Caterpillar (CAT) recasts segment results after shifting Rail to Resource Industries

Rhea-AI Filing Summary

Caterpillar Inc. has updated how it reports its business segments after moving its Rail division from the Power & Energy segment into Resource Industries, effective January 1, 2026. This change is meant to better match how the CEO evaluates performance and allocates resources.

To help investors compare periods consistently, Caterpillar furnished unaudited, recast segment data for each quarter of 2024 and 2025 and for the full years. Total sales and revenues were $67,589 million in 2025 and $64,809 million in 2024, while total assets were $98,585 million at year-end 2025.

The company emphasizes that these changes affect only segment presentation and do not change previously reported consolidated financial statements. It also clarifies how prior forward‑looking comments about Rail would map into the new structure and plans to provide updated segment-level assumptions on April 30, 2026.

Insights

Sell-side industrials analyst

Recast segment data improves comparability but doesn’t change fundamentals.

Caterpillar is realigning its Rail division into the Resource Industries segment and has recast quarterly and annual segment data for 2024 and 2025. This provides a consistent view of segment performance under the new structure without altering consolidated results.

The recast shows total sales and revenues of $67,589 million in 2025 versus $64,809 million in 2024, and segment profit aggregating $14,048 million in 2025. These figures now align with the way management groups Rail and related activities operationally.

Caterpillar also explains that earlier forward‑looking comments on Rail would map to Resource Industries, not Power & Energy, under the new structure. Updated segment-level assumptions are scheduled for the Q1 2026 earnings call on April 30, 2026, which will be the first full outlook framed on this basis.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 26, 2026

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware

1-768

37-0602744

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S Employer Identification No.)

5205 N. O'Connor Blvd.,

Suite 100,

Irving,

Texas

75039

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(972) 891-7700

Former name or former address, if changed since last report:

N/A

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange which registered

Common Stock ($1.00 par value)

CAT

The New York Stock Exchange

5.3% Debentures due September 15, 2035

CAT35

The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 7.01. Regulation FD Disclosure.

As previously announced on November 4, 2025, Caterpillar Inc. (the "Company") realigned its organizational structure by moving its Rail division from the Power & Energy segment into the Resource Industries segment. The Company implemented this change effective January 1, 2026, to better reflect its organizational and operational structure and align with how our chief executive officer, who serves as the Company’s chief operating decision maker (CODM), assesses performance and allocates resources.

For informational purposes and to assist investors in making comparisons between historical and future financial information that will reflect the revised reporting segments, the Company has furnished selected historical, unaudited quarterly segment financial information reflecting this realignment. This information is furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is also available on the Company’s investor relations website at http://investors.caterpillar.com.

Unaudited Historical Operating Segment Data

Exhibit 99.1 to this Current Report on Form 8-K reflects the impact of the Rail division realignment on the Company’s historical segment results on a continuing operations basis. The recast information also reflects certain segment reporting changes previously disclosed in the Company’s Form 10‑Q for the three and nine months ended September 30, 2025 and the 2025 Form 10-K, including transfers of specified responsibilities among segments.

•Responsibility for business strategy, product design, product management and development, manufacturing, marketing and sales, product support and sourcing of wear and maintenance components and related parts moved from All Other Segment to Resource Industries.

•Responsibility for business strategy, product design, product management and development, manufacturing and product support for electronics and control systems moved from Resource Industries to All Other Segment.

•Responsibility for research and development for autonomy and automation, electronics and software for machines and engines moved from Resource Industries to the All Other Segment.

The recast information remains subject to additional adjustments as the Company finalizes the new reporting structure related to the Rail division realignment. Investors are cautioned that this information is unaudited. The changes in reporting structure affect only the presentation of historical segment information and have no impact on the Company’s previously reported consolidated financial statements.

Certain updates made to previously communicated forward-looking statements made by the Company are furnished in Exhibit 99.2 to this Current Report on Form 10-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1 and 99.2, should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 13, 2026.

