Slide 1: First Quarter 2025 Financial Review
First Quarter 2025 Financial Review April 30, 2025
Slide 2: Forward-Looking Statements
1Q 2025 EARNINGS RELEASE 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,” “wil
Slide 3: Image courtesy of NYSE Group
1Q 2025 EARNINGS RELEASE Image courtesy of NYSE Group. NYSE does not recommend or endorse any investments, investment strategies, companies, products, or services. 3
Slide 4: Thank you to our Global Team
1Q 2025 EARNINGS RELEASE Thank you to our Global Team Delivered another quarter of solid results RESULTS REFLECT THE DEPLOYED ALL-TIME RECORD ORGANIC BENEFIT OF THE BACKLOG GROWTH OVER $4 BILLION DIVERSITY OF OUR END OF $5 BILLION TO SHAREHOLDERS THROUGH SHARE REPURCHASES MARKETS IN THE QUARTER AND
Slide 5: Key Takeaways
1Q 2025 EARNINGS RELEASE Key Takeaways First Quarter 2025 vs. First Quarter 2024 $14.2B $2.6B $2.6B $4.20 $4.25 10% 27% 26% 27% 24% SALES & OPERATING ADJUSTED PROFIT ADJUSTED REVENUES PROFIT OPERATING PER SHARE PROFIT PROFIT1 PER SHARE2 1 Adjusted operating profit is a non-GAAP measure, and a reconc
Slide 6: ME&T Free Cash Flow and Capital Deployment
1Q 2025 EARNINGS RELEASE ME&T Free Cash Flow1 and Capital Deployment $0.2B $4.3B 31 Years ME&T FREE CASH FLOW 1 DEPLOYED TO DIVIDEND 1Q 2025 SHAREHOLDERS IN 1Q 2025 ARISTOCRAT A decrease versus 1Q 2024, Through nearly $3.7B of share Paid higher annual dividends primarily driven by repurchases and ab
Slide 7: End Market Commentary
1Q 2025 EARNINGS RELEASE End Market Commentary CONSTRUCTION INDUSTRIES RESOURCE INDUSTRIES ENERGY & TRANSPORTATION 7
Slide 8: Financial Results Summary
1Q 2025 EARNINGS RELEASE Financial Results Summary First Quarter 2025 vs. First Quarter 2024 SALES & OPERATING ADJUSTED PROFIT REVENUES PROFIT PER SHARE1 (in billions of dollars) (in billions of dollars) (in dollars) $15.8 $3.5 $5.60 $14.2 $2.6 $4.25 1 First-quarter 2025 adjusted profit per share ex
Slide 9: Consolidated Sales and Revenues
1Q 2025 EARNINGS RELEASE Consolidated Sales and Revenues First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS 18,000 Sales & Revenues Decreased $1.550B or 10% 16,000 15,799 (1,110) • Lower sales volume (250) (222) 32 14,249 • Unfavorable impact from changes in dealer 14,000 inventories 1
Slide 10: Consolidated Operating Profit
1Q 2025 EARNINGS RELEASE Consolidated Operating Profit First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS 4,000 Operating Profit Decreased $940 million or 27% 3,519 (652) • Profit impact of lower sales volume 3,500 • Unfavorable price realization 3,000 (250) 72 22 (67) (67) Operating P
Slide 11: Construction Industries
1Q 2025 EARNINGS RELEASE Construction Industries First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS Total Sales Decreased $1.240B or 19% TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT • Lower sales volume (in billions of dollars) (in millions of dollars) (as a percent of total sales*) • Un
Slide 12: Resource Industries
1Q 2025 EARNINGS RELEASE Resource Industries First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS Total Sales Decreased $309M or 10% TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT • Lower sales volume (in billions of dollars) (in millions of dollars) (as a percent of total sales*) • Unfavora
Slide 13: Energy & Transportation
1Q 2025 EARNINGS RELEASE Energy & Transportation First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS Total Sales Decreased $113M or 2% TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT • Lower sales volume (in billions of dollars) (in millions of dollars) (as a percent of total sales*) • Unfav
Slide 14: Financial Products
1Q 2025 EARNINGS RELEASE Financial Products First Quarter 2025 vs. First Quarter 2024 1ST QUARTER HIGHLIGHTS Total Revenues Increased $16M or 2% TOTAL REVENUES* SEGMENT PROFIT • Favorable impact from higher average earning (in millions of dollars) (in millions of dollars) assets driven by North Amer
