I'm building a discounted-cash-flow model for Caterpillar (NYSE: CAT). From its most recent annual report (the FY2025 Form 10-K, fiscal year ended December 31, 2025), assemble the inputs I need for an unlevered free-cash-flow DCF: the revenue trajectory (FY2023-FY2025), FY2025 operating profit and the effective tax rate, the non-cash add-backs (depreciation & amortization and stock-based compensation), capital expenditures, operating cash flow and free cash flow, the net-debt bridge (ALL interest-bearing debt plus cash & equivalents), total shareholders' equity and the diluted share count, the below-the-line restructuring charge to normalize, and management's forward growth outlook. Give the as-filed figures.

# CATERPILLAR INC (CAT)

Sector: Industrials | Industry: Capital Goods

**Leadership:** **CEO:** Joseph E. Creed · **CFO:** Kyle J. Epley _(per 2026-05-06 filing)_

**Investor Relations:** investors.caterpillar.com/…↗⧉ — earnings decks / IR materials (operational KPIs and forward schedules often live in the deck, not SEC filings)

## Business Model

**Tags:** hardware_sale · contract_manufacturing · robotics_automation · enterprise_b2b_large · global_diversified · services_project · financial_services_traditional · regulated_industry
**Revenue Mix:** hardware_sale 70% · financial_services_traditional 20% · services_project 10%
**SIC:** accurate

Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway engines, industrial gas turbines, and diesel-electric locomotives. The company generates revenue primarily through the sale of this heavy machinery and related parts, services, and financing solutions to customers globally.

**TTM Data as of:** 2026-03-31 (10-Q)
**MRQ Data as of:** 2026-03-31

**Current Price:** $1022.28 (as of 2026-06-22) · 1d 3.70% · 1w 12.27% · 1m 15.08% · YTD 70.83% · 1y 190.59%
**52w Range:** $344.67 – $1022.28 · 0.00% from high · 196.60% from low

## Key Signals

- Revenue (TTM): $70.75B (11.85% YoY)
- Gross Margin: 33.44% (sector P53)
- ROIC: 26.56% (sector P100)

## Valuation

- **Market Cap:** $330.83B
- **Enterprise Value:** $336.46B
- **P/E Ratio (TTM):** 35.08x
- **EV/Sales:** 4.76x
- **EV/FCF:** 35.49x
- **EV/EBITDA:** 24.08x
- **PEG Ratio:** 2.96x
- **Dividend Yield:** 0.84%
- **Total Shareholder Yield:** 2.82%

## Profitability (TTM)

- **Revenue:** $70.75B
- **Net Income:** $9.43B
- **Revenue Growth (YoY):** 11.85%

**Margins:**
- Gross Margin: 33.44% (sector median: 31.92%, 53th pctl)
- Operating Margin: 16.48% (sector median: 7.05%, 80th pctl)
- Net Margin: 13.33%
- FCF Margin: 13.40% (sector median: 4.76%, 81th pctl)

**Returns:**
- ROE: 47.74% (sector median: 9.02%, 100th pctl)
- ROA: 10.12%
- ROIC: 26.56% (sector median: 7.17%, 100th pctl)

## Business Segments (FY2025)

- **Total from Reportable Segments:** $73.95B · 12.76% YoY
- **Power & Energy:** $27.14B · 288.87% YoY
- **Construction Industries:** $24.80B · -2.15% YoY
- **Resource Industries:** $12.19B · 0.70% YoY
- **Financial Products:** $712.00M · -82.43% YoY
- **Other Operating:** -$281.00M · -880.56% YoY

## Geographic Mix (FY2025)

- **North America:** $36.61B · 6.43% YoY
- **Non-US:** $34.71B · 1.53% YoY
- **Inside United States:** $32.88B · 7.37% YoY
- **Latin America:** -$89.00M · 2.30% YoY
- **Asia Pacific:** -$96.00M · -100.84% YoY
- **EAME:** -$97.00M · -100.79% YoY

**Trends (8Q):**
- ROIC: declining · vol 5.75%
- NOPAT Margin: declining · median 14.04%
- P/E: improving · median 80.91x · vol 23.70x (noisy)
- EV/EBITDA: improving · median 53.76x · vol 18.13x (noisy)
- EV/FCF: improving · median 71.40x · vol 104.06x (noisy)

**Historical Distribution (5Y):**
- P/E: median 65.38x · p25 54.96x · p75 78.78x · p90 98.58x (20q)
- EV/EBITDA: median 48.54x · p25 38.61x · p75 53.54x · p90 63.62x (20q)
- EV/FCF: median 60.46x · p25 44.50x · p75 104.57x · p90 140.15x (20q)

## Cash Flow (TTM)

- **Operating Cash Flow:** $12.32B
- **Free Cash Flow:** $9.48B
- **CapEx:** $2.84B
- **FCF Yield:** 2.87%

## Balance Sheet (MRQ)

- **Total Debt:** $4.73B
- **Cash & Investments:** $4.07B
- **Net Cash:** -$657.00M
- **Debt/Equity:** 0.25x

## Capital Allocation

- **Buybacks (TTM):** $6.56B
- **Buyback Yield:** 1.98%
- **Dividends Paid (TTM):** $3.49B
- **Dividend Payout Ratio:** 29.46%
- **Total Capital Returned (TTM):** $9.34B
- **Capital Return / Net Income:** 98.47%

## Latest Earnings

**Q1 2026 FY2026** (filed 2026-04-30)

Caterpillar reported a strong start to 2026 with significant revenue growth driven by higher sales volume and favorable price realization. The company's disciplined execution and robust order activity in a dynamic environment contributed to a solid performance, supported by a substantial backlog.

**Positives:**
- Sales and revenues increased 22% to $17.4 billion, driven by higher sales volume and favorable price realization.
- Construction Industries segment sales increased by 38% to $7.161 billion.
- Power & Energy segment sales increased by 22% to $7.031 billion.
- The company deployed $5.7 billion of cash for share repurchases and dividends in the first quarter.

**Concerns:**
- Operating profit margin decreased to 17.7% from 18.1% in the prior year, and adjusted operating profit margin decreased to 18.0% from 18.3%.
- Resource Industries segment profit decreased by 39% to $378 million, primarily due to unfavorable manufacturing costs.
- Unfavorable manufacturing costs, largely reflecting higher tariff costs, impacted multiple segments.
- Inventories increased by $1.5 billion, contributing to higher sales volume but also indicating a potential build-up.
- Write-offs, net of recoveries, for Financial Products increased to $29 million from $20 million in the prior year.

## Data Availability

- **Metrics through:** 2026-03-31 (10-Q)
- **Latest earnings (8-K):** Q1 2026 (filed 2026-04-30)
- **Deep analysis:** metricduck.com/…↗⧉

---
*Source — figures are latest-period/TTM values derived from CAT's most recent SEC filings (USD, as of 2026-03-31). Primary source — SEC EDGAR: sec.gov/…↗⧉

# CATERPILLAR INC (CAT) — SEC Filings

**2 filings** found

## 10-K — FY2025 (filed 2026-02-13)
Accession: 0000018230-26-000008 | 60 sections | 133 tables

## 10-K — FY2024 (filed 2025-02-14)
Accession: 0000018230-25-000008 | 59 sections | 132 tables

**Tip:** Use `get_filing_section` with a section_id and accession_number above to read section content.

# CAT - Income Statement (Annual)

**Showing 3 periods** (most recent first)

**Period-over-period change (FY2025 vs FY2024, YoY):**
- **Revenue**: $67.59B (was $64.81B; +4.3%)
- **Cost of Revenue (COGS)**: $49.00M (was $33.00M; +48.5%)
- **Gross Profit**: $67.54B (was $64.78B; +4.3%)
- **R&D Expenses**: $2.15B (was $2.11B; +1.9%)
- **SG&A Expenses**: $6.99B (was $6.67B; +4.8%)
- **Operating Expenses**: $56.44B (was $51.74B; +9.1%)
- **Operating Income**: $11.15B (was $13.07B; -14.7%)
- **Net Income**: $8.88B (was $10.79B; -17.7%)
- **EPS (Diluted)**: $18.81 (was $22.05; -14.7%)
- **Diluted Shares Outstanding**: 472.30M (was 489.40M; -3.5%)
- **Gross Margin**: 99.93% (was 99.95%; -0.02pp (-2bp))
- **Operating Margin**: 16.50% (was 20.17%; -3.67pp (-367bp))
- **Net Margin**: 13.14% (was 16.65%; -3.51pp (-351bp))

*Source — original disclosing filing per period: FY2025 → 0000018230-26-000008 (filed 2026-02-13) · FY2024 → 0000018230-25-000008 (filed 2025-02-14) · FY2023 → 0000018230-24-000009 (filed 2024-02-16). Per-period `mdck` + EDGAR index links are in the `

` block.*
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# CAT - Balance Sheet (Annual)

