Caterpillar Inc. Reports Record Fourth-Quarter and Full-Year Financials for 2025
Caterpillar Inc. Reports Record Fourth-Quarter and Full-Year Financials for 2025
Caterpillar Inc. (NYSE: CAT), a leading manufacturer of construction and mining equipment, has announced its outstanding financial results for both the fourth quarter and the entire year of 2025. The company recorded sales and revenues of $19.1 billion in the fourth quarter alone, marking an 18% increase from the previous year's $16.2 billion. Additionally, for the full year, Caterpillar's sales reached $67.6 billion, up 4% from $64.8 billion in 2024. This represents the highest annual revenue in the company's history.
CEO Joe Creed emphasized the significance of these results, citing 2025 as a milestone year for Caterpillar, which celebrated its centennial anniversary. He stated, "Our centennial year marked a significant milestone, underscored by the highest full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion. These results demonstrate the strength of our end markets and our disciplined execution. With a record backlog, we enter the new year with strong momentum and a continued focus on delivering long-term value for our customers and shareholders."
Profit Analysis
In terms of profitability, the fourth quarter yielded a profit per share of $5.12, in contrast to $5.78 for the same period in 2024. The adjusted profit per share was $5.16, slightly up from $5.14 a year ago. For the entire year, Caterpillar delivered a profit per share of $18.81, down from $22.05 in 2024, while the adjusted profit per share for 2025 was $19.06, compared to $21.90 in the previous year.
Caterpillar's operating profit margin in the fourth quarter of 2025 was 13.9%, lower than the 18.0% recorded in the fourth quarter of the previous year. Adjusted operating profit margin for the same quarter was 15.6%, compared to 18.3% in 2024. The annual operating profit margin experienced a similar trend, registering 16.5% for 2025 versus 20.2% in 2024.
Cash Flow and Cash Reserves
The company reported a strong enterprise operating cash flow of $11.7 billion for the year, concluding 2025 with $10.0 billion in cash. Caterpillar utilized $7.9 billion for share repurchases and dividends over the past year.
Sales Performance by Segment
Sales growth was evident across all three core segments: Construction Industries, Resource Industries, and Power & Energy. Specific highlights include:
- - Construction Industries: Fourth-quarter sales were $6.926 billion, a substantial rise from $6.003 billion in the previous year.
- - Resource Industries: Sales reached $3.353 billion, an increase from $2.980 billion.
- - Power & Energy: With a surge to $9.400 billion, their sales outperformed last year's $7.649 billion, driven by robust demand for turbines and related services.
Geographic Sales Performance
Caterpillar's geographic market performance also showcased growth. Notably, North America saw a 27% jump in sales, while Latin America, EAME (Europe, Africa, Middle East), and Asia/Pacific regions experienced increases in respective sales volumes, reflecting the company's robust presence across the globe.
Conclusion
With a record financial performance, Caterpillar is poised for further growth into 2026. The company's disciplined execution and strong market position highlight its ability to adapt and thrive amidst changing market dynamics, ensuring long-term value for shareholders and customers alike. As the year unfolds, the industry eagerly awaits how Caterpillar will continue to pave the way in innovation and superior performance.
Topics Business Technology）
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