Caterpillar Inc. (CAT): Business Model Canvas [Jan-2025 Mis à jour]

Caterpillar Inc. (CAT) est une puissance industrielle mondiale, transformant le fonctionnement des industries grâce à des machines innovantes et en solutions commerciales stratégiques. Avec un modèle commercial remarquable qui s'étend 180 pays et plusieurs secteurs, CAT a magistralement conçu une approche complète qui va au-delà de la fabrication traditionnelle. Ce modèle de modèle commercial révèle comment l'entreprise exploite les partenariats stratégiques, les technologies de pointe et un réseau mondial robuste pour fournir des équipements et des services haute performance qui stimulent l'efficacité industrielle et le progrès technologique entre les domaines de la construction, de l'exploitation minière, de l'agriculture et de l'infrastructure.

Caterpillar Inc. (CAT) - Modèle commercial: partenariats clés

Alliance stratégique avec Mitsubishi Heavy Industries

Caterpillar maintient un partenariat stratégique avec Mitsubishi Heavy Industries (MHI) dans la fabrication d'équipements minières. En 2024, la collaboration implique:

• Développement conjoint de grandes machines minières
• Investissements de recherche et de développement partagés d'environ 125 millions de dollars par an
• Accords d'échange de technologie couvrant les systèmes hydrauliques et les technologies de moteur

Métrique de partenariat	Valeur
Investissement collaboratif annuel	125 millions de dollars
Années de partenariat	18 ans
Lignes de produit partagées	7 catégories d'équipements d'extraction

Collaboration technologique

Caterpillar collabore avec plusieurs entreprises technologiques pour des solutions numériques:

• Partenariat avec Microsoft pour l'intégration IoT
• Collaboration avec Nvidia pour les machines autonomes AI
• Investissement de solutions numériques: 348 millions de dollars en 2023

Réseau de concessionnaires mondiaux

Caterpillar's Dealers Network Spans:

• 180 pays du monde
• Plus de 160 concessionnaires indépendants
• Environ 3 500 emplacements de concessionnaires

Métrique du réseau de concessionnaire	Valeur
Le total des pays couverts	180
Concessionnaires indépendants	160+
Lieux de concessionnaires	3,500

Coentreprises de fabrication régionale

Les partenariats de marché émergents de Caterpillar comprennent:

• Coentreprise avec le groupe Sany de la Chine
• Partenariat avec les moteurs Tata de l'Inde
• Collaboration manufacturière au Brésil avec des partenaires industriels locaux

Coentreprise	Emplacement	Investissement
Partenariat du groupe Sany	Chine	210 millions de dollars
Collaboration Tata Motors	Inde	175 millions de dollars
Partenariat de fabrication brésilienne	Brésil	145 millions de dollars

Caterpillar Inc. (CAT) - Modèle d'entreprise: activités clés

Concevoir et fabriquer des machines et moteurs lourds

En 2023, Caterpillar a fabriqué environ 500 000 pièces de machines et de moteurs lourds dans plusieurs installations mondiales. Répartition de la production:

Catégorie de produits	Unités produites	Revenus générés
Équipement de construction	187 500 unités	18,3 milliards de dollars
Équipement d'exploitation	62 500 unités	12,7 milliards de dollars
Moteurs industriels	250 000 unités	8,5 milliards de dollars

Recherche et développement des technologies de construction et d'exploitation minière

Investissement en R&D en 2023: 2,1 milliards de dollars, ce qui représente 4,3% des revenus totaux.

• Domaines d'intervention technologique:
  • Solutions d'équipement autonome
  • Machines électriques et hybrides
  • Technologies de capteurs avancés

Fournir des services financiers par le biais de services financiers Caterpillar

Portfolio des services financiers en 2023:

Catégorie de service	Valeur totale du portefeuille	Nombre de clients
Financement de l'équipement	43,6 milliards de dollars	87 500 clients
Solutions de location	12,3 milliards de dollars	35 000 clients

Offrir des services de support produit et de marché secondaire

Revenus de services de rechange en 2023: 16,2 milliards de dollars

• Offres de service:
• Contrats de maintenance
• Distribution des pièces de rechange
• Support technique
• Diagnostics de l'équipement

Développer des solutions d'équipement durables et autonomes

Investissements en durabilité en 2023: 750 millions de dollars

Initiative de durabilité	Montant d'investissement	Achèvement cible
Développement d'équipements électriques	350 millions de dollars	2025
Technologie autonome	250 millions de dollars	2026
Technologies de réduction du carbone	150 millions de dollars	2024

