# EDGAR Filing Document

**Accession Number:** 0000018230
**File Stem:** 0000018230-26-000003
**Filing Date:** 2026-1
**Character Count:** 112927
**Document Hash:** 7fb21788f7badce054e998b3c93650a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000018230-26-000003.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000018230-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260129

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CATERPILLAR INC
- **CENTRAL INDEX KEY:** 0000018230
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION MACHINERY & EQUIP [3531]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 370602744
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00768
- **FILM NUMBER:** 26574609

**BUSINESS ADDRESS:**
- **STREET 1:** 5205 N. O'CONNOR BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 9728917700

**MAIL ADDRESS:**
- **STREET 1:** 5205 N. O'CONNOR BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATERPILLAR TRACTOR CO
- **DATE OF NAME CHANGE:** 19860623

?xml version='1.0' encoding='ASCII'? cat-20260129

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 | UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 | UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 | UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 | UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br>Washington, D.C. 20549 |
| ![caterpillarlogo.jpg](cat-20260129_g1.jpg) | ![caterpillarlogo.jpg](cat-20260129_g1.jpg) | ![caterpillarlogo.jpg](cat-20260129_g1.jpg) | ![caterpillarlogo.jpg](cat-20260129_g1.jpg) | ![caterpillarlogo.jpg](cat-20260129_g1.jpg) |
|  | **FORM** | **8-K** |  |  |
| Current Report | Current Report | Current Report | Current Report | Current Report |
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| Date of Report (Date of earliest event reported): | Date of Report (Date of earliest event reported): |  | **January 29, 2026** | **January 29, 2026** |
| **CATERPILLAR INC.** | **CATERPILLAR INC.** | **CATERPILLAR INC.** | **CATERPILLAR INC.** | **CATERPILLAR INC.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** | **1-768** | **1-768** | **1-768** | **37-0602744** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (Commission File Number) | (Commission File Number) | (I.R.S Employer Identification No.) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **5205 N. O'Connor Blvd.,** | **Suite 100,** | **Irving,** | **Texas** | **75039** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **(972)** | **891-7700** | **891-7700** |
| Former name or former address, if changed since last report: | Former name or former address, if changed since last report: | Former name or former address, if changed since last report: | **N/A** | **N/A** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Title of each class** | **Title of each class** | **Trading Symbol (s)** | **Name of each exchange which registered** | **Name of each exchange which registered** |
| Common Stock ($1.00 par value) | Common Stock ($1.00 par value) | Common Stock ($1.00 par value) | CAT | The New York Stock Exchange | The New York Stock Exchange |
| 5.3% Debentures due September 15, 2035 | 5.3% Debentures due September 15, 2035 | 5.3% Debentures due September 15, 2035 | CAT35 | The New York Stock Exchange | The New York Stock Exchange |
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of | Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of |
| 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). | 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). |
| Emerging growth company | Emerging growth company | Emerging growth company | Emerging growth company | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period |
| for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

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**Item 2.02. Results of Operations and Financial Condition.**

On January 29, 2026, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

**Item 7.01. Regulation FD Disclosure**.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

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| | | |
|:---|:---|:---|
| (d) | Exhibits: | Exhibits: |
| | The following is furnished as an exhibit to this report: | The following is furnished as an exhibit to this report: |
| | 99.1 | <u>[Caterpillar Inc. press release dated](cat_exx991x4qx2025xearning.htm)[January 29, 2026](cat_exx991x4qx2025xearning.htm)</u> |
| | 99.2 | <u>[Retail Statistics](ex992toformxretailstatisti.htm)</u> |
| | 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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| | | |
|:---|:---|:---|
| **SIGNATURES** | **SIGNATURES** | **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
|  | **CATERPILLAR INC.** | **CATERPILLAR INC.** |
| January 29, 2026 | By: | */s/ Derek Owens* |
|  |  | Derek Owens<br>Chief Legal Officer and General Counsel |

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## Exhibit 99.1

**Exhibit 99.1**

**Caterpillar Inc.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4Q 2025 Earnings Release

**FOR IMMEDIATE RELEASE**

**<u>Caterpillar Reports Fourth-Quarter and Full-Year 2025 Results</u>**

●  Fourth-quarter 2025 sales and revenues were $19.1 billion; full-year sales and revenues were $67.6 billion

●  Fourth-quarter 2025 profit per share of $5.12; adjusted profit per share of $5.16

●  Full-year profit per share of $18.81; adjusted profit per share of $19.06

●  Strong full-year enterprise operating cash flow of $11.7 billion; ended 2025 with $10.0 billion of enterprise cash

●  Deployed $7.9 billion of cash for share repurchases and dividends in 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **Full Year** | **Full Year** |
| ($ in billions except profit per share) | **2025** | **2024** | **2025** | **2024** |
| **Sales and Revenues** | $19.1 | $16.2 | $67.6 | $64.8 |
| **Profit Per Share** | $5.12 | $5.78 | $18.81 | $22.05 |
| **Adjusted Profit Per Share** | $5.16 | $5.14 | $19.06 | $21.90 |

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*Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.*

IRVING, Texas, Jan. 29, 2026 – Caterpillar Inc. (NYSE: CAT) announced fourth-quarter and full-year results for 2025.

"Our centennial year marked a significant milestone, underscored by the highest full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion," said Caterpillar CEO Joe Creed. "These results demonstrate the strength of our end markets and our disciplined execution. With a record backlog, we enter the new year with strong momentum and a continued focus on delivering long-term value for our customers and shareholders."

Sales and revenues for the fourth quarter of 2025 were $19.1 billion, an 18% increase compared with $16.2 billion in the fourth quarter of 2024. Operating profit margin was 13.9% for the fourth quarter of 2025, compared with 18.0% for the fourth quarter of 2024. Adjusted operating profit margin was 15.6% for the fourth quarter of 2025, compared with 18.3% for the fourth quarter of 2024. Fourth-quarter 2025 profit per share was $5.12, compared with $5.78 profit per share in the fourth quarter of 2024. Adjusted profit per share in the fourth quarter of 2025 was $5.16, compared with fourth-quarter 2024 adjusted profit per share of $5.14.

Full-year sales and revenues in 2025 were $67.6 billion, up 4% compared with $64.8 billion in 2024. The increase reflected higher sales volume of $3.4 billion, partially offset by unfavorable price realization of $0.8 billion. Higher sales volume was primarily driven by higher sales of equipment to end users. Operating profit margin was 16.5% in 2025, compared with 20.2% in 2024. Adjusted operating profit margin was 17.2% in 2025, compared with 20.7% in 2024. Full-year profit was $18.81 per share in 2025, compared with profit of $22.05 per share in 2024. Adjusted profit per share in 2025 was $19.06, compared with adjusted profit per share of $21.90 in 2024.

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In 2025 and 2024, adjusted operating profit margin excluded restructuring costs. 2025 and 2024 adjusted profit per share excluded restructuring costs and mark-to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2024, adjusted profit per share also excluded a discrete tax benefit for a tax law change related to currency translation. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.

For the full year 2025, enterprise operating cash flow was $11.7 billion, and the company ended the fourth quarter with $10.0 billion of enterprise cash. During the year, the company deployed $5.2 billion of cash for repurchases of Caterpillar common stock and $2.7 billion of cash for dividends.

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**<u>CONSOLIDATED RESULTS</u>**

**<u>Consolidated Sales and Revenues</u>**

![salesandrevenueschunkchart.jpg](salesandrevenueschunkchart.jpg)

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the fourth quarter of 2024 (at left) and the fourth quarter of 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 the fourth quarter of 2025 were $19.133 billion, an increase of $2.918 billion, or 18%, compared with $16.215 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $2.708 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. Total dealer inventory remained about flat during the fourth quarter of 2025, compared with a decrease of $1.3 billion during the fourth quarter of 2024. Machine dealer inventory decreased $500 million during the fourth quarter of 2025, compared with a decrease of $1.6 billion in the fourth quarter of 2024.

