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目錄
美國
證券交易委員會
華盛頓特區  20549
catlogonew.jpg
 表單10-Q 
☒ 根據1934年證券交易法第13或15(d)條提交的季度報告
截至 2025年6月30日
或
☐ 根據1934年證券交易法第13或15(d)條提交的過渡報告
對於從                    到的過渡期
委員會文件編號：1-768
卡特彼勒公司.
(在公司章程中指定的確切註冊人名稱)
特拉華州
37-0602744
(成立或註冊的州或其他司法管轄區)(IRS 僱主識別號)
5205 N. O'Connor Boulevard,套房 100,歐文市， 德克薩斯州75039
(主要執行辦公室地址)(郵政編碼)
註冊人的電話號碼（包括區號）： (972) 891-7700 
變更前的名稱、地址和財政年度（如果自上次報告以來有變動）： N/A
Securities registered pursuant to Section 12(b) of the Act:
每個類別的名稱交易代碼註冊的每個交易所名稱
普通股（面值 $1.00）卡特彼勒紐約證券交易所
2035年9月15日到期的5.3%債券CAT35紐約證券交易所
請標記註冊人是否 (1) 在過去 12 個月（或在註冊人被要求提交此類報告的較短期間）內根據 1934 年《證券交易法》第 13 節或 15(d) 節的要求提交了所有需要提交的報告，以及 (2) 在過去的 90 天內一直受到此類申報要求的約束。 是 ☒    不  ☐
請在相應的方框內打勾，以表明登記人是否已按照S-T規則第405條（本章§232.405）的要求，在過去12個月內（或在登記人需要提交此類文件的較短期間內）電子提交了所有必需的交互式數據文件。是 ☒   不 ☐
請用勾選標記來表明註冊人是大型加速申報公司、加速申報公司、非加速申報公司、小型報告公司，還是新興成長型公司。參見《交易所法案》第12b-2條中「大型加速申報公司」、「加速申報公司」、「小型報告公司」和「新興成長型公司」的定義。
大型加速申報公司☒加速申報公司☐
非加速申報公司☐小型報告公司☐
新興成長公司☐
如果爲新興成長型公司，請在下面標記，以表明註冊人是否選擇不使用根據《交易法》第13(a)節提供的任何新的或修訂的財務會計準則的延長過渡期。 ☐
請用勾選標記表明註冊人是否爲殼牌公司（根據《證券交易法》第12b-2條定義）。 是 ☐  不 ☒

截至2025年6月30日， 468,478,923 發行人的普通股流通股數。

目錄
目錄
 
 
   
 
Item 3.高級證券違約*
Item 4.礦山安全披露*
 
* 項目省略，因爲無需回答或項目不適用。

2
目錄
第一部分 財務信息
 
第 1 項。基本報表
卡特彼勒公司
合併損益表
(未經審計)
（除每股數據外，單位爲百萬美元）
 截至6月30日的三個月
 20252024
銷售和收入：  
機械、能源和運輸的銷售$15,674 $15,840 
金融產品的收入895 849 
總銷售額和收入16,569 16,689 
運營成本：  
售出商品的成本10,807 10,150 
銷售、一般和管理費用1,694 1,652 
研究和開發費用551 535 
金融產品的利息支出336 314 
其他運營（收入）支出321 556 
總運營成本13,709 13,207 
營業利潤2,860 3,482 
不包括金融產品的利息支出126 137 
其他收入（支出）84 155 
稅前合併利潤2,818 3,500 
所得稅準備金（福利）646 836 
合併公司的利潤2,172 2,664 
未合併關聯公司的利潤（虧損）權益7 17 
合併公司和關聯公司的利潤2,179 2,681 
減去：歸屬於非控股權益的利潤（虧損）— — 
利潤 1
$2,179 $2,681 
普通股每股利潤$4.64 $5.50 
普通股每股利潤——攤薄 2
$4.62 $5.48 
已發行普通股的加權平均值（百萬）  
— 基本469.7 487.2 
— 稀釋 2
471.5 489.5 
1    歸屬於普通股股東的利潤。
2   通過假設使用庫存股法行使股票薪酬獎勵來稀釋。
請參閱合併基本報表附註。
3
目錄
卡特彼勒公司.
合併綜合收益表
(未經審計)
（單位：百萬美元）
 截至6月30日的三個月
 20252024
合併及聯營公司的利潤$2,179 $2,681 
其他綜合收益（虧損），稅後（註釋13）：
外幣折算435 (71)
養老金及其他退休後福利(1)(3)
衍生金融工具63 (62)
可供出售證券24 (1)
扣除稅後的其他綜合收益（損失），總額521 (137)
歸屬於股東的綜合收益$2,700 $2,544 
請參閱合併基本報表附註。
4
目錄
卡特彼勒公司
合併損益表
(未經審計)
（除每股數據外，金額單位爲百萬美元）
 截至六月三十日止六個月
 20252024
銷售額和收入：  
機械設備、能源與交通的銷售額$29,052 $30,800 
金融產品的收入1,766 1,688 
總銷售額和收入30,818 32,488 
運營成本：  
銷售成本19,772 19,812 
銷售、一般和管理費用3,287 3,229 
研發費用1,031 1,055 
金融產品的利息支出662 612 
其他營業（收入）支出627 779 
總運營成本25,379 25,487 
營業利潤5,439 7,001 
不包括金融產品的利息支出242 280 
其他收入（支出）191 311 
稅前合併利潤5,388 7,032 
所得稅準備金（收益）1,220 1,524 
合併公司的利潤4,168 5,508 
未合併聯營公司的權益收益（虧損）14 27 
合併公司和聯營公司的利潤4,182 5,535 
減：歸屬於非控制性權益的利潤（虧損）— (2)
利潤 1
$4,182 $5,537 
每股普通股收益$8.85 $11.28 
每股普通股收益——稀釋 2
$8.82 $11.23 
加權平均在外流通普通股（百萬股） 
– 基本472.4 490.7 
– 稀釋 2
474.5 493.3 
1    歸屬於普通股東的利潤。
2   假設基於股票的薪酬獎勵行權，使用庫藏股法進行稀釋。 
請參閱合併基本報表附註。
5
目錄
卡特彼勒公司.
合併綜合收益表
(未經審計)
（單位：百萬美元）
 截至六月三十日止六個月
 20252024
合併及聯營公司的利潤$4,182 $5,535 
其他綜合收益（虧損），稅後（註釋13）：
外幣折算623 (328)
養老金及其他退休後福利(2)(6)
衍生金融工具120 (62)
可供出售證券46 (14)
扣除稅後的其他綜合收益（損失），總額787 (410)
綜合收益4,969 5,125 
減：非控制性權益應占的綜合收益（虧損）— (2)
歸屬於股東的綜合收益$4,969 $5,127 
請參閱合併財務報表附註。



6
目錄
卡特彼勒公司.
合併財務狀況表
(未經審計)
(以百萬美元計) 
 6月30日
2025		12月31日
2024
資產  
流動資產：  
現金及現金等價物$5,442 $6,889 
應收賬款 - 貿易及其他9,704 9,282 
應收賬款 – 融資10,147 9,565 
預付費用及其他流動資產2,867 3,119 
存貨18,595 16,827 
流動資產合計46,755 45,682 
固定資產淨值13,896 13,361 
長期應收款 - 商業及其他1,607 1,225 
長期應收款 – 融資13,835 13,242 
非流動遞延所得稅資產及可退還所得稅3,427 3,312 
無形資產321 399 
商譽5,331 5,241 
其他資產5,153 5,302 
總資產$90,325 $87,764 
負債  
流動負債：  
短期借款：  
金融產品$4,485 $4,393 
應付賬款8,563 7,675 
應計費用5,207 5,243 
應付工資、薪金及員工福利1,618 2,391 
客戶預付款3,412 2,322 
Dividends payable707 674 
其他流動負債2,627 2,909 
一年內到期的長期債務：  
機械、能源與交通30 46 
金融產品8,285 6,619 
總流動負債34,934 32,272 
一年後到期的長期債務：  
機械、能源與運輸10,654 8,564 
金融產品17,294 18,787 
離職後福利負債3,611 3,757 
其他負債5,169 4,890 
總負債71,662 68,270 
承諾和或有事項（註釋11和14）
股東權益  
每股面值$1.00 面值：
  
授權股份： 2,000,000,000
已發行股份：(2025年6月30日和2024年12月31日 – 814,894,624) 以實收金額
6,143 6,941 
庫存股：(2025年6月30日 – 346,415,701 股；2024年12月31日 – 336,962,600 股) 以成本
(47,958)(44,331)
用於企業的利潤62,160 59,352 
累計其他綜合收益（損失）(1,684)(2,471)
非控制性權益2 3 
總股東權益18,663 19,494 
總負債和股東權益$90,325 $87,764 
請參閱合併財務報表附註。
7
目錄
卡特彼勒公司
合併股東權益變動表
(未經審計)
(以百萬美元計) 
 普通股
stock		財政部
stock		利潤
就業的
你任何本金金額的回報。
商業		累計
其他
綜合的
收入（虧損）		非控股
利益		總計
截至2024年6月30日的三個月      
截至2024年3月31日的餘額$5,663 $(40,039)$54,108 $(2,093)$6 $17,645 
合併及關聯公司的利潤（虧損）— — 2,681 — — 2,681 
扣除稅項後的外幣換算淨額— — — (71)— (71)
養老金及其他退休後福利，稅後淨額— — — (3)— (3)
衍生金融工具，稅後淨額— — — (62)— (62)
可供出售證券，稅後淨額— — — (1)— (1)
已宣告的分紅 1
— — (1,334)— — (1,334)
從庫藏股中發行的用於股票補償的普通股： 203,219
4 12 — — — 16 
基於股票的補償費用75 — — — — 75 
回購的普通股： 4,578,023 2
— (1,570)— — — (1,570)
尚未發行的授權加速回購(250)— — — — (250)
其他25 (15)— — — 10 
截至2024年6月30日的餘額$5,517 $(41,612)$55,455 $(2,230)$6 $17,136 
截至2025年6月30日的三個月      
2025年3月31日餘額$6,043 $(47,127)$61,356 $(2,205)$3 $18,070 
合併及關聯公司的利潤（虧損）— — 2,179 — — 2,179 
扣除稅項後的外幣換算淨額— — — 435 — 435 
養老金及其他退休後福利，稅後淨額— — — (1)— (1)
衍生金融工具，稅後淨額— — — 63 — 63 
可供出售證券，稅後淨額— — — 24 — 24 
已宣告的股息 1
— — (1,375)— — (1,375)
用於股票激勵的庫藏股發行普通股： 103,310
— 5 — — — 5 
基於股票的補償費用86 — — — — 86 
回購的普通股： 2,666,175 2
— (828)— — — (828)
其他14 (8)— — (1)5 
截至2025年6月30日的餘額$6,143 $(47,958)$62,160 $(1,684)$2 $18,663 
1 每股普通股股息 $2.92 和$2.71 在截至2025年6月30日和2024年6月30日的三個月內宣佈。
2 有關更多信息，請參見第12條備註。
請參閱合併財務報表附註。

8
目錄
卡特彼勒公司
合併股東權益變動表
(未經審計)
(以百萬美元計) 
 普通股
stock		財政部
stock		利潤
已就業
你任何本金金額的回報。
商業		累計
其他
綜合的
收入（虧損）		非控股
利益		總計
截至2024年6月30日的六個月      
截至2023年12月31日的餘額$6,403 $(36,339)$51,250 $(1,820)$9 $19,503 
合併及附屬公司的利潤（虧損）— — 5,537 — (2)5,535 
扣除稅項後的外幣換算淨額— — — (328)— (328)
養老金及其他退休後福利，稅後淨額— — — (6)— (6)
衍生金融工具，稅後淨額— — — (62)— (62)
可供出售證券，稅後淨額— — — (14)— (14)
已宣告股息 1
— — (1,332)— — (1,332)
爲股票激勵計劃而從庫藏股中發行的普通股： 1,427,357
(41)49 — — — 8 
基於股票的補償費用119 — — — — 119 
回購的普通股: 15,906,510 2
— (5,275)— — — (5,275)
未償還的授權加速回購股份(1,000)— — — — (1,000)
其他36 (47)— — (1)(12)
截至2024年6月30日的餘額$5,517 $(41,612)$55,455 $(2,230)$6 $17,136 
截至2025年6月30日的六個月      
截至2024年12月31日的餘額$6,941 $(44,331)$59,352 $(2,471)$3 $19,494 
合併及關聯公司的利潤（虧損）— — 4,182 — — 4,182 
扣除稅項後的外幣換算淨額— — — 623 — 623 
養老金及其他退休後福利，稅後淨額— — — (2)— (2)
衍生金融工具，稅後淨額— — — 120 — 120 
可供出售證券，稅後淨額— — — 46 — 46 
已宣告股息 1
— — (1,374)— — (1,374)
用於股票激勵的庫藏股發行普通股： 728,355
(53)(6)— — — (59)
基於股票的補償費用131 — — — — 131 
回購的普通股： 10,181,456 2
— (3,588)— — — (3,588)
未償還的授權加速股票回購(900)— — — — (900)
其他24 (33)— — (1)(10)
截至2025年6月30日的餘額$6,143 $(47,958)$62,160 $(1,684)$2 $18,663 
1 普通股每股股息爲$2.92 和$2.71 分別在截至2025年6月30日和2024年6月30日的六個月內被宣佈。
2 有關更多信息，請參見第12條備註。
請參閱合併財務報表附註。

9
目錄
卡特彼勒公司
合併現金流量表
(未經審計)
（以百萬美元計算）
 截至6月30日的六個月
 20252024
來自經營活動的現金流：  
合併及附屬公司的利潤$4,182 $5,535 
調整項目，以將利潤調節爲經營活動提供的淨現金：  
折舊和攤銷1,094 1,055 
遞延所得稅準備（收益）(110)(133)
出售收益（損失）— 164 
其他398 105 
資產和負債的變動（扣除收購和出售）:  
應收賬款 - 貿易及其他(319)(245)
存貨(1,639)(643)
應付賬款973 (21)
應計費用(12)69 
應付工資、薪金及員工福利(805)(1,056)
客戶預付款1,276 341 
其他資產 - 淨額(90)20 
其他負債 – 淨額(537)(118)
經營活動提供的現金(使用的現金)4,411 5,073 
投資活動產生的現金流：  
資本支出 – 不包括租賃給其他人的設備(1,265)(841)
租賃給其他人的設備支出(608)(614)
處置租賃資產及物業、廠房和設備的收入365 342 
金融應收款項的增加(7,064)(7,446)
金融應收款項的收回6,399 6,743 
出售金融應收款項所得18 37 
投資和收購（扣除所獲得的現金）(21)(32)
出售業務和投資所得（扣除所出售的現金）12 (61)
到期證券和出售證券所得1,328 2,574 
證券的投資(618)(523)
其他 – 淨額(53)57 
投資活動提供的（使用的）淨現金(1,507)236 
融資活動產生的現金流：  
支付分紅派息(1,336)(1,283)
普通股發行，包括重新發行的庫藏股(59)8 
購買普通股的付款(4,488)(6,275)
購買普通股時支付的消費稅(73)— 
發行債務的收益（原始到期超過三個月）：  
       - 機械、能源與交通1,976 — 
       - 金融產品3,731 4,151 
債務支付（原始到期超過三個月）：  
       - 機械、能源與運輸(35)(1,014)
       - 金融產品(4,133)(4,203)
短期借款 - 淨額（原始到期日三個月或更短）72 687 
融資活動提供（使用）淨現金(4,345)(7,929)
匯率變動對現金的影響(7)(17)
現金、現金等價物及受限制現金的增加（減少）(1,448)(2,637)
期初現金、現金等價物和限制性現金6,896 6,985 
期末現金、現金等價物和限制性現金$5,448 $4,348 
現金等價物主要指原始到期一般爲三個月或更短的短期高流動性投資。.
請參閱合併財務報表附註。
10
目錄
合併基本報表附註
(未經審計)
 
1.                                   A. 運營性質
 
我們的財務報表及相關說明中的信息分爲以下幾類：
 
機械、能源與運輸 （ME&T）——我們將ME&T定義爲卡特彼勒公司及其子公司，不包括金融產品。ME&T的信息與我們產品的設計、製造和營銷有關。
 
金融產品 —— 我們將金融產品定義爲我們的金融和保險子公司，主要是卡特彼勒金融服務公司（Cat Financial）和卡特彼勒保險控股公司（Insurance Services）。金融產品的信息與爲客戶和經銷商購買和租賃卡特彼勒及其他設備提供融資相關。

B. 報告基礎
 
管理層認爲，附帶的未經審計的財務報表包含所有調整，僅包括正常的經常性調整，必要於公平陳述 (a) 截至2025年和2024年6月30日的三個月和六個月的合併經營結果，(b) 截至2025年和2024年6月30日的三個月和六個月的合併全面收入，(c) 截至2025年6月30日和2024年12月31日的合併財務狀況，(d) 截至2025年和2024年6月30日的三個月和六個月的合併股東權益變動，(e) 截至2025年和2024年6月30日的六個月的合併現金流。財務報表的編制遵循美國公認會計原則（U.S. GAAP）以及證券交易委員會（SEC）的相關規則和法規。

中期結果不一定能反映全年業績。本10-Q表格中包含的信息應與我們公司截至2024年12月31日的年度報告（2024年10-K表格）中包含的經審計財務報表及附註一同閱讀。
 
本文所列的2024年12月31日財務狀況數據源自2024年10-K表格中包含的經審計合併財務報表，但不包括美國公認會計原則（U.S. GAAP）所要求的所有披露。

Cat Financial 的最終用戶客戶和經銷商是變動利息實體（VIEs），我們並不是主要受益方。我們與這些 VIEs 相關的最大損失風險僅限於我們提供的財務支持中固有的信用風險。信用風險已在我們的財務報表中進行評估，並作爲我們整體融資應收賬款及相關信用損失準備的一部分進行了反映。有關合並 VIE 的進一步討論，請參見注釋 11。

2.                                   新的會計指引

A. 採用新的會計準則

我們考慮了所有ASU的適用性和影響。我們確定2025年1月1日生效的ASU要麼不適用，要麼對我們的財務報表沒有重大影響。

B. 已發佈但尚未採納的會計準則

所得稅報告 （ASU 2023-09）——2023年12月，財務會計準則委員會（FASB）發佈了會計指引，以擴展所得稅的年度披露要求，主要與稅率調節和已支付的所得稅相關。 擴展的披露將在我們截至2025年12月31日的財年生效，可前瞻性或追溯性應用。我們正在評估這項新指引對相關披露的影響。

11
目錄

損益表費用的分解 (ASU 2024-03) — 2024年11月，FASB發佈了會計指引，以增強對損益表費用性質和功能的透明度。修訂要求每年及每個中期披露特定類別的分解運營費用信息，包括庫存採購、員工薪酬、折舊和攤銷。擴展的年度披露自我們截至2027年12月31日的財年起生效，擴展的中期披露自2028年起生效，允許提前採用。我們正在評估這一新指引對相關披露的影響。

所有其他已發佈但尚未採納的會計準則均已評估，結果確定它們要麼不適用，要麼預計對我們的財務報表沒有重大影響。

3.                                   銷售和收入合同信息

應收賬款代表從經銷商和最終用戶處因銷售我們的產品而應收的款項，包括因經銷商購買庫存而由Cat Financial提供的批發庫存融資所產生的應收款項。我們在合併財務狀況表中的應收賬款-貿易及其他和長期應收賬款-貿易及其他中確認來自經銷商和最終用戶的應收賬款。截止2025年6月30日、2024年12月31日和2023年12月31日，來自經銷商和最終用戶的應收賬款爲$8,354 百萬，$7,864 百萬和$7,923 百萬。截止2025年6月30日、2024年12月31日和2023年12月31日，來自經銷商和最終用戶的長期應收賬款爲$682 百萬，$640 百萬和$589 百萬。

對於某些合同，當達到合同里程碑時，我們會開具付款發票。在達到開具發票的合同里程碑之前，當銷售得到確認時，我們就會確認合同資產。當我們開具付款發票並確認相應的貿易應收賬款時，我們會減少合同資產。合同資產包含在合併財務狀況表中的預付費用和其他流動資產中。合約資產爲 $227百萬，美元238百萬和美元246截至2025年6月30日、2024年12月31日和2023年12月31日分別爲百萬人。