**Showing 3 periods** (most recent first)

**Period-over-period change (FY2025 vs FY2024, YoY):**
- **Total Assets**: $98.58B (was $87.76B; +12.3%)
- **Current Assets**: $52.48B (was $45.68B; +14.9%)
- **  Cash & Equivalents**: $9.98B (was $6.89B; +44.9%)
- **  Accounts Receivable**: $10.92B (was $9.28B; +17.6%)
- **  Inventory**: $18.14B (was $16.83B; +7.8%)
- **PP&E (Net)**: $15.14B (was $13.36B; +13.3%)
- **Goodwill**: $5.32B (was $5.24B; +1.5%)
- **Intangible Assets**: $241.00M (was $399.00M; -39.6%)
- **Total Liabilities**: $77.27B (was $68.27B; +13.2%)
- **Current Liabilities**: $36.56B (was $32.27B; +13.3%)
- **  Accounts Payable**: $8.97B (was $7.67B; +16.8%)
- **Short-Term Debt**: $5.51B (was $4.39B; +25.5%)
- **Long-Term Debt**: $30.70B (was $27.35B; +12.2%)
- **Total Debt**: $36.21B (was $31.74B; +14.1%)
- **Total Equity**: $21.32B (was $19.49B; +9.4%)
- **Shares Outstanding**: 465.30M (was 477.90M; -2.6%)
- **Current Ratio**: 1.44x (was 1.42x; +1.4%)
- **Debt/Equity**: 1.70x (was 1.63x; +4.3%)
- **Inventory Turnover**: 0.00x (was 0.00x; +41.8%)

*Source — original disclosing filing per period: FY2025 → 0000018230-26-000008 (filed 2026-02-13) · FY2024 → 0000018230-25-000008 (filed 2025-02-14) · FY2023 → 0000018230-24-000009 (filed 2024-02-16). Per-period `mdck` + EDGAR index links are in the `

` block.*
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# CAT - Cash Flow Statement (Annual)

**Showing 3 periods** (most recent first)

**Period-over-period change (FY2025 vs FY2024, YoY):**
- **Operating Cash Flow**: $11.74B (was $12.04B; -2.5%)
- **Depreciation & Amortization**: $2.26B (was $2.15B; +5.1%)
- **Stock-Based Compensation**: $242.00M (was $223.00M; +8.5%)
- **Deferred Income Taxes**: $465.00M (was -$621.00M; +174.9%)
- **Working Capital Change**: $1.64B (was -$326.00M; +601.5%)
- **  Change in Inventory**: -$1.48B (was -$414.00M; -256.8%)
- **  Change in A/P**: $1.18B (was -$282.00M; +518.1%)
- **Capital Expenditures**: -$2.82B (was -$1.99B; -41.9%)
- **Free Cash Flow**: $8.92B (was $10.05B; -11.2%)
- **FCF Margin**: 13.19% (was 15.50%; -2.31pp (-231bp))
- **Dividends Paid**: -$2.79B (was -$2.69B; -3.6%)
- **Dividends Per Share (Common)**: $5.9400 (was $5.5300; +7.4%)
- **Dividend Payout Ratio**: 31.38% (was 24.93%; +6.46pp (+646bp))
- **Share Repurchases**: -$5.19B (was -$7.70B; +32.6%)
- **Investing Cash Flow**: -$4.71B (was -$2.45B; -91.9%)
- **Financing Cash Flow**: -$3.90B (was -$9.56B; +59.2%)

*Source — original disclosing filing per period: FY2025 → 0000018230-26-000008 (filed 2026-02-13) · FY2024 → 0000018230-25-000008 (filed 2025-02-14) · FY2023 → 0000018230-24-000009 (filed 2024-02-16). Per-period `mdck` + EDGAR index links are in the `

` block.*
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**Next:** Use compare_companies() for peer benchmarking, get_filing_index() for a qualitative signal map, or get_stock_price() for the share-price / return leg of a valuation.

# CAT — footnote_restructuring
10-K FY FY2025 (filed 2026-02-13)
~515 words | Chunks 1-1 of 1

[CAT | 10-K FY 2025 | Restructuring and Related Charges | Chunk 1/1]

Restructuring income/costs

Our accounting for employee separations is dependent upon how the particular program is designed. For voluntary programs, we recognize eligible separation costs at the time of employee acceptance unless the acceptance requires explicit approval by the company. For involuntary programs, we recognize eligible costs when management has approved the program, the affected employees have been properly notified and the costs are estimable.
Restructuring costs for 2025, 2024 and 2023 were as follows:

| (Millions of dollars) | | 2025 | | 2024 | | 2023 |
| Employee separations1 | | $106 | | $64 | | $74 |
| Divestitures1 | | 30 | | 164 | | 586 |
| Contract terminations1 | | 4 | | 7 | | 7 |
| Long-lived asset impairments1 | | 17 | | 6 | | 3 |
| Other2 | | 291 | | 118 | | 110 |
| Total restructuring (income) costs | | $448 | | $359 | | $780 |
| 1Recognized in Other operating (income) expenses. | | | | | | |
| 2Represents costs related to our restructuring programs, primarily for inventory write-downs, pro... | | | | | | |

[XBRL Context: This table contains restructuring charges data (us-gaap:RestructuringCharges). Employee separations1: 106 (raw: 106000000.0, concept: us-gaap:RestructuringCharges). Divestitures1: 30 (raw: 30000000.0, concept: us-gaap:RestructuringCharges). Contract terminations1: 4 (raw: 4000000.0, concept: us-gaap:RestructuringCharges). Long-lived asset impairments1: 17 (raw: 17000000.0, concept: us-gaap:RestructuringCharges). Other2: 291 (raw: 291000000.0, concept: us-gaap:RestructuringCharges). ]

The restructuring costs in 2025 were related to restructuring actions across the company including write-downs in the value of inventory in the Rail division. The restructuring costs in 2024 were related to restructuring actions across the company including the divestitures of certain non-U.S. entities. The restructuring costs in 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries.

In 2025, 2024 and 2023, all restructuring costs were excluded from segment profit.

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/footnote_restructuring#c0

End of section.

**Structured tables in this filing** — disaggregated figures behind this section's prose. Query these (not the prose) for the numbers:
- `table_debt_maturities` — Debt Maturities Schedule
- `table_deferred_taxes` — Deferred Tax Assets and Liabilities
- `table_eps` — Earnings Per Share Computation
- `table_fair_value` — Fair Value Measurements Schedule
- `table_goodwill` — Goodwill Schedule
- `table_revenue_disaggregation` — Revenue Disaggregation
Or read the as-filed percentages directly: `get_xbrl_facts(cik="0000018230", search="concentration")` (revenue share by customer / channel / geography / product).

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

# CAT — mda_outlook
10-K FY FY2025 (filed 2026-02-13)
~2,975 words | Chunks 1-7 of 7

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 1/7]

For a discussion of recent accounting pronouncements, see Note 1J — “New accounting guidance” of Part II, Item 8 “Financial Statements and Supplementary Data.”

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts. The more significant estimates include: residual values for leased assets, fair values for goodwill impairment tests, warranty liability, reserves for product liability and insurance losses, postretirement benefits, post-sale discounts, credit losses and income taxes. We have incorporated many years of data into the determination of each of these estimates and we have not historically experienced significant adjustments. We review these assumptions at least annually with the Audit Committee of the Board of Directors. Following are the methods and assumptions used in determining our estimates and an indication of the risks inherent in each.

Residual values for leased assets
— We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value.  We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends.  We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

Residual values for leased assets

— We determine the residual value of Cat Financial’s leased equipment based on its estimated end-of-term market value.  We estimate the residual value of leased equipment at the inception of the lease based on a number of factors, including historical wholesale market sales prices, past remarketing experience and any known significant market/product trends.  We also consider the following critical factors in our residual value estimates: lease term, market size and demand, total expected hours of usage, machine configuration, application, location, model changes, quantities, third-party residual guarantees and contractual customer purchase options.

Upon termination of the lease, the equipment is either purchased by the lessee or sold to a third-party, in which case we may record a gain or a loss for the difference between the estimated residual value and the sale proceeds.

During the term of our leases, we monitor residual values.  For operating leases, we record adjustments to depreciation expense reflecting changes in residual value estimates prospectively on a straight-line basis.  For finance leases, we recognize residual value adjustments through a reduction of finance revenue over the remaining lease term.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 2/7]

We evaluate the carrying value of equipment on operating leases for potential impairment when we determine a triggering event has occurred.  When a triggering event occurs, we perform a test for recoverability by comparing projected undiscounted future cash flows to the carrying value of the equipment on operating leases.  If the test for recoverability identifies a possible impairment, we measure the fair value of the equipment on operating leases in accordance with the fair value measurement framework.  We recognize an impairment charge for the amount by which the carrying value of the equipment on operating leases exceeds its estimated fair value.

At December 31, 2025, the aggregate residual value of equipment on operating leases was $1.57 billion.  Without consideration of other factors such as third-party residual guarantees or contractual customer purchase options, a 10 percent non-temporary decrease in the market value of our equipment subject to operating leases would reduce residual value estimates and result in the recognition of approximately $65 million of additional annual depreciation expense.

Fair values for goodwill impairment tests —
We test goodwill for impairment annually, at the reporting unit level, and whenever events or circumstances make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell all or a portion of a reporting unit.  We perform our annual goodwill impairment test as of October 1 and monitor for interim triggering events on an ongoing basis.

Fair values for goodwill impairment tests —

We test goodwill for impairment annually, at the reporting unit level, and whenever events or circumstances make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell all or a portion of a reporting unit.  We perform our annual goodwill impairment test as of October 1 and monitor for interim triggering events on an ongoing basis.

