CATERPILLAR INC
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CAT Q2 2025 request
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 16,569 | 16,689 | -0.7% |
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| Financial Products | 895 | 849 | +5.4% |
| Machinery, Energy & Transportation | 15,674 | 15,840 | -1.0% |
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| All Other Segments · Asia Pacific | 17 | 12 | +41.7% |
| All Other Segments · EMEA | 3 | 4 | -25.0% |
| All Other Segments · Intersegment Elimination | -71 | -79 | +10.1% |
| All Other Segments · North America | 13 | 13 | 0.0% |
| All Other Segments · Operating Segments | 104 | 108 | -3.7% |
| All Other Segments · Operating Segments Excluding Intersegment Eliminations | 33 | 29 | +13.8% |
| Construction Industries · Asia Pacific | 1,029 | 975 | +5.5% |
| Construction Industries · EMEA | 1,185 | 1,047 | +13.2% |
| Construction Industries · Intersegment Elimination | -67 | -27 | -148.1% |
| Construction Industries · Latin America | 540 | 677 | -20.2% |
| Construction Industries · North America | 3,369 | 3,957 | -14.9% |
| Construction Industries · Operating Segments | 6,190 | 6,683 | -7.4% |
| Construction Industries · Operating Segments Excluding Intersegment Eliminations | 6,123 | 6,656 | -8.0% |
| Energy & Transportation | 6,560 | 6,080 | +7.9% |
| Energy & Transportation · Asia Pacific | 905 | 912 | -0.8% |
| Energy & Transportation · EMEA | 1,386 | 1,421 | -2.5% |
| Energy & Transportation · Industrial | 1,060 | 1,045 | +1.4% |
| Energy & Transportation · Intersegment Elimination | -1,276 | -1,257 | -1.5% |
| Energy & Transportation · Latin America | 493 | 439 | +12.3% |
| Energy & Transportation · North America | 3,776 | 3,308 | +14.1% |
| Energy & Transportation · Oil and gas | 1,867 | 1,829 | +2.1% |
| Energy & Transportation · Operating Segments | 7,836 | 7,337 | +6.8% |
| Energy & Transportation · Operating Segments Excluding Intersegment Eliminations | 6,560 | 6,080 | +7.9% |
| Energy & Transportation · Power generation | 2,407 | 1,885 | +27.7% |
| Energy & Transportation · Transportation | 1,226 | 1,321 | -7.2% |
| Financial Products Segment · Asia Pacific | 108 | 111 | -2.7% |
| Financial Products Segment · EMEA | 126 | 124 | +1.6% |
| Financial Products Segment · Latin America | 105 | 101 | +4.0% |
| Financial Products Segment · North America | 703 | 668 | +5.2% |
| Financial Products Segment · Operating Segments | 1,042 | 1,004 | +3.8% |
| Financial Products Segment · Operating Segments Excluding Intersegment Eliminations | 1,042 | 1,004 | +3.8% |
| Financial Products Segment · Related Party | 172 | 180 | -4.4% |
| Reportable Segment Aggregation Before Other Operating Segment · Asia Pacific | 2,893 | 2,948 | -1.9% |
| Reportable Segment Aggregation Before Other Operating Segment · EMEA | 3,198 | 3,034 | +5.4% |
| Reportable Segment Aggregation Before Other Operating Segment · Intersegment Elimination | -1,426 | -1,368 | -4.2% |
| Reportable Segment Aggregation Before Other Operating Segment · Latin America | 1,679 | 1,741 | -3.6% |
| Reportable Segment Aggregation Before Other Operating Segment · North America | 8,959 | 9,139 | -2.0% |
| Reportable Segment Aggregation Before Other Operating Segment · Operating Segments | 18,155 | 18,230 | -0.4% |
| Reportable Segment Aggregation Before Other Operating Segment · Operating Segments Excluding Intersegment Eliminations | 16,729 | 16,862 | -0.8% |
| Resource Industries · Asia Pacific | 851 | 950 | -10.4% |
| Resource Industries · EMEA | 501 | 442 | +13.3% |
| Resource Industries · Intersegment Elimination | -83 | -84 | +1.2% |
| Resource Industries · Latin America | 541 | 524 | +3.2% |
| Resource Industries · North America | 1,111 | 1,206 | -7.9% |
| Resource Industries · Operating Segments | 3,087 | 3,206 | -3.7% |
| Resource Industries · Operating Segments Excluding Intersegment Eliminations | 3,004 | 3,122 | -3.8% |
Show Geography breakouts |
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| Asia Pacific | 2,882 | 2,930 | -1.6% |
| Asia Pacific · Corporate Non Segment | -28 | -30 | +6.7% |
| EMEA | 3,180 | 2,997 | +6.1% |
| EMEA · Corporate Non Segment | -21 | -41 | +48.8% |
| Latin America | 1,656 | 1,719 | -3.7% |
