# EDGAR Filing Document

**Accession Number:** 0000764764
**File Stem:** 0000764764-25-000031
**Filing Date:** 2025-11
**Character Count:** 134969
**Document Hash:** 2ac5c55f1fe1345262d65731fc47fab0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000764764-25-000031.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0000764764-25-000031

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CATERPILLAR FINANCIAL SERVICES CORP
- **CENTRAL INDEX KEY:** 0000764764
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 371105865
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11241
- **FILM NUMBER:** 251442689

**BUSINESS ADDRESS:**
- **STREET 1:** 2120 WEST END AVE
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 6153411000

**MAIL ADDRESS:**
- **STREET 1:** 2120 WEST END AVENUE
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

?xml version='1.0' encoding='ASCII'? cfsc-20250930

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**![catfincolor3a16.jpg](cfsc-20250930_g1.jpg)

**FORM 10-Q**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended** September 30, 2025

**Commission File No. <u>001-11241</u>**

**<u>CATERPILLAR FINANCIAL SERVICES CORPORATION</u>**

**(Exact name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **<u>Delaware</u>** | **<u>37-1105865</u>** |
| (State of incorporation) | (IRS Employer I.D. No.) |
| **<u>2120 West End Ave., Nashville, Tennessee</u>** | **<u>37203-0001</u>** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **<u>(615) 341-1000</u>**

---

| | | |
|:---|:---|:---|
| 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: |
|  **<u>Title of each class</u>** | **Trading** <br>**<u>Symbol(s)</u>** | **Name of each exchange**<br> **<u>on which registered</u>**  |
| Medium-Term Notes, Series K,<br>4.850% Notes Due 2029 | CAT/29 | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting 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 for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 3, 2025, one share of common stock of the registrant was outstanding, which is owned by Caterpillar Inc.

**The registrant is a wholly owned subsidiary of Caterpillar Inc. and meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q, and is therefore filing this form with the reduced disclosure format.**

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Part I. Financial Information** | | |
| <u>Item 1.</u> | <u>[Financial Statements](#i31e4ff5e97d94414ad94e37632414928_10)</u> | <u>3</u> |
| <u>Item 2.</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i31e4ff5e97d94414ad94e37632414928_70)</u> | <u>27</u> |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | \* |
| <u>Item 4.</u> | <u>[Controls and Procedures](#i31e4ff5e97d94414ad94e37632414928_106)</u> | <u>34</u> |
| **Part II. Other Information** | | |
| <u>Item 1.</u> | <u>[Legal Proceedings](#i31e4ff5e97d94414ad94e37632414928_112)</u> | <u>35</u> |
| <u>Item 1A.</u> | <u>[Risk Factors](#i31e4ff5e97d94414ad94e37632414928_115)</u> | <u>35</u> |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | \* |
| Item 3. | Defaults Upon Senior Securities | \* |
| Item 4. | Mine Safety Disclosures | \* |
| <u>Item 5.</u> | <u>[Other Information](#i31e4ff5e97d94414ad94e37632414928_118)</u> | <u>35</u> |
| <u>Item 6.</u> | <u>[Exhibits](#i31e4ff5e97d94414ad94e37632414928_121)</u> | <u>35</u> |
| \* Item omitted because no answer is called for or item is not applicable. | \* Item omitted because no answer is called for or item is not applicable. | \* Item omitted because no answer is called for or item is not applicable. |

---

------

**PART I. FINANCIAL INFORMATION**

**<u>ITEM 1. FINANCIAL STATEMENTS</u>**

In addition to the accompanying unaudited consolidated financial statements for Caterpillar Financial Services Corporation (together with its subsidiaries, "Cat Financial," "the Company," "we," "us" or "our"), we suggest that you read our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 14, 2025. The Company files electronically with the SEC required reports on Form 8-K, Form 10-Q and Form 10-K; registration statements on Form S-3; and other forms or reports as required. Our SEC filings are available to the public free of charge on the SEC's website (www.sec.gov) and Caterpillar Inc.'s ("Caterpillar") website (www.Caterpillar.com/secfilings) as soon as reasonably practicable after filing with the SEC. In addition, the public may obtain more detailed information about our parent company, Caterpillar, by visiting its website (www.Caterpillar.com). None of the information contained at any time on our website or Caterpillar's website is incorporated by reference into this document.

------

**Caterpillar Financial Services Corporation**

 **Consolidated Statements of Profit**

**(Unaudited)**

**(Dollars in Millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail finance | $474 | $428 | $1374 | $1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease | 231 | 235 | 686 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale finance | 184 | 188 | 507 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 37 | 37 | 118 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 926 | 888 | 2685 | 2606 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 358 | 336 | 1025 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation on equipment leased to others | 173 | 180 | 520 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General, operating and administrative | 165 | 160 | 488 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 34 | 19 | 82 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 8 | 8 | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 738 | 703 | 2135 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (4) | (3) | (9) | (191) |
| **Profit before income taxes** | 184 | 182 | 541 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 50 | 45 | 139 | 151 |
| **Profit of consolidated companies** | 134 | 137 | 402 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Profit attributable to noncontrolling interests |  |  | 1 | 1 |
| **Profit attributable to Caterpillar Financial Services Corporation** | $134 | $137 | $401 | $241 |

---

*See Notes to Consolidated Financial Statements (Unaudited).*

------

**Caterpillar Financial Services Corporation**

 **Consolidated Statements of Comprehensive Income**

**(Unaudited)**

**(Dollars in Millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Profit of consolidated companies** | $134 | $137 | $402 | $242 |
| Other comprehensive income (loss), net of tax (Note 5): |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation | (4) | 174 | 306 | 74 |
| &nbsp;&nbsp;Derivative financial instruments | (9) | (7) | (28) | (11) |
| Total other comprehensive income (loss), net of tax | (13) | 167 | 278 | 63 |
| **Comprehensive income (loss)** | 121 | 304 | 680 | 305 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests |  | 1 | 1 | 2 |
| **Comprehensive income (loss) attributable to Caterpillar Financial Services Corporation** | $121 | $303 | $679 | $303 |

---

*See Notes to Consolidated Financial Statements (Unaudited).*

------

**Caterpillar Financial Services Corporation**

 **Consolidated Statements of Financial Position**

**(Unaudited)**

**(Dollars in Millions, except share data)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $728 | $599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivables, net of allowance for credit losses of $283 and $267 | 31568 | 28964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from Caterpillar | 623 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment on operating leases, net | 2836 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1146 | 1182 |
| **Total assets** | $36901 | $34084 |
| **Liabilities and shareholder's equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to dealers and others | $176 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to Caterpillar - borrowings and other | 1188 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 448 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 4509 | 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 9257 | 6619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 17067 | 18787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 686 | 641 |
| **Total liabilities** | 33331 | 31194 |
| Commitments and contingent liabilities (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock - $1 par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized: 2,000 shares; Issued and outstanding: one share (at paid-in amount) | 745 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3701 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (954) | (1232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 76 | 75 |
| **Total shareholder's equity** | 3570 | 2890 |
| **Total liabilities and shareholder's equity** | $36901 | $34084 |

---

*See Notes to Consolidated Financial Statements (Unaudited).*

------

**Caterpillar Financial Services Corporation**

 **Consolidated Statements of Changes in Shareholder's Equity**

**(Unaudited)**

**(Dollars in Millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Three Months Ended September 30, 2024</u>** | **Common<br>stock** | **Additional<br>paid-in<br>capital** | **Retained<br>earnings** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Noncontrolling<br>interests** | **Total** |
| **Balance at June 30, 2024** | $745 | $2 | $3431 | $(1082) | $75 | $3171 |
| Profit of consolidated companies |  |  | 137 |  |  | 137 |
| Foreign currency translation, net of tax |  |  |  | 173 | 1 | 174 |
| Derivative financial instruments, net of tax |  |  |  | (7) |  | (7) |
| **Balance at September 30, 2024** | $745 | $2 | $3568 | $(916) | $76 | $3475 |
| **<u>Three Months Ended September 30, 2025</u>** |  |  |  |  |  |  |
| **Balance at June 30, 2025** | $745 | $2 | $3567 | $(941) | $76 | $3449 |
| Profit of consolidated companies |  |  | 134 |  |  | 134 |
| Foreign currency translation, net of tax |  |  |  | (4) |  | (4) |
| Derivative financial instruments, net of tax |  |  |  | (9) |  | (9) |
| **Balance at September 30, 2025** | $745 | $2 | $3701 | $(954) | $76 | $3570 |
| **<u>Nine Months Ended September 30, 2024</u>** |  |  |  |  |  |  |
| **Balance at December 31, 2023** | $745 | $2 | $3327 | $(978) | $74 | $3170 |
| Profit of consolidated companies |  |  | 241 |  | 1 | 242 |
| Foreign currency translation, net of tax |  |  |  | 73 | 1 | 74 |
| Derivative financial instruments, net of tax |  |  |  | (11) |  | (11) |
| **Balance at September 30, 2024** | $745 | $2 | $3568 | $(916) | $76 | $3475 |
| **<u>Nine Months Ended September 30, 2025</u>** |  |  |  |  |  |  |
| **Balance at December 31, 2024** | $745 | $2 | $3300 | $(1232) | $75 | $2890 |
| Profit of consolidated companies |  |  | 401 |  | 1 | 402 |
| Foreign currency translation, net of tax |  |  |  | 306 |  | 306 |
| Derivative financial instruments, net of tax |  |  |  | (28) |  | (28) |
| **Balance at September 30, 2025** | $745 | $2 | $3701 | $(954) | $76 | $3570 |

