CAT Caterpillar (CAT) Q4 FY25 earnings call
Caterpillar concluded its Centennial year with record sales and an unprecedented backlog, signaling strong momentum into 2026. The company's strategic focus on capacity expansion, particularly in Power and Energy for data center demand, and continued investment in technology and services, underpins its growth outlook. Despite ongoing tariff headwinds impacting margins, management expects to deliver sales growth across all primary segments, supported by robust order activity and favorable price realization.
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CAT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $35BOur backlog of $35 billion is a record.Source: earnings call transcript | $37.5BOur backlog is at a record level of $37.5 billion.Source: earnings call transcript | $51BOur backlog grew to a record level of $51 billion, an increase of $21 billion or 71% compared to last year.Source: earnings call transcript | $63BBacklog grew to a record level of $63 billion, an increase of $28 billion or 79% compared to the first quarter last year.Source: earnings call transcript | $72BOur backlog grew sequentially by $9 billion to $72 billion.Source: earnings call transcript | +14.3% |
| Employees United States | 50K+Our largest manufacturing base is in the United States where we employ over 50,000 full-time employees, and we continue to be a net exporter.Source: earnings call transcript | 50K+We have over 50,000 employees in the US We operate out of 65 key locations in 25 different states.Source: earnings call transcript | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.