Announcement • May 04
Caterpillar Inc., Annual General Meeting, Jun 10, 2026 Caterpillar Inc., Annual General Meeting, Jun 10, 2026. New Risk • Apr 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (159% net debt to equity). Share price has been volatile over the past 3 months (6.0% average weekly change). Significant insider selling over the past 3 months (US$5.2m sold). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$789, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 18x in the Machinery industry globally. Total returns to shareholders of 272% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$476 per share. Declared Dividend • Apr 10
Fourth quarter dividend of US$1.51 announced Shareholders will receive a dividend of US$1.51. Ex-date: 20th April 2026 Payment date: 19th May 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 31%. Cash payout ratio: 38%. Announcement • Apr 10
Caterpillar Inc. Announces Chief Financial Officer Changes Caterpillar Inc. announced that Chief Financial Officer (CFO) Andrew Bonfield has elected to retire effective October 1, 2026, following eight years with the company. Caterpillar veteran Kyle Epley has been appointed CFO, effective May 1, 2026, at which time Bonfield will assume an advisory role for the remainder of the transition. Bonfield’s planned retirement follows a period of record financial performance and transformation for the company. During Bonfield's tenure, Caterpillar strengthened its robust operating and execution model and delivered consistently strong returns for shareholders, including the high full-year sales and revenues in Caterpillar's history and a single-quarter record of $19.1 billion for the fourth quarter of 2025. As part of a seamless transition, Bonfield will serve in an advisory role through October 1, 2026. Epley brings nearly three decades of Caterpillar experience to the role. Currently serving as senior vice president of Global Finance Services, he leads a global team managing enterprise-wide finance operations, strategy, planning, treasury, pricing, real estate and facilities. Throughout his career, Epley has held several senior finance leadership roles across the company, including division CFO and corporate controller, giving him extensive operational and financial insight across Caterpillar's diverse businesses. Announcement • Apr 08
Caterpillar Inc. Maintains Quarterly Dividend on Common Stock, Payable on May 19, 2026 The board of directors of Caterpillar Inc. voted to maintain the quarterly dividend of $1.51 per share of common stock, payable on May 19, 2026, to shareholders of record at the close of business April 20, 2026. Recent Insider Transactions • Mar 08
CEO & Director recently sold US$1.8m worth of stock On the 5th of March, Joseph Creed sold around 3k shares on-market at roughly US$719 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$5.8m. This was Joseph's only on-market trade for the last 12 months. Announcement • Mar 03
Caterpillar Transforms the Construction Worksite with Advanced Technology, Services and Solutions At Conexpo-Con/Agg 2026 Caterpillar Inc. will showcase how it is helping customers solve their toughest challenges through advanced technology, service solutions and new products that improve productivity, enhance safety and address labor shortages. Construction Industries Group President Rod Shurman, Chief Technology Officer Jaime Mineart and Chief Digital Officer Ogi Redzic will spotlight how Caterpillar is tackling the industry's toughest challenges head-on, pushing boundaries and shaping the future of construction. Caterpillar will transform 70,000 square feet of CONEXPO's Festival Grounds into an outdoor Operator Stadium, where customers can see some of the world's best operators put the latest technologies to the test in real-world jobsite scenarios. The stadium will also offer hands-on experiences with technology, service and Cat Rentals. Demonstrations run daily at 9:30 a.m., 12:00 p.m. and 2:30 p.m. West Hall: Fast, Convenient Support for Small Contractors and Growing Customers: Deuting at CONEXPO, Cat Compact is a streamlined customer experience built for small contractors and growing businesses who value simplicity and speed. By blending digital discovery and online research with the trusted, in-person expertise of Cat dealers, Cat Compact reduces complexity at every step. Designed to support reliable, around-the-clock jobsite performance, the power solutions on display include new high-horsepower C3.6 and C13D engines. Engines and aftermarket offerings, such as condition monitoring, connectivity tools, and parts options, help customers protect uptime and get more from their equipment. Building on momentum from CES 2026, Caterpillar will showcase how Cat®? AI Assistant™? helps customers interact more easily with Cat equipment and digital tools. By reducing complexity and delivering timely answers and recommendations, Cat AI Assistant helps teams make faster, smarter decisions from the office to the jobsite. Caterpillar will also highlight its collaboration with Geotab Inc., which integrates on-highway data into VisionLink™?, enabling customers to manage their entire fleet through one platform. Attendees at Operator Stadium can watch Caterpillar's first autonomous soil compactor -- the Cat®? CS12 -- in action, in addition to Collision Mitigation, the newest solution in the Cat Detect portfolio. Live demonstrations from across the United States will showcase the latest advancements in remote operation and construction autonomy. Enhanced Customer Programs and Rental Solutions: Construction Industries Group President Rod ShURman, Chief Technology OfficerJa Mineart and Chief Digital OfficerOgi Redzic will spotlight where Caterpillar is enhancing its rewards, financing and service programs through Cat Rewards, the Cat Commercial Account and an upgraded Services Commitment that offers next-day parts, two-day repairs and Cat Credits when commitments aren't met. A refreshed Services Commitment that provides next-day parts and Cat Credits when commitment aren't met. A refreshed service commitment to the construction program is designed to support customers with AI and autonomy. Recent Insider Transactions • Feb 15
Insider recently sold US$1.3m worth of stock On the 12th of February, Jason Kaiser sold around 2k shares on-market at roughly US$777 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$5.8m. Insiders have been net sellers, collectively disposing of US$39m more than they bought in the last 12 months. Announcement • Feb 04
Caterpillar Inc. (NYSE:CAT) completed the acquisition of RPMGlobal Holdings Limited (ASX:RUL). Caterpillar Inc. (NYSE:CAT) signed a non-binding indicative proposal to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion on September 1, 2025. Caterpillar Inc. (NYSE:CAT) entered into Scheme Implementation Deed to acquire RPMGlobal Holdings Limited (ASX:RUL) on October 12, 2025. A cash consideration valued at AUD 5 per share will be paid by Caterpillar Inc. The break fee and reverse break fee has been set at AUD 10 million.
