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    Caterpillar Reports Second-Quarter 2024 Results

    8/6/24 6:30:00 AM ET
    $CAT
    Construction/Ag Equipment/Trucks
    Industrials
    Get the next $CAT alert in real time by email
    • Second-quarter 2024 profit per share of $5.48; adjusted profit per share of $5.99
    • Enterprise operating cash flow was $3.0 billion in the second quarter of 2024
    • Deployed $2.5 billion of cash for share repurchases and dividends in the second quarter




    Second Quarter

    ($ in billions except profit per share)



    2024

    2023

    Sales and Revenues



    $16.7

    $17.3

    Profit Per Share



    $5.48

    $5.67

    Adjusted Profit Per Share



    $5.99

    $5.55









    Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

     

    IRVING, Texas, Aug. 6, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) announced second-quarter 2024 results. Sales and revenues for the second quarter of 2024 were $16.7 billion, a 4% decrease compared with $17.3 billion in the second quarter of 2023. The decrease was primarily due to lower sales volume, partially offset by favorable price realization.

    Operating profit margin was 20.9% for the second quarter of 2024, compared with 21.1% for the second quarter of 2023. Adjusted operating profit margin was 22.4% for the second quarter of 2024, compared with 21.3% for the second quarter of 2023. Second-quarter 2024 profit per share was $5.48, compared with second-quarter 2023 profit per share of $5.67. Adjusted profit per share in the second quarter of 2024 was $5.99, compared with second-quarter 2023 adjusted profit per share of $5.55. For the second quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs. Second-quarter 2023 adjusted profit per share also excluded a discrete tax benefit to adjust deferred tax balances.

    For the second quarter of 2024, enterprise operating cash flow was $3.0 billion, and the company ended the second quarter with $4.3 billion of enterprise cash. In the quarter, the company deployed $1.8 billion of cash for repurchases of Caterpillar common stock and $0.6 billion of cash for dividends.

    "I'd like to thank our team for delivering another strong quarter, including higher adjusted operating profit margin, record adjusted profit per share and robust ME&T free cash flow," said Chairman and CEO Jim Umpleby. "Our results continue to reflect the benefit of the diversity of our end markets as well as the disciplined execution of our strategy for long-term profitable growth."

    CONSOLIDATED RESULTS

    Consolidated Sales and Revenues

    Consolidated Sales and Revenues Comparison

    Second Quarter 2024 vs. Second Quarter 2023 

    To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar second-quarter 2024 earnings.  

    The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2023 (at left) and the second quarter of 2024 (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 2024 were $16.689 billion, a decrease of $629 million, or 4%, compared with $17.318 billion in the second quarter of 2023. The decrease was primarily due to lower sales volume of $1.206 billion, partially offset by favorable price realization of $578 million. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2024, compared with an increase during the second quarter of 2023.

    In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

    Sales and Revenues by Segment

    (Millions of dollars)

    Second

    Quarter

    2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment /

    Other



    Second

    Quarter

    2024



    $

    Change



    %

    Change

































    Construction Industries

    $        7,154



    $         (588)



    $           178



    $           (55)



    $             (6)



    $        6,683



    $         (471)



    (7 %)

    Resource Industries

    3,563



    (475)



    133



    (9)



    (6)



    3,206



    (357)



    (10 %)

    Energy & Transportation

    7,219



    (129)



    264



    (12)



    (5)



    7,337



    118



    2 %

    All Other Segment

    116



    (7)



    3



    (1)



    (3)



    108



    (8)



    (7 %)

    Corporate Items and Eliminations

    (1,507)



    (7)



    —



    —



    20



    (1,494)



    13





    Machinery, Energy & Transportation

    16,545



    (1,206)



    578



    (77)



    —



    15,840



    (705)



    (4 %)

































    Financial Products Segment

    923



    —



    —



    —



    81



    1,004



    81



    9 %

    Corporate Items and Eliminations

    (150)



    —



    —



    —



    (5)



    (155)



    (5)





    Financial Products Revenues

    773



    —



    —



    —



    76



    849



    76



    10 %

































    Consolidated Sales and Revenues

    $       17,318



    $       (1,206)



    $           578



    $           (77)



    $            76



    $       16,689



    $         (629)



    (4 %)

































     

    Sales and Revenues by Geographic Region



    North America



    Latin America



    EAME



    Asia/Pacific



    External Sales

    and Revenues



    Inter-Segment



    Total Sales

    and Revenues

    (Millions of dollars)

    $



    % Chg



    $



    % Chg



    $



    % Chg



    $



    % Chg



    $



    % Chg



    $



    % Chg



    $



    % Chg

    Second Quarter 2024























































    Construction Industries

    $   3,957



    — %



    $     677



    20 %



    $   1,047



    (27 %)



    $     975



    (15 %)



    $   6,656



    (7 %)



    $       27



    (18 %)



    $   6,683



    (7 %)

    Resource Industries

    1,206



    (10 %)



    524



    (3 %)



    442



    (15 %)



    950



    (12 %)



    3,122



    (10 %)



    84



    (7 %)



    3,206



    (10 %)

    Energy & Transportation

    3,308



    6 %



    439



    (4 %)



    1,421



    (4 %)



    912



    1 %



    6,080



    2 %



    1,257



    — %



    7,337



    2 %

    All Other Segment

    13



    (19 %)



    —



    — %



    4



    — %



    12



    (14 %)



    29



    (15 %)



    79



    (4 %)



    108



    (7 %)

    Corporate Items and Eliminations

    (20)







    (1)







    (21)







    (5)







    (47)







    (1,447)







    (1,494)





    Machinery, Energy & Transportation

    8,464



    1 %



    1,639



    5 %



    2,893



    (16 %)



    2,844



    (9 %)



    15,840



    (4 %)



    —



    — %



    15,840



    (4 %)

























































    Financial Products Segment

    668



    13 %



    101



    (1 %)



    124



    5 %



    111



    1 %



    1,004



    9 %



    —



    — %



    1,004



    9 %

    Corporate Items and Eliminations

    (89)







    (21)







    (20)







    (25)







    (155)







    —







    (155)





    Financial Products Revenues

    579



    14 %



    80



    (1 %)



    104



    7 %



    86



    (1 %)



    849



    10 %



    —



    — %



    849



    10 %

























































    Consolidated Sales and Revenues

    $   9,043



    1 %



    $   1,719



    5 %



    $   2,997



    (15 %)



    $   2,930



    (9 %)



    $ 16,689



    (4 %)



    $        —



    — %



    $ 16,689



    (4 %)

























































