Q4 25 EPS
$5.16
BEAT +9.55%
Est. $4.71
Q4 25 Revenue
$19.13B
BEAT +7.41%
Est. $17.81B
vs S&P Since Q4 25
+29.9%
BEATING MARKET
CAT +33.8% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$19.06
BEAT +1.92%
Est. $18.70
FY 25 Revenue
$67.59B
BEAT +1.99%
Est. $66.27B
Market Reaction
Did CAT Beat Earnings? Q4 2025 Results
Caterpillar delivered a strong beat on both the top and bottom lines in Q4 2025, with earnings per share of $5.16 topping the $4.71 consensus estimate by 9.55% and revenue of $19.13 billion clearing Wall Street's $17.81 billion forecast by 7.41%, an … Read more Caterpillar delivered a strong beat on both the top and bottom lines in Q4 2025, with earnings per share of $5.16 topping the $4.71 consensus estimate by 9.55% and revenue of $19.13 billion clearing Wall Street's $17.81 billion forecast by 7.41%, an 18.0% jump from a year ago. The headline numbers were impressive, but the story beneath them was more complicated: a surge in Power and Energy sales, up 23% to $9.40 billion on booming demand for large reciprocating engines powering data centers, drove much of the volume gain, while tariff-related manufacturing costs of $1.03 billion in the quarter hammered operating margins, which contracted to 13.9% from 18.0% a year ago. Construction and Resource Industries both grew revenue but saw profits fall sharply under the same tariff headwinds, a dynamic that analysts have flagged as a key risk for the stock going forward. CEO Joe Creed noted that Caterpillar enters 2026 with a record backlog, pointing to sustained demand even as margin recovery remains the central challenge.
Key Takeaways
- • Higher sales volume of $2.708 billion driven by higher sales of equipment to end users and impact from changes in dealer inventories
- • Power Generation sales surged 44% driven by large reciprocating engines for data center applications
- • Unfavorable manufacturing costs of $1.030 billion largely reflecting impact of higher tariffs
- • Higher restructuring costs of $282 million mainly related to write-downs of inventory in the Rail division
- • Unfavorable price realization of $0.8 billion for the full year
- • Record backlog entering 2026
CAT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CAT Revenue by Segment
With YoY comparisons, source: SEC Filings
CAT Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our centennial year marked a significant milestone, underscored by the highest full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion. These results demonstrate the strength of our end markets and our disciplined execution. With a record backlog, we enter the new year with strong momentum and a continued focus on delivering long-term value for our customers and shareholders.”
— Joe Creed, Q4 2025 Earnings Press Release
CAT Earnings Trends
CAT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAT EPS Trend
Earnings per share: estimate vs actual
CAT Revenue Trend
Quarterly revenue: estimate vs actual
CAT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $5.54 | — | $17.42B | — |
| Q4 25 BEAT FY | $4.71 | $5.16 | +9.55% | $19.13B | +7.41% |
| FY Full Year | $18.70 | $19.06 | +1.92% | $67.59B | +1.99% |
| Q3 25 BEAT | $4.52 | $4.95 | +9.43% | $17.64B | +5.15% |
| Q2 25 MISS | $4.90 | $4.72 | -3.73% | $16.57B | +1.88% |
| Q1 25 MISS | $4.35 | $4.25 | -2.31% | $14.25B | -2.28% |