Caterpillar, Inc.
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Item 1.Business.
General
Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. As used herein, the term “Caterpillar,” “we,” “us,” “our” or “the company” refers to Caterpillar Inc. and its subsidiaries unless designated or identified otherwise.
Overview
With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company’s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers’ toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team.
Enterprise Strategy
In 2025, our company introduced a revised strategy anchored by a new mission statement: Solving our customers' toughest challenges. Coupled with our purpose, we build a better, more sustainable world, this strategy guides how we operate with our global team and engage with customers, dealers and suppliers. The refreshed strategy establishes three profitable growth pillars focused on addressing customers' needs; Commercial Excellence, Advanced Technology Leader, and Transform How We Work. These pillars are built upon our longstanding foundation of Operational Excellence and guided by the Operating & Execution model. We also re-enforced our commitment to our Values in Action - Safety, Integrity, Teamwork, Excellence and Commitment. Caterpillar continues to operate through five operating segments, four of which are reportable segments and are described below.
Categories of Business Organization
1.Machinery, Power & Energy — Caterpillar Inc. and its subsidiaries, excluding Financial Products. Machinery, Power & Energy information relates to the design, manufacturing and marketing of our products.
2.Financial Products — Our finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
Other information about our operations in 2025, including certain risks associated with our operations, is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Construction Industries
Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure and building construction applications. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates and mining industries.
The nature of customer demand for construction machinery varies around the world. Customers in developing economies often prioritize purchase price in making their investment decisions, while customers in developed economies generally weigh productivity and other performance criteria that contribute to lower owning and operating costs over the lifetime of the machine. To meet customer expectations in developing economies, Caterpillar developed differentiated product offerings that target customers in those regions, including our SEM brand machines. We believe that these customer-driven product innovations enable us to compete more effectively in developing economies. The majority of Construction Industries' research and development spending in 2025 focused on the next generation of construction machines.
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The competitive environment for construction machinery is characterized by some global competitors and many regional and specialized local competitors. Examples of global competitors include CASE (part of CNH Industrial N.V.), Deere Construction & Forestry (part of Deere & Company), Doosan Bobcat (Part of Doosan Group), Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., Hyundai Doosan Infracore Co., Ltd. (both part of Hyundai Heavy Industries Group), J.C. Bamford Excavators Ltd., Kobelco Construction Machinery (part of Kobe Steel, Ltd), Komatsu Ltd., Kubota Farm & Industrial Machinery (part of Kubota Corporation), Sany Heavy Industry Co., Ltd., and Volvo Construction Equipment (part of the Volvo Group). As an example of regional and local competitors, our competitors in China also include Guangxi LiuGong Machinery Co., Ltd., Longking Holdings Ltd., Sany Heavy Industry Co, XCMG Construction Machinery Co., Ltd., Shandong Lingong Construction Machinery Co., Ltd. (SDLG, JV with Volvo Construction Equipment) and Shantui Construction Machinery Co., Ltd., (part of Shandong Heavy Industry Group Co.). Each of these companies has varying product lines that compete with Caterpillar products, and each has varying degrees of regional focus.
The Construction Industries product portfolio includes the following machines and related parts, services and worktools:
| · asphalt pavers | · motor graders | · track-type tractors (small, medium) | ||||||||||
| · backhoe loaders | · pipelayers | · track excavators (mini, small | ||||||||||
| · cold planers | · road reclaimers | medium, large) | ||||||||||
| · compactors | · skid steer loaders | · wheel excavators | ||||||||||
| · compact track loaders | · telehandlers | · wheel loaders (compact, small, | ||||||||||
| · forestry machines | · track-type loaders | medium) | ||||||||||
| · material handlers | ||||||||||||
Resource Industries
The Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates. Caterpillar offers a broad product range and services to deliver comprehensive solutions for our customers. We develop and manufacture high productivity equipment for both surface and underground mining operations around the world, as well as provide select work tools, machinery components, wear and maintenance components and related parts. Our equipment is used to extract and haul copper, iron ore, coal, oil sands, aggregates, gold and other minerals and ores, as well as a variety of heavy construction applications. In addition to equipment, Resource Industries sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions.
Customers in most markets place an emphasis on equipment that is highly productive, reliable and provides the lowest total cost of ownership over the life of the equipment. In some developing markets, customers often prioritize purchase price in making their investment decisions. We believe our ability to control the integration and design of key machine components and innovative technologies represents a competitive advantage. Our research and development efforts remain focused on providing customers the lowest total cost of ownership enabled through the highest quality, most productive products and services in the industry.
