CATERPILLAR INC (CAT)

Caterpillar Inc. is a manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Originally organized as Caterpillar Tractor Co. in California in 1925, it was reorganized as Caterpillar Inc. in Delaware in 1986. In 2025 it reported sales and revenues of $67.589 billion. In 2025 it introduced a revised strategy built on a mission of solving customers' toughest challenges, with three growth pillars: Commercial Excellence, Advanced Technology Leader, and Transform How We Work.

The company operates through five operating segments, four of them reportable. Construction Industries supports infrastructure and building construction with asphalt pavers, backhoe loaders, excavators, wheel loaders, motor graders, track-type tractors, skid steer and compact track loaders, telehandlers, compactors and related parts, services and worktools. Resource Industries serves mining, heavy construction and quarry and aggregates with electric rope shovels, draglines, large mining and off-highway trucks, hydraulic shovels, rotary drills, hard rock vehicles and large dozers, plus technology offerings such as fleet management, autonomous machine capabilities and safety services. Power & Energy provides reciprocating engines, generator sets, integrated systems, turbines and turbine-related services, centrifugal gas compressors, electrified powertrain and zero-emission power sources, engine remanufacturing, and diesel-electric and hybrid locomotives. The Financial Products segment, led by Cat Financial and Caterpillar Insurance Holdings, offers loans, revolving charge accounts and leases to customers, wholesale and retail financing to dealers, and insurance and reinsurance programs such as contractual liability, cargo and equipment physical damage coverage.

Customers include those in heavy and general construction, rental, quarry and aggregates, mining (copper, iron ore, coal, oil sands, gold), oil and gas, power generation, marine, rail and industrial applications. Machines are sold mainly through a worldwide dealer network of 41 U.S. and 109 non-U.S. dealers serving 190 countries. Perkins engines are sold through 86 distributors covering 183 countries, and FG Wilson power systems through 108 distributors covering 159 countries. Turbines and locomotives are sold largely direct. The company owns and operates a dealership in Japan, Nippon Caterpillar Division. Backlog was about $51.2 billion at December 31, 2025, up from $30.0 billion a year earlier.

Caterpillar sources steel products, castings, forgings and finished components from domestic and international suppliers under global strategic sourcing models, and machines and assembles some components itself. It competes on product performance, customer service, quality and price. Construction rivals include Komatsu, Deere, Hitachi, Volvo CE, CASE and Sany. Resource Industries competitors include Komatsu, Epiroc, Sandvik and Liebherr. In power and rail, competitors include Cummins, Rolls-Royce Power Systems, Siemens Energy, GE Vernova and Wabtec. Cat Financial competes with banks, leasing companies and manufacturer finance arms. The company owns patents and trademarks but does not depend on any single one.