Revenue and Backlog Growth
Full-year 2025 revenue up 7% to $10.6 billion; Q4 2025 revenue up 6% to $2.7 billion. Equipment backlog reached a record $3.1 billion at year-end, up 20% year-over-year and up 9% from September 2025.
Product Support Expansion
Product support revenue grew 8% in 2025 to nearly $6.0 billion (nearing $6B from $5.2B at Q2 2023); mining-driven product support increased ~10% in Canada and ~5% in South America. Company added 225 technicians across regions to expand service capacity.
Earnings and Return Improvements
Adjusted EPS increased 14% in 2025 (Q4 adjusted EPS $1.00, up 3% year-over-year). Invested capital turns improved to ~2.34x and consolidated adjusted return on invested capital was 19.2% in Q4, up ~130 basis points year-over-year.
Strong Cash Generation and Deleveraging
Generated strong free cash flow (nearly $550 million for the year) and reported a Q4 free cash flow of $642 million. Net debt to adjusted EBITDA reduced to 1.2x from 1.7x at year-end 2024, strengthening the balance sheet.
Power & Energy and Used Equipment Momentum
Power & Energy revenues up 41% since Q2 2023 and backlog up over 70% since Q2 2023; Power & Energy backlog ~$1.0 billion at year-end, up ~25% versus December 2024. Used equipment revenues up ~31% since Investor Day.
Regional Operational Wins and Order Intake
Q4 new equipment sales up 9% with record new equipment revenue for the year. Order intake in Canada was nearly +50% versus Q4 2024. Over the past two years delivered 95 new mining trucks and have more than 50 in backlog (Chile delivered 132 trucks over last two years with pipeline of additional orders).