我們在確認某些產品的銷售前會先開具發票。我們將預收客戶款項作爲合同負債在合併財務狀況表中的客戶預收款和其他負債中確認。合同負債爲$4,043 百萬，$2,745 百萬和$2,389 百萬，截至2025年6月30日、2024年12月31日和2023年12月31日分別爲。我們在確認收入時減少合同負債。 在截至2025年6月30日的三個月和六個月期間，我們確認了$462 百萬和$1,145 百萬，分別爲在2025年初記錄爲合同負債的收入。在截至2024年6月30日的三個月和六個月期間，我們確認了$360百萬，與$1,1732024年初記錄爲合同負債的收入分別爲百萬。

我們通過銷售計劃向經銷商提供折扣。我們有許多旨在促進我們產品的銷售的計劃。當經銷商向目標最終用戶銷售產品時，最常見的經銷商計劃會提供折扣。當我們確認產品銷售時，我們會將這些折扣的估計成本報告爲交易價格的降低。我們在合併財務狀況表中累積了相應的售後折扣準備金，這代表我們預計爲已售單位支付的折扣。如果支付的折扣與估計的折扣不同，我們會將差額報告爲支付最終折扣的後續期間交易價格的變化。由於實際付款和預估付款之間的差異以及估算值的變化，我們確認的營業收入減少了美元201百萬和美元454在截至2025年6月30日的三個月和六個月中，分別爲百萬美元，與前一時期的銷售額有關。在截至2024年6月30日的三個月和六個月中，與前一時期銷售相關的收入變化無關緊要。通常，我們會根據歷史經驗和截至期末財務報告日的銷售計劃的變化，按車型和地理區域估算每種產品的折扣成本。前一時期出售給經銷商但在 2025 年仍保留在經銷商庫存中的產品受到 2025 年採取的銷售計劃行動的約束，這導致本年度支付的折扣更高。

12
目錄
截至2025年6月30日，我們已與經銷商和最終用戶簽訂了尚未確認銷售的合同，因爲我們尚未履行我們的業績義務並轉移產品的控制權。原始期限超過一年的合同中未滿足的業績義務金額爲$19.7 十億，其中大約一半的金額預計將在以下的2025年6月30日完成並確認收入。 接下來的十二個月 我們選擇採用實用性簡化，不披露原始合同期限爲一年或更短的未滿足業績義務。原始期限爲一年或更短的合同主要是針對機械、發動機和替換零件的經銷商銷售。

有關更詳細的銷售和收入信息，請參見第16條註釋。

4.                                    基於股票的補償
 
基於股票補償的會計處理要求，所有股票支付所產生的費用必須根據授予日期的公允價值在財務報表中確認。我們的股票補償包括股票期權、限制性股票單位（RSU）和基於業績的限制性股票單位（PRSU）。

我們確認了稅前股票基礎補償費用爲 $86 百萬和$131 百萬美元，而截至2024年6月30日止三個月和六個月分別爲$75 百萬和$119 百萬，分別截至2024年6月30日的三個月和六個月。

下表列示了截至2025年6月30日和2024年六個月期間授予的股票薪酬獎勵的類型及其公允價值：

 截至2025年6月30日的六個月截至2024年6月30日的六個月
 授予的股份每股加權平均公允價值授予的股份每股加權平均公允價值
股票期權299,523 $106.04 296,295 $104.27 
限制性股票單位（RSUs）442,800 $333.10 379,621 $338.65 
PRSUs199,856 $345.60 169,120 $408.64 
 
我們股票期權的公允價值是使用布萊克-斯科爾斯期權定價模型估算的。 下表列出了用於確定截至2025年6月30日和2024年6月30日六個月期間授予的股票期權公允價值的假設：
 
 授予年份
 20252024
加權平均股息率2.13%2.40%
加權平均波動率30.5%30.7%
波動率範圍
26.6% - 32.6%
26.3% - 32.3%
無風險利率範圍
4.13% - 4.40%
4.28% - 5.03%
加權平均預期期限7 年7 年
 

13
目錄
2025年和2024年授予的PRSUs包含市場條件，並使用蒙特卡羅模擬來估算獎勵的公允價值。 下表提供了用於確定截至2025年6月30日和2024年六個月期間授予的PRSUs公允價值的假設：

 授予年份
 20252024
公司股票的預期波動性29.5%29.8%
無風險利率3.90%4.38%

截至2025年6月30日，與未歸屬的股票薪酬獎勵相關的總計剩餘未確認薪酬費用爲$292 百萬，該金額將在加權平均剩餘必要服務期（約爲）內攤銷。 1.9 年內確認。
 
5.                                    衍生金融工具與風險管理
 
我們的收益和現金流因外匯匯率、利率、商品價格以及某些遞延薪酬計劃負債的變化而面臨波動風險。我們的《風險管理政策》（以下簡稱「政策」）允許使用衍生金融工具，以審慎管理外匯匯率、利率、商品價格及某些遞延薪酬計劃負債的敞口風險。該政策明確規定，衍生工具不得用於投機目的。我們所使用的衍生工具主要包括外匯遠期合約、期權合約、交叉貨幣合約、利率合約、商品遠期與期權合約以及總收益掉期合約。我們的衍生品相關活動受到公司高級財務管理人員的管理、指導和控制。我們至少每年向董事會審計委員會彙報一次我們的風險管理實踐情況，包括對金融衍生工具的使用。
 
我們在合併財務狀況表中按其公允價值確認所有衍生工具。在衍生合同簽訂之日，我們將該衍生工具指定爲：(1) 已確認資產或負債的公允價值對沖（公允價值對沖），(2) 預測交易或現金流變動的對沖（現金流對沖），或 (3) 未指定工具。對於符合資格、已指定且高度有效的公允價值對沖的衍生工具，我們將其公允價值的變化以及歸屬於對沖風險的對沖已確認資產或負債的利得或損失計入當期損益。對於指定爲公允價值對沖的外匯合約，中期結算不納入有效性評估，並按照系統合理的方法在對沖工具期限內計入利息費用。對於符合資格、已指定且高度有效的現金流對沖的衍生工具，我們將其公允價值變動記錄在綜合收益中，直至在同一期間或多個期間內將其重分類至損益，在此期間，被對沖的交易將影響損益。我們將在當期損益中報告未指定衍生工具的公允價值變動。在合併現金流量表中，我們將指定衍生金融工具的現金流歸類於與被對沖項目相同的類別。未指定衍生金融工具的現金流則歸入合併現金流量表中的投資類別。
 
我們正式記錄所有套期工具與被套期項目之間的關係，以及進行各種套期交易的風險管理目標和策略。此過程包括將指定爲公允價值套期的所有衍生品與合併財務狀況表中的特定資產和負債相鏈接，並將現金流量套期與特定預測交易或現金流變動相鏈接。

我們還會在對沖開始時及持續期間正式評估，用於對沖交易的指定衍生工具是否能有效抵消被對沖項目公允價值或現金流的變化。當某衍生工具不再具備高度有效性作爲對沖工具，或者被對沖的基礎交易已不再可能實現時，我們將根據對沖會計的終止確認標準，前瞻性地停止使用對沖會計。
 
14
目錄
外匯匯率風險
 
外匯匯率波動通過影響以外幣計價的銷售和成本的美元價值而產生一定程度的風險。外幣匯率的變動還會影響我們的競爭地位，因爲這些變化可能影響非美國競爭對手的商業行爲和/或定價策略。此外，我們的資產負債表中存在以外幣計價的頭寸，從而對匯率波動產生風險敞口。
 
我們的ME&T業務在世界許多地方採購、製造和銷售產品。由於我們的收入和成本基礎多樣化，我們以淨額方式管理未來的外幣現金流風險敞口。我們使用外匯遠期和期權合約來管理不匹配的外匯現金流入和流出。我們的目標是儘量減少匯率波動可能降低外幣現金流美元價值的風險。我們的政策允許管理預期的外幣現金流最長至約 五年截至2025年6月30日，這些未到期合約在初始時的最長期限約爲 60 months.
 
我們通常在合同初始時，將任何符合套期會計要求且到期日超過當前季度末的外匯遠期或期權合約指定爲現金流量套期。我們以特定風險敞口爲基礎進行指定，以支持套期會計。ME&T剩餘的外匯合約則未作指定。
 
在管理我們金融產品業務的外匯風險時，我們的目標是儘量減少因轉換和重新計量淨資產負債表頭寸及未來以外幣計價的交易而產生的盈利波動。我們的政策允許使用外匯遠期、期權和交叉貨幣合約，以抵消資產與負債之間貨幣錯配的風險以及與未來外幣交易相關的匯率風險。我們的外匯遠期和期權合約主要未被指定用途。我們將固定對固定的交叉貨幣合約指定爲現金流量套期工具，以防範外幣固定利率資產和負債的匯率波動。我們將浮動對浮動的交叉貨幣合約指定爲公允價值套期工具，以防範浮動利率資產和負債的匯率波動。
 
利率風險
 
利率變動通過影響我們的利息支付金額和固定利率債務的價值，產生一定程度的風險。我們的做法是使用利率合約來管理我們對利率變化的風險敞口。
 
我們的ME&T業務通常使用固定利率債務作爲資金來源。我們的目標是儘量降低借款成本。我們的政策允許我們簽訂固定至浮動利率合約和遠期利率協議，以實現該目標。我們在合同起始時將固定至浮動利率合約指定爲公允價值對沖工具，並在合同起始時將某些遠期利率協議指定爲現金流量對沖工具。

金融產品運營部門實施一項匹配融資政策，通過在預定範圍內持續使卡特彼勒金融的債務組合與應收款項組合的利率特性（固定或浮動利率及期限）保持一致，來應對利率風險。作爲該政策的一部分，我們使用利率衍生工具調整債務結構以匹配應收款項組合內的資產。這種匹配融資減少了生息資產和付息負債之間的利潤波動，無論利率如何變動。
 
我們的政策允許我們使用固定到浮動、浮動到固定以及浮動到浮動的利率合約，以實現匹配資金的目標。我們將固定到浮動的利率合約指定爲公允價值對沖，以保護債務免受基準利率變動導致的公允價值變化的影響。我們將大多數浮動到固定的利率合約指定爲現金流量對沖，以防止由於基準利率變化而導致的現金流波動。
 
在某些時候，我們在ME&T和金融產品部門都清算過固定到浮動以及浮動到固定的利率合約。我們在清算時將與這些合約相關的損益攤銷入賬，並在之前指定的被套期項目的剩餘期限內計入收益。
 
15
目錄
商品價格風險
 
商品價格波動通過影響我們購買某些原材料的價格而產生一定程度的風險。我們的政策是使用商品遠期合約和期權合約來管理商品風險並降低採購材料的成本。
 
我們的ME&T運營購買嵌入在我們從供應商處採購的組件中的基本金屬和貴金屬。我們的供應商會將組件成本中商品部分的價格變動轉嫁給我們。此外，我們還受到爲運營用途購買的能源產品（如天然氣和柴油）價格波動的影響。
 
我們的目標是儘量減少這些商品價格的波動。我們的政策允許我們通過商品遠期和期權合約，在一個 五年 期限內鎖定這部分商品的購買價格。所有此類商品遠期和期權合約均未指定用途。

遞延薪酬計劃負債風險

我們還面臨與某些非合格遞延薪酬義務相關的薪酬費用波動風險。我們利用總回報掉期合約對這種風險敞口進行經濟對沖，以抵消相關的薪酬費用。所有此類總回報掉期合約均未指定用途。

合併財務狀況表中報告的衍生工具的位置及其公允價值如下：

（百萬美元）公允價值
2025年6月30日2024年12月31日
資產 1
負債 2
資產 1
負債 2
指定衍生品
外匯合約$476 $(235)$357 $(275)
利率合約66 (119)10 (201)
總計$542 $(354)$367 $(476)
未指定的衍生工具
外匯合約$41 $(82)$91 $(56)
商品合約5 (3)4 (6)
總收益互換合約30 — — (33)
總計$76 $(85)$95 $(95)
1 資產被分類爲應收款項 - 貿易及其他或長期應收款項 - 貿易及其他。
2 負債被分類爲應計費用或其他負債。

截至2025年6月30日和2024年12月31日，衍生工具的總名義金額分別爲$28.0億美元和$27.0十億。衍生金融工具的名義金額並不代表各方交換的金額。我們通過參考名義金額及其他衍生工具條款（如外匯匯率、利率、商品價格或某些遞延補償計劃負債）來計算各方交換的金額。

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目錄
Gains (Losses) on derivative instruments are categorized as follows:

（百萬美元）截至6月30日的三個月
在合併業務結果報表中確認的收益（損失） 1
在其他綜合收益（AOCI）中確認的收益（損失）
從其他綜合收益（AOCI）重新分類的收益（損失） 2
202520242025202420252024
現金流套期保值
外匯合約$— $— $139 $(13)$72 $56 
利率合約— — 15 4 1 14 
公允價值對沖
外匯合約— — (2)— (1)— 
利率合約(20)(38)— — — — 
未指定的套期保值
外匯合約(83)64 — — — — 
商品合約(3)11 — — — — 
總收益互換合約56 (12)— — — — 
總計$(50)$25 $152 $(9)$72 $70 
1 外匯合約、商品合約和總收益互換合約的損益包含在其他收入（支出）中。利率合約的損益包含在金融產品的利息支出和不包括金融產品的利息支出中。
2 外匯合約的損益主要包含在其他收入（支出）中。利率合約的損益主要包含在金融產品的利息支出中。
（百萬美元）截至6月30日的六個月
在合併經營業績報表中確認的收益（損失） 1
在綜合收益表（AOCI）中確認的收益（損失）
從綜合收益表（AOCI）重新分類的收益（損失） 2
202520242025202420252024
現金流套期保值
外匯合約$— $— $217 $82 $72 $147 
利率合約— — 13 15 2 29 
公允價值對沖
外匯合約— — (2)— (1)— 
利率合約(38)(74)— — — — 
未指定的套期保值
外匯合約(97)93 — — — — 
商品合約5 1 — — — — 
總收益互換合約30 18 — — — — 
總計$(100)$38 $228 $97 $73 $176 
1 外匯合約、商品合約和總收益互換合約的收益（損失）包含在其他收入（支出）中。利率合約的收益（損失）包含在金融產品的利息支出以及非金融產品的利息支出中。
2 外匯合約的收益（損失）主要包含在其他收入（支出）中。利率合約的收益（損失）主要包含在金融產品的利息支出中。


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目錄
以下金額已記錄在與公允價值套期相關的累計基準調整的合併財務狀況表中：

（百萬美元）被套期負債的賬面價值包含在被套期負債賬面價值中的公允價值套期調整累計金額
2025年6月30日2024年12月31日2025年6月30日2024年12月31日
一年內到期的長期債務$1,096 $483 $(1)$(16)
一年後到期的長期債務5,405 5,327 (45)(170)
總計$6,501 $5,810 $(46)$(186)

我們在ME&T和金融產品內部簽訂國際掉期與衍生工具協會（ISDA）主淨額協議，該協議允許根據各自衍生品合同淨結算到期支付的金額。根據這些主淨額協議，淨結算通常允許公司或交易對手確定相同日期、相同貨幣以及相似類型衍生交易合同的淨應付金額。如果發生違約事件或終止事件，主淨額協議還可能規定與交易對手所有未結合同的淨結算。如果交易對手未能履行義務，我們面臨的信用損失風險僅限於已記錄但尚未收到現金支付的那些收益。

根據主淨額協議，通常不要求交易對手或我方公司提供抵押品。截至2025年6月30日和2024年12月31日，未根據主淨額協議收到或質押任何現金抵押品。

在發生違約或終止事件時，主淨額結算協議的淨額結算條款對我們的衍生品餘額的影響如下：

（百萬美元）2025年6月30日2024年12月31日
資產負債資產負債
已確認的總額$618 $(439)$462 $(571)
未抵銷的金融工具(238)238 (186)186 
淨額$380 $(201)$276 $(385)

6.                                     存貨
 
存貨（主要採用後進先出法（LIFO））的組成如下：
 
（百萬美元）6月30日
2025		12月31日
2024
原材料$7,134 $6,681 
在製品1,487 1,438 
成品9,591 8,329 
供應383 379 
總庫存$18,595 $16,827 
    
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目錄
7.                                     無形資產和商譽
 
A.  Intangible assets
 
Intangible assets were comprised of the following:
 
 June 30, 2025
(Millions of dollars)Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,214 $(2,012)$202 
Intellectual property483 (394)89 
Other117 (87)30 
Total finite-lived intangible assets$2,814 $(2,493)$321 

 December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Customer relationships$2,220 $(1,950)$270 
Intellectual property496 (401)95 
Other117 (83)34 
Total finite-lived intangible assets$2,833 $(2,434)$399 

Amortization expense was $43 million for both the three months ended June 30, 2025 and 2024. Amortization expense was $87 million for both the six months ended June 30, 2025 and 2024.

Amortization expense related to intangible assets is expected to be:

(Millions of dollars)
Remaining Six Months of 20252026202720282029Thereafter
$80$98$34$27$24$58
 
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B.  Goodwill
 
No goodwill was impaired during the six months ended June 30, 2025 or 2024.

The changes in carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 were as follows: 

(Millions of dollars)December 31,
2024
Other Adjustments 1
June 30,
2025
Construction Industries
Goodwill$261 $14 $275 
Impairments(22)— (22)
Net goodwill239 14 253 
Resource Industries
Goodwill4,124 33 4,157 
Impairments(1,175)— (1,175)
Net goodwill2,949 33 2,982 
Energy & Transportation
Goodwill2,939 40 2,979 
Impairments(925)— (925)
Net goodwill2,014 40 2,054 
All Other 2
Goodwill39 3 42 
Consolidated total
Goodwill7,363 90 7,453 
Impairments(2,122)— (2,122)
Net goodwill$5,241 $90 $5,331 

1 Other adjustments are comprised primarily of foreign currency translation.
2 Includes All Other Segment (See Note 16).

8.                                    Investments in debt and equity securities
 
We have investments in certain debt and equity securities, which we record at fair value and primarily include in Other assets in the Consolidated Statement of Financial Position. Short-term and long-term investments are held with high quality institutions and, by policy, the amount of credit exposure to any one institution is limited.

We classify debt securities primarily as available-for-sale. We include the unrealized gains and losses arising from the revaluation of available-for-sale debt securities, net of applicable deferred income taxes, in equity (AOCI in the Consolidated Statement of Financial Position). We include the unrealized gains and losses arising from the revaluation of the equity securities in Other income (expense) in the Consolidated Statement of Results of Operations. We generally determine realized gains and losses on sales of investments using the specific identification method for available-for-sale debt and equity securities and include them in Other income (expense) in the Consolidated Statement of Results of Operations.


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The cost basis and fair value of available-for-sale debt securities with unrealized gains and losses included in equity (AOCI in the Consolidated Statement of Financial Position) were as follows:
Available-for-sale debt securities
June 30, 2025December 31, 2024
(Millions of dollars)
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Cost
Basis
Unrealized Pretax Net Gains
(Losses)
Fair
Value
Government debt securities      
U.S. treasury bonds$10 $— $10 $10 $— $10 
Other U.S. and non-U.S. government bonds64 2 66 71 (3)68 
Corporate debt securities     
Corporate bonds and other debt securities2,426 11 2,437 3,199 (29)3,170 
Asset-backed securities256 (1)255 220 (1)219 
Mortgage-backed debt securities  
U.S. governmental agency508 (23)485 476 (33)443 
Residential1 — 1 2 — 2 
Commercial135 (3)132 136 (6)130 
Total available-for-sale debt securities$3,400 $(14)$3,386 $4,114 $(72)$4,042 
Available-for-sale debt securities in an unrealized loss position:
 June 30, 2025
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $16 $1 $16 $1 
Corporate debt securities
Corporate bonds82 — 483 14 565 14 
Asset-backed securities24 — 38 1 62 1 
Mortgage-backed debt securities
U.S. governmental agency71 1 257 23 328 24 
Commercial— — 98 4 98 4 
Total$177 $1 $892 $43 $1,069 $44 
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 December 31, 2024
 
Less than 12 months 1
12 months or more 1
Total
(Millions of dollars)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Government debt securities      
Other U.S. and non-U.S. government bonds$— $— $55 $4 $55 $4 
Corporate debt securities
Corporate bonds729 3 812 33 1,541 36 
Asset-backed securities7 — 37 2 44 2 
Mortgage-backed debt securities      
U.S. governmental agency126 3 273 30 399 33 
Commercial13 — 113 6 126 6 
Total$875 $6 $1,290 $75 $2,165 $81 
1 Indicates the length of time that individual securities have been in a continuous unrealized loss position.
The unrealized losses on our investments in government debt securities, corporate debt securities, and mortgage-backed debt securities relate to changes in underlying interest rates and credit spreads since time of purchase. We do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their respective amortized cost basis. In addition, we did not expect credit-related losses on these investments as of June 30, 2025.

