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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Caterpillar (CAT) investor relations material
Caterpillar Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary4 Nov, 2025
Strategic priorities and business outlook
Strategy centers on commercial excellence, advanced technology, and sustainability to drive profitable growth across all segments.
Resource Industries will integrate rail starting January, leveraging synergies in customers, manufacturing, suppliers, and technology.
Digital & Technology divisions will be consolidated under one group president by July 2025; Energy & Transportation will be renamed Power & Energy, and Rail will join Resource Industries in January 2026.
Major investments in capacity, digital, and technology are being accelerated to address customer challenges and capitalize on end-market growth.
Outcome-based solutions and deep customer integration, as demonstrated with Suncor, are being replicated to drive value and long-term partnerships.
Technology and sustainability initiatives
Precision Mining, bolstered by the acquisition of RPMGlobal, will provide end-to-end digital solutions for mine planning, asset management, and operational optimization.
Expansion into autonomy and digital solutions is expected to triple autonomous trucks and double digital investments by 2030.
Sustainability solutions include alternative fuels, hybrid powertrains, and the Cat Dynamic Energy Transfer (DET) system, with DET expected to be commercially available in Q4 2026.
Battery electric and diesel-electric trucks are being validated, with retrofitting capabilities and holistic site energy management solutions in development.
Autonomy and electrification are being expanded beyond mining into quarries and aggregates, with early success at Luck Stone.
Financial framework and shareholder returns
New enterprise sales and revenues CAGR target of 5–7% for 2024–2030, up from 4% in the previous period.
Free cash flow target range raised to $6–15 billion, with a commitment to return substantially all to shareholders.
Dividend has grown at a 7.5% CAGR since 2019, with high single-digit annual increases and consistent share repurchases planned through 2030.
CapEx will double from 2025–2030 compared to the previous six years, supporting capacity, digital, and sustainability investments.
Services revenues targeted to reach $30 billion by 2030, up from $24 billion in 2024.
How will revenue growth become a larger TSR driver?
What market demand fuels P&E capacity expansion?
How does DET differentiate mining solutions?
Data center power: How will the mix evolve?
Precision mining: How will RPMGlobal acquisition aid it?
Digital/tech investments: How will they drive OPACC?
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Next Caterpillar earnings date
Q4 202530 Jan, 2026
Next Caterpillar earnings date
Q4 202530 Jan, 2026
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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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