Sales were higher across the three primary segments.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** | **Sales and Revenues by Segment** |
| **(Millions of dollars)** | **Fourth Quarter 2024** | **Sales<br>Volume** | **Price<br>Realization** | **Currency** | **Inter-Segment / Other** | **Fourth Quarter 2025** | **$ Change** | **%<br>Change** |
| Construction Industries | $6003 | $903 | $(60) | $44 | $36 | $6926 | $923 | 15% |
| Resource Industries | 2980 | 459 | (67) | 7 | (26) | 3353 | 373 | 13% |
| Power & Energy | 7649 | 1380 | 166 | 64 | 141 | 9400 | 1751 | 23% |
| All Other Segment | 98 | 3 | 1 |  | (3) | 99 | 1 | 1% |
| Corporate Items and Eliminations | (1398) | (37) | (2) | 9 | (148) | (1576) | (178) |  |
| **Machinery, Power & Energy** | 15332 | 2708 | 38 | 124 |  | 18202 | 2870 | 19% |
| Financial Products Segment | 1024 |  |  |  | 71 | 1095 | 71 | 7% |
| Corporate Items and Eliminations | (141) |  |  |  | (23) | (164) | (23) |  |
| **Financial Products Revenues** | 883 |  |  |  | 48 | 931 | 48 | 5% |
| **Consolidated Sales and Revenues** | $16215 | $2708 | $38 | $124 | $48 | $19133 | $2918 | 18% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** | **Sales and Revenues by Geographic Region** |
| | **North America** | **Latin America** | **EAME** | **Asia/Pacific** | **External Sales and Revenues** | **Inter-Segment** | **Total Sales and Revenues** |
| **(Millions of dollars)** | $**% Chg** | $**% Chg** | $**% Chg** | $**% Chg** | $**% Chg** | $**% Chg** | $**% Chg** |
| **<u>Fourth Quarter 2025</u>** | | | | | | | |
| Construction Industries | 23% | 6% | 18% | (7%) | 15% | 82% | 15% |
| Resource Industries | 32% | 12% | 34% | (15%) | 14% | (27%) | 13% |
| Power & Energy | 30% | 21% | 16% | 22% | 25% | 12% | 23% |
| All Other Segment | —% | —% | 100% | —% | 50% | (3%) | 1% |
| Corporate Items and Eliminations |  |  |  |  |  |  |  |
| **Machinery, Power & Energy** | 27% | 12% | 19% | —% | 19% | —% | 19% |
| Financial Products Segment | 8% | 17% | 4% | (4%) | 7% | —% | 7% |
| Corporate Items and Eliminations |  |  |  |  |  |  |  |
| **Financial Products Revenues** | 6% | 16% | 1% | (2%) | 5% | —% | 5% |
| **Consolidated Sales and Revenues** | 26% | 12% | 19% | —% | 18% | —% | 18% |
| **<u>Fourth Quarter 2024</u>** |  |  |  |  |  |  |  |
| Construction Industries |  |  |  |  |  |  |  |
| Resource Industries |  |  |  |  |  |  |  |
| Power & Energy |  |  |  |  |  |  |  |
| All Other Segment |  |  |  |  |  |  |  |
| Corporate Items and Eliminations |  |  |  |  |  |  |  |
| **Machinery, Power & Energy** |  |  |  |  |  |  |  |
| Financial Products Segment |  |  |  |  |  |  |  |
| Corporate Items and Eliminations |  |  |  |  |  |  |  |
| **Financial Products Revenues** |  |  |  |  |  |  |  |
| **Consolidated Sales and Revenues** |  |  |  |  |  |  |  |

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**<u>Consolidated Operating Profit</u>**

![operatingprofitchunkchart4.jpg](operatingprofitchunkchart4.jpg)

The chart above graphically illustrates reasons for the change in consolidated operating profit between the fourth quarter of 2024 (at left) and the fourth quarter of 2025 (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 fourth quarter of 2025 was $2.660 billion, a decrease of $264 million, or 9%, compared with $2.924 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $1.030 billion and higher restructuring costs of $282 million, partially offset by the profit impact of higher sales volume of $1.072 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.

Operating profit margin was 13.9% for the fourth quarter of 2025, compared with 18.0% for the fourth quarter of 2024. Adjusted operating profit margin was 15.6% for the fourth quarter of 2025, compared with 18.3% for the fourth quarter of 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Profit (Loss) by Segment** | **Profit (Loss) by Segment** | **Profit (Loss) by Segment** | **Profit (Loss) by Segment** | **Profit (Loss) by Segment** |
| **(Millions of dollars)** | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **$ Change** | **%**<br> **Change** |
| Construction Industries | $1030 | $1174 | $(144) | (12%) |
| Resource Industries | 360 | 471 | (111) | (24%) |
| Power & Energy | 1841 | 1477 | 364 | 25% |
| All Other Segment | 17 | 11 | 6 | 55% |
| Corporate Items and Eliminations | (676) | (198) | (478) |  |
| **Machinery, Power & Energy** | 2572 | 2935 | (363) | (12%) |
| Financial Products Segment | 262 | 166 | 96 | 58% |
| Corporate Items and Eliminations | (14) | (29) | 15 |  |
| **Financial Products** | 248 | 137 | 111 | 81% |
| **Consolidating Adjustments** | (160) | (148) | (12) |  |
| **Consolidated Operating Profit** | $2660 | $2924 | $(264) | (9%) |

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**<u>Other Profit/Loss and Tax Items</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other income (expense) in the fourth quarter of 2025 was income of $493 million, compared with income of $426 million in the fourth quarter of 2024. The change was primarily driven by higher mark-to-market gains for remeasurement of pension and OPEB plans (please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13 to 15) and favorable impacts from total return swap contracts, partially offset by unfavorable foreign currency impacts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate for the fourth quarter of 2025 was 23.5% compared to 14.3% for the fourth quarter of 2024. Excluding the discrete items discussed below, the global annual effective tax rate was 24.1% compared with 22.2% for 2024. The increase from 2024 was primarily due to changes in U.S. tax incentives.

The company recorded an $8 million charge in the fourth quarter of 2025 compared to a $33 million benefit in the fourth quarter of 2024 for the change in the estimated global annual effective tax rate through the first nine months. In addition, a discrete tax benefit of $22 million was recorded in the fourth quarter of 2025, compared with an $8 million benefit in the fourth quarter of 2024, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company also recorded a tax charge of $68 million related to $294 million of mark-to-market gains for remeasurement of pension and OPEB plans in the fourth quarter of 2025, compared to a tax charge of $43 million related to $154 million of mark-to-market gains in the fourth quarter of 2024. In the fourth quarter of 2024, the company recorded a discrete tax benefit of $224 million for a tax law change related to currency translation.

*Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.*

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** | **CONSTRUCTION INDUSTRIES** |
| **(Millions of dollars)** | | | | | | | | | | |
| **Segment Sales** | **Segment Sales** | | | | | | | | | |
| | **Fourth Quarter 2024** |<br>**Sales Volume** | **Price Realization** | **Price Realization** | **Currency** | **Currency** |<br>**Inter-Segment** |<br>**Fourth Quarter 2025** |<br>**$ Change** |<br>**%<br> Change** |
| Total Sales | $6003 | $903 | $(60) |  | $| 44 | $36 | $6926 | $923 | 15% |
| **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **$ Change** | **$Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| North America | $3879 | $3157 | $722 |  | 23 | 23% |  |  |  |  |
| Latin America | 660 | 623 | 37 |  | 6 | 6% |  |  |  |  |
| EAME | 1326 | 1122 | 204 |  | 18 | 18% |  |  |  |  |
| Asia/Pacific | 981 | 1057 | (76) |  | (7 | (7%) |  |  |  |  |
| External Sales | 6846 | 5959 | 887 |  | 15 | 15% |  |  |  |  |
| Inter-segment | 80 | 44 | 36 |  | 82 | 82% |  |  |  |  |
| Total Sales | $6926 | $6003 | $923 |  | 15 | 15% |  |  |  |  |
| **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | <br>**Change** | <br>**Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| Segment Profit | $1030 | $1174 | $(144) |  | (12 | (12%) |  |  |  |  |
| Segment Profit Margin | 14.9% | 19.6% | (4.7 | pts) |  |  |  |  |  |  |

---

Construction Industries' total sales were $6.926 billion in the fourth quarter of 2025, an increase of $923 million, or 15%, compared with $6.003 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume. The increase in sales volume was mainly driven by higher sales of equipment to end users and by the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2025 than during the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In North America, sales increased due to higher sales volume, partially offset by unfavorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales increased in Latin America primarily due to higher sales volume and favorable currency impacts, primarily related to the Brazilian real. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the fourth quarter of 2025, compared with a decrease during the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In EAME, sales increased mainly due to higher sales volume and favorable currency impacts, primarily related to the euro. Higher sales volume was mainly due to the impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2025 than during the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales decreased in Asia/Pacific primarily due to lower sales volume, partially offset by favorable price realization. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the fourth quarter of 2025 than during the fourth quarter of 2024.

Construction Industries' segment profit was $1.030 billion in the fourth quarter of 2025, a decrease of $144 million, or 12%, compared with $1.174 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $420 million and unfavorable price realization of $60 million, partially offset by the profit impact of higher sales volume of $322 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** | **RESOURCE INDUSTRIES** |
| **(Millions of dollars)** | | | | | | | | | | |
| **Segment Sales** | **Segment Sales** | | | | | | | | | |
| | **Fourth Quarter 2024** |<br>**Sales Volume** | **Price Realization** | **Price Realization** | **Currency** | **Currency** |<br>**Inter-Segment** |<br>**Fourth Quarter 2025** |<br>**$ Change** |<br>**%<br> Change** |
| Total Sales | $2980 | $459 | $(67) |  | $| 7 | $(26) | $3353 | $373 | 13% |
| **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** | **Sales by Geographic Region** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **$ Change** | **$Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| North America | $1280 | $967 | $313 |  | 32 | 32% |  |  |  |  |
| Latin America | 647 | 580 | 67 |  | 12 | 12% |  |  |  |  |
| EAME | 610 | 455 | 155 |  | 34 | 34% |  |  |  |  |
| Asia/Pacific | 747 | 883 | (136) |  | (15 | (15%) |  |  |  |  |
| External Sales | 3284 | 2885 | 399 |  | 14 | 14% |  |  |  |  |
| Inter-segment | 69 | 95 | (26) |  | (27 | (27%) |  |  |  |  |
| Total Sales | $3353 | $2980 | $373 |  | 13 | 13% |  |  |  |  |
| **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | <br>**Change** | <br>**Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| Segment Profit | $360 | $471 | $(111) |  | (24 | (24%) |  |  |  |  |
| Segment Profit Margin | 10.7% | 15.8% | (5.1 | pts) |  |  |  |  |  |  |

---

Resource Industries' total sales were $3.353 billion in the fourth quarter of 2025, an increase of $373 million, or 13%, compared with $2.980 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $459 million, partially offset by unfavorable price realization of $67 million. The increase in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the fourth quarter of 2025, compared with a decrease during the fourth quarter of 2024.

Resource Industries' segment profit was $360 million in the fourth quarter of 2025, a decrease of $111 million, or 24%, compared with $471 million in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $204 million and unfavorable price realization of $67 million, partially offset by the profit impact of higher sales volume of $169 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** | **POWER & ENERGY** |
| **(Millions of dollars)** | | | | | | | | | | |
| **Segment Sales** | **Segment Sales** | | | | | | | | | |
| | **Fourth Quarter 2024** |<br>**Sales Volume** | **Price Realization** | **Price Realization** | **Currency** | **Currency** |<br>**Inter-Segment** |<br>**Fourth Quarter 2025** |<br>**$ Change** |<br>**%<br> Change** |
| Total Sales | $7649 | $1380 | $166 |  | $| 64 | $141 | $9400 | $1751 | 23% |
| **Sales by Application** | **Sales by Application** | **Sales by Application** | **Sales by Application** | **Sales by Application** | **Sales by Application** | **Sales by Application** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **$ Change** | **$Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| Oil and Gas | $2398 | $1927 | $471 |  | 24 | 24% |  |  |  |  |
| Power Generation | 3238 | 2242 | 996 |  | 44 | 44% |  |  |  |  |
| Industrial | 967 | 928 | 39 |  | 4 | 4% |  |  |  |  |
| Transportation | 1523 | 1419 | 104 |  | 7 | 7% |  |  |  |  |
| External Sales | 8126 | 6516 | 1610 |  | 25 | 25% |  |  |  |  |
| Inter-segment | 1274 | 1133 | 141 |  | 12 | 12% |  |  |  |  |
| Total Sales | $9400 | $7649 | $1751 |  | 23 | 23% |  |  |  |  |
| **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** |  |  |  |  |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | <br>**Change** | <br>**Change** | **%<br>Change** | **%<br>Change** |  |  |  |  |
| Segment Profit | $1841 | $1477 | $364 |  | 25 | 25% |  |  |  |  |
| Segment Profit Margin | 19.6% | 19.3% | 0.3 | pts |  |  |  |  |  |  |

---

Power & Energy's total sales were $9.400 billion in the fourth quarter of 2025, an increase of $1.751 billion, or 23%, compared with $7.649 billion in the fourth quarter of 2024. The increase was primarily due to higher sales volume of $1.380 billion and favorable price realization of $166 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oil and Gas – Sales increased for turbines and turbine-related services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industrial – Sales increased primarily in EAME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportation – Sales increased in rail services.

Power & Energy's segment profit was $1.841 billion in the fourth quarter of 2025, an increase of $364 million, or 25%, compared with $1.477 billion in the fourth quarter of 2024. The increase was mainly due to the profit impact of higher sales volume of $666 million and favorable price realization of $166 million, partially offset by unfavorable manufacturing costs of $438 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs.

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| | | | | |
|:---|:---|:---|:---|:---|
| **FINANCIAL PRODUCTS SEGMENT** | **FINANCIAL PRODUCTS SEGMENT** | **FINANCIAL PRODUCTS SEGMENT** | **FINANCIAL PRODUCTS SEGMENT** | **FINANCIAL PRODUCTS SEGMENT** |
| **(Millions of dollars)** | | | | |
| **Revenues by Geographic Region** | **Revenues by Geographic Region** | **Revenues by Geographic Region** | **Revenues by Geographic Region** | **Revenues by Geographic Region** |
| | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **$ Change** | **%<br>Change** |
| North America | $734 | $680 | $54 | 8% |
| Latin America | 120 | 103 | 17 | 17% |
| EAME | 133 | 128 | 5 | 4% |
| Asia/Pacific | 108 | 113 | (5) | (4%) |
| Total Revenues | $1095 | $1024 | $71 | 7% |
| **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** | **Segment Profit** |
|  | **Fourth Quarter 2025** | **Fourth Quarter 2024** | <br>**Change** | **%<br>Change** |
| Segment Profit | $262 | $166 | $96 | 58% |

---

Financial Products' segment revenues were $1.095 billion in the fourth quarter of 2025, an increase of $71 million, or 7%, compared with $1.024 billion in the fourth quarter of 2024. The increase was primarily due to a favorable impact from higher average earning assets of $89 million across all regions, partially offset by an unfavorable impact from lower average financing rates of $18 million across all regions except Latin America.

