Profit Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share Reconciliation [Abstract]

Profit per share



Computations of profit per share:	Three Months Ended March 31,
(Dollars in millions except per share data)		2025		2024
Profit for the period (A) 1		$	2,003	$	2,856
Determination of shares (in millions):
Weighted-average number of common shares outstanding (B)		474.9		493.9
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price		2.2		3.0
Average common shares outstanding for fully diluted computation (C) 2		477.1		496.9
Profit per share of common stock:
Assuming no dilution (A/B)		$	4.22	$	5.78
Assuming full dilution (A/C) 2		$	4.20	$	5.75
Shares outstanding as of March 31, (in millions)		471.0		489.3

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

For both the three months ended March 31, 2025 and 2024, we excluded 0.3 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

For the three months ended March 31, 2025 and 2024, we repurchased 7.5 million and 11.3 million shares of Caterpillar common stock, respectively, at an aggregate cost of $2.8 billion and $3.7 billion, respectively. We made these purchases through the combination of accelerated share repurchase (ASR) agreements with third-party financial institutions and open market transactions in 2025 and 2024.

In the first quarter of 2025, we entered into ASR agreements to repurchase an aggregate of $3.0 billion of common stock. We advanced the $3.0 billion and received approximately 5.7 million shares of Caterpillar common stock, approximately 70% of the estimated final number of shares to be repurchased, with a value of $2.1 billion. The final number of shares to ultimately be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The final settlement of the ASR agreements is scheduled to occur during the fourth quarter of 2025. The remaining $0.9 billion was evaluated as unsettled forward contracts and was classified as a reduction to Common stock within the Consolidated Statement of Financial Position.