The information contained in this Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the“Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

			(d)			Exhibits:
						The following is furnished as an exhibit to this report:
						99.1			Unaudited Historical Financial Information
						99.2			Previously Communicated Forward-Looking Assumptions
						104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
			CATERPILLAR INC.
March 26, 2026			By:			/s/ Derek Owens
						Derek Owens Chief Legal Officer and General Counsel

Exhibit 99.1

                                 

Unaudited Historical Financial Information

The following tables include unaudited historical summary financial information reflecting the realignment of the Company's operating segment results on a continuing operations basis (in millions):

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and years ended December 31, 2025, and 2024, sales and revenues by geographic region reconciled to consolidated sales and revenues were as follows:

Sales and Revenues by Geographic Region
(Millions of dollars)
						North America						Latin America						EAME						Asia/ Pacific						External Sales and Revenues						Intersegment Sales and Revenues						Total Sales and Revenues
Three months ended March 31, 2025
Construction Industries						$	2,904					$	504					$	867					$	869					$	5,144					$	40					$	5,184
Resource Industries						1,610						606						510						860						3,586						75						3,661
Power & Energy						2,625						326						1,026						677						4,654						1,129						5,783
Financial Products Segment						682						99						122						104						1,007			1			—						1,007
Total sales and revenues from reportable segments						7,821						1,535						2,525						2,510						14,391						1,244						15,635
All Other Segment						8						—						1						2						11						59						70
Corporate Items and Eliminations						(91)						(20)						(20)						(22)						(153)						(1,303)						(1,456)
Total Sales and Revenues						$	7,738					$	1,515					$	2,506					$	2,490					$	14,249					$	—					$	14,249
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $163 million.
Three months ended June 30, 2025
Construction Industries						$	3,369					$	540					$	1,185					$	1,029					$	6,123					$	67					$	6,190
Resource Industries						1,668						592						584						945						3,789						97						3,886
Power & Energy						3,225						442						1,306						821						5,794						1,243						7,037
Financial Products Segment						703						105						126						108						1,042			1			—						1,042
Total sales and revenues from reportable segments						8,965						1,679						3,201						2,903						16,748						1,407						18,155
All Other Segment						6						—						1						6						13						72						85
Corporate Items and Eliminations						(120)						(23)						(22)						(27)						(192)						(1,479)						(1,671)
Total Sales and Revenues						$	8,851					$	1,656					$	3,180					$	2,882					$	16,569					$	—					$	16,569
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $172 million.
Three months ended September 30, 2025
Construction Industries						$	3,912					$	654					$	1,217					$	904					$	6,687					$	73					$	6,760
Resource Industries						1,721						605						612						977						3,915						84						3,999
Power & Energy						3,478						496						1,296						911						6,181						1,282						7,463
Financial Products Segment						722						118						130						106						1,076			1			—						1,076
Total sales and revenues from reportable segments						9,833						1,873						3,255						2,898						17,859						1,439						19,298
All Other Segment						5						—						2						3						10						63						73
Corporate Items and Eliminations						(157)						(23)						(26)						(25)						(231)						(1,502)						(1,733)
Total Sales and Revenues						$	9,681					$	1,850					$	3,231					$	2,876					$	17,638					$	—					$	17,638
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $187 million.

1

						North America						Latin America						EAME						Asia/ Pacific						External Sales and Revenues						Intersegment Sales and Revenues						Total Sales and Revenues
Three months ended December 31, 2025
Construction Industries						$	3,879					$	660					$	1,326					$	981					$	6,846					$	80					$	6,926
Resource Industries						1,884						747						680						980						4,291						83						4,374
Power & Energy						3,990						464						1,763						901						7,118						1,223						8,341
Financial Products Segment						734						120						133						108						1,095			1			—						1,095
Total sales and revenues from reportable segments						10,487						1,991						3,902						2,970						19,350						1,386						20,736
All Other Segment						7						—						2						3						12						87						99
Corporate Items and Eliminations						(155)						(24)						(28)						(22)						(229)						(1,473)						(1,702)
Total Sales and Revenues						$	10,339					$	1,967					$	3,876					$	2,951					$	19,133					$	—					$	19,133
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of$190 million.
Year ended December 31, 2025
Construction Industries						$	14,064					$	2,358					$	4,595					$	3,783					$	24,800					$	260					$	25,060
Resource Industries						6,883						2,550						2,386						3,762						15,581						339						15,920
Power & Energy						13,318						1,728						5,391						3,310						23,747						4,877						28,624
Financial Products Segment						2,841						442						511						426						4,220			1			—						4,220
Total sales and revenues from reportable segments						37,106						7,078						12,883						11,281						68,348						5,476						73,824
All Other Segment						26						—						6						14						46						281						327
Corporate Items and Eliminations						(523)						(90)						(96)						(96)						(805)						(5,757)						(6,562)
Total Sales and Revenues						$	36,609					$	6,988					$	12,793					$	11,199					$	67,589					$	—					$	67,589
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $712 million.