---

 *See Notes to Consolidated Financial Statements (Unaudited).*

------

**Caterpillar Financial Services Corporation**

 **Consolidated Statements of Cash Flows**

**(Unaudited)**

**(Dollars in Millions)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Profit of consolidated companies | $402 | $242 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile profit to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 533 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of Caterpillar purchased receivable revenue | (444) | (482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 82 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 18 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on divestiture |  | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1) | 57 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 122 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to dealers and others | 63 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (101) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables with Caterpillar | 21 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 29 | 129 |
| Net cash provided by operating activities | 724 | 814 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenditures for equipment on operating leases | (875) | (793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures - excluding equipment on operating leases | (33) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposals of equipment | 481 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to finance receivables | (12659) | (12281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collections of finance receivables | 11397 | 10904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net changes in Caterpillar purchased receivables | (241) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business, net of cash sold |  | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of receivables | 26 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in variable lending to Caterpillar | (107) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to other notes receivable from Caterpillar |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collections of other notes receivable from Caterpillar | 46 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements of undesignated derivatives | (64) | 19 |
| Net cash provided by (used for) investing activities | (2029) | (1710) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in variable lending from Caterpillar | (10) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings with Caterpillar | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt issued (original maturities greater than three months) | 6478 | 7579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on debt issued (original maturities greater than three months) | (6162) | (5841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings, net (original maturities three months or less) | 106 | (848) |
| Net cash provided by (used for) financing activities | 1412 | 876 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 24 |  |
| **Increase (decrease) in cash, cash equivalents and restricted cash** | 131 | (20) |
| Cash, cash equivalents and restricted cash at beginning of year<sup>(1)</sup> | 600 | 729 |
| Cash, cash equivalents and restricted cash at end of period<sup>(1)</sup> | $731 | $709 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025 and December 31, 2024, restricted cash, which is included in Other assets in the Consolidated Statements of Financial Position, was $3 million and $1 million, respectively. Restricted cash primarily includes cash related to syndication activities.

*See Notes to Consolidated Financial Statements (Unaudited*).

------

**<u>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</u>**

**(Unaudited)**

**1. Basis of Presentation**

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated profit for the three and nine months ended September 30, 2025 and 2024, (b) the consolidated comprehensive income for the three and nine months ended September 30, 2025 and 2024, (c) the consolidated financial position at September 30, 2025 and December 31, 2024, (d) the consolidated changes in shareholder's equity for the three and nine months ended September 30, 2025 and 2024 and (e) the consolidated cash flows for the nine months ended September 30, 2025 and 2024. The preparation of financial statements, in conformity with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), requires management to make estimates and assumptions that affect the reported amounts. Significant estimates include residual values for leased assets, allowance for credit losses and income taxes. Actual results may differ from these estimates.

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). The December 31, 2024 financial position data included herein was derived from the audited consolidated financial statements included in the 2024 Form 10-K but does not include all disclosures required by generally accepted accounting principles. Certain amounts for prior periods have been reclassified to conform with the current period financial statement presentation.

The accompanying consolidated financial statements include the accounts of Cat Financial and a consolidated variable interest entity (VIE). We consolidate all VIEs where we are the primary beneficiary. For VIEs, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIEs. Please refer to Note 7 for more information.

We have customers and dealers that are VIEs of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses.

**2. New Accounting Pronouncements**

**A.Adoption of New Accounting Standards**

We consider the applicability and impact of all Accounting Standards Updates (ASUs). We determined that the ASUs effective January 1, 2025 were either not applicable or did not have a material impact on our financial statements.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Accounting Standards Issued But Not Yet Adopted**

**Income tax reporting** (ASU 2023-09) - In December 2023, the Financial Accounting Standards Board (FASB) issued accounting guidance to expand the annual disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. The expanded disclosures are effective for our year ending December 31, 2025, and can be applied prospectively or retrospectively. We are in the process of evaluating the effect of this new guidance on the related disclosures.

**Disaggregation of income statement expenses** (ASU 2024-03) - In November 2024, the FASB issued accounting guidance to enhance transparency into the nature and function of income statement expenses. The amendments require that on an annual and interim basis, entities disclose disaggregated operating expense information about specific categories, including employee compensation, depreciation and amortization. The expanded annual disclosures are effective for our year ending December 31, 2027, and the expanded interim disclosures are effective in 2028, with early adoption permitted. We are in the process of evaluating the effect of this new guidance on the related disclosures.

------

**Internal-use software costs** (ASU 2025-06) - In September 2025, the FASB issued accounting guidance to modernize the accounting for internal-use software costs. Under this guidance, capitalization for internal-use software costs begins when management has authorized and committed to funding the project and it is probable the project will be completed, and the software will be used to perform the intended function. This guidance is effective January 1, 2028, with early adoption permitted, and can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are in the process of evaluating the effect of this new guidance on our financial statements.

All other ASUs issued but not yet adopted were assessed and we determined that they either were not applicable or were not expected to have a material impact on our financial statements.

**3. Finance Receivables**

A summary of finance receivables included in the Consolidated Statements of Financial Position was as follows:

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **September 30,<br>2025** | **December 31,<br>2024** |
| Retail loans<sup>(1)</sup> | $18592 | $17331 |
| Retail leases | 6803 | 6380 |
| Caterpillar purchased receivables | 5145 | 4283 |
| Wholesale loans<sup>(1)</sup> | 1310 | 1235 |
| Wholesale leases | 1 | 2 |
| Total finance receivables | 31851 | 29231 |
| &nbsp;&nbsp;&nbsp;Less: Allowance for credit losses | (283) | (267) |
| Total finance receivables, net | $31568 | $28964 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes failed sale leasebacks.

**Finance leases**

Revenues from finance leases were $120 million and $110 million for the three months ended September 30, 2025 and 2024, respectively, and $350 million and $323 million for the nine months ended September 30, 2025 and 2024, respectively, and are included in retail and wholesale finance revenues in the Consolidated Statements of Profit.

**A.Allowance for credit losses** 

**Portfolio segments**

A portfolio segment is the level at which we develop a systematic methodology for determining our allowance for credit losses. Our portfolio segments and related methods for estimating expected credit losses are as follows:

**Customer** 

We provide loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. We also provide financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of our customer finance receivables portfolio was approximately 51 months with an average remaining term of approximately 27 months as of September 30, 2025.

We typically maintain a security interest in financed equipment and generally require physical damage insurance coverage on the financed equipment, both of which provide us with certain rights and protections. If our collection efforts fail to bring a defaulted account current, we generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions.

We estimate the allowance for credit losses related to our customer finance receivables based on loss forecast models utilizing probabilities of default and our estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors.

During the three and nine months ended September 30, 2025, our forecasts reflect a continuation of global market uncertainty and actions by global central banks aimed at balancing economic growth and managing inflation. We believe the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends.

------

**Dealer** 

We provide financing to Caterpillar dealers in the form of wholesale financing plans and working capital loans. Our wholesale financing plans provide financing to dealers for their primarily new Caterpillar equipment inventory and rental fleets on a secured and unsecured basis. In addition, we provide a variety of secured and unsecured retail loans to Caterpillar dealers.

&nbsp;&nbsp;&nbsp;&nbsp;

We estimate the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, our Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three and nine months ended September 30, 2025.

**Caterpillar Purchased Receivables** 

We purchase receivables from Caterpillar, primarily related to the sale of equipment and parts to dealers. Caterpillar purchased receivables are non-interest-bearing short-term trade receivables that are purchased at a discount.

We estimate the allowance for credit losses for Caterpillar purchased receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, our Caterpillar Purchased Receivables portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to the short-term maturities of the receivables and our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three and nine months ended September 30, 2025.

**Classes of finance receivables**

We further evaluate our portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Our classes, which align with management reporting for credit losses, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• North America** - Finance receivables originated in the United States and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• EAME** - Finance receivables originated in Europe, Africa, the Middle East and Eurasia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Asia/Pacific** - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Latin America** - Finance receivables originated in Mexico and Central and South American countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Mining** - Finance receivables originated worldwide related to large mining customers.

------

An analysis of the allowance for credit losses was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Customer** | **Dealer** | **Caterpillar<br>Purchased <br>Receivables** | **Total** | **Customer** | **Dealer** | **Caterpillar<br>Purchased <br>Receivables** | **Total** |
| Beginning Balance | $281 | $4 | $5 | $290 | $246 | $4 | $4 | $254 |
| &nbsp;&nbsp;Write-offs | (52) |  |  | (52) | (42) |  |  | (42) |
| &nbsp;&nbsp;Recoveries | 12 |  |  | 12 | 15 |  |  | 15 |
| &nbsp;&nbsp;Provision for credit losses<sup>(1)</sup> | 32 |  |  | 32 | 25 |  | 1 | 26 |
| &nbsp;&nbsp;Other | 1 |  |  | 1 | 2 |  |  | 2 |
| Ending Balance | $274 | $4 | $5 | $283 | $246 | $4 | $5 | $255 |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Customer** | **Dealer** | **Caterpillar<br>Purchased <br>Receivables** | **Total** | **Customer** | **Dealer** | **Caterpillar<br>Purchased <br>Receivables** | **Total** |
| Beginning Balance | $258 | $4 | $5 | $267 | $276 | $51 | $4 | $331 |
| &nbsp;&nbsp;Write-offs | (109) |  |  | (109) | (98) | (47) |  | (145) |
| &nbsp;&nbsp;Recoveries | 31 |  |  | 31 | 45 |  |  | 45 |
| &nbsp;&nbsp;Provision for credit losses<sup>(1)</sup> | 86 |  |  | 86 | 49 |  | 1 | 50 |
| &nbsp;&nbsp;Other | 8 |  |  | 8 | (26) |  |  | (26) |
| Ending Balance | $274 | $4 | $5 | $283 | $246 | $4 | $5 | $255 |
| Finance Receivables | $23929 | $2777 | $5145 | $31851 | $22189 | $2902 | $4314 | $29405 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.