The transaction is subject to consummation of due diligence investigation and definitive agreement. Implementation of the Scheme is subject to regulatory approvals from the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC), and other customary conditions, including RPM shareholder approval, Court approval, and there being no Material Adverse Change. The RPM Board unanimously recommend that RPM shareholders vote in favour of the Scheme. The transaction is expected to close on February 4, 2026. Australian Competition and Consumer Commission approved the transaction on December 18, 2025. As of December 19, 2025, the deal was approved by the shareholders of RPMGlobal. As of January 22, 2026, Treasurer of the Commonwealth of Australia that the Commonwealth Government has no objection to the Scheme under the Foreign Acquisitions and Takeovers Act 1975 (Cth). Accordingly, the Foreign Investment Approval condition contained in the Scheme Implementation Deed has been satisfied. As of February 3, 2026, the acquisition was approved by the Federal Court of Australia.
Moelis Australia Securities Pty Ltd. acted as financial advisor for RPMGlobal Holdings Limited. Derek Pocock of Baker McKenzie LLP acted as legal advisor for RPMGlobal Holdings Limited. Peter Stirling of King & Wood Mallesons, Australia Branch acted as legal advisor to Caterpillar. J.P. Morgan Securities LLC is serving as Caterpillar's financial advisor for the transaction.
Caterpillar Inc. (NYSE:CAT) completed the acquisition of RPMGlobal Holdings Limited (ASX:RUL) on February 4, 2026. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: US$18.90 (vs US$22.17 in FY 2024) Full year 2025 results: EPS: US$18.90 (down from US$22.17 in FY 2024). Revenue: US$67.6b (up 4.3% from FY 2024). Net income: US$8.88b (down 18% from FY 2024). Profit margin: 13% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Global Machinery industry. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 16
Caterpillar Inc. to Report Q4, 2025 Results on Jan 29, 2026 Caterpillar Inc. announced that they will report Q4, 2025 results at 5:30 AM, Central Standard Time on Jan 29, 2026 Announcement • Jan 15
Caterpillar Inc. Announces Executive Changes of Construction Industries Caterpillar Inc. announced that Tony Fassino, group president of Construction Industries, has elected to retire effective May 31, 2026, following 30 years with the company. Caterpillar veteran Rod Shurman has been appointed group president of Construction Industries effective February 1, 2026, at which time Fassino will become group president, retired, for the remainder of the transition. Fassino's experience across Caterpillar's global portfolio helped drive the design and introduction of new products, services and technology, the development of go-to-market and distribution strategies, and the implementation of operational excellence across an extensive manufacturing and supply base. He held a variety of positions worldwide, including his appointment to senior vice president of Building Construction Products (BCP) in 2018 and group president of Construction Industries in 2021. Fassino also held numerous external leadership roles with the Association of Equipment Manufacturers, the Associated Equipment Distributors Foundation, the United Way of the Greater Triangle, the FFA Foundation and is currently the 2025 – 2026 chair of the American Road & Transportation Builders Association. Shurman currently serves as senior vice president of Caterpillar's BCP division, where he provides global leadership of the compact, versatile construction machines and attachments business. In his new role, he will be responsible for Caterpillar's Construction Industries segment, which includes Earthmoving, Excavation, BCP, China Operation, Cat Rental & Used, Customer Solutions Core Regions and Customer Solutions Growth Regions divisions, as well as the Construction Industries Supply Management group. Since joining Caterpillar in 1997, Shurman has held positions of increasing responsibility in engineering, service and operations functions. He has served as senior vice president for Caterpillar's Oil & Gas as well as Electrification & Energy Solutions divisions. Shurman has a bachelor's degree in mechanical engineering from Purdue University. Upcoming Dividend • Jan 13
Upcoming dividend of US$1.51 per share Eligible shareholders must have bought the stock before 20 January 2026. Payment date: 19 February 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (9.6%). Recent Insider Transactions • Jan 06
Chief Financial Officer recently sold US$5.8m worth of stock On the 31st of December, Andrew R. Bonfield sold around 10k shares on-market at roughly US$575 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$8.7m. Andrew R. has been a net seller over the last 12 months, reducing personal holdings by US$15m. Declared Dividend • Dec 22
Third quarter dividend of US$1.51 announced Shareholders will receive a dividend of US$1.51. Ex-date: 20th January 2026 Payment date: 19th February 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 30%. Cash payout ratio: 37%. Announcement • Dec 11
Caterpillar Inc. Maintains Quarterly Dividend, Payable on February 19, 2026 Caterpillar Inc. voted to maintain the quarterly dividend of one dollar and fifty-one cents ($1.51) per share of common stock payable February 19, 2026, to shareholders of record at the close of business January 20, 2026. Buy Or Sell Opportunity • Nov 07