Three months ended March 31, 2024
Construction Industries						$	3,833					$	595					$	996					$	993					$	6,417					$	7					$	6,424
Resource Industries						1,791						541						579						996						3,907						108						4,015
Power & Energy						2,432						343						1,182						740						4,697						1,165						5,862
Financial Products Segment						659						101						123						108						991			1			—						991
Total sales and revenues from reportable segments						8,715						1,580						2,880						2,837						16,012						1,280						17,292
All Other Segment						8						(1)						3						2						12						75						87
Corporate Items and Eliminations						(150)						(20)						(31)						(24)						(225)						(1,355)						(1,580)
Total Sales and Revenues						$	8,573					$	1,559					$	2,852					$	2,815					$	15,799					$	—					$	15,799
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $177 million.
Three months ended June 30, 2024
Construction Industries						$	3,957					$	677					$	1,047					$	975					$	6,656					$	27					$	6,683
Resource Industries						1,734						571						585						1,047						3,937						93						4,030
Power & Energy						2,792						392						1,279						824						5,287						1,230						6,517
Financial Products Segment						668						101						124						111						1,004			1			—						1,004
Total sales and revenues from reportable segments						9,151						1,741						3,035						2,957						16,884						1,350						18,234
All Other Segment						4						—						2						2						8						79						87
Corporate Items and Eliminations						(112)						(22)						(40)						(29)						(203)						(1,429)						(1,632)
Total Sales and Revenues						$	9,043					$	1,719					$	2,997					$	2,930					$	16,689					$	—					$	16,689
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $180 million.

2

						North America						Latin America						EAME						Asia/ Pacific						External Sales and Revenues						Intersegment Sales and Revenues						Total Sales and Revenues
Three months ended September 30, 2024
Construction Industries						$	3,629					$	658					$	1,150					$	875					$	6,312					$	33					$	6,345
Resource Industries						1,647						543						579						954						3,723						105						3,828
Power & Energy						2,708						404						1,351						773						5,236						1,151						6,387
Financial Products Segment						695						97						130						112						1,034			1			—						1,034
Total sales and revenues from reportable segments						8,679						1,702						3,210						2,714						16,305						1,289						17,594
All Other Segment						1						(1)						1						7						8						64						72
Corporate Items and Eliminations						(135)						(23)						(12)						(37)						(207)						(1,353)						(1,560)
Total Sales and Revenues						$	8,545					$	1,678					$	3,199					$	2,684					$	16,106					$	—					$	16,106
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $190 million.
Three months ended December 31, 2024
Construction Industries						$	3,157					$	623					$	1,122					$	1,057					$	5,959					$	44					$	6,003
Resource Industries						1,487						618						607						1,052						3,764						108						3,872
Power & Energy						3,011						429						1,434						762						5,636						1,104						6,740
Financial Products Segment						680						103						128						113						1,024			1			—						1,024
Total sales and revenues from reportable segments						8,335						1,773						3,291						2,984						16,383						1,256						17,639
All Other Segment						7						—						1						—						8						90						98
Corporate Items and Eliminations						(106)						(21)						(24)						(25)						(176)						(1,346)						(1,522)
Total Sales and Revenues						$	8,236					$	1,752					$	3,268					$	2,959					$	16,215					$	—					$	16,215
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $164 million.
Year ended December 31, 2024
Construction Industries						$	14,576					$	2,553					$	4,315					$	3,900					$	25,344					$	111					$	25,455
Resource Industries						6,659						2,273						2,350						4,049						15,331						414						15,745
Power & Energy						10,943						1,568						5,246						3,099						20,856						4,650						25,506
Financial Products Segment						2,702						402						505						444						4,053			1			—						4,053
Total sales and revenues from reportable segments						34,880						6,796						12,416						11,492						65,584						5,175						70,759
All Other Segment						20						(2)						7						11						36						308						344
Corporate Items and Eliminations						(503)						(86)						(107)						(115)						(811)						(5,483)						(6,294)
Total Sales and Revenues						$	34,397					$	6,708					$	12,316					$	11,388					$	64,809					$	—					$	64,809
1 Includes revenues from Construction Industries, Resource Industries, Power & Energy and All Other Segment of $711 million.

