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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Caterpillar (CAT) investor relations material
Caterpillar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record third-quarter sales and revenues of $17.6 billion, up 10% year-over-year, driven by resilient demand and strong execution across all segments.
Backlog reached a record $39.8 billion, increasing $2.4 billion sequentially and $11.2 billion year-over-year.
Adjusted operating profit margin was 17.5%, slightly above expectations but down from the prior year due to higher tariffs and costs.
$1.1 billion was returned to shareholders via dividends and share repurchases in the quarter.
ME&T free cash flow was $3.2 billion, approximately $500 million higher than the prior year.
Financial highlights
Sales and revenues rose 10% year-over-year to $17.6 billion, an all-time quarterly record.
Adjusted operating profit was $3.1 billion; adjusted profit per share was $4.95, down from $5.17 last year due to higher tax rates.
Operating profit margin decreased to 17.3% (adjusted 17.5%), down 250 basis points year-over-year, mainly due to tariffs and higher costs.
Effective tax rate increased to 24% for 2025, up from 23% in 2024, negatively impacting EPS by $0.18.
Enterprise cash balance at quarter-end was $7.5 billion.
Outlook and guidance
Full-year 2025 sales and revenues expected to be modestly higher than previously anticipated, with strong Q4 growth forecasted.
Adjusted operating profit margin for the full year projected near the bottom of the target range due to $1.6–$1.75 billion in net incremental tariffs.
ME&T free cash flow expected above the midpoint of the $5–$10 billion target range.
Q4 price realization expected to be flat year-over-year; Q4 adjusted operating profit margin to be higher excluding tariffs, lower including tariffs.
Management cited a growing backlog and resilient demand as positioning for sustained momentum and long-term profitable growth.
Quantify tariff impact on segment profits
Impact of new US tax legislation on Q3 tax rate?
What drove E&T profit growth vs other segments?
Long-term tariff mitigation strategy?
E&T data center prime power capacity plans?
Is CI outperforming North America market?
Long-term tariff mitigation strategy details.
E&T capacity expansion impact on backlog?
RI: Capital discipline vs. fleet age impact on orders?
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Next Caterpillar earnings date
Investor Day 20254 Nov, 2025
Next Caterpillar earnings date
Investor Day 20254 Nov, 2025
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Frequently asked questions
The world’s largest manufacturer seller of construction equipment
Caterpillar is not only the world's largest manufacturer and seller of construction equipment, but also a producer of mining equipment and generators, turbines, and engines. With hundreds of manufacturing and servicing locations - over 160 locations spread out in more than 193 countries - Caterpillar has helped create our roads, bridges, airports, yeah, simply the entire global infrastructure for almost 100 years. Some of Caterpillar’s main competitors are Deere & Company, Astec Industries, and Colombus McKinnon.
Replacing wheels with tracks
Caterpillar was founded through the merger of the two competitors Holt Manufacturing Company and C. L. Best Tractor Co. and currently has more than 4 million branded products in the iconic Hi-Way Yellow color at work around the world.
Fun fact: when Benjamin Holt replaced the rear wheels from one of his steam tractors with a pair of tracks to better deal with soft soil, the company photographer famously exclaimed that the machine crawled like a big…caterpillar and the company name was born.
More than only construction equipment
In addition to being a leading manufacturer, Caterpillar has branched into several other, maybe unsuspected operations. For example, the company makes durable smartphones for the industrial market and makes money from licensing agreements regarding its trademarked Hi-Yellow colored brand - with products in categories such as apparel, eyewear, games, scale models, toys, knives, and watches. Their brand is truly synonymous with high-performance products built to last.
Caterpillar has ongoing projects to reduce the cyclicality of its business by investing heavily in its services and aftermarket parts operations. Recent supply chain pressures, for example, were overcome by strong growth in services.
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