Caterpillar Inc. (CAT) - Modèle d'entreprise: Ressources clés

Installations de fabrication mondiale

Caterpillar exploite 97 installations de fabrication dans 23 pays à partir de 2023. La distribution géographique comprend:

Région	Nombre d'installations
États-Unis	52
Chine	12
Europe	15
Reste du monde	18

Capacités de recherche et d'ingénierie

Investissement dans la R&D pour 2023: 2,4 milliards de dollars. Centres de recherche clés situés dans:

• Peoria, Illinois
• Shanghai, Chine
• Deerfield, Illinois
• Turin, Italie

Portefeuille de propriété intellectuelle

Total des brevets actifs en 2023: 9 672 brevets dans le monde. Déchange de brevets:

Catégorie	Nombre de brevets
Technologie de machines	4,563
Technologies numériques	2,987
Solutions énergétiques	1,822

Composition de la main-d'œuvre

Total de la main-d'œuvre mondiale en 2023: 109 100 employés. Distribution de la main-d'œuvre:

• États-Unis: 56 800 employés
• Chine: 12 400 employés
• Europe: 22 500 employés
• Reste du monde: 17 400 employés

Valeur de marque

Évaluation de la marque en 2023: 16,8 milliards de dollars, classés 64e dans le classement mondial des marques par Brand Finance.

Caterpillar Inc. (CAT) - Modèle d'entreprise: propositions de valeur

Machines de haute qualité et durables pour les applications robustes

Caterpillar Inc. a produit 59,4 milliards de dollars de revenus de machines en 2023. La société fabrique des équipements avec une durée de vie moyenne de 10 à 15 ans pour les applications industrielles.

Catégorie d'équipement	Revenus de 2023	Part de marché
Équipement de construction	24,8 milliards de dollars	41.7%
Équipement d'exploitation	16,3 milliards de dollars	32.5%
Énergie & Transport	18,3 milliards de dollars	25.8%

Solutions d'équipement complètes dans plusieurs industries

Caterpillar sert 6 segments industriels primaires:

• Construction
• Exploitation minière
• Énergie
• Transport
• Marin
• Agriculture

Innovations technologiques avancées dans la performance des machines

L'investissement en R&D en 2023 était de 2,1 milliards de dollars, se concentrant sur la transformation numérique et les technologies autonomes.

Zone technologique	Investissement
Machines autonomes	612 millions de dollars
Technologies jumelles numériques	418 millions de dollars
Développement de machines électriques	520 millions de dollars

Réseau mondial de support et de services

Caterpillar fonctionne dans 180 pays avec 530 emplacements de concessionnaires dans le monde. Les revenus du réseau de services ont atteint 14,2 milliards de dollars en 2023.

Équipement personnalisable pour les besoins spécifiques des clients

Les solutions de machines personnalisées représentaient 22,6% du total des ventes d'équipements en 2023, totalisant 13,4 milliards de dollars de revenus.

Niveau de personnalisation	Pourcentage de ventes	Revenu
Modifications de base	12.4%	7,4 milliards de dollars
Personnalisation avancée	10.2%	6,0 milliards de dollars

Caterpillar Inc. (CAT) - Modèle d'entreprise: relations avec les clients

Partenariats de concessionnaires et de distributeurs à long terme

Caterpillar maintient un réseau mondial de 160 concessionnaires indépendants dans 191 pays. Depuis 2023, ces concessionnaires gèrent environ 3 600 emplacements de concessionnaires dans le monde. Le réseau de concessionnaires de la société a généré 53,3 milliards de dollars de ventes et de revenus totaux en 2022.

Métriques du réseau de concessionnaires	2022 données
Total des concessionnaires indépendants	160
Les pays couverts	191
Lieux de concessionnaires	3,600
Ventes et revenus totaux	53,3 milliards de dollars

Services de support client et de maintenance personnalisés

Caterpillar propose des solutions de maintenance complètes via son CAT® SATTENTIFICATION DE L'ÉQUIPEMENT programme. En 2022, la société a investi 2,1 milliards de dollars dans la recherche et le développement pour améliorer les technologies de support client.

• Assistance technique 24/7 disponible
• Services de maintenance prédictive
• Surveillance de l'équipement à distance
• Réparation et entretien sur place

Plates-formes numériques pour la surveillance et la gestion des équipements

Le CAT® Connect La plate-forme technologique permet le suivi des équipements en temps réel et l'analyse des performances. En 2023, plus de 1,2 million d'équipements ont été connectés via cette plate-forme numérique.