We review goodwill for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test.  If we choose to perform a qualitative assessment and determine the fair value more likely than not exceeds the carrying value, no further evaluation is necessary.  For reporting units where we perform the quantitative goodwill impairment test, we compare the fair value of each reporting unit, which we primarily determine using an income approach based on the present value of discounted cash flows, to the respective carrying value, which includes goodwill.  If the fair value of the reporting unit exceeds its carrying value, we do not consider the goodwill impaired.  If the carrying value is higher than the fair value, we recognize the difference as an impairment loss.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 3/7]

For reporting units where we perform a quantitative goodwill impairment test, the process requires valuation of the respective reporting unit, which we primarily determine using an income approach based on a discounted five year forecasted cash flow with a year-five residual value.  We compute the residual value using the constant growth method, which values the forecasted cash flows in perpetuity.  The assumptions about future cash flows and growth rates are based on each reporting unit's long-term forecast and are subject to review and approval by senior management.  A reporting unit’s discount rate is a risk-adjusted weighted average cost of capital, which we believe approximates the rate from a market participant’s perspective.  The estimated fair value could be impacted by changes in market conditions, interest rates, growth rates, tax rates, costs, pricing and capital expenditures.  We categorize the fair value determination as Level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs.

The Company completed its annual goodwill impairment tests in the fourth quarter of 2025. Based on those tests, the fair value of each reporting unit was substantially above its respective carrying value, including goodwill, resulting in no impairment charges. Caterpillar's market capitalization has remained significantly above the net book value of the Company.

An unfavorable change in our expectations for the financial performance of our reporting units, particularly long-term growth and profitability, would reduce the fair value of our reporting units.  The demand for our equipment and related parts is highly cyclical and significantly impacted by commodity prices, although the impact may vary by reporting unit.  The energy and mining industries are major users of our products, including the mineral extraction, oil and natural gas industries.  Decisions to purchase our products are dependent upon the performance of those industries, which in turn are dependent in part on commodity prices.  Lower commodity prices or industry specific circumstances that have a negative impact to the valuation assumptions may reduce the fair value of our reporting units.  Should such events occur and it becomes more likely than not that a reporting unit’s fair value has fallen below its carrying value, we will perform an interim goodwill impairment test(s), in addition to the annual impairment test.  Future impairment tests may result in a goodwill impairment, depending on the outcome of the quantitative impairment test.  We would report a goodwill impairment as a non-cash charge to earnings.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 4/7]

Product warranty liability
— At the time we recognize a sale, we record estimated future warranty costs.  We determine the product warranty liability by applying historical claim rate experience to the current field population and dealer inventory.  Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America).  We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience.  Warranty costs may differ from those estimated if actual claim rates are higher or lower than our historical rates.

Product warranty liability

— At the time we recognize a sale, we record estimated future warranty costs.  We determine the product warranty liability by applying historical claim rate experience to the current field population and dealer inventory.  Generally, we base historical claim rates on actual warranty experience for each product by machine model/engine size by customer or dealer location (inside or outside North America).  We develop specific rates for each product shipment month and update them monthly based on actual warranty claim experience.  Warranty costs may differ from those estimated if actual claim rates are higher or lower than our historical rates.

Product liability and insurance loss reserve
— We determine these reserves based upon reported claims in process of settlement and actuarial estimates for losses incurred but not reported. Loss reserves, including incurred but not reported reserves, are based on estimates, and ultimate settlements may vary significantly from such estimates due to increased claims frequency or severity over historical levels. The amount of these reserves totaled $1.6 billion and $1.5 billion at December 31, 2025 and 2024, respectively.  The majority of the balance in both 2025 and 2024 consisted of unearned insurance premiums.

Product liability and insurance loss reserve

— We determine these reserves based upon reported claims in process of settlement and actuarial estimates for losses incurred but not reported. Loss reserves, including incurred but not reported reserves, are based on estimates, and ultimate settlements may vary significantly from such estimates due to increased claims frequency or severity over historical levels. The amount of these reserves totaled $1.6 billion and $1.5 billion at December 31, 2025 and 2024, respectively.  The majority of the balance in both 2025 and 2024 consisted of unearned insurance premiums.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 5/7]

Postretirement benefits
— We sponsor defined benefit pension plans and/or other postretirement benefit plans (retirement healthcare and life insurance) to employees in many of our locations throughout the world.  There are assumptions used in the accounting for these defined benefit plans that include discount rate, expected return on plan assets, expected rate of compensation increase, the future health care cost trend rate, mortality and other economic and demographic assumptions.  The actuarial assumptions we use may change or differ significantly from actual results, which may result in a material impact to our consolidated financial statements.

Postretirement benefits

— We sponsor defined benefit pension plans and/or other postretirement benefit plans (retirement healthcare and life insurance) to employees in many of our locations throughout the world.  There are assumptions used in the accounting for these defined benefit plans that include discount rate, expected return on plan assets, expected rate of compensation increase, the future health care cost trend rate, mortality and other economic and demographic assumptions.  The actuarial assumptions we use may change or differ significantly from actual results, which may result in a material impact to our consolidated financial statements.

The effects of actual results differing from our assumptions and the effects of changing assumptions are considered actuarial gains or losses. We utilize a mark-to-market approach in recognizing actuarial gains or losses immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.

Primary actuarial assumptions were determined as follows:

•
The discount rate is used to discount the future benefit obligations back to today’s dollars.  The U.S. discount rate is based on a benefit cash flow-matching approach and represents the rate at which our benefit obligations could effectively be settled as of our measurement date, December 31.  The benefit cash flow-matching approach involves analyzing Caterpillar’s projected cash flows against a high quality bond yield curve, calculated using a wide population of corporate Aa bonds available on the measurement date.  We use a similar approach to determine the assumed discount rate for our most significant non-U.S. plans.  In estimating the service and interest cost components of net periodic benefit cost, we utilize a full yield curve approach in determining a discount rate.  This approach applies the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. Discount rates are sensitive to changes in interest rates.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 6/7]

The discount rate is used to discount the future benefit obligations back to today’s dollars.  The U.S. discount rate is based on a benefit cash flow-matching approach and represents the rate at which our benefit obligations could effectively be settled as of our measurement date, December 31.  The benefit cash flow-matching approach involves analyzing Caterpillar’s projected cash flows against a high quality bond yield curve, calculated using a wide population of corporate Aa bonds available on the measurement date.  We use a similar approach to determine the assumed discount rate for our most significant non-U.S. plans.  In estimating the service and interest cost components of net periodic benefit cost, we utilize a full yield curve approach in determining a discount rate.  This approach applies the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. Discount rates are sensitive to changes in interest rates.

•
The expected rate of return on plan assets is based on our estimate of long-term returns for equities and fixed income securities weighted by the allocation of our plan assets.  This rate is impacted by changes in general market conditions, but because it represents a long-term rate, it is not significantly impacted by short-term market swings.  Changes in our allocation of plan assets would also impact this rate.  For example, a shift to more fixed income securities would lower the rate.  The expected return on plan assets is based on asset allocations as of our measurement date, December 31.

The expected rate of return on plan assets is based on our estimate of long-term returns for equities and fixed income securities weighted by the allocation of our plan assets.  This rate is impacted by changes in general market conditions, but because it represents a long-term rate, it is not significantly impacted by short-term market swings.  Changes in our allocation of plan assets would also impact this rate.  For example, a shift to more fixed income securities would lower the rate.  The expected return on plan assets is based on asset allocations as of our measurement date, December 31.

•
We use the expected rate of compensation increase to develop benefit obligations using projected pay at retirement.  It represents average long-term salary increases.  This rate is influenced by our long-term compensation policies.

We use the expected rate of compensation increase to develop benefit obligations using projected pay at retirement.  It represents average long-term salary increases.  This rate is influenced by our long-term compensation policies.

•
The assumed health care cost trend rate represents the rate at which costs are assumed to increase and is based on historical and expected experience.  Changes in our projections of future health care costs due to general economic conditions and those specific to health care (e.g., technology driven cost changes) will impact this trend rate.

[CAT | 10-K FY 2025 | Outlook and Guidance | Chunk 7/7]

The assumed health care cost trend rate represents the rate at which costs are assumed to increase and is based on historical and expected experience.  Changes in our projections of future health care costs due to general economic conditions and those specific to health care (e.g., technology driven cost changes) will impact this trend rate.

•
We use the mortality assumption to estimate the life expectancy of plan participants.

We use the mortality assumption to estimate the life expectancy of plan participants.

Postretirement Benefit Plan Actuarial Assumptions Sensitivity

The effects of a one percentage-point change in certain actuarial assumptions on 2025 pension and OPEB costs and obligations are as follows:

2025 Benefit Cost Increase (Decrease)
Year-end Benefit Obligation Increase (Decrease)

2025 Benefit Cost Increase (Decrease)

Year-end Benefit Obligation Increase (Decrease)

(Millions of dollars)
One percentage-
point increase
One percentage-
point decrease
One percentage-
point increase
One percentage-
point decrease

(Millions of dollars)

One percentage-
point increase

One percentage-
point decrease

One percentage-
point increase

One percentage-
point decrease

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/mda_outlook#c0
Chunk handles (cite the chunk a quoted figure came from):
  c0 → mdck://CAT/0000018230-26-000008/mda_outlook#c0
  c1 → mdck://CAT/0000018230-26-000008/mda_outlook#c1
  c2 → mdck://CAT/0000018230-26-000008/mda_outlook#c2
  c3 → mdck://CAT/0000018230-26-000008/mda_outlook#c3
  c4 → mdck://CAT/0000018230-26-000008/mda_outlook#c4
  c5 → mdck://CAT/0000018230-26-000008/mda_outlook#c5
  c6 → mdck://CAT/0000018230-26-000008/mda_outlook#c6

End of section.

