Sales and revenue in the fourth quarter of 2025 were $19.1 billion; for the full year, they were $67.6 billion.
Earnings per share in the fourth quarter of 2025 were $5.12; adjusted earnings per share were $5.16.
For the full year, earnings per share were $18.81; adjusted earnings per share were $19.06.
The company had a strong cash flow from operating activities throughout the year, amounting to $11.7 billion; at the end of 2025, it held $10 billion in cash.
In 2025, the company spent $7.9 billion in cash on share repurchases and dividends.
On January 29, 2026, Caterpillar Inc. (NYSE: CAT) announced its fourth-quarter and full-year 2025 results.
Joe Creed, Caterpillar's CEO, said: "Caterpillar's centennial is a significant milestone for the company: We achieved the highest full-year sales and revenue in our history, with a record-breaking $19.1 billion in sales and revenue in a single quarter. These results reflect the strength of our end markets and our disciplined execution. With a record order backlog, we enter the new year with strong momentum and remain committed to creating long-term value for our customers and shareholders."
Fourth-quarter 2025 sales and revenue were $19.1 billion, up 18% from $16.2 billion in the fourth quarter of 2024. The fourth-quarter 2025 operating margin was 13.9%, compared with 18.0% in the fourth quarter of 2024. The fourth-quarter 2025 adjusted operating margin was 15.6%, compared with 18.3% in the fourth quarter of 2024. Fourth-quarter 2025 earnings per share were $5.12, compared with $5.78 in the fourth quarter of 2024. Fourth-quarter 2025 adjusted earnings per share were $5.16, compared with $5.14 in the fourth quarter of 2024.
Full-year 2025 sales and revenue were $67.6 billion, up 4% from $64.8 billion in 2024. This growth reflected a $3.4 billion increase in sales volume, partially offset by an $800 million price impact. The increase in sales volume was mainly due to higher equipment sales to end users. The full-year 2025 operating margin was 16.5%, compared with 20.2% in 2024. The full-year 2025 adjusted operating margin was 17.2%, compared with 20.7% in 2024. Full-year 2025 earnings per share were $18.81, compared with $22.05 in 2024. Full-year 2025 adjusted earnings per share were $19.06, compared with $21.90 in 2024.
The adjusted operating margins for 2025 and 2024 both excluded restructuring costs. The adjusted earnings per share for 2025 and 2024 did not include restructuring costs and mark-to-market revaluation gains from pension obligation settlements and other post-employment benefit plans. The adjusted earnings per share for 2024 also excluded a non-recurring tax benefit resulting from changes in tax laws related to currency conversions.
For the full year 2025, the company's cash flow from operating activities was $11.7 billion, and it had $10 billion in cash at the end of the fourth quarter. During 2025, the company spent $5.2 billion in cash on repurchasing Caterpillar common stock and $2.7 billion on dividends.