Short answer
Caterpillar Inc. (CAT) filed its Q3 2025 10-Q quarterly report on Nov 3, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $17.6B (up 9.5% year over year) with net income of $2.3B.
Q3 2025 key financials · XBRL
- Revenue
- $17.6B
- +9.5% YoY · +6.5% QoQ
- Net income
- $2.3B
- −6.7% YoY · +5.6% QoQ
- Operating margin
- 17.3%
- EPS (diluted)
- $4.87
- −3.4% YoY · +5.4% QoQ
Source: XBRL data from the Caterpillar Inc. (CAT) Q3 2025 10-Q on SEC EDGAR. USD.
Caterpillar Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue Q3 2025 $17.638B, up 10% ($1.532B) YoY from $16.106B in Q3 2024; nine months 2025 $48.456B, slightly down $138M YoY from $48.594B
- Operating margin Q3 2025 17.3% vs 19.5% in Q3 2024; nine months margin 17.5% vs 20.9% YoY; adjusted margins Q3 17.5% vs 20.0%, nine months 17.8% vs 21.5%
- Best segment Q3 profit Energy & Transportation $1.678B up 17%; worst Construction Industries profit $1.377B down 7%, Resource Industries profit $499M down 19%
- Enterprise cash $7.5B end Q3 2025; nine months operating cash flow $8.1B down $494M YoY; capital expenditures nine months $1.944B up from $1.284B YoY, expecting $2.5B full year
- Q4 2025 outlook: strong sales growth expected, tariff impact $650M-$800M Q4, sales volume increase partially offset by higher manufacturing costs and tariffs; 2025 sales forecast modest growth vs 2024
Risk Factors
- No new or changed risk factors from 2024 10-K for fiscal 2025 quarter
- Carried-forward operational risk: global economic slowdown impacting equipment demand
- Carried-forward financial risk: exposure to currency fluctuations in international sales
- Carried-forward legal risk: ongoing compliance with environmental regulations in multiple jurisdictions
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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