Short answer
Caterpillar Inc. (CAT) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $67.6B (+4.3% year over year) and net income of $8.9B.
- Top risk flagged: Credit rating risk: Fitch "high-A", Moody’s and S&P "mid-A"; downgrade could increase borrowing costs and limit credit market access
FY2025 key financial metrics · XBRL
- Revenue
- $67.6B
- +4.3% YoY
- Net income
- $8.9B
- −17.7% YoY
- Operating margin
- 16.5%
- −3.7 pp YoY
- EPS (diluted)
- $18.81
- −14.7% YoY
- ROE
- 41.7%
- −13.7 pp YoY
- Operating cash flow
- $11.7B
- −2.5% YoY
Source: XBRL data from the Caterpillar Inc. (CAT) FY2025 10-K on SEC EDGAR. USD.
Caterpillar Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturing and marketing construction, mining equipment, engines, turbines, locomotives with financing through Cat Financial
- New strategic growth pillars launched anchored on Commercial Excellence, Advanced Technology Leader, Transform How We Work for profitable growth
- Reinforced Values in Action: Safety, Integrity, Teamwork, Excellence, Commitment underpinning refreshed strategy versus prior year
- 2025 sales and revenues $67.589 billion, showcasing scale and leadership in global heavy equipment and power systems
- Operates five segments with four reportable; Financial Products segment emphasized including Cat Financial and Insurance Holdings
Management Discussion & Analysis
- MD&A focuses on extensive macroeconomic, operational, and financial risks, no explicit revenue or profit figures provided
- Risks include economic cycles affecting demand, commodity price volatility, supply chain disruptions, labor issues, and cybersecurity threats
- No segment-level financial performance or margin percentages reported in this excerpt
- No disclosure of cash flow, capital allocation, buybacks, dividends, or capex amounts in the provided text
- Forward-looking risks highlighted: economic uncertainty, catastrophic events, supply chain, regulatory changes, geopolitical instability, and financial market volatility impacting future results
Risk Factors
- Credit rating risk: Fitch "high-A", Moody’s and S&P "mid-A"; downgrade could increase borrowing costs and limit credit market access
- Macro risk: Economic deterioration may restrict access to debt markets, pressuring operations to rely on cash flow and committed credit facilities
- Financial Products contingent support: Caterpillar must remain sole owner of Cat Financial or risk payment obligations under support agreement
- Supplier finance programs volatility: Participation changes in voluntary programs may affect cash flows despite currently limited liquidity impact
Generated from the filing text; verify against the original. How to read a 10-K
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