    Second Quarter 2023























































    Construction Industries

    $   3,968







    $     566







    $   1,438







    $   1,149







    $   7,121







    $       33







    $   7,154





    Resource Industries

    1,342







    538







    517







    1,076







    3,473







    90







    3,563





    Energy & Transportation

    3,120







    459







    1,479







    899







    5,957







    1,262







    7,219





    All Other Segment

    16







    —







    4







    14







    34







    82







    116





    Corporate Items and Eliminations

    (32)







    (2)







    (2)







    (4)







    (40)







    (1,467)







    (1,507)





    Machinery, Energy & Transportation

    8,414







    1,561







    3,436







    3,134







    16,545







    —







    16,545





























































    Financial Products Segment

    593







    102







    118







    110







    923







    —







    923





    Corporate Items and Eliminations

    (85)







    (21)







    (21)







    (23)







    (150)







    —







    (150)





    Financial Products Revenues

    508







    81







    97







    87







    773







    —







    773





























































    Consolidated Sales and Revenues

    $   8,922







    $   1,642







    $   3,533







    $   3,221







    $ 17,318







    $        —







    $ 17,318





























































    Consolidated Operating Profit

    Consolidated Operating Profit Comparison

    Second Quarter 2024 vs. Second Quarter 2023 

    To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar second-quarter 2024 earnings.  

    The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2023 (at left) and the second quarter of 2024 (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 second quarter of 2024 was $3.482 billion, a decrease of $170 million, or 5%, compared with $3.652 billion in the second quarter of 2023. Favorable price realization of $578 million was more than offset by the profit impact of lower sales volume of $431 million, higher restructuring costs of $227 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $79 million. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives.

    In the second quarter of 2024, restructuring costs increased primarily due to the divestiture of two non-U.S. entities.

    Profit (Loss) by Segment

    (Millions of dollars)

    Second Quarter

    2024



    Second Quarter

    2023



    $

    Change



    %

     Change

    Construction Industries

    $                 1,741



    $                 1,803



    $                    (62)



    (3 %)

    Resource Industries

    718



    740



    (22)



    (3 %)

    Energy & Transportation

    1,525



    1,269



    256



    20 %

    All Other Segment

    21



    10



    11



    110 %

    Corporate Items and Eliminations

    (344)



    (272)



    (72)





    Machinery, Energy & Transportation

    3,661



    3,550



    111



    3 %

















    Financial Products Segment

    227



    240



    (13)



    (5 %)

    Corporate Items and Eliminations

    (243)



    17



    (260)





    Financial Products

    (16)



    257



    (273)



    (106 %)

















    Consolidating Adjustments

    (163)



    (155)



    (8)





















    Consolidated Operating Profit

    $                 3,482



    $                 3,652



    $                  (170)



    (5 %)

















    Other Profit/Loss and Tax Items

    • Other income (expense) in the second quarter of 2024 was income of $155 million, compared with income of $127 million in the second quarter of 2023. The change was primarily driven by favorable impacts from commodity hedges.



    • The effective tax rate for the second quarter of 2024 was 23.9% compared to 20.6% for the second quarter of 2023. Excluding the discrete items discussed below, the second quarter 2024 estimated annual tax rate was 22.5% compared with 23.0% for the second quarter of 2023.



      The 2024 estimated annual tax rate excludes the impact of second-quarter losses of $228 million for the divestiture of two non-U.S. entities with no related tax benefit. In addition, a discrete tax benefit of $4 million was recorded in the second quarter of 2024 for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. In the second quarter of 2023, the company recorded a discrete tax benefit of $88 million due to a change in the valuation allowance for certain deferred tax assets.



      Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

    CONSTRUCTION INDUSTRIES

    (Millions of dollars)

































    Segment Sales

































    Second

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Second

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       7,154



    $         (588)



    $        178



    $          (55)



    $               (6)



    $          6,683



    $     (471)



    (7 %)



































    Sales by Geographic Region





















    Second

    Quarter 2024



    Second

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $       3,957



    $       3,968



    $        (11)



    — %

















    Latin America



    677



    566



    111



    20 %

















    EAME



    1,047



    1,438



    (391)



    (27 %)

















    Asia/Pacific



    975



    1,149



    (174)



    (15 %)

















    External Sales



    6,656



    7,121



    (465)



    (7 %)

















    Inter-segment



    27



    33



    (6)



    (18 %)

















    Total Sales



    $       6,683



    $       7,154



    $      (471)



    (7 %)



















































    Segment Profit





















    Second

    Quarter 2024



    Second

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $       1,741



    $       1,803



    $        (62)



    (3 %)

















    Segment Profit Margin



    26.1 %



    25.2 %



               0.9 pts























































    Construction Industries' total sales were $6.683 billion in the second quarter of 2024, a decrease of $471 million, or 7%, compared with $7.154 billion in the second quarter of 2023. The decrease was primarily due to lower sales volume of $588 million, partially offset by favorable price realization of $178 million. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory remained about flat during the second quarter of 2024, compared to an increase during the second quarter of 2023.

    • Sales in North America were about flat. Lower sales volume was offset by favorable price realization. Lower sales volume was mainly driven by lower sales of equipment to end users.
    • Sales increased in Latin America mainly 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 2024, compared with a decrease during the second quarter of 2023.
    • In EAME, sales decreased primarily due to 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 2024, compared with an increase during the second quarter of 2023.
    • Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2024, compared with an increase during the second quarter of 2023.

    Construction Industries' segment profit was $1.741 billion in the second quarter of 2024, a decrease of $62 million, or 3%, compared with $1.803 billion in the second quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $288 million and higher SG&A/R&D expenses of $30 million, partially offset by favorable price realization of $178 million, favorable manufacturing costs of $62 million and favorable other segment items of $16 million. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives. Favorable manufacturing costs largely reflected lower material costs. Favorable other segment items primarily consisted of favorable currency impacts.

    RESOURCE INDUSTRIES

    (Millions of dollars)

































    Segment Sales

































    Second

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Second

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       3,563



    $         (475)



    $        133



    $            (9)



    $               (6)



    $          3,206



    $     (357)



    (10 %)



































    Sales by Geographic Region





















    Second

    Quarter 2024



    Second

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $       1,206



    $       1,342



    $      (136)



    (10 %)

















    Latin America



    524



    538



    (14)



    (3 %)

















    EAME



    442



    517



    (75)



    (15 %)

















    Asia/Pacific



    950



    1,076



    (126)



    (12 %)

















    External Sales



    3,122



    3,473



    (351)



    (10 %)

















    Inter-segment



    84



    90



    (6)



    (7 %)

















    Total Sales



    $       3,206



    $       3,563



    $      (357)



    (10 %)



















































    Segment Profit





















    Second

    Quarter 2024



    Second

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $          718



    $          740



    $        (22)



    (3 %)

















    Segment Profit Margin



    22.4 %



    20.8 %



               1.6 pts 























































    Resource Industries' total sales were $3.206 billion in the second quarter of 2024, a decrease of $357 million, or 10%, compared with $3.563 billion in the second quarter of 2023. The decrease was primarily due to lower sales volume of $475 million, partially offset by favorable price realization of $133 million. The decrease in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the second quarter of 2024 than during the second quarter of 2023.