**Structured tables in this filing** — disaggregated figures behind this section's prose. Query these (not the prose) for the numbers:
- `table_debt_maturities` — Debt Maturities Schedule
- `table_deferred_taxes` — Deferred Tax Assets and Liabilities
- `table_eps` — Earnings Per Share Computation
- `table_fair_value` — Fair Value Measurements Schedule
- `table_goodwill` — Goodwill Schedule
- `table_revenue_disaggregation` — Revenue Disaggregation
Or read the as-filed percentages directly: `get_xbrl_facts(cik="0000018230", search="concentration")` (revenue share by customer / channel / geography / product).

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

# CAT — footnote_income_tax
10-K FY FY2025 (filed 2026-02-13)
**Keyword search:** "effective tax rate provision income taxes" — 2 matching chunks

**[Chunk 1 of 8]**
[CAT | 10-K FY 2025 | Income Taxes | Chunk 1/8]

Income taxes
As described in Note 1J, New accounting guidance, we have elected to prospectively adopt the guidance in ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory tax rate of 21 percent to our effective tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09.
Reconciliation of the U.S. federal statutory tax rate to effective tax rate:

| | Year ended December 31, | |
| (Millions of dollars) | | 2025 |
| Taxes at U.S. statutory tax rate | | $2,424 |
| (Decreases)/increases resulting from: | | |
| Non-U.S. tax effects | | |
| Switzerland | | |
| Federal statutory tax rate difference | | (310) |
| State and local income taxes, net of federal | | 160 |
| Other | | (27) |
| Other Non-U.S. jurisdictions | | 342 |
| Other | | 179 |
| Provision (benefit) for income taxes | | $2,768 |

[XBRL Context: This table contains financial data including income tax reconciliation income tax expense benefit at federal statutory income tax rate, effective income tax rate reconciliation at federal statutory income tax rate, income tax reconciliation foreign income tax rate differential and 9 more concepts. Taxes at U.S. statutory tax rate: 2,424 (raw: 2424000000.0, concept: us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate). Federal statutory tax rate difference: 310 (raw: 310000000.0, concept: us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential). State and local income taxes, net of federal: 160 (raw: 160000000.0, concept: cat:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxesNetOfFederalAmount). Other: 27 (raw: 27000000.0, concept: us-gaap:IncomeTaxReconciliationOtherAdjustments). Other Non-U.S. jurisdictions: 342 (raw: 342000000.0, concept: us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential). Provision (benefit) for income taxes: 2,768 (raw: 2768000000.0, concept: us-gaap:IncomeTaxExpenseBenefit). ]

The following table is a reconciliation of the U.S. federal statutory tax rate of 21 percent to our effective tax rate for the years ended December 31, 2024 and December 31, 2023 prior to the adoption of the guidance in ASU 2023-09.
Reconciliation of the U.S. federal statutory tax rate to effective tax rate:

| | Years ended December 31, |
| (Millions of dollars) | |
| Taxes at U.S. statutory rate | |
| (Decreases) increases resulting from: | |
| Non-U.S. subsidiaries taxed at other than the U.S. rate | |
| U.S. tax incentives | |
| Tax law change related to currency translation | |
| Other—net | |
| Provision (benefit) for income taxes | |

**[Chunk 2 of 8]**
[CAT | 10-K FY 2025 | Income Taxes | Chunk 2/8]

[XBRL Context: This table contains financial data including income tax reconciliation income tax expense benefit at federal statutory income tax rate, effective income tax rate reconciliation at federal statutory income tax rate, income tax reconciliation foreign income tax rate differential and 9 more concepts. Taxes at U.S. statutory rate: 2,809 (raw: 2809000000.0, concept: us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate). Non-U.S. subsidiaries taxed at other than the U.S. rate: 186 (raw: 186000000.0, concept: us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential). U.S. tax incentives: 245 (raw: 245000000.0, concept: cat:IncomeTaxReconciliationUSTaxIncentives). Tax law change related to currency translation: 224 (raw: 224000000.0, concept: cat:EffectiveIncomeTaxRateReconciliationTaxLawChangeCurrencyTranslationAmount). Other—net: 103 (raw: 103000000.0, concept: us-gaap:IncomeTaxReconciliationOtherAdjustments). ]

The provision for income taxes for 2024 included a non-cash tax benefit of $224 million due to the reversal of a deferred tax liability from a U.S. tax law change related to currency translation. Included in the line item above labeled “Non-U.S. subsidiaries taxed at other than the U.S. rate” are the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances and other permanent differences between tax and U.S. GAAP results.

| The components of profit (loss) before taxes were: | |
| | Years ended December 31, |
| (Millions of dollars) | |
| U.S. | |
| Non-U.S. | |
| | $11,541 |

[XBRL Context: This table contains financial data including income loss from continuing operations before income taxes domestic, income loss from continuing operations before income taxes foreign, income loss from continuing operations before income taxes minority interest and income loss from equity method investments. U.S.: 5,407 (raw: 5407000000.0, concept: us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic). Non-U.S.: 6,134 (raw: 6134000000.0, concept: us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign). ]

| The components of the provision (benefit) for income taxes were: | |
| | Years ended December 31, |
| (Millions of dollars) | |
| Current tax provision (benefit): | |
| U.S. Federal1 | |
| Non-U.S. | |
| U.S. State and local | |
| | 2,303 |
| Deferred tax provision (benefit): | |
| U.S. Federal1 | |
| Non-U.S. | |
| U.S. State and local | |
| | 465 |
| Total provision (benefit) for income taxes | |
| 1Includes U.S. taxes related to non-U.S. earnings. We account for U.S. taxes on global intangible... | |

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/footnote_income_tax#c0
Chunk handles (cite the chunk a quoted figure came from):
  c0 → mdck://CAT/0000018230-26-000008/footnote_income_tax#c0
  c1 → mdck://CAT/0000018230-26-000008/footnote_income_tax#c1

2 chunks matched "effective tax rate provision income taxes". Remove query to browse full section.

**Structured tables in this filing** — disaggregated figures behind this section's prose. Query these (not the prose) for the numbers:
- `table_debt_maturities` — Debt Maturities Schedule
- `table_deferred_taxes` — Deferred Tax Assets and Liabilities
- `table_eps` — Earnings Per Share Computation
- `table_fair_value` — Fair Value Measurements Schedule
- `table_goodwill` — Goodwill Schedule
- `table_revenue_disaggregation` — Revenue Disaggregation
Or read the as-filed percentages directly: `get_xbrl_facts(cik="0000018230", search="concentration")` (revenue share by customer / channel / geography / product).

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

# CAT — table_eps
10-K FY FY2025 (filed 2026-02-13)
~269 words | Chunks 1-1 of 1

[CAT | 10-K FY 2025 | Earnings Per Share Computation | Chunk 1/1]

1Profit attributable to common shareholders.
2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/table_eps#c0

End of section.

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

# CAT — footnote_debt
10-K FY FY2025 (filed 2026-02-13)
~912 words | Chunks 1-3 of 3

[CAT | 10-K FY 2025 | Debt and Credit Facilities | Chunk 1/3]

Long-term debt

| | December 31, | |
| (Millions of dollars) | Effective Yield to Maturity1 | |
| Machinery, Power & Energy: | | |
| Notes—$759million of5.200% due 20412 | 5.27% | |
| Debentures—$193million of6.625% due 20282 | 6.68% | |
| Debentures—$500million of2.600% due 20292 | 2.67% | |
| Debentures—$800million of2.600% due 20302 | 2.72% | |
| Debentures—$500million of1.900% due 20312 | 2.04% | |
| Debentures—$242million of7.300% due 20312 | 7.38% | |
| Debentures—$1,700million of5.200% due 20352 | 5.30% | |
| Debentures—$307million of5.300% due 20352 | 8.64% | |
| Debentures—$460million of6.050% due 20362 | 6.12% | |
| Debentures—$65million of8.250% due 20382 | 8.38% | |
| Debentures—$160million of6.950% due 20422 | 7.02% | |
| Debentures—$1,722million of3.803% due 20422 | 6.39% | |
| Debentures—$500million of4.300% due 2044 | 4.39% | |
| Debentures—$1,000million of3.250% due 20492 | 3.34% | |
| Debentures—$1,200million of3.250% due 20502 | 3.32% | |
| Debentures—$300million of5.500% due 20552 | 5.74% | |
| Debentures—$500million of4.750% due 2064 | 4.81% | |
| Debentures—$246million of7.375% due 20972 | 7.51% | |
| Finance lease obligations & other3 | | 6 |
| Total Machinery, Power & Energy | | 10,678 |
| Financial Products: | | |
| Medium-term notes | | 19,675 |
| Other | | 343 |
| Total Financial Products | | 20,018 |
| Total long-term debt due after one year | | $30,696 |