Slide 15: ME&T Free Cash Flow and Capital Deployment
1Q 2025 EARNINGS RELEASE ME&T Free Cash Flow1 and Capital Deployment $0.2B $4.3B $3.6B ME&T FREE CASH FLOW 1 DEPLOYED TO ENTERPRISE 1Q 2025 SHAREHOLDERS IN 1Q 2025 CASH BALANCE A decrease versus 1Q 2024, Through nearly $3.7B of share Hold additional $1.2B in primarily driven by repurchases and about
Slide 16: Key Thoughts As We Look Ahead – Full Year 2025
1Q 2025 EARNINGS RELEASE Key Thoughts As We Look Ahead – Full Year 2025 ● Pre-tariff scenario, which does not include any impact from tariffs1: ● Expect 2025 full-year sales and revenues to be about flat compared to 2024, better than previous expectations of down slightly ● Expect 2025 full-year adj
Slide 17: Key Thoughts As We Look Ahead – 2Q 2025
1Q 2025 EARNINGS RELEASE Key Thoughts As We Look Ahead – 2Q 2025 ● Expect 2Q 2025 sales and revenues to be similar to 2Q 2024 ● Expect 2Q 2025 adjusted operating profit margin1 to be lower than 2Q 2024, primarily due to lower price realization, before any tariff2 impact ● Expect an additional cost h
Slide 18: First Quarter 2025 Key Takeaways
1Q 2025 EARNINGS RELEASE First Quarter 2025 Key Takeaways CURRENTLY EXPECT FULL-YEAR 2025 ADJUSTED OPERATING PROFIT STRONG DEPLOYED 1 MARGIN AND ME&T FREE CASH 2 BALANCE SHEET $4.3B OF CASH FLOW TO BE TO SHAREHOLDERS AND LIQUIDITY POSITIONS WITHIN TARGET RANGES 3 IN THE QUARTER EXECUTING OUR STRATEG
Slide 19: Q&A
1Q 2025 EARNINGS RELEASE Q&A 19
Slide 20: Appendix
1Q 2025 EARNINGS RELEASE Appendix 20
Slide 21: 2025 Caterpillar Earnings Call Schedule
1Q 2025 EARNINGS RELEASE 2025 Caterpillar Earnings Call Schedule Earnings Quarter Release Date Call Time 2nd Quarter 2025 Tuesday, August 5, 2025 8:30 a.m. Eastern 3rd Quarter 2025 Wednesday, October 29, 2025 8:30 a.m. Eastern 21
Slide 22: Dealer Inventory Changes
1Q 2025 EARNINGS RELEASE Dealer Inventory1 Changes Increase/(Decrease) 2024 2025 YoY Full Impact to 1Q 2Q 3Q 4Q 1Q (USD in billions) Year2 1Q Sales3 Dealer Inventory1 of Machines $1.1 ($0.4) $0.1 ($1.6) ($0.7) $0.0 ($1.1) Total Dealer Inventory1 $1.4 ($0.2) $0.4 ($1.3) $0.4 $0.1 ($1.3) 1 Dealers are
Slide 23: Order Backlog
1Q 2025 EARNINGS RELEASE Order Backlog Increased Increased Increased $5.0B $1.3B $7.1B 1Q 2025 4Q 2024 1Q 2025 vs. 4Q 2024 vs. 3Q 2024 vs. 1Q 2024 23
Slide 24: Additional Key Thoughts As We Look Ahead – Full Year 2025
1Q 2025 EARNINGS RELEASE Additional Key Thoughts As We Look Ahead – Full Year 2025 ● Expect machine dealer inventory1 to be about flat by the end of 2025 as compared to the end of 2024 ● Continue to expect restructuring costs of approximately $150M to $200M in 2025 ● Anticipate capital expenditures
Slide 25: Adjusted Operating Profit Margin Target Range
1Q 2025 EARNINGS RELEASE Adjusted Operating Profit Margin1 Target Range 25% Adjusted Operating Profit Margin %1 22.0% 20.0% 20% 18.0% 16.0% 18.0% • Progressive adjusted operating profit margin1 target range 15% 14.0% 16.0% 14.0% • Adjusted operating profit margin1 target range: 10% 10.0% 12.0% • 10-
Slide 26: Non-GAAP Financial Measures
1Q 2025 EARNINGS RELEASE 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 March 31, 2025 - U.S. GAAP $ 2,579 18.1% $ 2,570 $ 574 $ 2,003
Slide 27: Estimated Annual Tax Rate Reconciliation
1Q 2025 EARNINGS RELEASE Estimated Annual Tax Rate Reconciliation Provision Profit Before (Benefit) for Effective Tax (Dollars in millions) Taxes Income Taxes Rate Three Months Ended March 31, 2025 - U.S. GAAP $ 2,570 $ 574 22.3% Excess stock-based compensation - 17 Annual effective tax rate, exclud
Slide 28: Reconciliation to U.S. GAAP
1Q 2025 EARNINGS RELEASE Reconciliation to U.S. GAAP Reconciliation of ME&T Cash Flow from Operations to ME&T Free Cash Flow (USD in billions) 1Q 2024 1Q 2025 ME&T cash flow from operations $ 1.8 $ 0.9 ME&T capital expenditures (0.5) (0.7) ME&T free cash flow $ 1.3 $ 0.2 Note: Amounts may not add du