    Resource Industries' segment profit was $718 million in the second quarter of 2024, a decrease of $22 million, or 3%, compared with $740 million in the second quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $169 million, unfavorable other segment items of $16 million and higher SG&A/R&D expenses of $14 million, partially offset by favorable price realization of $133 million and favorable manufacturing costs of $44 million. Unfavorable other segment items primarily consisted of unfavorable currency impacts. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives. Favorable manufacturing costs largely reflected lower freight.

    ENERGY & TRANSPORTATION

    (Millions of dollars)

































    Segment Sales

































    Second

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Second

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       7,219



    $         (129)



    $        264



    $          (12)



    $               (5)



    $          7,337



    $      118



    2 %



































    Sales by Application





















    Second

    Quarter 2024



    Second

    Quarter 2023



    $

    Change



    %

    Change

















    Oil and Gas



    $       1,829



    $       1,760



    $          69



    4 %

















    Power Generation



    1,885



    1,645



    240



    15 %

















    Industrial



    1,045



    1,318



    (273)



    (21 %)

















    Transportation



    1,321



    1,234



    87



    7 %

















    External Sales



    6,080



    5,957



    123



    2 %

















    Inter-segment



    1,257



    1,262



    (5)



    — %

















    Total Sales



    $       7,337



    $       7,219



    $        118



    2 %



















































    Segment Profit





















    Second

    Quarter 2024



    Second

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $       1,525



    $       1,269



    $        256



    20 %

















    Segment Profit Margin



    20.8 %



    17.6 %



               3.2 pts























































    Energy & Transportation's total sales were $7.337 billion in the second quarter of 2024, an increase of $118 million, or 2%, compared with $7.219 billion in the second quarter of 2023. Sales increased across all applications except Industrial. The increase in sales was primarily due to favorable price realization of $264 million, partially offset by lower sales volume of $129 million.

    • Oil and Gas – Sales increased for turbines and turbine-related services.
    • Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.
    • Industrial – Sales decreased in EAME and North America.
    • Transportation – Sales increased in rail services and marine.

    Energy & Transportation's segment profit was $1.525 billion in the second quarter of 2024, an increase of $256 million, or 20%, compared with $1.269 billion in the second quarter of 2023. The increase was mainly due to favorable price realization of $264 million.

    FINANCIAL PRODUCTS SEGMENT

    (Millions of dollars)

































    Revenues by Geographic Region





















    Second

    Quarter 2024



    Second

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $             668



    $             593



    $               75



    13 %

















    Latin America



    101



    102



    (1)



    (1 %)

















    EAME



    124



    118



    6



    5 %

















    Asia/Pacific



    111



    110



    1



    1 %

















    Total Revenues



    $          1,004



    $             923



    $               81



    9 %



















































    Segment Profit





















    Second

    Quarter 2024



    Second

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $             227



    $             240



    $             (13)



    (5 %)



















































    Financial Products' segment revenues were $1.004 billion in the second quarter of 2024, an increase of $81 million, or 9%, compared with $923 million in the second quarter of 2023. The increase was primarily due to a favorable impact from higher average financing rates across all regions of $50 million and a favorable impact from higher average earning assets driven by North America of $32 million.

    Financial Products' segment profit was $227 million in the second quarter of 2024, a decrease of $13 million, or 5%, compared with $240 million in the second quarter of 2023. The decrease was mainly due to higher provision for credit losses at Cat Financial of $27 million and an increase in SG&A expenses of $15 million, partially offset by the absence of prior year unfavorable currency impacts of $14 million and a favorable impact from higher average earning assets of $12 million.

    At the end of the second quarter of 2024, past dues at Cat Financial were 1.74%, compared with 2.15% at the end of the second quarter of 2023. Write-offs, net of recoveries, were $18 million for the second quarter of 2024, compared with $8 million for the second quarter of 2023. As of June 30, 2024, Cat Financial's allowance for credit losses totaled $254 million, or 0.89% of finance receivables, compared with $281 million, or 1.01% of finance receivables at March 31, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18% of finance receivables.

    Corporate Items and Eliminations

    Expense for corporate items and eliminations was $587 million in the second quarter of 2024, an increase of $332 million from the second quarter of 2023, primarily driven by higher restructuring costs and higher corporate costs.

    In the second quarter of 2024, restructuring costs increased primarily due to the divestiture of two non-U.S. entities.

    Notes

    i.  Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

    ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Tuesday, Aug. 6, 2024.

    iii.  Information on non-GAAP financial measures is included in the appendix on pages 13 and 14.

    iv.  Some amounts within this report are rounded to the millions or billions and may not add.

    v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Tuesday, Aug. 6, 2024, to discuss its 2024 second-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

    About Caterpillar

    With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

    Caterpillar's latest financial results are also available online:

    https://investors.caterpillar.com/overview/default.aspx

    https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

    Forward-Looking Statements

    Certain statements in this press release 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 in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

    APPENDIX

    NON-GAAP FINANCIAL MEASURES

    The following definitions are provided for the non-GAAP financial measures. 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.

    The company believes it is important to separately quantify the profit impact of three significant items in order for the company's results to be meaningful to readers. These items consist of (i) restructuring costs related to the divestiture of two non-U.S. entities in 2024, (ii) other restructuring income/costs and (iii) certain deferred tax valuation allowance adjustments in 2023. The company does not consider these items indicative of earnings from ongoing business activities and believes 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. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.

    Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

    (Dollars in millions except per share data)



    Operating

    Profit



    Operating

    Profit Margin



    Profit Before

    Taxes



    Provision

    (Benefit) for

    Income Taxes





    Profit



    Profit per

    Share





























    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. entities



    228



    1.3 %



    228



    —





    228



    0.47

    Other restructuring (income) costs



    30



    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





























    Three Months Ended June 30, 2023 - U.S. GAAP



    $           3,652



    21.1 %



    $           3,652



    $             752





    $           2,922



    $            5.67

    Other restructuring (income) costs



    31



    0.2 %



    31



    6





    25



    0.05

    Deferred tax valuation allowance adjustments



    —



    — %



    —



    88





    (88)



    (0.17)

    Three Months Ended June 30, 2023 - Adjusted



    $           3,683



    21.3 %



    $           3,683



    $             846





    $           2,859



    $            5.55





























    The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to 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. For the three months ended June 30, 2024, and 2023, these items consist of (i) restructuring costs related to the divestiture of two non-U.S. entities in 2024, (ii) certain deferred tax valuation allowance adjustments in 2023 and (iii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company believes 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.

