On this page of StockholderLetter.com we present the latest annual shareholder letter from CATERPILLAR INC — ticker symbol CAT. Reading current and past CAT letters to shareholders can bring important insights into the investment thesis.

 •  4/30/2026 Letter Continued (Full PDF)
 •  5/1/2023 CAT Stockholder Letter
 •  4/29/2024 CAT Stockholder Letter
 •  4/30/2025 CAT Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  CAT Benford's Law Stock Score = 100

CAT Shareholder/Stockholder Letter Transcript:

CATERPILLAR
INC.
CATERPILLAR INC.
ANNUAL
ANNUAL
REPORT
REPORT 2025
2O25


-AN
V
-401111
1r3718
1

0
0
a
CATERPILLAR'

CORPORATE
CORPORATE
OVERVIEW
OVERVIEW
Corporate
Corporate
headquarters
headquarters
Irving,
Irving, Texas
Texas
Caterpillar
Caterpillar Inc.
Inc. is
is the
the world   s
world's leading
leading manufacturer
manufacturer of
of construction
construction
and
and natural
and mining
mining equipment,
equipment, off-highway
off-highway diesel
diesel and
natural gas
gas
engines,
and diesel-electric
engines, industrial
industrial gas
gas turbines
turbines and
diesel-electric locomotives.
locomotives.
For
For more
more than
than a
a century,
century, Caterpillar
Caterpillar has
has built
built a
a better,
better, more
more
sustainable
of the
sustainable world.
world. Backed
Backed by
by one
one of
the largest
largest independent
independent
global
and financing
global dealer
dealer networks
networks and
financing services
services through
through
Cat
to solving
Cat Financial,
Financial, we
we are
are committed
committed to
solving our
our customers   
customers'
toughest
toughest challenges
challenges through
through commercial
commercial excellence,
excellence, advanced
advanced
technology
of operational
technology leadership,
leadership, and
and a
a strong
strong foundation
foundation of
operational
excellence.
our highly
excellence. None
None of
of this
this would
would be
be possible
possible without
without our
highly
talented
and dedicated
talented and
dedicated team.
team.
$67.6B
$67.
-6B

51%
54%

Sales
Sales outside
outsid
the
the U.S.
U.S.
Se
ices    
Services
revenues1
reven
140
CAT
CAT
Reportable
Reportable
segments
segments
Power
8- Energy
Energy
Power &
Construction Industries
Construction
Industries
Resource Industries
Industries
Resource
Financial
Financial Products
Products
Dividend
Dividend
Aristocrat status
Aristocrat
status
Paid higher
higher annual
annual
Paid
dividends
dividends to
to
shareholders for
for 32
32
shareholders
consecutive years
years
consecutive
$2.1B
$2.1
B.
24B
Sales it
Sales
revenues
revenues
NYSE
NYSE
stock
stock symbol
symbol
Researc &
Research
development
level
ment    
150
.z.,150
Primary locations    
Primary-locotions
f
24 countries
countries with
with operations
operations
24
Cat   dealers
Cat  
lers22
serving
    0 countries
countries
serving ~190
        N
118,000
118
000 4M+
Employees
Err yees
1.6M+
Connected
Connected
reporting assets
reporting
assets
Cat products
at work
Cat
prod s at
work
firoun
he world
world'3
around the

55.8M
55,8M
Foundation
Foundation
ontributions
contributions
(MP&E) Services
aftermarket parts
service-related revenues
and exclude
exclude most
Products    revenues,
'1 Machinery,
Machinery, Power
Power &
Er Energy
Energy (MP&E)
Services Revenues
Revenues include,
include, but
but are
are not
not limited
limited to,
to, aftermarket
parts and
and other
other service-related
revenues and
most Financial
Financial Products'
revenues,
discontinued products
products and
and captive
captive dealer
dealer services.
services.
discontinued
2
Dealers are
independent businesses.
businesses.
Dealers
are independent
3
Includes discontinued
discontinued products.
products.
Includes
4
Adjusted profit
share and
free cash
flow are
are non-GAAP
reconciliation to
to the
the most
comparable GAAP
our 2025
SEC filing.
filing.
Adjusted
profit per
per share
and MP&E
MP&E free
cash flow
non-GAAP measures,
measures, and
and aa reconciliation
most directly
directly comparable
GAAP measures
measures is
is included
included in
in our
2025 10-K
10-K SEC
Caterpillar Inc.
Caterpillar
Inc. 2025
2025 Annual
Annual Report
Report