The competitive environment for Resource Industries consists of a few larger global competitors that compete in several of the markets that we serve and a substantial number of smaller companies that compete in a more limited range of products, applications, and regional markets. Our global surface competitors include Deere Construction & Forestry (part of Deere & Company), Epiroc AB, Hitachi Construction Machinery Co., Ltd., Komatsu Ltd., Liebherr-International AG, Sandvik AB, and Volvo Construction Equipment. Our global underground competitors include Epiroc AB, Komatsu Ltd., and Sandvik AB.
The Resource Industries product portfolio includes the following machines and related parts, services and worktools:
| · electric rope shovels | · large wheel loaders | ||||||||
| · draglines | · off-highway trucks | ||||||||
| · hydraulic shovels | · wide-body trucks | ||||||||
| · rotary drills | · articulated trucks | ||||||||
| · hard rock vehicles | · wheel tractor scrapers | ||||||||
| · large track-type tractors | · wheel dozers | ||||||||
| · large mining trucks | · landfill and soil compactors | ||||||||
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Power & Energy
Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines. The product and services portfolio includes reciprocating engines, generator sets, integrated systems and solutions, turbines and turbine-related services, electrified powertrain and zero-emission power sources and service solutions development, the remanufacturing of Caterpillar engines and components, remanufacturing services for other companies, diesel-electric locomotives and other rail-related products and services as well as product support of on-highway engines.
Regulatory emissions standards require us to continue to make investments as new products and new regulations are introduced. Ongoing compliance with these regulations remains a focus. Emissions compliance in developing markets is complex due to rapidly evolving and unique requirements where enforcement processes can often vary. We employ robust product development, manufacturing processes and testing to help us comply with these regulations.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the company’s Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. Our discussion also contains certain forward-looking statements related to future events and expectations as well as a discussion of the many factors that we believe may have an impact on our business on an ongoing basis. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the company’s business under Part I, Item 1A. Risk Factors of the 2025 Form 10-K.
Highlights for the third quarter of 2026 include:
•Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17 percent, compared with $17.638 billion in the third quarter of 2025. Sales were higher across the three primary segments.
•Operating profit margin was 20.4 percent for the third quarter of 2026, compared with 17.3 percent for the third quarter of 2025. Adjusted operating profit margin was 20.6 percent for the third quarter of 2026, compared with 17.5 percent for the third quarter of 2025.
•Third-quarter 2026 profit per share was $7.13, and excluding the item in the table below, adjusted profit per share was $7.20. Third-quarter 2025 profit per share was $4.88, and excluding the item in the table below, adjusted profit per share was $4.95.
•Caterpillar ended the third quarter of 2026 with $7.9 billion of enterprise cash.
Highlights for the nine months ended September 30, 2026 include:
•Total sales and revenues were $58.640 billion for the nine months ended September 30, 2026, an increase of $10.184 billion, or 21 percent, compared with $48.456 billion for the nine months ended September 30, 2025.
•Operating profit margin was 19.8 percent for the nine months ended September 30, 2026, compared with 17.5 percent for the nine months ended September 30, 2025. Adjusted operating profit margin was 20.3 percent for the nine months ended September 30, 2026, compared with 17.8 percent for the nine months ended September 30, 2025.
•Profit per share for the nine months ended September 30, 2026, was $20.36, and excluding the items in the table below, adjusted profit per share was $20.90. Profit per share for the nine months ended September 30, 2025, was $13.69, and excluding the item in the table below, adjusted profit per share was $13.91.
•Enterprise operating cash flow was $10.6 billion for the nine months ended September 30, 2026.
In order for our results to be more meaningful to our readers, we have separately quantified the impact of significant items.
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| (Dollars in millions except per share data) | Profit Before Taxes | Profit Per Share | Profit Before Taxes | Profit Per Share | Profit Before Taxes | Profit Per Share | Profit Before Taxes | Profit Per Share | ||||||||||||||||||||||||
| Profit | $ | 4,220 | $ | 7.13 | $ | 3,127 | $ | 4.88 | $ | 11,989 | $ | 20.36 | $ | 8,515 | $ | 13.69 | ||||||||||||||||
| Other restructuring (income) costs | 41 | 0.07 | 37 | 0.07 | 145 | 0.24 | 126 | 0.22 | ||||||||||||||||||||||||
Restructuring costs - divestiture of certain non-U.S. entities | — | — | — | — | 139 | 0.30 | — | — | ||||||||||||||||||||||||
| Adjusted profit | $ | 4,261 | $ | 7.20 | $ | 3,164 | $ | 4.95 | $ | 12,273 | $ | 20.90 | $ | 8,641 | $ | 13.91 | ||||||||||||||||
Overview
Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17 percent, compared with $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million.