| Latin America · Corporate Non Segment | -23 | -22 | -4.5% |
| North America | 8,851 | 9,043 | -2.1% |
| North America · Corporate Non Segment | -121 | -109 | -11.0% |
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| Corporate Non Segment | -193 | -202 | +4.5% |
| Eliminations and Reconciling Items | -1,690 | -1,649 | -2.5% |
| Intersegment Elimination | -1,497 | -1,447 | -3.5% |
| Cost of Revenue | 10,807 | 10,150 | +6.5% |
Show Business Segments breakouts |
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| Construction Industries · Operating Segments | 4,459 | 4,470 | -0.2% |
| Energy & Transportation · Operating Segments | 5,415 | 4,989 | +8.5% |
| Reportable Segment Aggregation Before Other Operating Segment · Operating Segments | 12,063 | 11,591 | +4.1% |
| Resource Industries · Operating Segments | 2,189 | 2,132 | +2.7% |
| Total Costs & Expenses | 13,709 | 13,207 | +3.8% |
| Research & Development | 551 | 535 | +3.0% |
| Selling, General & Administrative | 1,694 | 1,652 | +2.5% |
| Operating Income | 2,860 | 3,482 | -17.9% |
| Interest Expense (Q) | — | — | — |
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| All other excluding Financial Products | 126 | 137 | -8.0% |
| Other Non-Operating Income (Expense) | 84 | 155 | -45.8% |
| Income Tax Expense (Benefit) | 646 | 836 | -22.7% |
| Net Income | 2,179 | 2,681 | -18.7% |
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| Retained Earnings | 2,179 | 2,681 | -18.7% |
| Comprehensive Income | 2,700 | 2,544 | +6.1% |
| EPS (Basic) | 4.64 | 5.5 | -15.6% |
| EPS (Diluted) | 4.62 | 5.48 | -15.7% |
| Wtd Avg Shares (Basic) | 469.7 | 487.2 | -3.6% |
| Wtd Avg Shares (Diluted) | 471.5 | 489.5 | -3.7% |
| Income Loss From Equity Method Investments | 7 | 17 | -58.8% |
| Net Income Loss Available To Common Stockholders Basic | 2,179 | 2,681 | -18.7% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 2,818 | 3,500 | -19.5% |
Show Business Segments breakouts |
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| All Other Segments | -5 | 21 | -123.8% |
| Construction Industries · Operating Segments | 1,244 | 1,741 | -28.5% |
| Energy & Transportation · Operating Segments | 1,585 | 1,525 | +3.9% |
| Financial Products Segment · Operating Segments | 248 | 227 | +9.3% |
| Reportable Segment Aggregation Before Other Operating Segment | 3,614 | 4,211 | -14.2% |
| Reportable Segment Aggregation Before Other Operating Segment · Operating Segments | 3,614 | 4,211 | -14.2% |
| Resource Industries · Operating Segments | 537 | 718 | -25.2% |
| Operating Lease Lease Income | 298 | 293 | +1.7% |
| Foreign Currency Transaction Gain Loss Before Tax | -125 | 17 | -835.3% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 5,442 | — | — |
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| Corporate Non Segment | 4,428 | — | — |
| Accounts Receivable | 9,704 | 9,421 | +3.0% |
| Notes And Loans Receivable Net Current | 10,147 | 9,516 | +6.6% |
| Prepaid Expenses & Other Current Assets | 2,867 | 2,736 | +4.8% |
| Inventory | 18,595 | 17,082 | +8.9% |
| Total Current Assets | 46,755 | 43,096 | +8.5% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 13,896 | 12,582 | +10.4% |
| Accounts Receivable Net Noncurrent | 1,607 | 1,181 | +36.1% |
| Notes And Loans Receivable Net Noncurrent | 13,835 | 12,797 | +8.1% |
| Goodwill | 5,331 | 5,264 | +1.3% |
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| Construction Industries | 253 | 239 | +5.9% |
| Energy & Transportation | 2,054 | 2,023 | +1.5% |
| Resource Industries | 2,982 | 2,964 | +0.6% |
| Other Non-Current Assets | 5,153 | 5,008 | +2.9% |
| Total Assets | 90,325 | 83,336 | +8.4% |
Show Business Segments breakouts |
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| All Other Segments · Operating Segments | 1,978 | — | — |
| Construction Industries · Operating Segments | 5,596 | — | — |
| Energy & Transportation · Operating Segments | 11,435 | — | — |
| Financial Products Segment · Operating Segments | 39,093 | — | — |
| Resource Industries · Operating Segments | 5,496 | — | — |
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| Variable Interest Entity Primary Beneficiary | 1.06 | 1.35 | -21.5% |
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| Operating Segments | 61,620 | — | — |