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to US$552. The fair value is estimated to be US$418, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Recent Insider Transactions • Oct 15
Executive Chairman of the Board recently sold US$8.7m worth of stock On the 10th of October, D. Umpleby sold around 17k shares on-market at roughly US$505 per share. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. D. has been a net seller over the last 12 months, reducing personal holdings by US$24m. Declared Dividend • Oct 08
Second quarter dividend of US$1.51 announced Shareholders will receive a dividend of US$1.51. Ex-date: 20th October 2025 Payment date: 20th November 2025 Dividend yield will be 1.2%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 29%. Cash payout ratio: 37%. Announcement • Oct 06
Caterpillar Inc. Maintains Quarterly Dividend, Payable on November 20, 2025 The Board of Directors of Caterpillar Inc. voted to maintain the quarterly dividend of one dollar and fifty-one cents ($1.51) per share of common stock payable November 20, 2025 to shareholders of record at the close of business October 20, 2025. Buy Or Sell Opportunity • Oct 03
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to US$500. The fair value is estimated to be US$405, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Recent Insider Transactions • Sep 24
Executive Chairman of the Board recently sold US$7.9m worth of stock On the 22nd of September, D. Umpleby sold around 17k shares on-market at roughly US$463 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. D. has been a net seller over the last 12 months, reducing personal holdings by US$15m. Announcement • Sep 01
Caterpillar Inc. (NYSE:CAT) signed a letter of intent to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion. Caterpillar Inc. (NYSE:CAT) signed a non-binding indicative proposal to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion on September 1, 2025. A cash consideration valued at AUD 5 per share will be paid by Caterpillar Inc.
The transaction is subject to consummation of due diligence investigation and definitive agreement.
Moelis Australia Securities Pty Ltd. acted as financial advisor for RPMGlobal Holdings Limited. Baker McKenzie LLP acted as legal advisor for RPMGlobal Holdings Limited. Announcement • Aug 29
Caterpillar Inc. to Report Q3, 2025 Results on Oct 29, 2025 Caterpillar Inc. announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: US$4.64 (vs US$5.50 in 2Q 2024) Second quarter 2025 results: EPS: US$4.64 (down from US$5.50 in 2Q 2024). Revenue: US$16.6b (flat on 2Q 2024). Net income: US$2.18b (down 19% from 2Q 2024). Profit margin: 13% (down from 16% in 2Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Global Machinery industry. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Caterpillar Inc. to Report Q2, 2025 Results on Aug 05, 2025 Caterpillar Inc. announced that they will report Q2, 2025 results at 5:30 AM, Central Daylight on Aug 05, 2025 Upcoming Dividend • Jul 17
Upcoming dividend of US$1.51 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 20 August 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (8.2%). Declared Dividend • Jul 17
First quarter dividend increased to US$1.51 Dividend of US$1.51 is 7.1% higher than last year. Ex-date: 21st July 2025 Payment date: 20th August 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 27%. Cash payout ratio: 36%. Announcement • Jun 28
Caterpillar Inc.(NYSE:CAT) dropped from Russell Top 50 Index Caterpillar Inc.(NYSE:CAT) dropped from Russell Top 50 Index Declared Dividend • Jun 27
First quarter dividend increased to US$1.51 Dividend of US$1.51 is 7.1% higher than last year. Ex-date: 21st July 2025 Payment date: 20th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 27%. Cash payout ratio: 36%. Declared Dividend • Jun 15
First quarter dividend increased to US$1.51 Dividend of US$1.51 is 7.1% higher than last year. Ex-date: 21st July 2025 Payment date: 20th August 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 27%. Cash payout ratio: 34%. Announcement • Jun 12
Caterpillar Inc. Raises Quarterly Dividend, Payable on August 20, 2025 The Board of Directors of Caterpillar Inc. voted to raise the quarterly dividend by 10 cents, a 7% increase, to $1.51 per share of common stock, payable August 20, 2025 to shareholders of record at close of business July 21, 2025. Recent Insider Transactions • May 14
Independent Director recently bought US$120k worth of stock On the 7th of May, David MacLennan bought around 375 shares on-market at roughly US$321 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$12m more in shares than they bought in the last 12 months. Announcement • May 01
Caterpillar Inc., Annual General Meeting, Jun 11, 2025 Caterpillar Inc., Annual General Meeting, Jun 11, 2025. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: US$4.22 (vs US$5.78 in 1Q 2024) First quarter 2025 results: EPS: US$4.22 (down from US$5.78 in 1Q 2024). Revenue: US$14.2b (down 9.8% from 1Q 2024). Net income: US$2.00b (down 30% from 1Q 2024). Profit margin: 14% (down from 18% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Global Machinery industry. Announcement • Apr 15
