Caterpillar Inc. reported a total revenue of $67.589 billion for the fiscal year ending December 31, 2025, marking a 4% increase from $64.809 billion in 2024. The growth was primarily driven by higher sales volume, particularly in the Power & Energy segment, which saw a revenue increase of 12% to $32.201 billion. However, the company experienced a decline in profitability, with net income falling to $8.884 billion, or $18.81 per share, down from $10.792 billion, or $22.05 per share, in the previous year. The decrease in profit was attributed to unfavorable manufacturing costs and price realizations, which were partially offset by increased sales volume.
In terms of operational changes, Caterpillar's order backlog rose significantly to approximately $51.2 billion at the end of 2025, up from $30.0 billion in 2024, with the Power & Energy segment contributing the most to this increase. The company also reported a total employee headcount of about 118,000, with a notable increase in international employees, reflecting its ongoing global expansion strategy. Caterpillar's dealer network, which includes 41 dealers in the U.S. and 109 internationally, continues to play a crucial role in its distribution strategy, serving customers in 190 countries.
Strategically, Caterpillar has reinforced its commitment to innovation and sustainability through its revised enterprise strategy, which emphasizes commercial excellence, advanced technology leadership, and transforming operational processes. The company announced plans to invest approximately $3.5 billion in capital expenditures for 2026, alongside expected restructuring costs of $300 million to $350 million. Additionally, Caterpillar is set to acquire RPMGlobal Holdings Limited, an Australian software company specializing in mining solutions, for approximately $790 million, further enhancing its technological capabilities in the mining sector.
Looking ahead, Caterpillar anticipates continued growth in 2026, projecting sales and revenues to increase by 5% to 7% compared to 2025. The company expects strong demand in the Construction Industries, driven by infrastructure investments and a robust backlog. In the Resource Industries, sales are expected to rise due to increased demand for key commodities, while the Power & Energy segment is projected to benefit from growing energy needs related to data centers and cloud computing. Despite the anticipated challenges from tariffs, which are expected to impact costs by approximately $2.6 billion in 2026, Caterpillar remains optimistic about its ability to manage these pressures and deliver value to shareholders.
About CATERPILLAR INC
Caterpillar Inc. is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Operating through segments like Construction Industries, Resource Industries, Energy & Transportation, and Financial Products, it serves customers worldwide via a vast dealer network. Caterpillar’s competitive advantages include integrated product design, extensive service offerings, and financing solutions that support equipment sales and lifecycle management.
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