    A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below: 

    (Dollars in millions)



    Profit Before

    Taxes



    Provision

    (Benefit) for

    Income Taxes



    Effective Tax

    Rate















    Three Months Ended June 30, 2024 - U.S. GAAP



    $           3,500



    $             836



    23.9 %

    Restructuring costs - divestiture of two non-U.S. entities



    228



    —





    Excess stock-based compensation



    —



    4





    Annual effective tax rate, excluding discrete items



    $           3,728



    $             840



    22.5 %















    Excess stock-based compensation



    —



    (4)





    Other restructuring (income) costs



    30



    6



















    Three Months Ended June 30, 2024 - Adjusted



    $           3,758



    $             842



















    Three Months Ended June 30, 2023 - U.S. GAAP



    $           3,652



    $             752



    20.6 %

    Deferred tax valuation allowance adjustments



    —



    88





    Annual effective tax rate, excluding discrete items



    $           3,652



    $             840



    23.0 %















    Other restructuring (income) costs



    31



    6



















    Three Months Ended June 30, 2023 - Adjusted



    $           3,683



    $             846





    Supplemental Consolidating Data

    The company is 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 (ME&T) – The company defines 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 its products.

    Financial Products – The company defines Financial Products as it is presented in the supplemental data as its 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. The company believes this presentation will assist readers in understanding its business.

    Pages 16 to 26 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Results of Operations

    (Unaudited)

    (Dollars in millions except per share data)





    Three Months Ended

    June 30,



    Six Months Ended

    June 30,



    2024



    2023



    2024



    2023

    Sales and revenues:















      Sales of Machinery, Energy & Transportation

    $       15,840



    $      16,545



    $       30,800



    $     31,644

      Revenues of Financial Products

    849



    773



    1,688



    1,536

      Total sales and revenues

    16,689



    17,318



    32,488



    33,180

















    Operating costs:















      Cost of goods sold

    10,150



    11,065



    19,812



    21,168

      Selling, general and administrative expenses

    1,652



    1,528



    3,229



    2,991

      Research and development expenses

    535



    528



    1,055



    1,000

      Interest expense of Financial Products

    314



    245



    612



    462

      Other operating (income) expenses

    556



    300



    779



    1,176

      Total operating costs

    13,207



    13,666



    25,487



    26,797

















    Operating profit

    3,482



    3,652



    7,001



    6,383

















      Interest expense excluding Financial Products

    137



    127



    280



    256

      Other income (expense)

    155



    127



    311



    159

















    Consolidated profit before taxes

    3,500



    3,652



    7,032



    6,286

















      Provision (benefit) for income taxes

    836



    752



    1,524



    1,460

      Profit of consolidated companies

    2,664



    2,900



    5,508



    4,826

















      Equity in profit (loss) of unconsolidated affiliated companies

    17



    24



    27



    40

















    Profit of consolidated and affiliated companies

    2,681



    2,924



    5,535



    4,866

















    Less: Profit (loss) attributable to noncontrolling interests

    —



    2



    (2)



    1

















    Profit 1

    $         2,681



    $        2,922



    $         5,537



    $       4,865

































    Profit per common share

    $          5.50



    $          5.70



    $         11.28



    $         9.46

    Profit per common share — diluted 2

    $          5.48



    $          5.67



    $         11.23



    $         9.41

















    Weighted-average common shares outstanding (millions)















    – Basic

    487.2



    512.9



    490.7



    514.3

    – Diluted 2

    489.5



    515.0



    493.3



    517.1



















    1

    Profit attributable to common shareholders.

    2

    Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Financial Position

    (Unaudited)

    (Millions of dollars)





    June 30,

    2024



    December 31,

    2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                     4,341



    $                     6,978

    Receivables – trade and other

    9,421



    9,310

    Receivables – finance

    9,516



    9,510

    Prepaid expenses and other current assets

    2,736



    4,586

    Inventories

    17,082



    16,565

    Total current assets

    43,096



    46,949









    Property, plant and equipment – net

    12,582



    12,680

    Long-term receivables – trade and other

    1,181



    1,238

    Long-term receivables – finance

    12,797



    12,664

    Noncurrent deferred and refundable income taxes

    2,920



    2,816

    Intangible assets

    488



    564

    Goodwill

    5,264



    5,308

    Other assets

    5,008



    5,257

    Total assets

    $                   83,336



    $                   87,476









    Liabilities







    Current liabilities:







    Short-term borrowings:







    -- Machinery, Energy & Transportation

    $                           —



    $                           —

    -- Financial Products

    5,298



    4,643

    Accounts payable

    7,575



    7,906

    Accrued expenses

    4,947



    4,958

    Accrued wages, salaries and employee benefits

    1,677



    2,757

    Customer advances

    2,324



    1,929

    Dividends payable

    684



    649

    Other current liabilities

    2,882



    3,123

    Long-term debt due within one year:







    -- Machinery, Energy & Transportation

    45



    1,044

    -- Financial Products

    8,132



    7,719

    Total current liabilities

    33,564



    34,728









    Long-term debt due after one year:







    -- Machinery, Energy & Transportation

    8,537



    8,579

    -- Financial Products

    15,299



    15,893

    Liability for postemployment benefits

    3,993



    4,098

    Other liabilities

    4,807



    4,675

    Total liabilities

    66,200



    67,973









    Shareholders' equity







    Common stock

    5,517



    6,403

    Treasury stock

    (41,612)



    (36,339)

    Profit employed in the business

    55,455



    51,250

    Accumulated other comprehensive income (loss)

    (2,230)



    (1,820)

    Noncontrolling interests

    6



    9

    Total shareholders' equity

    17,136



    19,503

    Total liabilities and shareholders' equity

    $                   83,336



    $                   87,476

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Cash Flow

    (Unaudited)

    (Millions of dollars)





    Six Months Ended

    June 30,



    2024



    2023

    Cash flow from operating activities:







    Profit of consolidated and affiliated companies

    $              5,535



    $              4,866

    Adjustments to reconcile profit to net cash provided by operating activities:







    Depreciation and amortization

    1,055



    1,074

    Provision (benefit) for deferred income taxes

    (133)



    (355)

    (Gain) loss on divestiture

    164



    572

    Other

    105



    106

    Changes in assets and liabilities, net of acquisitions and divestitures:







    Receivables – trade and other

    (245)



    (465)

    Inventories

    (643)



    (1,560)

    Accounts payable

    (21)



    34

    Accrued expenses

    69



    381

    Accrued wages, salaries and employee benefits

    (1,056)



