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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
Caterpillar (CAT) investor relations material
Caterpillar Barclays 43rd Annual Industrial Select Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Barclays 43rd Annual Industrial Select Conference summary18 Feb, 2026
Strategic priorities and performance
Focus on growing absolute OPACC dollars, which strongly correlates with free cash flow and shareholder return.
Achieved top quartile total shareholder return since 2020, with OPACC up 4.1x.
New targets set to grow sales and revenues 5%-7% annually through 2030; 2023 saw 4% growth.
Services revenue surpassed $24B, targeting $30B by 2030.
Returned 84% of free cash flow to shareholders in 2023 via dividends and buybacks; dividend grew 7%.
Investment and capacity expansion
CapEx to double over next five years, reaching $3.5B in 2024, still under 5% of revenues.
Major investments in digital, automation, and connectivity, with tech investment to rise 2.5x by 2030.
Expanding capacity for large engines and Solar Turbines, with most new capacity coming online 2026–2028.
Operating margin target range increased to 15%-25%, with a new sales cap of $100B.
CapEx peak expected in 2026–2027.
Business segments and market trends
Diverse portfolio: Construction Industries, Resource Industries, and Power & Energy.
Power & Energy benefits from data center, oil & gas, and pipeline demand.
Mining and heavy construction supported by infrastructure spending and commodity demand.
North America and Middle East strong; China and Europe weak but expected to improve by 2026.
Services growth and portfolio breadth help reduce business cycle volatility.
Power gen capacity ramp timeline
What drives data centers to CAT power solutions?
Effectiveness of tariff mitigation measures
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Next Caterpillar earnings date
Q1 202629 Apr, 2026
Caterpillar
Next Caterpillar earnings date
Q1 202629 Apr, 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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