Caterpillar's earnings call highlighted strong backlog growth and increased sales in the Energy & Transportation segment, signaling optimism for the second half of 2025. However, the decline in sales and revenues, compounded by significant tariff impacts and regional weaknesses in China and Europe, present challenges.

Company Guidance -

Q3 2025

During the second quarter of 2025 earnings call, Caterpillar provided guidance indicating a positive outlook for the remainder of the year, despite facing challenges such as tariffs. Sales and revenues decreased by 1% compared to the previous year, primarily due to unfavorable price realization, yet the adjusted operating profit margin exceeded expectations at 17.6%. The company highlighted a $2.5 billion increase in backlog across its three primary segments, with a record backlog level of $37.5 billion. Caterpillar anticipates sales growth in the second half of 2025, driven by strong orders and increased demand, particularly in Construction Industries and Energy & Transportation. The full-year adjusted operating profit margin is expected to be in the bottom half of the target range due to tariffs, but ME&T free cash flow is projected to be around the middle of the $5 billion to $10 billion target range. Caterpillar remains optimistic about its strategic priorities and growth opportunities, with plans to address tariff impacts through various mitigating actions.

Backlog Increase

Backlog grew by $2.5 billion with increases across all three primary segments, reaching a record level of $37.5 billion.

Energy & Transportation Segment Growth

Sales to users in Energy & Transportation increased by 9%, driven by power generation, which grew by 19% primarily due to demand for reciprocating engines for data center applications.

Free Cash Flow and Shareholder Returns

Strong ME&T free cash flow allowed Caterpillar to deploy about $1.5 billion to shareholders through share repurchases and dividends.

Optimistic Outlook for Second Half of 2025

Caterpillar is increasingly optimistic about the top line expectations for the second half of 2025, anticipating sales to grow moderately versus the prior year.

Caterpillar (CAT) Earnings, Revenues Date & History

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CAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	4.78 / -	5.17	―	―	―
Aug 06, 2025	2025 (Q2)	4.89 / 4.72	5.99	-21.20% (-1.27)
Apr 30, 2025	2025 (Q1)	4.35 / 4.25	5.6	-24.11% (-1.35)
Jan 30, 2025	2024 (Q4)	5.02 / 5.14	5.23	-1.72% (-0.09)
Oct 30, 2024	2024 (Q3)	5.35 / 5.17	5.52	-6.34% (-0.35)
Aug 06, 2024	2024 (Q2)	5.56 / 5.99	5.55	7.93% (+0.44)
Apr 25, 2024	2024 (Q1)	5.14 / 5.60	4.91	14.05% (+0.69)
Feb 05, 2024	2023 (Q4)	4.76 / 5.23	3.86	35.49% (+1.37)
Oct 31, 2023	2023 (Q3)	4.80 / 5.52	3.95	39.75% (+1.57)
Aug 01, 2023	2023 (Q2)	4.57 / 5.55	3.18	74.53% (+2.37)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

CAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 30, 2025	$306.28	$308.14	+0.61%
Jan 30, 2025	$389.92	$371.82	-4.64%
Oct 30, 2024	$382.84	$374.67	-2.13%
Aug 06, 2024	$311.86	$321.35	+3.04%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.