    (562)

    Customer advances

    341



    284

    Other assets – net

    20



    81

    Other liabilities – net

    (118)



    366

    Net cash provided by (used for) operating activities

    5,073



    4,822

    Cash flow from investing activities:







    Capital expenditures – excluding equipment leased to others

    (841)



    (683)

    Expenditures for equipment leased to others

    (614)



    (774)

    Proceeds from disposals of leased assets and property, plant and equipment

    342



    368

    Additions to finance receivables

    (7,446)



    (6,973)

    Collections of finance receivables

    6,743



    6,759

    Proceeds from sale of finance receivables

    37



    29

    Investments and acquisitions (net of cash acquired)

    (32)



    (20)

    Proceeds from sale of businesses and investments (net of cash sold)

    (61)



    (14)

    Proceeds from maturities and sale of securities

    2,574



    463

    Investments in securities

    (523)



    (1,078)

    Other – net

    57



    41

    Net cash provided by (used for) investing activities

    236



    (1,882)

    Cash flow from financing activities:







    Dividends paid

    (1,283)



    (1,238)

    Common stock issued, including treasury shares reissued

    8



    (22)

    Payments to purchase common stock

    (6,275)



    (1,829)

    Proceeds from debt issued (original maturities greater than three months)

    4,151



    3,299

    Payments on debt (original maturities greater than three months)

    (5,217)



    (2,303)

    Short-term borrowings – net (original maturities three months or less)

    687



    (406)

    Net cash provided by (used for) financing activities

    (7,929)



    (2,499)

    Effect of exchange rate changes on cash

    (17)



    (60)

    Increase (decrease) in cash, cash equivalents and restricted cash

    (2,637)



    381

    Cash, cash equivalents and restricted cash at beginning of period

    6,985



    7,013

    Cash, cash equivalents and restricted cash at end of period

    $              4,348



    $              7,394



    Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Three Months Ended June 30, 2024

    (Unaudited)

    (Millions of dollars)









    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          15,840



    $                15,840



    $                —



    $                 —



    Revenues of Financial Products

    849



    —



    1,043



    (194)

    1

    Total sales and revenues

    16,689



    15,840



    1,043



    (194)





















    Operating costs:

















    Cost of goods sold

    10,150



    10,152



    —



    (2)

    2

    Selling, general and administrative expenses

    1,652



    1,449



    185



    18

    2

    Research and development expenses

    535



    535



    —



    —



    Interest expense of Financial Products

    314



    —



    314



    —



    Other operating (income) expenses

    556



    43



    560



    (47)

    2

    Total operating costs

    13,207



    12,179



    1,059



    (31)





















    Operating profit

    3,482



    3,661



    (16)



    (163)





















    Interest expense excluding Financial Products

    137



    137



    —



    —



    Other income (expense)

    155



    (21)



    13



    163

    3



















    Consolidated profit before taxes

    3,500



    3,503



    (3)



    —





















    Provision (benefit) for income taxes

    836



    786



    50



    —



    Profit of consolidated companies

    2,664



    2,717



    (53)



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    17



    17



    —



    —





















    Profit of consolidated and affiliated companies

    2,681



    2,734



    (53)



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    —



    —



    —



    —





















    Profit 4

    $            2,681



    $                  2,734



    $               (53)



    $                 —







    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded between ME&T and Financial Products.

    3

    Elimination 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.

    4

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Three Months Ended June 30, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          16,545



    $              16,545



    $                —



    $                 —



    Revenues of Financial Products

    773



    —



    955



    (182)

    1

    Total sales and revenues

    17,318



    16,545



    955



    (182)





















    Operating costs:

















    Cost of goods sold

    11,065



    11,068



    —



    (3)

    2

    Selling, general and administrative expenses

    1,528



    1,389



    143



    (4)

    2

    Research and development expenses

    528



    528



    —



    —



    Interest expense of Financial Products

    245



    —



    245



    —



    Other operating (income) expenses

    300



    10



    310



    (20)

    2

    Total operating costs

    13,666



    12,995



    698



    (27)





















    Operating profit

    3,652



    3,550



    257



    (155)





















    Interest expense excluding Financial Products

    127



    127



    —



    —



    Other income (expense)

    127



    (10)



    (18)



    155

    3



















    Consolidated profit before taxes

    3,652



    3,413



    239



    —





















    Provision (benefit) for income taxes

    752



    691



    61



    —



    Profit of consolidated companies

    2,900



    2,722



    178



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    24



    24



    —



    —





















    Profit of consolidated and affiliated companies

    2,924



    2,746



    178



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    2



    (1)



    3



    —





















    Profit 4

    $            2,922



    $                2,747



    $              175



    $                 —





    1

    Elimination of Financial Products' revenues earned from ME&T

    2

    Elimination of net expenses recorded by ME&T paid to Financial Products

    3

    Elimination 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

    4

    Profit attributable to common shareholders

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Six Months Ended June 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          30,800



    $                30,800



    $                —



    $                 —



    Revenues of Financial Products

    1,688



    —



    2,072



    (384)

    1

    Total sales and revenues

    32,488



    30,800



    2,072



    (384)





















    Operating costs:

















    Cost of goods sold

    19,812



    19,816



    —



    (4)

    2

    Selling, general and administrative expenses

    3,229



    2,862



    363



    4

    2

    Research and development expenses

    1,055



    1,055



    —



    —



    Interest expense of Financial Products

    612



    —



    612



    —



    Other operating (income) expenses

    779



    2



    845



    (68)

    2

    Total operating costs

    25,487



    23,735



    1,820



    (68)





















    Operating profit

    7,001



    7,065



    252



    (316)





















    Interest expense excluding Financial Products

    280



    280



    —



    —



    Other income (expense)

    311



    (41)



    36



    316

    3



















    Consolidated profit before taxes

    7,032



    6,744



    288



    —





















    Provision (benefit) for income taxes

    1,524



    1,401



    123



    —



    Profit of consolidated companies

    5,508



    5,343



    165



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    27



    27



    —



    —





















    Profit of consolidated and affiliated companies

    5,535



    5,370



    165



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    (2)



    (3)



    1



    —





















    Profit 4

    $            5,537



    $                  5,373



    $              164



    $                 —





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded between ME&T and Financial Products.

    3

    Elimination 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.

