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Sep 30, 2025
Caterpillar Q3 2025 Earnings Report
Caterpillar reported strong revenue and earnings driven by solid demand across segments, despite lower margins.
Key Takeaways
Caterpillar delivered a strong Q3 2025 performance with increased revenue and solid earnings, fueled by higher sales volumes. However, profitability was slightly pressured by increased manufacturing costs and unfavorable price realization.
Revenue grew 10% year-over-year to $17.638 billion, primarily from increased sales volume.
Net income reached $2.3 billion despite a decrease in profit margin from last year.
Adjusted EPS was $4.95, slightly below last year's $5.17.
Energy & Transportation led growth with a 17% year-over-year increase in segment revenue.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Caterpillar expects continued momentum into the next quarters, supported by strong backlogs and execution, but remains cautious about cost pressures and tax changes.
Positive Outlook
- Strong backlog provides forward revenue visibility
- Execution discipline maintained across segments
- Robust demand in Energy & Transportation segment
- Healthy cash position of $7.5 billion
- Disciplined capital return to shareholders
Challenges Ahead
- Increased manufacturing costs driven by higher tariffs
- Unfavorable price realization in some segments
- Higher SG&A and R&D expenses
- Increased effective tax rate impacting net income
- Profit margins declined compared to prior year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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