Slide 1: Financial Review: Fourth Quarter and Full Year 2025
FINANCIAL REVIEW FOURTH QUARTER AND FULL YEAR 2025 JANUARY 29, 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: Financial Results: Fourth Quarter 2025 and Full Year 2025
FINANCIAL RESULTS Fourth Quarter 2025 and Full Year 2025 4Q 2025 FULL YEAR 2025 4Q AND FULL YEAR 2025 SALES & REVENUES ALL-TIME RECORDS Sales & Revenues $19.1B $67.6B 4Q 2025 ADJUSTED OPERATING PROFIT MARGIN1 Operating Profit $2.7B $11.2B AND ADJUSTED PROFIT PER SHARE2 Adjusted Operating Profit1 $3.
Slide 4: Investor Day Targets
INVESTOR DAY TARGETS 1 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 $9.5B $6B to $15B Substantially all Shareholder
Slide 5: Segment Highlights: Investor Day Targets for Strategic Initiatives
SEGMENT HIGHLIGHTS Investor Day Targets for Strategic Initiatives CONSTRUCTION INDUSTRIES RESOURCE INDUSTRIES POWER & ENERGY SALES TO USERS1 AUTONOMOUS HAUL POWER GENERATION SALES vs. 2024 TRUCKS IN OPERATION vs. 2024 vs. 2024 1.25x 3.0x >2.0x 1.0x 1.05x 1.3x 2030 TARGET 2030 TARGET 2030 TARGET 1.0x
Slide 6: Full Year 2026 Outlook
FULL YEAR 2026 OUTLOOK ADJUSTED OPERATING SALES & REVENUES MP&E FREE CASH FLOW3 PROFIT MARGIN2 AROUND TOP END NEAR BOTTOM OF SLIGHTLY LOWER OF CAGR TARGET1 TARGET RANGE1 THAN 2025 1 Target ranges were given at Caterpillar’s 2025 Investor Day. Caterpillar communicated an adjusted operating profit mar
Slide 7: Strategy Update
STRATEGY UPDATE Financial Review | Fourth Quarter and Full Year 2025 7
Slide 8: Financial Results Summary
FINANCIAL RESULTS SUMMARY Fourth Quarter 2025 vs. Fourth Quarter 2024 SALES & ADJUSTED MP&E FREE REVENUES OPERATING PROFIT1 CASH FLOW2 USD in billions USD in billions USD in billions $19.1 $3.0 $3.0 $3.7 $16.2 $3.0 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 1 Adjusted operating profit is a non-
Slide 9: Consolidated Sales & Revenues
CONSOLIDATED SALES & REVENUES Fourth Quarter 2025 vs. Fourth Quarter 2024 USD in millions SALES & REVENUES INCREASED $2.918B OR 18% 20,000 2,708 38 124 48 19,133 • Higher sales volume • Higher sales of equipment to end users 16,215 • Favorable impact from changes in dealer 15,000 inventories 10,000
Slide 10: Consolidated Operating Profit
CONSOLIDATED OPERATING PROFIT Fourth Quarter 2025 vs. Fourth Quarter 2024 USD in millions 4,500 OPERATING PROFIT DECREASED $264M OR 9% 1,072 38 (1,030) 4,000 • Unfavorable manufacturing costs • Largely reflected impact of higher tariffs 3,500 2,924 (169) 110 (282) • Higher restructuring costs 3,000
Slide 11: Profit Per Share
PROFIT PER SHARE Fourth Quarter 2025 vs. Fourth Quarter 2024 PROFIT ADJUSTED PROFIT PER SHARE PER SHARE1 USD USD $5.78 $5.12 $5.14 $5.16 4Q 2024 4Q 2025 4Q 2024 4Q 2025 1 Fourth–quarter 2025 adjusted profit per share excluded restructuring costs of $0.52 per share and mark-to-market gains on remeasu
Slide 12: Construction Industries
CONSTRUCTION INDUSTRIES Fourth Quarter 2025 vs. Fourth Quarter 2024 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $923M OR 15% USD in billions USD in millions as a percent of total sales* • Higher sales volume • Higher sales of equipment to end users $6.9 $1,174 19.6% • Favorable
Slide 13: Resource Industries
RESOURCE INDUSTRIES Fourth Quarter 2025 vs. Fourth Quarter 2024 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $373M OR 13% USD in billions USD in millions as a percent of total sales* • Higher sales volume $471 • Favorable impact from changes in dealer $3.4 15.8% inventories $3.0
Slide 14: Power & Energy