The cost basis and fair value of available-for-sale debt securities at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay and creditors may have the right to call obligations.
        
June 30, 2025
(Millions of dollars)Cost BasisFair Value
Due in one year or less$873 $875 
Due after one year through five years1,445 1,453 
Due after five years through ten years294 297 
Due after ten years144 143 
U.S. governmental agency mortgage-backed securities508 485 
Residential mortgage-backed securities1 1 
Commercial mortgage-backed securities135 132 
Total debt securities – available-for-sale$3,400 $3,386 
  
For the three months ended June 30, 2025 and 2024, proceeds from available-for-sale debt securities were $402 million and $300 million, respectively. For the six months ended June 30, 2025 and 2024, proceeds from available-for-sale debt securities were $1,313 million and $660 million, respectively.

For the three months ended June 30, 2025 and 2024, the net unrealized gains (losses) for equity securities held at June 30, 2025 and 2024 were $24 million and $(3) million, respectively. For the six months ended June 30, 2025 and 2024, the net unrealized gains (losses) for equity securities held at June 30, 2025 and 2024 were $27 million and $14 million, respectively.
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9.                                     Postretirement benefits
 
A.  Pension and postretirement benefit costs
    
U.S. Pension
Benefits
Non-U.S. Pension
Benefits
Other
Postretirement
Benefits
June 30,June 30,June 30,
(Millions of dollars)202520242025202420252024
For the three months ended:      
Components of net periodic benefit cost:      
Service cost$— $— $12 $11 $16 $17 
Interest cost153 157 27 31 30 33 
Expected return on plan assets (180)(175)(40)(42)(2)(2)
Amortization of prior service cost (credit)— — — — (1)(4)
Net periodic benefit cost (benefit) 1
$(27)$(18)$(1)$— $43 $44 
For the six months ended:
Components of net periodic benefit cost:
Service cost$— $— $23 $22 $32 $34 
Interest cost306 313 55 61 61 66 
Expected return on plan assets (360)(350)(80)(84)(4)(4)
Amortization of prior service cost (credit)— — — — (2)(7)
Net periodic benefit cost (benefit) 1
$(54)$(37)$(2)$(1)$87 $89 
1 The service cost component is included in Operating costs. All other components are included in Other income (expense).

We made $65 million and $276 million of contributions to our pension and other postretirement plans during the three and six months ended June 30, 2025, respectively. We currently anticipate full-year 2025 contributions of approximately $354 million.
 
B.  Defined contribution benefit costs
 
Total company costs related to our defined contribution plans, which are included in Operating costs in the Consolidated Statement of Results of Operations, were as follows:
 
 Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
U.S. Plans 1
$190 $115 $344 $338 
Non-U.S. Plans35 32 68 62 
 $225 $147 $412 $400 
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 5 for additional information.
 
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10.                              Leases

Revenues from finance and operating leases, primarily included in Revenues of Financial Products on the Consolidated Statement of Results of Operations, were as follows:

Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
Finance lease revenue$118 $107 $231 $215 
Operating lease revenue298 293 608 606 
Total$416 $400 $839 $821 

We present revenues net of sales and other related taxes.

11.                              Guarantees and product warranty
 
We have provided various guarantees that have varying terms and limit potential payment. Under the guarantees, non-performance by the third-parties could require Caterpillar to satisfy the contractual obligation by providing goods, services or financial compensation. The maximum potential amount of future payments (undiscounted and without reduction for any amounts possibly recoverable) that we could be required to make under the guarantees was $421 million and $368 million at June 30, 2025 and December 31, 2024, respectively.

We have dealer performance guarantees and third-party performance guarantees that do not limit potential payment to end users related to indemnities and other commercial contractual obligations. In addition, we have entered into contracts involving industry standard indemnifications that do not limit potential payment. For these unlimited guarantees, we are unable to estimate a maximum potential amount of future payments that could result from claims made.

No significant loss has been experienced or is anticipated under any of these guarantees.  
 
Cat Financial provides guarantees to purchase certain loans of Caterpillar dealers from a special-purpose corporation (SPC) that qualifies as a variable interest entity. Cat Financial receives a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers.  This SPC issues commercial paper and uses the proceeds to fund its loan program. Cat Financial is the primary beneficiary of the SPC as its guarantees result in Cat Financial having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore Cat Financial has consolidated the financial statements of the SPC.  As of June 30, 2025 and December 31, 2024, the SPC’s assets of $1.06 billion and $1.14 billion, respectively, were primarily comprised of loans to dealers, and the SPC’s liabilities of $1.06 billion and $1.14 billion, respectively, were primarily comprised of commercial paper.  The assets of the SPC are not available to pay Cat Financial’s creditors. Cat Financial may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

We determine our product warranty liability by applying historical claim rate experience to the current field population and dealer inventory.  Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America).  We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience.  

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The reconciliation of the change in our product warranty liability balances for the six months ended June 30 was as follows:

Six Months Ended June 30,
(Millions of dollars)20252024
Warranty liability, beginning of period$1,700 $1,894 
Reduction in liability (payments)(172)(387)
Increase in liability (new warranties) 141 276 
Warranty liability, end of period$1,669 $1,783 
  

12.                               Profit per share

 
Computations of profit per share:Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions except per share data)2025202420252024
Profit for the period (A) 1
$2,179 $2,681 $4,182 $5,537 
Determination of shares (in millions): 
Weighted-average number of common shares outstanding (B)469.7487.2472.4490.7
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price1.82.32.12.6
Average common shares outstanding for fully diluted computation (C) 2
471.5489.5474.5493.3
Profit per share of common stock:  
Basic (A/B)$4.64 $5.50 $8.85 $11.28 
Diluted (A/C) 2
$4.62 $5.48 $8.82 $11.23 
Shares outstanding as of June 30, (in millions)468.5 484.9 
1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the three and six months ended June 30, 2025, we excluded 0.6 million and 0.4 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive. For both the three and six months ended June 30, 2024, we excluded 0.3 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

For the three and six months ended June 30, 2025, we repurchased 2.7 million and 10.2 million shares of Caterpillar common stock, respectively, at an aggregate cost of $0.8 billion and $3.6 billion, respectively. For the three and six months ended June 30, 2024, we repurchased 4.6 million and 15.9 million shares of Caterpillar common stock, respectively, at an aggregate cost of $1.6 billion and $5.3 billion, respectively. We made these purchases through the combination of accelerated share repurchase (ASR) agreements with third-party financial institutions and open market transactions in 2025 and 2024.

In the first quarter of 2025, we entered into ASR agreements to repurchase an aggregate of $3.0 billion of common stock. We advanced the $3.0 billion and received approximately 5.7 million shares of Caterpillar common stock, approximately 70% of the estimated final number of shares to be repurchased, with a value of $2.1 billion. The final number of shares to ultimately be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The final settlement of the ASR agreements is scheduled to occur during the fourth quarter of 2025. The remaining $0.9 billion was evaluated as unsettled forward contracts and was classified as a reduction to Common stock within the Consolidated Statement of Financial Position.

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13.                          Accumulated other comprehensive income (loss)

We present comprehensive income and its components in the Consolidated Statement of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
Foreign currency translation
Beginning balance$(2,122)$(2,039)$(2,310)$(1,782)
Gains (losses) on foreign currency translation435 (128)623 (341)
Less: Tax provision (benefit)— 4 — 15 
Net gains (losses) on foreign currency translation435 (132)623 (356)
(Gains) losses reclassified to earnings— 61 — 28 
Less: Tax provision (benefit)— — — — 
Net (gains) losses reclassified to earnings— 61 — 28 
Other comprehensive income (loss), net of tax435 (71)623 (328)
Ending balance$(1,687)$(2,110)$(1,687)$(2,110)
Pension and other postretirement benefits
Beginning balance$(62)$(52)$(61)$(49)
Current year prior service credit (cost)— — — — 
Less: Tax provision (benefit)— — — — 
Net current year prior service credit (cost)— — — — 
Amortization of prior service (credit) cost(1)(4)(2)(7)
Less: Tax provision (benefit)— (1)— (1)
Net amortization of prior service (credit) cost(1)(3)(2)(6)
Other comprehensive income (loss), net of tax(1)(3)(2)(6)
Ending balance$(63)$(55)$(63)$(55)
Derivative financial instruments
Beginning balance$11 $67 $(46)$67 
Gains (losses) deferred152 (9)228 97 
Less: Tax provision (benefit)37 (1)55 27 
Net gains (losses) deferred115 (8)173 70 
(Gains) losses reclassified to earnings(72)(70)(73)(176)
Less: Tax provision (benefit)(20)(16)(20)(44)
Net (gains) losses reclassified to earnings(52)(54)(53)(132)
Other comprehensive income (loss), net of tax63 (62)120 (62)
Ending balance$74 $5 $74 $5 
Available-for-sale securities
Beginning balance$(32)$(69)$(54)$(56)
Gains (losses) deferred29 (1)55 (18)
Less: Tax provision (benefit)6 1 12 (2)
Net gains (losses) deferred23 (2)43 (16)
(Gains) losses reclassified to earnings1 1 3 2 
Less: Tax provision (benefit)— — — — 
Net (gains) losses reclassified to earnings1 1 3 2 
Other comprehensive income (loss), net of tax24 (1)46 (14)
Ending balance$(8)$(70)$(8)$(70)
Total AOCI ending balance at June 30,
$(1,684)$(2,230)$(1,684)$(2,230)

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14.                              Environmental and legal matters

The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. In addition to governing our manufacturing and other operations, these laws often impact the development of our products, including, but not limited to, required compliance with air emissions standards applicable to internal combustion engines. We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards.

We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. When it is probable we will pay remedial costs at a site, and those costs can be reasonably estimated, we accrue the investigation, remediation, and operating and maintenance costs against our earnings. We accrue costs based on consideration of currently available data and information with respect to each individual site, including available technologies, current applicable laws and regulations, and prior remediation experience. Where no amount within a range of estimates is more likely, we accrue the minimum. Where multiple potentially responsible parties are involved, we consider our proportionate share of the probable costs. In formulating the estimate of probable costs, we do not consider amounts expected to be recovered from insurance companies or others. We reassess these accrued amounts on a quarterly basis. The amount recorded for environmental remediation is not material and is included in Accrued expenses. We believe there is no more than a remote chance that a material amount for remedial activities at any individual site, or at all the sites in the aggregate, will be required.

In addition, we are involved in other unresolved legal actions that arise in the normal course of business. The most prevalent of these unresolved actions involve disputes related to product design, manufacture and performance liability (including claimed asbestos exposure), contracts, employment issues, environmental matters, intellectual property rights, taxes (other than income taxes) and securities laws. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of these unresolved legal actions, we believe that these actions will not individually or in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

Our operations in Brazil are subject to highly complex labor, tax, customs and other laws. While we believe that we are in compliance with such laws, we are periodically engaged in litigation regarding the application of these laws, including certain tax and customs disputes with federal, state and municipal authorities in Brazil relating to export activities associated with Caterpillar Brasil Ltda. The Company is unable to predict the outcome or reasonably estimate any potential losses; however, we currently believe that any matters raised will not have a material adverse effect on the Company’s consolidated results of operations, financial position or liquidity.

15.                              Income taxes
 
The effective tax rate for the three months ended June 30, 2025 was 23.0 percent compared to 23.9 percent for the three months ended June 30, 2024 which was negatively impacted by losses for the divestiture of two non-U.S. entities with no related tax benefit. The effective tax rate for the six months ended June 30, 2025 was 22.6 percent compared to 21.7 percent for the six months ended June 30, 2024.

On July 4, 2025, U.S. tax legislation was enacted containing a number of corporate tax provisions including reinstatement of 100 percent bonus depreciation and full expensing of U.S. research and development expenditures. This change in tax law will be accounted for in the period of enactment. We are evaluating the impact of this legislation and do not currently expect this change to have a material impact on our 2025 effective tax rate.

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16.                              Segment information
 
A.    Basis for segment information
 
Our Executive Office is comprised of a Chief Executive Officer (CEO), four Group Presidents, a Chief Financial Officer (CFO), a Chief Legal Officer and General Counsel and a Chief Human Resources Officer. The Group Presidents and CFO are accountable for a related set of end-to-end businesses that they manage. The Chief Legal Officer and General Counsel leads the Law, Security and Public Policy Division. The Chief Human Resources Officer leads the Human Resources Organization. The CEO allocates resources and manages performance at the Group President/CFO level. As such, the CEO serves as our Chief Operating Decision Maker (CODM), and operating segments are primarily based on the Group President/CFO reporting structure.
 
Three of our operating segments, Construction Industries, Resource Industries and Energy & Transportation are led by Group Presidents. One operating segment, Financial Products, is led by the CFO who also has responsibility for Corporate Services. Corporate Services is a cost center primarily responsible for the performance of certain support functions globally and to provide centralized services; it does not meet the definition of an operating segment. One Group President leads one smaller operating segment that is included in the All Other Segment. The Law, Security and Public Policy Division and the Human Resources Organization are cost centers and do not meet the definition of an operating segment.

B.    Description of segments
 
We have five operating segments, of which four are reportable segments. Following is a brief description of our reportable segments and the business activities included in the All Other Segment:
 
Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools. Inter-segment sales are a source of revenue for this segment.

Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines. Inter-segment sales are a source of revenue for this segment.


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Energy & Transportation: A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric and hybrid locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies. Inter-segment sales are a source of revenue for this segment.
 
Financial Products Segment: Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from Machinery, Energy & Transportation, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.
 
All Other Segment: Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience. Results for the All Other Segment are included as a reconciling item between reportable segments and consolidated external reporting.
 
C.    Segment measurement and reconciliations
 
We determine the segment profit of Construction Industries, Resource Industries, Energy & Transportation and our All Other Segment on a pretax basis and exclude most interest expense and certain other income (expense) items. We determine Financial Products Segment profit on a pretax basis and include other income (expense) items.

Our CODM evaluates the operating performance of the segments using segment profit as it provides insight into the financial health of each segment. The CODM reviews this metric regularly to compare the profitability of segments, identify trends, and evaluate which segments require additional resources or strategic adjustments. The CODM uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process. Additionally, the CODM monitors forecast-to-actual variances, focusing on areas where performance deviates from expectations, when evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment.

There are several methodology differences between our segment reporting and our external reporting. The following is a list of the more significant methodology differences:
 
•For Construction Industries, Resource Industries, Energy & Transportation and our All Other Segment net assets generally include inventories, receivables, property, plant and equipment, goodwill, intangibles, accounts payable and customer advances. We generally manage at the corporate level liabilities other than accounts payable and customer advances, and we do not include these in segment operations. Financial Products Segment assets generally include all categories of assets.
 
•We value segment inventories and cost of sales using a current cost methodology.
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•We amortize goodwill allocated to segments using a fixed amount based on a 20-year useful life. This methodology difference only impacts segment assets. We do not include goodwill amortization expense in segment profit. In addition, we have allocated to segments only a portion of goodwill for certain acquisitions made in 2011 or later.

•We generally manage currency exposures for operating segments, other than Financial Products, at the corporate level and do not include in segment profit or segment assets the effects of changes in exchange rates on results of operations and financial position within the year. We report the net difference created in the translation of revenues and costs between exchange rates used for U.S. GAAP reporting and exchange rates used for segment reporting as a methodology difference.

•We do not include stock-based compensation expense in segment profit.

•Postretirement benefit expenses are split; segments are generally responsible for service costs, with the remaining elements of net periodic benefit cost included as a methodology difference.

Reconciling items are created based on accounting differences between segment reporting and our consolidated external reporting. Please refer to pages 33-35 for financial information regarding significant reconciling items. Most of our reconciling items are self-explanatory given the above explanations. For the reconciliation of profit, we have grouped the reconciling items as follows:
 
•Corporate costs: These costs are related to corporate requirements primarily for compliance and legal functions for the benefit of the entire organization.

•Restructuring income/costs: May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold. See Note 20 for more information.

•Methodology differences: See previous discussion of significant accounting differences between segment reporting and consolidated external reporting.

•Timing: Timing differences in the recognition of costs between segment reporting and consolidated external reporting. For example, we report certain costs on the cash basis for segment reporting and the accrual basis for consolidated external reporting.


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The three and six months ended June 30, 2025 and 2024, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:
Sales and Revenues by Geographic Region
(Millions of dollars)
North
 America
Latin
 America
EAME
Asia/
 Pacific
External Sales and RevenuesIntersegment Sales and RevenuesTotal Sales and Revenues
Three Months Ended June 30, 2025    
Construction Industries$3,369 $540 $1,185 $1,029 $6,123 $67 $6,190 
Resource Industries1,111 541 501 851 3,004 83 3,087 
Energy & Transportation3,776 493 1,386 905 6,560 1,276 7,836 
Financial Products Segment703 105 126 108 1,042 
1
— 1,042 
Total sales and revenues from reportable segments8,959 1,679 3,198 2,893 16,729 1,426 18,155 
All Other Segment13 — 3 17 33 71 104 
Corporate Items and Eliminations(121)(23)(21)(28)(193)(1,497)(1,690)
Total Sales and Revenues$8,851 $1,656 $3,180 $2,882 $16,569 $— $16,569 
Three Months Ended June 30, 2024    
Construction Industries$3,957 $677 $1,047 $975 $6,656 $27 $6,683 
Resource Industries1,206 524 442 950 3,122 84 3,206 
Energy & Transportation3,308 439 1,421 912 6,080 1,257 7,337 
Financial Products Segment668 101 124 111 1,004 
1
— 1,004 
Total sales and revenues from reportable segments9,139 1,741 3,034 2,948 16,862 1,368 18,230 
All Other Segment13 — 4 12 29 79 108 
Corporate Items and Eliminations(109)(22)(41)(30)(202)(1,447)(1,649)
Total Sales and Revenues$9,043 $1,719 $2,997 $2,930 $16,689 $— $16,689 
1    Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $172 million and $180 million in the three months ended June 30, 2025 and 2024, respectively.
Sales and Revenues by Geographic Region
(Millions of dollars)
North
 America
Latin
 America
EAME
Asia/
 Pacific
External Sales and RevenuesIntersegment Sales and RevenuesTotal Sales and Revenues
Six Months Ended June 30, 2025    
Construction Industries$6,273 $1,044 $2,052 $1,898 $11,267 $107 $11,374 
Resource Industries2,195 1,102 907 1,621 5,825 146 5,971 
Energy & Transportation6,918 863 2,516 1,661 11,958 2,446 14,404 
Financial Products Segment1,385 204 248 212 2,049 
1
— 2,049 
Total sales and revenues from reportable segments16,771 3,213 5,723 5,392 31,099 2,699 33,798 
All Other Segment30 — 5 29 64 131 195 
Corporate Items and Eliminations(212)(42)(42)(49)(345)(2,830)(3,175)
Total Sales and Revenues$16,589 $3,171 $5,686 $5,372 $30,818 $— $30,818 
Six Months Ended June 30, 2024    
Construction Industries$7,790 $1,272 $2,043 $1,968 $13,073 $34 $13,107 
Resource Industries2,470 1,000 907 1,841 6,218 181 6,399 
Energy & Transportation6,259 847 2,715 1,746 11,567 2,451 14,018 
Financial Products Segment1,327 202 247 219 1,995 
1
— 1,995 
Total sales and revenues from reportable segments17,846 3,321 5,912 5,774 32,853 2,666 35,519 
All Other Segment31 (1)8 25 63 154 217 
Corporate Items and Eliminations(261)(42)(71)(54)(428)(2,820)(3,248)
Total Sales and Revenues$17,616 $3,278 $5,849 $5,745 $32,488 $— $32,488 
1    Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $335 million and $357 million in the six months ended June 30, 2025 and 2024, respectively.
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For the three and six months ended June 30, 2025 and 2024, Energy & Transportation external sales by end user application were as follows:

Energy & Transportation External Sales
Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
Oil and gas$1,867 $1,829 $3,125 $3,397 
Power generation2,407 1,885 4,403 3,503 
Industrial1,060 1,045 2,027 2,034 
Transportation1,226 1,321 2,403 2,633 
Energy & Transportation External Sales$6,560 $6,080 $11,958 $11,567 

Profit from Reportable Segments
(Millions of dollars)Construction IndustriesResource IndustriesEnergy & TransportationFinancial Products Segment Total from Reportable Segments
Three Months Ended June 30, 2025
Sales and revenues$6,190 $3,087 $7,836 $1,042 $18,155 
Less 1:
Cost of goods sold4,459 2,189 5,415 — 12,063 
SG&A/R&D 2
470 376 817 204 1,867 
Other segment items 3
17 (15)19 590 611 
Segment Profit$1,244 $537 $1,585 $248 $3,614 
Three Months Ended June 30, 2024
Sales and revenues$6,683 $3,206 $7,337 $1,004 $18,230 
Less 1:
Cost of goods sold4,470 2,132 4,989 — 11,591 
SG&A/R&D 2
477 352 797 182 1,808 
Other segment items 3
(5)4 26 595 620 
Segment Profit$1,741 $718 $1,525 $227 $4,211 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Construction Industries / Resource Industries / Energy & Transportation – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.
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Profit from Reportable Segments
(Millions of dollars)Construction IndustriesResource IndustriesEnergy & TransportationFinancial Products Segment Total from Reportable Segments
Six Months Ended June 30, 2025
Sales and revenues$11,374 $5,971 $14,404 $2,049 $33,798 
Less 1:
Cost of goods sold8,177 4,149 9,910 — 22,236 
SG&A/R&D 2
921 722 1,597 399 3,639 
Other segment items 3
8 (36)(2)1,187 1,157 
Segment Profit$2,268 $1,136 $2,899 $463 $6,766 
Six Months Ended June 30, 2024
Sales and revenues$13,107 $6,399 $14,018 $1,995 $35,519 
Less 1:
Cost of goods sold8,680 4,248 9,567 — 22,495 
SG&A/R&D 2
923 693 1,575 355 3,546 
Other segment items 3
(1)10 50 1,120 1,179 
Segment Profit$3,505 $1,448 $2,826 $520 $8,299 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Construction Industries / Resource Industries / Energy & Transportation – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.

