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Caterpillar (CAT) investor relations material

Caterpillar Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Q2 2025 sales and revenues were $16.6B, down 1% year-over-year, with Energy & Transportation growth offset by declines in Construction and Resource Industries.

  • Adjusted operating profit margin was 17.6%, above expectations but down from 22.4% last year, mainly due to higher tariffs and unfavorable price realization.

  • Backlog grew $2.5B across all segments to a record $37.5B, supported by strong order rates and resilient demand.

  • $1.5B was returned to shareholders via share repurchases and dividends; balance sheet and liquidity remain strong.

  • Tariffs were a significant headwind and are expected to be a larger challenge for profitability in the remainder of 2025.

Financial highlights

  • Q2 2025 sales and revenues: $16.6B (down 1% year-over-year); adjusted operating profit: $2.9B; adjusted profit per share: $4.72 (down from $5.99); net profit: $2.18B (down 19%).

  • ME&T free cash flow was $2.4B for Q2, about $100M lower than last year due to higher CapEx.

  • Operating cash flow for the quarter was $3.1B; cash and cash equivalents at quarter-end were $5.4B.

  • Effective tax rate for Q2 2025 was 23.0%.

  • Backlog increased $2.5B sequentially and $8.9B year-over-year.

Outlook and guidance

  • Full-year 2025 sales and revenues expected to be slightly higher than 2024, with a stronger second half driven by higher machine volume and robust order activity.

  • Incremental tariffs in 2025 expected to impact profitability by $1.3B–$1.5B, with the headwind larger in Q4.

  • Full-year adjusted operating profit margin, excluding tariffs, expected in the top half of the target range; including tariffs, in the bottom half.

  • ME&T free cash flow expected around the middle of the $5B–$10B range.

  • Capital expenditures projected at $2.5B for 2025.

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Frequently asked questions

The world’s largest manufacturer seller of construction equipment

Caterpillar is not only the world's largest manufacturer and seller of construction equipment, but also a producer of mining equipment and generators, turbines, and engines. With hundreds of manufacturing and servicing locations - over 160 locations spread out in more than 193 countries - Caterpillar has helped create our roads, bridges, airports, yeah, simply the entire global infrastructure for almost 100 years. Some of Caterpillar’s main competitors are Deere & Company, Astec Industries, and Colombus McKinnon.

Replacing wheels with tracks

Caterpillar was founded through the merger of the two competitors Holt Manufacturing Company and C. L. Best Tractor Co. and currently has more than 4 million branded products in the iconic Hi-Way Yellow color at work around the world.

Fun fact: when Benjamin Holt replaced the rear wheels from one of his steam tractors with a pair of tracks to better deal with soft soil, the company photographer famously exclaimed that the machine crawled like a big…caterpillar and the company name was born.

More than only construction equipment

In addition to being a leading manufacturer, Caterpillar has branched into several other, maybe unsuspected operations. For example, the company makes durable smartphones for the industrial market and makes money from licensing agreements regarding its trademarked Hi-Yellow colored brand - with products in categories such as apparel, eyewear, games, scale models, toys, knives, and watches. Their brand is truly synonymous with high-performance products built to last.

Caterpillar has ongoing projects to reduce the cyclicality of its business by investing heavily in its services and aftermarket parts operations. Recent supply chain pressures, for example, were overcome by strong growth in services. 

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