------

Gross write-offs by origination year for our Customer portfolio segment were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Finance Receivables** | **Total** |
| North America | $1 | $5 | $7 | $3 | $2 | $1 | $2 | $21 |
| EAME |  |  | 3 | 1 |  | 1 | 1 | 6 |
| Asia/Pacific | 1 | 3 | 1 |  |  |  |  | 5 |
| Latin America |  | 2 |  | 1 | 1 |  |  | 4 |
| Mining |  | 5 | 5 | 5 |  | 1 |  | 16 |
| **Total** | $2 | $15 | $16 | $10 | $3 | $3 | $3 | $52 |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving Finance Receivables** | **Total** |
| North America | $— | $5 | $4 | $2 | $1 | $— | $2 | $14 |
| EAME |  |  | 1 | 1 | 1 |  |  | 3 |
| Asia/Pacific |  | 2 | 1 |  |  | 1 |  | 4 |
| Latin America |  | 2 | 2 | 1 | 2 |  |  | 7 |
| Mining | 8 | 3 | 3 |  |  |  |  | 14 |
| **Total** | $8 | $12 | $11 | $4 | $4 | $1 | $2 | $42 |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Finance Receivables** | **Total** |
| North America | $1 | $10 | $18 | $9 | $6 | $4 | $6 | $54 |
| EAME |  | 2 | 6 | 2 | 1 | 1 | 1 | 13 |
| Asia/Pacific | 1 | 4 | 3 | 1 | 1 |  |  | 10 |
| Latin America |  | 2 | 2 | 4 | 1 | 1 |  | 10 |
| Mining |  | 8 | 6 | 6 |  | 1 |  | 21 |
| Power |  |  |  |  |  | 1 |  | 1 |
| **Total** | $2 | $26 | $35 | $22 | $9 | $8 | $7 | $109 |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving Finance Receivables** | **Total** |
| North America | $— | $13 | $10 | $5 | $2 | $1 | $8 | $39 |
| EAME |  | 2 | 3 | 3 | 2 |  |  | 10 |
| Asia/Pacific |  | 4 | 4 | 3 | 1 | 1 |  | 13 |
| Latin America |  | 2 | 5 | 4 | 3 | 8 |  | 22 |
| Mining | 8 | 3 | 3 |  |  |  |  | 14 |
| **Total** | $8 | $24 | $25 | $15 | $8 | $10 | $8 | $98 |

---

For the three months ended September 30, 2025 and 2024, there were no gross write-offs in our Dealer portfolio segment. For the nine months ended September 30, 2025, there were no gross write-offs in our Dealer portfolio segment. For the nine months ended September 30, 2024, there were $47 million of gross write-offs in our Dealer portfolio segment, all of which were in Latin America and originated prior to 2020.

------

**B.Credit quality of finance receivables** 

At origination, we evaluate credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, we monitor credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, we consider the entire finance receivable past due when any installment is over 30 days past due.

**Customer** 

The aging category of the amortized cost of finance receivables in our Customer portfolio segment by origination year were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving <br>Finance <br>Receivables** | **Total<br>Finance<br>Receivables** |
| **<u>North America</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | $4105 | $4058 | $2146 | $931 | $453 | $55 | $471 | $12219 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 22 | 41 | 33 | 18 | 8 | 1 | 4 | 127 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 6 | 15 | 11 | 6 | 3 | 1 | 2 | 44 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 4 | 25 | 32 | 22 | 10 | 4 | 1 | 98 |
| **<u>EAME</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 1136 | 1053 | 699 | 375 | 161 | 67 |  | 3491 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 8 | 11 | 9 | 6 | 2 | 1 |  | 37 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 2 | 4 | 5 | 2 | 1 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 1 | 10 | 12 | 8 | 4 | 2 |  | 37 |
| **<u>Asia/Pacific</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 893 | 788 | 456 | 173 | 58 | 8 | 54 | 2430 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 4 | 4 | 3 | 3 | 1 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 1 | 3 | 2 | 1 |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 1 | 3 | 3 | 3 |  |  |  | 10 |
| **<u>Latin America</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 767 | 594 | 256 | 129 | 24 | 3 | 2 | 1775 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 4 | 7 | 4 | 2 | 1 |  |  | 18 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 1 | 3 | 1 | 1 |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;91+ days past due |  | 10 | 7 | 5 | 3 | 2 |  | 27 |
| **<u>Mining</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 650 | 888 | 572 | 323 | 130 | 63 | 15 | 2641 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 5 | 4 | 8 |  |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;61-90 days past due |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;91+ days past due |  |  |  |  |  | 2 |  | 2 |
| **<u>Power</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 242 | 259 | 180 | 37 | 31 | 43 | 121 | 913 |
| &nbsp;&nbsp;&nbsp;31-60 days past due |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;61-90 days past due |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;91+ days past due |  |  |  |  |  | 1 |  | 1 |
| **<u>Totals by Aging Category</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 7793 | 7640 | 4309 | 1968 | 857 | 239 | 663 | 23469 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 43 | 67 | 57 | 29 | 12 | 2 | 4 | 214 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 10 | 25 | 19 | 10 | 4 | 1 | 2 | 71 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 6 | 48 | 54 | 38 | 17 | 11 | 1 | 175 |
| Total | $7852 | $7780 | $4439 | $2045 | $890 | $253 | $670 | $23929 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving <br>Finance <br>Receivables** | **Total<br>Finance<br>Receivables** |
| **<u>North America</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | $5340 | $3035 | $1567 | $980 | $244 | $23 | $385 | $11574 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 30 | 42 | 29 | 18 | 5 | 1 | 3 | 128 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 9 | 14 | 10 | 6 | 2 | 1 | 1 | 43 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 13 | 37 | 26 | 16 | 6 | 2 | 1 | 101 |
| **<u>EAME</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 1244 | 874 | 532 | 285 | 92 | 72 |  | 3099 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 7 | 10 | 4 | 3 | 1 |  |  | 25 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 3 | 4 | 1 | 1 | 1 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 3 | 14 | 8 | 6 | 4 | 1 |  | 36 |
| **<u>Asia/Pacific</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 1064 | 662 | 313 | 126 | 31 | 4 | 46 | 2246 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 4 | 6 | 5 | 2 |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 1 | 1 | 2 | 1 |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 4 | 1 | 2 | 1 | 1 |  |  | 9 |
| **<u>Latin America</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 800 | 363 | 220 | 60 | 8 | 2 |  | 1453 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 4 | 6 | 5 | 1 |  | 2 |  | 18 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 1 | 2 | 1 |  |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 2 | 6 | 8 | 4 | 1 | 1 |  | 22 |
| **<u>Mining</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 1067 | 775 | 450 | 214 | 69 | 41 | 21 | 2637 |
| &nbsp;&nbsp;&nbsp;31-60 days past due |  | 1 |  |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;61-90 days past due |  | 1 |  |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 4 | 5 | 5 | 1 |  | 3 |  | 18 |
| **<u>Power</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 190 | 184 | 40 | 43 | 64 | 63 | 166 | 750 |
| &nbsp;&nbsp;&nbsp;31-60 days past due |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;61-90 days past due |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;91+ days past due |  |  |  |  |  | 2 |  | 2 |
| **<u>Totals by Aging Category</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | 9705 | 5893 | 3122 | 1708 | 508 | 205 | 618 | 21759 |
| &nbsp;&nbsp;&nbsp;31-60 days past due | 45 | 65 | 43 | 24 | 6 | 3 | 3 | 189 |
| &nbsp;&nbsp;&nbsp;61-90 days past due | 14 | 22 | 14 | 8 | 3 | 1 | 1 | 63 |
| &nbsp;&nbsp;&nbsp;91+ days past due | 26 | 63 | 49 | 28 | 12 | 9 | 1 | 188 |
| Total | $9790 | $6043 | $3228 | $1768 | $529 | $218 | $623 | $22199 |

---

**Dealer** 

As of September 30, 2025 and December 31, 2024, the total amortized cost of finance receivables within our Dealer portfolio segment was current.

------

**Caterpillar Purchased Receivables**

The aging category of the amortized cost of finance receivables in our Caterpillar Purchased Receivables portfolio segment were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **31-60<br>Days<br>Past Due** | **61-90<br>Days<br>Past Due** | **91+<br>Days<br>Past Due** | **Total<br>Past Due** | **Current** | **Total Finance <br>Receivables** |
| &nbsp;&nbsp;&nbsp;North America | $12 | $4 | $4 | $20 | $3109 | $3129 |
| &nbsp;&nbsp;&nbsp;EAME |  | 3 |  | 3 | 1036 | 1039 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific |  |  |  |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Latin America |  |  |  |  | 455 | 455 |
| &nbsp;&nbsp;&nbsp;Power | 1 | 1 | 1 | 3 | 19 | 22 |
| Total | $13 | $8 | $5 | $26 | $5119 | $5145 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **31-60<br>Days<br>Past Due** | **61-90<br>Days<br>Past Due** | **91+<br>Days<br>Past Due** | **Total<br>Past Due** | **Current** | **Total Finance <br>Receivables** |
| &nbsp;&nbsp;&nbsp;North America | $14 | $5 | $4 | $23 | $2584 | $2607 |
| &nbsp;&nbsp;&nbsp;EAME | 3 | 1 |  | 4 | 740 | 744 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific |  |  | 1 | 1 | 528 | 529 |
| &nbsp;&nbsp;&nbsp;Latin America |  |  |  |  | 383 | 383 |
| &nbsp;&nbsp;&nbsp;Power | 2 | 1 | 1 | 4 | 16 | 20 |
| Total | $19 | $7 | $6 | $32 | $4251 | $4283 |

---

**Non-accrual finance receivables**

In our Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** | **Amortized Cost** |
| | **Non-accrual <br>With an <br>Allowance** | **91+ Still <br>Accruing** | **Non-accrual <br>With an <br>Allowance** | **91+ Still <br>Accruing** |
| &nbsp;&nbsp;&nbsp;North America | $83 | $16 | $83 | $20 |
| &nbsp;&nbsp;&nbsp;EAME | 35 | 3 | 33 | 5 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific | 8 | 3 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Latin America | 29 |  | 24 |  |
| &nbsp;&nbsp;&nbsp;Mining | 2 |  | 29 |  |
| &nbsp;&nbsp;&nbsp;Power | 1 |  | 2 |  |
| Total | $158 | $22 | $176 | $30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

There were no finance receivables in our Dealer portfolio segment on non-accrual status as of September 30, 2025 and December 31, 2024.