3

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and for the years ended December 31, 2025, and 2024, Power & Energy segment sales by end user application were as follows:

Power & Energy External Sales
(Millions of dollars)
			2025
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Oil and Gas			$	1,258					$	1,867					$	1,979					$	2,398					$	7,502
Power Generation			1,996						2,407						2,634						3,238						10,275
Industrial			1,400						1,520						1,568						1,482						5,970
Power & Energy External Sales			$	4,654					$	5,794					$	6,181					$	7,118					$	23,747
			2024
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Oil and Gas			$	1,568					$	1,829					$	1,656					$	1,927					$	6,980
Power Generation			1,618						1,885						2,011						2,242						7,756
Industrial			1,511						1,573						1,569						1,467						6,120
Power & Energy External Sales			$	4,697					$	5,287					$	5,236					$	5,636					$	20,856

Power & Energy segment sales by end user application previously included the Transportation application, which was comprised of sales into marine and rail applications, as well as product support for on-highway engines. As part of the realignment of the Rail division, sales into marine applications and product support for on‑highway engines are now reported within the Industrial application.

4

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and years ended December 31, 2025, and 2024, profit from reportable segments were as follows:

Profit from Reportable Segments
(Millions of dollars)
						Construction Industries						Resource Industries						Power & Energy						Financial Products Segment						Total from Reportable Segments
Three months ended March 31, 2025
Sales and revenues						$	5,184					$	3,661					$	5,783					$	1,007					$	15,635
Less 1:
Cost of goods sold						3,718						2,612						3,834						—						10,164
SG&A/R&D 2						451						439						691						195						1,776
Other segment items 3						(9)						(13)						(30)						597						545
Segment Profit						$	1,024					$	623					$	1,288					$	215					$	3,150
Three months ended June 30, 2025
Sales and revenues						$	6,190					$	3,886					$	7,037					$	1,042					$	18,155
Less 1:
Cost of goods sold						4,459						2,851						4,751						—						12,061
SG&A/R&D 2						470						465						730						204						1,869
Other segment items 3						17						7						2						590						616
Segment Profit						$	1,244					$	563					$	1,554					$	248					$	3,609
Three months ended September 30, 2025
Sales and revenues						$	6,760					$	3,999					$	7,463					$	1,076					$	19,298
Less 1:
Cost of goods sold						4,874						2,994						5,101						—						12,969
SG&A/R&D 2						472						461						724						215						1,872
Other segment items 3						37						—						5						620						662
Segment Profit						$	1,377					$	544					$	1,633					$	241					$	3,795
Three months ended December 31, 2025
Sales and revenues						$	6,926					$	4,374					$	8,341					$	1,095					$	20,736
Less 1:
Cost of goods sold						5,342						3,441						5,777						—						14,560
SG&A/R&D 2						509						506						828						215						2,058
Other segment items 3						45						6						(45)						618						624
Segment Profit						$	1,030					$	421					$	1,781					$	262					$	3,494
Year ended December 31, 2025
Sales and revenues						$	25,060					$	15,920					$	28,624					$	4,220					$	73,824
Less 1:
Cost of goods sold						18,393						11,898						19,463						—						49,754
SG&A/R&D 2						1,902						1,871						2,973						829						7,575
Other segment items 3						90						—						(68)						2,425						2,447
Segment Profit						$	4,675					$	2,151					$	6,256					$	966					$	14,048