Reconciliation of Consolidated profit before taxes:  
(Millions of dollars)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total profit from reportable segments$3,614 $4,211 $6,766 $8,299 
Profit (loss) from All Other Segment(5)21 (26)45 
Cost centers(10)(2)(6)12 
Corporate costs(211)(276)(424)(477)
Timing(76)82 (83)15 
Restructuring income (costs)(56)(258)(89)(252)
Methodology differences:
Inventory/cost of sales(21)9 (48)3 
Postretirement benefit expense(67)1 (53)(55)
Stock-based compensation expense(85)(75)(130)(119)
Financing costs(68)(41)(114)(69)
Currency(95)21 (149)108 
Other income/expense methodology differences(86)(168)(228)(418)
Other methodology differences(16)(25)(28)(60)
Total consolidated profit before taxes$2,818 $3,500 $5,388 $7,032 

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Reconciliation of Assets:
(Millions of dollars)June 30, 2025December 31, 2024
Assets from reportable segments:
Construction Industries$5,596 $5,546 
Resource Industries5,496 5,548 
Energy & Transportation11,435 11,772 
Financial Products Segment39,093 36,925 
Total assets from reportable segments61,620 59,791 
Assets from All Other Segment1,978 1,937 
Items not included in segment assets:  
Cash and cash equivalents4,428 6,165 
Deferred income taxes3,296 3,194 
Goodwill and intangible assets4,680 4,478 
Property, plant and equipment – net and other assets4,354 4,808 
Inventory methodology differences(3,698)(3,560)
Liabilities included in segment assets14,083 11,973 
Other(416)(1,022)
Total assets$90,325 $87,764 
Reconciliation of Depreciation and amortization:
(Millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Depreciation and amortization from reportable segments:
   Construction Industries$66 $57 $129 $113 
   Resource Industries68 63 134 126 
   Energy & Transportation156 143 309 280 
   Financial Products Segment178 185 356 370 
Total depreciation and amortization from reportable segments468 448 928 889 
Items not included in segment depreciation and amortization:
All Other Segment60 62 118 123 
Cost centers25 24 49 47 
Other1 (3)(1)(4)
Total depreciation and amortization$554 $531 $1,094 $1,055 

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Reconciliation of Capital expenditures:    
(Millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Capital expenditures from reportable segments:
Construction Industries$64 $55 $110 $113 
Resource Industries67 52 113 86 
Energy & Transportation412 257 711 379 
Financial Products Segment379 320 549 554 
Total capital expenditures from reportable segments922 684 1,483 1,132 
Items not included in segment capital expenditures:
All Other Segment63 57 105 86 
Cost centers35 24 62 54 
Timing(70)(37)225 208 
Other5 (9)(2)(25)
Total capital expenditures$955 $719 $1,873 $1,455 

17.                             Cat Financial financing activities

Allowance for credit losses

Portfolio segments
A portfolio segment is the level at which Cat Financial develops a systematic methodology for determining its allowance for credit losses. Cat Financial's portfolio segments and related methods for estimating expected credit losses are as follows:

Customer
Cat Financial provides loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. Cat Financial also provides financing for power generation facilities that, in most cases, incorporate Caterpillar products. The average original term of Cat Financial's customer finance receivable portfolio was approximately 51 months with an average remaining term of approximately 27 months as of June 30, 2025.

Cat Financial typically maintains a security interest in financed equipment and generally requires physical damage insurance coverage on the financed equipment, both of which provide Cat Financial with certain rights and protections. If Cat Financial's collection efforts fail to bring a defaulted account current, Cat Financial generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions.

Cat Financial estimates the allowance for credit losses related to its customer finance receivables based on loss forecast models utilizing probabilities of default and the estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors.

During the three and six months ended June 30, 2025, Cat Financial's forecasts reflected a continuation of the trend of historically low unemployment rates as well as global market uncertainty and continued actions by global central banks aimed at reducing inflation. Cat Financial believes the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends.

Dealer
Cat Financial provides financing to Caterpillar dealers in the form of wholesale financing plans and working capital loans. Cat Financial's wholesale financing plans provide financing to dealers for their primarily new Caterpillar equipment inventory and rental fleets on a secured and unsecured basis. In addition, Cat Financial provides a variety of secured and unsecured retail loans to Caterpillar dealers.
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Cat Financial estimates the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, Cat Financial's Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to its close working relationships with the dealers and their financial strength. Therefore, Cat Financial made no adjustments to historical loss rates during the three and six months ended June 30, 2025.

Classes of finance receivables
Cat Financial further evaluates portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Cat Financial's classes, which align with management reporting for credit losses, are as follows:

•North America - Finance receivables originated in the United States and Canada.
•EAME - Finance receivables originated in Europe, Africa, the Middle East and Eurasia.
•Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India.
•Latin America - Finance receivables originated in Mexico and Central and South American countries.
•Mining - Finance receivables originated worldwide related to large mining customers.
•Power - Finance receivables originated worldwide related to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

Receivable balances, including accrued interest, are written off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible (generally upon repossession of the collateral). Generally, the amount of the write-off is determined by comparing the fair value of the collateral, less cost to sell, to the amortized cost of the receivable. Subsequent recoveries, if any, are credited to the allowance for credit losses when received.

An analysis of the allowance for credit losses was as follows:

   
 (Millions of dollars)Three Months Ended June 30, 2025Three Months Ended June 30, 2024
CustomerDealerTotalCustomerDealerTotal
Beginning balance$273 $4 $277 $273 $4 $277 
Write-offs(27)— (27)(33)— (33)
Recoveries9 — 9 15 — 15 
Provision for credit losses 1
21 — 21 15 — 15 
Other5 — 5 (24)— (24)
Ending balance$281 $4 $285 $246 $4 $250 
   
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
CustomerDealerTotalCustomerDealerTotal
Beginning balance$258 $4 $262 $276 $51 $327 
Write-offs(57)— (57)(56)(47)(103)
Recoveries19 — 19 30 — 30 
Provision for credit losses 1
54 — 54 24 — 24 
Other7 — 7 (28)— (28)
Ending balance$281 $4 $285 $246 $4 $250 
Finance Receivables$22,842 $1,378 $24,220 $20,740 $1,780 $22,520 
1 Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.
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Gross write-offs by origination year for the Customer portfolio segment were as follows:

      
 (Millions of dollars)Three Months Ended June 30, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
North America$— $3 $6 $2 $2 $2 $2 $17 
EAME— 1 2 — 1 — — 4 
Asia/Pacific— 1 1 1 — — — 3 
Latin America— — 1 2 — — — 3 
Total$— $5 $10 $5 $3 $2 $2 $27 
Three Months Ended June 30, 2024
20242023202220212020PriorRevolving
Finance
Receivables		Total
North America$— $5 $2 $1 $— $1 $3 $12 
EAME— 1 1 1 1 — — 4 
Asia/Pacific— 1 1 2 — — — 4 
Latin America— — 2 2 1 8 — 13 
Total$— $7 $6 $6 $2 $9 $3 $33 
Six Months Ended June 30, 2025
20252024202320222021PriorRevolving
Finance
Receivables		Total
North America$— $5 $11 $6 $4 $3 $4 $33 
EAME— 2 3 1 1 — — 7 
Asia/Pacific— 1 2 1 1 — — 5 
Latin America— — 2 3 — 1 — 6 
Mining— 3 1 1 — — — 5 
Power— — — — — 1 — 1 
Total$— $11 $19 $12 $6 $5 $4 $57 
Six Months Ended June 30, 2024
20242023202220212020PriorRevolving
Finance
Receivables		Total
North America$— $8 $6 $3 $1 $1 $6 $25 
EAME— 2 2 2 1 — — 7 
Asia/Pacific— 2 3 3 1 — — 9 
Latin America— — 3 3 1 8 — 15 
Total$— $12 $14 $11 $4 $9 $6 $56 
For the three months ended June 30, 2025 and 2024, there were no gross write-offs in Cat Financial's Dealer portfolio segment. For the six months ended June 30, 2025, there were no gross write-offs in Cat Financial's Dealer portfolio segment. For the six months ended June 30, 2024, there were $47 million of gross write-offs in Cat Financial's Dealer portfolio segment, all of which were in Latin America and originated prior to 2020.

Credit quality of finance receivables
At origination, Cat Financial evaluates credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, Cat Financial monitors credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, Cat Financial considers the entire finance receivable past due when any installment is over 30 days past due.

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Customer
The aging category of Cat Financial's amortized cost of finance receivables in the Customer portfolio segment by origination year were as follows:

      
 (Millions of dollars)June 30, 2025
20252024202320222021PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$2,805 $4,496 $2,439 $1,126 $607 $107 $443 $12,023 
31-60 days past due14 43 40 26 12 3 3 141 
61-90 days past due3 18 13 8 5 1 1 49 
91+ days past due1 27 37 26 14 5 1 111 
EAME
Current769 1,155 786 444 213 95 — 3,462 
31-60 days past due2 9 11 6 2 1 — 31 
61-90 days past due2 4 7 3 2 2 — 20 
91+ days past due— 8 14 8 4 3 — 37 
Asia/Pacific
Current533 730 414 168 51 6 — 1,902 
31-60 days past due4 9 5 5 1 — — 24 
61-90 days past due— 2 2 2 — — — 6 
91+ days past due— 2 2 1 — — — 5 
Latin America
Current532 672 298 161 35 5 1 1,704 
31-60 days past due— 10 5 3 1 1 — 20 
61-90 days past due— 3 2 1 — — — 6 
91+ days past due1 7 8 7 3 — — 26 
Mining
Current394 822 641 360 152 68 16 2,453 
31-60 days past due— — 1 — — — — 1 
61-90 days past due— — 1 — — 2 — 3 
91+ days past due— 3 4 5 — 1 — 13 
Power
Current87 227 178 37 32 67 176 804 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 1 — 1 
Totals by Aging Category
Current$5,120 $8,102 $4,756 $2,296 $1,090 $348 $636 $22,348 
31-60 days past due20 71 62 40 16 5 3 217 
61-90 days past due5 27 25 14 7 5 1 84 
91+ days past due2 47 65 47 21 10 1 193 
Total Customer$5,147 $8,247 $4,908 $2,397 $1,134 $368 $641 $22,842 
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 (Millions of dollars)December 31, 2024
20242023202220212020PriorRevolving
Finance
Receivables 		Total Finance Receivables
North America      
Current$5,340 $3,035 $1,567 $980 $244 $23 $385 $11,574 
31-60 days past due30 42 29 18 5 1 3 128 
61-90 days past due9 14 10 6 2 1 1 43 
91+ days past due13 37 26 16 6 2 1 101 
EAME
Current1,235 874 532 285 92 72 — 3,090 
31-60 days past due7 10 4 3 1 — — 25 
61-90 days past due3 4 1 1 1 — — 10 
91+ days past due3 14 8 6 4 1 — 36 
Asia/Pacific
Current898 531 256 87 14 2 — 1,788 
31-60 days past due4 6 5 2 — — — 17 
61-90 days past due1 1 2 1 — — — 5 
91+ days past due4 1 2 1 1 — — 9 
Latin America
Current800 363 220 60 8 2 — 1,453 
31-60 days past due4 6 5 1 — 2 — 18 
61-90 days past due1 2 1 — — — — 4 
91+ days past due2 6 8 4 1 1 — 22 
Mining
Current924 755 444 206 67 34 21 2,451 
31-60 days past due— 1 — — — — — 1 
61-90 days past due— 1 — — — — — 1 
91+ days past due4 5 5 1 — 3 — 18 
Power
Current169 184 39 43 64 56 166 721 
31-60 days past due— — — — — — — — 
61-90 days past due— — — — — — — — 
91+ days past due— — — — — 2 — 2 
Totals by Aging Category
Current$9,366 $5,742 $3,058 $1,661 $489 $189 $572 $21,077 
31-60 days past due45 65 43 24 6 3 3 189 
61-90 days past due14 22 14 8 3 1 1 63 
91+ days past due26 63 49 28 12 9 1 188 
Total Customer$9,451 $5,892 $3,164 $1,721 $510 $202 $577 $21,517 

Dealer

As of June 30, 2025 and December 31, 2024, Cat Financial's total amortized cost of finance receivables within the Dealer portfolio segment was current.
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Non-accrual finance receivables

Recognition of income is suspended and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. Contracts on non-accrual status are generally more than 120 days past due. Recognition is resumed and previously suspended income is recognized when collection is considered probable. Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. Interest earned but uncollected prior to the receivable being placed on non-accrual status is written off through Provision for credit losses when, in the judgment of management, it is considered uncollectible.

In Cat Financial's Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:
  
 (Millions of dollars)June 30, 2025December 31, 2024
 Amortized CostAmortized Cost

Non-accrual
With an
Allowance		91+ Still
Accruing		Non-accrual
With an
Allowance		91+ Still
Accruing
  
North America$94 $20 $83 $20 
EAME36 5 33 5 
Asia/Pacific3 3 5 5 
Latin America26 — 24 — 
Mining16 — 29 — 
Power1 — 2 — 
Total$176 $28 $176 $30 

There were no finance receivables in Cat Financial's Dealer portfolio segment on non-accrual status as of June 30, 2025 and December 31, 2024.

Modifications

Cat Financial periodically modifies the terms of their finance receivable agreements. Typically, the types of modifications granted are payment deferrals, interest-only payment periods and/or term extensions. Many modifications Cat Financial grants are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. Cat Financial does not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers Cat Financial does consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both.

During the three and six months ended June 30, 2025 and 2024, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in Cat Financial's Dealer portfolio segment.
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The ending amortized cost of finance receivables modified with borrowers experiencing financial difficulty in Cat Financial's Customer portfolio segment was as follows:

(Millions of dollars)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortized cost of finance receivables modified$16 $3 $20 $6 
Modifications as a percentage of Customer portfolio0.07 %0.02 %0.09 %0.03 %

The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty were as follows:

(In months)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Weighted average extension to term of modified contracts14131311
Weighted average payment deferral and/or interest only periods7678

After Cat Financial modifies a finance receivable, they continue to track its performance under its most recent modified terms. Defaults of loans modified in the prior twelve months were not significant during the three and six months ended June 30, 2025 and 2024.

The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

18.                              Fair value disclosures
 
    A. Fair value measurements
 
The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.  This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques.  Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions.  In accordance with this guidance, fair value measurements are classified under the following hierarchy:
 
•Level 1 — Quoted prices for identical instruments in active markets.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

•Level 3 — Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, we use quoted market prices to determine fair value, and we classify such measurements within Level 1.  In some cases where market prices are not available, we make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2.  If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates.  These measurements are classified within Level 3.
 
We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation.  We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.
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Fair value measurement includes the consideration of nonperformance risk.  Nonperformance risk refers to the risk that an obligation (either by a counterparty or Caterpillar) will not be fulfilled.  For financial assets traded in an active market (Level 1 and certain Level 2), the nonperformance risk is included in the market price.  For certain other financial assets and liabilities (certain Level 2 and Level 3), our fair value calculations have been adjusted accordingly.
 
Investments in debt and equity securities
We have investments in certain debt and equity securities that are recorded at fair value.  Fair values for our U.S. treasury bonds and large capitalization value and smaller company growth equity securities are based upon valuations for identical instruments in active markets.  Fair values for other government debt securities, corporate debt securities and mortgage-backed debt securities are based upon models that take into consideration such market-based factors as recent sales, risk-free yield curves and prices of similarly rated bonds.

In addition, Insurance Services has an equity investment in a real estate investment trust (REIT) which is recorded at fair value based on the net asset value (NAV) of the investment and is not classified within the fair value hierarchy.

See Note 8 for additional information on our investments in debt and equity securities.

Derivative financial instruments
The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows.  The fair value of foreign currency and commodity forward, option and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate. The fair value of total return swap contracts is primarily based on valuing the underlying securities or funds using pricing by industry providers and the average Secured Overnight Financing Rate (SOFR) plus a spread.

See Note 5 for additional information.

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Assets and liabilities measured on a recurring basis at fair value included in our Consolidated Statement of Financial Position as of June 30, 2025 and December 31, 2024 were as follows:
June 30, 2025
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$10 $— $— $— $10 
Other U.S. and non-U.S. government bonds— 66 — — 66 
Corporate debt securities    
Corporate bonds and other debt securities— 2,437 — — 2,437 
Asset-backed securities— 255 — — 255 
Mortgage-backed debt securities    
U.S. governmental agency— 485 — — 485 
Residential— 1 — — 1 
Commercial— 132 — — 132 
Total debt securities10 3,376 — — 3,386 
Equity securities    
Large capitalization value284 — — — 284 
Smaller company growth45 — — — 45 
REIT— — — 171 171 
Total equity securities329 — — 171 500 
Derivative financial instruments - assets
Foreign currency contracts - net— 200 — — 200 
Commodity contracts - net— 2 — — 2 
Total return swap contracts - net— 30 — — 30 
Total assets$339 $3,608 $— $171 $4,118 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $53 $— $— $53 
Total liabilities$— $53 $— $— $53 
 
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December 31, 2024
 (Millions of dollars)
Level 1Level 2Level 3Measured at NAVTotal
Assets / Liabilities,
at Fair Value
Assets    
Debt securities    
Government debt securities    
U.S. treasury bonds$10 $— $— $— $10 
Other U.S. and non-U.S. government bonds— 68 — — 68 
Corporate debt securities    
Corporate bonds and other debt securities— 3,170 — — 3,170 
Asset-backed securities— 219 — — 219 
Mortgage-backed debt securities   
U.S. governmental agency— 443 — — 443 
Residential— 2 — — 2 
Commercial— 130 — — 130 
Total debt securities10 4,032 — — 4,042 
Equity securities    
Large capitalization value261 — — — 261 
Smaller company growth41 — — — 41 
REIT— — — 167 167 
Total equity securities302 — — 167 469 
Derivative financial instruments - assets
Foreign currency contracts - net— 117 — — 117 
Total assets$312 $4,149 $— $167 $4,628 
Liabilities    
Derivative financial instruments - liabilities
Interest rate contracts - net$— $191 $— $— $191 
Commodity contracts - net— 2 — — 2 
Total return swap contracts - net— 33 — — 33 
Total liabilities$— $226 $— $— $226 

In addition to the amounts above, certain Cat Financial loans are subject to measurement at fair value on a nonrecurring basis and are classified as Level 3 measurements. A loan is measured at fair value when management determines that collection of contractual amounts due is not probable and the loan is individually evaluated. Generally, the fair value of these receivables is measured using the fair value of collateral less estimated costs to sell.  Cat Financial had loans carried at fair value of $61 million and $59 million as of June 30, 2025 and December 31, 2024, respectively.  
 