11.
WW1
CHAIRMAN
CHIAIRN/A
a
& CEO
CEO
MESSAGE
MESSAGE
...Ia..
I(
K

Dear Fellow
Fellow Shareholders,
Shareholders,
Dear
The
The world
world is
is investing
investing in
in physical
physical infrastructure
infrastructure at
at a
a pace
pace and
and
scale
scale that
that will
will define
define the
the next
next decade
decade and
and beyond.
beyond. Data
Data centers
centers
are being
being built
built to
to meet
meet surging
surging demand
demand for
for AI
AI and
and cloud
cloud
are
computing.
computing. Power
Power grids
grids are
are being
being expanded
expanded and
and reinforced.
reinforced.
Critical
Critical minerals
minerals are
are being
being extracted
extracted to
to support
support growing
growing global
global
energy needs
needs and
and power
power the
the devices
devices we
we rely
rely on
on every
every day.
day.
energy
Roads,
Roads, ports
ports and
and industrial
industrial facilities
facilities are
are being
being constructed
constructed and
and
modernized
modernized across
across every
every major
major economy.
economy.
These
are not
not short-term
short-term trends.
trends. Urbanization,
Urbanization, digitalization,
digitalization,
These are
electrification
electrification and
and the
the evolving
evolving global
global energy
energy landscape
landscape are
are
creating
creating sustained,
sustained, long-duration
long-duration demand
demand for
for the
the physical
physical
systems that
that underpin
underpin modern
modern life.
life. Our
Our customers
customers are
are essential
essential
systems
to
to meeting
meeting that
that demand,
demand, and
and Caterpillar
Caterpillar equips
equips them
them to
to do
do it.
it.
In
years, Caterpillar
In 2025,
2025, we
we celebrated
celebrated our
our centennial.
centennial. For
For 100
100 years,
Caterpillar
has been
been essential
essential to
to every
every major
major wave
wave of
of infrastructure
infrastructure
has
investment    from the
the roads
roads and
and dams
dams that
that modernized
modernized
investment   from
economies
economies around
around the
the world,
world, to
to the
the mines
mines that
that supply
supply the
the raw
raw
materials behind
behind modern
modern technology,
technology, to
to the
the power
power systems
systems that
that
materials
keep critical
critical operations
operations running
running today.
today. The
world's needs
needs have
have
keep
The world   s
changed
changed enormously
enormously over
over that
that span.
span. Caterpillar
Caterpillar has
has grown
grown with
with
them every
every time.
time.
them
What
What makes
makes this
this moment
moment different
different is
is the
the wide
wide range
range of
of
demand
demand coming
coming together
together at
at the
the same
same time,
time, combined
combined with
with
how we
we are
are evolving
evolving to
to meet
meet it.
it. Caterpillar
Caterpillar today
today has
has the
the
how
broadest
broadest equipment
equipment portfolio
portfolio in
in our
our industries,
industries, an
an unmatched
unmatched
independent
independent dealer
dealer network
network around
around the
the world,
world, and
and a
a growing
growing
set of
of technology
technology capabilities.
capabilities. As
As a
a result,
result, our
our business
business is
is
set
becoming
becoming more
more essential
essential and
and valuable
valuable to
to the
the customers
customers
we
we serve
serve and
and more
more integrated
integrated in
in their
their operations.
operations.
We are
are delivering
delivering results
results that
that reflect
reflect that
that positioning.
positioning. In
We
In
2025, sales
sales and
and revenues
revenues reached
reached $67.6
billion, the
the highest
highest
2025,
$67.6 billion,
in
We maintained
in Caterpillar   s
Caterpillar's history.
history. We
maintained adjusted
adjusted operating
operating
profit margin
margin within
within our
our target
target range,
range, generated
generated $9.5
$9.5 billion
billion
profit
of
of Machinery,
Machinery, Power
Power &
8- Energy
Energy (MP&E)
(MP8-E) free
free cash
cash flow
flow44 and
and
returned
$7.9 billion
returned $7.9
billion to
to shareholders
shareholders through
through share
share repurchases
repurchases
and dividends.
dividends. Adjusted
Adjusted profit
profit per
per share
share44 was
was $19.06.
and
$19.06.
   WHAT
"WHAT MAKES
MAKES THIS
THIS
MOMENT DIFFERENT
DIFFERENT
MOMENT
IS THE
THE WIDE
WIDE RANGE
RANGE
IS
OF
OF DEMAND
DEMAND COMING
COMING
TOGETHER
AT THE
THE SAME
SAME TIME,
TOGETHER AT
TIME,
COMBINED WITH
WITH HOW
HOW WE
WE
COMBINED
ARE EVOLVING
ARE
EVOLVING TO
TO MEET
MEET IT.   
IT."
Caterpillar Inc. 2025 Annual Report 1