5

						Construction Industries						Resource Industries						Power & Energy						Financial Products Segment						Total from Reportable Segments
Three months ended March 31, 2024
Sales and revenues						$	6,424					$	4,015					$	5,862					$	991					$	17,292
Less 1:
Cost of goods sold						4,210						2,807						3,888						—						10,905
SG&A/R&D 2						446						435						687						173						1,741
Other segment items 3						4						21						10						525						560
Segment Profit						$	1,764					$	752					$	1,277					$	293					$	4,086
Three months ended June 30, 2024
Sales and revenues						$	6,683					$	4,030					$	6,517					$	1,004					$	18,234
Less 1:
Cost of goods sold						4,470						2,808						4,316						—						11,594
SG&A/R&D 2						477						434						712						182						1,805
Other segment items 3						(5)						25						8						595						623
Segment Profit						$	1,741					$	763					$	1,481					$	227					$	4,212
Three months ended September 30, 2024
Sales and revenues						$	6,345					$	3,828					$	6,387					$	1,034					$	17,594
Less 1:
Cost of goods sold						4,349						2,691						4,242						—						11,282
SG&A/R&D 2						483						464						741						193						1,881
Other segment items 3						27						20						4						595						646
Segment Profit						$	1,486					$	653					$	1,400					$	246					$	3,785
Three months ended December 31, 2024
Sales and revenues						$	6,003					$	3,872					$	6,740					$	1,024					$	17,639
Less 1:
Cost of goods sold						4,297						2,864						4,558						—						11,719
SG&A/R&D 2						525						486						742						223						1,976
Other segment items 3						7						14						—						635						656
Segment Profit						$	1,174					$	508					$	1,440					$	166					$	3,288
Year ended December 31, 2024
Sales and revenues						$	25,455					$	15,745					$	25,506					$	4,053					$	70,759
Less 1:
Cost of goods sold						17,326						11,170						17,004						—						45,500
SG&A/R&D 2						1,931						1,819						2,882						771						7,403
Other segment items 3						33						80						22						2,350						2,485
Segment Profit						$	6,165					$	2,676					$	5,598					$	932					$	15,371
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment income/expenses are included within the amounts shown.
2 Includes selling, general and administrative (SG&A) and research and development (R&D) expenses. The combined presentation aligns with the segment-level information that is regularly provided to the CODM.
3 Other segment items for each reportable segment primarily includes: Construction Industries/Resource Industries/Power & Energy – other operating (income) expenses, currency impacts defined as a methodology difference between exchange rates used in U.S. GAAP and segment reporting, and equity in (profit) loss of unconsolidated affiliated companies. Financial Products Segment – interest expense, Cat Financial’s depreciation on equipment leased to others, Insurance Services’ underwriting expenses and investment and interest income, and foreign exchange (gains) losses.

6

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and years ended December 31, 2025, and 2024, profit from reportable segments reconciled to consolidated profit before taxes were as follows:

Reconciliation of Consolidated profit before taxes:
(Millions of dollars)
			2025
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Total profit from reportable segments			$	3,150					$	3,609					$	3,795					$	3,494					$	14,048
Profit from All Other Segment			(19)						—						(6)						17						(8)
Cost centers			4						(10)						6						(11)						(11)
Corporate costs			(213)						(211)						(308)						(274)						(1,006)
Timing			(7)						(76)						(119)						27						(175)
Restructuring costs			(33)						(56)						(37)						(319)						(445)
Methodology differences:
Inventory/cost of sales			(27)						(21)						56						41						49
Postretirement benefit income (expense)			14						(67)						(63)						301						185
Stock-based compensation expense			(45)						(85)						(66)						(34)						(230)
Financing costs			(46)						(68)						(54)						(12)						(180)
Currency			(54)						(95)						18						50						(81)
Goodwill impairment charge			—						—						—						—						—
Other income/expense methodology differences			(142)						(86)						(89)						(153)						(470)
Other methodology differences			(12)						(16)						(6)						(101)						(135)
Total consolidated profit before taxes			$	2,570					$	2,818					$	3,127					$	3,026					$	11,541

