Profit per share

12 Months Ended

Dec. 31, 2025


Computations of profit per share:
(Dollars in millions except per share data)	2025		2024		2023
Profit for the period (A) 1	$	8,884	$	10,792	$	10,335
Determination of shares (in millions):
Weighted average number of common shares outstanding (B)	470.0		486.7		510.6
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price	2.3		2.7		3.0
Average common shares outstanding for fully diluted computation (C) 2	472.3		489.4		513.6
Profit per share of common stock:
Assuming no dilution (A/B)	$	18.90	$	22.17	$	20.24
Assuming full dilution (A/C) 2	$	18.81	$	22.05	$	20.12
Shares outstanding as of December 31, (in millions)	465.3		477.9		499.4

1Profit attributable to common shareholders.

2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the years ended December 31, 2025, 2024 and 2023, we excluded 0.1 million, 0.3 million and 0.8 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. As of March 31, 2025, the 2022 Authorization was fully utilized and as of December 31, 2025, approximately $14.9 billion remained available under the 2024 Authorizations.

During 2025, 2024 and 2023, we repurchased 14.1 million, 23.4 million and 19.5 million shares of Caterpillar common stock, respectively, at an aggregate cost of $5.2 billion, $8.0 billion and $4.7 billion, respectively. We made these purchases through a combination of accelerated share repurchase (ASR) agreements with third-party financial institutions and open market transactions.

In the first quarter of 2025, we entered into ASR agreements to repurchase an aggregate of $3.0 billion of common stock. We advanced $3.0 billion and received approximately 5.7 million shares of Caterpillar common stock with a value of $2.1 billion. In the fourth quarter of 2025, upon final settlement of the ASRs, we received approximately 2.4 million additional shares.