F I N A N C I A L R E V I E W FOURTH QUARTER AND FULL YEAR 2025 J A N U A R Y 2 9 , 2 0 2 6 2 FINANCIAL RESULTS Fourth Quarter 2025 and Full Year 2025 | | 4Q 2025 | FULL YEAR 2025 | 4Q AND FULL YEAR 2025 SALES & REVENUES | | --- | --- | --- | --- | | Sales & Revenues | $19.1B | $67.6B | ALL-TIME RECORDS | | Operating Profit | $2.7B | $11.2B | 4Q 2025 ADJUSTED OPERATING PROFIT MARGIN1 AND ADJUSTED PROFIT PER SHARE2 | | Adjusted Operating Profit1 | $3.0B | $11.6B | BETTER THAN ANTICIPATED | | Profit Per Share ...

Core Insights - The fourth quarter earnings season is underway, with major tech companies like Microsoft, Meta, Tesla, and Apple leading the earnings calendar [1] - An optimistic consensus is forming, with 13% of S&P 500 companies having reported results, and an estimated 8.2% increase in earnings per share for the fourth quarter, marking the potential for the 10th consecutive quarter of annual earnings growth [2] - Analysts had initially expected an 8.3% jump in earnings per share, a decrease from the previous quarter's 13.6% growth rate, but have since raised expectations, particularly for tech companies [3] Company Updates - In addition to the reports from major tech stocks, earnings updates will also come from a diverse range of companies including UnitedHealth, Boeing, General Motors, IBM, Starbucks, Levi Strauss, Visa, American Express, Mastercard, Caterpillar, Exxon Mobil, Chevron, AT&T, and Verizon [4]

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].