Financial Products' segment profit was $262 million in the fourth quarter of 2025, an increase of $96 million, or 58%, compared with $166 million in the fourth quarter of 2024. The increase was mainly due to a favorable impact from higher margins at Insurance Services of $37 million, a favorable impact from higher average earning assets of $34 million and lower provision for credit losses at Cat Financial of $19 million.

At the end of 2025, past dues at Cat Financial were 1.37%, compared with 1.56% at the end of 2024. Write-offs, net of recoveries, were $101 million for 2025, compared with $115 million for 2024. As of December 31, 2025, Cat Financial's allowance for credit losses totaled $284 million, or 0.86% of finance receivables, compared with $267 million, or 0.91% of finance receivables, at December 31, 2024.

**<u>Corporate Items and Eliminations</u>**

Expense for corporate items and eliminations was $690 million in the fourth quarter of 2025, an increase of $463 million from the fourth quarter of 2024, primarily driven by higher restructuring costs and increased expenses due to timing differences. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.

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**<u>Notes</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**i.Glossary of terms is included on the Caterpillar website at <u>https://investors.caterpillar.com/overview/default.aspx</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;**ii.Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Jan. 29, 2026.**

&nbsp;&nbsp;&nbsp;&nbsp;**iii.Information on non-GAAP financial measures is included in the appendix on pages 13 to 15.**

&nbsp;&nbsp;&nbsp;&nbsp;**iv.Some amounts within this report are rounded to the millions or billions and may not add.**

&nbsp;&nbsp;&nbsp;&nbsp;**v.Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Jan. 29, 2026, to discuss its 2025 fourth-quarter and full-year results. The accompanying slides will be available before the webcast on the Caterpillar website at <u>https://investors.caterpillar.com/events-presentations/default.aspx</u>.**

**<u>About Caterpillar</u>**

For more than a century, Caterpillar has helped build a better, more sustainable world. With 2025 sales and revenues of $67.6 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. 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. Learn more at www.caterpillar.com.

Caterpillar's latest financial results are also available online:

<u>https://investors.caterpillar.com/overview/default.aspx</u>

<u>https://investors.caterpillar.com/financials/quarterly-results/default.aspx</u> (live broadcast/replays of quarterly conference call)

Caterpillar investor relations contact: Alex Kapper, +1 773-250-2227 or <u>Kapper_Alex@cat.com</u> 

Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or <u>Tiffany.Heikkila@cat.com</u>

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**<u>Forward-Looking Statements</u>**

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

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**APPENDIX**

**<u>NON-GAAP FINANCIAL MEASURES</u>**

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of four significant items in order for the company's results to be meaningful to readers. These items consist of (i) other restructuring income/costs, (ii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iii) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024 and (iv) a discrete tax benefit for a tax law change related to currency translation in 2024. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in millions except per share data) | **Operating Profit** | **Operating Profit Margin** | **Profit Before Taxes** | **Provision (Benefit) for Income Taxes** | **Profit** | **Profit per Share** |
| **Three Months Ended December 31, 2025 - U.S. GAAP** | $**2660** | **13.9%** | $**3026** | $**712** | $**2402** | $**5.12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 319 | 1.7% | 319 | 73 | 246 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses |  | —% | (294) | (68) | (226) | (0.48) |
| Three Months Ended December 31, 2025 - Adjusted | $2979 | 15.6% | $3051 | $717 | $2422 | $5.16 |
| **Three Months Ended December 31, 2024 - U.S. GAAP** | $**2924** | **18.0%** | $**3243** | $**463** | $**2791** | $**5.78** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 37 | 0.3% | 37 | 10 | 27 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses |  | —% | (154) | (43) | (111) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax law change related to currency translation |  | —% |  | 224 | (224) | (0.46) |
| Three Months Ended December 31, 2024 - Adjusted | $2961 | 18.3% | $3126 | $654 | $2483 | $5.14 |
| **Twelve Months Ended December 31, 2025 - U.S. GAAP** | $**11151** | **16.5%** | $**11541** | $**2768** | $**8884** | $**18.81** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 444 | 0.7% | 445 | 102 | 346 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses |  | —% | (294) | (68) | (226) | (0.48) |
| Twelve Months Ended December 31, 2025 - Adjusted | $11595 | 17.2% | $11692 | $2802 | $9004 | $19.06 |
| **Twelve Months Ended December 31, 2024 - U.S. GAAP** | $**13072** | **20.2%** | $**13373** | $**2629** | $**10792** | $**22.05** |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring (income) costs - divestitures of certain non-U.S. entities | 164 | 0.2% | 164 | 54 | 110 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 195 | 0.3% | 195 | 46 | 149 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses |  | —% | (154) | (43) | (111) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax law change related to currency translation |  | —% |  | 224 | (224) | (0.46) |
| Twelve Months Ended December 31, 2024 - Adjusted | $13431 | 20.7% | $13578 | $2910 | $10716 | $21.90 |

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The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three and twelve months ended December 31, 2025, and 2024, these items consist of (i) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (ii) the impact of changes in estimates related to prior years, (iii) the change in the annual effective tax rate, (iv) a settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, (v) a discrete tax benefit for a tax law change related to currency translation in 2024 and (vi) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:

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| | | | |
|:---|:---|:---|:---|
| (Dollars in millions) | **Profit Before Taxes** | **Provision (Benefit) for Income Taxes** | **Effective Tax Rate** |
| **Three Months Ended December 31, 2025 - U.S. GAAP** | $**3026** | $**712** | **23.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses | (294) | (68) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in annual effective tax rate |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | 22 |  |
| Annual effective tax rate, excluding discrete items | $2732 | $658 | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 319 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in annual effective tax rate |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | (22) |  |
| Three Months Ended December 31, 2025 - Adjusted | $3051 | $717 |  |

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended December 31, 2024 - U.S. GAAP** | $**3243** | $**463** | **14.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses | (154) | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax law change related to currency translation |  | 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in annual effective tax rate |  | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | 8 |  |
| Annual effective tax rate, excluding discrete items | $3089 | $685 | 22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in annual effective tax rate |  | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 37 | 10 |  |
| Three Months Ended December 31, 2024 - Adjusted | $3126 | $654 |  |

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| | | | |
|:---|:---|:---|:---|
| **Twelve Months Ended December 31, 2025 - U.S. GAAP** | $**11541** | $**2768** | **24.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses | (294) | (68) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in estimates related to prior years |  | (41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | 50 |  |
| Annual effective tax rate, excluding discrete items | $11247 | $2709 | 24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 445 | 102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in estimates related to prior years |  | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | (50) |  |
| Twelve Months Ended December 31, 2025 - Adjusted | $11692 | $2802 |  |

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| | | | |
|:---|:---|:---|:---|
| **Twelve Months Ended December 31, 2024 - U.S. GAAP** | $**13373** | $**2629** | **19.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring (income) costs - divestitures of certain non-U.S. entities | 164 | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension/OPEB mark-to-market (gains) losses | (154) | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax law change related to currency translation |  | 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in estimates related to prior years |  | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | 57 |  |
| Annual effective tax rate, excluding discrete items | $13383 | $2968 | 22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in estimates related to prior years |  | (47) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess stock-based compensation |  | (57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other restructuring (income) costs | 195 | 46 |  |
| Twelve Months Ended December 31, 2024 - Adjusted | $13578 | $2910 |  |

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**<u>Supplemental Consolidating Data</u>**

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

**Consolidated** – Caterpillar Inc. and its subsidiaries.

**Machinery, Power & Energy (MP&E)** – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.

**Financial Products** – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

**Consolidating Adjustments** – Eliminations of transactions between MP&E and Financial Products.

The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 16 to 26 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.