    B. Fair values of financial instruments
 
In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair value measurements section above, we use the following methods and assumptions to estimate the fair value of our financial instruments:

Cash and cash equivalents
Carrying amount approximates fair value. We classify cash and cash equivalents as Level 1. See Consolidated Statement of Financial Position.
 
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Restricted cash and short-term investments
Carrying amount approximates fair value.  We include restricted cash and short-term investments in Prepaid expenses and other current assets in the Consolidated Statement of Financial Position. We classify these instruments as Level 1. See Note 8 for additional information.
 
Finance receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Wholesale inventory receivables
We estimate fair value by discounting the future cash flows using current rates, representative of receivables with similar remaining maturities.
 
Short-term borrowings
Carrying amount approximates fair value. We classify short-term borrowings as Level 1. See Consolidated Statement of Financial Position.
 
Long-term debt
We estimate fair value for fixed and floating rate debt based on quoted market prices.

Our financial instruments not carried at fair value were as follows:
 
 June 30, 2025December 31, 2024 
(Millions of dollars)
Carrying
 Amount
Fair
 Value
Carrying
 Amount
Fair
 Value
Fair Value LevelsReference
Assets     
Finance receivables – net (excluding finance leases 1)
$16,928 $16,601 $16,180 $15,788 3Note 17
Wholesale inventory receivables – net (excluding finance leases 1)
1,707 1,653 1,568 1,527 3
Liabilities     
Long-term debt (including amounts due within one year)
    
Machinery, Energy & Transportation10,684 10,195 8,610 7,980 2 
Financial Products25,579 25,605 25,406 25,304 2 

1    Represents finance leases and failed sale leasebacks of $7,195 million and $6,769 million at June 30, 2025 and December 31, 2024, respectively.

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19.                         Other income (expense)

 Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2025202420252024
Investment and interest income$81 $118 $180 $254 
Foreign exchange gains (losses) 1
(125)17 (143)59 
License fee income37 37 72 71 
Net periodic pension and OPEB income (cost), excluding service cost13 2 24 5 
Gains (losses) on securities28 (5)31 12 
Miscellaneous income (loss)50 (14)27 (90)
Total$84 $155 $191 $311 

1 Includes gains (losses) from foreign exchange derivative contracts. See Note 5 for further details.


20.                              Restructuring income/costs

Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.

Restructuring costs for the three and six months ended June 30, 2025 and 2024 were as follows:

(Millions of dollars)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Employee separations 1
$10 $19 $27 $32 
Divestitures 1
— 228 — 164 
Contract terminations 1
— 1 4 1 
Long-lived asset impairments 1
14 — 14 7 
Other 2
35 10 47 48 
Total restructuring (income) costs$59 $258 $92 $252 
1 Recognized in Other operating (income) expenses.
2 Represents costs related to our restructuring programs, primarily for inventory write-downs, project management, equipment relocation and accelerated depreciation, all of which are primarily included in Cost of goods sold.

The restructuring costs for the six months ended June 30, 2025 were related to restructuring actions across the company. The restructuring costs for the six months ended June 30, 2024 were primarily related to the divestitures of certain non-US entities.

In 2025 and 2024, all restructuring costs are excluded from segment profit.

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21.                              Supplier finance programs

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. The Programs are available to a wide range of suppliers and allow them the option to manage their cash flow. We are not a party to the agreements between the participating financial institutions and the suppliers in connection with the Programs. The range of payment terms, typically 60-90 days, we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the Programs. The amount of obligations outstanding that are confirmed as valid to the participating financial institutions for suppliers who voluntarily participate in the Programs, included in Accounts payable in the Consolidated Statement of Financial Position, were $949 million and $830 million at June 30, 2025 and December 31, 2024, respectively.

22.                              Long-term debt

On May 12, 2025, we issued $1.7 billion of 5.200% Senior Notes due 2035 and $300 million 5.500% Senior Notes due 2055. Interest on each series of notes will be paid semi-annually on May 15 and November 15 of each year, commencing on November 15, 2025.
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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the company’s Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. Our discussion also contains certain forward-looking statements related to future events and expectations as well as a discussion of the many factors that we believe may have an impact on our business on an ongoing basis. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the company’s business under Part I, Item 1A. Risk Factors of the 2024 Form 10-K.

Highlights for the second quarter of 2025 include:
•Total sales and revenues for the second quarter of 2025 were $16.569 billion, a decrease of $120 million, or 1 percent, compared with $16.689 billion in the second quarter of 2024. In the three primary segments, sales were higher in Energy & Transportation and lower in Construction Industries and Resource Industries.
•Operating profit margin was 17.3 percent for the second quarter of 2025, compared with 20.9 percent for the second quarter of 2024. Adjusted operating profit margin was 17.6 percent for the second quarter of 2025, compared with 22.4 percent for the second quarter of 2024.
•Second-quarter 2025 profit per share was $4.62, and excluding the items in the table below, adjusted profit per share was $4.72. Second-quarter 2024 profit per share was $5.48, and excluding the items in the table below, adjusted profit per share was $5.99.
•Caterpillar ended the second quarter of 2025 with $5.4 billion of enterprise cash.

Highlights for the six months ended June 30, 2025 include:
•Total sales and revenues were $30.818 billion for the six months ended June 30, 2025, a decrease of $1.670 billion, or 5 percent, compared with $32.488 billion for the six months ended June 30, 2024.
•Operating profit margin was 17.6 percent for the six months ended June 30, 2025, compared with 21.5 percent for the six months ended June 30, 2024. Adjusted operating profit margin was 17.9 percent for the six months ended June 30, 2025, compared with 22.3 percent for the six months ended June 30, 2024.
•Profit per share for the six months ended June 30, 2025, was $8.82, and excluding the items in the table below, adjusted profit per share was $8.97. Profit per share for the six months ended June 30, 2024, was $11.23, and excluding the items in the table below, adjusted profit per share was $11.59.
•Enterprise operating cash flow was $4.4 billion for the six months ended June 30, 2025.

In order for our results to be more meaningful to our readers, we have separately quantified the impact of several significant items.
Three Months Ended June 30, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(Dollars in millions except per share data)Profit Before TaxesProfit
Per Share		Profit Before TaxesProfit
Per Share		Profit Before TaxesProfit
Per Share		Profit Before TaxesProfit
Per Share
Profit$2,818 $4.62 $3,500 $5.48 $5,388 $8.82 $7,032 $11.23 
Other restructuring (income) costs56 0.10 30 0.04 89 0.15 88 0.14 
Restructuring (income) costs - divestitures of certain non-U.S. entities— — 228 0.47 — — 164 0.22 
Adjusted profit$2,874 $4.72 $3,758 $5.99 $5,477 $8.97 $7,284 $11.59 
A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 67-69.
Overview
Total sales and revenues for the second quarter of 2025 were $16.569 billion, a decrease of $120 million, or 1 percent, compared with $16.689 billion in the second quarter of 2024. The decrease was primarily due to unfavorable price realization of $414 million, partially offset by higher sales volume of $237 million and higher Financial Products' revenues of $46 million. Higher sales volume was mainly driven by higher sales of equipment to end users.
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Second-quarter 2025 profit per share was $4.62, compared with $5.48 profit per share in the second quarter of 2024. In the second quarter of 2025 and 2024, profit per share included restructuring costs. Profit for the second quarter of 2025 was $2.179 billion, a decrease of $502 million, or 19 percent, compared with $2.681 billion for the second quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Trends and Economic Conditions
Outlook for Key End Markets
We continue to see strong orders across our three primary segments as demand remains resilient supported by infrastructure spending and growing energy needs. As a result, the backlog increased by about $2.5 billion with increases across all three primary segments.
In Construction Industries, we are encouraged by another quarter of higher sales of equipment to end users, strong order rates across many of our regions, and backlog growth. Customers continue to be responsive to the attractive rates we are offering through Cat Financial. As a result, we anticipate growth in sales of equipment to end users in 2025 despite softness in the global industry. In North America, overall construction spending remains at healthy levels and infrastructure projects funded by the Infrastructure Investment and Jobs Act (IIJA) continue to be awarded. We now expect growth for sales of equipment to end users in North America in 2025. Dealer rental revenues are also expected to grow and dealer rental fleet loading is expected to increase in the second half of 2025. In Asia Pacific, we anticipate growth in sales of equipment to end users in 2025. China is showing positive momentum, and we expect growth in the above 10-ton excavator industry, but from a very low level of activity. In Asia Pacific, outside of China, we expect economic conditions to be soft. In EAME, we expect moderate growth in sales of equipment to end users in 2025, driven by healthy construction activity in Africa and the Middle East and improving economic conditions in Europe. Despite weaker construction activity in Latin America, we expect growth in sales of equipment to end users in 2025.
In Resource Industries, we currently anticipate lower sales of equipment to end users for 2025 compared to 2024, as customers continue to display capital discipline. However, we see positive momentum with strong order rates and backlog growth, particularly for large mining and articulated trucks. Although most key commodities remain above investment thresholds, declining coal prices have caused an increase in the number of parked trucks. As a result, we expect slightly lower rebuild activity throughout the second half of 2025. Overall, customer product utilization remains high, and the age of the fleet remains elevated. We also continue to see growing demand and customer acceptance of our autonomous solutions. We believe the evolving energy landscape will support increased commodity demand over time providing further opportunities for long-term profitable growth.
In Energy & Transportation, the backlog growth was driven by robust order activity in Power Generation, Oil and Gas, and Transportation. For Power Generation, we expect growth in 2025 as demand remains strong for both prime and backup power applications, driven by increasing energy demands to support data center growth related to cloud computing and generative artificial intelligence (AI). In Oil and Gas, we expect moderate growth in 2025. For Oil and Gas reciprocating engines and services, we continue to expect softness in well servicing due to ongoing capital discipline by our customers, industry consolidation and efficiency improvements in our customers’ operations. Also within Oil and Gas, we do see positive momentum in demand for reciprocating engines used in gas compression applications. For turbines and turbine-related services used in Oil and Gas applications, backlog remains strong, and we see healthy order and inquiry activity. Demand for products in Industrial applications is expected to improve from previous low levels. Transportation is expected to remain stable.
Full-Year 2025 Company Trends and Expectations
We are optimistic about our sales and revenues expectations. Demand signals have remained healthy, including backlog growth across our three primary segments.
For 2025, we expect slightly higher sales and revenues as compared to 2024, with a stronger second half of 2025 than is typical. Services revenues are expected to be about flat for 2025 as compared to 2024.
The environment continues to be dynamic. The incremental tariffs announced in 2025 and expected to be in place on August 7 will be a headwind to profitability during the remainder of the year. While we have taken initial mitigating actions to reduce the impact, tariff and trade negotiations continue to be fluid. We will remain flexible, and we intend to implement longer-term actions once there is sufficient certainty. We are considering all options to further reduce the impact from incremental tariffs going forward.
Based on the incremental tariffs announced in 2025 and expected to be in place on August 7, we expect the incremental tariff impact for 2025 to be around $1.3 billion to $1.5 billion, net of some mitigating actions and cost controls. This assumes higher net incremental tariff impacts in both the third and fourth quarters compared to the second-quarter level. Due to the timing of recent rate changes, the impact is likely to be larger in the fourth quarter of 2025 as compared to the third quarter of 2025.
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In 2025, we expect restructuring costs of approximately $300 to $350 million and capital expenditures of around $2.5 billion. We are evaluating the impact from recently enacted U.S. legislation and do not expect a material impact on the estimated annual effective tax rate of 23.0 percent in 2025.
Second-Half 2025 Company Trends and Expectations
We anticipate higher machine sales volume, including growth in sales of equipment to end users, in the second half of 2025 as compared to the second half of 2024. We also continue to expect machine dealer inventory will be about flat for the full-year 2025 as compared to 2024, which implies an increase in the second half of 2025 as compared to a decrease in the second half of 2024. In Energy & Transportation, we expect higher sales in the second half of 2025 compared to the second half of 2024.
We expect unfavorable price realization in the second half of 2025 as compared to the second half of 2024, although we expect it to be less unfavorable than the first half of 2025 as compared to the first half of 2024.
Third-Quarter 2025 Company Trends and Expectations
In the third quarter of 2025 as compared to the third quarter of 2024, we expect moderately higher sales and revenues, primarily driven by higher sales volume across all three primary segments. In Construction Industries, we expect higher sales in the third quarter of 2025 as compared to the third quarter of 2024, primarily driven by higher sales volume, partially offset by unfavorable price realization. We expect higher sales volume to be mainly driven by higher sales of equipment to end users. Though the year-over-year price comparison begins to ease in the third quarter of 2025, we expect our sales merchandising programs will continue to support higher sales of equipment to end users. The unfavorable impact of price realization in the third quarter of 2025 as compared to the third quarter of 2024 is expected to be about half of the impact in the second quarter of 2025 when compared to the second quarter of 2024. In Resource Industries, in the third quarter of 2025, we expect slightly higher sales as compared to the third quarter of 2024, primarily due to higher sales volume, partially offset by unfavorable price realization. The unfavorable impact of price realization in the third quarter of 2025 as compared to the third quarter of 2024 is expected to be similar to the impact in the second quarter of 2025 as compared to the second quarter of 2024. In Energy & Transportation, in the third quarter of 2025, we anticipate higher sales as compared to the third quarter of 2024, primarily driven by continued strength in Power Generation. We also expect higher sales in Oil and Gas, driven by turbines and turbine-related services. Price realization is expected to remain favorable.
In the third quarter of 2025 as compared to the third quarter of 2024, excluding the net impact from incremental tariffs, we expect the profit impact of higher sales volume to be about offset by unfavorable price realization and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. In the third quarter of 2025, we expect a net incremental tariff impact of about $400 to $500 million.
In the third quarter of 2025 as compared to the third quarter of 2024, in Construction Industries, excluding the net impact from incremental tariffs, we expect the profit impact of higher sales volume will be about offset by unfavorable price realization. We expect about 55 percent of the net incremental tariff impact will be incurred in Construction Industries. In Resource Industries, excluding the net impact from incremental tariffs, we expect unfavorable price realization and higher SG&A/R&D expenses. We expect about 20 percent of the net incremental tariff impact will be incurred in Resource Industries. In Energy & Transportation, excluding the net impact from incremental tariffs, we expect profit impact of higher sales volume and favorable price realization, partially offset by higher manufacturing costs. We expect about 25 percent of the net incremental tariff impact will be incurred in Energy & Transportation.
Global Business Conditions
We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. Areas of particular focus include transportation, certain components and raw materials. We continue to work to minimize supply chain challenges that may impact our ability to meet customer demand. We continue to assess the environment to determine if additional actions need to be taken.
Risk Factors
Risk factors are disclosed within Item 1A. Risk Factors of the 2024 Form 10-K.
Notes:
•Glossary of terms is included on pages 61-63; first occurrence of terms shown in bold italics.
•Information on non-GAAP financial measures is included on pages 67-69.
•Certain amounts may not add due to rounding.
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Consolidated Results of Operations
 
THREE MONTHS ENDED JUNE 30, 2025 COMPARED WITH THREE MONTHS ENDED JUNE 30, 2024

CONSOLIDATED SALES AND REVENUES
SalesandRevenuesChunkChart2Q.jpg
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2024 (at left) and the second quarter of 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues for the second quarter of 2025 were $16.569 billion, a decrease of $120 million, or 1 percent, compared with $16.689 billion in the second quarter of 2024. The decrease was primarily due to unfavorable price realization of $414 million, partially offset by higher sales volume of $237 million and higher Financial Products' revenues of $46 million. Higher sales volume was mainly driven by higher sales of equipment to end users.
In the three primary segments, sales were higher in Energy & Transportation and lower in Construction Industries and Resource Industries.
North America sales decreased 3 percent primarily due to unfavorable price realization, partially offset by higher sales volume. The increase in sales volume was mainly driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2025, compared with an increase during the second quarter of 2024.
Sales decreased 4 percent in Latin America mainly due to lower sales volume. The decrease in sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased less during the second quarter of 2025 than during the second quarter of 2024.
EAME sales increased 6 percent primarily due to higher sales volume. Higher sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2025, compared with a decrease during the second quarter of 2024.
Asia/Pacific sales decreased 2 percent due to unfavorable price realization and unfavorable currency impacts primarily related to the Australian dollar, partially offset by higher sales volume. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2025, compared with a decrease during the second quarter of 2024.
Total dealer inventory increased $100 million during the second quarter of 2025, compared with a decrease of $200 million during the second quarter of 2024. In the second quarter of 2025 and 2024, machine dealer inventory decreased $400 million. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
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Sales and Revenues by Segment
(Millions of dollars)Second Quarter 2024Sales
Volume		Price
Realization		CurrencyInter-Segment / OtherSecond Quarter 2025$
Change		%
Change
Construction Industries$6,683 $(83)$(459)$9 $40 $6,190 $(493)(7%)
Resource Industries3,206 (13)(94)(11)(1)3,087 (119)(4%)
Energy & Transportation7,337 326 139 15 19 7,836 499 7%
All Other Segment108 5 (1)— (8)104 (4)(4%)
Corporate Items and Eliminations(1,494)2 1 (2)(50)(1,543)(49) 
Machinery, Energy & Transportation Sales
15,840 237 (414)11 — 15,674 (166)(1%)
Financial Products Segment1,004 — — — 38 1,042 38 4%
Corporate Items and Eliminations(155)— — — 8 (147)8  
Financial Products Revenues849 — — — 46 895 46 5%
Consolidated Sales and Revenues$16,689 $237 $(414)$11 $46 $16,569 $(120)(1%)

Sales and Revenues by Geographic Region
North AmericaLatin AmericaEAMEAsia/PacificExternal Sales and RevenuesInter-SegmentTotal Sales and Revenues
(Millions of dollars)$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg
Second Quarter 2025          
Construction Industries$3,369 (15%)$540 (20%)$1,185 13%$1,029 6%$6,123 (8%)$67 148%$6,190 (7%)
Resource Industries1,111 (8%)541 3%501 13%851 (10%)3,004 (4%)83 (1%)3,087 (4%)
Energy & Transportation3,776 14%493 12%1,386 (2%)905 (1%)6,560 8%1,276 2%7,836 7%
All Other Segment13 —%— —%3 (25%)17 42%33 14%71 (10%)104 (4%)
Corporate Items and Eliminations(33)(3)(3)(7)(46)(1,497)(1,543)
Machinery, Energy & Transportation Sales8,236 (3%)1,571 (4%)3,072 6%2,795 (2%)15,674 (1%)— — %15,674 (1%)
Financial Products Segment703 5%105 4%126 2%108 (3%)1,042 
1
4%— — %1,042 4%
Corporate Items and Eliminations(88)(20)(18)(21)(147)— (147)
Financial Products Revenues615 6%85 6%108 4%87 1%895 5%— — %895 5%
Consolidated Sales and Revenues$8,851 (2%)$1,656 (4%)$3,180 6%$2,882 (2%)$16,569 (1%)$— — %$16,569 (1%)
Second Quarter 2024              
Construction Industries$3,957 $677 $1,047 $975  $6,656 $27  $6,683 
Resource Industries1,206 524 442 950  3,122 84  3,206 
Energy & Transportation3,308 439 1,421 912  6,080 1,257  7,337 
All Other Segment13 — 4 12  29 79  108 
Corporate Items and Eliminations(20)(1)(21)(5)(47)(1,447)(1,494)
Machinery, Energy & Transportation Sales8,464  1,639  2,893  2,844  15,840  —  15,840  
Financial Products Segment668 101 124 111  1,004 
1
—  1,004 
Corporate Items and Eliminations(89)(21)(20)(25) (155)—  (155)
Financial Products Revenues579  80  104  86  849  —  849  
Consolidated Sales and Revenues$9,043  $1,719  $2,997  $2,930  $16,689  $—  $16,689  

