v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Disaggregation of Revenue
The three and nine months ended September 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 September 30, 2026
Power & Energy$4,395 $435 $1,580 $878 $7,288 $1,496 $8,784 
Construction Industries4,796 825 1,366 925 7,912 71 7,983 
Resource Industries2,180 759 674 916 4,529 86 4,615 
Financial Products Segment780 132 142 123 1,177 
1
— 1,177 
Total sales and revenues from reportable segments12,151 2,151 3,762 2,842 20,906 1,653 22,559 
All Other Segment9 — 3 3 15 57 72 
Corporate Items and Eliminations(143)(27)(37)(32)(239)(1,710)(1,949)
Total Sales and Revenues$12,017 $2,124 $3,728 $2,813 $20,682 $— $20,682 
Three Months Ended September 30, 2025
Power & Energy$3,478 $496 $1,296 $911 $6,181 $1,282 $7,463 
Construction Industries3,912 654 1,217 904 6,687 73 6,760 
Resource Industries1,721 605 612 977 3,915 84 3,999 
Financial Products Segment722 118 130 106 1,076 
1
— 1,076 
Total sales and revenues from reportable segments9,833 1,873 3,255 2,898 17,859 1,439 19,298 
All Other Segment5 — 2 3 10 63 73 
Corporate Items and Eliminations(157)(23)(26)(25)(231)(1,502)(1,733)
Total Sales and Revenues$9,681 $1,850 $3,231 $2,876 $17,638 $— $17,638 
1    Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $218 million and $187 million for the three months ended September 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
Nine Months Ended September 30, 2026
Power & Energy$12,077 $1,086 $4,069 $2,564 $19,796 $4,257 $24,053 
Construction Industries14,153 2,151 4,021 2,950 23,275 215 23,490 
Resource Industries6,246 2,002 1,947 2,612 12,807 253 13,060 
Financial Products Segment2,286 365 412 355 3,418 
1
— 3,418 
Total sales and revenues from reportable segments34,762 5,604 10,449 8,481 59,296 4,725 64,021 
All Other Segment25 1 8 8 42 191 233 
Corporate Items and Eliminations(446)(68)(96)(88)(698)(4,916)(5,614)
Total Sales and Revenues$34,341 $5,537 $10,361 $8,401 $58,640 $— $58,640 
Nine Months Ended September 30, 2025
Power & Energy$9,328 $1,264 $3,628 $2,409 $16,629 $3,654 $20,283 
Construction Industries10,185 1,698 3,269 2,802 17,954 180 18,134 
Resource Industries4,999 1,803 1,706 2,782 11,290 256 11,546 
Financial Products Segment2,107 322 378 318 3,125 
1
— 3,125 
Total sales and revenues from reportable segments26,619 5,087 8,981 8,311 48,998 4,090 53,088 
All Other Segment19 — 4 11 34 194 228 
Corporate Items and Eliminations(368)(66)(68)(74)(576)(4,284)(4,860)
Total Sales and Revenues$26,270 $5,021 $8,917 $8,248 $48,456 $— $48,456 
1    Includes revenues from Power & Energy, Construction Industries, Resource Industries, and All Other Segment of $611 million and $522 million for the nine months ended September 30, 2026 and 2025, respectively.
For the three and nine months ended September 30, 2026 and 2025, Power & Energy external sales by end user application were as follows:

Power & Energy External Sales
Three Months Ended September 30,Nine Months Ended September 30,
(Millions of dollars)2026202520262025
Power Generation$3,421 $2,634 $9,336 $7,037 
Oil and Gas2,236 1,979 5,703 5,104 
Industrial1,631 1,568 4,757 4,488 
Power & Energy External Sales$7,288 $6,181 $19,796 $16,629 

