v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Disaggregation of Revenue
The three and six months ended June 30, 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 RevenuesInter-Segment Sales and RevenuesTotal Sales and Revenues
Three Months Ended June 30, 2026
Power & Energy$4,182 $373 $1,348 $892 $6,795 $1,443 $8,238 
Construction Industries5,065 676 1,456 1,064 8,261 85 8,346 
Resource Industries2,230 671 713 954 4,568 80 4,648 
Financial Products Segment765 122 137 121 1,145 
1
— 1,145 
Total sales and revenues from reportable segments12,242 1,842 3,654 3,031 20,769 1,608 22,377 
All Other Segment9 1 2 3 15 69 84 
Corporate Items and Eliminations(157)(22)(31)(31)(241)(1,677)(1,918)
Total Sales and Revenues$12,094 $1,821 $3,625 $3,003 $20,543 $— $20,543 
Three Months Ended June 30, 2025
Power & Energy$3,225 $442 $1,306 $821 $5,794 $1,243 $7,037 
Construction Industries3,369 540 1,185 1,029 6,123 67 6,190 
Resource Industries1,668 592 584 945 3,789 97 3,886 
Financial Products Segment703 105 126 108 1,042 
1
— 1,042 
Total sales and revenues from reportable segments8,965 1,679 3,201 2,903 16,748 1,407 18,155 
All Other Segment6 — 1 6 13 72 85 
Corporate Items and Eliminations(120)(23)(22)(27)(192)(1,479)(1,671)
Total Sales and Revenues$8,851 $1,656 $3,180 $2,882 $16,569 $— $16,569 
1    Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $210 million and $172 million for the three months ended June 30, 2026 and 2025, respectively.
Sales and Revenues by Geographic Region
(Millions of dollars)
North
 America
Latin
 America
EAME
Asia/
 Pacific
External Sales and RevenuesInter-Segment Sales and RevenuesTotal Sales and Revenues
Six Months Ended June 30, 2026
Power & Energy$7,682 $651 $2,489 $1,686 $12,508 $2,761 $15,269 
Construction Industries9,357 1,326 2,655 2,025 15,363 144 15,507 
Resource Industries4,066 1,243 1,273 1,696 8,278 167 8,445 
Financial Products Segment1,506 233 270 232 2,241 
1
— 2,241 
Total sales and revenues from reportable segments22,611 3,453 6,687 5,639 38,390 3,072 41,462 
All Other Segment16 1 5 5 27 134 161 
Corporate Items and Eliminations(303)(41)(59)(56)(459)(3,206)(3,665)
Total Sales and Revenues$22,324 $3,413 $6,633 $5,588 $37,958 $— $37,958 
Six Months Ended June 30, 2025
Power & Energy$5,850 $768 $2,332 $1,498 $10,448 $2,372 $12,820 
Construction Industries6,273 1,044 2,052 1,898 11,267 107 11,374 
Resource Industries3,278 1,198 1,094 1,805 7,375 172 7,547 
Financial Products Segment1,385 204 248 212 2,049 
1
— 2,049 
Total sales and revenues from reportable segments16,786 3,214 5,726 5,413 31,139 2,651 33,790 
All Other Segment14 — 2 8 24 131 155 
Corporate Items and Eliminations(211)(43)(42)(49)(345)(2,782)(3,127)
Total Sales and Revenues$16,589 $3,171 $5,686 $5,372 $30,818 $— $30,818 
1    Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $393 million and $335 million for the six months ended June 30, 2026 and 2025, respectively.
For the three and six months ended June 30, 2026 and 2025, Power & Energy external sales by end user application were as follows:

Power & Energy External Sales
Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2026202520262025
Power Generation$3,098 $2,407 $5,915 $4,403 
Oil and Gas2,044 1,867 3,467 3,125 
Industrial1,653 1,520 3,126 2,920 
Power & Energy External Sales$6,795 $5,794 $12,508 $10,448 

For the three and six months ended June 30, 2026 and 2025, Resource Industries external sales by industry were as follows:

Resource Industries External Sales
Three Months Ended June 30,Six Months Ended June 30,
(Millions of dollars)2026202520262025
Mining, HC and Q&A*$3,685 $3,024 $6,639 $5,866 
Rail883 765 1,639 1,509 
Resource Industries External Sales$4,568 $3,789 $8,278 $7,375 
*Heavy Construction and Quarry & Aggregates (HC and Q&A)
Reconciliation of profit from reportable segments
Profit from Reportable Segments
(Millions of dollars)Power & EnergyConstruction IndustriesResource IndustriesFinancial Products SegmentTotal from Reportable Segments
Three Months Ended June 30, 2026
Sales and revenues$8,238 $8,346 $4,648 $1,145 $22,377 
Less 1:
Cost of goods sold5,433 5,862 3,384 — 14,679 
SG&A/R&D 2
787 529 545 221 2,082 
Other segment items 3
(9)8 26 596 621 
Segment Profit$2,027 $1,947 $693 $328 $4,995 
Three Months Ended June 30, 2025
Sales and revenues$7,037 $6,190 $3,886 $1,042 $18,155 
Less 1:
Cost of goods sold4,751 4,459 2,851 — 12,061 
SG&A/R&D 2
730 470 465 204 1,869 
Other segment items 3
2 17 7 590 616 
Segment Profit$1,554 $1,244 $563 $248 $3,609 
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, certain other (income) expense items, 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.
Profit from Reportable Segments
(Millions of dollars)Power & EnergyConstruction IndustriesResource IndustriesFinancial Products SegmentTotal from Reportable Segments
Six Months Ended June 30, 2026
Sales and revenues$15,269 $15,507 $8,445 $2,241 $41,462 
Less 1:
Cost of goods sold10,280 10,989 6,297 — 27,566 
SG&A/R&D 2
1,518 1,014 1,039 438 4,009 
Other segment items 3
(6)22 38 1,230 1,284 
Segment Profit$3,477 $3,482 $1,071 $573 $8,603 
Six Months Ended June 30, 2025
Sales and revenues$12,820 $11,374 $7,547 $2,049 $33,790 
Less 1:
Cost of goods sold8,585 8,177 5,463 — 22,225 
SG&A/R&D 2
1,421 921 904 399 3,645 
Other segment items 3
(28)8 (6)1,187 1,161 
Segment Profit$2,842 $2,268 $1,186 $463 $6,759 
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, certain other (income) expense items, 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 June 30,Six Months Ended June 30,
2026202520262025
Total profit from reportable segments$4,995 $3,609 $8,603 $6,759 
Profit (loss) from All Other Segment— — (43)(19)
Cost centers(5)(10)6 (6)
Corporate costs(370)(211)(676)(424)
Timing345 (76)427 (83)
Restructuring income (costs)(202)(56)(243)(89)
Methodology differences:
Inventory/cost of sales17 (21)32 (48)
Postretirement benefit expense(123)(67)(119)(53)
Stock-based compensation expense(84)(85)(132)(130)
Financing costs(8)(68)(62)(114)
Currency64 (95)153 (149)
Other income/expense methodology differences(57)(86)(152)(228)
Other methodology differences(14)(16)(25)(28)
Total consolidated profit before taxes$4,558 $2,818 $7,769 $5,388 
Reconciliation of Assets:
Reconciliation of Assets:
(Millions of dollars)June 30, 2026December 31, 2025
Assets from reportable segments:
Power & Energy$7,330 $8,438 
Construction Industries6,176 5,442 
Resource Industries9,673 9,036 
Financial Products Segment43,777 41,476 
Total assets from reportable segments66,956 64,392 
Assets from All Other Segment1,476 1,516 
Items not included in segment assets:
Cash and cash equivalents5,945 9,333 
Deferred income taxes2,162 2,749 
Goodwill and intangible assets4,752 4,669 
Property, plant and equipment – net and other assets5,011 4,689 
Inventory methodology differences(4,044)(3,622)
Liabilities included in segment assets19,369 15,330 
Other982 (471)
Total assets$102,609 $98,585 
Reconciliation of Depreciation and amortization:
Reconciliation of Depreciation and amortization:
(Millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Depreciation and amortization from reportable segments:
   Power & Energy$157 $121 $303 $237 
   Construction Industries69 66 137 129 
   Resource Industries107 99 207 196 
   Financial Products Segment187 178 373 356 
Total depreciation and amortization from reportable segments520 464 1,020 918 
Items not included in segment depreciation and amortization:
All Other Segment71 66 139 129 
Cost centers27 25 55 49 
Other(2)(1)(3)(2)
Total depreciation and amortization$616 $554 $1,211 $1,094 
Reconciliation of Capital expenditures:
Reconciliation of Capital expenditures:
(Millions of dollars)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Capital expenditures from reportable segments:
Power & Energy$328 $374 $619 $614 
Construction Industries99 64 154 110 
Resource Industries173 111 298 221 
Financial Products Segment452 379 717 549 
Total capital expenditures from reportable segments1,052 928 1,788 1,494 
Items not included in segment capital expenditures:
All Other Segment59 59 81 95 
Cost centers42 35 71 62 
Timing(21)(70)238 225 
Other(21)3 (16)(3)
Total capital expenditures$1,111 $955 $2,162 $1,873