**Modifications**

We periodically modify the terms of our finance receivable agreements. Typically, the types of modifications granted are payment deferrals, interest only payment periods and/or term extensions. Many modifications we grant are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. We do not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers we do consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both.

During the three and nine months ended September 30, 2025 and 2024, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in our Dealer or Caterpillar Purchased Receivables portfolio segments.

------

The ending amortized cost of finance receivables modified with borrowers experiencing financial difficulty in our Customer portfolio segment was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Amortized cost of finance receivables modified | $19 | $6 | $37 | $12 |
| Modifications as a percentage of Customer portfolio | 0.08% | 0.03% | 0.15% | 0.05% |

---

The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In months)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Weighted average extension to term of modified contracts | 20 | 5 | 17 | 8 |
| Weighted average payment deferral and/or interest only periods | 5 | 4 | 6 | 6 |

---

After we modify a finance receivable, we continue to track its performance under its most recent modified terms. Defaults of loans modified in the prior twelve months were not significant during the three and nine months ended September 30, 2025 and 2024.

The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

**4. Derivative Financial Instruments and Risk Management**

Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. Our Risk Management Policy ("policy") allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate and interest rate exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts and interest rate contracts. Our derivative activities are subject to the management, direction and control of our senior financial officers. We present at least annually to our Board of Directors and the Audit Committee of the Caterpillar Board of Directors on our risk management practices, including our use of derivative financial instruments.

We recognize all derivatives at their fair value in the Consolidated Statements of Financial Position. On the date the derivative contract is entered into, the derivative instrument is (1) designated as a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) designated as a hedge of a forecasted transaction or the variability of cash flows (cash flow hedge) or (3) undesignated. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, in the Consolidated Statements of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged in the Consolidated Statements of Cash Flows. We include cash flows from undesignated derivative financial instruments in the investing category in the Consolidated Statements of Cash Flows.

We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities in the Consolidated Statements of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

------

We also formally assess, both at the hedge's inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.

**Foreign currency exchange rate risk**

We have balance sheet positions and expected future transactions denominated in foreign currencies, thereby creating exposure to movements in exchange rates. In managing foreign currency risk, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities. We designate float-to-float cross currency contracts as fair value hedges to protect against movements in exchange rates on floating-rate assets and liabilities.

**Interest rate risk**

Interest rate movements create a degree of risk by affecting the amount of our interest payments and the value of our fixed-rate debt. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.

We have a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of our debt portfolio with the interest rate profile of our finance receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the finance receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.

Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective. We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate. We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate. We have, at certain times, liquidated fixed-to-floating and floating-to-fixed interest rate contracts. We amortize the gains or losses associated with these contracts at the time of liquidation into earnings over the remaining term of the previously designated hedged item.

The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Assets**<sup>1</sup> | **Liabilities**<sup>2</sup> | **Assets**<sup>1</sup> | **Liabilities**<sup>2</sup> |
| **Designated derivatives** | | | | |
| Foreign exchange contracts | $239 | $(92) | $228 | $(89) |
| Interest rate contracts | 60 | (9) | 10 | (31) |
|  | $299 | $(101) | $238 | $(120) |
| **Undesignated derivatives** |  |  |  |  |
| Foreign exchange contracts | $17 | $(42) | $84 | $(19) |
|  | $17 | $(42) | $84 | $(19) |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Assets are classified in the Consolidated Statements of Financial Position as Other assets.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.

The total notional amount of our derivative instruments was $19.13 billion and $15.97 billion as of September 30, 2025 and December 31, 2024, respectively. The notional amounts of derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates and interest rates.

------

Gains (Losses) on derivative instruments are categorized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **Gains (Losses)** <br>**Recognized**<sup>1</sup> | **Gains (Losses)** <br>**Recognized**<sup>1</sup> | **Gains (Losses) <br>Recognized in AOCI** | **Gains (Losses) <br>Recognized in AOCI** | **Gains (Losses)** <br>**Reclassified from AOCI**<sup>2</sup> | **Gains (Losses)** <br>**Reclassified from AOCI**<sup>2</sup> |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Cash Flow Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | $— | $— | $(14) | $(41) | $— | $(53) |
| &nbsp;&nbsp;Interest rate contracts |  |  | 2 | (9) | 2 | 9 |
| **Fair Value Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | (3) |  | (4) |  |
| &nbsp;&nbsp;Interest rate contracts | (8) | (23) |  |  |  |  |
| **Undesignated Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | 17 | (65) |  |  |  |  |
| **Total** | $9 | $(88) | $(15) | $(50) | $(2) | $(44) |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **Gains (Losses)** <br>**Recognized**<sup>1</sup> | **Gains (Losses)** <br>**Recognized**<sup>1</sup> | **Gains (Losses) <br>Recognized in AOCI** | **Gains (Losses) <br>Recognized in AOCI** | **Gains (Losses)** <br>**Reclassified from AOCI**<sup>2</sup> | **Gains (Losses)** <br>**Reclassified from AOCI**<sup>2</sup> |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Cash Flow Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | $— | $— | $49 | $126 | $82 | $103 |
| &nbsp;&nbsp;Interest rate contracts |  |  | (1) | 6 | 4 | 39 |
| **Fair Value Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | (5) |  | (5) |  |
| &nbsp;&nbsp;Interest rate contracts | (24) | (64) |  |  |  |  |
| **Undesignated Hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | (149) | 15 |  |  |  |  |
| **Total** | $(173) | $(49) | $43 | $132 | $81 | $142 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.

Amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Carrying Value of <br>the Hedged Liabilities** | **Carrying Value of <br>the Hedged Liabilities** | **Cumulative Amount of Fair Value <br>Hedging Adjustment Included in the <br>Carrying Value of the Hedged <br>Liabilities** | **Cumulative Amount of Fair Value <br>Hedging Adjustment Included in the <br>Carrying Value of the Hedged <br>Liabilities** |
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| Current maturities of long-term debt | $1101 | $483 | $3 | $(16) |
| Long-term debt | 3254 | 3247 | 54 |  |
| Total | $4355 | $3730 | $57 | $(16) |

---

As of September 30, 2025, $12 million of deferred net losses, net of tax, included in equity (AOCI in the Consolidated Statements of Financial Position), related to our cash flow hedges, are expected to be reclassified to earnings over the next twelve months. The actual amount recorded in earnings will vary based on interest rates and exchange rates at the time the hedged transactions impact earnings.

------

We enter into International Swaps and Derivatives Association master netting agreements that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits us or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. Our exposure to credit loss in the event of nonperformance by the counterparties is limited to only those gains that we have recorded, but for which we have not yet received cash payment.

Collateral is typically not required of the counterparties or us under the master netting agreements. As of September 30, 2025 and December 31, 2024, no cash collateral was received or pledged under the master netting agreements.

&nbsp;&nbsp;&nbsp;&nbsp;

The effects of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Gross amounts recognized | $316 | $(143) | $322 | $(139) |
| Financial instruments not offset | (98) | 98 | (54) | 54 |
| Net amount | $218 | $(45) | $268 | $(85) |

---

**5. Accumulated Other Comprehensive Income (Loss)**

We present Comprehensive income (loss) and its components in the Consolidated Statements of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Foreign currency translation** |  |  |  |  |
| Balance at beginning of period | $(946) | $(1096) | $(1256) | $(996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on foreign currency translation | (4) | 151 | 306 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax provision/(benefit) |  | (22) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on foreign currency translation | (4) | 173 | 306 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses reclassified to earnings |  |  |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax provision/(benefit) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gains) losses reclassified to earnings |  |  |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | (4) | 173 | 306 | 73 |
| Balance at end of period | $(950) | $(923) | $(950) | $(923) |
| **Derivative financial instruments** |  |  |  |  |
| Balance at beginning of period | $5 | $14 | $24 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) deferred | (15) | (50) | 43 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax provision/(benefit) | (4) | (5) | 12 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) deferred | (11) | (45) | 31 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses reclassified to earnings | 2 | 44 | (81) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax (provision)/benefit |  | 6 | (22) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gains) losses reclassified to earnings | 2 | 38 | (59) | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | (9) | (7) | (28) | (11) |
| Balance at end of period | $(4) | $7 | $(4) | $7 |
| Total Accumulated other comprehensive income (loss) at end of period | $(954) | $(916) | $(954) | $(916) |

---

------

**6. Segment Information**

**A. &nbsp;&nbsp;&nbsp;&nbsp;Basis for Segment Information**

Our executive office is comprised of our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM) and five Vice Presidents. Each of our regional operating segments: North America, EAME, Asia/Pacific, and Latin America is led by a Vice President. The Mining and Power operating segments are led by one Vice President. Our CEO allocates resources and manages operating performance at the Vice President level.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Description of Segments**

Our operating segments provide financing alternatives to customers and dealers around the world for Caterpillar products and services and power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, retail loans, working capital loans to Caterpillar dealers and wholesale financing plans within each of the operating segments. Certain operating segments also purchase short-term trade receivables from Caterpillar.

