Caterpillar’s 2025 revenue advanced in every quarter from the prior year, with the biggest lift coming late in the year as Power & Energy accelerated.
For the year ended Dec. 31, 2025, total sales and revenues rose to $67.589 billion from $64.809 billion in 2024, up $2.780 billion, or 4.3%. The fourth quarter was the strongest period of the year at $19.133 billion, compared with $16.215 billion a year earlier, an increase of $2.918 billion, or 18.0%. Third-quarter sales and revenues climbed to $17.638 billion from $16.106 billion, while second-quarter sales and revenues rose to $16.569 billion from $16.689 billion, and first-quarter sales and revenues increased to $14.249 billion from $15.799 billion.
Construction Industries generated $25.060 billion in 2025, down from $25.455 billion in 2024. The segment’s quarterly sales and revenues were $5.184 billion in the first quarter, $6.190 billion in the second, $6.760 billion in the third, and $6.926 billion in the fourth. That compared with $6.424 billion, $6.683 billion, $6.345 billion, and $6.003 billion in the same quarters of 2024.
Resource Industries edged up to $15.920 billion from $15.745 billion. The segment posted $3.661 billion in the first quarter, $3.886 billion in the second, $3.999 billion in the third, and $4.374 billion in the fourth, versus $4.015 billion, $4.030 billion, $3.828 billion, and $3.872 billion a year earlier.
Power & Energy was the standout. Annual sales and revenues jumped to $28.624 billion from $25.506 billion, up $3.118 billion, or 12.2%. Quarterly revenue rose from $5.783 billion to $7.118 billion in the fourth quarter, from $7.037 billion in the second quarter, and from $7.463 billion in the third quarter. The first quarter came in at $4.654 billion versus $4.697 billion a year earlier. By end-user application, 2025 Oil and Gas sales were $7.502 billion, up from $6.980 billion; Power Generation rose to $10.275 billion from $7.756 billion; and Industrial slipped to $5.970 billion from $6.120 billion.
Financial Products Segment sales and revenues increased to $4.220 billion from $4.053 billion. Quarterly figures moved from $991 million, $1.004 billion, $1.034 billion, and $1.024 billion in 2024 to $1.007 billion, $1.042 billion, $1.076 billion, and $1.095 billion in 2025.
Segment profit totaled $14.048 billion in 2025, down from $15.371 billion in 2024. Construction Industries profit fell to $4.675 billion from $6.165 billion. Resource Industries profit declined to $2.151 billion from $2.676 billion. Power & Energy profit rose to $6.256 billion from $5.598 billion, and Financial Products Segment profit increased to $966 million from $932 million.
Consolidated profit before taxes dropped to $11.541 billion in 2025 from $13.373 billion in 2024. Quarterly profit before taxes was $2.570 billion in the first quarter, $2.818 billion in the second, $3.127 billion in the third, and $3.026 billion in the fourth, compared with $3.532 billion, $3.500 billion, $3.098 billion, and $3.243 billion in the same quarters of 2024.
Total assets climbed to $98.585 billion at the end of 2025 from $87.764 billion a year earlier. Financial Products Segment assets increased to $41.476 billion from $36.925 billion, while cash and cash equivalents rose to $9.333 billion from $6.165 billion. As a result of these announcements, the company's shares have moved -0.04% on the market, and are now trading at a price of $646.89. Check out the company's full 8-K submission here.