Caterpillar Inc. Announces Chief Executive Officer Changes, Effective May 1 , 2025 Caterpillar Inc. announced that, on April 9, 2025, the Board of Directors of the Company appointed Joseph E. Creed (49) as the Company’s Chief Executive Officer, effective May 1, 2025, succeeding D. James Umpleby III. Mr. Umpleby will continue to serve as Chief Executive Officer until May 1, 2025, at which point he will become Executive Chairman of the Board. Mr. Creed currently serves as the Company’s Chief Operating Officer, a position he has held since November 1, 2023. Mr. Creed joined Caterpillar in 1997 and has held numerous positions of increased responsibility across multiple divisions of Caterpillar. He was promoted to Chief Financial Officer for Caterpillar’s Energy & Transportation business segment in 2013, then to Vice President of Caterpillar’s Finance Services Division in 2017. Mr. Creed also served as interim Chief Financial Officer for Caterpillar in 2018. He then became Vice President of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to Group President of Energy & Transportation, a position he held until becoming Chief Operating Officer. In connection with these executive leadership changes, the Compensation and Human Resources Committee of the Board also approved certain changes to Mr. Creed’s and Mr. Umpleby’s respective compensation. Declared Dividend • Apr 11
Fourth quarter dividend of US$1.41 announced Shareholders will receive a dividend of US$1.41. Ex-date: 21st April 2025 Payment date: 20th May 2025 Dividend yield will be 2.0%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 25%. Cash payout ratio: 31%. Announcement • Apr 10
Caterpillar Inc. Announces Daniel M. Dickinson Will Not Stand for Re-Election to the Board On April 7, 2025, Daniel M. Dickinson communicated to the Board of Directors of Caterpillar Inc. his decision not to stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders. Mr. Dickinson’s decision was not the result of any disagreement with the Company. The Board is very grateful to Mr. Dickinson for his valuable contributions and many years of dedicated and excellent service. Announcement • Apr 09
Caterpillar Inc. Maintains Quarterly Dividend, Payable on May 20, 2025 The Board of Directors of Caterpillar Inc. voted to maintain the quarterly dividend of one dollar and forty-one cents ($1.41) per share of common stock, payable May 20, 2025, to shareholders of record at the close of business on April 21, 2025. New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (165% net debt to equity). Share price has been volatile over the past 3 months (4.5% average weekly change). Significant insider selling over the past 3 months (US$4.7m sold). Announcement • Apr 08
Caterpillar Celebrates Centennial Year At Bauma Caterpillar Inc. is focusing on "The Next 100 Years" of innovation and sustainability at bauma Munich 2025, the world's leading trade show for construction equipment. The company's exhibit showcases the latest equipment, technologies, power solutions and services to help customers face jobsite challenges head on. Caterpillar's bauma exhibit includes: The Performance Center showcases the possibilities when power, machinery, services, technology and autonomy work together. The display features various solutions to support customer jobsite success including helping increase performance, streamline efficiencies and achieve their sustainability goals. Visitors will be able to simulate how upgrading their fleet with Caterpillar's latest machine technologies can significantly reduce fuel consumption and associated greenhouse gas (GHG) emissions. Technology, Connectivity and Safety: Caterpillar is showcasing a series of live demonstrations of the latest VisionLink® features that help customers with equipment, productivity and safety management across fleets of all sizes. The full capabilities of Cat Command will also be on display in the most complete offering of remote-control, semi-autonomous and autonomous capabilities in the construction and quarry industries. Services and Support Solutions: Caterpillar offers integrated aftermarket solutions that help boost uptime, enhance efficiency, and reduce costs. This includes Customer Value Agreements (CVAs), digital tools and expert support. Powering your Jobsite: Caterpillar offers a comprehensive electrification ecosystem with tailored solutions to help customers reduce GHG emissions and enhance productivity. This approach includes renewable power sources, energy storage systems, advanced charging solutions and electric machines. Latest Equipment: The exhibit features 48 machines, including 17 new introductions or upgrades. These include enhancements to the battery electric line-up, Next Generation line-up expansions and additions to the demolition, waste handling and recycling portfolios. Engines and Jobsite Power: A range of Caterpillar industrial engines that are compatible with renewable fuels such as 100% hydrotreated vegetable oils (HVO) will also be on display, including the new C13D and a new high power C3.6 delivering 106 kW (142 hp). The stand features the first showing of a series hybrid power expansion powertrain, part of a growing electrification ecosystem of solutions from Caterpillar, a hydrogen engine testing exhibit highlighting the ongoing fuels development work and a remanufactured C7. bauma Munich runs from April 7-13, 2025. Announcement • Apr 03