			2024
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Total profit from reportable segments			$	4,086					$	4,212					$	3,785					$	3,288					$	15,371
Profit from All Other Segment			25						20						(13)						11						43
Cost centers			14						(2)						(5)						(8)						(1)
Corporate costs			(201)						(276)						(205)						(207)						(889)
Timing			(67)						82						(3)						121						133
Restructuring costs			6						(258)						(70)						(37)						(359)
Methodology differences:
Inventory/cost of sales			(6)						9						13						17						33
Postretirement benefit income (expense)			(56)						1						(51)						173						67
Stock-based compensation expense			(44)						(75)						(52)						(52)						(223)
Financing costs			(28)						(41)						(42)						(15)						(126)
Currency			87						21						(79)						116						145
Goodwill impairment charge			—						—						—						—						—
Other income/expense methodology differences			(250)						(168)						(166)						(156)						(740)
Other methodology differences			(34)						(25)						(14)						(8)						(81)
Total consolidated profit before taxes			$	3,532					$	3,500					$	3,098					$	3,243					$	13,373

7

For the years ended December 31, 2025, and 2024, assets from reportable segments reconciled to consolidated assets were as follows:

Reconciliation of Assets:
(Millions of dollars)
						Year ended December 31,
						2025						2024
Assets from reportable segments:
Construction Industries						$	5,442					$	5,546
Resource Industries						9,036						9,009
Power & Energy						8,438						8,845
Financial Products Segment						41,476						36,925
Total assets from reportable segments						64,392						60,325
Assets from All Other Segment						1,516						1,403
Items not included in segment assets:
Cash and cash equivalents						9,333						6,165
Deferred income taxes						2,749						3,194
Goodwill and intangible assets						4,669						4,478
Property, plant and equipment – net and other assets						4,689						4,808
Inventory methodology differences						(3,622)						(3,560)
Liabilities included in segment assets						15,330						11,973
Other						(471)						(1,022)
Total assets						$	98,585					$	87,764

8

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and years ended December 31, 2025, and 2024, depreciation and amortization from reportable segments reconciled to consolidated depreciation and amortization were as follows:

Reconciliation of Depreciation and amortization:
(Millions of dollars)
			2025
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Depreciation and amortization from reportable segments:
Construction Industries			$	63					$	66					$	67					$	70					$	266
Resource Industries			97						99						100						99						395
Power & Energy			116						121						132						149						518
Financial Products Segment			178						178						178						185						719
Total depreciation and amortization from reportable segments			454						464						477						503						1,898
Items not included in segment depreciation and amortization:
All Other Segment			63						66						68						70						267
Cost centers			24						25						26						28						103
Other			(1)						(1)						(1)						(3)						(6)
Total depreciation and amortization			$	540					$	554					$	570					$	598					$	2,262
			2024
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Depreciation and amortization from reportable segments:
Construction Industries			$	56					$	57					$	60					$	60					$	233
Resource Industries			93						94						95						99						381
Power & Energy			100						104						110						113						427
Financial Products Segment			185						185						184						186						740
Total depreciation and amortization from reportable segments			434						440						449						458						1,781
Items not included in segment depreciation and amortization:
All Other Segment			67						70						71						76						284
Cost centers			23						24						25						23						95
Other			—						(3)						(2)						(2)						(7)
Total depreciation and amortization			$	524					$	531					$	543					$	555					$	2,153

9

For the three months ended March 31, June 30, September 30, and December 31, 2025, and 2024 and years ended December 31, 2025, and 2024, capital expenditures from reportable segments reconciled to consolidated capital expenditures were as follows:

Reconciliation of Capital expenditures:
(Millions of dollars)
			2025
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Capital expenditures from reportable segments:
Construction Industries			$	46					$	64					$	86					$	162					$	358
Resource Industries			110						111						162						243						626
Power & Energy			240						374						368						519						1,501
Financial Products Segment			170						379						359						433						1,341
Total capital expenditures from reportable segments			566						928						975						1,357						3,826
Items not included in segment capital expenditures:
All Other Segment			36						59						72						87						254
Cost centers			27						35						38						(2)						98
Timing			295						(70)						(6)						(197)						22
Other			(6)						3						(8)						97						86
Total capital expenditures			$	918					$	955					$	1,071					$	1,342					$	4,286
			2024
			Three months ended March 31,						Three months ended June 30,						Three months ended September 30,						Three months ended December 31,						Year ended December 31,
Capital expenditures from reportable segments:
Construction Industries			$	58					$	55					$	66					$	144					$	323
Resource Industries			45						115						90						210						460
Power & Energy			104						186						257						500						1,047
Financial Products Segment			234						320						264						267						1,085
Total capital expenditures from reportable segments			441						676						677						1,121						2,915
Items not included in segment capital expenditures:
All Other Segment			36						65						73						111						285
Cost centers			30						24						60						79						193
Timing			245						(37)						(71)						(286)						(149)
Other			(16)						(9)						(16)						12						(29)
Total capital expenditures			$	736					$	719					$	723					$	1,037					$	3,215

10

EXHIBIT 99.2

Previously Communicated Forward-Looking Assumptions

The following statements should not be interpreted as a reaffirmation of, or an update to, the assumptions communicated during the Company’s fourth quarter of 2025 earnings call. Instead, the statements are meant to assist investors in establishing an appropriate baseline for evaluating future segment-level performance and expectations, referencing the recast unaudited historical financial information reported in Exhibit 99.1 as this baseline.

Referencing the recast unaudited historical financial information from Exhibit 99.1 for the prior year baseline comparison periods and similarly reflecting our realigned organizational structure for the forward-looking periods including the first quarter and full year 2026, the segment-specific assumptions the Company communicated on January 29, 2026, during its fourth-quarter of 2025 earnings call would not have materially changed.

For clarity, the following comments made regarding the Rail division would have aligned to the Resource Industries segment and not the Transportation application within the Power & Energy segment: “In Transportation, we anticipate full year growth in Rail services and locomotive deliveries.”

The Company will provide updated forward-looking assumptions during its first quarter 2026 earnings call on April 30, 2026.

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

FAQ

What organizational change did Caterpillar (CAT) announce in this 8-K?

Caterpillar moved its Rail division from the Power & Energy segment into the Resource Industries segment effective January 1, 2026. The change aligns reporting with how the CEO evaluates performance and allocates resources across the company’s major operating segments.

How does the Caterpillar (CAT) segment realignment affect reported financials?

The realignment only affects segment presentation and historical comparisons. Caterpillar states that previously reported consolidated financial statements remain unchanged, while segment results have been recast to reflect the Rail division’s move and other earlier segment reporting adjustments.

What historical financial information did Caterpillar (CAT) provide with this filing?

Caterpillar furnished unaudited, recast segment data for each quarter of 2024 and 2025 and for the full years. The tables cover sales and revenues by region, segment profits, reconciliations to consolidated profit before taxes, assets, depreciation, amortization and capital expenditures.

What were Caterpillar’s total sales and revenues for 2025 and 2024?

Total sales and revenues were $67,589 million in 2025 and $64,809 million in 2024. These totals include all reportable segments, the All Other segment and corporate eliminations, and are presented on a basis consistent with the new segment structure.

How did Caterpillar’s 2025 consolidated profit before taxes compare to 2024?

Consolidated profit before taxes was $11,541 million in 2025 versus $13,373 million in 2024. These figures reconcile segment profit to total company results, incorporating corporate costs, restructuring, timing items and various methodology differences disclosed in the reconciliation tables.

When will Caterpillar (CAT) update its forward-looking segment assumptions?

Caterpillar plans to provide updated forward-looking assumptions during its first quarter 2026 earnings call on April 30, 2026. Those assumptions will be framed using the realigned segment structure and the recast historical baseline presented in this disclosure.

How were Power & Energy applications affected by the Rail realignment at Caterpillar?

Previously, Transportation in Power & Energy included marine and rail plus on‑highway engine support. After the Rail realignment, sales into marine applications and product support for on‑highway engines are now reported within the Industrial application in the Power & Energy segment.

Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 EX-99.1 956.9 KB
• EX-99.2 EX-99.2 7.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 14.8 KB
• EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 3.8 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 93.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 123.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 103.7 KB