Caterpillar Inc. (CAT) Q3 2025 10-Q Quarterly Report
Caterpillar Inc. (CAT) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 3, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Caterpillar Inc. Q3 2025 10-Q Analysis
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
Caterpillar Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$17.6B
▲ +9.5% YoY▲ +6.5% QoQ
Net Income
$2.3B
▼ -6.7% YoY▲ +5.6% QoQ
Net Margin
13.0%
▼ -226bp YoY▼ -11bp QoQ
Source: XBRL data from Caterpillar Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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