Caterpillar Inc. Announces Executive Changes Caterpillar Inc. announced the appointment of Christy Pambianchi to Chief Human Resources Officer (CHRO) effective May 1, 2025. Pambianchi will be a member of Caterpillar's Executive Office and will succeed Cheryl H. Johnson, whose retirement was announced in January 2025. Pambianchi has served as a CHRO for the past 18 years at various companies across multiple industries, most recently serving as Chief People Officer at Intel, a global leader in semiconductor design and manufacturing with over $53 billion in annual revenue. As the Chief People Officer at Intel, Pambianchi led Human Resources, Corporate Real Estate, Corporate Social Responsibility, and the company's Transformation Management Office. Pambianchi has held CHRO roles at Verizon and Corning with responsibilities that included information technology and every aspect of human resources. She also held additional roles of increased responsibility at PepsiCo Inc. Pambianchi holds a bachelor's degree from Cornell University'sSchool of Industrial and Labor Relations and is a fellow of the National Academy of Human Resources, serving on their board as well as several Human Resources boards to advance the profession. Recent Insider Transactions • Feb 27
Insider recently sold US$860k worth of stock On the 18th of February, Jason Kaiser sold around 2k shares on-market at roughly US$355 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$3.8m. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Recent Insider Transactions • Feb 25
Insider recently sold US$860k worth of stock On the 18th of February, Jason Kaiser sold around 2k shares on-market at roughly US$355 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$3.8m. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Reported Earnings • Feb 16
Full year 2024 earnings released: EPS: US$22.17 (vs US$20.24 in FY 2023) Full year 2024 results: EPS: US$22.17 (up from US$20.24 in FY 2023). Revenue: US$64.8b (down 3.4% from FY 2023). Net income: US$10.8b (up 4.4% from FY 2023). Profit margin: 17% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Global Machinery industry. Announcement • Jan 08
Caterpillar Inc. Celebrates the Next 100 Years of Innovation At CES 2025 Caterpillar Inc. kicked off its year-long centennial celebration at CES®? 2025, demonstrating how the company's leadership in driving innovation and new technologies will continue to shape the future of industry and empower customers. Caterpillar will be showcasing its investment in the core technologies of autonomy, connectivity and digital, alternative fuels and electrification to show how they will help customers tackle the energy transition and build the jobsite of the future. Visitors at CES will experience innovation in action, including the 55,000-pound Cat®? 972 Wheel Loader featuring an Extended Range Electrified Machine (EREM) technical demonstrator of a hybrid retrofit - which was built in just 12 weeks by a small group of engineers. The battery-electric demonstrator maintains impressive performance similar to a diesel machine and does not require DC charging, offering a new, sustainable solution without the need for additional electrical infrastructure on the jobsite. Caterpillar's exhibit will feature additional opportunities to see innovation in practice, including: Sustainable solutions on the jobsite - Experience a 24-hour electrified jobsite simulation, demonstrating the data insights and energy flows real-world customers are already using at jobsites due to Caterpillar's ecosystem of electric innovations. Tools for the next 100 years - On-site attendees will see innovation on display through a Centennial Hub showcasing 10 decades of technology advancements with a heavy focus on sustainability-related innovations. Cat®? Command technologies - Feel what it's like to harness the power of Cat in the palm of hand. This remote-control technology enables autonomous control of machines, enhancing safety and efficiency for customers. At Caterpillar, continuous innovation has always been driven by one thing: what the company's customers need. And what they need right now are options that solve today's problems while taking them to the next step in their own digital and energy transition journeys. Declared Dividend • Dec 16
Third quarter dividend of US$1.41 announced Shareholders will receive a dividend of US$1.41. Ex-date: 21st January 2025 Payment date: 20th February 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 25%. Cash payout ratio: 28%. Announcement • Dec 11
Caterpillar Inc. Announces Quarterly Dividend, Payable on February 20, 2025 The Board of Directors of Caterpillar Inc. voted to maintain the quarterly dividend of $1.41 per share of common stock, payable February 20, 2025, to shareholders of record at the close of business on January 21, 2025. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. Minor Risks High level of debt (171% net debt to equity). Significant insider selling over the past 3 months (US$2.6m sold). Announcement • Nov 08
