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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Disaggregation of Revenue

For the three months ended March 31, 2025 and 2024, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:

Sales and Revenues by Geographic Region
(Millions of dollars)						North America						Latin America						EAME						Asia/ Pacific						External Sales and Revenues						Intersegment Sales and Revenues						Total Sales and Revenues
Three Months Ended March 31, 2025
Construction Industries						$	2,904					$	504					$	867					$	869					$	5,144					$	40					$	5,184
Resource Industries						1,084						561						406						770						2,821						63						2,884
Energy & Transportation						3,142						370						1,130						756						5,398						1,170						6,568
Financial Products Segment						682						99						122						104						1,007			1			—						1,007
Total sales and revenues from reportable segments						7,812						1,534						2,525						2,499						14,370						1,273						15,643
All Other Segment						17						—						2						12						31						60						91
Corporate Items and Eliminations						(91)						(19)						(21)						(21)						(152)						(1,333)						(1,485)
Total Sales and Revenues						$	7,738					$	1,515					$	2,506					$	2,490					$	14,249					$	—					$	14,249
Three Months Ended March 31, 2024
Construction Industries						$	3,833					$	595					$	996					$	993					$	6,417					$	7					$	6,424
Resource Industries						1,264						476						465						891						3,096						97						3,193
Energy & Transportation						2,951						408						1,294						834						5,487						1,194						6,681
Financial Products Segment						659						101						123						108						991			1			—						991
Total sales and revenues from reportable segments						8,707						1,580						2,878						2,826						15,991						1,298						17,289
All Other Segment						18						(1)						4						13						34						75						109
Corporate Items and Eliminations						(152)						(20)						(30)						(24)						(226)						(1,373)						(1,599)
Total Sales and Revenues						$	8,573					$	1,559					$	2,852					$	2,815					$	15,799					$	—					$	15,799

1 Includes revenues from Construction Industries, Resource Industries, Energy & Transportation and All Other Segment of $163 million and $177 million in the three months ended March 31, 2025 and 2024, respectively.

For the three months ended March 31, 2025 and 2024, Energy & Transportation external sales by end user application were as follows:

Energy & Transportation External Sales
						Three Months Ended March 31,
(Millions of dollars)						2025						2024
Oil and gas						$	1,258					$	1,568
Power generation						1,996						1,618
Industrial						967						989
Transportation						1,177						1,312
Energy & Transportation External Sales						$	5,398					$	5,487

Reconciliation of Consolidated profit before taxes

Reconciliation of Consolidated profit before taxes:
(Millions of dollars)									Three Months Ended March 31,
															2025						2024
Total profit from reportable segments															$	3,152					$	4,088
Profit (loss) from All Other Segment															(21)						24
Cost centers															4						14
Corporate costs															(213)						(201)
Timing															(7)						(67)
Restructuring income (costs)															(33)						6
Methodology differences:
Inventory/cost of sales															(27)						(6)
Postretirement benefit expense															14						(56)
Stock-based compensation expense															(45)						(44)
Financing costs															(46)						(28)
Currency															(54)						87
Other income/expense methodology differences															(142)						(250)
Other methodology differences															(12)						(35)
Total consolidated profit before taxes															$	2,570					$	3,532

Reconciliation of Assets:

Reconciliation of Assets:
(Millions of dollars)			March 31, 2025						December 31, 2024
Assets from reportable segments:
Construction Industries			$	5,646					$	5,546
Resource Industries			5,448						5,548
Energy & Transportation			11,806						11,772
Financial Products Segment			37,335						36,925
Total assets from reportable segments			60,235						59,791
Assets from All Other Segment			1,973						1,937
Items not included in segment assets:
Cash and cash equivalents			2,741						6,165
Deferred income taxes			3,215						3,194
Goodwill and intangible assets			4,614						4,478
Property, plant and equipment – net and other assets			3,859						4,808
Inventory methodology differences			(3,877)						(3,560)
Liabilities included in segment assets			12,912						11,973
Other			(698)						(1,022)
Total assets			$	84,974					$	87,764

Reconciliation of Depreciation and amortization:

Reconciliation of Depreciation and amortization:
(Millions of dollars)
									Three Months Ended March 31,
															2025						2024
Depreciation and amortization from reportable segments:
Construction Industries															$	63					$	56
Resource Industries															66						63
Energy & Transportation															153						137
Financial Products Segment															178						185
Total depreciation and amortization from reportable segments															460						441
Items not included in segment depreciation and amortization:
All Other Segment															58						61
Cost centers															24						23
Other															(2)						(1)
Total depreciation and amortization															$	540					$	524

Reconciliation of Capital expenditures:

Reconciliation of Capital expenditures:
(Millions of dollars)
									Three Months Ended March 31,
															2025						2024
Capital expenditures from reportable segments:
Construction Industries															$	46					$	58
Resource Industries															46						34
Energy & Transportation															299						122
Financial Products Segment															170						234
Total capital expenditures from reportable segments															561						448
Items not included in segment capital expenditures:
All Other Segment															42						29
Cost centers															27						30
Timing															295						245
Other															(7)						(16)
Total capital expenditures															$	918					$	736

Reconciliation of profit from reportable segments

Profit from Reportable Segments
(Millions of dollars)						Construction Industries						Resource Industries						Energy & Transportation						Financial Products Segment						Total from Reportable Segments
Three Months Ended March 31, 2025
Sales and revenues						$	5,184					$	2,884					$	6,568					$	1,007					$	15,643
Less 1:
Cost of goods sold						3,718						1,960						4,495						—						10,173
SG&A/R&D 2						451						346						780						195						1,772
Other segment items 3						(9)						(21)						(21)						597						546
Segment Profit						$	1,024					$	599					$	1,314					$	215					$	3,152
Three Months Ended March 31, 2024
Sales and revenues						$	6,424					$	3,193					$	6,681					$	991					$	17,289
Less 1:
Cost of goods sold						4,210						2,116						4,578						—						10,904
SG&A/R&D 2						446						341						778						173						1,738
Other segment items 3						4						6						24						525						559
Segment Profit						$	1,764					$	730					$	1,301					$	293					$	4,088
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes: Construction Industries / Resource Industries / Energy & Transportation – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies. Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.

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