UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdiction of incorpor ...

Third Quarter 2023 Financial Review 3Q 2023 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward- ...

Caterpillar, Inc. (NYSE:CAT) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants Ryan Fiedler - Vice President, Investor Relations James Umpleby - Chairman and Chief Executive Officer Andrew Bonfield - Chief Financial Officer Conference Call Participants Jamie Cook - Credit Suisse David Raso - Evercore ISI Michael Feniger - Bank of America Robert Wertheimer - Melius Research Tami Zakaria - JPMorgan Nicole DeBlase - Deutsche Bank Stephen Volkmann - Jefferies Timothy Thein - Citigr ...

Financial Performance - Total sales and revenues for Q2 2023 were $17.318 billion, an increase of $3.071 billion, or 22 percent, compared to $14.247 billion in Q2 2022[178]. - Operating profit margin for Q2 2023 was 21.1 percent, up from 13.6 percent in Q2 2022; adjusted operating profit margin was 21.3 percent compared to 13.8 percent[178]. - Profit per share for Q2 2023 was $5.67, a 81.1 percent increase from $3.13 in Q2 2022; adjusted profit per share was $5.55 compared to $3.18[178]. - Total sales and revenues for the six months ended June 30, 2023, were $33.180 billion, an increase of $5.344 billion, or 19 percent, from $27.836 billion for the same period in 2022[179]. - Operating profit for Q2 2023 was $3.652 billion, an increase of 88% from $1.944 billion in Q2 2022, driven by favorable price realization and higher sales volume[197]. - Consolidated sales and revenues for Q2 2023 were $17.318 billion, an increase of 22% compared to $14.247 billion in Q2 2022[200]. - Consolidated sales and revenues for the first six months of 2023 totaled $33.180 billion, a 19% increase from $27.836 billion in the same period of 2022, attributed to favorable price realization and higher sales volume[209]. - Operating profit for the six months ended June 30, 2023, was $6.383 billion, an increase of $2.584 billion, or 68%, compared to $3.799 billion for the same period in 2022[213]. Segment Performance - Construction Industries reported sales of $7.154 billion in Q2 2023, a 19% increase from $6.033 billion in Q2 2022, with profit rising 82% to $1.803 billion[201]. - Resource Industries achieved sales of $3.473 billion in Q2 2023, a 20% increase from $2.961 billion in Q2 2022, with profit up 108% to $740 million[198]. - Energy & Transportation segment sales were $5.957 billion in Q2 2023, a 28% increase from $4.640 billion in Q2 2022, with profit rising 93% to $1.269 billion[198]. - Financial Products segment revenues increased by 10% to $773 million in Q2 2023, compared to $708 million in Q2 2022[200]. - Resource Industries' total sales reached $3.563 billion in Q2 2023, a 20% increase from $2.961 billion in Q2 2022, driven by favorable price realization and higher sales volume[202]. - Energy & Transportation's total sales were $7.219 billion in Q2 2023, up 27% from $5.705 billion in Q2 2022, with increases across all applications and inter-segment sales[204]. - Financial Products' segment revenues increased to $923 million in Q2 2023, a 16% rise from $798 million in Q2 2022, primarily due to higher average financing rates[205]. - Construction Industries segment reported a profit of $3.593 billion for the six months ended June 30, 2023, a 76% increase from $2.046 billion in 2022[214]. - Energy & Transportation segment profit increased to $2.326 billion, a 94% rise from $1.197 billion in the previous year[214]. - Resource Industries segment profit was $1.504 billion, reflecting a 110% increase compared to the prior year[214]. Cash Flow and Expenses - Enterprise operating cash flow was $4.8 billion for the six months ended June 30, 2023[179]. - Consolidated operating cash flow for the first six months of 2023 was $4.82 billion, up $2.28 billion compared to the same period a year ago[231]. - Net cash provided by operating activities for Machinery, Energy & Transportation was $4.67 billion in the first six months of 2023, compared to $1.29 billion for the same period in 2022[236]. - Financial Products operating cash flow was $542 million in the first six months of 2023, compared to $735 million for the same period in 2022[240]. - The company intends to maintain a strong cash and liquidity position, with $7.39 billion of cash at the end of the second quarter of 2023, an increase of $383 million from year-end 2022[231]. - Research and development expenses for the three months ended June 30, 2023, totaled $528 million[255]. - The company expects to incur about $700 million of restructuring costs in 2023, including a pre-tax loss of approximately $586 million from the divestiture of the Longwall business[225]. Inventory and Debt - Dealer inventory increased by $600 million in Q2 2023, compared to a decrease of $400 million in Q2 2022[192]. - Dealer inventory increased by approximately $2.2 billion in the first half of 2023, compared to an increase of $900 million in the same period of 2022[209]. - Total debt as of June 30, 2023 was $37.70 billion, an increase of $706 million from year-end 2022[231]. - At June 30, 2023, consolidated net worth was $18.30 billion, exceeding the $9.00 billion required under the Credit Facility[233]. Tax and Interest - Interest expense for Q2 2023 was $127 million, up from $108 million in Q2 2022, due to higher average borrowing rates[200]. - The provision for income taxes in Q2 2023 was based on an estimated annual tax rate of 23%, slightly down from 23.5% in Q2 2022[200]. - The company recorded a discrete tax benefit of $88 million in Q2 2023, compared to a benefit of $55 million in Q2 2022[200]. - The estimated annual tax rate for the six months ended June 30, 2023, was 23%, slightly lower than 23.5% in the same period of 2022[215]. Future Outlook - For full-year 2023, the company expects a strong top line supported by price realization and higher sales of equipment to end users[185]. - The company anticipates higher SG&A and R&D expenses throughout 2023 due to investments in strategic initiatives[185]. - The energy transition is expected to support increased commodity demand, expanding the total addressable market and providing long-term growth opportunities[184]. - The company anticipates potential impacts from global economic conditions and commodity price fluctuations on future performance[276].

