The Caterpillar team delivered strong results for the quarter on the back of solid performance, driven by resilient demand and our focused execution across our three core business segments. Our team's continued adherence to a rigorous code of conduct in a changing environment, together with our growing order backlog, lays the foundation for the company to sustain momentum and achieve long-term profitable growth.

Sales and revenues for the third quarter of 2025 were $17.6 billion, a 10% increase compared with $16.1 billion in the third quarter of 2024. The increase was primarily due to higher sales volume. The higher sales volume was mainly driven by an increase in end-user equipment sales.

The operating profit margin for the third quarter of 2025 was 17.3%, compared with 19.5% in the third quarter of 2024. The adjusted operating profit margin for the third quarter of 2025 was 17.5%, compared with 20.0% in the third quarter of 2024. Earnings per share for the third quarter of 2025 were $4.88, compared with $5.06 in the third quarter of 2024. Adjusted earnings per share for the third quarter of 2025 were $4.95, compared with $5.17 in the third quarter of 2024. Earnings per share for the third quarter of 2025 were $4.88, affected by an increase in the estimated global annual effective tax rate to 24.0% and a one-time net tax expense in the quarter. In the third quarters of both 2025 and 2024, adjusted operating profit margin and adjusted earnings per share excluded restructuring costs.

In the third quarter of 2025, operating cash flow from business activities was $3.7 billion, and the company ended the third quarter with $7.5 billion in cash. During the quarter, the company used $0.7 billion in cash for dividends and $0.4 billion in cash to repurchase Caterpillar common stock.