ITERPILLAR



CENTENNIAL WORLD TOUR Pa
   S
E
YEARS
e
A
1

r.

Employees
Employees and
and guests
guests exploring
exploring the
the Centennial
Centennial World
World Tour
Tour during
during the
the interactive
interactive experience   s
experience's visit
visit to
to Rayong,
Rayong, Thailand.
Thailand.
CHAIRMAN &
CHAIRMAN
ft CEO
CEO MESSAGE
MESSAGE (continued)
(continued)
A refreshed
strategy
A
refreshed strategy
The
next 100
The next
100 years
years
At
our 2025
2025 Investor
Day, we
we introduced
introduced a
a refreshed
refreshed strategic
strategic
At our
Investor Day,
plan
plan for
for profitable
profitable growth
growth organized
organized around
around our
our mission   
mission    
solving
solving our
our customers   
customers' toughest
toughest challenges   and
challenges    and three
three pillars:
pillars:
Commercial
Excellence, Advanced
Advanced Technology
and
Commercial Excellence,
Technology Leader
Leader and
Transform How
How We
We Work.
Transform
Work. All
All three
three are
are built
built on
on a
a foundation
foundation
of
of Operational
Operational Excellence
Excellence and
and guided
guided by
by Our
Our Values
Values in
in Action:
Action:
Safety,
and Commitment.
Commitment.
Safety, Integrity,
Integrity, Teamwork,
Teamwork, Excellence
Excellence and
As we
we enter
enter our
our second
second century,
century, we
we do
do so
so with
with conviction
conviction
As
in
in the
the opportunity
opportunity ahead
ahead and
and in
in Caterpillar   s
Caterpillar's ability
ability to
to
capture it.
it. The
physical foundation
foundation most
most people
people never
never think
think
capture
The physical
about    generating power,
power, extracting
extracting critical
critical minerals,
minerals, and
and
about   generating
constructing
that keeps
constructing and
and maintaining
maintaining the
the infrastructure
infrastructure that
keeps
economies running   is
running    is becoming
becoming more
more important.
important. This
is the
the
economies
This is
"invisible layer   
layer" that
that makes
makes progress
progress possible,
possible, and
and it
it would
would
   invisible
not
Demand for
for the
not exist
exist without
without Caterpillar.
Caterpillar. Demand
the invisible
invisible layer
layer
has never
never been
been greater,
greater, and
and our
our customers
customers who
who build,
build, power
power
has
and maintain
maintain it
it have
have never
never needed
needed us
us more.
more. Caterpillar
Caterpillar is
is here
here
and
to
to deliver
deliver enduring
enduring value
value for
for customers,
customers, communities
communities and
and
shareholders today
today and
and for
for generations
generations to
to come.
come.
shareholders
Together, these
Together,
these pillars
pillars are
are designed
designed to
to deepen
deepen how
how we
we serve
serve
customers
customers across
across the
the full
full equipment
equipment lifecycle;
lifecycle; accelerate
accelerate
the deployment
deployment of
of technology
technology and
and digital
digital solutions
solutions that
that help
help
the
them
them work
work safer,
safer, more
more productively,
productively, and
and with
with less
less unplanned
unplanned
downtime;
downtime; and
and strengthen
strengthen the
the operating
operating capabilities
capabilities that
that allow
allow
us to
to grow
grow while
while protecting
protecting margins
margins and
and cash
cash returns.
returns.
us
Thank
for your
your trust
trust and
and partnership.
partnership.
Thank you
you for
To support
To
support our
our strategy,
strategy, we
we are
are making
making significant
significant investments
investments
across
across our
our business,
business, with
with MP&E
MPErE capital
capital expenditures
expenditures increasing
increasing
through the
the end
end of
of the
the decade   guided
decade    guided by
by our
our Operating
Operating &
8through
Execution Model
Model to
Execution
to ensure
ensure every
every investment
investment earns
earns a
a return.
return.
We established
We
established 2030
2030 financial
financial targets
targets to
to reflect
reflect our
our confidence
confidence
in
They are
in the
the strategy
strategy and
and our
our ability
ability to
to execute
execute it.
it. They
are grounded
grounded
in the
the demand
demand we
we see,
see, the
the investments
investments we
we are
are making
making and
and the
the
in
competitive
competitive advantages
advantages we
we continue
continue to
to strengthen.
strengthen.
2
Caterpillar Inc. 2025 Annual Report
Joseph
Joseph E.
E. Creed
Creed
Chairman
Chairman &
8- CEO
CEO