Third-quarter 2026 profit per share was $7.13, compared with third-quarter 2025 profit per share of $4.88. In the third quarter of 2026 and 2025, profit per share included restructuring costs. Profit for the third quarter of 2026 was $3.287 billion, an increase of $987 million, or 43 percent, compared with $2.300 billion for the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume.
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Trends and Economic Conditions
Outlook for Key End Markets
In Power & Energy, demand for both Oil & Gas and Power Generation remains strong in 2026 as compared to 2025. Backlog continues to grow due to strong order rates. We continue to anticipate growth in Power Generation for both reciprocating engines and turbines and turbine-related services, driven by increasing energy demand to support the data center build-out related to cloud computing and generative Artificial Intelligence (AI). Additionally, prime power demand continues to trend higher for turbines and turbine-related services and for reciprocating engine products to support customers’ need for power solutions. Oil & Gas is expected to grow moderately in 2026 as compared to 2025. Reciprocating engine sales are anticipated to increase, driven by strong demand in gas compression applications. We expect continued momentum in demand for reciprocating engine aftermarket parts. For turbines and turbine-related services used in Oil & Gas applications, sales are expected to grow while the backlog remains healthy, with solid order and inquiry activity. Demand for products in Industrial applications is expected to grow moderately in 2026 as compared to 2025.
In Construction Industries, in 2026 as compared to 2025, we expect strong fourth-quarter and full-year growth in sales of equipment to end users, supported by healthy end markets. The outlook for North America remains positive, with construction spending at healthy levels. Non-residential construction investment continues to be supported by the Infrastructure Investment and Jobs Act (IIJA), critical infrastructure programs and data centers. We expect dealer rental fleet loading to remain strong; however, it will contribute less to growth in sales of equipment to end users in Construction Industries in the fourth quarter of 2026 than in the third quarter of 2026 due to strong rental fleet loading in the fourth quarter of 2025. In EAME, Europe is expected to remain stable in 2026 as compared to 2025, supported by non-residential construction, while construction activity in Africa is projected to remain strong. The Middle East continues to face challenges, but we currently anticipate only a limited impact on sales of equipment to end users in EAME. In Asia/Pacific, outside of China, stable economic conditions are expected in 2026. In China, we anticipate moderate conditions, with growth in the above 10-ton excavator industry in 2026, off low levels of activity. Growth in Latin America is expected to continue.
In Resource Industries, we are seeing continued positive momentum with robust order rates driving strong backlog growth. Customer product utilization is high, and the age of the fleet remains elevated. Most key commodities remain above investment thresholds, and customers are focused on the long term. We expect strong growth in sales of equipment to end users in 2026 as compared to 2025, primarily driven by rising demand for copper and gold, increasing activity in the Canadian oil sands and positive dynamics in Heavy Construction and Quarry and Aggregates. We expect strong growth in sales of equipment to end users in the fourth quarter of 2026 as compared to the fourth quarter of 2025, including a favorable impact from the timing of commissioning. We continue to expect rebuild activity in 2026 to increase moderately as compared to 2025. Rail services are anticipated to grow in 2026 as compared to 2025. We now expect locomotive deliveries to be slightly lower in 2026 as compared to 2025 due to the timing of deliveries.
Fourth-Quarter 2026 Company Trends and Expectations
We anticipate moderate sales and revenues growth in the fourth quarter of 2026 as compared to the fourth quarter of 2025.
In Power & Energy, we anticipate moderate sales growth in the fourth quarter of 2026 as compared to the fourth quarter of 2025 as we continue to ramp capacity. We expect higher sales volume, driven by continued strength in Power Generation, modest growth in Oil & Gas and moderate growth in Industrial applications as it continues to recover. We also expect favorable price realization in Power & Energy. In Construction Industries, we expect similar sales in the fourth quarter of 2026 compared to the fourth quarter of 2025. We expect favorable price realization will be offset by modestly lower sales volume. This is mainly driven by a typical seasonal dealer inventory decrease of roughly $1.6 billion in the fourth quarter of 2026, compared with a decrease of $600 million in the fourth quarter of 2025. Despite the drawdown, we continue to expect dealer inventories at the end of 2026 to be higher than at the end of 2025 in anticipation of strong sales of equipment to end users in 2027. We expect the dealer inventory decrease to be partially offset by continued strong sales of equipment to end users growth. In Resource Industries, we expect strong sales growth in the fourth quarter of 2026 as compared to the fourth quarter of 2025. We anticipate higher sales volume to be driven by higher sales of equipment to end users and services revenues growth. We also expect favorable price realization in Resource Industries.