[XBRL Context: This table contains financial data including debt instrument face amount, debt instrument interest rate stated percentage, debt instrument interest rate effective percentage and 7 more concepts. Notes—$759million of5.200% due 20412: 759 (raw: 759000000.0, concept: us-gaap:DebtInstrumentFaceAmount). Debentures—$193million of6.625% due 20282: 193 (raw: 193000000.0, concept: us-gaap:DebtInstrumentFaceAmount). Debentures—$500million of2.600% due 20292: 500 (raw: 500000000.0, concept: us-gaap:DebtInstrumentFaceAmount). ]

[CAT | 10-K FY 2025 | Debt and Credit Facilities | Chunk 2/3]

1    Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs.
2    Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures.
3    Includes $(88) million and $(170) million of mark-to-market adjustments related to fair value interest rate swap contracts as of December 31, 2025 and 2024, respectively.
All outstanding notes and debentures are unsecured and rank equally with one another.
On May 12, 2025, we issued $1.7 billion of 5.200% Senior Notes due 2035 and $300 million 5.500% Senior Notes due 2055. Interest on each series of notes will be paid semi-annually on May 15 and November 15 of each year, commencing on November 15, 2025.
Cat Financial’s medium-term notes are offered by prospectus and are issued through agents at fixed and floating rates. Medium-term notes due after one year have a weighted average interest rate of 3.8% with remaining maturities up to 5 years at December 31, 2025.

The aggregate amounts of maturities of long-term debt during each of the years 2026 through 2030, including amounts due within one year and classified as current, are:

| | December 31, |
| (Millions of dollars) | |
| Machinery, Power & Energy | |
| Financial Products | |
| | $7,120 |

[XBRL Context: This table contains financial data including long term debt maturities repayments of principal in next twelve months, long term debt maturities repayments of principal in year two, long term debt maturities repayments of principal in year three and 2 more concepts. Machinery, Power & Energy: 35 (raw: 35000000.0, concept: us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths). Financial Products: 7,085 (raw: 7085000000.0, concept: us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths). ]

Medium-term notes of $1.75 billion maturing in the first quarter of 2026 were excluded from the current maturities of long-term debt in Statement 3 as of December 31, 2025 due to a $1.75 billion issuance of medium-term notes on January 8, 2026 of which $1.25 billion and $500 million mature in 2028 and 2031, respectively. The preceding maturity table reflects the reclassification of $1.75 billion from maturities in 2026 to $1.25 billion in 2028 and $500 million in 2031.
Interest paid on short-term and long-term borrowings for 2025, 2024 and 2023 was $1,842 million, $1,738 million and $1,435 million, respectively.

Please refer to Note 18 for fair value information on long-term debt.

[CAT | 10-K FY 2025 | Debt and Credit Facilities | Chunk 3/3]

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/footnote_debt#c0
Chunk handles (cite the chunk a quoted figure came from):
  c0 → mdck://CAT/0000018230-26-000008/footnote_debt#c0
  c1 → mdck://CAT/0000018230-26-000008/footnote_debt#c1
  c2 → mdck://CAT/0000018230-26-000008/footnote_debt#c2

End of section.

**Structured tables in this filing** — disaggregated figures behind this section's prose. Query these (not the prose) for the numbers:
- `table_debt_maturities` — Debt Maturities Schedule
- `table_deferred_taxes` — Deferred Tax Assets and Liabilities
- `table_eps` — Earnings Per Share Computation
- `table_fair_value` — Fair Value Measurements Schedule
- `table_goodwill` — Goodwill Schedule
- `table_revenue_disaggregation` — Revenue Disaggregation
Or read the as-filed percentages directly: `get_xbrl_facts(cik="0000018230", search="concentration")` (revenue share by customer / channel / geography / product).

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

# CAT — Revenues (annual, last 3)

{
  "metric_id": "revenues",
  "display_name": "Revenues",
  "unit": null,
  "period_type": "FY",
  "points": [
    {
      "fiscal_year": 2025,
      "fiscal_period": null,
      "period_end": "2025-12-31",
      "value": 67589000000,
      "accession_number": "0000018230-26-000008",
      "dimension": {
        "scale": "actual",
        "currency": "USD",
        "period": {
          "calendar": "2025-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2024,
      "fiscal_period": null,
      "period_end": "2024-12-31",
      "value": 64809000000,
      "accession_number": "0000018230-25-000008",
      "dimension": {
        "scale": "actual",
        "currency": "USD",
        "period": {
          "calendar": "2024-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2023,
      "fiscal_period": null,
      "period_end": "2023-12-31",
      "value": 67060000000,
      "accession_number": "0000018230-24-000009",
      "dimension": {
        "scale": "actual",
        "currency": "USD",
        "period": {
          "calendar": "2023-12-31",
          "type": "FY"
        }
      }
    }
  ]
}

*No exact match for "outlook sales revenue guidance 2026 expect" in section "mda_overview". Showing the 4 most relevant chunks of 17 (ranked by term overlap). Cross-section check: `outlook sales revenue guidance 2026 expect` is not in `mda_overview` but DOES appear in `mda_outlook` — `get_filing_section("CAT", section_id="mda_outlook")`.*

# CAT — mda_overview
10-K FY FY2025 (filed 2026-02-13)
~8,126 words | Chunks 1-4 of 17

[CAT | 10-K FY 2025 | MD&A Overview | Chunk 1/17]

Total sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024. The increase reflected higher
sales volume
, partially offset by unfavorable
price realization
. Higher sales volume was primarily driven by higher sales of equipment to end users.
Profit per share was $18.81 in 2025, compared with profit per share of $22.05 in 2024. Profit was $8.884 billion in 2025, compared with $10.792 billion in 2024. The decrease was mainly due to unfavorable
manufacturing costs
and unfavorable price realization, partially offset by the profit impact of higher sales volume. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

Total sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024. The increase reflected higher

sales volume

, partially offset by unfavorable

price realization

. Higher sales volume was primarily driven by higher sales of equipment to end users.

Profit per share was $18.81 in 2025, compared with profit per share of $22.05 in 2024. Profit was $8.884 billion in 2025, compared with $10.792 billion in 2024. The decrease was mainly due to unfavorable

manufacturing costs

and unfavorable price realization, partially offset by the profit impact of higher sales volume. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.

Trends and Economic Conditions

Outlook for Key End Markets

In Construction Industries, we expect another year of sales of equipment to end users growth in 2026 compared to 2025, supported by elevated order rates and a robust backlog. The outlook for North America remains positive, as sales of equipment to end users should grow moderately compared to 2025 with construction spending remaining healthy due to Infrastructure Investment and Jobs Act (IIJA) funding and other critical infrastructure programs. We also anticipate accelerated investment in data centers, which will further bolster overall construction spending. In 2026, dealer rental fleet loading and dealer's rental revenue are both projected to increase, compared to 2025. In
EAME
, economic conditions in Europe are expected to strengthen, and construction activity in Africa and the Middle East is projected to remain strong. In Asia Pacific, outside of China, moderate economic conditions are expected in 2026. We anticipate positive momentum in China from low levels, with growth in the above 10-ton excavator industry in 2026. Growth in
Latin America
is expected to continue in 2026 at a similar rate to 2025.

, economic conditions in Europe are expected to strengthen, and construction activity in Africa and the Middle East is projected to remain strong. In Asia Pacific, outside of China, moderate economic conditions are expected in 2026. We anticipate positive momentum in China from low levels, with growth in the above 10-ton excavator industry in 2026. Growth in

Latin America

is expected to continue in 2026 at a similar rate to 2025.

[CAT | 10-K FY 2025 | MD&A Overview | Chunk 2/17]

In Resource Industries, sales of equipment to end users is expected to increase in 2026 as compared to 2025, primarily driven by rising demand for copper and gold, and positive growth trends in heavy construction and quarry and aggregates. In mining, most key commodities remain above investment thresholds, and customer product utilization is high while the age of the fleet remains elevated. With modest increases in commodity prices projected in 2026, we expect rebuild activity to increase slightly compared to 2025.

In Power & Energy, we anticipate growth in Power Generation for both reciprocating engines and turbines and turbine-related
services
in 2026, driven by increasing energy demand to support data center build-out related to cloud computing and generative Artificial Intelligence (AI). Additionally, we are starting to see orders for prime power trend higher as data center customers look for alternative power solutions to keep pace with their growth. After reaching record levels in 2025, Oil & Gas is expected to see moderate growth in 2026. Reciprocating engine sales are expected to increase, driven by strong demand in gas compression applications. For turbines and turbine-related services used in Oil & Gas applications, we expect another year of strong sales in 2026 comparable to our record 2025 performance as backlog remains healthy, with continued solid order and inquiry activity. Demand for products in Industrial applications is expected to grow moderately in 2026 as we see continued recovery from previous lows. In Transportation, we anticipate growth in rail services and locomotive deliveries in 2026 compared to 2025.

