v3.25.4
Segment information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Disaggregation of revenue
For the years ended December 31, 2025, 2024 and 2023, 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 RevenuesIntersegment Sales and RevenuesTotal Sales and Revenues
2025    
Construction Industries$14,064 $2,358 $4,595 $3,783 $24,800 $260 $25,060 
Resource Industries4,643 2,292 2,061 3,189 12,185 289 12,474 
Power & Energy15,558 1,985 5,717 3,883 27,143 5,058 32,201 
Financial Products Segment2,841 442 511 426 4,220 
1
— 4,220 
Total sales and revenues from reportable segments37,106 7,077 12,884 11,281 68,348 5,607 73,955 
All Other Segment26 — 6 14 46 281 327 
Corporate Items and Eliminations(523)(89)(97)(96)(805)(5,888)(6,693)
Total Sales and Revenues$36,609 $6,988 $12,793 $11,199 $67,589 $— $67,589 
2024
Construction Industries$14,576 $2,553 $4,315 $3,900 $25,344 $111 $25,455 
Resource Industries4,597 2,079 1,809 3,615 12,100 371 12,471 
Power & Energy13,005 1,763 5,787 3,533 24,088 4,766 28,854 
Financial Products Segment2,702 402 505 444 4,053 
1
— 4,053 
Total sales and revenues from reportable segments34,880 6,797 12,416 11,492 65,585 5,248 70,833 
All Other Segment20 (2)7 11 36 308 344 
Corporate Items and Eliminations(503)(87)(107)(115)(812)(5,556)(6,368)
Total Sales and Revenues$34,397 $6,708 $12,316 $11,388 $64,809 $— $64,809 
2023    
Construction Industries$15,343 $2,307 $5,254 $4,390 $27,294 $124 $27,418 
Resource Industries5,292 2,040 2,075 3,922 13,329 340 13,669 
Power & Energy11,982 1,983 5,929 3,461 23,355 4,646 28,001 
Financial Products Segment2,440 416 491 438 3,785 
1
— 3,785 
Total sales and revenues from reportable segments35,057 6,746 13,749 12,211 67,763 5,110 72,873 
All Other Segment28 (1)12 6 45 318 363 
Corporate Items and Eliminations(479)(80)(88)(101)(748)(5,428)(6,176)
Total Sales and Revenues$34,606 $6,665 $13,673 $12,116 $67,060 $— $67,060 
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $712 million, $711 million and $690 million in the years ended December 31, 2025, 2024 and 2023, respectively.
For the years ended December 31, 2025, 2024 and 2023, Power & Energy segment sales by end user application were as follows:

Power & Energy External Sales
(Millions of dollars)
202520242023
Oil and Gas$7,502 $6,980 $6,988 
Power Generation10,275 7,756 6,362 
Industrial4,071 3,990 4,871 
Transportation5,295 5,362 5,134 
Power & Energy External Sales$27,143 $24,088 $23,355 
Reconciliation of profit from reportable segments
Profit from Reportable Segments
(Millions of dollars)
    
Construction IndustriesResource IndustriesPower & EnergyFinancial Products Segment Total from Reportable Segments
2025
Sales and revenues$25,060 $12,474 $32,201 $4,220 $73,955 
Less 1:
Cost of goods sold18,393 9,018 22,474 — 49,885 
SG&A/R&D 2
1,902 1,513 3,330 829 7,574 
Other segment items 3
90 (45)(21)2,425 2,449 
Segment Profit$4,675 $1,988 $6,418 $966 $14,047 
2024
Sales and revenues$25,455 $12,471 $28,854 $4,053 $70,833 
Less 1:
Cost of goods sold17,326 8,452 19,796 — 45,574 
SG&A/R&D 2
1,931 1,460 3,241 771 7,403 
Other segment items 3
33 21 81 2,350 2,485 
Segment Profit$6,165 $2,538 $5,736 $932 $15,371 
2023
Sales and revenues$27,418 $13,669 $28,001 $3,785 $72,873 
Less 1:
Cost of goods sold18,658 9,439 19,875 — 47,972 
SG&A/R&D 2
1,844 1,395 3,084 691 7,014 
Other segment items 3
(59)(1)106 2,185 2,231 
Segment Profit$6,975 $2,836 $4,936 $909 $15,656 
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/Power & Energy – 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.
Reconciliation of consolidated profit before taxes
Reconciliation of Consolidated profit before taxes:  
(Millions of dollars)
202520242023
Total profit from reportable segments14,047 15,371 15,656 
Profit from All Other Segment(8)43 16 
Cost centers(11)(1)(7)
Corporate costs(1,006)(889)(913)
Timing(175)133 (30)
Restructuring costs(445)(359)(780)
Methodology differences:
Inventory/cost of sales49 33 160 
Postretirement benefit income (expense)185 67 (65)
Stock-based compensation expense(230)(223)(208)
Financing costs(180)(126)(91)
Currency(81)145 6 
Goodwill impairment charge— — — 
Other income/expense methodology differences(470)(740)(624)
Other methodology differences(134)(81)(70)
Total consolidated profit before taxes$11,541 $13,373 $13,050 
Reconciliation of assets
Reconciliation of Assets:
(Millions of dollars)December 31,
20252024
Assets from reportable segments:
Construction Industries$5,442 $5,546 
Resource Industries6,087 6,082 
Power & Energy11,387 11,772 
Financial Products Segment41,476 36,925 
Total assets from reportable segments64,392 60,325 
Assets from All Other Segment1,516 1,403 
Items not included in segment assets:
Cash and cash equivalents9,333 6,165 
Deferred income taxes2,749 3,194 
Goodwill and intangible assets4,669 4,478 
Property, plant and equipment – net and other assets4,689 4,808 
Inventory methodology differences(3,622)(3,560)
Liabilities included in segment assets15,330 11,973 
Other(471)(1,022)
Total assets$98,585 $87,764 
Reconciliation of depreciation and amortization
Reconciliation of Depreciation and amortization:
(Millions of dollars)
202520242023
Depreciation and amortization from reportable segments:
   Construction Industries$266 $233 $221 
   Resource Industries252 230 277 
   Power & Energy661 578 551 
   Financial Products Segment719 740 731 
Total depreciation and amortization from reportable segments1,898 1,781 1,780 
Items not included in segment depreciation and amortization:
All Other Segment267 284 261 
Cost centers103 95 91 
Other(6)(7)12 
Total depreciation and amortization$2,262 $2,153 $2,144 
Reconciliation of capital expenditures
Reconciliation of Capital expenditures:   
(Millions of dollars)
2025
2024
2023
Capital expenditures from reportable segments:
Construction Industries$358 $323 $376 
Resource Industries353 228 210 
Power & Energy1,774 1,279 944 
Financial Products Segment1,341 1,085 1,299 
Total capital expenditures from reportable segments3,826 2,915 2,829 
Items not included in segment capital expenditures:
All Other Segment254 285 295 
Cost centers98 193 102 
Timing22 (149)(44)
Other86 (29)(90)
Total capital expenditures$4,286 $3,215 $3,092 
Information about geographic areas
Enterprise-wide Disclosures:
Information about Geographic Areas:
    Property, plant and equipment - net
 
External sales and revenues 1
December 31,
(Millions of dollars)2025202420232025 2024
Inside United States$32,880 $30,624 $31,053 $9,455  $8,213 
Outside United States34,709 34,185 36,007 5,685 5,148 
Total$67,589 $64,809 $67,060 $15,140  $13,361 
1 Sales of MP&E are based on dealer or customer location. Revenues from services provided are based on where service is rendered.