We have six operating segments that offer financing services. Following is a brief description of our segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **North America** - Includes our operations in the United States and Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EAME** - Includes our operations in Europe, Africa, the Middle East and Eurasia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Asia/Pacific** - Includes our operations in Australia, New Zealand, China, Japan, Southeast Asia and India.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Latin America** - Includes our operations in Mexico and Central and South American countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Mining** - Provides financing worldwide for large mining customers.

**C. &nbsp;&nbsp;&nbsp;&nbsp;Segment Measurement and Reconciliations**

We determine segment profit on a pretax basis. Cash, debt and other expenses are allocated to our segments based on their respective portfolios. Interest expense is calculated based on the amount of allocated debt and the rates associated with that debt using a consistent leverage ratio.

Our CODM uses segment profit to evaluate the performance of each segment by monitoring key performance metrics to identify trends and evaluate which segments require additional resources or strategic adjustments. The CODM also uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process and monitors forecast-to-actual variances monthly.

Reconciling items are created based on accounting differences between segment reporting and consolidated external reporting. The following is a list of significant reconciling items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Unallocated** - Corporate requirements and strategies that are considered to be for the benefit of the entire organization including notes receivable from Caterpillar. Also included are the consolidated results of the special-purpose corporation (SPC) (see Note 7 for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Timing** - Timing differences between segment reporting and consolidated external reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Methodology** - Methodology differences between segment reporting and consolidated external reporting are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The impact of differences between the actual leverage and the segment leverage ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Interest expense includes realized forward points on foreign currency forward contracts within segment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Segment results include off-balance sheet managed assets for which we maintain servicing responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Designated derivative activity is excluded from segment results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Divestiture** - Loss on divestiture included in Other income (expense). See Note 10 for more information.

------

Supplemental segment data and reconciliations to consolidated external reporting for the three months ended September 30 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)**<br>**2025** | **External revenues** | **Interest expense** | **Depreciation on equipment leased to others** | **General, operating and administrative expenses** | **Provision for credit losses** | **Other segment items**<sup>(1)</sup> | **Profit before income taxes** |
| &nbsp;&nbsp;&nbsp;North America | $533 | $183 | $127 | $48 | $26 | $4 | $145 |
| &nbsp;&nbsp;&nbsp;EAME | 101 | 33 | 13 | 22 | 4 | 1 | 28 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific | 66 | 26 |  | 21 | 3 | 1 | 15 |
| &nbsp;&nbsp;&nbsp;Latin America | 103 | 52 | 3 | 15 |  | 1 | 32 |
| &nbsp;&nbsp;&nbsp;Mining | 91 | 28 | 30 | 11 | 1 | (1) | 22 |
| &nbsp;&nbsp;&nbsp;Power | 19 | 10 |  | 3 |  |  | 6 |
| Total Segments | 913 | 332 | 173 | 120 | 34 | 6 | 248 |
| &nbsp;&nbsp;&nbsp;Unallocated | 17 | 145 |  | 47 |  |  | (175) |
| &nbsp;&nbsp;&nbsp;Timing | (4) |  |  | (6) |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Methodology |  | (119) |  | 4 |  | 6 | 109 |
| Total | $926 | $358 | $173 | $165 | $34 | $12 | $184 |
| **2024** | **External revenues** | **Interest expense** | **Depreciation on equipment leased to others** | **General, operating and administrative expenses** | **Provision for credit losses** | **Other segment items**<sup>(1)</sup> | **Profit before income taxes** |
| &nbsp;&nbsp;&nbsp;North America | $513 | $165 | $128 | $47 | $9 | $5 | $159 |
| &nbsp;&nbsp;&nbsp;EAME | 98 | 39 | 14 | 21 | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific | 68 | 25 | 1 | 18 |  |  | 24 |
| &nbsp;&nbsp;&nbsp;Latin America | 83 | 38 | 3 | 12 | (3) | 1 | 32 |
| &nbsp;&nbsp;&nbsp;Mining | 94 | 28 | 33 | 9 | 11 | 2 | 11 |
| &nbsp;&nbsp;&nbsp;Power | 16 | 9 | 1 | 3 | 1 | (1) | 3 |
| Total Segments | 872 | 304 | 180 | 110 | 19 | 7 | 252 |
| &nbsp;&nbsp;&nbsp;Unallocated | 21 | 128 |  | 52 |  | 1 | (160) |
| &nbsp;&nbsp;&nbsp;Timing | (5) |  |  | (4) |  |  | (1) |
| &nbsp;&nbsp;&nbsp;Methodology |  | (96) |  | 2 |  | 3 | 91 |
| Total | $888 | $336 | $180 | $160 | $19 | $11 | $182 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Other segment items are primarily costs related to repossessed and returned equipment.

------

Supplemental segment data and reconciliations to consolidated external reporting for the nine months ended September 30 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)**<br>**2025** | **External revenues** | **Interest expense** | **Depreciation on equipment leased to others** | **General, operating and administrative expenses** | **Provision for credit losses** | **Other segment items**<sup>(1)</sup> | **Profit before income taxes** |
| &nbsp;&nbsp;&nbsp;North America | $1553 | $525 | $378 | $144 | $69 | $11 | $426 |
| &nbsp;&nbsp;&nbsp;EAME | 290 | 100 | 38 | 66 | 5 | 3 | 78 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific | 194 | 74 | 3 | 57 | 4 | 1 | 55 |
| &nbsp;&nbsp;&nbsp;Latin America | 275 | 136 | 8 | 45 | 3 | 4 | 79 |
| &nbsp;&nbsp;&nbsp;Mining | 279 | 82 | 93 | 30 | 2 |  | 72 |
| &nbsp;&nbsp;&nbsp;Power | 55 | 30 |  | 9 | (1) |  | 17 |
| Total Segments | 2646 | 947 | 520 | 351 | 82 | 19 | 727 |
| &nbsp;&nbsp;&nbsp;Unallocated | 51 | 406 |  | 143 |  |  | (498) |
| &nbsp;&nbsp;&nbsp;Timing | (12) |  |  | (16) |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Methodology |  | (328) |  | 10 |  | 10 | 308 |
| Total | $2685 | $1025 | $520 | $488 | $82 | $29 | $541 |
| **2024** | **External revenues** | **Interest expense** | **Depreciation on equipment leased to others** | **General, operating and administrative expenses** | **Provision for credit losses** | **Other segment items**<sup>(1)</sup> | **Profit before income taxes** |
| &nbsp;&nbsp;&nbsp;North America | $1491 | $460 | $385 | $139 | $43 | $13 | $451 |
| &nbsp;&nbsp;&nbsp;EAME | 283 | 108 | 41 | 67 | (11) | 3 | 75 |
| &nbsp;&nbsp;&nbsp;Asia/Pacific | 202 | 73 | 3 | 56 | (2) | 2 | 70 |
| &nbsp;&nbsp;&nbsp;Latin America | 252 | 116 | 10 | 39 |  | 3 | 84 |
| &nbsp;&nbsp;&nbsp;Mining | 279 | 77 | 100 | 28 | 16 | 3 | 55 |
| &nbsp;&nbsp;&nbsp;Power | 46 | 24 | 2 | 8 | (14) | (1) | 27 |
| Total Segments | 2553 | 858 | 541 | 337 | 32 | 23 | 762 |
| &nbsp;&nbsp;&nbsp;Unallocated | 65 | 360 |  | 145 |  | (34) | (406) |
| &nbsp;&nbsp;&nbsp;Timing | (12) |  |  | (12) |  |  |  |
| &nbsp;&nbsp;&nbsp;Methodology |  | (269) |  | 8 |  | 14 | 247 |
| &nbsp;&nbsp;&nbsp;Divestiture |  |  |  |  |  | 210 | (210) |
| Total | $2606 | $949 | $541 | $478 | $32 | $213 | $393 |

---

<sup>(1)</sup> Other segment items are primarily costs related to repossessed and returned equipment.

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **Assets as of** | **Assets as of** |
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;North America | $18959 | $17800 |
| &nbsp;&nbsp;EAME | 5396 | 4668 |
| &nbsp;&nbsp;Asia/Pacific | 3460 | 3276 |
| &nbsp;&nbsp;Latin America | 2975 | 2423 |
| &nbsp;&nbsp;Mining | 3359 | 3306 |
| &nbsp;&nbsp;Power | 954 | 812 |
| Total Segments | $35103 | $32285 |
| &nbsp;&nbsp;Unallocated | 1923 | 1921 |
| &nbsp;&nbsp;Timing | (10) | (12) |
| &nbsp;&nbsp;Methodology | 197 | 128 |
| &nbsp;&nbsp;Inter-segment Eliminations<sup>(1)</sup> | (312) | (238) |
| Total | $36901 | $34084 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Eliminations are primarily related to intercompany loans.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> | **Capital Expenditures**<sup>(1)</sup> |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;North America | $229 | $197 | $663 | $608 |
| &nbsp;&nbsp;EAME | 19 | 20 | 44 | 39 |
| &nbsp;&nbsp;Asia/Pacific | 8 | 4 | 16 | 8 |
| &nbsp;&nbsp;Latin America | 6 | 3 | 7 | 15 |
| &nbsp;&nbsp;Mining | 89 | 30 | 149 | 129 |
| Total Segments | 351 | 254 | 879 | 799 |
| &nbsp;&nbsp;Unallocated | 8 | 10 | 29 | 18 |
| Total | $359 | $264 | $908 | $817 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Capital expenditures include expenditures for equipment on operating leases and other miscellaneous capital expenditures.

**7. Commitments and Contingent Liabilities**

**Guarantees**

We provide credit guarantees and residual value guarantees to third parties for financing and leasing associated with Caterpillar machinery. In addition, we provide standby letters of credit issued to third parties on behalf of our customers. These guarantees and standby letters of credit have varying terms.

