Market capitalisation
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Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·CAT
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NYSE·CAT
Caterpillar Inc.
Share price$558.63Price as of: Nov 6, 2026
Caterpillar Inc. (CAT) is a company listed on NYSE, classified under Agricultural - Machinery.
Caterpillar develops, manufactures, and sells heavy machinery for construction, mining, and energy, plus engines and financial products.
Revenue · FY 2025
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Sales generated during the period, before costs and expenses.
Net margin · FY 2025
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Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every $100 it takes in,40 come from Power & Energy.
Power & Energy is its largest source of revenue (40.2%), followed by Construction Industries (36.7%). Here you will see what it sells, where, and how that mix is changing.
$68bnrevenue in FY 2025
6business lines with data
54%of sales, in North America
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue +17.3% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
One line weighs far more than the rest.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
No room for a label in the mosaic
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
It depends on one main market.
North America is its largest market, with 54.2% of sales. Each square is a region and its area is what it sells there.
Regions from largest to smallest · FY 2025
04How the mix is changing
Construction Industries is losing weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
In FY 2025, nearly all revenue growth was driven by North America, which brought 79.6% of the increase while weighing 54.2%.
That this pattern is steady: without breakdowns from other years, it’s unknown if North America always leads growth. If it changes, the source of growth would differ.
02
In FY 2025, Construction Industries and Resource Industries reduced revenue (-$859M), but the other lines offset this and enabled a net increase.
That Construction Industries and Resource Industries are now less important as businesses: their share of sales remains high, even though in 2025 they did not drive growth.
03
Financial Products contributed to growth in line with its size (6.0% of growth, 6.3% of share); its 2025 dynamism is neither outsized nor lagging.
That Financial Products drove a change in trend: though it kept pace with growth, it neither led nor made up for main segment declines.
Our take
In 2025, Caterpillar relied almost entirely on North American growth, as legacy lines detracted and Power & Energy’s leadership is not yet established.
- 01Shown by the figures
North America powered nearly all net revenue growth
The business hinges right now on one region, not an even spread between lines or countries: North America was already the main region and in 2025 accounted for nearly the whole increase. Other regions only contributed minor gains or declined, leaving the balance unchanged.
- 02Shown by the figures
Declines in core segments offset by other lines
Construction Industries and Resource Industries, historically central, cut into revenue, but other lines—none really overshooting its weight—preserved net group growth.
- 03Our interpretation
Power & Energy is the largest line, but without a year-on-year comparison, its role as a growth driver or future engine cannot be ascribed.
What is not proven
What share of net 2025 growth came from Power & Energy, and will this line remain the size leader in the next trend or was this just a reporting regroup?
See the calculations behind it
- Financial Products brought $167M of the $2.8B by which revenue grew in FY 2025 (6.0%), although it weighed 6.3%. Without that line, the rest grew 4.3%.
- Construction Industries and Resource Industries took away $859M in FY 2025; the other lines made up for it and revenue still rose $2.8B.
- North America brings 54.2% of sales (53.1% in FY 2024).
- Financial Products accounts for 6.0% of the change in revenue in FY 2025 and weighed 6.3%.
- North America brought 79.6% of the growth in sales by region in FY 2025, weighing 53.1%.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
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