CELEBRATI\G
CELEBRATING
100
YEARS
100 YEARS
OF
OF CATERPILLAR
Throughout
Throughout 2025,
2025, we
we marked
marked our
our 100-year
100-year anniversary
anniversary with
with local
local
celebrations
celebrations worldwide.
worldwide. More
More than
than 108,000
108,000 employees
employees and
and guests
guests
participated
Centennial World
World Tour,
Tour, an
participated in
in the
the Centennial
an interactive
interactive experience
experience
that traveled
traveled 86,000
86,000 miles across
across 139
139 locations
locations in
in 24
24 countries.
countries. To honor
honor
that
our past
past and
and invest
invest for
for the
the future,
future, Caterpillar
pledged $100
$100 million
million
our
Caterpillar pledged
over
years to
over five
five years
to equip
equip the
the workforce
workforce with
with skills
skills needed
needed to
to succeed.
succeed.
In
Tour, the
In connection
connection to
to the
the Centennial
Centennial World
World Tour,
the Caterpillar
Caterpillar Foundation
Foundation
donated
$2 million
million to
Through the
donated nearly
nearly $2
to more
more than
than 70
70 charities.
charities. Through
the
Foundation's 10:1
10:1 matching
matching program,
program, $1 million
million in
in Caterpillar
Caterpillar employee
employee
Foundation   s
contributions generated
generated an
an additional
additional $10
$10 million,
million, delivering
delivering $11
million
contributions
$11 million
in
in support
support to
to more
more than
than 1,300
1,300 charities.
charities.
we're solving our customers   
customers' toughest challenges,
For the latest news on how we   re
visit caterpillar.com.
visit
caterpillar.com.
"II Employees, retirees and family members enjoyed a product demonstration
at aa Centennial
Tour stop
Edwards, Illinois.
at
Centennial World
World Tour
stop in
in Edwards,
Illinois.
I
*I
b.
'R5
.110r=r-
Caterpillar Inc. 2025 Annual Report 3

4/30/2026 Letter Continued (Full PDF)

 

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