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 first quarter of 2026 include:
•Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22 percent, compared with $14.249 billion in the first quarter of 2025. Sales were higher across the three primary segments.
•Operating profit margin was 17.7 percent for the first quarter of 2026, compared with 18.1 percent for the first quarter of 2025. Adjusted operating profit margin was 18.0 percent for the first quarter of 2026, compared with 18.3 percent for the first quarter of 2025.
•First-quarter 2026 profit per share was $5.47, and excluding the item in the table below, adjusted profit per share was $5.54. First-quarter 2025 profit per share was $4.20, and excluding the item in the table below, adjusted profit per share was $4.25.
•Caterpillar ended the first quarter of 2026 with $4.1 billion of enterprise cash.
In order for our results to be more meaningful to our readers, we have separately quantified the impact of significant items.
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||
| (Dollars in millions except per share data) | Profit Before Taxes | Profit Per Share | Profit Before Taxes | Profit Per Share | ||||||||||||||||||||||||
| Profit | $ | 3,211 | $ | 5.47 | $ | 2,570 | $ | 4.20 | ||||||||||||||||||||
| Restructuring (income) costs | 41 | 0.07 | 33 | 0.05 | ||||||||||||||||||||||||
| Adjusted profit | $ | 3,252 | $ | 5.54 | $ | 2,603 | $ | 4.25 | ||||||||||||||||||||
Overview
Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22 percent, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million.
First-quarter 2026 profit per share was $5.47, compared with $4.20 profit per share in the first quarter of 2025. In the first quarter of 2026 and 2025, profit per share included restructuring costs. Profit for the first quarter of 2026 was $2.549 billion, an increase of $546 million, or 27 percent, compared with $2.003 billion for the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.
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Trends and Economic Conditions
Outlook for Key End Markets
While there is increased uncertainty due to geopolitical events and elevated energy prices, our end markets have been resilient. We are closely monitoring the environment, and we are not forecasting a material impact to our 2026 outlook.
In Power & Energy, the 2026 outlook remains positive as robust backlog growth was driven by continued momentum in both Power Generation and Oil & Gas. We anticipate growth in Power Generation for both reciprocating engines and turbines and turbine-related services, driven by increasing energy demand to support data center build-out related to cloud computing and generative Artificial Intelligence (AI). We continue to see demand for prime power trend higher as data center customers look for alternative power solutions to keep pace with their growth. Oil & Gas is expected to see moderate growth in 2026 as compared to 2025. Reciprocating engine sales are expected to increase, driven by strong demand in gas compression applications. For turbines and turbine-related services used in Oil & Gas applications, we anticipate another year of strong sales in 2026 as backlog remains healthy, with continued solid order and inquiry activity. Services revenues in Oil & Gas applications are also expected to increase in 2026. Demand for products in Industrial applications is projected to grow modestly in 2026 as compared to 2025.
In Construction Industries, in 2026 as compared to 2025, we continue to expect growth in sales of equipment to end users supported by strong order rates. The outlook for North America remains positive, as sales of equipment to end users are anticipated to grow in 2026 as compared to 2025. Construction spending remains at healthy levels supported by the Infrastructure Investment and Jobs Act (IIJA), with the remaining funds to be spent over the next few years. Investment in critical infrastructure programs and data centers is contributing to overall construction spending levels. Dealer rental fleet loading and dealer’s rental revenue are both projected to increase in 2026 compared to 2025. In EAME, Europe is expected to remain stable supported by non-residential construction, and construction activity in Africa is projected to remain strong. While softening in the Middle East is anticipated, we expect the impact on sales of equipment to end users in EAME to be limited. In Asia Pacific, outside of China, softer economic conditions are expected in 2026. In China, we anticipate moderate conditions, with growth in the above 10-ton excavator industry in 2026, off of low levels of activity. Growth in Latin America is expected to continue.
In Resource Industries, we are seeing continued positive momentum with strong backlog growth. Sales of equipment to end users are expected to increase in 2026 as compared to 2025, primarily driven by rising demand for copper and gold, and positive dynamics in Heavy Construction and Quarry and Aggregates. In Mining, most key commodities remain above investment thresholds, customer product utilization is high, and the age of the fleet remains elevated. While some commodity prices have increased recently, customers remain focused on the long-term. We continue to expect rebuild activity in 2026 to increase slightly as compared to 2025. Rail services and locomotive deliveries are both anticipated to grow in 2026 as compared to 2025.
Second-Quarter 2026 Company Trends and Expectations
In the second quarter of 2026 as compared to the second quarter of 2025, we anticipate strong sales and revenues growth, primarily driven by higher sales volume and favorable price realization in each of our three primary segments. We expect higher sales volume to be mainly driven by higher sales of equipment to end users, with a higher year-over year increase in sales of equipment to end users in the second quarter of 2026 as compared to the first quarter of 2026. We expect a minimal change in Construction Industries dealer inventory in the second quarter of 2026 as compared to the first quarter of 2026.
