• First quarter 2025 profit per share of $4.20; adjusted profit per share of $4.25

• First quarter 2025 enterprise operating cash flow of $1.3 billion

• Deployed $4.3 billion of cash for share repurchases and dividends in the quarter

Caterpillar Inc. (NYSE: CAT) announced first quarter 2025 results. Sales and revenues for the first quarter of 2025 were $14.2 billion, a 10% decrease compared with $15.8 billion in the first quarter of 2024. The decrease was primarily due to lower sales volume of $1.1 billion and unfavorable price realization of $250 million. The decrease in sales volume was mainly due to changes in dealer inventories.

Operating profit margin was 18.1% for the first quarter of 2025, compared with 22.3% for the first quarter of 2024. Adjusted operating profit margin was 18.3% for the first quarter of 2025, compared with 22.2% for the first quarter of 2024. First quarter 2025 profit per share was $4.20, compared with first quarter 2024 profit per share of $5.75. Adjusted profit per share in the first quarter of 2025 was $4.25, compared with adjusted profit per share of $5.60 in the first quarter of 2024. Adjusted operating profit margin and adjusted profit per share for both the first quarter of 2025 and 2024 exclude restructuring income/costs.

In the first quarter of 2025, enterprise operating cash flow was $1.3 billion, and the company ended the quarter with $3.6 billion of cash. During the quarter, the company deployed $3.7 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

I am proud of the Caterpillar global team for continuing to support our customers and delivering another quarter of solid results. In the quarter, our strong balance sheet allowed us to return more than $4 billion to shareholders through share repurchases and dividends.

Caterpillar's strategy for long-term profitable growth is working, reflecting the strength of our diverse product portfolio and end markets. I am honored to lead such a talented team and to continue Caterpillar's legacy of helping customers solve tough challenges.