1 Includes revenues from Machinery, Energy & Transportation of $172 million and $180 million in the second quarter of 2025 and 2024, respectively.
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CONSOLIDATED OPERATING PROFIT
OperatingProfitChunkChart2Q.jpg
The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2024 (at left) and the second quarter of 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation other operating (income) expenses.
Operating profit for the second quarter of 2025 was $2.860 billion, a decrease of $622 million, or 18 percent, compared with $3.482 billion in the second quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impacts of higher tariffs.
Operating profit margin was 17.3 percent for the second quarter of 2025, compared with 20.9 percent for the second quarter of 2024.
Profit (Loss) by Segment
(Millions of dollars)Second Quarter 2025Second Quarter 2024$
Change
%
 Change
Construction Industries$1,244 $1,741 $(497)(29%)
Resource Industries537 718 (181)(25%)
Energy & Transportation1,585 1,525 60 4%
All Other Segment(5)21 (26)(124%)
Corporate Items and Eliminations(566)(344)(222) 
Machinery, Energy & Transportation2,795 3,661 (866)(24%)
Financial Products Segment248 227 21 9%
Corporate Items and Eliminations(36)(243)207  
Financial Products212 (16)228 1,425%
Consolidating Adjustments(147)(163)16  
Consolidated Operating Profit$2,860 $3,482 $(622)(18%)

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Other Profit/Loss and Tax Items
•Interest expense excluding Financial Products in the second quarter of 2025 was $126 million, compared with $137 million in the second quarter of 2024. The decrease was due to lower average debt outstanding and lower average borrowing rates.
•Other income (expense) in the second quarter of 2025 was income of $84 million, compared with income of $155 million in the second quarter of 2024. The change was primarily driven by unfavorable foreign currency impacts, partially offset by favorable impacts from total return swap contracts.
•The effective tax rate for the second quarter of 2025 was 23.0 percent compared to 23.9 percent for the second quarter of 2024. Excluding discrete items, the second-quarter 2025 estimated annual effective tax rate was 23.0 percent compared with 22.5 percent for the second quarter of 2024. The estimated annual effective tax rate in the second quarter of 2024 excluded the impact of second-quarter losses of $228 million for the divestiture of two non-U.S. entities with no related tax benefit.
Please see a reconciliation of GAAP to non-GAAP financial measures on pages 67-69.
Construction Industries
Construction Industries’ total sales were $6.190 billion in the second quarter of 2025, a decrease of $493 million, or 7 percent, compared with $6.683 billion in the second quarter of 2024. The decrease was primarily due to unfavorable price realization. Sales volume was also lower, primarily driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2025, while remaining about flat during the second quarter of 2024.
•In North America, sales decreased due to unfavorable price realization and lower sales volume. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2025, compared with an increase during the second quarter of 2024.
•Sales decreased in Latin America primarily due to lower sales volume and unfavorable currency impacts primarily related to the Brazilian real. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2025, compared with an increase during the second quarter of 2024.
•In EAME, sales increased due to higher sales volume and favorable currency impacts primarily related to the euro, partially offset by unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2025, compared with a decrease during the second quarter of 2024.
•Sales increased in Asia/Pacific due to higher sales volume, partially offset by unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2025, compared with a decrease during the second quarter of 2024.
Construction Industries’ segment profit was $1.244 billion in the second quarter of 2025, a decrease of $497 million, or 29 percent, compared with $1.741 billion in the second quarter of 2024. The decrease was mainly due to unfavorable price realization. In addition, tariffs were also higher.
Construction Industries’ segment profit as a percent of total sales was 20.1 percent in the second quarter of 2025, compared with 26.1 percent in the second quarter of 2024.
Resource Industries
Resource Industries’ total sales were $3.087 billion in the second quarter of 2025, a decrease of $119 million, or 4 percent, compared with $3.206 billion in the second quarter of 2024. The decrease was primarily due to unfavorable price realization.
Resource Industries’ segment profit was $537 million in the second quarter of 2025, a decrease of $181 million, or 25 percent, compared with $718 million in the second quarter of 2024. The decrease was mainly due to unfavorable price realization of $94 million, unfavorable manufacturing costs of $44 million and the profit impact of lower sales volume of $31 million, including an unfavorable mix of products. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Resource Industries’ segment profit as a percent of total sales was 17.4 percent in the second quarter of 2025, compared with 22.4 percent in the second quarter of 2024.
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Energy & Transportation
Sales by Application
(Millions of dollars)Second Quarter 2025Second Quarter 2024$
Change
%
 Change
Oil and Gas$1,867 $1,829 $38 2%
Power Generation2,407 1,885 522 28%
Industrial1,060 1,045 15 1%
Transportation1,226 1,321 (95)(7%)
External Sales6,560 6,080 480 8%
Inter-segment1,276 1,257 19 2%
Total Sales$7,836 $7,337 $499 7%
Energy & Transportation’s total sales were $7.836 billion in the second quarter of 2025, an increase of $499 million, or 7 percent, compared with $7.337 billion in the second quarter of 2024. The increase was due to higher sales volume of $326 million and favorable price realization of $139 million.
•Oil and Gas – Sales increased for turbines and turbine-related services. The increase was partially offset by lower sales of reciprocating engines, primarily engines used in gas compression applications.
•Power Generation – Sales increased in large reciprocating engines, primarily data center applications.
•Industrial – Sales increased in EAME, partially offset by decreased sales in North America and Latin America.
•Transportation – Sales decreased in marine. International locomotive deliveries were also lower.
Energy & Transportation’s segment profit was $1.585 billion in the second quarter of 2025, an increase of $60 million, or 4 percent, compared with $1.525 billion in the second quarter of 2024. The increase was primarily due to favorable price realization of $139 million and the profit impact of higher sales volume of $63 million, partially offset by unfavorable manufacturing costs of $154 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Energy & Transportation’s segment profit as a percent of total sales was 20.2 percent in the second quarter of 2025, compared with 20.8 percent in the second quarter of 2024.
Financial Products Segment
Financial Products’ segment revenues were $1.042 billion in the second quarter of 2025, an increase of $38 million, or 4 percent, compared with $1.004 billion in the second quarter of 2024. The increase was primarily due to a favorable impact from higher average earning assets of $49 million driven by North America and higher revenues from Insurance Services of $5 million, partially offset by an unfavorable impact from lower average financing rates of $20 million mainly in North America.
Financial Products’ segment profit was $248 million in the second quarter of 2025, an increase of $21 million, or 9 percent, compared with $227 million in the second quarter of 2024. The increase was mainly due to a favorable impact from equity securities of $28 million and a favorable impact from higher average earning assets of $20 million, partially offset by higher provision for credit losses at Cat Financial of $13 million and an unfavorable impact from lower net yield on average earning assets of $10 million.
At the end of the second quarter of 2025, past dues at Cat Financial were 1.62 percent, compared with 1.74 percent at the end of the second quarter of 2024. Write-offs, net of recoveries, were $18 million for both the second quarter of 2025 and the second quarter of 2024. As of June 30, 2025, Cat Financial's allowance for credit losses totaled $290 million, or 0.94 percent of finance receivables, compared with $282 million, or 0.95 percent of finance receivables at March 31, 2025. The allowance for credit losses at year-end 2024 was $267 million, or 0.91 percent of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $602 million in the second quarter of 2025, an increase of $15 million from the second quarter of 2024. Lower restructuring costs, primarily due to the absence of the divestiture of two non-U.S. entities in 2024, and lower corporate costs, were more than offset by increased expenses due to timing differences, an unfavorable change in fair value adjustments related to deferred compensation plans and unfavorable impacts of segment reporting methodology differences.

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SIX MONTHS ENDED JUNE 30, 2025 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2024

CONSOLIDATED SALES AND REVENUES
SalesandRevenuesChunkChartJuneYTD.jpg
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the six months ended June 30, 2024 (at left) and the six months ended June 30, 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues were $30.818 billion for the six months ended June 30, 2025, a decrease of $1.670 billion, or 5 percent, compared with $32.488 billion for the six months ended June 30, 2024. The decrease was primarily due to lower sales volume of $873 million and unfavorable price realization of $664 million. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased less during the six months ended June 30, 2025, than during the six months ended June 30, 2024.
In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.
North America sales decreased 7 percent primarily due to lower sales volume and unfavorable price realization. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory was about flat during the six months ended June 30, 2025, compared with an increase during the six months ended June 30, 2024.
Sales decreased 3 percent in Latin America mainly due to unfavorable currency impacts primarily related to the Brazilian real.
EAME sales decreased 3 percent primarily due to unfavorable price realization.
Asia/Pacific sales decreased 7 percent due to lower sales volume, unfavorable price realization and unfavorable currency impacts primarily related to the Australian dollar. The decrease in sales volume was mainly due to lower sales of equipment to end users.
Dealer inventory increased about $200 million during the six months ended June 30, 2025, compared with an increase of about $1.2 billion during the six months ended June 30, 2024. Machine dealer inventory decreased $300 million during the six months ended June 30, 2025, compared with an increase of $700 million during the six months ended June 30, 2024. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
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Sales and Revenues by Segment
(Millions of dollars)Six Months Ended June 30, 2024Sales
Volume		Price
Realization		CurrencyInter-Segment / OtherSix Months Ended June 30, 2025$
Change		%
Change
Construction Industries$13,107 $(903)$(814)$(89)$73 $11,374 $(1,733)(13%)
Resource Industries6,399 (192)(144)(57)(35)5,971 (428)(7%)
Energy & Transportation14,018 151 294 (54)(5)14,404 386 3%
All Other Segment217 3 (1)(1)(23)195 (22)(10%)
Corporate Items and Eliminations(2,941)68 1 (10)(10)(2,892)49  
Machinery, Energy & Transportation Sales30,800 (873)(664)(211)— 29,052 (1,748)(6%)
Financial Products Segment1,995 — — — 54 2,049 54 3%
Corporate Items and Eliminations(307)— — — 24 (283)24  
Financial Products Revenues1,688 — — — 78 1,766 78 5%
Consolidated Sales and Revenues$32,488 $(873)$(664)$(211)$78 $30,818 $(1,670)(5%)

Sales and Revenues by Geographic Region
North AmericaLatin AmericaEAMEAsia/PacificExternal Sales and RevenuesInter-SegmentTotal Sales and Revenues
(Millions of dollars)$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg$% Chg
Six Months Ended June 30, 2025          
Construction Industries$6,273 (19%)$1,044 (18%)$2,052 —%$1,898 (4%)$11,267 (14%)$107 215%$11,374 (13%)
Resource Industries2,195 (11%)1,102 10%907 —%1,621 (12%)5,825 (6%)146 (19%)5,971 (7%)
Energy & Transportation6,918 11%863 2%2,516 (7%)1,661 (5%)11,958 3%2,446 —%14,404 3%
All Other Segment30 (3%)— 100%5 (38%)29 16%64 2%131 (15%)195 (10%)
Corporate Items and Eliminations(44)(3)(5)(10)(62)(2,830)(2,892)
Machinery, Energy & Transportation Sales15,372 (7%)3,006 (3%)5,475 (3%)5,199 (7%)29,052 (6%)— —%29,052 (6%)
Financial Products Segment1,385 4%204 1%248 —%212 (3%)2,049 
1
3%— —%2,049 3%
Corporate Items and Eliminations(168)(39)(37)(39)(283)— (283)
Financial Products Revenues1,217 6%165 1%211 1%173 —%1,766 5%— —%1,766 5%
Consolidated Sales and Revenues$16,589 (6%)$3,171 (3%)$5,686 (3%)$5,372 (6%)$30,818 (5%)$— —%$30,818 (5%)
Six Months Ended June 30, 2024              
Construction Industries$7,790 $1,272 $2,043 $1,968  $13,073 $34  $13,107 
Resource Industries2,470 1,000 907 1,841  6,218 181  6,399 
Energy & Transportation6,259 847 2,715 1,746  11,567 2,451  14,018 
All Other Segment31 (1)8 25  63 154  217 
Corporate Items and Eliminations(78)(3)(32)(8)(121)(2,820)(2,941)
Machinery, Energy & Transportation Sales16,472  3,115  5,641  5,572  30,800  —  30,800  
Financial Products Segment1,327 202 247 219  1,995 
1
—  1,995 
Corporate Items and Eliminations(183)(39)(39)(46) (307)—  (307)
Financial Products Revenues1,144  163  208  173  1,688  —  1,688  
Consolidated Sales and Revenues$17,616  $3,278  $5,849  $5,745  $32,488  $—  $32,488  

1 Includes revenues from Machinery, Energy & Transportation of $335 million and $357 million in the six months ended June 30, 2025 and 2024, respectively.
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CONSOLIDATED OPERATING PROFIT
OperatingProfitChunkChartYTD.jpg
The chart above graphically illustrates reasons for the change in consolidated operating profit between the six months ended June 30, 2024 (at left) and the six months ended June 30, 2025 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation’s other operating (income) expenses.
Operating profit for the six months ended June 30, 2025, was $5.439 billion, a decrease of $1.562 billion, or 22 percent, compared with $7.001 billion for the six months ended June 30, 2024. The decrease was primarily due to unfavorable price realization of $664 million, the profit impact of lower sales volume of $554 million and unfavorable manufacturing costs of $432 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Operating profit margin was 17.6 percent for the six months ended June 30, 2025, compared with 21.5 percent for the six months ended June 30, 2024.
Profit (Loss) by Segment
(Millions of dollars)Six Months Ended June 30, 2025Six Months Ended June 30, 2024$
Change
%
 Change
Construction Industries$2,268 $3,505 $(1,237)(35%)
Resource Industries1,136 1,448 (312)(22%)
Energy & Transportation2,899 2,826 73 3%
All Other Segment(26)45 (71)(158%)
Corporate Items and Eliminations(967)(759)(208) 
Machinery, Energy & Transportation5,310 7,065 (1,755)(25%)
Financial Products Segment463 520 (57)(11%)
Corporate Items and Eliminations(50)(268)218  
Financial Products413 252 161 64%
Consolidating Adjustments(284)(316)32  
Consolidated Operating Profit$5,439 $7,001 $(1,562)(22%)

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Other Profit/Loss and Tax Items
•Interest expense excluding Financial Products for the six months ended June 30, 2025, was $242 million, compared with $280 million for the six months ended June 30, 2024. The decrease was due to lower average debt outstanding and lower average borrowing rates.
•Other income (expense) for the six months ended June 30, 2025, was income of $191 million, compared with income of $311 million for the six months ended June 30, 2024. The change was primarily driven by unfavorable foreign currency impacts.
•The effective tax rate for the six months ended June 30, 2025 was 22.6 percent compared to 21.7 percent for the six months ended June 30, 2024. Excluding the discrete items discussed below, the estimated annual effective tax rate for the six months ended June 30, 2025 was 23.0 percent compared with 22.5 percent for the six months ended June 30, 2024.
A discrete tax benefit of $18 million was recorded in the six months ended June 30, 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, compared with $42 million for the six months ended June 30, 2024. In addition, the 2024 estimated annual effective tax rate excluded the impact of year-to-date losses of $164 million for the divestitures of certain non-U.S. entities with a related tax benefit of $54 million.
Please see a reconciliation of GAAP to non-GAAP financial measures on pages 67-69.
Construction Industries
Construction Industries’ total sales were $11.374 billion for the six months ended June 30, 2025, a decrease of $1.733 billion, or 13 percent, compared with $13.107 billion for the six months ended June 30, 2024. The decrease was primarily due to lower sales volume of $903 million and unfavorable price realization of $814 million. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the six months ended June 30, 2025, compared with an increase during the six months ended June 30, 2024.
•In North America, sales decreased due to lower sales volume and unfavorable price realization. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the six months ended June 30, 2025, compared with an increase during the six months ended June 30, 2024.
•Sales decreased in Latin America mainly due to lower sales volume and unfavorable currency impacts primary related to the Brazilian real. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the six months ended June 30, 2025, compared with an increase during the six months ended June 30, 2024.
•In EAME, sales were about flat. Higher sales volume was offset by unfavorable price realization. Higher sales volume was primarily due to higher sales of equipment to end users.
•Sales decreased in Asia/Pacific due to unfavorable price realization and unfavorable currency impacts primarily related to the Australian dollar, partially offset by higher sales volume. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the six months ended June 30, 2025, compared with a decrease during the six months ended June 30, 2024.
Construction Industries’ profit was $2.268 billion for the six months ended June 30, 2025, a decrease of $1.237 billion, or 35 percent, compared with $3.505 billion for the six months ended June 30, 2024. The decrease was mainly due to unfavorable price realization of $814 million and the profit impact of lower sales volume of $320 million.
Construction Industries’ profit as a percent of total sales was 19.9 percent for the six months ended June 30, 2025, compared with 26.7 percent for the six months ended June 30, 2024.
Resource Industries
Resource Industries’ total sales were $5.971 billion for the six months ended June 30, 2025, a decrease of $428 million, or 7 percent, compared with $6.399 billion for the six months ended June 30, 2024. The decrease was primarily due to lower sales volume of $192 million and unfavorable price realization of $144 million. The decrease in sales volume was mainly due to lower sales of equipment to end users.
Resource Industries’ profit was $1.136 billion for the six months ended June 30, 2025, a decrease of $312 million, or 22 percent, compared with $1.448 billion for the six months ended June 30, 2024. The decrease was mainly due to unfavorable price realization of $144 million and the profit impact of lower sales volume of $142 million.
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Resource Industries’ profit as a percent of total sales was 19.0 percent for the six months ended June 30, 2025, compared with 22.6 percent for the six months ended June 30, 2024.
Energy & Transportation
Sales by Application
(Millions of dollars)Six Months Ended June 30, 2025Six Months Ended June 30, 2024$
Change		%
 Change
Oil and Gas$3,125 $3,397 $(272)(8%)
Power Generation4,403 3,503 900 26%
Industrial2,027 2,034 (7)—%
Transportation2,403 2,633 (230)(9%)
External Sales11,958 11,567 391 3%
Inter-Segment2,446 2,451 (5)—%
Total Sales$14,404 $14,018 $386 3%
Energy & Transportation’s total sales were $14.404 billion for the six months ended June 30, 2025, an increase of $386 million, or 3 percent, compared with $14.018 billion for the six months ended June 30, 2024. The increase was primarily due to favorable price realization of $294 million and higher sales volume of $151 million.
•Oil and Gas – Sales decreased in reciprocating engines, primarily engines used in gas compression applications.
•Power Generation – Sales increased in large reciprocating engines, primarily data center applications.
•Industrial – Sales were about flat.
•Transportation – Sales decreased in marine. International locomotive deliveries were also lower.
Energy & Transportation’s profit was $2.899 billion for the six months ended June 30, 2025, an increase of $73 million, or 3 percent, compared with $2.826 billion for the six months ended June 30, 2024. The increase was mainly due to favorable price realization of $294 million, partially offset by unfavorable manufacturing costs of $194 million. Unfavorable manufacturing costs largely reflected increased period manufacturing costs.
Energy & Transportation’s profit as a percent of total sales was 20.1 percent for the six months ended June 30, 2025, compared with 20.2 percent for the six months ended June 30, 2024.
Financial Products Segment
Financial Products’ segment revenues were $2.049 billion for the six months ended June 30, 2025, an increase of $54 million, or 3 percent, compared with $1.995 billion for the six months ended June 30, 2024. The increase was primarily due to a favorable impact from higher average earning assets driven by North America of $77 million and higher revenues from Insurance Services of $14 million, partially offset by an unfavorable impact from lower average financing rates of $35 million mainly in North America.
Financial Products’ segment profit was $463 million for the six months ended June 30, 2025, a decrease of $57 million, or 11 percent, compared with $520 million for the six months ended June 30, 2024. The decrease was mainly due to higher provision for credit losses at Cat Financial of $35 million, the absence of an insurance settlement of $33 million in the first quarter of 2024 and an unfavorable impact from lower net yield on average earning assets of $24 million, partially offset by a favorable impact from higher average earning assets of $32 million.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $1.017 billion for the six months ended June 30, 2025, a decrease of $10 million from the six months ended June 30, 2024, mainly driven by favorable restructuring income/costs and lower corporate costs, partially offset by increased expenses due to timing differences and unfavorable impacts of segment reporting methodology differences.

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RESTRUCTURING COSTS

In 2025, we expect to incur about $300 million to $350 million of restructuring costs. We expect that prior restructuring actions will result in an incremental benefit to operating costs, primarily Cost of goods sold and SG&A expenses, of about $29 million in 2025 compared with 2024.