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 **Caterpillar Inc.**

**Condensed Consolidated Statement of Results of Operations**

**(Unaudited)**

**(Dollars in millions except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;**Sales and revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of Machinery, Power & Energy | $18202 | $15332 | $63980 | $61363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues of Financial Products | 931 | 883 | 3609 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales and revenues | 19133 | 16215 | 67589 | 64809 |
| &nbsp;&nbsp;&nbsp;**Operating costs:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 13307 | 10321 | 44752 | 40199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 1876 | 1769 | 6985 | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 562 | 519 | 2148 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Financial Products | 351 | 338 | 1359 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expenses | 377 | 344 | 1194 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 16473 | 13291 | 56438 | 51737 |
| &nbsp;&nbsp;&nbsp;**Operating profit** | 2660 | 2924 | 11151 | 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense excluding Financial Products | 127 | 107 | 502 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 493 | 426 | 892 | 813 |
| &nbsp;&nbsp;&nbsp;**Consolidated profit before taxes** | 3026 | 3243 | 11541 | 13373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 712 | 463 | 2768 | 2629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated companies | 2314 | 2780 | 8773 | 10744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in profit (loss) of unconsolidated affiliated companies | 87 | 10 | 109 | 44 |
| &nbsp;&nbsp;&nbsp;**Profit of consolidated and affiliated companies** | 2401 | 2790 | 8882 | 10788 |
| &nbsp;&nbsp;&nbsp;Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) | (2) | (4) |
| &nbsp;&nbsp;**Profit** <sup>1</sup> | $2402 | $2791 | $8884 | $10792 |
| &nbsp;&nbsp;&nbsp;**Profit per common share** | $5.15 | $5.81 | $18.90 | $22.17 |
| &nbsp;&nbsp;**Profit per common share — diluted** <sup>2</sup> | $5.12 | $5.78 | $18.81 | $22.05 |
| &nbsp;&nbsp;&nbsp;**Weighted-average common shares outstanding (millions)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**– Basic** | 466.5 | 480.0 | 470.0 | 486.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**– Diluted** <sup>2</sup> | 469.0 | 482.6 | 472.3 | 489.4 |

---

1 Profit attributable to common shareholders. <br> <u>2</u> <u>Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.</u>

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**Caterpillar Inc**.

**Condensed Consolidated Statement of Financial Position**

**(Unaudited)**

**(Millions of dollars)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9980 | $6889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | 10920 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – finance | 10649 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2801 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 18135 | 16827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 52485 | 45682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment – net | 15140 | 13361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term receivables – trade and other | 2142 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term receivables – finance | 14272 | 13242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncurrent deferred and refundable income taxes | 2882 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 241 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 5321 | 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 6102 | 5302 |
| **Total assets** | $98585 | $87764 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- Financial Products | $5514 | $4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 8968 | 7675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 5587 | 5243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | 2554 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 3314 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | 703 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2798 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- Machinery, Power & Energy | 35 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- Financial Products | 7085 | 6619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 36558 | 32272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due after one year: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- Machinery, Power & Energy | 10678 | 8564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- Financial Products | 20018 | 18787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for postemployment benefits | 3838 | 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 6175 | 4890 |
| **Total liabilities** | 77267 | 68270 |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 7181 | 6941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (49539) | (44331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit employed in the business | 65448 | 59352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (1772) | (2471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests |  | 3 |
| **Total shareholders' equity** | 21318 | 19494 |
| **Total liabilities and shareholders' equity** | $98585 | $87764 |

---

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**Caterpillar Inc.**

**Condensed Consolidated Statement of Cash Flow**

**(Unaudited)**

**(Millions of dollars)**

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** |
| **Cash flow from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated and affiliated companies | $8882 | $10788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile profit to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2262 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial (gain) loss on pension and postretirement benefits | (294) | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 465 | (621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture | 30 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 742 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions and divestitures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | (2138) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (1477) | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1179 | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 438 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | 187 | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 1933 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets – net | (176) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities – net | (294) | (104) |
| Net cash provided by (used for) operating activities | 11739 | 12035 |
| **Cash flow from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures – excluding equipment leased to others | (2821) | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for equipment leased to others | (1465) | (1227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposals of leased assets and property, plant and equipment | 708 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to finance receivables | (15329) | (15409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collections of finance receivables | 13515 | 13608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of finance receivables | 71 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments and acquisitions (net of cash acquired) | (47) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of businesses and investments (net of cash sold) | 22 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and sale of securities | 2494 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (1930) | (1495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other – net | 75 | 193 |
| Net cash provided by (used for) investing activities | (4707) | (2453) |
| **Cash flow from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (2749) | (2646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, and other stock compensation transactions, net | (16) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to purchase common stock | (5190) | (7697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax paid on purchases of common stock | (73) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt issued (original maturities greater than three months) | 11105 | 10283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt (original maturities greater than three months) | (8081) | (9316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings – net (original maturities three months or less) | 1106 | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other – net | (1) | (1) |
| Net cash provided by (used for) financing activities | (3899) | (9565) |
| Effect of exchange rate changes on cash | (43) | (106) |
| **Increase (decrease) in cash, cash equivalents and restricted cash** | 3090 | (89) |
| Cash, cash equivalents and restricted cash at beginning of period | 6896 | 6985 |
| Cash, cash equivalents and restricted cash at end of period | $9986 | $6896 |

---

<u>*Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.*</u>

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**Caterpillar Inc.**

**Supplemental Data for Results of Operations**

**For the Three Months Ended December 31, 2025** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** |  |
|  | <br>**Consolidated** | **Machinery, Power & Energy**  | **Financial<br>Products** | **Consolidating<br>Adjustments** |  |
| **Sales and revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Machinery, Power & Energy | $18202 | $18202 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues of Financial Products | 931 |  | 1138 | (207) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales and revenues | 19133 | 18202 | 1138 | (207) |  |
| **Operating costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 13307 | 13310 |  | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 1876 | 1670 | 219 | (13) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 562 | 562 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Financial Products | 351 |  | 363 | (12) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expenses | 377 | 88 | 308 | (19) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 16473 | 15630 | 890 | (47) |  |
| **Operating profit** | 2660 | 2572 | 248 | (160) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense excluding Financial Products | 127 | 131 |  | (4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 493 | 806 | 20 | (333) | 4 |
| **Consolidated profit before taxes** | 3026 | 3247 | 268 | (489) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 712 | 647 | 65 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated companies | 2314 | 2600 | 203 | (489) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in profit (loss) of unconsolidated affiliated companies | 87 | 87 |  |  |  |
| **Profit of consolidated and affiliated companies** | 2401 | 2687 | 203 | (489) |  |
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) |  |  |  |
| **Profit** <sup>5</sup> | $2402 | $2688 | $203 | $(489) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of Financial Products' revenues earned from MP&E. |
| 2 | Elimination of net expenses recorded between MP&E and Financial Products. |
| 3 | Elimination of interest expense recorded between Financial Products and MP&E. |
| 4 | Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
| 5 | Profit attributable to common shareholders. |

---

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**Caterpillar Inc.**

**Supplemental Data for Results of Operations**

**For the Three Months Ended December 31, 2024** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery, Power & Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Sales and revenues:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Machinery, Power & Energy | $15332 | $15332 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues of Financial Products | 883 |  | 1062 | (179) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales and revenues | 16215 | 15332 | 1062 | (179) |  |
| **Operating costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 10321 | 10323 |  | (2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 1769 | 1535 | 226 | 8 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 519 | 519 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Financial Products | 338 |  | 338 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expenses | 344 | 20 | 361 | (37) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 13291 | 12397 | 925 | (31) |  |
| **Operating profit** | 2924 | 2935 | 137 | (148) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense excluding Financial Products | 107 | 111 |  | (4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 426 | 891 | 16 | (481) | 4 |
| **Consolidated profit before taxes** | 3243 | 3715 | 153 | (625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 463 | 680 | (217) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated companies | 2780 | 3035 | 370 | (625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in profit (loss) of unconsolidated affiliated companies | 10 | 10 |  |  |  |
| **Profit of consolidated and affiliated companies** | 2790 | 3045 | 370 | (625) |  |
| Less: Profit (loss) attributable to noncontrolling interests | (1) | (1) |  |  |  |
| **Profit** <sup>5</sup> | $2791 | $3046 | $370 | $(625) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of Financial Products' revenues earned from MP&E. |
| 2 | Elimination of net expenses recorded between MP&E paid to Financial Products. |
| 3 | Elimination of interest expense recorded between Financial Products and MP&E. |
| 4 | Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
| 5 | Profit attributable to common shareholders. |