No significant loss has been experienced or is anticipated under any of these guarantees. At September 30, 2025 and December 31, 2024, the related recorded liability was less than $1 million. The maximum potential amount of future payments (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) we could be required to make under the guarantees was $25 million and $23 million at September 30, 2025 and December 31, 2024, respectively.

We provide guarantees to purchase certain loans of Caterpillar dealers from an SPC that qualifies as a VIE. We receive a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. We are the primary beneficiary of the SPC as our guarantees result in us having both the power to direct the activities that most significantly impact the SPC's economic performance and the obligation to absorb losses and therefore we have consolidated the financial statements of the SPC. As of September 30, 2025 and December 31, 2024, the SPC's assets of $1.10 billion and $1.14 billion, respectively, were primarily comprised of loans to dealers, which are included in Finance receivables, net in the Consolidated Statements of Financial Position, and the SPC's liabilities of $1.10 billion and $1.14 billion, respectively, were primarily comprised of commercial paper, which is included in Short-term borrowings in the Consolidated Statements of Financial Position. The assets of the SPC are not available to pay our creditors. We may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

**Litigation and claims**

We are involved in unresolved legal actions that arise in the normal course of business. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of our unresolved legal actions, we believe that these unresolved legal actions will neither individually nor in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

------

**8. Fair Value Disclosures**

**A.Fair Value Measurements**

The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 1** – Quoted prices for identical instruments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 2** – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 3** – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, we use quoted market prices to determine fair value and we classify such measurements within Level 1. In some cases where market prices are not available, we make use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3.

We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.

Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or us) will not be fulfilled. For financial assets traded in an active market, the nonperformance risk is included in the market price. For certain other financial assets and liabilities, our fair value calculations have been adjusted accordingly.

**Derivative financial instruments**

The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency forward and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate.

Derivative financial instruments are measured on a recurring basis at fair value and are classified as Level 2 measurements. We had derivative financial instruments included in our Consolidated Statements of Financial Position in a net asset position of $173 million and $183 million as of September 30, 2025 and December 31, 2024, respectively. See Note 4 for additional information.

**B.Fair Values of Financial Instruments**

Cash and cash equivalents, restricted cash (included in Other assets in the Consolidated Statements of Financial Position) and Short-term borrowings are classified as Level 1 measurements and carrying amount approximates fair value. We use the following methods and assumptions to estimate the fair value of our financial instruments not carried at fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Finance receivables, net –** We estimate fair value by discounting the future cash flows using current rates representative of receivables with similar remaining maturities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Long-term debt –** We estimate fair value for fixed and floating-rate debt based on quoted market prices.

------

Fair values of our financial instruments not carried at fair value were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | | |
| | **Carrying<br>Amount** | **Fair<br>Value** | **Carrying<br>Amount** | **Fair<br>Value** |<br>**Fair <br>Value<br>Levels** |<br>**Reference** |
| **Assets** | | | | | | |
| &nbsp;&nbsp;Finance receivables, net (excluding finance leases<sup>(1)</sup>) | $24178 | $23843 | $22026 | $21593 | 3 | Note 3 |
| **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Long-term debt | $26324 | $26401 | $25406 | $25304 | 2 |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents finance leases and failed sale leasebacks of $7.39 billion and $6.94 billion as of September 30, 2025 and December 31, 2024, respectively.

Certain loans are subject to measurement at fair value on a nonrecurring basis. These are loans for which the company has determined that collection of contractual amounts due is not probable. Generally, the fair value of these receivables is measured using the fair value of collateral less estimated costs to sell. We had loans carried at fair value of $59 million as of September 30, 2025 and December 31, 2024.

**9. Income Taxes** 

The provision for income taxes for the third quarter of 2025 was $50 million on $184 million profit before income taxes compared with $45 million on $182 million loss before income taxes for the third quarter of 2024. The provision for income taxes for the first nine months of 2025 was $139 million on $541 million profit before income taxes compared with $151 million on $393 million profit before income taxes in the first nine months of 2024. The provision for income taxes for the three and nine months ended September 30, 2025 included a $10 million expense for a valuation allowance against the deferred tax assets of a non-U.S. subsidiary. The effective tax rate for the nine months ended September 30, 2024 was negatively impacted by the $210 million loss on divestiture of a non-U.S. entity which had no related tax benefit (See Note 10).

**10.&nbsp;&nbsp;&nbsp;&nbsp;Divestiture**

We divested a non-U.S. entity on June 13, 2024 and recognized a pre-tax loss of approximately $210 million for the nine months ended September 30, 2024. The loss on divestiture is included within Other income (expense) in the Consolidated Statements of Profit. The proceeds were allocated in accordance with the sales agreement and agreement with Caterpillar.

------

**<u>ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>**

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the Company's Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the Company's business under Item 1A. Risk Factors of the 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/764764/000076476422000029/cfsc-20211231.htm)</u>.

**<u>THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED WITH THREE MONTHS ENDED SEPTEMBER 30, 2024</u>**

**Overview**

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | |
|  | **2025** | **2024** | **Change** |
| Retail revenue | $474 | $428 | $46 |
| Operating lease revenue | 231 | 235 | (4) |
| Wholesale revenue | 184 | 188 | (4) |
| Other revenue, net | 37 | 37 |  |
| Total revenues | $926 | $888 | $38 |
| Profit before income taxes | $184 | $182 | $2 |
| Profit attributable to Caterpillar Financial Services Corporation | $134 | $137 | $(3) |

---

**Revenues**

We reported third-quarter 2025 revenues of $926 million, an increase of $38 million, or 4 percent, compared with $888 million in the third quarter of 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $56 million, partially offset by an unfavorable impact from lower average financing rates of $15 million.

Retail revenue for the third quarter of 2025 was $474 million, an increase of $46 million from the same period in 2024. The increase was due to a favorable impact from higher average earning assets of $30 million and a favorable impact from higher interest rates on retail finance receivables of $16 million. For the quarter ended September 30, 2025, retail average earning assets were $25.15 billion, an increase of $1.74 billion from the same period in 2024. The annualized average yield was 7.54 percent for the third quarter of 2025, compared with 7.31 percent for the third quarter of 2024.

Operating lease revenue for the third quarter of 2025 was $231 million, a decrease of $4 million from the same period in 2024. The decrease was due to an unfavorable impact from lower average earning assets of $9 million, partially offset by a favorable impact from higher rental rates on operating leases of $5 million.

Wholesale revenue for the third quarter of 2025 was $184 million, a decrease of $4 million from the same period in 2024. The decrease was due to an unfavorable impact from lower interest rates on wholesale finance receivables of $20 million, partially offset by a favorable impact from higher average earning assets of $16 million. For the quarter ended September 30, 2025, wholesale average earning assets were $6.08 billion, an increase of $491 million from the same period in 2024. The annualized average yield was 12.07 percent for the third quarter of 2025, compared with 13.47 percent for the third quarter of 2024.

------

Other revenue, net items were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | |
|  | **2025** | **2024** | **Change** |
| Finance receivable and operating lease fees (including late charges) | $18 | $16 | $2 |
| Net gain on returned or repossessed equipment | 7 | 9 | (2) |
| Interest income on Notes receivable from Caterpillar | 6 | 6 |  |
| Miscellaneous other revenue, net | 6 | 6 |  |
| Total Other revenue, net | $37 | $37 | $— |

---

There was a favorable impact from currency translation on revenues of $4 million in the third quarter of 2025. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items.

**Consolidated Profit Before Income Taxes**

![Screenshot PBT table Q325 QTD.jpg](cfsc-20250930_g2.jpg)

(1) Analysis excludes $3 million related to property taxes on operating leases for third quarter 2025 and 2024.

The chart above graphically illustrates reasons for the change in consolidated profit before income taxes between third quarter 2024 (at left) and third quarter 2025 (at right). Management utilizes these charts internally to visually communicate results.

Third-quarter 2025 profit before income taxes was $184 million, an increase of $2 million, or 1%, compared with $182 million profit for the third quarter of 2024. The increase was mainly driven by a favorable impact from higher average earning assets of $23 million, partially offset by higher provision for credit losses of $15 million and higher general, operating and administrative expenses of $5 million.

There was a favorable impact from currency translation on profit before income taxes of $3 million in the third quarter of 2025. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items.

**Provision for Income Taxes**

The provision for income taxes for the third quarter of 2025 was $50 million on $184 million profit before income taxes compared with $45 million on $182 million profit before income taxes for the third quarter of 2024. The provision for income taxes for the third quarter of 2025 included a $10 million expense for a valuation allowance against the deferred tax assets of a non-U.S. subsidiary.

------

**<u>NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED WITH NINE MONTHS ENDED SEPTEMBER 30, 2024</u>**

**Overview**

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | |
|  | **2025** | **2024** | **Change** |
| Retail revenue | $1374 | $1248 | $126 |
| Operating lease revenue | 686 | 701 | (15) |
| Wholesale revenue | 507 | 541 | (34) |
| Other revenue, net | 118 | 116 | 2 |
| Total revenues | $2685 | $2606 | $79 |
| Profit before income taxes | $541 | $393 | $148 |
| Profit attributable to Caterpillar Financial Services Corporation | $401 | $241 | $160 |

---

**Revenues**

Revenues for the first nine months of 2025 were $2.69 billion, an increase of $79 million, or 3 percent, compared with $2.61 billion in the same period in 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $133 million, partially offset by an unfavorable impact from lower average financing rates of $50 million.

Retail revenue for the first nine months of 2025 was $1.37 billion, an increase of $126 million from the same period in 2024. The increase was due to an $80 million favorable impact from higher average earning assets and a $46 million favorable impact from higher interest rates on retail finance receivables. For the nine months ended September 30, 2025, retail average earning assets were $24.52 billion, an increase of $1.47 billion from the same period in 2024. The annualized average yield was 7.47 percent for the first nine months of 2025, compared with 7.22 percent for the same period in 2024.