Métriques de plate-forme numérique	2023 données
Équipement connecté	1,2 million
Investissement de plate-forme numérique	425 millions de dollars

Programmes de formation et de certification pour les opérateurs d'équipement

Caterpillar offre une formation complète à travers son Formation de l'opérateur Cat® Programmes. En 2022, environ 85 000 opérateurs ont reçu une certification et une formation professionnelles.

• Modules de formation en ligne
• Ateliers en personne
• Formation basée sur le simulateur
• Programmes de certification de sécurité

Intégration des commentaires des clients dans le développement de produits

La société alloue 4,5% de ses revenus annuels à la recherche et au développement, avec une partie importante dédiée à l'intégration des commentaires des clients. En 2022, Caterpillar a traité plus de 50 000 suggestions de clients pour l'amélioration des produits.

Métriques de rétroaction des clients	2022 données
Investissement en R&D	4,5% des revenus annuels
Suggestions de clients traitées	50,000+

Caterpillar Inc. (CAT) - Modèle d'entreprise: canaux

Ventes directes par le biais du réseau de concessionnaires mondiaux

En 2024, Caterpillar exploite un réseau de concessionnaires mondiaux de 160 concessionnaires indépendants dans 180 pays. Le réseau couvre 3 millions de miles carrés de territoire de service. En 2023, le réseau de concessionnaires a généré 53,4 milliards de dollars de ventes d'équipements et de revenus de location.

Région	Nombre de concessionnaires	Couverture du territoire
Amérique du Nord	52	1,2 million de kilomètres
Europe	35	0,6 million de miles carrés
Asie-Pacifique	45	0,8 million de miles carrés

Plateformes de commerce électronique en ligne

La plate-forme de vente numérique de Caterpillar a généré 7,2 milliards de dollars de ventes d'équipements et de pièces en ligne en 2023. La plate-forme numérique prend en charge:

• Prix ​​de l'équipement en temps réel
• Commande de pièces en ligne
• Outils de configuration de l'équipement
• Applications de financement numérique

Salons commerciaux et expositions de l'industrie

Caterpillar a participé à 47 grands salons internationaux en 2023, présentant des équipements d'une valeur d'environ 1,5 milliard de dollars. Les principales expositions comprenaient Conexpo, Bauma et Minexpo.

Canaux de marketing numérique et de communication

Les investissements en marketing numérique ont atteint 124 millions de dollars en 2023. L'engagement des médias sociaux comprenait:

Plate-forme	Abonnés	Taux d'engagement
Liendin	1,2 million	4.3%
Youtube	850,000	3.7%
Instagram	650,000	5.1%

Services de location et de location d'équipement

Le segment de location d'équipement de Caterpillar a généré 6,8 milliards de dollars de revenus en 2023. La flotte de location comprend 180 000 machines dans diverses industries.

• Location de l'équipement de construction: 65% des revenus de location
• Location d'équipement minière: 22% des revenus de location
• Location d'équipements industriels: 13% des revenus de location

Caterpillar Inc. (CAT) - Modèle d'entreprise: segments de clientèle

Entreprises de construction

Caterpillar dessert plus de 50 000 entreprises de construction dans le monde en 2024. Revenus du segment de la construction: 26,4 milliards de dollars en 2023.

Segment de marché	Nombre de clients	Achat d'équipement moyen
Grandes entreprises de construction	5,200	3,2 millions de dollars par an
Entreprises de construction moyennes	22,500	750 000 $ par an
Petites entreprises de construction	22,300	180 000 $ par an

Sociétés minières

Le segment minière génère 15,7 milliards de dollars de revenus annuels. Les 500 principales sociétés mondiales minières sont les principaux clients.

• Part de marché mondial des équipements minières: 38%
• Valeur du contrat d'équipement moyen: 12,5 millions de dollars
• Clients miniers actifs: 4 200 sociétés

Entreprises agricoles

Revenu du segment des équipements agricoles: 8,9 milliards de dollars en 2023.

Segment agricole	Nombre de clients	Pénétration du marché
Grandes sociétés agricoles	1,200	45%
Entreprises agricoles moyennes	18,500	32%
Petites entreprises agricoles	35,000	23%

Sociétés de transport et de logistique

Revenu du segment des transports: 6,5 milliards de dollars en 2023.