---

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**Caterpillar Inc.**

**Supplemental Data for Results of Operations**

**For the Twelve Months Ended December 31, 2025** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery, Power & Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Sales and revenues:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Machinery, Power & Energy | $63980 | $63980 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues of Financial Products | 3609 |  | 4382 | (773) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales and revenues | 67589 | 63980 | 4382 | (773) |  |
| **Operating costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 44752 | 44761 |  | (9) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6985 | 6183 | 842 | (40) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 2148 | 2148 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Financial Products | 1359 |  | 1389 | (30) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expenses | 1194 | 4 | 1287 | (97) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 56438 | 53096 | 3518 | (176) |  |
| **Operating profit** | 11151 | 10884 | 864 | (597) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense excluding Financial Products | 502 | 516 |  | (14) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 892 | 685 | 113 | 94 | 4 |
| **Consolidated profit before taxes** | 11541 | 11053 | 977 | (489) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 2768 | 2525 | 243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated companies | 8773 | 8528 | 734 | (489) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in profit (loss) of unconsolidated affiliated companies | 109 | 109 |  |  |  |
| **Profit of consolidated and affiliated companies** | 8882 | 8637 | 734 | (489) |  |
| Less: Profit (loss) attributable to noncontrolling interests | (2) | (3) | 1 |  |  |
| **Profit** <sup>5</sup> | $8884 | $8640 | $733 | $(489) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of Financial Products' revenues earned from MP&E. |
| 2 | Elimination of net expenses recorded between MP&E and Financial Products. |
| 3 | Elimination of interest expense recorded between Financial Products and MP&E. |
| 4 | Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
| 5 | Profit attributable to common shareholders. |

---

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------

**Caterpillar Inc.**

**Supplemental Data for Results of Operations**

**For the Twelve Months Ended December 31, 2024** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery, Power & Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Sales and revenues:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Machinery, Power & Energy | $61363 | $61363 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues of Financial Products | 3446 |  | 4212 | (766) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales and revenues | 64809 | 61363 | 4212 | (766) |  |
| **Operating costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 40199 | 40206 |  | (7) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 6667 | 5881 | 786 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 2107 | 2107 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense of Financial Products | 1286 |  | 1286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expenses | 1478 | 71 | 1535 | (128) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 51737 | 48265 | 3607 | (135) |  |
| **Operating profit** | 13072 | 13098 | 605 | (631) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense excluding Financial Products | 512 | 518 |  | (6) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 813 | 728 | 85 |  |  |
| **Consolidated profit before taxes** | 13373 | 13308 | 690 | (625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 2629 | 2663 | (34) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit of consolidated companies | 10744 | 10645 | 724 | (625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in profit (loss) of unconsolidated affiliated companies | 44 | 44 |  |  |  |
| **Profit of consolidated and affiliated companies** | 10788 | 10689 | 724 | (625) |  |
| Less: Profit (loss) attributable to noncontrolling interests | (4) | (5) | 1 |  |  |
| **Profit** <sup>4</sup> | $10792 | $10694 | $723 | $(625) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of Financial Products' revenues earned from MP&E. |
| 2 | Elimination of net expenses recorded between MP&E and Financial Products. |
| 3 | Elimination of interest expense recorded between Financial Products and MP&E. |
| 4 | Profit attributable to common shareholders. |

---

(more)

------

**Caterpillar Inc.**

**Supplemental Data for Financial Position**

**At December 31, 2025** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery,<br>Power &<br>Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9980 | $9333 | $647 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | 10920 | 3883 | 657 | 6380 | <sup>1,2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – finance | 10649 |  | 17325 | (6676) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2801 | 2448 | 441 | (88) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 18135 | 18135 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total current assets | 52485 | 33799 | 19070 | (384) |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment – net | 15140 | 10985 | 4106 | 49 | 4 |
| &nbsp;&nbsp;&nbsp;Long-term receivables – trade and other | 2142 | 1982 | 163 | (3) | <sup>1,2</sup> |
| &nbsp;&nbsp;&nbsp;Long-term receivables – finance | 14272 |  | 15538 | (1266) | 2 |
| &nbsp;&nbsp;&nbsp;Noncurrent deferred and refundable income taxes | 2882 | 3208 | 133 | (459) | 5 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 241 | 241 |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 5321 | 5321 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 6102 | 4525 | 2651 | (1074) | 6 |
| **Total assets** | $98585 | $60061 | $41661 | $(3137) |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | $5514 | $— | $5514 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 8968 | 8988 | 268 | (288) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 5587 | 4877 | 710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | 2554 | 2494 | 60 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 3314 | 3311 | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | 703 | 703 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2798 | 2259 | 645 | (106) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | 7120 | 35 | 7085 |  |  |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 36558 | 22667 | 14285 | (394) |  |
| &nbsp;&nbsp;&nbsp;Long-term debt due after one year | 30696 | 10955 | 21018 | (1277) | 10 |
| &nbsp;&nbsp;&nbsp;Liability for postemployment benefits | 3838 | 3837 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 6175 | 5162 | 1516 | (503) | 5 |
| **Total liabilities** | 77267 | 42621 | 36820 | (2174) |  |
| **Shareholders' equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 7181 | 7181 | 905 | (905) | 11 |
| &nbsp;&nbsp;&nbsp;Treasury stock | (49539) | (49539) |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit employed in the business | 65448 | 60639 | 4799 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (1772) | (843) | (929) |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests |  | 2 | 66 | (68) | 11 |
| **Total shareholders' equity** | 21318 | 17440 | 4841 | (963) |  |
| **Total liabilities and shareholders' equity** | $98585 | $60061 | $41661 | $(3137) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of receivables between MP&E and Financial Products. |
| 2 | Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables. |
| 3 | Elimination of MP&E's insurance premiums that are prepaid to Financial Products. |
| 4 | Reclassification of Financial Products' other assets to property, plant and equipment. |
| 5 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. |
| 6 | Elimination of other intercompany assets and liabilities between MP&E and Financial Products. |
| 7 | Elimination of payables between MP&E and Financial Products. |
| 8 | Reclassification of Financial Products' payables to customer advances. |
| 9 | Elimination of prepaid insurance in Financial Products' other liabilities. |
| 10 | Elimination of debt between MP&E and Financial Products. |
| 11 | Eliminations associated with MP&E's investments in Financial Products' subsidiaries. |

---

(more)