Operating lease revenue for the first nine months of 2025 was $686 million, a decrease of $15 million from the same period in 2024. The decrease was primarily due to a $40 million unfavorable impact from lower average earning assets, partially offset by a $25 million favorable impact from higher rental rates on operating leases.

Wholesale revenue for the first nine months of 2025 was $507 million, a decrease of $34 million from the same period in 2024. The decrease was due to a $65 million unfavorable impact from lower interest rates on wholesale finance receivables, partially offset by a $31 million favorable impact from higher average earning assets. For the nine months ended September 30, 2025, wholesale average earning assets were $5.74 billion, an increase of $307 million from the same period in 2024. The annualized average yield was 11.78 percent for the first nine months of 2025, compared with 13.29 percent for the same period in 2024.

Other revenue, net items were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | |
|  | **2025** | **2024** | **Change** |
| Finance receivable and operating lease fees (including late charges) | $52 | $48 | $4 |
| Net gain on returned or repossessed equipment | 28 | 36 | (8) |
| Interest income on Notes receivable from Caterpillar | 19 | 17 | 2 |
| Miscellaneous other revenue, net | 19 | 15 | 4 |
| Total Other revenue, net | $118 | $116 | $2 |

---

There was an unfavorable impact from currency translation on revenues of $20 million in the first nine months of 2025. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items and each of the items included in the above analysis.

------

**Consolidated Profit Before Income Taxes**

![Screenshot PBT table Q325 YTD.jpg](cfsc-20250930_g3.jpg)

(1) Analysis excludes $11 million related to property taxes on operating leases for the first nine months of 2025 and 2024.

The chart above graphically illustrates reasons for the change in consolidated profit before income taxes between September 2024 YTD (at left) and September 2025 YTD (at right). Management utilizes these charts internally to visually communicate results.

Profit before income taxes was $541 million for the first nine months of 2025, an increase of $148 million, or 38 percent, compared with $393 million for the same period in 2024. The increase was mainly driven by the absence of a $210 million loss on divestiture of a non-U.S. entity in the prior year and a favorable impact from higher average earning assets of $54 million, partially offset by higher provision expense of $50 million, the absence of an insurance settlement of $33 million in 2024 and an unfavorable impact from lower margin of $21 million.

There was an unfavorable impact from currency translation on profit before income taxes of $8 million in the first nine months of 2025. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items and each of the items included in the above analysis.

**Provision for Income Taxes**

The provision for income taxes for the first nine months of 2025 was $139 million on $541 million profit before income taxes compared with $151 million on $393 million profit before income taxes for the first nine months of 2024. The provision for income taxes for the nine months ended September 30, 2025 included a $10 million expense for a valuation allowance against the deferred tax assets of a non-U.S. subsidiary. The effective tax rate for the first nine months of 2024 was negatively impacted by the loss on divestiture of a non-U.S. entity with no related tax benefit.

**<u>FINANCE RECEIVABLES AND EQUIPMENT ON OPERATING LEASES</u>**

**New Business Volume**

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | |
|  | **2025** | **2024** | **Change** |
| New retail financing | $9294 | $8725 | $569 |
| New retail operating lease activity | 899 | 825 | 74 |
| New wholesale financing | 41592 | 41316 | 276 |
| Total | $51785 | $50866 | $919 |

---

New retail financing increased due to higher volume across all segments, partially offset by a decrease in Mining. The increase in new retail operating lease activity was mainly driven by higher rentals of Caterpillar equipment in North America and Mining. New wholesale financing increased primarily due to higher purchases of trade receivables from Caterpillar.

------

**Total Managed Portfolio**

We define total portfolio as Finance receivables, net plus Equipment on operating leases, net. We also manage and service receivables and leases that have been sold by us to third parties with limited or no recourse in order to mitigate our concentration of credit risk with certain customers. These assets are not available to pay our creditors. Total managed portfolio was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Millions of dollars)** | **September 30,<br>2025** | **December 31,<br>2024** | **Change** |
| Finance receivables, net | $31568 | $28964 | $2604 |
| Equipment on operating leases, net | 2836 | 2780 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total portfolio | $34404 | $31744 | $2660 |
| Retail loans | $78 | $80 | $(2) |
| Retail leases | 14 | 17 | (3) |
| Operating leases | 9 | 12 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total off-balance sheet managed assets | $101 | $109 | $(8) |
| Total managed portfolio | $34505 | $31853 | $2652 |

---

**Total Portfolio Metrics**

At the end of the third quarter of 2025, past dues were 1.47 percent, compared with 1.74 percent at the end of the third quarter of 2024. Total non-performing finance receivables, which represent finance receivables currently on non-accrual status, were $158 million and $176 million at September 30, 2025 and at December 31, 2024, respectively. Total non-performing finance receivables as a percentage of our finance receivables were less than 1 percent at September 30, 2025 and December 31, 2024.

Write-offs, net of recoveries, were $40 million for the third quarter of 2025, compared with $27 million for the third quarter of 2024.

Our allowance for credit losses as of September 30, 2025 was $283 million, or 0.89 percent of finance receivables, compared with $267 million, or 0.91 percent, as of December 31, 2024. The allowance is subject to an ongoing evaluation based on many quantitative and qualitative factors, including past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of underlying collateral and economic forecasts. We believe our allowance is sufficient to provide for losses over the remaining life of our finance receivables portfolio as of September 30, 2025.

**Global Business Conditions**

Caterpillar continues to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. We are monitoring the potential downstream impacts from these factors on our business, while remaining focused on portfolio health and continuing to provide qualified customers and dealers with new loans and leases to support their current and future business needs.

**<u>LIQUIDITY AND CAPITAL RESOURCES</u>**

Maintaining and managing adequate capital and liquidity resources includes management of funding sources and their utilization based on current, future, and contingent needs. Throughout the third quarter of 2025, we experienced favorable liquidity conditions. We ended the third quarter of 2025 with $728 million of cash, an increase of $129 million from year-end 2024. Our cash balances are held in numerous locations throughout the world with approximately $427 million held by our non-U.S. subsidiaries. Amounts held by non-U.S. subsidiaries are available for general corporate use and could be used in the U.S. without incurring significant additional U.S. taxes. We expect to meet our U.S. funding needs without repatriating undistributed profits that are indefinitely reinvested outside the U.S.

**Borrowings**

Borrowings consist primarily of medium-term notes and commercial paper, the combination of which is used to manage interest rate risk and funding requirements.

------

We receive debt ratings from the major credit rating agencies. Fitch maintains a "high-A" debt rating, while Moody's and S&P maintain a "mid-A" debt rating. A downgrade of our credit ratings by any of the major credit rating agencies could result in increased borrowing costs and could make access to certain credit markets more difficult. In the event economic conditions deteriorate such that access to debt markets becomes unavailable, we would rely on cash flows from our existing portfolio, existing cash balances, access to our committed credit facilities and other credit line facilities, and potential borrowings from Caterpillar. In addition, Caterpillar maintains a support agreement with us, which requires Caterpillar to remain our sole owner and may, under certain circumstances, require Caterpillar to make payments to us should we fail to maintain certain financial ratios.

Total borrowings outstanding as of September 30, 2025 were $31.83 billion, an increase of $2.02 billion from December 31, 2024. Outstanding borrowings were as follows:

---

| | | |
|:---|:---|:---|
| **(Millions of dollars)** | **September 30,<br>2025** | **December 31,<br>2024** |
| Medium-term notes, net | $25724 | $24882 |
| Commercial paper, net of unamortized discount | 4341 | 3946 |
| Bank borrowings – long-term | 598 | 522 |
| Bank borrowings – short-term | 168 | 165 |
| Variable denomination floating rate demand notes |  | 282 |
| Notes payable to Caterpillar | 1000 | 10 |
| Other | 2 | 2 |
| Total outstanding borrowings | $31833 | $29809 |

---

***Medium-term notes***

We issue medium-term unsecured notes through securities dealers or underwriters in the U.S., Europe and other international capital markets. These notes are offered in several currencies and with a variety of maturities. These notes are senior unsecured obligations of the Company. Medium-term notes issued totaled $6.25 billion and redeemed totaled $5.93 billion for the nine months ended September 30, 2025. Medium-term notes, net outstanding as of September 30, 2025 mature as follows:

---

| | |
|:---|:---|
| **(Millions of dollars)** | |
| 2025 | $1714 |
| 2026 | 8514 |
| 2027 | 8716 |
| 2028 | 3715 |
| 2029 | 2560 |
| Thereafter | 448 |
| Fair value adjustments | 57 |
| Total | $25724 |

---

***Commercial paper***

We issue unsecured commercial paper in the U.S., Europe, and other international capital markets. These short-term promissory notes are issued on a discounted basis and are payable at maturity.

***Revolving credit facilities***

As of September 30, 2025, we had three global credit facilities with a syndicate of banks totaling $11.50 billion ("Credit Facility") available in the aggregate to both Caterpillar and us for general liquidity purposes. Based on management's allocation decision, which can be revised from time to time, the portion of the Credit Facility available to us as of September 30, 2025 was $8.63 billion. Information on our Credit Facility is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, we entered into a new 364-day facility of $3.50 billion (of which $2.63 billion is available to us), which expires in August 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, we amended and extended the three-year facility (as amended and restated, the "three-year facility"). The three-year facility of $3.00 billion (of which $2.25 billion is available to us) expires in August 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, we amended and extended the five-year facility (as amended and restated, the "five-year facility"). The five-year facility of $5.00 billion (of which $3.75 billion is available to us) expires in August 2030.

------

At September 30, 2025, Caterpillar's consolidated net worth was $20.72 billion, which was above the $9.00 billion required under the Credit Facility. The consolidated net worth is defined in the Credit Facility as Caterpillar's consolidated shareholders' equity including preferred stock but excluding the pension and other postretirement benefits balance within Accumulated other comprehensive income (loss).