Caterpillar Inc. (NYSE:CAT) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 1, 2023 2:30 PM ET Company Participants Ryan Fiedler - Head of Investor Relations Jim Umpleby - Chairman and Chief Executive Officer Conference Call Participants Chad Dillard - Bernstein Operator Hi. Good afternoon, everyone. My name is Chad Dillard. I'm the lead analyst here at Bernstein for the Machinery, Engineering, and Construction sector. And I'm really excited to have Caterpillar here today to have a conversa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdiction of incorporatio ...

Caterpillar Inc. (NYSE:CAT) Q1 2023 Earnings Conference Call April 13, 2023 8:30 AM ET Company Participants Ryan Fiedler – Vice President-Investor Relations Jim Umpleby – Chairman and Chief Executive Officer Andrew Bonfield – Chief Financial Officer Conference Call Participants Rob Wertheimer – Melius Research Tami Zakaria – JPMorgan Michael Feniger – Bank of America Jamie Cook – Credit Suisse David Raso – Evercore Jerry Revich – Goldman Sachs Steve Volkmann – Jefferies Chad Dillard – Bernstein John Joyner ...

First Quarter 2023 Financial Review 1Q 2023 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward- ...

Caterpillar Inc. (NYSE:CAT) Evercore ISI Industrial Conference March 8, 2023 9:00 AM ET Company Participants Ryan Fiedler - VP, IR Andrew Bonfield - CFO Conference Call Participants David Raso - Evercore ISI David Raso Thank you, everybody. Good morning. Our first presenter doesn't need an introduction, Dow 30 Caterpillar. We all know them and love them and obviously happy to have them here. So, really appreciate it. Matt -- we have Matt here from Investor Relations. Ryan Fiedler Ryan. David Raso I mean, I' ...