In the fourth quarter of 2026 as compared to the fourth quarter of 2025, we expect favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs, excluding the impact of lower tariff costs, and higher selling, general & administrative (SG&A) and research and development (R&D) expenses.
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In the fourth quarter of 2026 as compared to the fourth quarter of 2025, in Power & Energy, we anticipate favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs. In Construction Industries, we anticipate favorable price realization to be partially offset by the profit impact of lower sales volume, unfavorable manufacturing costs, excluding the impact of lower tariff costs, and higher SG&A/R&D expenses. In Resource Industries, we anticipate favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs.
We anticipate tariff costs, excluding IEEPA tariff recoveries, of around $600 million in the fourth quarter of 2026, similar to the third quarter of 2026 but roughly $200 million lower than the fourth quarter of 2025. We continue to expect about 50 percent of the tariff costs to be incurred in Construction Industries and 25 percent in both Power & Energy and Resource Industries.
Full-Year 2026 Company Trends and Expectations
Our strong execution through the first nine months of 2026 positions us well to meet our full-year outlook. We continue to expect sales and revenues growth in the mid-to-high teens for 2026 as compared to 2025. We expect strong growth in sales of equipment to end users across our three primary segments, driven by healthy end markets; strong order rates across our three primary segments, driving backlog growth; increased output from our capacity expansion plans, which remain on schedule; and strong services revenues growth.
Excluding IEEPA tariff recoveries of about $520 million, we continue to expect full-year 2026 tariff costs of around $2.2 billion. Our outlook does not include any additional IEEPA tariff recoveries in the fourth quarter of 2026.
In 2026 as compared to 2025, we expect the profit impact of higher sales volume and favorable price realization to be partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses.
In 2026, we now expect restructuring costs of about $300 million and capital expenditures of about $3.3 billion. We anticipate our estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
Global Business Conditions
We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. Areas of particular focus include transportation, certain components and raw materials. We continue to work to minimize supply chain challenges that may impact our ability to meet customer demand. We continue to assess the environment to determine if additional actions need to be taken.
On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the IEEPA on goods imported into the United States were unauthorized. During 2025 and until CBP ceased collecting IEEPA tariffs in 2026, the company's total IEEPA tariff costs were approximately $1.0 billion.
During the three and nine months ended September 30, 2026, the company recorded $128 million and $520 million, respectively, of IEEPA tariff recoveries for claims submitted and accepted through the CAPE system. These recoveries were deemed probable and were recorded in Cost of goods sold within the Consolidated Statement of Results of Operations.
The company continues to assess the availability, timing and amounts of additional claim submissions for the remaining amounts paid under IEEPA, as these remain uncertain and were not deemed to be probable as of September 30, 2026.
Risk Factors
Risk factors are disclosed within Item 1A. Risk Factors of the 2025 Form 10-K.
Notes:
•Certain amounts may not add due to rounding.
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Consolidated Results of Operations
THREE MONTHS ENDED SEPTEMBER 30, 2026, COMPARED WITH THREE MONTHS ENDED SEPTEMBER 30, 2025
CONSOLIDATED SALES AND REVENUES
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2025 (at left) and the third quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.
Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17 percent, compared with $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million. Higher sales volume was mainly driven by higher sales of equipment to end users.
Sales were higher across the three primary segments.
North America sales increased 25 percent due to higher sales volume and favorable price realization. The increase in sales volume was mainly driven by higher sales of equipment to end users.
Sales increased 15 percent in Latin America primarily due to higher sales volume. Higher sales volume was mainly driven by the impact from changes in dealer inventories.
EAME sales increased 16 percent mainly due to higher sales volume and favorable price realization. Higher sales volume was primarily driven by higher sales of equipment to end users.
Sales decreased 3 percent in Asia/Pacific due to lower sales volume and unfavorable price realization, partially offset by favorable currency impacts mainly related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories.
Total dealer inventory increased $800 million during the third quarter of 2026, compared with an increase of $600 million during the third quarter of 2025. Construction Industries' dealer inventory increased by $300 million during the third quarter of 2026, compared with a $600 million increase during the third quarter of 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.