Caterpillar Inc. Successfully Demonstrated the Fully Autonomous Operation of Its Cat 777 Off-Highway Truck Caterpillar Inc. announced it has successfully demonstrated the fully autonomous operation of its Cat® 777 off-highway truck. The debut of this latest model of Cat® MineStar™ Command for hauling at Luck Stone'sBull Run plant in Chantilly, Va., marks a significant milestone in Caterpillar's objective to deliver an autonomous hauling solution for the quarry and aggregates sector. This successful deployment of machinery and technology highlights the progress being made between Caterpillar and Luck Stone, the largest family-owned and operated producer of crushed stone, sand, and gravel in the United States. In December 2022, Luck Stone and Caterpillar announced an agreement to accelerate the development of Caterpillar's autonomous solutions for quarry and aggregate applications. This marks Caterpillar's first deployment of autonomous technology in the aggregates industry and will expand the company's autonomous truck fleet to include the 100-ton-class (90-tonne-class) Cat® 777. The success of autonomous hauling at Bull Run plant marks the initial milestone in the collaboration between Caterpillar and Luck Stone. This achievement lays the foundation for ongoing testing and validation of assumptions and technology before making autonomous technology commercially available in the aggregates industry. Recent Insider Transactions • Nov 07
Chief Human Resources Officer recently sold US$1.0m worth of stock On the 4th of November, Cheryl Johnson sold around 3k shares on-market at roughly US$379 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$1.0m. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks High level of debt (171% net debt to equity). Significant insider selling over the past 3 months (US$1.0m sold). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: US$5.09 (vs US$5.48 in 3Q 2023) Third quarter 2024 results: EPS: US$5.09 (down from US$5.48 in 3Q 2023). Revenue: US$16.1b (down 4.2% from 3Q 2023). Net income: US$2.46b (down 12% from 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Global Machinery industry. Announcement • Oct 16
Caterpillar Inc. to Report Q3, 2024 Results on Oct 30, 2024 Caterpillar Inc. announced that they will report Q3, 2024 results at 5:30 AM, Central Daylight on Oct 30, 2024 Declared Dividend • Oct 14
Second quarter dividend of US$1.41 announced Shareholders will receive a dividend of US$1.41. Ex-date: 21st October 2024 Payment date: 20th November 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 24%. Cash payout ratio: 27%. Announcement • Oct 11
Caterpillar Inc. Announces Appointment of Nazzic S. Keene as Independent Director, Effective November 1, 2024 Caterpillar Inc. announced that Nazzic S. Keene, former chief executive officer of Science Applications International Corporation (SAIC), has been appointed to the Caterpillar board of directors, effective November 1, 2024. Keene will serve on Caterpillar's Nominating & Governance Committee and Compensation & Human Resources Committee. Keene, 64, retired in 2023 after four years as CEO and a director of SAIC, a multi-billion-dollar global company engaged in integrating information technology systems that manage engineering, large-scale IT modernization, and security, logistics, simulation and data analytics for government bodies. She was appointed to the position of CEO and elected as a director after having served as Chief Operating Officer of SAIC from 2017 to 2019 and as the President of Global Markets & Missions from 2013 to 2017. Ms. Keene is currently a director of Automatic Data Processing Inc. and ITT Inc. Announcement • Oct 10
Caterpillar Inc Announces Quarterly Dividend, Payable November 20, 2024 The Board of Directors of Caterpillar Inc. voted to maintain the quarterly dividend of $1.41 per share of common stock, payable November 20, 2024, to shareholders of record at the close of business on October 21, 2024. Announcement • Sep 17
Caterpillar Inc Introduces Groundbreaking Dynamic Energy Transfer Solution for Battery and Diesel-Electric Mining Equipment Caterpillar Inc. unveiled an innovative OEM-designed solution to help solve one of the most complex aspects of the mining industry's energy transition – energy management. Cat® Dynamic Energy Transfer (DET) is a fully Caterpillar-developed system that can transfer energy to both diesel-electric and battery-electric large mining trucks while they are working around a mine site. It can also charge a machine's batteries while operating with increased speed on grade, improving operational efficiency and machine uptime. The innovative Cat DET system provides the industry with options to support both near-term and long-term sustainability strategies. Cat DET is comprised of a series of integrated elements, including a power module that converts energy from a mine site's power source, an electrified rail system to transmit the energy and a machine system to transfer the energy to the truck's powertrain. The rail system is a highly deployable, mobile solution that can be customized to customers' specific site layouts, including high-speed and curved haul roads, enabling higher productivity. The connecting arm can be installed on either side of a truck and on multiple truck models, providing options to fit customers' specific operations. It can also be used on mature or developing sites, and it can be easily moved or expanded to allow maximum mine site coverage. Cat DET will integrate with the Cat MineStar Command for hauling solution, merging autonomy and electrification technologies to provide a holistic site solution. Recent Insider Transactions • Sep 12