In the second quarter of 2026 as compared to the second quarter of 2025, we anticipate strong sales growth in Power & Energy mainly driven by continued strength in Power Generation and in Oil & Gas. We expect favorable price realization in Power & Energy. In Construction Industries, we expect strong sales growth primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be driven by higher sales of equipment to end users. We anticipate a more typical sales increase in the second quarter of 2026 as compared to the first quarter of 2026, in contrast to the sizable sales increase in the second quarter of 2025 as compared to the first quarter of 2025. In Resource Industries, we expect strong sales growth primarily due to higher sales volume and favorable price realization. We expect higher sales volume to be driven by higher sales of equipment to end users. We expect price realization in Resource Industries to improve during 2026 as compared to 2025.
We expect tariff costs to be around $700 million in the second quarter of 2026. We expect about 50 percent of the tariff costs to be incurred in Construction Industries, and about 25 percent of tariff costs to be incurred in both Power & Energy and Resource Industries.
In the second quarter of 2026 as compared to the second quarter of 2025, we expect favorable price realization and the profit impact of higher sales volume to be partially offset by higher manufacturing costs and higher SG&A/R&D expenses.
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In the second quarter of 2026 as compared to the second quarter of 2025, in Power & Energy, we anticipate the profit impact of higher sales volume and favorable price realization will be partially offset by higher manufacturing costs. In Construction Industries, we anticipate the profit impact of higher sales volume and favorable price realization to be partially offset by higher manufacturing costs and higher SG&A/R&D expenses. In Resource Industries, we anticipate higher manufacturing costs and higher SG&A/R&D expenses to be partially offset by favorable price realization and by the profit impact of higher sales volume.
Full-Year 2026 Company Trends and Expectations
For the full-year 2026, we anticipate sales and revenues growth in the low double digits as compared to 2025. We expect strong sales growth across each of our three primary segments, mainly driven by higher sales volume and favorable price realization. Services revenues are expected to grow in 2026 as compared to 2025.
Based on tariffs implemented since the beginning of 2025 and in place over the course of 2026, we expect tariff costs to be around $2.2 billion to $2.4 billion in 2026. We remain confident that we will manage the impact of tariffs over time.
In 2026 as compared to 2025, we expect favorable price realization and the profit impact of higher sales volume to be partially offset by higher manufacturing costs and higher SG&A/R&D expenses.
In 2026, we expect restructuring costs of approximately $300 to $350 million, and capital expenditures of around $3.5 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 International Emergency Economic Powers Act (“IEEPA”) on goods imported into the United States were unauthorized. As of March 31, 2026, total IEEPA tariff costs were approximately $1.0 billion. The ruling did not address potential refunds, and therefore the ultimate availability, timing and amount of any potential refunds of these tariffs is highly uncertain. Based on the current facts and circumstances, we have determined that recovery of any funds is not probable. We will continue to monitor developments related to U.S. and foreign import and export policies that could impact our consolidated results of operations, financial position and cash flows.
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 MARCH 31, 2026, COMPARED WITH THREE MONTHS ENDED MARCH 31, 2025
CONSOLIDATED SALES AND REVENUES
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2025 (at left) and the first 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 first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22 percent, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.
Sales were higher across the three primary segments.
North America sales increased 34 percent primarily 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 and the impact from changes in dealer inventories. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.
Sales increased 5 percent in Latin America due to favorable currency impacts primarily related to the Brazilian real and higher sales volume. The increase in sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.
EAME sales increased 21 percent primarily due to higher sales volume and favorable currency impacts primarily related to the euro. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the first quarter of 2026 and remained about flat during the first quarter of 2025.
Asia/Pacific sales increased 4 percent mainly due to favorable currency impacts primarily related to the Australian dollar.