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| Sales and Revenues by Segment | ||||||||||||||||||||||||||||||||||||||||
| (Millions of dollars) | Third Quarter 2025 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | Third Quarter 2026 | $ Change | % Change | ||||||||||||||||||||||||||||||||
| Power & Energy | $ | 7,463 | $ | 879 | $ | 216 | $ | 12 | $ | 214 | $ | 8,784 | $ | 1,321 | 18 | % | ||||||||||||||||||||||||
| Construction Industries | 6,760 | 874 | 349 | 2 | (2) | 7,983 | 1,223 | 18 | % | |||||||||||||||||||||||||||||||
| Resource Industries | 3,999 | 478 | 96 | 40 | 2 | 4,615 | 616 | 15 | % | |||||||||||||||||||||||||||||||
| All Other Segment | 73 | 5 | — | — | (6) | 72 | (1) | (1 | %) | |||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (1,569) | (29) | 2 | 4 | (208) | (1,800) | (231) | |||||||||||||||||||||||||||||||||
Machinery, Power & Energy Sales | 16,726 | 2,207 | 663 | 58 | — | 19,654 | 2,928 | 18 | % | |||||||||||||||||||||||||||||||
| Financial Products Segment | 1,076 | — | — | — | 101 | 1,177 | 101 | 9 | % | |||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (164) | — | — | — | 15 | (149) | 15 | |||||||||||||||||||||||||||||||||
Financial Products Revenues | 912 | — | — | — | 116 | 1,028 | 116 | 13 | % | |||||||||||||||||||||||||||||||
| Consolidated Sales and Revenues | $ | 17,638 | $ | 2,207 | $ | 663 | $ | 58 | $ | 116 | $ | 20,682 | $ | 3,044 | 17 | % | ||||||||||||||||||||||||
| North America | Latin America | EAME | Asia/Pacific | External Sales and Revenues | Inter-Segment | Total Sales and Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Millions of dollars) | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | $ | % Chg | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Power & Energy | $ | 4,395 | 26 | % | $ | 435 | (12 | %) | $ | 1,580 | 22 | % | $ | 878 | (4 | %) | $ | 7,288 | 18 | % | $ | 1,496 | 17 | % | $ | 8,784 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Construction Industries | 4,796 | 23 | % | 825 | 26 | % | 1,366 | 12 | % | 925 | 2 | % | 7,912 | 18 | % | 71 | (3 | %) | 7,983 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resource Industries | 2,180 | 27 | % | 759 | 25 | % | 674 | 10 | % | 916 | (6 | %) | 4,529 | 16 | % | 86 | 2 | % | 4,615 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All Other Segment | 9 | 80 | % | — | — | % | 3 | 50 | % | 3 | — | % | 15 | 50 | % | 57 | (10 | %) | 72 | (1 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (81) | 2 | (4) | (7) | (90) | (1,710) | (1,800) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Machinery, Power & Energy Sales | 11,299 | 25 | % | 2,021 | 15 | % | 3,619 | 16 | % | 2,715 | (3 | %) | 19,654 | 18 | % | — | — | % | 19,654 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Products Segment | 780 | 8 | % | 132 | 12 | % | 142 | 9 | % | 123 | 16 | % | 1,177 | 1 | 9 | % | — | — | % | 1,177 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (62) | (29) | (33) | (25) | (149) | — | (149) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Products Revenues | 718 | 15 | % | 103 | 12 | % | 109 | 2 | % | 98 | 13 | % | 1,028 | 13 | % | — | — | % | 1,028 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Sales and Revenues | $ | 12,017 | 24 | % | $ | 2,124 | 15 | % | $ | 3,728 | 15 | % | $ | 2,813 | (2 | %) | $ | 20,682 | 17 | % | $ | — | — | % | $ | 20,682 | 17 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Power & Energy | $ | 3,478 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-11-02 | Fish James C Jr | Director | Buy | +1,000 | $620.39 | $620,390 |
| 2026-08-28 | Creed Joseph E | Chief Executive Officer | Sell | -32,401 ×14 | $808.98 | -$26,211,764 |
Source: SEC Form 4 filings.
Next expected filings
- ~2027-02-12 10-K expected by 2027-02-26 (in 98 days)
- ~2027-05-05 10-Q expected by 2027-05-10 (in 180 days)
- ~2027-08-04 10-Q expected by 2027-08-09 (in 271 days)
- ~2027-11-03 10-Q expected by 2027-11-08 (in 362 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-11-04 10-Q Quarterly Report
- 2026-10-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-10-15 8-K Officer/Director Change; Other Events; Financial Statements and Exhibits
- 2026-09-01 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-08-05 10-Q Quarterly Report
- 2026-08-04 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-05-06 10-Q Quarterly Report
- 2026-04-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-30 DEF 14A Proxy Statement
- 2026-04-13 8-K Other Events; Financial Statements and Exhibits
- 2026-04-10 8-K Officer/Director Change; Financial Statements and Exhibits
- 2026-03-26 8-K Other Events
- 2026-02-13 10-K Annual Report
- 2026-01-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-06 8-K Officer/Director Change; Bylaws/Articles Amended; Financial Statements and Exhibits