Independent Director recently bought US$34k worth of stock On the 4th of September, Gerald Johnson bought around 100 shares on-market at roughly US$339 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$11m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 24
Chief Human Resources Officer recently sold US$1.0m worth of stock On the 22nd of August, Cheryl Johnson sold around 3k shares on-market at roughly US$342 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$11m more than they bought in the last 12 months. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: US$5.50 (vs US$5.70 in 2Q 2023) Second quarter 2024 results: EPS: US$5.50 (down from US$5.70 in 2Q 2023). Revenue: US$16.7b (down 3.6% from 2Q 2023). Net income: US$2.68b (down 8.2% from 2Q 2023). Profit margin: 16% (in line with 2Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Global Machinery industry. New Risk • Aug 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks High level of debt (190% net debt to equity). Share price has been volatile over the past 3 months (5.0% average weekly change). Significant insider selling over the past 3 months (US$1.0m sold). Announcement • Jul 23
Caterpillar Inc. to Report Q2, 2024 Results on Aug 06, 2024 Caterpillar Inc. announced that they will report Q2, 2024 results on Aug 06, 2024 New Risk • Jul 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.0m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Minor Risks High level of debt (190% net debt to equity). Significant insider selling over the past 3 months (US$1.0m sold). Upcoming Dividend • Jul 15
Upcoming dividend of US$1.41 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (4.2%). Declared Dividend • Jun 17
First quarter dividend increased to US$1.41 Dividend of US$1.41 is 8.5% higher than last year. Ex-date: 22nd July 2024 Payment date: 20th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 23%. Cash payout ratio: 25%. Announcement • Jun 15
Caterpillar Inc Raises the Quarterly Dividend, Payable August 20, 2024 The Board of Directors of Caterpillar Inc. raised the quarterly dividend by eleven cents, an 8% increase, to $1.41 per share of common stock, payable August 20, 2024, to shareholders of record at the close of business on July 22, 2024. Announcement • May 01
Caterpillar Inc., Annual General Meeting, Jun 12, 2024 Caterpillar Inc., Annual General Meeting, Jun 12, 2024, at 08:00 Central Standard Time. Agenda: To consider Election of 9 Directors; to consider Ratification of Independent Registered Public Accounting Firm; to consider Advisory Vote to Approve Executive Compensation; to consider Shareholder Proposal - Independent Board Chairman; to consider Shareholder Proposal - Lobbying Disclosure; to consider Shareholder Proposal - Director Board Service; and to consider other matters. Announcement • Apr 26
Caterpillar Inc. Provides Earnings Guidance for the Second Quarter and Full Year 2024 Caterpillar Inc. provided earnings guidance for the second quarter and full year 2024. For the quarter, the company expected lower sales in the second quarter compared to the prior year as anticipate a headwind due to changes in dealer inventory of machines which will impact volumes. Company expected higher sales in the second quarter as compared to the first. For the year, the company expected 2024 sales and revenues to be broadly similar to the record 2023 level. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$5.78 (vs US$3.76 in 1Q 2023) First quarter 2024 results: EPS: US$5.78 (up from US$3.76 in 1Q 2023). Revenue: US$15.8b (flat on 1Q 2023). Net income: US$2.86b (up 47% from 1Q 2023). Profit margin: 18% (up from 12% in 1Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in South America. Declared Dividend • Apr 14
Fourth quarter dividend of US$1.30 announced Shareholders will receive a dividend of US$1.30. Ex-date: 19th April 2024 Payment date: 20th May 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 25%. Cash payout ratio: 27%. Announcement • Apr 12
Caterpillar Inc. to Report Q1, 2024 Results on Apr 25, 2024 Caterpillar Inc. announced that they will report Q1, 2024 results at 5:30 AM, Central Standard Time on Apr 25, 2024 Announcement • Apr 10
Caterpillar Inc. Announces Quarterly Dividend, Payable on May 20, 2024 The Board of Directors of Caterpillar Inc. announced quarterly dividend of $1.30 per share of common stock, payable May 20, 2024, to shareholders of record at the close of business on April 22, 2024. Announcement • Apr 03
David L. Calhoun Not Stand Re-Election as Board of Director of Caterpillar Inc On April 1, 2024, David L. Calhoun communicated to the Board of Directors (the Board") of Caterpillar Inc. of his decision not to stand for re-election to the Board at the company's 2024 Annual Meeting of Shareholders. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to US$363, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Machinery industry globally. Total returns to shareholders of 66% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$394 per share. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks High level of debt (163% net debt to equity). Significant insider selling over the past 3 months (US$9.4m sold). Recent Insider Transactions • Feb 07