Additional information related to restructuring costs is included in Note 20 – "Restructuring income/costs" of Part I, Item 1 "Financial Statements."
GLOSSARY OF TERMS
1.Adjusted Operating Profit Margin – Operating profit excluding restructuring income/costs as a percentage of sales and revenues.
2.Adjusted Profit Per Share – Profit per share excluding restructuring income/costs.
3.All Other Segment – Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience.
4.Consolidating Adjustments – Elimination of transactions between Machinery, Energy & Transportation and Financial Products.
5.Construction Industries – A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools.
6.Corporate Items and Eliminations – Includes corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting, certain restructuring costs and inter-segment eliminations.
7.Currency – With respect to sales and revenues, currency represents the translation impact on sales resulting from changes in foreign currency exchange rates versus the U.S. dollar. With respect to operating profit, currency represents the net translation impact on sales and operating costs resulting from changes in foreign currency exchange rates versus the U.S. dollar. Currency only includes the impact on sales and operating profit for the Machinery, Energy & Transportation line of business; currency impacts on Financial Products revenues and operating profit are included in the Financial Products portions of the respective analyses. With respect to other income/expense, currency represents the effects of forward and option contracts entered into by the company to reduce the risk of fluctuations in exchange rates (hedging) and the net effect of changes in foreign currency exchange rates on our foreign currency assets and liabilities for consolidated results (translation).
8.Dealer Inventories – Represents dealer machine and engine inventories, excluding aftermarket parts.
9.EAME – A geographic region including Europe, Africa, the Middle East and Eurasia.
10.Earning Assets – Assets consisting primarily of total finance receivables net of unearned income, plus equipment on operating leases net of accumulated depreciation at Cat Financial.
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11.Energy & Transportation – A segment primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives and related services across industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, including marine- and rail-related businesses as well as product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the marine and oil and gas industries; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; electrified powertrain and zero-emission power sources and service solutions development; and diesel-electric and hybrid locomotives and components and other rail-related products and services, including remanufacturing and leasing. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and components and remanufacturing services for other companies.
12.Financial Products – The company defines Financial Products as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
13.Financial Products Segment – Provides financing alternatives to customers and dealers around the world for Caterpillar products and services, as well as financing for power generation facilities that, in most cases, incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans and wholesale financing plans. The segment also provides insurance and risk management products and services that help customers and dealers manage their business risk. Insurance and risk management products offered include physical damage insurance, inventory protection plans, extended service coverage and maintenance plans for machines and engines, and dealer property and casualty insurance. The various forms of financing, insurance and risk management products offered to customers and dealers help support the purchase and lease of Caterpillar equipment. The segment also earns revenues from Machinery, Energy & Transportation, but the related costs are not allocated to operating segments. Financial Products’ segment profit is determined on a pretax basis and includes other income/expense items.
14.Latin America – A geographic region including Central and South American countries and Mexico.
15.Machinery, Energy & Transportation (ME&T) – The company defines ME&T as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of its products.
16.Machinery, Energy & Transportation Other Operating (Income) Expenses – Comprised primarily of gains/losses on disposal of long-lived assets, gains/losses on divestitures and legal settlements and accruals.
17.Manufacturing Costs – Manufacturing costs exclude the impacts of currency and represent the volume-adjusted change for variable costs and the absolute dollar change for period manufacturing costs. Variable manufacturing costs are defined as having a direct relationship with the volume of production. This includes material costs, direct labor and other costs that vary directly with production volume, such as freight, power to operate machines and supplies that are consumed in the manufacturing process. Period manufacturing costs support production but are defined as generally not having a direct relationship to short-term changes in volume. Examples include machinery and equipment repair, depreciation on manufacturing assets, facility support, procurement, factory scheduling, manufacturing planning and operations management.
18.Mark-to-market gains/losses – Represents the net gain or loss of actual results differing from the company’s assumptions and the effects of changing assumptions for our defined benefit pension and OPEB plans. These gains and losses are immediately recognized through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.
19.Pension and Other Postemployment Benefits (OPEB) – The company’s defined-benefit pension and postretirement benefit plans.
20.Price Realization – The impact of net price changes excluding currency and new product introductions. Price realization includes geographic mix of sales, which is the impact of changes in the relative weighting of sales prices between geographic regions.
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21.Resource Industries – A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; electronics and control systems and related parts. In addition to equipment, Resource Industries also develops and sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated manufacturing, research and development for hydraulic systems, automation, electronics and software for Caterpillar machines and engines.
22.Restructuring income/costs – May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold.
23.Sales Volume – With respect to sales and revenues, sales volume represents the impact of changes in the quantities sold for Machinery, Energy & Transportation as well as the incremental sales impact of new product introductions, including emissions-related product updates. With respect to operating profit, sales volume represents the impact of changes in the quantities sold for Machinery, Energy & Transportation combined with product mix as well as the net operating profit impact of new product introductions, including emissions-related product updates. Product mix represents the net operating profit impact of changes in the relative weighting of Machinery, Energy & Transportation sales with respect to total sales. The impact of sales volume on segment profit includes inter-segment sales.
24.Services – Machinery, Energy & Transportation services revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products revenues, discontinued products and captive dealer services.
LIQUIDITY AND CAPITAL RESOURCES
 
Sources of funds
 
We generate significant capital resources from operating activities, which are the primary source of funding for our ME&T operations. Funding for these businesses is also available from commercial paper and long-term debt issuances. Financial Products’ operations are funded primarily from commercial paper, term debt issuances and collections from its existing portfolio. On a consolidated basis, we had positive operating cash flow in the first six months of 2025 and ended the second quarter with $5.442 billion of cash, a decrease of $1.447 billion from year-end 2024. In addition, ME&T invests in available-for-sale debt securities and bank time deposits that are considered highly liquid and are available for current operations. These ME&T securities were $1.221 billion as of June 30, 2025 and are included in Prepaid expenses and other current assets and Other assets in the Consolidated Statement of Financial Position. We intend to maintain a strong cash and liquidity position.

Consolidated operating cash flow for the first six months of 2025 was $4.411 billion, down $662 million compared to the same period a year ago. The decrease was primarily due to lower profit before taxes adjusted for non-cash items partially offset by changes in working capital. Within working capital, changes in accounts payable and customer advances favorably impacted cash flow, partially offset by changes in inventories.

Total debt as of June 30, 2025 was $40.748 billion, an increase of $2.339 billion from year-end 2024. Debt related to ME&T increased $2.103 billion in the first six months of 2025 primarily due to the issuance of new debt in the second quarter of 2025. ME&T issued $1.700 billion of ten-year bonds at 5.2 percent and $300 million of thirty-year bonds at 5.5 percent. The proceeds from the offering will be used for general corporate purposes, which may include the repayment of existing indebtedness. Debt related to Financial Products increased $1.265 billion, of which $1.000 billion is related to intercompany borrowings with ME&T.

As of June 30, 2025, we had three global credit facilities with a syndicate of banks totaling $10.500 billion (Credit Facility) available in the aggregate to both Caterpillar and Cat Financial for general liquidity purposes. Based on management’s allocation decision, which can be revised from time to time, the portion of the Credit Facility available to ME&T as of June 30, 2025 was $2.750 billion. Information on our Credit Facility is as follows:
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•The 364-day facility of $3.150 billion (of which $825 million is available to ME&T) expires in August 2025.
•The three-year facility, as amended in August 2024, of $2.730 billion (of which $715 million is available to ME&T) expires in August 2027.
•The five-year facility, as amended in August 2024, of $4.620 billion (of which $1.210 billion is available to ME&T) expires in August 2029.

At June 30, 2025, Caterpillar’s consolidated net worth was $18.726 billion, which was above the $9.000 billion required under the Credit Facility. The consolidated net worth is defined in the Credit Facility as Caterpillar's consolidated shareholders’ equity including preferred stock but excluding the pension and other postretirement benefits balance within Accumulated other comprehensive income (loss).

At June 30, 2025, Cat Financial’s covenant interest coverage ratio was 1.51 to 1. This was above the 1.15 to 1 minimum ratio calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period, required by the Credit Facility.

In addition, at June 30, 2025, Cat Financial’s six-month covenant leverage ratio was 7.18 to 1. This was below the maximum ratio of debt to net worth of 10 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31, required by the Credit Facility.

In the event Caterpillar or Cat Financial does not meet one or more of their respective financial covenants under the Credit Facility in the future (and are unable to obtain a consent or waiver), the syndicate of banks may terminate the commitments allocated to the party that does not meet its covenants. Additionally, in such event, certain of Cat Financial’s other lenders under other loan agreements where similar financial covenants or cross default provisions are applicable may, at their election, choose to pursue remedies under those loan agreements, including accelerating the repayment of outstanding borrowings. At June 30, 2025, there were no borrowings under the Credit Facility.

The aforementioned financial covenants are being reported as calculated under the Credit Facility and not pursuant to U.S. GAAP. Please refer to the credit agreements governing the Credit Facility filed as an exhibit to our periodic reports for further information related to the calculation thereof. For risks related to our indebtedness and compliance with these covenants, please refer to the risk factor "Restrictive covenants in our debt agreements could limit our financial and operating flexibility" set forth in Part I, Item 1A of our most recent annual report on Form 10-K.

Our total credit commitments and available credit as of June 30, 2025 were:

 June 30, 2025
(Millions of dollars)ConsolidatedMachinery,
Energy &
Transportation		Financial
Products
Credit lines available:   
Global credit facilities$10,500 $2,750 $7,750 
Other external4,084 617 3,467 
Total credit lines available14,584 3,367 11,217 
Less: Commercial paper outstanding(3,985)— (3,985)
Less: Utilized credit(800)— (800)
Available credit$9,799 $3,367 $6,432 

The other external consolidated credit lines with banks as of June 30, 2025 totaled $4.084 billion. These committed and uncommitted credit lines, which may be eligible for renewal at various future dates or have no specified expiration date, are used primarily by our subsidiaries for local funding requirements. Caterpillar or Cat Financial may guarantee subsidiary borrowings under these lines.

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We receive debt ratings from the major credit rating agencies. Fitch maintains a "high-A" debt rating, while Moody’s and S&P maintain a “mid-A” debt rating. A downgrade of our credit ratings by any of the major credit rating agencies could result in increased borrowing costs and could make access to certain credit markets more difficult. In the event economic conditions deteriorate such that access to debt markets becomes unavailable, ME&T’s operations would rely on cash flow from operations, use of existing cash balances, borrowings from Cat Financial and access to our committed credit facilities. Our Financial Products’ operations would rely on cash flow from its existing portfolio, existing cash balances, access to our committed credit facilities and other credit line facilities of Cat Financial, and borrowings from Caterpillar. In addition, we maintain a support agreement with Cat Financial, which requires Caterpillar to remain the sole owner of Cat Financial and may, under certain circumstances, require Caterpillar to make payments to Cat Financial should Cat Financial fail to maintain certain financial ratios.

We facilitate voluntary supplier finance programs (the “Programs”) through participating financial institutions. We account for the payments made under the Programs, the same as other accounts payable, as a reduction to our cash flows from operations. We do not believe that changes in the availability of the programs will have a significant impact on our liquidity. Additional information related to the programs is included in Note 21 – "Supplier finance programs" of Part I, Item 1 "Financial Statements."

Machinery, Energy & Transportation

Net cash provided by operating activities was $3.862 billion in the first six months of 2025, compared with net cash provided of $4.573 billion for the same period in 2024. The decrease was primarily due to lower profit before taxes, adjusted for non-cash items, partially offset by lower working capital requirements. Within working capital, changes in customer advances and accounts payable favorably impacted cash flow but were partially offset by changes in inventories.

Net cash used by investing activities in the first six months of 2025 was $1.530 billion, compared with net cash provided of $1.381 billion in the first six months of 2024. The change was primarily due to lower proceeds from maturities and sale of securities, primarily due to time deposit maturities in 2024; increased activity related to intercompany lending with Financial Products; and an increase in capital expenditures.

Net cash used for financing activities during the first six months of 2025 was $4.050 billion, compared with net cash used of $8.573 billion in the same period of 2024. The change was primarily due to higher proceeds from debt issued, lower payments to purchase common stock and lower payments on debt in the first six months of 2025 compared to the same period in 2024.

While our short-term priorities for the use of cash may vary from time to time as business needs and conditions dictate, our long-term cash deployment strategy is focused on the following priorities. Our top priority is to maintain a strong financial position in support of a mid-A rating. Next, we intend to fund operational requirements and commitments. Then, we intend to fund priorities that profitably grow the company and return capital to shareholders through dividend growth and share repurchases. Additional information on cash deployment is as follows:

Strong financial position – Our top priority is to maintain a strong financial position in support of a mid-A rating. We track a diverse group of financial metrics that focus on liquidity, leverage, cash flow and margins which align with our cash deployment actions and the various methodologies used by the major credit rating agencies.

Operational excellence and commitments – Capital expenditures were $1.287 billion during the first six months of 2025, compared to $841 million for the same period in 2024. We expect ME&T’s capital expenditures in 2025 to be about $2.5 billion. We made $276 million of contributions to our pension and other postretirement benefit plans during the first six months of 2025. We currently anticipate full-year 2025 contributions of approximately $354 million. In comparison, we made $172 million of contributions to our pension and other postretirement benefit plans during the first six months of 2024.

Fund strategic growth initiatives and return capital to shareholders – We intend to utilize our liquidity and debt capacity to fund targeted investments that drive long-term profitable growth focused in the areas of expanded offerings, services and sustainability, including acquisitions.

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As part of our capital allocation strategy, ME&T free cash flow is a liquidity measure we use to determine the cash generated and available for financing activities including debt repayments, dividends and share repurchases. We define ME&T free cash flow as cash from ME&T operations less capital expenditures, excluding discretionary pension and other postretirement benefit plan contributions. A goal of our capital allocation strategy is to return substantially all ME&T free cash flow to shareholders over time in the form of dividends and share repurchases, while maintaining our mid-A rating.

Each quarter, our Board of Directors reviews the company’s dividend for the applicable quarter. The Board evaluates the financial condition of the company and considers corporate cash flow, the company’s liquidity needs, the economic outlook, and the health and stability of global credit markets to determine whether to maintain or change the quarterly dividend. In June 2025, the Board of Directors approved a seven percent increase in the quarterly dividend to $1.51 per share, and we continue to expect our strong financial position to support the dividend. Dividends paid totaled $1.336 billion in the first six months of 2025.

Our share repurchase plans are subject to the company’s cash deployment priorities and are evaluated on an ongoing basis considering the financial condition of the company, corporate cash flow, the company’s liquidity needs, the economic outlook, and the health and stability of global credit markets. The timing and amount of future repurchases may vary depending on market conditions and investing priorities. In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. In the first six months of 2025, we repurchased $4.488 billion of Caterpillar common stock. As of June 30, 2025, the 2022 Authorization was fully utilized and $15.640 billion remained available under the 2024 Authorization. Our basic shares outstanding as of June 30, 2025 were approximately 468 million.

Financial Products

Net cash provided by operating activities was $597 million in the first six months of 2025, compared with $715 million for the same period in 2024. Net cash used for investing activities was $990 million in the first six months of 2025, compared with $1.351 billion for the same period in 2024. The change was primarily due to portfolio related activity and the 2024 divestiture of a non-U.S. subsidiary. Net cash provided by financing activities was $670 million in the first six months of 2025, compared with $635 million for the same period in 2024. The change was primarily due to increased intercompany borrowings from ME&T, partially offset by decreased external borrowings.

RECENT ACCOUNTING PRONOUNCEMENTS

For a discussion of recent accounting pronouncements, see Note 2 – “New accounting guidance” of Part I, Item 1 "Financial Statements."

CRITICAL ACCOUNTING ESTIMATES
 
For a discussion of the company’s critical accounting estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K. There have been no significant changes to our critical accounting estimates since our 2024 Annual Report on Form 10-K.

OTHER MATTERS
 
Information related to legal proceedings appears in Note 14 – "Environmental and legal matters" of Part I, Item 1 “Financial Statements.”

Order Backlog

At the end of the second quarter of 2025, the dollar amount of backlog believed to be firm was approximately $37.5 billion, about $2.5 billion higher than the first quarter of 2025. The order backlog increased across the primary segments, with the largest increase in Energy & Transportation. Of the total backlog at June 30, 2025, approximately $10.3 billion was not expected to be filled in the following twelve months.

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NON-GAAP FINANCIAL MEASURES
We provide the following definitions for the non-GAAP financial measures used in this report. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.
We believe it is important to separately quantify the profit impact of two significant items in order for the company’s results to be meaningful to our readers. These items consist of (i) other restructuring income/costs and (ii) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024. We do not consider these items indicative of earnings from ongoing business activities and believe the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company’s period-over-period results.
Reconciliations of adjusted results to the most directly comparable GAAP measures are as follows:
(Dollars in millions except per share data)Operating ProfitOperating Profit MarginProfit Before TaxesProvision (Benefit) for Income TaxesProfitProfit per Share
Three Months Ended June 30, 2025 - U.S. GAAP
$2,860 17.3 %$2,818 $646 $2,179 $4.62 
Other restructuring (income) costs56 0.3 %56 12 47 0.10 
Three Months Ended June 30, 2025 - Adjusted
$2,916 17.6 %$2,874 $658 $2,226 $4.72 
Three Months Ended June 30, 2024 - U.S. GAAP
$3,482 20.9 %$3,500 $836 $2,681 $5.48 
Restructuring costs - divestiture of two non-U.S. entities228 1.3 %228 — 228 0.47 
Other restructuring (income) costs30 0.2 %30 6 24 0.04 
Three Months Ended June 30, 2024 - Adjusted
$3,740 22.4 %$3,758 $842 $2,933 $5.99 
Six Months Ended June 30, 2025 - U.S. GAAP
$5,439 17.6 %$5,388 $1,220 $4,182 $8.82 
Other restructuring (income) costs88 0.3 %89 20 72 0.15 
Six Months Ended June 30, 2025 - Adjusted
$5,527 17.9 %$5,477 $1,240 $4,254 $8.97 
Six Months Ended June 30, 2024 - U.S. GAAP
$7,001 21.5 %$7,032 $1,524 $5,537 $11.23 
Restructuring (income) costs - divestitures of certain non-U.S. entities164 0.5 %164 54 110 0.22 
Other restructuring (income) costs88 0.3 %88 20 68 0.14 
Six Months Ended June 30, 2024 - Adjusted
$7,253 22.3 %$7,284 $1,598 $5,715 $11.59 
We believe it is important to separately disclose our annual effective tax rate, excluding discrete items for our results to be meaningful to our readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. These items consist of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense and (ii) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024. We believe the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.
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A reconciliation of our effective tax rate to annual effective tax rate, excluding discrete items is below:
(Millions of dollars)Profit Before TaxesProvision (Benefit) for Income TaxesEffective Tax Rate
Three Months Ended June 30, 2025 - U.S. GAAP
$2,818 $646 23.0 %
Excess stock-based compensation— 1 
Annual effective tax rate, excluding discrete items2,818 647 23.0 %
Excess stock-based compensation— (1)
Other restructuring (income) costs56 12 
Three Months Ended June 30, 2025 - Adjusted
$2,874 $658 
Three Months Ended June 30, 2024 - U.S. GAAP
$3,500 $836 23.9 %
Restructuring costs - divestiture of two non-U.S. entities228 — 
Excess stock-based compensation— 4 
Annual effective tax rate, excluding discrete items3,728 840 22.5 %
Excess stock-based compensation— (4)
Other restructuring (income) costs30 6 
Three Months Ended June 30, 2024 - Adjusted
$3,758 $842 
Six Months Ended June 30, 2025 - U.S. GAAP
$5,388 $1,220 22.6 %
Excess stock-based compensation— 18 
Annual effective tax rate, excluding discrete items5,388 1,238 23.0 %
Excess stock-based compensation— (18)
Other restructuring (income) costs89 20 
Six Months Ended June 30, 2025 - Adjusted
$5,477 $1,240 
Six Months Ended June 30, 2024 - U.S. GAAP
$7,032 $1,524 21.7 %
Restructuring (income) costs - divestitures of certain non-U.S. entities164 54 
Excess stock-based compensation— 42 
Annual effective tax rate, excluding discrete items7,196 1,620 22.5 %
Excess stock-based compensation— (42)
Other restructuring (income) costs88 20 
Six Months Ended June 30, 2024 - Adjusted
$7,284 $1,598 
In addition, we provide a calculation of ME&T free cash flow as we believe it is an important measure for investors to determine the cash generation available for financing activities including debt repayments, dividends and share repurchases.

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Reconciliations of ME&T free cash flow to the most directly comparable GAAP measure, net cash provided by operating activities are as follows:

(Millions of dollars)Six Months Ended June 30,
20252024
ME&T net cash provided by operating activities 1
$3,862 $4,573 
ME&T capital expenditures(1,287)(841)
ME&T free cash flow$2,575 $3,732 
1 See reconciliation of ME&T net cash provided by operating activities to consolidated net cash provided by operating activities on pages 76-77.

Supplemental Consolidating Data
 
We are providing supplemental consolidating data for the purpose of additional analysis.  The data has been grouped as follows:
 
Consolidated – Caterpillar Inc. and its subsidiaries.
 