Total dealer inventory increased $2.0 billion during the first quarter of 2026, compared with an increase of $100 million during the first quarter of 2025. Construction Industries' dealer inventory increased by $1.5 billion during the first quarter of 2026, compared with a slight decrease during the first 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) | First Quarter 2025 | Sales Volume | Price Realization | Currency | Inter-Segment / Other | First Quarter 2026 | $ Change | % Change | ||||||||||||||||||||||||||||||||
| Power & Energy | $ | 5,783 | $ | 840 | $ | 108 | $ | 111 | $ | 189 | $ | 7,031 | $ | 1,248 | 22 | % | ||||||||||||||||||||||||
| Construction Industries | 5,184 | 1,459 | 356 | 143 | 19 | 7,161 | 1,977 | 38 | % | |||||||||||||||||||||||||||||||
| Resource Industries | 3,661 | 85 | (39) | 78 | 12 | 3,797 | 136 | 4 | % | |||||||||||||||||||||||||||||||
| All Other Segment | 70 | 1 | — | — | 6 | 77 | 7 | 10 | % | |||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (1,320) | (67) | 1 | 19 | (226) | (1,593) | (273) | |||||||||||||||||||||||||||||||||
Machinery, Power & Energy Sales | 13,378 | 2,318 | 426 | 351 | — | 16,473 | 3,095 | 23 | % | |||||||||||||||||||||||||||||||
| Financial Products Segment | 1,007 | — | — | — | 89 | 1,096 | 89 | 9 | % | |||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (136) | — | — | — | (18) | (154) | (18) | |||||||||||||||||||||||||||||||||
Financial Products Revenues | 871 | — | — | — | 71 | 942 | 71 | 8 | % | |||||||||||||||||||||||||||||||
| Consolidated Sales and Revenues | $ | 14,249 | $ | 2,318 | $ | 426 | $ | 351 | $ | 71 | $ | 17,415 | $ | 3,166 | 22 | % | ||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First Quarter 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Power & Energy | $ | 3,500 | 33 | % | $ | 278 | (15 | %) | $ | 1,141 | 11 | % | $ | 794 | 17 | % | $ | 5,713 | 23 | % | $ | 1,318 | 17 | % | $ | 7,031 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Construction Industries | 4,292 | 48 | % | 650 | 29 | % | 1,199 | 38 | % | 961 | 11 | % | 7,102 | 38 | % | 59 | 48 | % | 7,161 | 38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resource Industries | 1,836 | 14 | % | 572 | (6 | %) | 560 | 10 | % | 742 | (14 | %) | 3,710 | 3 | % | 87 | 16 | % | 3,797 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All Other Segment | 7 | (13 | %) | — | — | % | 3 | 200 | % | 2 | — | % | 12 | 9 | % | 65 | 10 | % | 77 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (55) | — | (4) | (5) | (64) | (1,529) | (1,593) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Machinery, Power & Energy Sales | 9,580 | 34 | % | 1,500 | 5 | % | 2,899 | 21 | % | 2,494 | 4 | % | 16,473 | 23 | % | — | — | % | 16,473 | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Products Segment | 741 | 9 | % | 111 | 12 | % | 133 | 9 | % | 111 | 7 | % | 1,096 | 1 | 9 | % | — | — | % | 1,096 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Items and Eliminations | (91) | (19) | (24) | (20) | (154) | — | (154) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Products Revenues | 650 | 8 | % | 92 | 15 | % | 109 | 6 | % | 91 | 6 | % | 942 | 8 | % | — | — | % | 942 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Sales and Revenues | $ | 10,230 | 32 | % | $ | 1,592 | 5 | % | $ | 3,008 | 20 | % | $ | 2,585 | 4 | % | $ | 17,415 | 22 | % | $ | — | — | % | $ | 17,415 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| First Quarter 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Power & Energy | $ | 2,625 | $ | 326 | $ | 1,026 | $ | 677 | $ | 4,654 | $ | 1,129 | $ | 5,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Construction Industries | 2,904 | 504 | 867 | 869 | 5,144 | 40 | 5,184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resource Industries | 1,610 | 606 | 510 | 860 | 3,586 | 75 | 3,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-05-14 | Johnson Denise C | Group President | Sell | -12,605 ×8 | $907.91 | -$11,444,170 |
| 2026-05-13 | Johnson Denise C | Group President | Sell | -6,196 ×2 | $909.79 | -$5,637,081 |
| 2026-05-13 | Schaupp William E | Chief Accounting Officer | Sell | -360 | $906.00 | -$326,160 |
| 2026-05-11 | Fassino Anthony D. | Group President | Sell | -16,283 ×2 | $916.80 | -$14,928,266 |
| 2026-05-06 | Fassino Anthony D. | Group President | Sell | -9,152 ×2 | $926.25 | -$8,477,067 |
| 2026-05-06 | De Lange Bob | Group President | Sell | -24,222 ×2 | $922.92 | -$22,354,978 |
| 2026-05-06 | BONFIELD ANDREW R J | CFO Emeritus | Sell | -15,674 | $918.71 | -$14,399,861 |
| 2026-05-05 | Shurman Rodney Michael | Group President | Sell | -5,639 ×2 | $903.18 | -$5,093,006 |
| 2026-05-04 | Kaiser Jason | Group President | Sell | -5,642 | $883.03 | -$4,982,055 |
| 2026-05-04 | MacLennan David | Director | Buy | +250 | $876.84 | $219,210 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-05 10-Q expected by 2026-08-11 (in 51 days)
- ~2026-11-02 10-Q expected by 2026-11-08 (in 140 days)
- ~2027-02-12 10-K expected by 2027-02-26 (in 242 days)
- ~2027-05-05 10-Q expected by 2027-05-11 (in 324 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 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
- 2025-11-03 10-Q Quarterly Report
- 2025-10-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-09-03 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-08-28 8-K Other Events; Financial Statements and Exhibits
- 2025-08-06 10-Q Quarterly Report
- 2025-08-05 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits