Caterpillar Inc

Caterpillar builds heavy equipment and the engines that power it. By its own description, it is the world's leading maker of construction and mining equipment, off-highway diesel and natural gas engines (for machines that work away from public roads), industrial gas turbines and diesel-electric locomotives. Sales and revenues were $67.6 billion in the fiscal year ended December 31, 2025. Its products reach customers through one of the world's largest independent dealer networks. The company also earns money from parts, services and financing.

Three segments make the equipment. Construction Industries sells excavators, wheel loaders, motor graders, asphalt pavers and other machines used in infrastructure and building construction, quarries and rental fleets. Resource Industries makes large mining trucks, shovels, draglines and drills for mines that extract copper, iron ore, coal, gold and other minerals. It also sells technology for fleet management and self-driving machines. Power & Energy sells engines, generator sets, turbines and locomotives to oil and gas, power generation, marine, rail and industrial customers.

A fourth segment, Financial Products, is mainly Cat Financial, which offers loans and leases to customers and dealers. It supports equipment sales and earns financing income. North America produced 54.2% of 2025 sales and revenues. Europe, Africa and the Middle East followed at 18.9%, then Asia/Pacific at 16.6% and Latin America at 10.3%.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $20.54B, up 24% from a year earlier, and net income was $3.59B (+64.9%).
• For fiscal 2025, revenue was $67.59B (+4.3% year over year; +10.1% a year from FY2020 to FY2025) with a 13.1% net margin.

• Over FY2021–FY2025: $24.76B in buybacks and $12.73B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +7.6% a year over 5 years (FY2020–FY2025).
• Dividends took 30.9% of earnings and 30.8% of free cash flow in the latest fiscal year.
• Shares outstanding changed -15.0% from Sep 30, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Caterpillar’s market value went from $54.26B at the end of 2016 to $282.07B on Nov 2, 2026, about 5.2 times as much; since the end of 2025 it is up 6%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 14 sales ($26.2M).

Large shareholders (13G filings)

ETFs with the most weight in CAT

1. Mining and energy demand follows commodity prices. Mining, energy and transportation companies are major Caterpillar buyers and base purchases on expected commodity prices. When prices for copper, coal or oil fall, they may cut spending and delay overhauls and parts purchases.
2. Sales swing with construction and the economy. Machine demand is cyclical, rising and falling with the economy. Weaker infrastructure spending, construction or housing starts, higher interest rates or tighter credit can sharply cut orders, and a long slump can force write-downs.
3. Dealers can cut inventory and orders. Caterpillar sells through independent dealers and to other equipment makers. If they decide to carry less stock or buy elsewhere, Caterpillar's sales can drop even when demand from end users holds up.
4. In-house lender adds credit and funding risk. Cat Financial makes loans and leases to customers and dealers. Interest-rate swings, tighter credit markets, more late payments or repossessions, or a credit-rating downgrade could raise borrowing costs and hurt results.
5. Strong global and Chinese competitors. Caterpillar competes with Komatsu, Deere, Volvo and Chinese makers such as Sany and XCMG in machines, and with Cummins and Rolls-Royce in engines. Price-focused buyers in developing markets can pressure sales and pricing.
6. Tariffs, trade rules and overseas political risk. Nearly half of sales come from outside North America. Tariffs, trade restrictions, political instability, currency swings and anti-corruption rules can raise costs, weaken demand or give competitors an advantage.

• Oct 29, 2026 Quarterly results released; Investor presentation or announcement
• Oct 15, 2026 Executive or board change; Other company announcement
• Sep 1, 2026 Major agreement signed; New debt or financial obligation
• Aug 4, 2026 Quarterly results released; Investor presentation or announcement
• Jun 11, 2026 Shareholder vote results; Investor presentation or announcement
• Apr 30, 2026 Quarterly results released; Investor presentation or announcement
• Apr 13, 2026 Other company announcement
• Apr 10, 2026 Executive or board change
• Mar 26, 2026 Other company announcement
• Jan 29, 2026 Quarterly results released; Investor presentation or announcement

Caterpillar has raised its regular dividend for at least nine years in a row through fiscal 2025. Dividends per share grew from $4.12 in 2020 to $5.94 in 2025, about 7.6% a year. The dividend still rose in 2025 even though net income fell 17.7%. That year's dividends used about 31% of earnings and of free cash flow (cash left after capital spending). The yield was only 0.88% as of October 27, 2026. Buybacks get more cash: $24.8 billion over fiscal 2021–2025, against $12.7 billion in dividends. That helped shrink the share count 15% from September 2021 to June 2026.

The share price swings hard. It fell 73.3% from April 2008 to March 2009 and took until September 2010 to recover. It dropped 33.1% in the 2020 COVID crash and 30.1% in 2022, each time regaining its high within three months. The worst drop in the year to October 27, 2026, was 35.4%. Single stocks carry more risk than diversified funds.