------

**Caterpillar Inc.**

**Supplemental Data for Financial Position**

**At December 31, 2024** 

**(Unaudited)**

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery,<br>Power &<br>Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $6889 | $6165 | $724 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | 9282 | 3463 | 688 | 5131 | <sup>1,2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – finance | 9565 |  | 14957 | (5392) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3119 | 2872 | 401 | (154) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 16827 | 16827 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total current assets | 45682 | 29327 | 16770 | (415) |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment – net | 13361 | 9531 | 3830 |  |  |
| &nbsp;&nbsp;&nbsp;Long-term receivables – trade and other | 1225 | 500 | 86 | 639 | <sup>1,2</sup> |
| &nbsp;&nbsp;&nbsp;Long-term receivables – finance | 13242 |  | 14048 | (806) | 2 |
| &nbsp;&nbsp;&nbsp;Noncurrent deferred and refundable income taxes | 3312 | 3594 | 118 | (400) | 4 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 399 | 399 |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 5241 | 5241 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 5302 | 4050 | 2277 | (1025) | 5 |
| **Total assets** | $87764 | $52642 | $37129 | $(2007) |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | $4393 | $— | $4393 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 7675 | 7619 | 331 | (275) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 5243 | 4589 | 654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | 2391 | 2335 | 56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 2322 | 2305 | 3 | 14 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | 674 | 674 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2909 | 2388 | 696 | (175) | <sup>4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt due within one year | 6665 | 46 | 6619 |  |  |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 32272 | 19956 | 12752 | (436) |  |
| &nbsp;&nbsp;&nbsp;Long-term debt due after one year | 27351 | 8731 | 18787 | (167) | 9 |
| &nbsp;&nbsp;&nbsp;Liability for postemployment benefits | 3757 | 3757 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 4890 | 3977 | 1344 | (431) | 4 |
| **Total liabilities** | 68270 | 36421 | 32883 | (1034) |  |
| **Shareholders' equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 6941 | 6941 | 905 | (905) | 10 |
| &nbsp;&nbsp;&nbsp;Treasury stock | (44331) | (44331) |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit employed in the business | 59352 | 54787 | 4555 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (2471) | (1182) | (1289) |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 3 | 6 | 75 | (78) | 10 |
| **Total shareholders' equity** | 19494 | 16221 | 4246 | (973) |  |
| **Total liabilities and shareholders' equity** | $87764 | $52642 | $37129 | $(2007) |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of receivables between MP&E and Financial Products. |
| 2 | Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables. |
| 3 | Elimination of MP&E's insurance premiums that are prepaid to Financial Products. |
| 4 | Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. |
| 5 | Elimination of other intercompany assets and liabilities between MP&E and Financial Products. |
| 6 | Elimination of payables between MP&E and Financial Products. |
| 7 | Reclassification of Financial Products' payables to customer advances. |
| 8 | Elimination of prepaid insurance in Financial Products' other liabilities. |
| 9 | Elimination of debt between MP&E and Financial Products. |
| 10 | Eliminations associated with MP&E's investments in Financial Products' subsidiaries. |

---

(more)

------

**Caterpillar Inc.**

**Supplemental Data for Cash Flow** 

**For the Twelve Months Ended December 31, 2025** 

**(Unaudited)** 

**(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery, Power & Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Cash flow from operating activities:** | | | | | |
| &nbsp;&nbsp;&nbsp;Profit of consolidated and affiliated companies | $8882 | $8637 | $734 | $(489) | 15 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile profit to net cash provided by operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2262 | 1497 | 765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial (gain) loss on pension and postretirement benefits | (294) | (294) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 465 | 395 | 70 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture | 30 | 30 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 742 | 658 | (513) | 597 | 2 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions and divestitures: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | (2138) | (503) | 63 | (1698) | <sup>2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (1477) | (1473) |  | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1179 | 1217 | (11) | (27) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 438 | 486 | (48) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | 187 | 185 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 1933 | 1933 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets – net | (176) | (48) | (28) | (100) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities – net | (294) | (442) | 40 | 108 | 2 |
| Net cash provided by (used for) operating activities | 11739 | 12278 | 1074 | (1613) |  |
| **Cash flow from investing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures – excluding equipment leased to others | (2821) | (2758) | (94) | 31 | 2 |
| &nbsp;&nbsp;&nbsp;Expenditures for equipment leased to others | (1465) | (36) | (1438) | 9 | 2 |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of leased assets and property, plant and equipment | 708 | 79 | 665 | (36) | 2 |
| &nbsp;&nbsp;&nbsp;Additions to finance receivables | (15329) |  | (18058) | 2729 | 3 |
| &nbsp;&nbsp;&nbsp;Collections of finance receivables | 13515 |  | 15664 | (2149) | 3 |
| &nbsp;&nbsp;&nbsp;Net intercompany purchased receivables |  |  | (529) | 529 | 3 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of finance receivables | 71 |  | 71 |  |  |
| &nbsp;&nbsp;&nbsp;Additions to intercompany receivables (original maturities greater than three months) |  | (1000) |  | 1000 | 4 |
| &nbsp;&nbsp;&nbsp;Collections of intercompany receivables (original maturities greater than three months) |  |  | 80 | (80) | 4 |
| &nbsp;&nbsp;&nbsp;Investments and acquisitions (net of cash acquired) | (47) | (47) |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of businesses and investments (net of cash sold) | 22 | 22 |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and sale of securities | 2494 | 1541 | 953 |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (1930) | (797) | (1133) |  |  |
| &nbsp;&nbsp;&nbsp;Other – net | 75 | 126 | (51) |  |  |
| Net cash provided by (used for) investing activities | (4707) | (2870) | (3870) | 2033 |  |
| **Cash flow from financing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (2749) | (2749) | (500) | 500 | 5 |
| &nbsp;&nbsp;&nbsp;Common stock issued, and other stock compensation transactions, net | (16) | (16) |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments to purchase common stock | (5190) | (5190) |  |  |  |
| &nbsp;&nbsp;&nbsp;Excise tax paid on purchases of common stock | (73) | (73) | **—** | **—** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from intercompany borrowings (original maturities greater than three months) |  |  | 1000 | (1000) | 4 |
| &nbsp;&nbsp;&nbsp;Payments on intercompany borrowings (original maturities greater than three months) |  | (80) |  | 80 | 4 |
| &nbsp;&nbsp;&nbsp;Proceeds from debt issued (original maturities greater than three months) | 11105 | 1976 | 9129 |  |  |
| &nbsp;&nbsp;&nbsp;Payments on debt (original maturities greater than three months) | (8081) | (51) | (8030) |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings – net (original maturities three months or less) | 1106 |  | 1106 |  |  |
| &nbsp;&nbsp;&nbsp;Other – net | (1) | (1) |  |  |  |
| Net cash provided by (used for) financing activities | (3899) | (6184) | 2705 | (420) |  |
| Effect of exchange rate changes on cash | (43) | (58) | 15 |  |  |
| **Increase (decrease) in cash, cash equivalents and restricted cash** | 3090 | 3166 | (76) |  |  |
| Cash, cash equivalents and restricted cash at beginning of period | 6896 | 6170 | 726 |  |  |
| Cash, cash equivalents and restricted cash at end of period | $9986 | $9336 | $650 | $— |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries. |
| 2 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. |
| 3 | Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory. |
| 4 | Elimination of proceeds and payments to/from MP&E and Financial Products |
| 5 | Elimination of dividend activity between Financial Products and MP&E. |

---

(more)