    4

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Six Months Ended June 30, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          31,644



    $                31,644



    $                —



    $                 —



    Revenues of Financial Products

    1,536



    —



    1,890



    (354)

    1

    Total sales and revenues

    33,180



    31,644



    1,890



    (354)





















    Operating costs:

















    Cost of goods sold

    21,168



    21,172



    —



    (4)

    2

    Selling, general and administrative expenses

    2,991



    2,709



    301



    (19)

    2

    Research and development expenses

    1,000



    1,000



    —



    —



    Interest expense of Financial Products

    462



    —



    462



    —



    Other operating (income) expenses

    1,176



    599



    613



    (36)

    2

    Total operating costs

    26,797



    25,480



    1,376



    (59)





















    Operating profit

    6,383



    6,164



    514



    (295)





















    Interest expense excluding Financial Products

    256



    256



    —



    —



    Other income (expense)

    159



    (24)



    (37)



    220

    3



















    Consolidated profit before taxes

    6,286



    5,884



    477



    (75)





















    Provision (benefit) for income taxes

    1,460



    1,339



    121



    —



    Profit of consolidated companies

    4,826



    4,545



    356



    (75)





















    Equity in profit (loss) of unconsolidated affiliated companies

    40



    43



    —



    (3)

    4



















    Profit of consolidated and affiliated companies

    4,866



    4,588



    356



    (78)





















    Less: Profit (loss) attributable to noncontrolling interests

    1



    (1)



    5



    (3)

    5



















    Profit 6

    $            4,865



    $                  4,589



    $              351



    $                (75)





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded by ME&T paid to Financial Products.

    3

    Elimination 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.

    4

    Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

    5

    Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

    6

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Financial Position

    At June 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Assets

















    Current assets:

















    Cash and cash equivalents

    $             4,341



    $                 3,481



    $               860



    $                 —



    Receivables – trade and other

    9,421



    3,672



    643



    5,106

    1,2

    Receivables – finance

    9,516



    —



    14,826



    (5,310)

    2

    Prepaid expenses and other current assets

    2,736



    2,549



    390



    (203)

    3

    Inventories

    17,082



    17,082



    —



    —



    Total current assets

    43,096



    26,784



    16,719



    (407)





















    Property, plant and equipment – net

    12,582



    8,653



    3,929



    —



    Long-term receivables – trade and other

    1,181



    501



    55



    625

    1,2

    Long-term receivables – finance

    12,797



    —



    13,490



    (693)

    2

    Noncurrent deferred and refundable income taxes

    2,920



    3,433



    120



    (633)

    4

    Intangible assets

    488



    488



    —



    —



    Goodwill

    5,264



    5,264



    —



    —



    Other assets

    5,008



    3,934



    2,112



    (1,038)

    5

    Total assets

    $           83,336



    $               49,057



    $           36,425



    $            (2,146)





















    Liabilities

















    Current liabilities:

















    Short-term borrowings

    $             5,298



    $                     —



    $             5,298



    $                 —



    Accounts payable

    7,575



    7,523



    274



    (222)

    6,7

    Accrued expenses

    4,947



    4,315



    632



    —



    Accrued wages, salaries and employee benefits

    1,677



    1,637



    40



    —



    Customer advances

    2,324



    2,303



    3



    18

    7

    Dividends payable

    684



    684



    —



    —



    Other current liabilities

    2,882



    2,365



    744



    (227)

    4,8

    Long-term debt due within one year

    8,177



    45



    8,132



    —



    Total current liabilities

    33,564



    18,872



    15,123



    (431)





















    Long-term debt due after one year

    23,836



    8,605



    15,299



    (68)

    9

    Liability for postemployment benefits

    3,993



    3,993



    —



    —



    Other liabilities

    4,807



    3,931



    1,550



    (674)

    4

    Total liabilities

    66,200



    35,401



    31,972



    (1,173)





















    Shareholders' equity

















    Common stock

    5,517



    5,517



    905



    (905)

    10

    Treasury stock

    (41,612)



    (41,612)



    —



    —



    Profit employed in the business

    55,455



    50,824



    4,621



    10

    10

    Accumulated other comprehensive income (loss)

    (2,230)



    (1,082)



    (1,148)



    —



    Noncontrolling interests

    6



    9



    75



    (78)

    10

    Total shareholders' equity

    17,136



    13,656



    4,453



    (973)



    Total liabilities and shareholders' equity

    $           83,336



    $               49,057



    $           36,425



    $            (2,146)







    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.

     

    Caterpillar Inc.

    Supplemental Data for Financial Position

    At December 31, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Assets

















    Current assets:

















    Cash and cash equivalents

    $             6,978



    $              6,106



    $               872



    $                   —



    Receivables – trade and other

    9,310



    3,971



    570



    4,769

    1,2

    Receivables – finance

    9,510



    —



    14,499



    (4,989)

    2

    Prepaid expenses and other current assets

    4,586



    4,327



    341



    (82)

    3

    Inventories

    16,565



    16,565



    —



    —



    Total current assets

    46,949



    30,969



    16,282



    (302)





















    Property, plant and equipment – net

    12,680



    8,694



    3,986



    —



    Long-term receivables – trade and other

    1,238



    565



    85



    588

    1,2

    Long-term receivables – finance

    12,664



    —



    13,299



    (635)

    2

    Noncurrent deferred and refundable income taxes

    2,816



    3,360



    148



    (692)

    4

    Intangible assets

    564



    564



    —



    —



    Goodwill

    5,308



    5,308



    —



    —



    Other assets

    5,257



    4,218



    2,082



    (1,043)

    5

    Total assets

    $           87,476



    $             53,678



    $           35,882



    $             (2,084)





















    Liabilities

















    Current liabilities:

















    Short-term borrowings

    $             4,643



    $                   —



    $            4,643



    $                   —



    Accounts payable

    7,906



    7,827



    314



    (235)

    6,7

    Accrued expenses

    4,958



    4,361



    597



    —



    Accrued wages, salaries and employee benefits

    2,757



    2,696



    61



    —



    Customer advances

    1,929



    1,912



    2



    15

    7

    Dividends payable

    649



    649



    —



    —



    Other current liabilities

    3,123



    2,583



    647



    (107)

    4,8

    Long-term debt due within one year

    8,763



    1,044



    7,719



    —



    Total current liabilities

    34,728



    21,072



    13,983



    (327)





















    Long-term debt due after one year

    24,472



    8,626



    15,893



    (47)

    9

    Liability for postemployment benefits

    4,098



    4,098



    —



    —



    Other liabilities

    4,675



    3,806



    1,607



    (738)

    4

    Total liabilities

    67,973



    37,602



    31,483



    (1,112)





















    Shareholders' equity

















    Common stock

    6,403



    6,403



    905



    (905)

    10

    Treasury stock

    (36,339)



    (36,339)



    —



    —



    Profit employed in the business

    51,250



    46,783



    4,457



    10

    10

    Accumulated other comprehensive income (loss)

    (1,820)



    (783)



    (1,037)



    —



    Noncontrolling interests

    9



    12



    74



    (77)

    10

    Total shareholders' equity

    19,503



    16,076



    4,399



    (972)



    Total liabilities and shareholders' equity

    $           87,476



    $             53,678



    $           35,882



    $             (2,084)







    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.

