格隆汇1月29日｜卡特彼勒公司第四季度调整后每股收益5.16美元，上年同期5.14美元，预估4.69美元； 每股收益5.12美元，上年同期5.78美元；营收191.3亿美元，同比增长18%，预估179.1亿美元；调整后运 营收益29.8亿美元，预估27.6亿美元。 ...

Exhibit 99.1 Caterpillar Inc. 4Q 2025 Earnings Release | | | Fourth Quarter | Full Year | | | --- | --- | --- | --- | --- | | ($ in billions except profit per share) | 2025 | 2024 | 2025 | 2024 | | Sales and Revenues | $19.1 | $16.2 | $67.6 | $64.8 | | Profit Per Share | $5.12 | $5.78 | $18.81 | $22.05 | | Adjusted Profit Per Share | $5.16 | $5.14 | $19.06 | $21.90 | Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15. IRVING, Texas, Jan. 29, 2026 – Caterpill ...

Core Insights - Caterpillar Inc. reported record full-year sales and revenues of $67.6 billion for 2025, marking an increase of 4% from $64.8 billion in 2024, with fourth-quarter sales reaching $19.1 billion, an 18% increase from $16.2 billion in the same quarter of 2024 [2][3][4]. Financial Performance - Fourth-quarter profit per share was $5.12, down from $5.78 in the fourth quarter of 2024, while adjusted profit per share was $5.16, slightly up from $5.14 [3][4]. - Full-year profit per share was $18.81, compared to $22.05 in 2024, with adjusted profit per share at $19.06, down from $21.90 [4][12]. - Operating profit margin for the fourth quarter was 13.9%, down from 18.0% in the previous year, while adjusted operating profit margin was 15.6%, down from 18.3% [18][4]. Segment Performance - Construction Industries reported sales of $6.926 billion in Q4 2025, a 15% increase from $6.003 billion in Q4 2024, driven by higher sales volume [25][26]. - Resource Industries saw sales rise to $3.353 billion, a 13% increase from $2.980 billion, primarily due to higher sales volume [27][28]. - Power & Energy segment sales increased to $9.400 billion, a 23% rise from $7.649 billion, attributed to higher sales volume and favorable price realization [30][31]. Cash Flow and Capital Management - The company generated $11.7 billion in enterprise operating cash flow for the full year 2025 and ended the year with $10.0 billion in cash [6][12]. - Caterpillar deployed $7.9 billion for share repurchases and dividends in 2025 [6][12]. Tax and Other Financial Items - The effective tax rate for Q4 2025 was 23.5%, up from 14.3% in Q4 2024, with a global annual effective tax rate of 24.1% compared to 22.2% in 2024 [24][21]. - The company recorded a tax charge of $68 million related to mark-to-market gains for pension and OPEB plans in Q4 2025 [21][24].

行业研究丨深度报告丨机械 [Table_Title] 矿山机械系列二：周期景气与全球化共振，"设 备+后市场+资源品"布局打开成长空间 %% %% %% %% research.95579.com research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 矿山机械设备空间广阔、利润可观，是装备制造中的优质赛道。从需求侧来看，资源品价格、 矿石品位、资本密集度影响行业需求总量，在宏观宽松、供给受限及需求扩张背景下，资源品 价格有望维持强势，当前矿山机械行业景气有望加速上行，叠加新能源、无人化渗透率提升有 望贡献增量。从供给侧来看，外资龙头格局集中，出海有望成为我国矿机企业成长机遇。近年 来我国矿山机械出海蓬勃发展，龙头企业全球竞争力日益提升，"设备+后市场+资源品"业务 并进，看好我国矿机企业的成长性。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 王硕 请阅读最后评级说明和重要声明 2 / ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the North American power generation market, particularly focusing on the demand for gas turbines and distributed power sources due to electricity shortages in the region [1][3][20]. Key Points and Arguments Power Generation Options - **Gas Turbines**: Large gas turbines (300-500 MW) have the lowest cost per kilowatt-hour at $0.10-$0.15, while medium gas turbines (50-300 MW) cost $0.20-$0.30 per kilowatt-hour [7]. - **Alternative Solutions**: In the context of power shortages, alternative solutions include: - **Aviation Modified Gas Turbines**: Slightly less efficient than large gas turbines but can be deployed quickly [4]. - **Marine Generators**: Power range from 6 MW to 50 MW, also deployed rapidly [4]. - **Piston Internal Combustion Engines**: Include low-speed, medium-speed, and high-speed engines, with medium-speed engines having a production lead time of 1-2 years [4][14]. Cost and Efficiency - The cost of various power generation methods varies significantly, with high-speed engines costing $0.25-$0.35 per kilowatt-hour due to shorter lifespans [5][7]. - **Heat Efficiency**: Low-speed engines have a slight advantage in heat efficiency (51%-52%) over medium-speed engines (48%-50%) [9]. Regulatory Environment - New regulations impose stricter emission standards on mobile power generation equipment, treating those with annual operating loads over 45% as fixed installations [8]. - The EPA oversees certification and compliance, while state governments monitor overall emissions [8]. Market Dynamics - The North American market is open to all companies, including Chinese firms, for data center construction, provided they meet EPA regulations [16]. - The demand for distributed power sources is expected to grow, with gas turbines remaining dominant due to their lower lifecycle costs [20]. Additional Important Insights - **Environmental Considerations**: Solid oxide fuel cells (SOFC) have the lowest emissions, followed by large and medium gas turbines, while medium and high-speed piston engines face stricter regulations due to higher emissions [6]. - **Domestic Market Development**: The domestic market for medium-speed natural gas power generation products is still maturing, with few suppliers having developed mature products [10][11]. - **Export Potential**: Chinese products, particularly those modified from diesel to gas, are primarily exported to Southeast Asia, with strict domestic emission regulations ensuring competitiveness [27]. - **Competition Landscape**: In the domestic market, Shandong and Guangxi enterprises dominate the supply of diesel engines, while international brands like Cummins and Caterpillar have limited market shares due to slower expansion [24][25]. Conclusion - The North American power generation market is experiencing significant shifts due to regulatory changes and increasing demand for efficient and environmentally friendly power solutions. The focus on gas turbines and the potential for Chinese companies to enter the market present both opportunities and challenges in the evolving landscape.