Machinery, Energy & Transportation – We define ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T’s information relates to the design, manufacturing and marketing of our products.
 
Financial Products – We define Financial Products as it is presented in the supplemental data as our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products’ information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
 
Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.
 
The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. We believe this presentation will assist readers in understanding our business.

Pages 70-77 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended June 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation 		Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$15,674 $15,674 $— $— 
Revenues of Financial Products895 — 1,081 (186)
1
Total sales and revenues16,569 15,674 1,081 (186)
Operating costs:    
Cost of goods sold10,807 10,809 — (2)
2
Selling, general and administrative expenses1,694 1,497 209 (12)
2
Research and development expenses551 551 — — 
Interest expense of Financial Products336 — 342 (6)
2
Other operating (income) expenses321 22 318 (19)
2
Total operating costs13,709 12,879 869 (39)
Operating profit2,860 2,795 212 (147)
Interest expense excluding Financial Products126 130 — (4)
3
Other income (expense)84 (101)42 143 
4
Consolidated profit before taxes2,818 2,564 254 — 
Provision (benefit) for income taxes646 585 61 — 
Profit of consolidated companies2,172 1,979 193 — 
Equity in profit (loss) of unconsolidated affiliated companies7 7 — — 
Profit of consolidated and affiliated companies2,179 1,986 193 — 
Less: Profit (loss) attributable to noncontrolling interests— (1)1 — 
Profit 5
$2,179 $1,987 $192 $— 
 
1Elimination of Financial Products’ revenues earned from ME&T.
2Elimination of net expenses recorded between ME&T and Financial Products.
3Elimination of interest expense recorded between Financial Products and ME&T.
4Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.
5Profit attributable to common shareholders.
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Six Months Ended June 30, 2025
(Unaudited)
(Millions of dollars)
 
  Supplemental Consolidating Data
 ConsolidatedMachinery, Energy & Transportation Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$29,052 $29,052 $— $— 
Revenues of Financial Products1,766 — 2,129 (363)
1
Total sales and revenues30,818 29,052 2,129 (363)
Operating costs:    
Cost of goods sold19,772 19,776 — (4)
2
Selling, general and administrative expenses3,287 2,905 405 (23)
2
Research and development expenses1,031 1,031 — — 
Interest expense of Financial Products662 — 668 (6)
2
Other operating (income) expenses627 30 643 (46)
2
Total operating costs25,379 23,742 1,716 (79)
Operating profit5,439 5,310 413 (284)
Interest expense excluding Financial Products242 249 — (7)
3
Other income (expense)191 (146)60 277 
4
Consolidated profit before taxes5,388 4,915 473 — 
Provision (benefit) for income taxes1,220 1,105 115 — 
Profit of consolidated companies4,168 3,810 358 — 
Equity in profit (loss) of unconsolidated affiliated companies14 14 — — 
Profit of consolidated and affiliated companies4,182 3,824 358 — 
Less: Profit (loss) attributable to noncontrolling interests— (1)1 — 
Profit 5
$4,182 $3,825 $357 $— 
 
1Elimination of Financial Products’ revenues earned from ME&T.
2Elimination of net expenses recorded between ME&T and Financial Products.
3Elimination of interest expense recorded between Financial Products and ME&T.
4Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.
5Profit attributable to common shareholders.

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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Three Months Ended June 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$15,840 $15,840 $— $— 
Revenues of Financial Products849 — 1,043 (194)
1
Total sales and revenues16,689 15,840 1,043 (194)
Operating costs:    
Cost of goods sold10,150 10,152 — (2)
2
Selling, general and administrative expenses1,652 1,449 185 18 
2
Research and development expenses535 535 — — 
Interest expense of Financial Products314 — 314 — 

Other operating (income) expenses556 43 560 (47)
2
Total operating costs13,207 12,179 1,059 (31)
Operating profit3,482 3,661 (16)(163)
Interest expense excluding Financial Products137 137 — — 
Other income (expense)155 (21)13 163 
3
Consolidated profit before taxes3,500 3,503 (3)— 
Provision (benefit) for income taxes836 786 50 — 
Profit of consolidated companies2,664 2,717 (53)— 
Equity in profit (loss) of unconsolidated affiliated companies17 17 — — 
Profit of consolidated and affiliated companies2,681 2,734 (53)— 
Less: Profit (loss) attributable to noncontrolling interests— — — — 
Profit 4
$2,681 $2,734 $(53)$— 
 
1Elimination of Financial Products’ revenues earned from ME&T.
2Elimination of net expenses recorded by ME&T paid to Financial Products.
3Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.
4Profit attributable to common shareholders.
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Caterpillar Inc.
Supplemental Data for Results of Operations
For the Six Months Ended June 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Sales and revenues:    
Sales of Machinery, Energy & Transportation$30,800 $30,800 $— $— 
Revenues of Financial Products1,688 — 2,072 (384)
1
Total sales and revenues32,488 30,800 2,072 (384)
Operating costs:    
Cost of goods sold19,812 19,816 — (4)
2
Selling, general and administrative expenses3,229 2,862 363 4 
2
Research and development expenses1,055 1,055 — — 
Interest expense of Financial Products612 — 612 — 
Other operating (income) expenses779 2 845 (68)
2
Total operating costs25,487 23,735 1,820 (68)
Operating profit7,001 7,065 252 (316)
Interest expense excluding Financial Products280 280 — — 
Other income (expense)311 (41)36 316 
3
Consolidated profit before taxes7,032 6,744 288 — 
Provision (benefit) for income taxes1,524 1,401 123 — 
Profit of consolidated companies5,508 5,343 165 — 
Equity in profit (loss) of unconsolidated affiliated companies27 27 — — 
Profit of consolidated and affiliated companies5,535 5,370 165 — 
Less: Profit (loss) attributable to noncontrolling interests(2)(3)1 — 
Profit 4
$5,537 $5,373 $164 $— 
 
1Elimination of Financial Products’ revenues earned from ME&T.
2Elimination of net expenses recorded between ME&T and Financial Products.
3Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.
4Profit attributable to common shareholders.
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Caterpillar Inc.
Supplemental Data for Financial Position
At June 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$5,442 $4,428 $1,014 $— 
Receivables – trade and other9,704 3,605 527 5,572 
1,2
Receivables – finance10,147 — 15,946 (5,799)
2
Prepaid expenses and other current assets2,867 2,680 401 (214)
3
Inventories18,595 18,595 — — 
Total current assets46,755 29,308 17,888 (441)
Property, plant and equipment – net13,896 10,035 3,861 — 
Long-term receivables – trade and other1,607 1,619 308 (320)
1,2
Long-term receivables – finance13,835 — 14,708 (873)
2
Noncurrent deferred and refundable income taxes3,427 3,680 131 (384)
4
Intangible assets321 321 — — 
Goodwill5,331 5,331 — — 
Other assets5,153 3,747 2,420 (1,014)
5
Total assets$90,325 $54,041 $39,316 $(3,032)
Liabilities    
Current liabilities:    
Short-term borrowings$4,485 $— $4,485 $— 
Accounts payable8,563 8,515 294 (246)
6,7
Accrued expenses5,207 4,374 833 — 
Accrued wages, salaries and employee benefits1,618 1,580 38 — 
Customer advances3,412 3,387 3 22 
7
Dividends payable707 707 — — 
Other current liabilities2,627 2,091 768 (232)
4,5,8
Long-term debt due within one year8,315 30 8,285 — 
Total current liabilities34,934 20,684 14,706 (456)
Long-term debt due after one year27,948 10,850 18,294 (1,196)
7,9
Liability for postemployment benefits3,611 3,611 — — 
Other liabilities5,169 4,199 1,376 (406)
4,5
Total liabilities71,662 39,344 34,376 (2,058)
Commitments and contingencies    
Shareholders’ equity    
Common stock6,143 6,143 905 (905)
10
Treasury stock(47,958)(47,958)— — 
Profit employed in the business62,160 57,238 4,912 10 
10
Accumulated other comprehensive income (loss)(1,684)(731)(953)— 
Noncontrolling interests2 5 76 (79)
10
Total shareholders’ equity18,663 14,697 4,940 (974)
Total liabilities and shareholders’ equity$90,325 $54,041 $39,316 $(3,032)
1     Elimination of receivables between ME&T and Financial Products.
2     Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3     Elimination of ME&T’s insurance premiums that are prepaid to Financial Products.
4     Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
5     Elimination of other intercompany assets and liabilities between ME&T and Financial Products.
6     Elimination of payables between ME&T and Financial Products.
7     Reclassification of Financial Products' payables to customer advances.
8     Elimination of prepaid insurance in Financial Products’ other liabilities.
9     Elimination of debt between ME&T and Financial Products.
10     Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.
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Caterpillar Inc.
Supplemental Data for Financial Position
At December 31, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Assets    
Current assets:    
Cash and cash equivalents$6,889 $6,165 $724 $— 
Receivables – trade and other9,282 3,463 688 5,131 
1,2
Receivables – finance9,565 — 14,957 (5,392)
2
Prepaid expenses and other current assets3,119 2,872 401 (154)
3
Inventories16,827 16,827 — — 
Total current assets45,682 29,327 16,770 (415)
Property, plant and equipment – net13,361 9,531 3,830 — 
Long-term receivables – trade and other1,225 500 86 639 
1,2
Long-term receivables – finance13,242 — 14,048 (806)
2
Noncurrent deferred and refundable income taxes3,312 3,594 118 (400)
4
Intangible assets399 399 — — 
Goodwill5,241 5,241 — — 
Other assets5,302 4,050 2,277 (1,025)
5
Total assets$87,764 $52,642 $37,129 $(2,007)
Liabilities    
Current liabilities:    
Short-term borrowings$4,393 $— $4,393 $— 
Accounts payable7,675 7,619 331 (275)
6,7
Accrued expenses5,243 4,589 654 — 

Accrued wages, salaries and employee benefits2,391 2,335 56 — 
Customer advances2,322 2,305 3 14 
7
Dividends payable674 674 — — 
Other current liabilities2,909 2,388 696 (175)
4,8
Long-term debt due within one year6,665 46 6,619 — 
Total current liabilities32,272 19,956 12,752 (436)
Long-term debt due after one year27,351 8,731 18,787 (167)
9
Liability for postemployment benefits3,757 3,757 — — 
Other liabilities4,890 3,977 1,344 (431)
4
Total liabilities68,270 36,421 32,883 (1,034)
Commitments and contingencies    
Shareholders’ equity    
Common stock6,941 6,941 905 (905)
10
Treasury stock(44,331)(44,331)— — 
Profit employed in the business59,352 54,787 4,555 10 
10
Accumulated other comprehensive income (loss)(2,471)(1,182)(1,289)— 
Noncontrolling interests3 6 75 (78)
10
Total shareholders’ equity19,494 16,221 4,246 (973)
Total liabilities and shareholders’ equity$87,764 $52,642 $37,129 $(2,007)
 
1     Elimination of receivables between ME&T and Financial Products.
2     Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.
3     Elimination of ME&T’s insurance premiums that are prepaid to Financial Products.
4     Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
5     Elimination of other intercompany assets between ME&T and Financial Products.
6     Elimination of payables between ME&T and Financial Products.
7     Reclassification of Financial Products' payables to customer advances.
8     Elimination of prepaid insurance in Financial Products' other liabilities.
9     Elimination of debt between ME&T and Financial Products.
10     Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.
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Caterpillar Inc.
Supplemental Data for Cash Flow
For the Six Months Ended June 30, 2025
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Cash flow from operating activities:    
Profit of consolidated and affiliated companies$4,182 $3,824 $358 $— 

Adjustments to reconcile profit to net cash provided by operating activities:    
Depreciation and amortization1,094 716 378 — 
Provision (benefit) for deferred income taxes(110)(88)(22)— 
Other398 357 (286)327 
1
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other(319)90 5 (414)
1,2
Inventories(1,639)(1,639)— — 

Accounts payable973 930 6 37 
1
Accrued expenses(12)(64)52 — 
Accrued wages, salaries and employee benefits(805)(786)(19)— 
Customer advances1,276 1,276 — — 
Other assets – net(90)(133)(3)46 
1
Other liabilities – net(537)(621)128 (44)
1
Net cash provided by (used for) operating activities4,411 3,862 597 (48)
Cash flow from investing activities:    
Capital expenditures – excluding equipment leased to others(1,265)(1,273)(22)30 
1
Expenditures for equipment leased to others(608)(14)(597)3 
1
Proceeds from disposals of leased assets and property, plant and equipment365 36 362 (33)
1
Additions to finance receivables(7,064)— (8,084)1,020 
2
Collections of finance receivables6,399 — 7,278 (879)
2
Net intercompany purchased receivables— — 93 (93)
2
Proceeds from sale of finance receivables18 — 18 — 
Additions to intercompany receivables (original maturities greater than three months)— (1,000)— 1,000 
3
Collections of intercompany receivables (original maturities greater than three months)— — 35 (35)
3
Investments and acquisitions (net of cash acquired)(21)(21)— — 
Proceeds from sale of businesses and investments (net of cash sold)12 12 — — 
Proceeds from maturities and sale of securities1,328 1,026 302 — 
Investments in securities(618)(278)(340)— 
Other – net(53)(18)(35)— 
Net cash provided by (used for) investing activities(1,507)(1,530)(990)1,013 
Cash flow from financing activities:    
Dividends paid(1,336)(1,336)— — 
Common stock issued, including treasury shares reissued(59)(59)— — 
Payments to purchase common stock(4,488)(4,488)— — 
Excise tax paid on purchases of common stock (73)(73)— — 
Proceeds from intercompany borrowings (original maturities greater than three months)— — 1,000 (1,000)
3
Payments on intercompany borrowings (original maturities greater than three months)— (35)— 35 
3
Proceeds from debt issued (original maturities greater than three months)5,707 1,976 3,731 — 
Payments on debt (original maturities greater than three months)(4,168)(35)(4,133)— 
Short-term borrowings – net (original maturities three months or less)72 — 72 — 
Net cash provided by (used for) financing activities(4,345)(4,050)670 (965)
Effect of exchange rate changes on cash(7)(21)14 — 
Increase (decrease) in cash, cash equivalents and restricted cash(1,448)(1,739)291 — 
Cash, cash equivalents and restricted cash at beginning of period6,896 6,170 726 — 
Cash, cash equivalents and restricted cash at end of period$5,448 $4,431 $1,017 $— 

1    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2    Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3    Elimination of proceeds and payments to/from ME&T and Financial Products.
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Caterpillar Inc.
Supplemental Data for Cash Flow
For the Six Months Ended June 30, 2024
(Unaudited)
(Millions of dollars)
  Supplemental Consolidating Data
 ConsolidatedMachinery,
Energy &
Transportation		Financial
Products		Consolidating
Adjustments
Cash flow from operating activities:    
Profit of consolidated and affiliated companies$5,535 $5,370 $165 $— 
Adjustments to reconcile profit to net cash provided by operating activities:    
Depreciation and amortization1,055 662 393 — 
Provision (benefit) for deferred income taxes(133)(81)(52)— 
(Gain) loss on divestiture164 (46)210 — 
Other105 104 (280)281 
1
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other(245)195 96 (536)
1.2
Inventories(643)(638)— (5)
1
Accounts payable(21)6 (58)31 
1
Accrued expenses69 (41)110 — 
Accrued wages, salaries and employee benefits(1,056)(1,035)(21)— 
Customer advances341 341 — — 
Other assets – net20 (108)5 123 
1
Other liabilities – net(118)(156)147 (109)
1
Net cash provided by (used for) operating activities5,073 4,573 715 (215)
Cash flow from investing activities:    
Capital expenditures – excluding equipment leased to others(841)(831)(13)3 
1
Expenditures for equipment leased to others(614)(10)(612)8 
1
Proceeds from disposals of leased assets and property, plant and equipment342 13 335 (6)
1
Additions to finance receivables(7,446)— (7,951)505 
2
Collections of finance receivables6,743 — 7,176 (433)
2
Net intercompany purchased receivables— — (138)138 
2
Proceeds from sale of finance receivables37 — 37 — 
Net intercompany borrowings— — 9 (9)
3
Investments and acquisitions (net of cash acquired)(32)(32)— — 
Proceeds from sale of businesses and investments (net of cash sold)(61)92 (153)— 
Proceeds from maturities and sale of securities2,574 2,402 172 — 
Investments in securities(523)(300)(223)— 
Other – net57 47 10 — 
Net cash provided by (used for) investing activities236 1,381 (1,351)206 
Cash flow from financing activities:    
Dividends paid(1,283)(1,283)— — 
Common stock issued, including treasury shares reissued8 8 — — 
Payments to purchase common stock(6,275)(6,275)— — 
Net intercompany borrowings— (9)— 9 
3
Proceeds from debt issued (original maturities greater than three months)4,151 — 4,151 — 
Payments on debt (original maturities greater than three months)(5,217)(1,014)(4,203)— 
Short-term borrowings – net (original maturities three months or less)687 — 687 — 
Net cash provided by (used for) financing activities(7,929)(8,573)635 9 
Effect of exchange rate changes on cash(17)(7)(10)— 
Increase (decrease) in cash, cash equivalents and restricted cash(2,637)(2,626)(11)— 
Cash, cash equivalents and restricted cash at beginning of period6,985 6,111 874 — 
Cash, cash equivalents and restricted cash at end of period$4,348 $3,485 $863 $— 

1    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2    Reclassification of Financial Products’ cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3    Elimination of net proceeds and payments to/from ME&T and Financial Products.

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Forward-looking Statements

Certain statements in this Form 10-Q relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail under the section entitled "Part I - Item 1A. Risk Factors" of Caterpillar's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in Caterpillar's periodic filings with the Securities and Exchange Commission.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk
 
The information required by this Item is incorporated by reference from Note 5 – “Derivative financial instruments and risk management” included in Part I, Item 1 and Management’s Discussion and Analysis included in Part I, Item 2 of this Form 10-Q.
 
Item 4.  Controls and Procedures
 
Evaluation of disclosure controls and procedures
 
An evaluation was performed under the supervision and with the participation of the company’s management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the company’s disclosure controls and procedures, as that term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this quarterly report.  Based on that evaluation, the CEO and CFO concluded that the company’s disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Changes in internal control over financial reporting
 
During the second quarter of 2025, there has been no change in the company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.

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PART II.  OTHER INFORMATION
 
Item 1.  Legal Proceedings
 
The information required by this Item is incorporated by reference from Note 14 – “Environmental and legal matters” included in Part I, Item 1 of this Form 10-Q.    

Item 1A. Risk Factors

There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
 
Issuer Purchases of Equity Securities

PeriodTotal Number
of Shares
Purchased
Average Price
Paid per Share
Total Number
of Shares Purchased
as Part of Publicly Announced Program
Approximate Dollar
Value of Shares that
May Yet be Purchased
under the Program (in billions)1
April 1-30, 20251,790,132 $295.04 1,790,132 $15.940 
May 1-31, 2025543,069 $331.42 543,069 $15.760 
June 1-30, 2025332,974 $360.36 332,974 $15.640 
Total2,666,175 $310.61 2,666,175 
1 In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. As of March 31,2025, the 2022 Authorization was fully utilized and as of June 30,2025, approximately $15.6 billion remained available under the 2024 Authorization.

Non-U.S. Employee Stock Purchase Plans
 
As of June 30, 2025, we had 38 employee stock purchase plans (the “EIP Plans”) that are administered outside the United States for our non-U.S. employees, which had approximately 17,000 active participants in the aggregate. During the second quarter of 2025, approximately 58,000 shares of Caterpillar common stock were purchased by the EIP Plans pursuant to the terms of such plans.

Item 5. Other Information

On May 27, 2025, D. James Umpleby III, Executive Chairman of the Board of Directors of the Company, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) April 30, 2026 and (2) the date on which an aggregate of 51,500 shares of our common stock have been sold under the plan.

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Item 6. Exhibits
4.1
4.2
10.1
10.2
31.1
31.2
32
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 CATERPILLAR INC. 
   
   
August 6, 2025/s/ Joseph E. CreedChief Executive Officer
 Joseph E. Creed 
   
August 6, 2025/s/ Andrew R.J. BonfieldChief Financial Officer
 Andrew R.J. Bonfield 
   
   
August 6, 2025/s/ Derek OwensChief Legal Officer and General Counsel
 Derek Owens
   
   
August 6, 2025/s/ William E. SchauppVice President and Chief Accounting Officer
 William E. Schaupp 

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