     

    Caterpillar Inc.

    Supplemental Data for Cash Flow

    For the Six Months Ended June 30, 2024

    (Unaudited)

    (Millions of dollars)









    Supplemental Consolidating Data





    Consolidated



    Machinery,

    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 amortization

    1,055



    662



    393



    —



    Provision (benefit) for deferred income taxes

    (133)



    (81)



    (52)



    —



    (Gain) loss on divestiture

    164



    (46)



    210



    —



    Other

    105



    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 expenses

    69



    (41)



    110



    —



    Accrued wages, salaries and employee benefits

    (1,056)



    (1,035)



    (21)



    —



    Customer advances

    341



    341



    —



    —



    Other assets – net

    20



    (108)



    5



    123

    1

    Other liabilities – net

    (118)



    (156)



    147



    (109)

    1

    Net cash provided by (used for) operating activities

    5,073



    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 equipment

    342



    13



    335



    (6)

    1

    Additions to finance receivables

    (7,446)



    —



    (7,951)



    505

    2

    Collections of finance receivables

    6,743



    —



    7,176



    (433)

    2

    Net intercompany purchased receivables

    —



    —



    (138)



    138

    2

    Proceeds from sale of finance receivables

    37



    —



    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 securities

    2,574



    2,402



    172



    —



    Investments in securities

    (523)



    (300)



    (223)



    —



    Other – net

    57



    47



    10



    —



    Net cash provided by (used for) investing activities

    236



    1,381



    (1,351)



    206



    Cash flow from financing activities:

















    Dividends paid

    (1,283)



    (1,283)



    —



    —



    Common stock issued, including treasury shares reissued

    8



    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 period

    6,985



    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.

     

    Caterpillar Inc.

    Supplemental Data for Cash Flow

    For the Six Months Ended June 30, 2023

    (Unaudited)

     (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Cash flow from operating activities:

















    Profit of consolidated and affiliated companies

    $              4,866



    $              4,588



    $                356



    $                 (78)

    1,5

    Adjustments to reconcile profit to net cash provided by operating activities:

















    Depreciation and amortization

    1,074



    690



    384



    —



    Provision (benefit) for deferred income taxes

    (355)



    (338)



    (17)



    —



    (Gain) loss on divestiture

    572



    572



    —



    —



    Other

    106



    198



    (368)



    276

    2

    Changes in assets and liabilities, net of acquisitions and divestitures:

















    Receivables – trade and other

    (465)



    132



    57



    (654)

    2,3

    Inventories

    (1,560)



    (1,558)



    —



    (2)

    2

    Accounts payable

    34



    (28)



    2



    60

    2

    Accrued expenses

    381



    318



    63



    —



    Accrued wages, salaries and employee benefits

    (562)



    (550)



    (12)



    —



    Customer advances

    284



    283



    1



    —



    Other assets – net

    81



    149



    5



    (73)

    2

    Other liabilities – net

    366



    211



    71



    84

    2

    Net cash provided by (used for) operating activities

    4,822



    4,667



    542



    (387)



    Cash flow from investing activities:

















    Capital expenditures – excluding equipment leased to others

    (683)



    (678)



    (11)



    6

    2

    Expenditures for equipment leased to others

    (774)



    (7)



    (772)



    5

    2

    Proceeds from disposals of leased assets and property, plant and equipment

    368



    27



    350



    (9)

    2

    Additions to finance receivables

    (6,973)



    —



    (7,957)



    984

    3

    Collections of finance receivables

    6,759



    —



    7,516



    (757)

    3

    Net intercompany purchased receivables

    —



    —



    (83)



    83

    3

    Proceeds from sale of finance receivables

    29



    —



    29



    —



    Net intercompany borrowings

    —



    —



    4



    (4)

    4

    Investments and acquisitions (net of cash acquired)

    (20)



    (20)



    —



    —



    Proceeds from sale of businesses and investments (net of cash sold)

    (14)



    (14)



    —



    —



    Proceeds from sale of securities

    463



    332



    131



    —



    Investments in securities

    (1,078)



    (866)



    (212)



    —



    Other – net

    41



    41



    —



    —



    Net cash provided by (used for) investing activities

    (1,882)



    (1,185)



    (1,005)



    308



    Cash flow from financing activities:

















    Dividends paid

    (1,238)



    (1,238)



    (75)



    75

    5

    Common stock issued, including treasury shares reissued

    (22)



    (22)



    —



    —



    Payments to purchase common stock

    (1,829)



    (1,829)



    —



    —



    Net intercompany borrowings

    —



    (4)



    —



    4

    4

    Proceeds from debt issued (original maturities greater than three months)

    3,299



    —



    3,299



    —



    Payments on debt (original maturities greater than three months)

    (2,303)



    (95)



    (2,208)



    —



    Short-term borrowings – net (original maturities three months or less)

    (406)



    (3)



    (403)



    —



    Net cash provided by (used for) financing activities

    (2,499)



    (3,191)



    613



    79



    Effect of exchange rate changes on cash

    (60)



    (12)



    (48)



    —



    Increase (decrease) in cash, cash equivalents and restricted cash

    381



    279



    102



    —



    Cash, cash equivalents and restricted cash at beginning of period

    7,013



    6,049



    964



    —



    Cash, cash equivalents and restricted cash at end of period

    $              7,394



    $              6,328



    $              1,066



    $                  —







    1

    Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

    2

    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

    3

    Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

    4

    Elimination of net proceeds and payments to/from ME&T and Financial Products.

    5

    Elimination of dividend activity between Financial Products and ME&T.

     

    Cision View original content:https://www.prnewswire.com/news-releases/caterpillar-reports-second-quarter-2024-results-302215400.html

    SOURCE Caterpillar Inc.

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      IRVING, Texas, April 3, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today announced the appointment of Christy Pambianchi to Chief Human Resources Officer (CHRO) effective May 1. Pambianchi will be a member of Caterpillar's Executive Office and will succeed Cheryl H. Johnson, whose retirement was announced in January. Pambianchi has served as a CHRO for the past 18 years at various companies across multiple industries, most recently serving as Chief People Officer at Intel, a global leader in semiconductor design and manufacturing with over $53 billion in annual revenue.

      4/3/25 9:00:00 AM ET
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    • Caterpillar Kicks Off its Next 100 Years of Innovation and Industry Leadership

      Company celebrates its centennial anniversary with employees, founders and communities IRVING, Texas, Jan. 9, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today marked its 100th anniversary with celebrations throughout the U.S. that commemorate a monumental moment in the company's history. The iconic manufacturing company officially turns 100 on April 15, marking a century of customer-centric innovation and industry-leading transformation. The Holt Manufacturing Company and the C.L. Best Tractor Co. merged to form what was then known as the Caterpillar Tractor Co. in 1925.