Business Segments - Caterpillar's Construction Industries segment focuses on machinery for infrastructure, forestry, and building construction, with significant R&D investment in next-generation construction machines in 2022[12]. - The Resource Industries segment provides high productivity equipment for mining and heavy construction, emphasizing technology products for fleet management and autonomous capabilities[15]. - The Energy & Transportation segment includes a diverse portfolio of products such as reciprocating engines and turbines, with ongoing investments to meet regulatory emissions standards[19]. - Cat Financial, the financial products segment, offers retail and wholesale financing, significantly supporting Caterpillar's sales and generating financing income[22]. - Caterpillar's differentiated product offerings in developing economies, such as SEM brand machines, enhance competitiveness by addressing local customer needs[12]. Financial Performance - Total sales and revenues for 2022 reached $59,427 million, a 16.3% increase from $50,971 million in 2021[273]. - Operating profit for 2022 was $7,904 million, up from $6,878 million in 2021, reflecting a 14.9% growth[273]. - Profit attributable to common shareholders for 2022 was $6,705 million, compared to $6,489 million in 2021, marking a 3.3% increase[273]. - Profit per common share for 2022 was $12.72, up from $11.93 in 2021, reflecting a 6.6% increase[273]. - The company recorded a goodwill impairment charge of $925 million in 2022, which was not present in 2021[273]. Tax and Regulatory Matters - The provision for income taxes for 2022 was $2,067 million, compared to $1,742 million in 2021, indicating an 18.6% increase[273]. - The company recorded a discrete tax benefit of $41 million related to the IRS settlement, which contributed to the overall income tax provision[269]. - The final tax assessed by the IRS for the settlement was $490 million for the ten-year period, primarily paid in 2022 along with associated interest of $250 million[269]. - Changes in effective tax rates due to shifts in earnings mix or tax laws could adversely affect future results of operations[116]. Workforce and Safety - Caterpillar employed about 109,100 full-time employees as of December 31, 2022, an increase from 107,700 in 2021, with 48,200 located in the U.S. and 60,900 outside the U.S.[54]. - The recordable injury frequency rate was 0.44 in 2022, compared to 0.41 in 2021, indicating a slight increase in workplace injuries[48]. - The company has established a peer-to-peer safety mentorship program to enhance safety culture among new hires in manufacturing[48]. - Caterpillar's workforce diversity initiatives include programs to encourage women in engineering roles, particularly in China and India[51]. Economic and Market Conditions - Caterpillar's financial results are affected by general economic conditions, including inflation and market interest rates, impacting financing availability and costs[29]. - The company's operations are significantly affected by global and regional economic conditions, with demand for products being cyclical and potentially reduced during economic downturns[62]. - Infrastructure spending, commercial construction, and housing starts are critical to the company's results, with decreased activity negatively impacting demand for products and services[64]. - Changes in government monetary or fiscal policies, including interest rate fluctuations, could negatively impact sales and create supply chain inefficiencies[71]. Supply Chain and Operations - The company maintains a global strategic sourcing model to ensure timely delivery of raw materials and components, although supply chain disruptions have led to constraints[40]. - Supply chain disruptions, including production challenges at suppliers and transportation delays, have limited the company's ability to meet customer demand, impacting financial performance[70]. - The company is a major user of steel and other commodities, and increases in commodity prices could adversely affect costs and financial results if not offset by price increases or cost reductions[69]. Risks and Challenges - The competitive landscape includes major global competitors in construction machinery and financial services, with Cat Financial facing competition from banks and other manufacturers' financial subsidiaries[28]. - The competitive environment poses risks to sales and pricing, with potential adverse impacts from aggressive pricing strategies by competitors[78]. - Cybersecurity threats pose risks to the company's information technology systems, which could lead to reputational damage and increased costs if not adequately managed[81]. - Labor disputes or union-related issues could negatively impact operations and financial results, with potential strikes or work stoppages affecting production[89]. Financial Position and Assets - Total assets decreased to $81,943 million in 2022 from $82,793 million in 2021, a decline of approximately 1.03%[277]. - Total liabilities slightly decreased to $66,052 million in 2022 from $66,277 million in 2021, a reduction of about 0.34%[277]. - Shareholders' equity decreased to $15,891 million in 2022 from $16,516 million in 2021, representing a decline of approximately 3.80%[277]. - Cash and cash equivalents decreased to $7,004 million in 2022 from $9,254 million in 2021, a decrease of about 24.3%[277]. Investments and Capital Expenditures - Capital expenditures in 2022 were $1,296 million, up from $1,093 million in 2021[284]. - The company repurchased 21,882,818 common shares in 2022, costing $4,230 million[282]. - The company experienced a net cash used for investing activities of $2,541 million in 2022, compared to $3,084 million in 2021[284]. Financial Products and Services - Cat Financial's operations are influenced by the ability of dealers to sell equipment and customer willingness to enter financing agreements, with a focus on managing interest rate and foreign currency risks[29][30]. - The company's financial products segment provides financing to customers and dealers for the purchase and lease of equipment, operating under competitive conditions[287]. - Cat Financial depreciation on equipment leased to others was $718 million in 2022, down from $755 million in 2021 and $758 million in 2020[294]. Compliance and Legal Matters - The company is subject to a complex system of international trade and anti-corruption laws, which may expose it to increased government scrutiny and potential penalties[113]. - The company is involved in various legal proceedings that could lead to adverse effects on its reputation and financial condition[119]. - Stringent environmental laws and regulations impose significant compliance costs, which could negatively impact operations and financial condition[122]. Research and Development - The company emphasizes the importance of low total cost of ownership for customers, driving R&D efforts towards high-quality, productive products[16]. - Research and development expenses for 2022 totaled $1,814 million, an increase from $1,686 million in 2021, representing a 7.6% rise[273]. - The company has made significant investments in research and development to comply with environmental regulations, particularly regarding emissions standards[56].