Caterpillar, Inc. · NYSE:CAT
Caterpillar — Barclays 43rd Annual Industrial Select Conference 2026
13 slides from Caterpillar's conference presentation, Feb 18, 2026
Slide 1: Barclays Fireside Chat
B A R C L AY S F I R E S I D E C H AT ANDREW BONFIELD Chief Financial Officer FEBRUARY 18, 2026
Slide 2: Forward-Looking Statements
FORWARD -LOOKING STATEMENTS Certain statements in this financial review 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,” “
Slide 3: Our Strategy Promotes Shareholder Value Creation
OUR STRATEGY PROMOTES SHAREHOLDER VALUE CREATION Strong Correlation Between OPACC1 Dollar Growth and Higher TSR TOP QUARTILE2 TSR 28% OPACC1 Growth Since 2020 4.1x S&P 500 Capital Goods Index 17% S&P 500 Index 14% S&P 500 Industrials Index 14% YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Source:
Slide 4: Investor Day Targets: Guidelines for Performance Measurement
INVESTOR DAY TARGETS 1 Our Guidelines for Performance Measurement 2025 2030 ENTERPRISE ACTUALS TARGETS1 Sales & Revenues 4% 5-7% CAGR2 Through 2030 Adjusted Operating Profit Margin3 17.2% 15-19% to 21-25% Within the Target Range at $60B at $100B Services Revenues4 $24B $30B MP&E Free Cash Flow5 $9.5
Slide 5: Investor Day Targets: Segment Growth and Digital & Technology Targets
INVESTOR DAY TARGETS 1 Segment Growth and Digital & Technology Targets 2025 2030 SEGMENTS ACTUALS TARGETS1 Construction Industries Sales to Users2 1.05x 1.25x Autonomous Trucks 1.2x 3x Power Generation Sales 1.3x >2.0x Connected & Reporting Assets >1.6M 2M Condition Monitoring PSEs3 1.5x 2x eCommerc
Slide 6: Adjusted Operating Profit Margin Target Range
ADJUSTED OPERATING PROFIT MARGIN 1 TARGET RANGE Strategic Focus on Profitable Growth 25% • Extended slope reflects investments needed to grow Adjusted Operating Profit Margin1 2025 • Profit pull-though2 at the midpoint is similar on both 2024 Ex- 22% the $72-$100B and the $42-$72B sales & revenues T
Slide 7: Investing for Profitable Growth
INVESTING FOR PROFITABLE GROWTH O&E Model Guides Our Strategic Decisions 2x 2.5x 2025-2030 MACHINERY, POWER & ENERGY CAPEX DIGITAL & TECHNOLOGY INVESTMENT FORECASTED INCREASE FROM 2019-2024 • 2.5x Gas Turbines1 Capacity • Personalized Digital Marketing • 2x Large Engine2 Capacity • Operator Assist •
Slide 8: Strong MP&E Free Cash Flow
STRONG MP&E FREE CASH FLOW 1 We Outpaced the S&P 500 Industrials MP&E FCF1 $12 Caterpillar MP&E FCF Margin 14.9% 14.6% ~$49B S&P Industrials FCF Margin 14.0% $10 MP&E FCF1 Free Cash Flow Margin % $8 11.9% 2019-2025 (USD Billions) $6 9.8% HIGHEST 9.7% AVERAGE FCF GENERATION $4 9.3% vs. S&P 500 Indust
Slide 9: Dividend Increases
DIVIDEND INCREASES Target High Single-Digit Increases Through 2030 Annual Dividends Paid Per Share (USD) 7.5% CAGR $5.84 $3.78 2019 2025 Note: Figures from beginning of 2019 through year-end 2025. Barclays Fireside Chat | February, 18 2026 9
Slide 10: Share Repurchases
SHARE REPURCHASES Committed to Be in the Market More Consistently Average Number of Diluted Shares Outstanding (Millions) 599 21% Reduction 472 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Weighted Avg. Price Paid per Year $132 $112 $205 $193 $256 $329 $369 Note: Net share reducti
Slide 11: Key Takeaways
KEY TAKEAWAYS Continue to Execute Our Strategy for Long-Term Profitable Growth DELIVERED INVESTING FOR SUPPORTING STRONG PROFITABLE SHAREHOLDER FINANCIAL GROWTH VALUE PERFORMANCE CREATION Barclays Fireside Chat | February, 18 2026 11
Slide 12: Appendix
& APPENDIX CATERPILLAR’
Slide 13: Appendix of Reconciliation to U.S. GAAP
CATERPILLAR INC. – (Dollars in millions) 2020 2021 At December 31 2022 2023 2024 2025 APPENDIX OF Consolidated Assets MP&E Assets1 MP&E Cash and cash equivalents $ 78,324 47,036 8,822 $ 82,793 50,009 8,428 $ 81,943 49,797 6,042 $ 87,476 53,678 6,106 $ 87,764 52,642 6,165 $ 98,585 60,061 9,333 RECONC
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