      1/9/25 1:30:00 PM ET
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    • Caterpillar Announces Appointment of New Independent Director

      Nazzic Keene to Join the Board IRVING, Texas, Oct. 11, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today announced that Nazzic S. Keene, former chief executive officer of Science Applications International Corporation (SAIC), has been appointed to the Caterpillar board of directors, effective Nov. 1.  Keene will serve on Caterpillar's Nominating & Governance Committee and Compensation & Human Resources Committee. "We are pleased to welcome a leader of such high caliber to our board," said Caterpillar Chairman and CEO Jim Umpleby. "With Nazzic's leadership history of drivi

      10/11/24 8:30:00 AM ET
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    • Director Maclennan David bought $120,262 worth of shares (375 units at $320.70), increasing direct ownership by 6% to 6,653 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/8/25 8:48:43 AM ET
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    • Director Johnson Gerald bought $31,848 worth of shares (100 units at $318.48), increasing direct ownership by 3% to 3,165 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/5/25 4:27:04 PM ET
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    • SEC Form 3 filed by new insider Pambianchi Christine M

      3 - CATERPILLAR INC (0000018230) (Issuer)

      5/2/25 2:21:22 PM ET
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    • SEC Form 10-Q filed by Caterpillar Inc.

      10-Q - CATERPILLAR INC (0000018230) (Filer)

      5/7/25 9:31:50 AM ET
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    • SEC Form DEF 14A filed by Caterpillar Inc.

      DEF 14A - CATERPILLAR INC (0000018230) (Filer)

      4/30/25 1:07:06 PM ET
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    • SEC Form DEFA14A filed by Caterpillar Inc.

      DEFA14A - CATERPILLAR INC (0000018230) (Filer)

      4/30/25 1:08:10 PM ET
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    • Caterpillar upgraded by Robert W. Baird with a new price target

      Robert W. Baird upgraded Caterpillar from Underperform to Neutral and set a new price target of $309.00

      5/1/25 7:42:13 AM ET
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    • Caterpillar upgraded by Oppenheimer with a new price target

      Oppenheimer upgraded Caterpillar from Perform to Outperform and set a new price target of $395.00

      5/1/25 7:42:13 AM ET
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    • Caterpillar upgraded by Morgan Stanley with a new price target

      Morgan Stanley upgraded Caterpillar from Underweight to Equal-Weight and set a new price target of $283.00

      4/16/25 9:01:10 AM ET
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    • Caterpillar Announces Virtual 2025 Shareholder Meeting

      IRVING, Texas, April 30, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) will hold a virtual annual shareholder meeting Wednesday, June 11 at 8 a.m. CDT. Shareholders owning Caterpillar common stock at the close of business on April 14, or their legal proxy holders, are entitled to participate, submit questions and vote on several items at the virtual annual meeting. Attendance and registration details, as well as information on items of business to be addressed at the meeting, can be found on page 83 in Caterpillar's 2025 proxy statement at www.caterpillar.com/proxymaterials

      4/30/25 2:03:00 PM ET
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    • Cat Financial Announces First-Quarter 2025 Results

      NASHVILLE, Tenn., April 30, 2025 /PRNewswire/ -- Cat Financial reported first-quarter 2025 revenues of $860 million, an increase of $7 million, or 1%, compared with $853 million in the first quarter of 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $28 million, partially offset by an unfavorable impact from lower average financing rates of $15 million. First-quarter 2025 profit was $130 million, a decrease of $39 million, or 23%, compared with $169 million in the first quarter of 2024. First-quarter 2025 profit befo

      4/30/25 6:31:00 AM ET
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    • Caterpillar Reports First-Quarter 2025 Results

      First-quarter 2025 profit per share of $4.20; adjusted profit per share of $4.25Enterprise operating cash flow was $1.3 billion in the first quarter of 2025Deployed $4.3 billion of cash for share repurchases and dividends in the first quarterFirst Quarter ($ in billions except profit per share) 2025 2024 Sales and Revenues $14.2 $15.8 Profit Per Share $4.20 $5.75 Adjusted Profit Per Share $4.25 $5.60 Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.   IRVING, Texas, April 30, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) announced first-quarter 2025 results. Sales and revenues for the first quarter of 2025 were $14.2 billion, a 10% decr

      4/30/25 6:30:00 AM ET
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    • Amendment: SEC Form SC 13G/A filed by Caterpillar Inc.

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      11/13/24 12:52:42 PM ET
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    • SEC Form SC 13G/A filed by Caterpillar Inc. (Amendment)

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      2/13/24 5:01:03 PM ET
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    • SEC Form SC 13G/A filed by Caterpillar Inc. (Amendment)

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      2/9/24 6:19:03 PM ET
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    • Caterpillar Reports First-Quarter 2025 Results

      First-quarter 2025 profit per share of $4.20; adjusted profit per share of $4.25Enterprise operating cash flow was $1.3 billion in the first quarter of 2025Deployed $4.3 billion of cash for share repurchases and dividends in the first quarterFirst Quarter ($ in billions except profit per share) 2025 2024 Sales and Revenues $14.2 $15.8 Profit Per Share $4.20 $5.75 Adjusted Profit Per Share $4.25 $5.60 Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.   IRVING, Texas, April 30, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) announced first-quarter 2025 results. Sales and revenues for the first quarter of 2025 were $14.2 billion, a 10% decr

      4/30/25 6:30:00 AM ET
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    • Caterpillar Inc. to Announce First-Quarter 2025 Financial Results on April 30

      IRVING, Texas, April 16, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) will release first-quarter 2025 financial results at 5:30 a.m. CDT on Wednesday, April 30. The full text of the release will be available at investors.caterpillar.com/financials/quarterly-results and on PR Newswire. The release will be furnished to the U.S. Securities and Exchange Commission (SEC) via a Current Report on Form 8-K in compliance with applicable SEC rules. Teleconference and webcast access:A real-time, listen-only teleconference and webcast of the quarterly results call that Caterpillar con

      4/16/25 9:00:00 AM ET
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    • Caterpillar Inc. Maintains Dividend

      IRVING, Texas, April 9, 2025 /PRNewswire/ -- The Board of Directors of Caterpillar Inc. (NYSE:CAT) voted today to maintain the quarterly dividend of one dollar and forty-one cents ($1.41) per share of common stock, payable May 20, 2025, to shareholders of record at the close of business on April 21, 2025. Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 31 consecutive years and is recognized as a member of the S&P 500 Dividend Aristocrats I

      4/9/25 8:59:00 AM ET
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