At September 30, 2025, our covenant interest coverage ratio was 1.50 to 1. This was above the 1.15 to 1 minimum ratio, calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense, calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period, required by the Credit Facility.

In addition, at September 30, 2025, our six-month covenant leverage ratio was 7.16 to 1. This was below the maximum ratio of debt to net worth of 10 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31, required by the Credit Facility.

In the event that either Caterpillar or we do not meet one or more of our respective financial covenants under the Credit Facility in the future (and are unable to obtain a consent or waiver), the syndicate of banks may terminate the commitments allocated to the party that does not meet its covenants. Additionally, in such event, certain of our other lenders under other loan agreements where similar financial covenants or cross default provisions are applicable, may, at their election, choose to pursue remedies under those loan agreements, including accelerating the repayment of outstanding borrowings. At September 30, 2025, there were no borrowings under the Credit Facility.

The aforementioned financial covenants are being reported as calculated under the Credit Facility and not pursuant to U.S. GAAP. Please refer to the credit agreements governing the Credit Facility filed as exhibits to our periodic reports for further information related to the calculation thereof. For risks related to our indebtedness and compliance with these covenants, please refer to the risk factor "Restrictive covenants in our debt agreements could limit our financial and operating flexibility" set forth in Part I, Item 1A of our most recent annual report on Form 10-K.

***Bank borrowings***

Available credit lines with banks as of September 30, 2025 totaled $3.50 billion. These committed and uncommitted credit lines, which may be eligible for renewal at various future dates or have no specified expiration date, are used primarily by our non-U.S. subsidiaries for local funding requirements. We may guarantee subsidiary borrowings under these lines. As of September 30, 2025, we were in compliance with all debt covenants under these credit lines.

***Variable denomination floating rate demand notes***

We closed the variable denomination floating rate demand notes program effective September 15, 2025. This program had allowed us to obtain funding from the sale of variable denomination floating rate demand notes, which could be redeemed at any time at the option of the holder without any material restriction. We did not hold reserves to fund the payment of the demand notes. The notes were offered on a continuous basis. The maximum amount of variable denomination floating rate demand notes that we may have had outstanding at any time was limited to $1.25 billion. All outstanding notes were redeemed effective September 15, 2025.

***Notes receivable from/payable to Caterpillar***

Under our variable amount and term lending agreements and other notes receivable with Caterpillar, we may borrow up to $3.44 billion from Caterpillar and Caterpillar may borrow up to $2.20 billion from us. Most variable amount lending agreements are in effect for indefinite periods of time and may be changed or terminated by either party with 30 days' notice. The term lending agreements have remaining maturities ranging up to nine years.

**Off-Balance Sheet Arrangements**

We are a party to certain off-balance sheet arrangements, primarily in the form of guarantees. Please refer to Note 7 of Notes to Consolidated Financial Statements for further information.

------

**Cash Flows**

Net cash provided by operating activities was $724 million in the first nine months of 2025, compared with $814 million for the same period in 2024. Net cash used for investing activities was $2.03 billion in the first nine months of 2025, compared with $1.71 billion for the same period in 2024. The change was primarily due to portfolio-related activity and increased lending activity with Caterpillar, partially offset by the 2024 divestiture of a non-U.S. subsidiary. Net cash provided by financing activities was $1.41 billion in the first nine months of 2025, compared with $876 million for the same period in 2024. The change was primarily due to increased borrowings from Caterpillar, partially offset by decreased external borrowings.

**<u>RECENT ACCOUNTING PRONOUNCEMENTS</u>**

For a discussion of recent accounting pronouncements, see Part I, Item 1. Note 2 - New Accounting Pronouncements.

**<u>CRITICAL ACCOUNTING ESTIMATES</u>**

For a discussion of the Company's critical accounting estimates, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K. There have been no significant changes to our critical accounting estimates since our 2024 Form 10-K.

**<u>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</u>**

Certain statements in this Form 10-Q 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," "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 and 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.

Cat Financial'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) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (ii) 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; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for Caterpillar products; (x) marketing, operational or administrative support received from Caterpillar; (xi) our ability to develop, produce and market quality products that meet our customers' needs; (xii) information technology security threats and computer crime; (xiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xiv) new regulations or changes in financial services regulations; (xv) additional tax expense or exposure; (xvi) changes in accounting guidance; (xvii) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xviii) other factors described in more detail under the section entitled "Part I - Item 1A. Risk Factors" of Cat Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in Cat Financial's periodic filings with the Securities and Exchange Commission.

**<u>ITEM 4. CONTROLS AND PROCEDURES</u>** 

**Evaluation of Disclosure Controls and Procedures**

An evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer (CEO) and our Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this quarterly report. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

**Changes in Internal Control over Financial Reporting** 

There have been no changes in the Company's internal control over financial reporting during the third quarter of 2025 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**<u>ITEM 1. LEGAL PROCEEDINGS</u>**

We are involved in unresolved legal actions that arise in the normal course of business. Although it is not possible to predict with certainty the outcome of our unresolved legal actions, we believe that these unresolved legal actions will neither individually nor in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

**<u>ITEM 1A. RISK FACTORS</u>**

There have been no material changes to the risk factors we previously disclosed in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/764764/000076476424000011/cfsc-20231231.htm)</u> for the year ended December 31, 2024.

**<u>ITEM 5. OTHER INFORMATION</u>**

During the three months ended September 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

**<u>ITEM 6. EXHIBITS</u>**

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description of Exhibit** |
| 10.1 | <u>[Credit Agreement (2025 364-Day Facility), dated August 28, 2025, among Caterpillar Inc., Caterpillar Financial Services Corporation, Caterpillar International Finance Designated Activity Company, Caterpillar Finance Kabushiki Kaisha and Caterpillar International Finance Luxembourg S.à r.l., certain financial institutions named therein, Citibank, N.A., as agent, Citibank Europe PLC, UK Branch, as Local Currency Agent, MUFG Bank, Ltd., as Japan Local Currency Agent, and the certain Joint Lead Arrangers and Joint Bookrunners named therein (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-1.htm)</u> |
| 10.2 | <u>[CIF Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (2025 364-Day Facility) (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-2.htm)</u> |
| 10.3 | <u>[CIF LUX Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (2025 364-Day Facility) (incorporated by reference from Exhibit 10.3 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-3.htm)</u> |
| 10.4 | <u>[Japan Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (2025 364-Day Facility) (incorporated by reference from Exhibit 10.4 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-4.htm)</u> |
| 10.5 | <u>[Fourth Amended and Restated Credit Agreement (Three-Year Facility), dated August 28, 2025, among Caterpillar Inc., Caterpillar Financial Services Corporation, Caterpillar International Finance Designated Activity Company, Caterpillar Finance Kabushiki Kaisha and Caterpillar International Finance Luxembourg S.à r.l., certain financial institutions named therein and Citibank, N.A., as agent (incorporated by reference from Exhibit 10.5 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-5.htm)</u> |
| 10.6 | <u>[CIF Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.6 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-6.htm)</u> |
| 10.7 | <u>[CIF LUX Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.7 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-7.htm)</u> |
| 10.8 | <u>[Japan Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.8 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-8.htm)</u> |
| 10.9 | <u>[Fourth Amended and Restated Credit Agreement (Five-Year Facility), dated August 28, 2025, among Caterpillar Inc., Caterpillar Financial Services Corporation, Caterpillar International Finance Designated Activity Company, Caterpillar Finance Kabushiki Kaisha and Caterpillar International Finance Luxembourg S.à r.l., certain financial institutions named therein and Citibank, N.A., as agent (incorporated by reference from Exhibit 10.9 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-9.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description of Exhibit** |
| 10.10 | <u>[CIF Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.10 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-10.htm)</u> |
| 10.11 | <u>[CIF LUX Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.11 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-11.htm)</u> |
| 10.12 | <u>[Japan Local Currency Addendum, dated August 28, 2025, to the Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.12 to the Company's Current Report on Form 8-K filed September 3, 2025)](https://www.sec.gov/Archives/edgar/data/764764/000110465925087014/tm2524635d1_ex10-12.htm)</u> |
| 31.1 | <u>[Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](cfsc-09302025x10qxex311.htm)</u> |
| 31.2 | <u>[Certification of Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](cfsc-09302025x10qxex312.htm)</u> |
| 32 | <u>[Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, and Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](cfsc-09302025x10qxex32.htm)</u> |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101) |
| The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. | The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. |

---

------

***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, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Caterpillar Financial Services Corporation** |
| **Date:** | November 3, 2025 | */s/ David T. Walton* |
| | | David T. Walton, President, Director and Chief Executive <br>Officer |

---

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ Kristen R. Covey* |
| | | Kristen R. Covey, Executive Vice President and Chief <br>Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ James M. Rooney* |
| | | James M. Rooney, Secretary |

---

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ Daniel R. Court* |
| | | Daniel R. Court, Controller (Principal Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**SECTION 302 CERTIFICATION**

I, David T. Walton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Caterpillar Financial Services Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ David T. Walton* |
| | | David T. Walton, President, Director and Chief Executive <br>Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**SECTION 302 CERTIFICATION**

I, Kristen R. Covey, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Caterpillar Financial Services Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ Kristen R. Covey* |
| | | Kristen R. Covey, Executive Vice President and Chief<br>Financial Officer |

---

## Ex-32

**EXHIBIT 32**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of Caterpillar Financial Services Corporation (the "Company") on Form 10-Q for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| **Date:** | November 3, 2025 | */s/ David T. Walton* |
| | | David T. Walton |
| | | President, Director and Chief Executive Officer |
| **Date:** | November 3, 2025 | */s/ Kristen R. Covey* |
| | | Kristen R. Covey |
| | | Executive Vice President and Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>