Chief Financial Officer recently sold US$6.4m worth of stock On the 5th of February, Andrew R. Bonfield sold around 20k shares on-market at roughly US$321 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrew R. has been a net seller over the last 12 months, reducing personal holdings by US$9.4m. Reported Earnings • Feb 05
Full year 2023 earnings released: EPS: US$20.24 (vs US$12.73 in FY 2022) Full year 2023 results: EPS: US$20.24 (up from US$12.73 in FY 2022). Revenue: US$67.1b (up 13% from FY 2022). Net income: US$10.3b (up 54% from FY 2022). Profit margin: 15% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in South America. Recent Insider Transactions • Jan 27
Chief Financial Officer recently sold US$3.0m worth of stock On the 25th of January, Andrew R. Bonfield sold around 10k shares on-market at roughly US$300 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew R.'s only on-market trade for the last 12 months. Announcement • Jan 23
Caterpillar Inc. to Report Q4, 2023 Results on Feb 05, 2024 Caterpillar Inc. announced that they will report Q4, 2023 results at 5:30 AM, Central Standard Time on Feb 05, 2024 Upcoming Dividend • Jan 12
Upcoming dividend of US$1.30 per share at 1.8% yield Eligible shareholders must have bought the stock before 19 January 2024. Payment date: 20 February 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Peruvian dividend payers (13%). Lower than average of industry peers (4.4%). Announcement • Dec 19
Caterpillar Inc. Successfully Demonstrates to Newmont its Expanding Portfolio of Sustainable Underground Solutions and Technologies Caterpillar Inc. has successfully demonstrated its first battery electric prototype underground mining truck, growing its portfolio of battery electric and semi-autonomous technology for underground mining applications. The demonstration for Newmont and other industry leaders, at the company's proving ground in Tasmania, Australia, comes on the heels of the 793 battery electric prototype surface mining truck, which was unveiled in November of 2022. Caterpillar developed its first battery electric prototype underground Mining truck with voice of customer input and support from Newmont Corporation. The companies are collaborating to achieve Newmont's vision of a fully connected, automated, zero carbon emitting, end-to-end mining system. This battery electric truck will complete Caterpillar's first fully electric underground load and haul solution when paired with the commercially available R1700 XE battery electric loader. Caterpillar also completed a demonstration of its growing autonomy and automation capabilities. This technology addresses some of the key safety challenges faced daily by underground customers, like the risk of collision when moving heavy machinery through dark, cramped spaces. Autonomous trucks can help to enhance mine site safety by removing operators from potentially hazardous or remote sites. Additionally, these features can improve productivity by creating increased visibility for mine site coordinators, enabling more consistent operations for both staffed and autonomous machines. This demonstration is the latest example of Caterpillar's progress, developing more sustainable offerings for the mining industry, both on the surface and underground. Announcement • Dec 16
Caterpillar Inc Appoints Jason Kaiser as Group President of the Energy & Transportation Segment, Effective January 1, 2024 Caterpillar Inc. announced that Jason Kaiser, senior vice president of the Electric Power Division, has been appointed to Group President of the Energy & Transportation (E&T) segment, effective January 1, 2024. In this role, Kaiser will have responsibility for the Rail Division, Solar Turbines, Large Power Systems Division, Industrial Power Systems Division, Electric Power Division (EPD), Caterpillar Oil & Gas and Marine Division (COGMD), Cat Reman® and Electrification and Energy Solutions Division. Since joining Caterpillar in 2000, Kaiser has held numerous roles in engineering, sales and operations with increasing responsibility across the electric power business. Kaiser graduated from Rose-Hulman Institute of Technology with a bachelor's degree in electrical engineering. Announcement • Dec 13
Caterpillar Inc. Announces Quarterly Dividend, Payable February 20, 2024 The Board of Directors of Caterpillar Inc. voted to maintain the quarterly dividend of $1.30 per share of common stock, payable February 20, 2024, to shareholders of record at the close of business on January 22, 2024. New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (140% net debt to equity). Share price has been volatile over the past 3 months (4.3% average weekly change). Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: US$5.48 (vs US$3.89 in 3Q 2022) Third quarter 2023 results: EPS: US$5.48 (up from US$3.89 in 3Q 2022). Revenue: US$16.8b (up 12% from 3Q 2022). Net income: US$2.79b (up 37% from 3Q 2022). Profit margin: 17% (up from 14% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Machinery industry in South America. 