Investors have been focused on the company's power-generation business amid a boom in AI data center construction. ...

Core Viewpoint - A strategic alliance has been formed between American Intelligence & Power Corporation (AIP Corp), Caterpillar Inc., and Boyd CAT to develop the Monarch Compute Campus, a large-scale power generation platform aimed at providing reliable power solutions for data centers [1][4]. Group 1: Project Overview - The Monarch Compute Campus is designed to deliver long-term, high-reliability power solutions specifically for hyperscale and enterprise data center customers [1][2]. - AIP Corp has placed an order for 2 gigawatts (GW) of fast-response natural gas generator sets to support the initial phase of the Monarch project, with deliveries scheduled from September 2026 to August 2027 [2][3]. - The project aims to have 2 GW of power online by 2027, with additional phased expansions planned over time [3]. Group 2: Technology and Infrastructure - The fast-response generation equipment will be complemented by battery energy storage systems to manage load fluctuations typical of AI data centers [3]. - The Caterpillar G3516 natural gas generator sets are designed for rapid start capability and high reliability, capable of ramping from zero to full load in approximately seven seconds [4]. - Monarch will utilize advanced monitoring and control systems to ensure high availability and operational resilience, generating power onsite without requiring additional utility infrastructure [5]. Group 3: Strategic Collaboration - AIP Corp and Caterpillar have established a strategic alliance to optimize equipment, plan phased expansions, and ensure long-term lifecycle performance [6]. - The alliance includes vendor equipment financing through Caterpillar Financial, aligning with equipment delivery to support efficient project execution [6]. Group 4: Company Profiles - American Intelligence & Power Corporation focuses on building integrated power and compute platforms for AI workloads, with the Monarch campus serving as its flagship project [7]. - Caterpillar Inc. reported sales and revenues of $64.8 billion in 2024, operating across multiple segments including Power & Energy, and is committed to sustainable practices [8]. - Boyd CAT, an authorized Caterpillar dealer, has over twenty locations and provides equipment and services across various industries, emphasizing quality and reliability [9].

Group 1 - Caterpillar Inc. is perceived as a "richly valued" stock, with discussions around its potential decline before initiating a position [1] - The company is involved in providing heavy machinery, engines, turbines, and rail equipment, along with power systems and support [2] - The current market environment suggests that industrial stocks like Caterpillar may benefit from lower interest rates, despite some skepticism about the actual impact [2] Group 2 - There is a belief that certain AI stocks may offer greater upside potential compared to Caterpillar, indicating a shift in investment focus [3]

杰富瑞上调卡特彼勒目标价至750美元富国银行上调卡特彼勒目标价至702美元 (相关资料图) 杰富瑞将卡特彼勒的目标价从700美元上调至750美元，维持"买入"评级。(格隆汇) 相关事件 ...

Company Overview - Caterpillar Inc. is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, operating globally in industries such as construction, mining, and energy [1] Stock Performance - On January 27, 2026, Jefferies set a new price target for Caterpillar at $750, indicating a potential increase of about 16.68% from the trading price of approximately $642.77 at that time [2] - The current stock price of CAT is $643.64, reflecting a slight increase of $7.72 or 1.21% [2] - Caterpillar's stock has shown resilience, trading between a low of $628 and a high of $644.09 in a single day, with a yearly high of $655.78 and a low of $267.3, indicating significant volatility [4][6] - The company's market capitalization is approximately $301.53 billion, highlighting its substantial presence in the industrial sector [4] Institutional Investment - Chilton Capital Management LLC significantly increased its investment in Caterpillar by 345.9% during the third quarter, now holding 13,889 shares valued at approximately $6.6 million, indicating strong institutional confidence [3] - Other investors, such as Marquette Asset Management LLC, also increased their stakes, reflecting a broader trend of institutional interest in Caterpillar [3] - The trading volume for CAT on the NYSE is 244,070 shares, indicating active investor interest and positioning Caterpillar's stock as a focal point for market participants [5]