------

**Caterpillar Inc.**

**Supplemental Data for Cash Flow** 

**For the Twelve Months Ended December 31, 2024** 

**(Unaudited)**

 **(Millions of dollars)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | **Supplemental Consolidating Data** | |
| |<br>**Consolidated** | **Machinery, Power & Energy** | **Financial<br>Products** | **Consolidating<br>Adjustments** | |
| **Cash flow from operating activities:** | | | | | |
| &nbsp;&nbsp;&nbsp;Profit of consolidated and affiliated companies | $10788 | $10689 | $724 | $(625) | 15 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile profit to net cash provided by operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2153 | 1368 | 785 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial (gain) loss on pension and postretirement benefits | (154) | (154) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | (621) | (327) | (294) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on divestiture | 164 | (46) | 210 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 564 | 355 | (388) | 597 | 2 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions and divestitures: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables – trade and other | (160) | 413 | 207 | (780) | <sup>2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (414) | (400) |  | (14) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (282) | (200) | (41) | (41) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 191 | 78 | 113 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and employee benefits | (363) | (358) | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances | 370 | 369 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets – net | (97) | (188) | 48 | 43 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities – net | (104) | (162) | 85 | (27) | 2 |
| Net cash provided by (used for) operating activities | 12035 | 11437 | 1445 | (847) |  |
| **Cash flow from investing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures – excluding equipment leased to others | (1988) | (1952) | (41) | 5 | 2 |
| &nbsp;&nbsp;&nbsp;Expenditures for equipment leased to others | (1227) | (36) | (1211) | 20 | 2 |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of leased assets and property, plant and equipment | 722 | 35 | 698 | (11) | 2 |
| &nbsp;&nbsp;&nbsp;Additions to finance receivables | (15409) |  | (16845) | 1436 | 3 |
| &nbsp;&nbsp;&nbsp;Collections of finance receivables | 13608 |  | 14707 | (1099) | 3 |
| &nbsp;&nbsp;&nbsp;Net intercompany purchased receivables |  |  | 129 | (129) | 3 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of finance receivables | 83 |  | 83 |  |  |
| &nbsp;&nbsp;&nbsp;Net intercompany borrowings |  |  | 21 | (21) | 4 |
| &nbsp;&nbsp;&nbsp;Investments and acquisitions (net of cash acquired) | (34) | (34) |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of businesses and investments (net of cash sold) | (61) | 92 | (153) |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and sale of securities | 3155 | 2795 | 360 |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities | (1495) | (909) | (586) |  |  |
| &nbsp;&nbsp;&nbsp;Other – net | 193 | 142 | 51 |  |  |
| Net cash provided by (used for) investing activities | (2453) | 133 | (2787) | 201 |  |
| **Cash flow from financing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid | (2646) | (2646) | (625) | 625 | 5 |
| &nbsp;&nbsp;&nbsp;Common stock issued, including treasury shares reissued | 20 | 20 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments to purchase common stock | (7697) | (7697) |  |  |  |
| &nbsp;&nbsp;&nbsp;Excise tax paid on purchases of common stock | (40) | (40) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net intercompany borrowings |  | (21) |  | 21 | 4 |
| &nbsp;&nbsp;&nbsp;Proceeds from debt issued (original maturities greater than three months) | 10283 |  | 10283 |  |  |
| &nbsp;&nbsp;&nbsp;Payments on debt (original maturities greater than three months) | (9316) | (1032) | (8284) |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings – net (original maturities three months or less) | (168) |  | (168) |  |  |
| &nbsp;&nbsp;&nbsp;Other – net | (1) | (1) |  |  |  |
| Net cash provided by (used for) financing activities | (9565) | (11417) | 1206 | 646 |  |
| Effect of exchange rate changes on cash | (106) | (94) | (12) |  |  |
| **Increase (decrease) in cash, cash equivalents and restricted cash** | (89) | 59 | (148) |  |  |
| Cash, cash equivalents and restricted cash at beginning of period | 6985 | 6111 | 874 |  |  |
| Cash, cash equivalents and restricted cash at end of period | $6896 | $6170 | $726 | $— |  |

---

---

| | |
|:---|:---|
| 1 | Elimination of equity profit earned from Financial Products' subsidiaries partially owned by MP&E subsidiaries. |
| 2 | Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. |
| 3 | Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory. |
| 4 | Elimination of net proceeds and payments to/from MP&E and Financial Products. |
| 5 | Elimination of dividend activity between Financial Products and MP&E. |

---

#

## Exhibit 99.2

**EXHIBIT 99.2**

Caterpillar Inc. ("Caterpillar", "we" or "our") is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar's business and the industries it serves, particularly in light of the time delay between Caterpillar's sales to dealers and dealers' sales to end users.

In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Power & Energy reportable segment, we are providing retail sales information by major end use.

The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar's internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar's audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** |
| **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** | **<u>Caterpillar Inc.<br>Quarterly Retail Sales Statistics</u>** |
| **Machines and P&E Combined** | **4th Quarter 2025** | **3rd Quarter 2025** | **2nd Quarter 2025** | **1st Quarter 2025** |
| **World** | UP 15% | UP 12% | UP 3% | UP 3% |
| **Machines** | **4th Quarter 2025** | **3rd Quarter 2025** | **2nd Quarter 2025** | **1st Quarter 2025** |
| **Asia/Pacific** | DOWN 12% | DOWN 16% | UP 3% | DOWN 7% |
| **EAME** | DOWN 7% | UP 19% | UP 3% | UP 5% |
| **Latin America** | UP 15% | UP 8% | DOWN 5% | UP 6% |
| **North America** | UP 15% | UP 9% | UNCHANGED | DOWN 2% |
| **World** | UP 6% | UP 6% | UNCHANGED | DOWN 1% |
| **Resource Industries (RI)** | **4th Quarter 2025** | **3rd Quarter 2025** | **2nd Quarter 2025** | **1st Quarter 2025** |
| **Asia/Pacific** | DOWN 23% | DOWN 24% | UP 9% | DOWN 14% |
| **EAME** | DOWN 21% | UP 56% | DOWN 4% | UP 8% |
| **Latin America** | UP 34% | UP 20% | DOWN 2% | DOWN 10% |
| **North America** | UP 2% | UP 2% | DOWN 10% | DOWN 15% |
| **World** | DOWN 7% | UP 6% | DOWN 3% | DOWN 10% |
| **Construction Industries (CI)** | **4th Quarter 2025** | **3rd Quarter 2025** | **2nd Quarter 2025** | **1st Quarter 2025** |
| **Asia/Pacific** | DOWN 2% | DOWN 9% | DOWN 2% | DOWN 3% |
| **EAME** | DOWN 1% | UP 7% | UP 5% | UP 4% |
| **Latin America** | UP 6% | UP 2% | DOWN 7% | UP 16% |
| **North America** | UP 18% | UP 11% | UP 3% | UP 1% |
| **World** | UP 11% | UP 7% | UP 2% | UP 3% |
| Reported in price neutral dollars and based on unit sales as reported primarily by dealers. | Reported in price neutral dollars and based on unit sales as reported primarily by dealers. | Reported in price neutral dollars and based on unit sales as reported primarily by dealers. | Reported in price neutral dollars and based on unit sales as reported primarily by dealers. |  |
| **Power & Energy (P&E) Retail Sales** by industry for the quarter ended as indicated compared with the same period of the prior year: | **Power & Energy (P&E) Retail Sales** by industry for the quarter ended as indicated compared with the same period of the prior year: | **Power & Energy (P&E) Retail Sales** by industry for the quarter ended as indicated compared with the same period of the prior year: | **Power & Energy (P&E) Retail Sales** by industry for the quarter ended as indicated compared with the same period of the prior year: | **Power & Energy (P&E) Retail Sales** by industry for the quarter ended as indicated compared with the same period of the prior year: |
| **Power & Energy (P&E)** | **4th Quarter 2025** | **3rd Quarter 2025** | **2nd Quarter 2025** | **1st Quarter 2025** |
| **Power Gen** | UP 44% | UP 33% | UP 19% | UP 58% |
| **Industrial** | UP 12% | UP 20% | UP 18% | UP 1% |
| **Transportation** | UP 22% | UP 19% | DOWN 24% | UP 4% |
| **Oil & Gas** | UP 36% | UP 19% | UP 4% | DOWN 23% |
| **Total** | UP 37% | UP 25% | UP 9% | UP 13% |
| Reported in dollars based on reporting from dealers and direct sales. | Reported in dollars based on reporting from dealers and direct sales. | Reported in dollars based on reporting from dealers and direct sales. |  |  |

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***<u>Glossary of Terms</u>***

*<u>Construction Industries:</u>* A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools.

*<u>EAME:</u>* A geographic region including Europe, Africa, the Middle East and Eurasia.

*<u>Power & Energy:</u>* A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies.

*<u>Resource Industries:</u>* A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; wear and maintenance components and related parts. In addition to equipment, Resource Industries also sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated component design and manufacturing and research and development for hydraulic systems and cabs.

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**<u>FORWARD-LOOKING STATEMENTS</u>**

Certain statements in this report relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.