POWER & ENERGY Fourth Quarter 2025 vs. Fourth Quarter 2024 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $1.751B OR 23% USD in billions USD in millions as a percent of total sales* • Higher sales volume $9.4 • Favorable price realization $1,841 19.6% 19.3% $7.6 SEGMENT PROFIT INCR
Slide 15: Financial Products
FINANCIAL PRODUCTS Fourth Quarter 2025 vs. Fourth Quarter 2024 TOTAL REVENUES* SEGMENT PROFIT TOTAL REVENUES INCREASED $71M OR 7% USD in millions USD in millions • Higher average earning assets • Lower average financing rates $1,095 $1,024 $262 SEGMENT PROFIT INCREASED $96M OR 58% • Higher margins a
Slide 16: MP&E Free Cash Flow and Capital Deployment
MP&E FREE CASH FLOW 1 AND CAPITAL DEPLOYMENT $9.5B $7.9B $10.0B MP&E FREE CASH FLOW1 DEPLOYED TO ENTERPRISE FULL YEAR 2025 SHAREHOLDERS IN 2025 CASH BALANCE Slightly higher than 2024 despite Continue to expect to return Held additional $1.2B in slightly an $800M increase in CapEx. substantially all
Slide 17: Expectations As We Look Ahead: Full Year 2026
EXPECTATIONS AS WE LOOK AHEAD Full Year 2026 • 2026 full-year sales and revenues growth as compared to 2025, around the top end of our 5 to 7 percent CAGR target1 • 2026 full-year services revenues2 to grow as compared to 2025 • 2026 incremental tariff3 cost of around $2.6B • Excluding the impact of
Slide 18: Expectations As We Look Ahead: First Quarter 2026
EXPECTATIONS AS WE LOOK AHEAD First Quarter 2026 • 1Q 2026 sales and revenues stronger as compared to 1Q 2025 • 1Q 2026 machine dealer inventory1 increase aligned with the 1Q seasonable pattern, as compared to flattish levels in 1Q 2025 • 1Q 2026 incremental tariff2 costs at a level similar to 4Q 20
Slide 19: Full Year 2025 Key Takeaways
FULL YEAR 2025 KEY TAKEAWAYS Continue to Execute Our Strategy for Long-Term Profitable Growth MAINTAINED ADJUSTED THIRD CONSECUTIVE YEAR DELIVERED OPERATING PROFIT MARGIN1 GENERATING RECORD SALES & WITHIN OVER $9B MP&E REVENUES TARGET RANGE2 FREE CASH FLOW3 1 Adjusted operating profit margin is a no
Slide 20: Q&A
Q&A CATERPILLAR’
Slide 21: Appendix
y APPENDIX CATERPILLAR’
Slide 22: Key Takeaways: Fourth Quarter 2025 vs. Fourth Quarter 2024
KEY TAKEAWAYS Fourth Quarter 2025 vs. Fourth Quarter 2024 $19.1B $2.7B $5.12 +18% (9%) (11%) SALES & OPERATING PROFIT REVENUES PROFIT PER SHARE $3.0B $5.16 +1% ABOUT FLAT ADJUSTED ADJUSTED PROFIT OPERATING PROFIT1 PER SHARE2 1 Adjusted operating profit is a non-GAAP measure, and a reconciliation to
Slide 23: Key Takeaways: Full Year 2025 vs. Full Year 2024
KEY TAKEAWAYS Full Year 2025 vs. Full Year 2024 $67.6B $11.2B $18.81 +4% (15%) (15%) SALES & OPERATING PROFIT REVENUES PROFIT PER SHARE $11.6B $19.06 (14%) (13%) ADJUSTED ADJUSTED PROFIT OPERATING PROFIT1 PER SHARE2 1 Adjusted operating profit is a non-GAAP measure, and a reconciliation to the most
Slide 24: Retail Statistics
RETAIL STATISTICS Fourth Quarter 2025 vs. Fourth Quarter 2024 CONSTRUCTION RESOURCE POWER & INDUSTRIES INDUSTRIES ENERGY TOTAL +11% TOTAL (7%) TOTAL +37% North America +18% North America +2% Power Generation +44% Latin America +6% Latin America +34% Oil & Gas +36% Europe, Africa, Middle East (1%) Eu
Slide 25: Investor Day Targets: Segments
INVESTOR DAY TARGETS 1 2025 2030 SEGMENTS ACTUALS TARGETS1 Construction Industries Sales to Users 1.05x 1.25x Autonomous Trucks 1.2x 3x Power Generation Sales 1.3x >2.0x Connected & Reporting Assets >1.6M 2M Condition Monitoring PSEs2 1.5x 2x eCommerce Sales Per Business Day +4% +50% Tech-Enabled Ma
Slide 26: Caterpillar Earnings Release Call Schedule