In Power & Energy, we anticipate growth in Power Generation for both reciprocating engines and turbines and turbine-related

in 2026, driven by increasing energy demand to support data center build-out related to cloud computing and generative Artificial Intelligence (AI). Additionally, we are starting to see orders for prime power trend higher as data center customers look for alternative power solutions to keep pace with their growth. After reaching record levels in 2025, Oil & Gas is expected to see moderate growth in 2026. Reciprocating engine sales are expected to increase, driven by strong demand in gas compression applications. For turbines and turbine-related services used in Oil & Gas applications, we expect another year of strong sales in 2026 comparable to our record 2025 performance as backlog remains healthy, with continued solid order and inquiry activity. Demand for products in Industrial applications is expected to grow moderately in 2026 as we see continued recovery from previous lows. In Transportation, we anticipate growth in rail services and locomotive deliveries in 2026 compared to 2025.

Full-Year 2026 Company Trends and Expectations

[CAT | 10-K FY 2025 | MD&A Overview | Chunk 3/17]

Our expectations assume the Rail division within Power & Energy, as was the case through year-end 2025. In March 2026, we will file a Form 8-K recasting historical periods to reflect the movement of the Rail division to Resource Industries. This will establish an appropriate baseline for evaluating future segment-level performance and expectations. If necessary, we will also update any segment specific forward-looking assumptions impacted by this change. There will be no impact on the enterprise-wide assumptions due to the Rail division recast.

For the full-year 2026, we anticipate sales and revenues to grow around the top end of our 5 to 7 percent compound annual growth rate (CAGR) target, as compared to 2025. The strong backlog coupled with healthy end markets supports our expectations for sales volume growth in all three primary segments, as well as favorable price realization of about 2 percent of sales and revenues. We expect machine dealer inventory to increase in 2026 and offset the $500 million decrease in 2025. Services revenues are also expected to grow in 2026 as compared to 2025.

Based on the incremental tariffs announced in 2025 and in place by January 29, 2026, we expect the impact from tariffs to be around $2.6 billion in 2026, which is $800 million higher than incurred in 2025. If we do not take the mitigating actions we plan to take in 2026, the impact from tariffs could be around 20 percent higher. We remain confident that we will manage the impact of tariffs over time.

In 2026, we expect restructuring costs of approximately $300 million to $350 million and capital expenditures of around $3.5 billion. We anticipate our 2026 estimated annual effective tax rate to be 23.0 percent, excluding discrete items.

First-Quarter 2026 Company Trends and Expectations

In the first quarter of 2026 as compared to the first quarter of 2025, we expect stronger sales and revenues primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be mainly driven by higher sales of equipment to end users and by the impact from changes in machine
dealer inventories
. We expect machine dealer inventory to increase in excess of $1.0 billion during the first quarter of 2026, aligning with the seasonal pattern, compared to roughly flat levels in the first quarter of 2025.

dealer inventories

. We expect machine dealer inventory to increase in excess of $1.0 billion during the first quarter of 2026, aligning with the seasonal pattern, compared to roughly flat levels in the first quarter of 2025.

[CAT | 10-K FY 2025 | MD&A Overview | Chunk 6/17]

Asia/Pacific sales decreased 2 percent primarily due to unfavorable currency impacts related to the Australian dollar, and lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

Total dealer inventory increased about $900 million during 2025, compared to an increase of about $400 million during 2024. Machine dealer inventory decreased about $500 million during 2025, compared to a decrease of about $700 million during 2024. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rental rates and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers. We expect machine dealer inventory to increase in 2026 and offset the $500 million decrease in 2025.

Sales and Revenues by Segment

(Millions of dollars)
2024
Sales
Volume
Price
Realization
Currency
Inter-Segment/Other
2025
$
Change
%
Change

(Millions of dollars)

Sales
Volume

Price
Realization

Inter-Segment/Other

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/mda_overview#c0
Chunk handles (cite the chunk a quoted figure came from):
  c0 → mdck://CAT/0000018230-26-000008/mda_overview#c0
  c1 → mdck://CAT/0000018230-26-000008/mda_overview#c1
  c2 → mdck://CAT/0000018230-26-000008/mda_overview#c2
  c5 → mdck://CAT/0000018230-26-000008/mda_overview#c5

**Structured tables in this filing** — disaggregated figures behind this section's prose. Query these (not the prose) for the numbers:
- `table_debt_maturities` — Debt Maturities Schedule
- `table_deferred_taxes` — Deferred Tax Assets and Liabilities
- `table_eps` — Earnings Per Share Computation
- `table_fair_value` — Fair Value Measurements Schedule
- `table_goodwill` — Goodwill Schedule
- `table_revenue_disaggregation` — Revenue Disaggregation
Or read the as-filed percentages directly: `get_xbrl_facts(cik="0000018230", search="concentration")` (revenue share by customer / channel / geography / product).

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~5,581 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

*No exact match for "short-term borrowings current portion long-term debt" in section "footnotes_introduction". Showing the 4 most relevant chunks of 12 (ranked by term overlap). Cross-section check: `short-term borrowings current portion long-term debt` (and stem variants) appears in NONE of this filing's 61 servable sections (`accountant_changes`, `business_description`, `controls_procedures`, `cybersecurity`, `footnote_accounting_policies`, `footnote_business_combinations`, `footnote_cash_investments`, `footnote_commitments`, …(61 total)).*

# CAT — footnotes_introduction
10-K FY FY2025 (filed 2026-02-13)
~4,992 words | Chunks 1-4 of 12

[CAT | 10-K FY 2025 | Notes to Financial Statements - Introduction | Chunk 2/12]

| STATEMENT 3 | Caterpillar Inc. |  |
| Consolidated Financial Position at December 31, |  |  |
| (Dollars in millions) |  |  |
|  | 2025 |  |
| Assets |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $9,980 |  |
| Receivables – trade and other | 10,920 |  |
| Receivables – finance | 10,649 |  |
| Prepaid expenses and other current assets | 2,801 |  |
| Inventories | 18,135 |  |
| Total current assets | 52,485 |  |
| Property, plant and equipment – net | 15,140 |  |
| Long-term receivables – trade and other | 2,142 |  |
| Long-term receivables – finance | 14,272 |  |
| Noncurrent deferred and refundable income taxes | 2,882 |  |
| Intangible assets | 241 |  |
| Goodwill | 5,321 |  |
| Other assets | 6,102 |  |
| Total assets | $98,585 |  |
| Liabilities |  |  |
| Current liabilities: |  |  |
| Short-term borrowings: |  |  |
| Financial Products | $5,514 |  |
| Accounts payable | 8,968 |  |
| Accrued expenses | 5,587 |  |
| Accrued wages, salaries and employee benefits | 2,554 |  |
| Customer advances | 3,314 |  |
| Dividends payable | 703 |  |
| Other current liabilities | 2,798 |  |
| Long-term debt due within one year: |  |  |
| Machinery, Power & Energy | 35 |  |
| Financial Products | 7,085 |  |
| Total current liabilities | 36,558 |  |
| Long-term debt due after one year: |  |  |
| Machinery, Power & Energy | 10,678 |  |
| Financial Products | 20,018 |  |
| Liability for postemployment benefits | 3,838 |  |
| Other liabilities | 6,175 |  |
| Total liabilities | 77,267 |  |
| Commitments and contingencies (Notes 21 and 22) |  |  |
| Shareholders’ equity |  |  |
| Common stock of $1.00par value: |  |  |
| Authorized shares:2,000,000,000Issued shares: (2025 and 2024 –814,894,624shares) at paid-in amount | 7,181 |  |
| Treasury stock: (2025 -349,607,292shares; and 2024 -336,962,600shares) at cost | (49,539) |  |
| Profit employed in the business | 65,448 |  |
| Accumulated other comprehensive income (loss) | (1,772) |  |
| Noncontrolling interests | — |  |
| Total shareholders’ equity | 21,318 |  |
| Total liabilities and shareholders’ equity | $98,585 |  |

[CAT | 10-K FY 2025 | Notes to Financial Statements - Introduction | Chunk 3/12]

[XBRL Context: This table contains financial data including cash and cash equivalents at carrying value, accounts receivable net current, notes and loans receivable net current and 35 more concepts. Cash and cash equivalents: 9,980 (raw: 9980000000.0, concept: us-gaap:CashAndCashEquivalentsAtCarryingValue). Receivables – trade and other: 10,920 (raw: 10920000000.0, concept: us-gaap:AccountsReceivableNetCurrent). Receivables – finance: 10,649 (raw: 10649000000.0, concept: us-gaap:NotesAndLoansReceivableNetCurrent). Prepaid expenses and other current assets: 2,801 (raw: 2801000000.0, concept: us-gaap:PrepaidExpenseAndOtherAssetsCurrent). Inventories: 18,135 (raw: 18135000000.0, concept: us-gaap:InventoryNet). Total current assets: 52,485 (raw: 52485000000.0, concept: us-gaap:AssetsCurrent). Property, plant and equipment – net: 15,140 (raw: 15140000000.0, concept: us-gaap:PropertyPlantAndEquipmentNet). Long-term receivables – trade and other: 2,142 (raw: 2142000000.0, concept: us-gaap:AccountsReceivableNetNoncurrent). ]

| STATEMENT 4 |  | Caterpillar Inc. |
| Changes in Consolidated Shareholders’ Equity for the Years Ended December 31 |  |  |
| (Dollars in millions) |  |  |
|  | Commonstock |  |
| Balance at December 31, 2022 | $6,560 |  |
| Profit (loss) of consolidated and affiliated companies | — |  |
| Foreign currency translation, net of tax | — |  |
| Pension and other postretirement benefits, net of tax | — |  |
| Derivative financial instruments, net of tax | — |  |
| Available-for-sale securities, net of tax | — |  |
| Change in ownership from noncontrolling interests | — |  |
| Dividends declared | — |  |
| Common shares issued from treasury stock for stock-based compensation:2,497,799 | (112) |  |
| Stock-based compensation expense | 208 |  |
| Common shares repurchased:19,466,020 | — |  |
| Outstanding authorized accelerated share repurchase | (300) |  |
| Other | 47 |  |
| Balance at December 31, 2023 | $6,403 |  |
| Profit (loss) of consolidated and affiliated companies | — |  |
| Foreign currency translation, net of tax | — |  |
| Pension and other postretirement benefits, net of tax | — |  |
| Derivative financial instruments, net of tax | — |  |
| Available-for-sale securities, net of tax | — |  |
| Dividends declared | — |  |
| Common shares issued from treasury stock for stock-based compensation:1,972,037 | (58) |  |
| Stock-based compensation expense | 223 |  |
| Common shares repurchased:23,417,282 | — |  |
| Settlement of outstanding authorized accelerated share repurchase | 300 |  |
| Other | 73 |  |
| Balance at December 31, 2024 | $6,941 |  |

