates. Cat Financial is a wholly owned finance subsidiary of Caterpillar Inc., and it provides retail and wholesale financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that incorporate Caterpillar products.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Industrial manufacturing
End markets
Market
“Overview With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“In addition, many of the manufacturers that compete with Caterpillar also own financial subsidiaries, such as John Deere Capital Corporation, Komatsu Financial L.P., Volvo Financial Services and Kubota Credit Corporation, which utilize many below-market interest rate programs (funded by the manufacturer) to support machine sales.”
Annual report 2025A · The company itself
Mining
End markets
Market
“The Construction Industries product portfolio includes the following machines and related parts, services and worktools: · asphalt pavers · motor graders · track-type tractors (small, medium) · backhoe loaders · pipelayers · track excavators (mini, small · cold planers · road reclaimers medium, large) · compactors · skid steer loaders · wheel excavators · compact track loaders · telehandlers · wheel loaders (compact, small, · forestry machines · track-type loaders medium) · material handlers Resource Industries The Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates.”
Annual report 2025A · The company itself
Chains in: Copper strengthens
Oil
Raw materials and inputs
Market
“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“The nature of customer demand for construction machinery varies around the world. Customers in developing economies often prioritize purchase price in making their investment decisions, while customers in developed economies generally weigh productivity and other performance criteria that contribute to lower owning and operating costs over the lifetime of the machine.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Copper
Raw materials and inputs
InputNegative impact: weakens
“Our equipment is used to extract and haul copper, iron ore, coal, oil sands, aggregates, gold and other minerals and ores, as well as a variety of heavy construction applications.”
Annual report 2025A · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Regulatory emissions standards require us to continue to make investments as new products and new regulations are introduced. Ongoing compliance with these regulations remains a focus. Emissions compliance in developing markets is complex due to rapidly evolving and unique requirements where enforcement processes can often vary. We employ robust product development, manufacturing processes and testing to help us comply with these regulations.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Financial regulation
Regulation
DriverNegative impact: weakens
“In certain instances, Cat Financial’s operations are subject to supervision and regulation by state, federal and various foreign governmental authorities, and may be subject to various laws and judicial and administrative decisions imposing various requirements and restrictions which, among other things, (i) regulate credit granting activities and the administration of loans, (ii) establish maximum interest rates, finance charges and other charges, (iii) require disclosures to customers, (iv) govern secured transactions, (v) set collection, foreclosure, repossession and other trade practices and (vi) regulate the use and reporting of information related to a borrower’s credit experience. Cat Financial’s ability to comply with these and other governmental and legal requirements and restrictions affects its operations.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“The increase was primarily due to a favorable impact from higher average earning assets of $222 million driven by North America, partially offset by an unfavorable impact from lower average financing rates of $68 million across all regions except Latin America.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Other currencies
Macro
DriverNegative impact: weakens
“•Sales decreased in Latin America due to lower sales volume, unfavorable price realization and unfavorable currency impacts primarily related to the Brazilian real.”
Annual report 2025A · The company itself
Steel
Raw materials and inputs
InputNegative impact: weakens
“Our equipment is used to extract and haul copper, iron ore, coal, oil sands, aggregates, gold and other minerals and ores, as well as a variety of heavy construction applications.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Asia and emerging markets
Geography
Geography
“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.”
Annual report 2025A · The company itself
Geography
“Segment U.S. Facilities Facilities Outside the U.S.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“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.”
Annual report 2025A · The company itself
Geography
“Segment U.S. Facilities Facilities Outside the U.S.”
Annual report 2025A · The company itself
United States
Geography
Geography
“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.”
Annual report 2025A · The company itself
Geography
“Segment U.S. Facilities Facilities Outside the U.S.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 67.59 bn USD |
| Revenue growth vs. the year before, same method | 4.3 % |
| EBITDA reported by the company | 13.41 bn USD |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 18.81 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.