Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

The three months ended March 31, 2026 and 2025, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:


Sales and Revenues by Geographic Region
(Millions of dollars)	North America		Latin America		EAME		Asia/ Pacific		External Sales and Revenues			Intersegment Sales and Revenues		Total Sales and Revenues
Three Months Ended March 31, 2026
Power & Energy	$	3,500	$	278	$	1,141	$	794	$	5,713		$	1,318	$	7,031
Construction Industries	4,292		650		1,199		961		7,102			59		7,161
Resource Industries	1,836		572		560		742		3,710			87		3,797
Financial Products Segment	741		111		133		111		1,096		1	—		1,096
Total sales and revenues from reportable segments	10,369		1,611		3,033		2,608		17,621			1,464		19,085
All Other Segment	7		—		3		2		12			65		77
Corporate Items and Eliminations	(146)		(19)		(28)		(25)		(218)			(1,529)		(1,747)
Total Sales and Revenues	$	10,230	$	1,592	$	3,008	$	2,585	$	17,415		$	—	$	17,415

Three Months Ended March 31, 2025
Power & Energy	$	2,625	$	326	$	1,026	$	677	$	4,654		$	1,129	$	5,783
Construction Industries	2,904		504		867		869		5,144			40		5,184
Resource Industries	1,610		606		510		860		3,586			75		3,661
Financial Products Segment	682		99		122		104		1,007		1	—		1,007
Total sales and revenues from reportable segments	7,821		1,535		2,525		2,510		14,391			1,244		15,635
All Other Segment	8		—		1		2		11			59		70
Corporate Items and Eliminations	(91)		(20)		(20)		(22)		(153)			(1,303)		(1,456)
Total Sales and Revenues	$	7,738	$	1,515	$	2,506	$	2,490	$	14,249		$	—	$	14,249

1 Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $183 million and $163 million in the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, Power & Energy external sales by end user application were as follows:


Power & Energy External Sales
	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Power Generation	$	2,817	$	1,996
Oil and Gas	1,423		1,258
Industrial	1,473		1,400

Power & Energy External Sales	$	5,713	$	4,654

For the three months ended March 31, 2026 and 2025, Resource Industries external sales by industry were as follows:


Resource Industries External Sales
	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Mining, HC and Q&A*	$	2,954	$	2,842
Rail	756		744
Resource Industries External Sales	$	3,710	$	3,586
*Heavy Construction and Quarry & Aggregates (HC and Q&A)

Reconciliation of profit from reportable segments


Profit from Reportable Segments
(Millions of dollars)	Power & Energy		Construction Industries		Resource Industries		Financial Products Segment		Total from Reportable Segments
Three Months Ended March 31, 2026
Sales and revenues	$	7,031	$	7,161	$	3,797	$	1,096	$	19,085
Less 1:
Cost of goods sold	4,847		5,127		2,913		—		12,887
SG&A/R&D 2	731		485		494		217		1,927
Other segment items 3	3		14		12		634		663
Segment Profit	$	1,450	$	1,535	$	378	$	245	$	3,608

Three Months Ended March 31, 2025
Sales and revenues	$	5,783	$	5,184	$	3,661	$	1,007	$	15,635
Less 1:
Cost of goods sold	3,834		3,718		2,612		—		10,164
SG&A/R&D 2	691		451		439		195		1,776
Other segment items 3	(30)		(9)		(13)		597		545
Segment Profit	$	1,288	$	1,024	$	623	$	215	$	3,150

1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes:
Power & Energy / Construction Industries / Resource Industries – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies.
Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.

Reconciliation of Consolidated profit before taxes


Reconciliation of Consolidated profit before taxes:

(Millions of dollars)	Three Months Ended March 31,
		2026		2025
Total profit from reportable segments		$	3,608	$	3,150
Profit (loss) from All Other Segment		(43)		(19)
Cost centers		11		4
Corporate costs		(306)		(213)
Timing		82		(7)
Restructuring income (costs)		(41)		(33)
Methodology differences:
Inventory/cost of sales		15		(27)
Postretirement benefit expense		4		14
Stock-based compensation expense		(48)		(45)
Financing costs		(54)		(46)
Currency		89		(54)
Other income/expense methodology differences		(95)		(142)
Other methodology differences		(11)		(12)
Total consolidated profit before taxes		$	3,211	$	2,570

Reconciliation of Assets:


Reconciliation of Assets:

(Millions of dollars)	March 31, 2026		December 31, 2025
Assets from reportable segments:
Power & Energy	$	7,996	$	8,438
Construction Industries	6,425		5,442
Resource Industries	9,578		9,036
Financial Products Segment	41,385		41,476
Total assets from reportable segments	65,384		64,392
Assets from All Other Segment	1,470		1,516
Items not included in segment assets:
Cash and cash equivalents	3,316		9,333
Deferred income taxes	2,290		2,749
Goodwill and intangible assets	4,759		4,669
Property, plant and equipment – net and other assets	4,922		4,689
Inventory methodology differences	(4,159)		(3,622)
Liabilities included in segment assets	17,394		15,330
Other	174		(471)
Total assets	$	95,550	$	98,585

Reconciliation of Depreciation and amortization:


Reconciliation of Depreciation and amortization:
(Millions of dollars)
	Three Months Ended March 31,
		2026		2025
Depreciation and amortization from reportable segments:
Power & Energy		$	146	$	116
Construction Industries		68		63
Resource Industries		100		97
Financial Products Segment		186		178
Total depreciation and amortization from reportable segments		500		454
Items not included in segment depreciation and amortization:
All Other Segment		68		63
Cost centers		28		24
Other		(1)		(1)
Total depreciation and amortization		$	595	$	540

Reconciliation of Capital expenditures:


Reconciliation of Capital expenditures:
(Millions of dollars)
	Three Months Ended March 31,
		2026		2025
Capital expenditures from reportable segments:
Power & Energy		$	291	$	240
Construction Industries		55		46
Resource Industries		125		110
Financial Products Segment		265		170
Total capital expenditures from reportable segments		736		566
Items not included in segment capital expenditures:
All Other Segment		22		36
Cost centers		29		27
Timing		259		295
Other		5		(6)
Total capital expenditures		$	1,051	$	918