CATERPILLAR EARNINGS RELEASE CALL SCHEDULE 1Q 2026 2Q 2026 3Q 2026 APRIL 30, 2026 AUGUST 4, 2026 OCTOBER 29, 2026 Thursday, 8:30 a.m. Eastern Tuesday, 8:30 a.m. Eastern Thursday, 8:30 a.m. Eastern Financial Review | Fourth Quarter and Full Year 2025 26
Slide 27: Dealer Inventory Changes
DEALER INVENTORY 1 CHANGES Increase vs. (Decrease) 2024 2025 YoY YoY Impact Impact Full Full 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q to 4Q to FY Year2 Year2 USD in billions Sales3 Sales3 Dealer Inventory1 $1.1 ($0.4) $0.1 ($1.6) ($0.7) $0.0 ($0.4) $0.3 ($0.5) ($0.5) $1.1 $0.2 of Machines Total Dealer $1.4 ($0.2) $0
Slide 28: Order Backlog
ORDER BACKLOG ORDER BACKLOG INCREASED INCREASED $51.2B $11.3B $21.2B 4Q 2025 4Q 2025 4Q 2025 RECORD LEVEL vs. 3Q 2025 vs. 4Q 2024 Financial Review | Fourth Quarter and Full Year 2025 28
Slide 29: Additional Expectations As We Look Ahead
ADDITIONAL EXPECTATIONS AS WE LOOK AHEAD Full Year 2026 • Restructuring costs of roughly $300M to $350M in 2026 • Capital expenditures around $3.5B in 2026 • 2026 global annual effective tax rate of 23.0%, excluding discrete items Financial Review | Fourth Quarter and Full Year 2025 29
Slide 30: Adjusted Operating Profit Margin Target Range
ADJUSTED OPERATING PROFIT MARGIN 1 TARGET RANGE 25% Adjusted Operating Profit Margin1 22% • Progressive adjusted operating profit margin1 19% target range 21% • Adjusted operating profit margin1 target range: 18% • 15-19% at $60B of sales and revenues • 18-22% at $72B of sales and revenues 15% • 21-
Slide 31: Consolidated Sales & Revenues: Full Year 2025 vs. 2024
CONSOLIDATED SALES & REVENUES Full Year 2025 vs. Full Year 2024 USD in millions 80,000 3,389 (817) 45 163 67,589 70,000 64,809 60,000 50,000 40,000 30,000 FY 2024 FY 2025 20,000 10,000 0 Full FY 2024 Year 2024 Sales Volume Price Realization Currency Financial Products FullFYYear 20252025 Sales & Rev
Slide 32: Consolidated Operating Profit: Full Year 2025 vs. 2024
CONSOLIDATED OPERATING PROFIT Full Year 2025 vs. Full Year 2024 USD in millions 16,000 1,218 (817) 14,000 13,072 (2,148) 12,000 (336) (32) 49 (85) 230 11,151 10,000 8,000 6,000 FY 2025 FY 2024 4,000 2,000 0 Full FY 2024 Year 2024 Sales Volume Price Realization Manufacturing SG&A/R&D Currency Financi
Slide 33: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Provision Operating Operating Profit Before (Benefit) for Profit per (Dollars in millions except per share data) Profit Profit Margin Taxes Income Taxes Profit Share Three Months Ended December 31, 2025 - U.S. GAAP $ 2,660 13.9% $ 3,026 $ 712 $ 2,402 $ 5.12 Other restruct
Slide 34: Annual Tax Rate Reconciliation
ANNUAL TAX RATE RECONCILIATION Provision Profit Before (Benefit) for Effective Tax (Dollars in millions) Taxes Income Taxes Rate Three Months Ended December 31, 2025 - U.S. GAAP $ 3,026 $ 712 23.5% Pension/OPEB mark-to-market (gains) losses (294) (68) Change in annual effective tax rate - (8) Excess
Slide 35: Annual Tax Rate Reconciliation
ANNUAL TAX RATE RECONCILIATION Provision Profit Before (Benefit) for Effective Tax (Dollars in millions) Taxes Income Taxes Rate Twelve Months Ended December 31, 2025 - U.S. GAAP $ 11,541 $ 2,768 24.0% Pension/OPEB mark-to-market (gains) losses (294) (68) Changes in estimates related to prior years
Slide 36: Reconciliation to U.S. GAAP
RECONCILIATION TO U.S. GAAP Reconciliation of MP&E Cash Flow From Operations to MP&E Free Cash Flow Full Year Full Year (USD in billions) 4Q 2024 4Q 2025 2024 2025 MP&E cash flow from operations $ 3.7 $ 4.5 $ 11.4 $ 12.3 MP&E capital expenditures (0.7) (0.9) (2.0) (2.8) MP&E free cash flow $ 3.0 $ 3