Caterpillar Inc. shares jumped early Thursday before giving up a chunk of their gains as investors welcomed news of a record order backlog and the biggest quarterly earnings ever, but balked at projec... ...

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

财报发布后，总部位于得州欧文的卡特彼勒股价一度上涨7%，截至发稿，该股盘前上涨1.35%。 电力与能源部门已成为该公司规模最大、增长最快的业务板块。该部门曾是其整体业务中增长缓慢的一 环，如今销售包括发电机、柴油与天然气发动机以及工业燃气轮机在内的产品，为建筑、工厂及数据中 心提供电力。 在主要科技与半导体公司估值飙升后，投资者对AI相关概念公司充满渴求的市场环境中，这项业务使 卡特彼勒成为脱颖而出的赢家。受数据中心驱动的需求乐观情绪推动，卡特彼勒本月市值已突破3000亿 美元。 卡特彼勒公司(CAT.US)公布了第四季度财报，盈利超出华尔街预期，主要是由于人工智能数据中心激 增的电力需求拉动了该公司发电设备的销售。 财报显示，公司四季度营收达191亿美元，同比增长17.9%，超出市场预期13.4亿美元。其第四季度调整 后每股收益达5.16美元，高于分析师平均预估的4.69美元。卡特彼勒的电力与能源业务部门利润同比大 幅跃升25%。 作为全球顶尖的矿业与工程机械制造商，卡特彼勒历来被视为全球经济的"晴雨表"。如今，其电力与能 源业务正乘AI数据中心建设浪潮而加速增长。该公司标志性的黄色机械设备遍布全球多个行业 ...

Core Insights - Caterpillar experienced a significant increase in sales during the fourth quarter, driven by robust performance across all three of its main segments [1] Group 1 - The sales growth was attributed to strength in the construction, resource, and energy sectors [1] - The company reported a notable rise in demand for its products, indicating a positive market trend [1] - Caterpillar's performance reflects broader industry recovery and increased capital spending [1]

Core Insights - Caterpillar has projected a $2.6 billion impact from tariffs in 2026, indicating potential future challenges despite current performance [1] - The company reported an increase in fourth-quarter revenue and profit, driven by sustained demand for its power-generation equipment [1] Financial Performance - Fourth-quarter revenue and profit rose, reflecting strong market demand [1] - The specific figures for revenue and profit were not disclosed in the provided content [1] Market Demand - Sustained demand for power-generation equipment has been a key factor in the company's recent financial performance [1] - The ongoing demand suggests a robust market environment for Caterpillar's products [1]

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 / ...

北美缺电背景下柴发市场需求展望 20260128 摘要 航改燃气轮机和船舶用发电机是快速部署的备选方案，尽管效率低于大 型燃气轮机，但能满足中型或大规模用电需求，尤其是在寻找旧航发设 备的情况下。 各种发电方式的度电成本差异显著，大型燃气轮机成本最低（0.10- 0.15 美元/千瓦时），而高速发动机成本较高（0.25-0.35 美元/千瓦 时），主要因寿命较短导致。 新法规对移动式发电设备的排放标准趋严，年运行负荷超过 45%的设备 将按固定式设备处理，环保署负责准入和认证，州政府监管整体排放。 中速机热效率略低于低速机，但内燃动力整体热效率低于燃气轮机，排 放较高。中速柴油发动机改天然气后成本上升，功率会有所损失。 国内中速天然气发电产品尚不成熟，主要集中于柴油改天然气技术，大 缸径柴油发动机改造为天然气发动机的技术难点在于燃气喷射和控制系 统。 美国市场对包括中国企业在内的所有企业开放数据中心建设，但需通过 EPA 法规认证，满足排放标准，并可能需要额外措施以降低环境影响。 分布式电源市场中，燃气轮机因全生命周期成本最低占据主导地位，中 型设备更易集中处理尾气，占比约 20%-30%，SFC 占比相对较 ...