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Caterpillar (CAT) 3Q 2025 Financial Results Summary

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Caterpillar Inc. (CAT) Q3 2025 Financial Results Summary

Caterpillar Inc. (NYSE: CAT) released its third-quarter 2025 financial results on October 29, 2025.

Key Financial Metrics:

Segment Performance:

Dividends and Share Repurchase:

Operational Highlights:

Taxation:

Conclusion:

Caterpillar Inc. witnessed strong sales growth in Q3 2025 compared to the previous year’s quarter, attributed mainly to higher sales in its Energy & Transportation segment. However, profitability metrics showed declines largely due to increased costs and lesser favorable conditions regarding pricing realization and tariffs. The company’s strong cash position facilitated substantial cash deployment towards dividends and share repurchase initiatives.

Condensed Consolidated Statement of Results of Operations

(Millions of dollars)

Sales and revenues: 2025 2024
Sales of Machinery, Energy & Transportation 16,726 15,231
Revenues of Financial Products 912 875
Total sales and revenues 17,638 16,106
Operating costs:
Cost of goods sold 11,673 10,066
Selling, general and administrative expenses 1,822 1,669
Research and development expenses 555 533
Interest expense of Financial Products 346 336
Other operating (income) expenses 190 355
Total operating costs 14,586 12,959
Operating profit 3,052 3,147
Interest expense excluding Financial Products 133 125
Other income (expense) 208 76
Consolidated profit before taxes 3,127 3,098
Provision (benefit) for income taxes 836 642
Profit of consolidated companies 2,291 2,456
Equity in profit (loss) of unconsolidated affiliated companies 8 7
Profit of consolidated and affiliated companies 2,299 2,463
Less: Profit (loss) attributable to noncontrolling interests -1 -1
Profit1 2,300 2,464
Profit per common share 4.91 5.09
Profit per common share — diluted2 4.88 5.06
Weighted-average common shares outstanding (millions)
– Basic 468.6 484.2
– Diluted2 470.8 486.7

Condensed Consolidated Statement of Financial Position

(Millions of dollars)

Assets September 30, 2025 December 31, 2024
Current assets:
Cash and cash equivalents 7,538 6,889
Receivables – trade and other 10,146 9,282
Receivables – finance 10,315 9,565
Prepaid expenses and other current assets 2,861 3,119
Inventories 18,958 16,827
Total current assets 49,818 45,682
Property, plant and equipment – net 14,310 13,361
Long-term receivables – trade and other 1,618 1,225
Long-term receivables – finance 13,985 13,242
Noncurrent deferred and refundable income taxes 3,000 3,312
Intangible assets 281 399
Goodwill 5,329 5,241
Other assets 5,381 5,302
Total assets 93,722 87,764
Liabilities
Current liabilities:
Short-term borrowings:
— Financial Products 4,509 4,393
Accounts payable 8,729 7,675
Accrued expenses 5,187 5,243
Accrued wages, salaries and employee benefits 2,126 2,391
Customer advances 3,391 2,322
Dividends payable — 674
Other current liabilities 2,760 2,909
Long-term debt due within one year:
— Machinery, Energy & Transportation 32 46
— Financial Products 9,257 6,619
Total current liabilities 35,991 32,272
Long-term debt due after one year:
— Machinery, Energy & Transportation 10,669 8,564
— Financial Products 17,067 18,787
Liability for postemployment benefits 3,664 3,757
Other liabilities 5,672 4,890
Total liabilities 73,063 68,270
Shareholders’ equity
Common stock 6,223 6,941
Treasury stock -48,302 -44,331
Profit employed in the business 64,460 59,352
Accumulated other comprehensive income (loss) -1,723 -2,471
Noncontrolling interests 1 3
Total shareholders’ equity 20,659 19,494
Total liabilities and shareholders’ equity 93,722 87,764