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

Resource Industries External Sales
Three Months Ended September 30,Nine Months Ended September 30,
(Millions of dollars)2026202520262025
Mining, HC and Q&A*$3,697 $3,036 $10,336 $8,901 
Rail832 879 2,471 2,389 
Resource Industries External Sales$4,529 $3,915 $12,807 $11,290 
*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 September 30, 2026
Sales and revenues$8,784 $7,983 $4,615 $1,177 $22,559 
Less 1:
Cost of goods sold5,883 5,639 3,470 — 14,992 
SG&A/R&D 2
770 533 502 242 2,047 
Other segment items 3
(12)(20)21 671 660 
Segment Profit$2,143 $1,831 $622 $264 $4,860 
Three Months Ended September 30, 2025
Sales and revenues$7,463 $6,760 $3,999 $1,076 $19,298 
Less 1:
Cost of goods sold5,101 4,874 2,994 — 12,969 
SG&A/R&D 2
724 472 461 215 1,872 
Other segment items 3
5 37 — 620 662 
Segment Profit$1,633 $1,377 $544 $241 $3,795 
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
Nine Months Ended September 30, 2026
Sales and revenues$24,053 $23,490 $13,060 $3,418 $64,021 
Less 1:
Cost of goods sold16,163 16,628 9,767 — 42,558 
SG&A/R&D 2
2,288 1,547 1,541 680 6,056 
Other segment items 3
(18)2 59 1,901 1,944 
Segment Profit$5,620 $5,313 $1,693 $837 $13,463 
Nine Months Ended September 30, 2025
Sales and revenues$20,283 $18,134 $11,546 $3,125 $53,088 
Less 1:
Cost of goods sold13,686 13,051 8,457 — 35,194 
SG&A/R&D 2
2,145 1,393 1,365 614 5,517 
Other segment items 3
(23)45 (6)1,807 1,823 
Segment Profit$4,475 $3,645 $1,730 $704 $10,554 
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 September 30,Nine Months Ended September 30,
2026202520262025
Total profit from reportable segments$4,860 $3,795 $13,463 $10,554 
Profit (loss) from All Other Segment(2)(6)(45)(25)
Cost centers17 6 23 — 
Corporate costs(333)(308)(1,009)(732)
Timing(114)(119)313 (202)
Restructuring income (costs)(41)(37)(284)(126)
Methodology differences:
Inventory/cost of sales65 56 97 8 
Postretirement benefit expense82 (63)(37)(116)
Stock-based compensation expense(70)(66)(202)(196)
Financing costs(13)(54)(75)(168)
Currency20 18 173 (131)
Other income/expense methodology differences(214)(89)(366)(317)
Other methodology differences(37)(6)(62)(34)
Total consolidated profit before taxes$4,220 $3,127 $11,989 $8,515 
Reconciliation of Assets:
Reconciliation of Assets:
(Millions of dollars)September 30, 2026December 31, 2025
Assets from reportable segments:
Power & Energy$7,352 $8,438 
Construction Industries6,383 5,442 
Resource Industries10,000 9,036 
Financial Products Segment44,782 41,476 
Total assets from reportable segments68,517 64,392 
Assets from All Other Segment1,562 1,516 
Items not included in segment assets:
Cash and cash equivalents7,102 9,333 
Deferred income taxes2,096 2,749 
Goodwill and intangible assets4,743 4,669 
Property, plant and equipment – net and other assets5,185 4,689 
Inventory methodology differences(4,029)(3,622)
Liabilities included in segment assets21,051 15,330 
Other616 (471)
Total assets$106,843 $98,585 
Reconciliation of Depreciation and amortization:
Reconciliation of Depreciation and amortization:
(Millions of dollars)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Depreciation and amortization from reportable segments:
   Power & Energy$168 $132 $471 $369 
   Construction Industries72 67 209 196 
   Resource Industries83 100 290 296 
   Financial Products Segment191 178 564 534 
Total depreciation and amortization from reportable segments514 477 1,534 1,395 
Items not included in segment depreciation and amortization:
All Other Segment74 68 213 197 
Cost centers28 26 83 75 
Other(1)(1)(4)(3)
Total depreciation and amortization$615 $570 $1,826 $1,664 
Reconciliation of Capital expenditures:
Reconciliation of Capital expenditures:
(Millions of dollars)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Capital expenditures from reportable segments:
Power & Energy$391 $368 $1,010 $982 
Construction Industries115 86 269 196 
Resource Industries151 162 449 383 
Financial Products Segment330 359 1,047 908 
Total capital expenditures from reportable segments987 975 2,775 2,469 
Items not included in segment capital expenditures:
All Other Segment90 72 171 167 
Cost centers56 38 127 100 
Timing(68)(6)170 219 
Other(1)(8)(17)(11)
Total capital expenditures$1,064 $1,071 $3,226 $2,944