| Intangible Assets | 321 | 488 | -34.2% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Relationships | 202 | 344 | -41.3% |
| Developed Technology Rights | 89 | 106 | -16.0% |
| Other Intangible Assets | 30 | 38 | -21.1% |
| Other Assets | |||
| Noncurrent Deferred And Refundable Income Taxes | 3,427 | 2,920 | +17.4% |
| Intangible Assets Net Excluding Goodwill | 321 | 488 | -34.2% |
| Current Liabilities | |||
| Short Term Borrowings (Q) | — | — | — |
Show Product Lines breakouts |
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| Financial Products | 4,485 | 5,298 | -15.3% |
| Accounts Payable | 8,563 | 7,575 | +13.0% |
| Accrued Liabilities | 5,207 | 4,947 | +5.3% |
| Employee Related Liabilities Current | 1,618 | 1,677 | -3.5% |
| Deferred Revenue (Current) | 3,412 | 2,324 | +46.8% |
| Dividends Payable Current | 707 | 684 | +3.4% |
| Other Liabilities Current | 2,627 | 2,882 | -8.8% |
| Long Term Debt And Capital Lease Obligations Current (Q) | — | — | — |
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| Financial Products | 8,285 | 8,132 | +1.9% |
| Machinery, Energy & Transportation | 30 | 45 | -33.3% |
| Total Current Liabilities | 34,934 | 33,564 | +4.1% |
| Non-Current Liabilities | |||
| Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent | 3,611 | 3,993 | -9.6% |
| Other Non-Current Liabilities | 5,169 | 4,807 | +7.5% |
| Total Liabilities | 71,662 | 66,200 | +8.3% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 1.06 | 1.35 | -21.5% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations (Q) | — | — | — |
Show Product Lines breakouts |
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| Financial Products | 17,294 | 15,299 | +13.0% |
| Machinery, Energy & Transportation | 10,654 | 8,537 | +24.8% |
| Stockholders' Equity | |||
| Common Stocks Including Additional Paid In Capital | 6,143 | 5,517 | +11.3% |
| Treasury Stock Value | -47,958 | -41,612 | -15.3% |
| Retained Earnings | 62,160 | 55,455 | +12.1% |
| Accumulated Other Comprehensive Income | -1,684 | -2,230 | +24.5% |
| Minority Interest | 2 | 6 | -66.7% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 18,663 | 17,136 | +8.9% |
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| Accumulated Defined Benefit Plans Adjustment | -63 | -55 | -14.5% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | 74 | 5 | +1380.0% |
| Accumulated Net Unrealized Investment Gain Loss | -8 | -70 | +88.6% |
| Accumulated Other Comprehensive Income | -1,684 | -2,230 | +24.5% |
| Accumulated Translation Adjustment | -1,687 | -2,110 | +20.0% |
| Common Stock Including Additional Paid In Capital | 6,143 | 5,517 | +11.3% |
| Noncontrolling Interest | 2 | 6 | -66.7% |
| Retained Earnings | 62,160 | 55,455 | +12.1% |
| Treasury Stock Common | -47,958 | -41,612 | -15.3% |
| Total Liabilities & Equity | 90,325 | 83,336 | +8.4% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization | 1,094 | 1,055 | +3.7% |
Show Business Segments breakouts |
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| All Other Segments · Operating Segments | 118 | 123 | -4.1% |
| Construction Industries · Operating Segments | 129 | 113 | +14.2% |
| Energy & Transportation · Operating Segments | 309 | 280 | +10.4% |
| Financial Products Segment · Operating Segments | 356 | 370 | -3.8% |
| Resource Industries · Operating Segments | 134 | 126 | +6.3% |
Show Consolidation Items breakouts |
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| Operating Segments | 928 | 889 | +4.4% |
| Deferred Income Taxes | -110 | -133 | +17.3% |
| Other Non-Cash Items | 398 | 105 | +279.0% |
| Change in Inventory | -1,639 | -643 | -154.9% |
| Change in Accounts Payable | 973 | -21 | +4733.3% |
| Change in Deferred Revenue | 1,276 | 341 | +274.2% |
| Net Cash from Operations | 4,411 | 5,073 | -13.0% |
| Investing Activities | |||
| Capital Expenditures | -1,265 | -841 | -50.4% |
| Other Investing Activities | -53 | 57 | -193.0% |
| Net Cash from Investing | -1,507 | 236 | -738.6% |
| Financing Activities | |||
| Share Repurchases | -4,488 | -6,275 | +28.5% |
| Net Cash from Financing | -4,345 | -7,929 | +45.2% |
| Other Cash Flow | |||
| Net Change in Cash | -1,448 | -2,637 | +45.1% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.