[CAT | 10-K FY 2025 | Notes to Financial Statements - Introduction | Chunk 5/12]

2
See Note 16 regarding shares repurchased.

| STATEMENT 5 |  | Caterpillar Inc. |
| Consolidated Statement of Cash Flow for the Years Ended December 31, |  |  |
| (Millions of dollars) |  |  |
|  | 2025 |  |
| Cash flow from operating activities: |  |  |
| Profit of consolidated and affiliated companies | $8,882 |  |
| Adjustments to reconcile profit to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 2,262 |  |
| Actuarial (gain) loss on pension and postretirement benefits | (294) |  |
| Provision (benefit) for deferred income taxes | 465 |  |
| (Gain) loss on divestiture | 30 |  |
| Other | 742 |  |
| Changes in assets and liabilities, net of acquisitions and divestitures: |  |  |
| Receivables–trade and other | (2,138) |  |
| Inventories | (1,477) |  |
| Accounts payable | 1,179 |  |
| Accrued expenses | 438 |  |
| Accrued wages, salaries and employee benefits | 187 |  |
| Customer advances | 1,933 |  |
| Other assets–net | (176) |  |
| Other liabilities–net | (294) |  |
| Net cash provided by (used for) operating activities | 11,739 |  |
| Cash flow from investing activities: |  |  |
| Capital expenditures–excluding equipment leased to others | (2,821) |  |
| Expenditures for equipment leased to others | (1,465) |  |
| Proceeds from disposals of leased assets and property, plant and equipment | 708 |  |
| Additions to finance receivables | (15,329) |  |
| Collections of finance receivables | 13,515 |  |
| Proceeds from sale of finance receivables | 71 |  |
| Investments and acquisitions (net of cash acquired) | (47) |  |
| Proceeds from sale of businesses and investments (net of cash sold) | 22 |  |
| Proceeds from maturities and sale of securities | 2,494 |  |
| Investments in securities | (1,930) |  |
| Other–net | 75 |  |
| Net cash provided by (used for) investing activities | (4,707) |  |
| Cash flow from financing activities: |  |  |
| Dividends paid | (2,749) |  |
| Common stock issued, and other stock compensation transactions, net | (16) |  |
| Payments to purchase common stock | (5,190) |  |
| Excise tax paid on purchases of common stock | (73) |  |
| Proceeds from debt issued (original maturities greater than three months): |  |  |
| - Machinery, Power & Energy | 1,976 |  |
| - Financial Products | 9,129 |  |
| Payments on debt (original maturities greater than three months): |  |  |
| - Machinery, Power & Energy | (51) |  |
| - Financial Products | (8,030) |  |
| Short-term borrowings–net (original maturities three months or less) | 1,106 |  |
| Other–net | (1) |  |
| Net cash provided by (used for) financing activities | (3,899) |  |
| Effect of exchange rate changes on cash | (43) |  |
| Increase (decrease) in cash, cash equivalents and restricted cash | 3,090 |  |
| Cash, cash equivalents and restricted cash at beginning of period | 6,896 |  |
| Cash, cash equivalents and restricted cash at end of period | $9,986 |  |

[CAT | 10-K FY 2025 | Notes to Financial Statements - Introduction | Chunk 7/12]

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000018230-26-000008
Citation: mdck://CAT/0000018230-26-000008/footnotes_introduction#c1
Chunk handles (cite the chunk a quoted figure came from):
  c1 → mdck://CAT/0000018230-26-000008/footnotes_introduction#c1
  c2 → mdck://CAT/0000018230-26-000008/footnotes_introduction#c2
  c4 → mdck://CAT/0000018230-26-000008/footnotes_introduction#c4
  c6 → mdck://CAT/0000018230-26-000008/footnotes_introduction#c6

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~14 words
- `business_description` (Business Description) — ~691 words
- `controls_procedures` (Controls and Procedures) — ~228 words
- `cybersecurity` (Cybersecurity) — ~1,074 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~2,032 words
- `footnote_business_combinations` (Business Combinations) — ~10 words
- `footnote_cash_investments` (Cash and Investments) — ~2,377 words
- `footnote_commitments` (Commitments and Contingencies) — ~535 words
- `footnote_credit_loss` (Allowance for Credit Losses) — ~85 words
- `footnote_debt` (Debt and Credit Facilities) — ~1,353 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~3,514 words
- `footnote_eps` (Earnings Per Share) — ~727 words
- `footnote_fair_value` (Fair Value Measurements) — ~3,403 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~1,771 words
- `footnote_income_tax` (Income Taxes) — ~3,476 words
- `footnote_inventory` (Inventories) — ~205 words
- `footnote_leases` (Leases) — ~3,881 words
- `footnote_loans` (Loans and Receivables) — ~7,457 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~8,188 words
- `footnote_ppe` (Property, Plant and Equipment) — ~347 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~515 words
- `footnote_revenue` (Revenue Recognition) — ~1,642 words
- `footnote_segment` (Segment Information) — ~6,446 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~2,933 words
- `footnote_subsequent_events` (Subsequent Events) — ~74 words
- `legal_proceedings` (Legal Proceedings) — ~535 words
- `market_equity` (Market for Common Equity) — ~840 words
- `market_risk` (Market Risk Disclosures) — ~102 words
- `mda_critical_accounting` (Critical Accounting Policies)
- `mda_full` (Management's Discussion and Analysis) — ~63,446 words
- `mda_liquidity` (Liquidity and Capital Resources)
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_off_balance_sheet` (Off-Balance Sheet Arrangements)
- `mda_outlook` (Outlook and Guidance)
- `mda_overview` (MD&A Overview)
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~6 words
- `other_information_10k` (Other Information (10-K)) — ~308 words
- `policy_consolidation` (Consolidation Policy) — ~352 words
- `policy_derivatives` (Derivatives Policy) — ~977 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~676 words
- `policy_goodwill_intangibles` (Goodwill and Intangibles Policy) — ~297 words
- `policy_income_tax` (Income Tax Policy) — ~120 words
- `policy_inventory` (Inventory Policy) — ~78 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~1,642 words
- `properties` (Properties) — ~351 words
- `risk_factors` (Risk Factors) — ~7,912 words
- `risk_factors_financial_risks`
- `risk_factors_legal_regulatory_risks`
- `risk_factors_macroeconomic_risks`
- `risk_factors_operational_risks`
- `signature_officers` (Signatures (Executive Officers)) — ~542 words
- `table_debt_maturities` (Debt Maturities Schedule) — ~159 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~358 words
- `table_eps` (Earnings Per Share Computation) — ~269 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~1,385 words
- `table_goodwill` (Goodwill Schedule) — ~649 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~1,244 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000018230", accession_number="0000018230-26-000008", section_id="...")`._

0.23984056840828352

43330

33350

-0.03356695496570239

0.04289527689055528

DigestPayload · 9,366 chars

All data confirmed. Here is the complete DCF input package, sourced exclusively from the FY2025 Form 10-K (filed 2026-02-13, Accession 0000018230-26-000008).

---

## Caterpillar Inc. (CAT) — FY2025 10-K DCF Input Sheet

---

### 1. Revenue Trajectory (FY2023–FY2025)
*Source: Consolidated income statement / MD&A overview*

| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2023 | $67,060M | — |
| FY2024 | $64,809M | −3.4% |
| FY2025 | $67,589M | +4.3% |

FY2025 growth was driven by higher sales volume to end users, partially offset by unfavorable price realization. The Power & Energy segment was the primary growth engine (+12% to $32.2B); Construction Industries declined −2%; Resource Industries was flat.

---

### 2. FY2025 Operating Profit & Effective Tax Rate
*Source: Consolidated income statement; Note on Income Taxes*

| Item | FY2025 |
|---|---|
| Operating Income (EBIT) | $11,151M |
| Operating Margin | 16.50% |
| Pre-tax income (U.S. $5,407M + Non-U.S. $6,134M) | $11,541M |
| Tax provision — Current | $2,303M |
| Tax provision — Deferred | $465M |
| **Total provision for income taxes** | **$2,768M** |
| **Effective Tax Rate** (= $2,768M ÷ $11,541M) | **24.0%** |

The ETR exceeds the 21% statutory rate primarily due to other Non-U.S. jurisdiction effects (+$342M) and state/local taxes (+$160M), partially offset by Switzerland's favorable statutory rate difference (−$310M).

---

### 3. Non-Cash Add-Backs
*Source: Consolidated statement of cash flows*

| Item | FY2025 |
|---|---|
| Depreciation & Amortization | $2,262M |
| Stock-Based Compensation | $242M |
| **Total non-cash add-backs** | **$2,504M** |

---

### 4. Capital Expenditures
*Source: Cash flow statement (Statement 5)*

| Item | FY2025 |
|---|---|
| PP&E CapEx (excl. leased equipment) | $2,821M |
| Expenditures for equipment leased to others (Cat Financial) | $1,465M |
| **Total gross investing CapEx** | **$4,286M** |

> **DCF note:** Standard unlevered FCF for the industrial operations uses **$2,821M**. The $1,465M for leased equipment belongs to Cat Financial's captive-finance business and should be treated separately or excluded from the industrial-segment DCF.

---

### 5. Operating Cash Flow & Free Cash Flow
*Source: Cash flow statement (Statement 5)*

| Item | FY2025 |
|---|---|
| Operating Cash Flow | $11,739M |
| Less: PP&E CapEx | ($2,821M) |
| **Free Cash Flow** | **$8,918M** |
| FCF Margin | 13.2% |

---

### 6. Net-Debt Bridge — All Interest-Bearing Debt
*Source: Consolidated balance sheet (Statement 3) + Note on Debt and Credit Facilities*

**Gross debt (as-filed, December 31, 2025):**

| Tranche | Amount |
|---|---|
| Short-term borrowings — Financial Products | $5,514M |
| Current portion of LT debt — Machinery, Power & Energy | $35M |
| Current portion of LT debt — Financial Products | $7,085M |
| LT debt due after one year — Machinery, Power & Energy | $10,678M |
| LT debt due after one year — Financial Products | $20,018M |
| **Total interest-bearing debt** | **$43,330M** |

*MP&E-only gross debt:* $10,678M + $35M = **$10,713M** (senior unsecured notes/debentures, effective yield 2.04%–8.64%)  
*Cat Financial gross debt:* $5,514M + $7,085M + $20,018M = **$32,617M** (medium-term notes, w/avg rate 3.8%)

| Bridge item | Amount |
|---|---|
| Total interest-bearing debt | $43,330M |
| Less: Cash & cash equivalents | ($9,980M) |
| **Net debt** | **$33,350M** |

> **DCF note:** Cat Financial is a captive-finance subsidiary. For an industrial-operations-only DCF, many practitioners isolate MP&E net debt ($10,713M gross) and treat Cat Financial separately. For a consolidated approach, use $43,330M gross / $33,350M net.

Upcoming maturities (2026–2030): $7,120M / $8,920M / $7,747M / $3,112M / $1,261M — front-loaded by Cat Financial medium-term note rollovers.

---

### 7. Total Shareholders' Equity
*Source: Consolidated balance sheet (Statement 3)*

| Component | December 31, 2025 |
|---|---|
| Common stock at paid-in amount | $7,181M |
| Treasury stock (349.6M shares) | ($49,539M) |
| Profit employed in the business (retained earnings) | $65,448M |
| Accumulated other comprehensive loss | ($1,772M) |
| **Total shareholders' equity** | **$21,318M** |

---

### 8. Diluted Share Count
*Source: Note on Earnings Per Share (table_eps)*

| Item | FY2025 |
|---|---|
| Weighted-average basic shares | 470.0M |
| Dilutive effect of stock awards (treasury stock method) | 2.3M |
| **Weighted-average diluted shares** | **472.3M** |
| Period-end shares outstanding (Dec 31, 2025) | 465.3M |
| Diluted EPS | $18.81 |

---

### 9. Restructuring Charge to Normalize (Below-the-Line)
*Source: Note on Restructuring and Related Charges*

| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Employee separations | $106M | $64M | $74M |
| Divestitures | $30M | $164M | $586M |
| Contract terminations | $4M | $7M | $7M |
| Long-lived asset impairments | $17M | $6M | $3M |
| Other (primarily inventory write-downs, Rail division) | $291M | $118M | $110M |
| **Total restructuring costs** | **$448M** | **$359M** | **$780M** |

All FY2025 restructuring costs were **excluded from segment profit** (the $448M flows through "Other operating (income) expenses" and Cost of goods sold). Add back **$448M pre-tax** (= ~$341M after-tax at 24.0% ETR) to normalize EBIT/NOPAT for a recurring earnings base. The elevated "Other" bucket ($291M) primarily reflects inventory write-downs in the Rail division related to restructuring.

---

### 10. Management's Forward Growth Outlook
*Source: MD&A Overview, Full-Year 2026 Company Trends and Expectations*

**Revenue:** Management guided FY2026 consolidated sales and revenues to grow **"around the top end of our 5 to 7 percent CAGR target"** vs. FY2025 — implying approximately **~7% growth** (~$72.3B implied). Price realization is expected to contribute **~+2% of sales**, with the remainder from volume.

**By segment:**
- **Construction Industries:** Another year of end-user sales growth; North America supported by IIJA funding and data-center construction; dealer rental fleet expected to increase.
- **Resource Industries:** End-user sales expected to increase, driven by copper/gold demand; rebuild activity to rise modestly.
- **Power & Energy:** Growth in Power Generation (reciprocating + turbines) driven by AI/data-center energy demand; Oil & Gas expected to see moderate growth after record 2025; Transportation (rail services + locomotive deliveries) to grow.

**Key operational guidance for 2026:**
| Item | FY2026 Guidance |
|---|---|
| Revenue growth | ~Top end of 5–7% CAGR target vs. FY2025 (~7%) |
| Price realization | ~+2% of sales and revenues |
| Capital expenditures | ~$3.5B |
| Restructuring costs | $300–$350M |
| Effective tax rate | ~23.0% (excl. discrete items) |
| Tariff headwind | ~$2.6B (~$800M incremental vs. 2025's ~$1.8B) |
| Machine dealer inventory | Expected to increase ~$500M (to offset FY2025 decrease) |

---

**FINAL ANSWER:**

All figures sourced from CAT FY2025 Form 10-K (filed 2026-02-13; Accession 0000018230-26-000008):

**1. Revenue Trajectory (FY2023–FY2025)**
- FY2023: $67,060M
- FY2024: $64,809M (−3.4% YoY)
- FY2025: $67,589M (+4.3% YoY)

**2. FY2025 Operating Profit & Effective Tax Rate**
- Operating Income (EBIT): $11,151M; Operating Margin: 16.50%
- Pre-tax income: $11,541M (U.S. $5,407M + Non-U.S. $6,134M)
- Tax provision: $2,768M (Current $2,303M + Deferred $465M)
- Effective tax rate: 24.0% ($2,768M ÷ $11,541M)

**3. Non-Cash Add-Backs (FY2025)**
- D&A: $2,262M
- SBC: $242M
- Total: $2,504M

**4. Capital Expenditures (FY2025)**
- PP&E CapEx (excl. leased equipment): $2,821M [use for industrial DCF]
- Equipment leased to others (Cat Financial): $1,465M
- Total gross CapEx: $4,286M

**5. Operating Cash Flow & Free Cash Flow (FY2025)**
- Operating Cash Flow: $11,739M
- Free Cash Flow (OCF − PP&E CapEx): $8,918M; FCF Margin: 13.2%

**6. Net-Debt Bridge (December 31, 2025)**
- Short-term borrowings (Cat Financial): $5,514M
- Current portion of LT debt — MP&E: $35M; Cat Financial: $7,085M
- LT debt due after one year — MP&E: $10,678M; Cat Financial: $20,018M
- Total interest-bearing debt: $43,330M
- Less: Cash & equivalents: ($9,980M)
- Net debt: $33,350M
- [MP&E-only gross debt: $10,713M; Cat Financial gross debt: $32,617M]

**7. Total Shareholders' Equity (December 31, 2025)**
- $21,318M [Common stock (paid-in) $7,181M + Treasury stock ($49,539M) + Retained earnings $65,448M + AOCI ($1,772M)]

**8. Diluted Share Count (FY2025)**
- Weighted-average diluted shares: 472.3M; Period-end shares outstanding: 465.3M; Diluted EPS: $18.81

**9. Restructuring Charge to Normalize (FY2025)**
- Total: $448M [Employee separations $106M + Divestitures $30M + Contract terminations $4M + Asset impairments $17M + Other (inventory write-downs, Rail division) $291M]
- All excluded from segment profit; add back $448M pre-tax (~$341M after-tax at 24.0%) to normalize EBIT

**10. Management's Forward Growth Outlook (FY2026, per 10-K)**
- Consolidated revenue: ~top end of 5–7% CAGR target vs. FY2025 (~7%, implying ~$72.3B)
- Price realization: ~+2% of sales; all three primary segments expected to see volume growth
- CapEx guidance: ~$3.5B; Restructuring guidance: $300–350M; ETR guidance: ~23.0% (excl. discrete)
- Tariff headwind: ~$2.6B (~$800M incremental vs. 2025); mitigating actions planned