• Clients logistiques totaux: 7 800
• Ventes d'équipements de gestion de flotte: 2,3 milliards de dollars
• Investissement moyen de l'équipement par entreprise de logistique: 850 000 $

Projets gouvernementaux et infrastructures

Revenus de segment du gouvernement et des infrastructures: 5,2 milliards de dollars en 2023.

Segment du gouvernement	Type de client	Achat d'équipement annuel
Gouvernement fédéral	42 agences	1,8 milliard de dollars
Gouvernements étatiques / provinciaux	350 entités	2,4 milliards de dollars
Gouvernements municipaux	1 200 autorités locales	1 milliard de dollars

Caterpillar Inc. (CAT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement élevés

En 2023, Caterpillar a investi 2,1 milliards de dollars dans les frais de recherche et de développement, ce qui représente 4,3% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2023	2,1 milliards de dollars	4.3%
2022	1,98 milliard de dollars	4.1%

Coûts de fabrication et de production

Les coûts de fabrication totaux pour Caterpillar en 2023 étaient d'environ 39,5 milliards de dollars.

• Installations de production dans 26 pays
• Empreinte de fabrication mondiale totale de 108 installations
• Coût de fabrication moyen par unité: 157 000 $

Gestion mondiale de la chaîne d'approvisionnement

Les frais de gestion de la chaîne d'approvisionnement en 2023 ont atteint 5,6 milliards de dollars.

Composant de chaîne d'approvisionnement	Coût annuel
Logistique	2,3 milliards de dollars
Gestion des stocks	1,7 milliard de dollars
Approvisionnement	1,6 milliard de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente ont totalisé 4,2 milliards de dollars en 2023.

• Budget de marketing numérique: 680 millions de dollars
• Dépenses de salon et d'événements: 420 millions de dollars
• Compensation de l'équipe de vente: 1,5 milliard de dollars

Investissements de garantie et d'assistance aux services

Les frais de garantie et d'assistance aux services en 2023 étaient de 3,8 milliards de dollars.

Catégorie de service	Coût annuel
Réclamations de garantie	2,1 milliards de dollars
Opérations du centre de service	1,2 milliard de dollars
Support technique	500 millions de dollars

Caterpillar Inc. (CAT) - Modèle d'entreprise: Strots de revenus

Les ventes d'équipements dans plusieurs industries

En 2023, Caterpillar a signalé des machines totales, de l'énergie & Ventes de transport de 59,4 milliards de dollars. La rupture des ventes d'équipements dans tous les secteurs comprend:

Segment de l'industrie	Revenus (2023)
Industries de la construction	18,9 milliards de dollars
Industries des ressources	14,5 milliards de dollars
Énergie & Transport	20,1 milliards de dollars
Rail de précision	5,9 milliards de dollars

Pièces de rechange et revenus de service

Les pièces et services de rechange ont généré 17,1 milliards de dollars de revenus pour Caterpillar en 2023.

• Les ventes de pièces représentaient environ 28,8% du total des revenus de machines
• Les revenus du contrat de service ont augmenté de 6,2% par rapport à l'année précédente

Services financiers et financement de l'équipement

Caterpillar Financial Services a déclaré:

• Actif total: 46,2 milliards de dollars
• Volume de financement mondial: 37,8 milliards de dollars
• Bénéfice d'exploitation: 1,4 milliard de dollars en 2023

Technologie numérique et offres de solutions

Les sources de revenus numériques ont généré environ 2,3 milliards de dollars en 2023, avec:

Solution numérique	Contribution des revenus
Surveillance des équipements numériques	892 millions de dollars
Services de maintenance prédictive	687 millions de dollars
Solutions de gestion de la flotte	721 millions de dollars

Revenu de location et de location d'équipement

Les revenus de location et de location d'équipement ont atteint 3,6 milliards de dollars en 2023, avec:

• Location d'équipement à court terme: 2,1 milliards de dollars
• Location d'équipement à long terme: 1,5 milliard de dollars

Caterpillar Inc. (CAT) - Canvas Business Model: Value Propositions

You're looking at Caterpillar Inc.'s core promises to the market, the things that keep customers coming back, even when the competition is fierce. It's not just about the big yellow iron anymore; it's about the whole lifecycle value.

Durable, high-quality equipment (yellow iron) for extreme conditions

The fundamental value proposition remains the legendary durability of the machines. This is being validated in the most demanding environments today, like the Pilbara region of Western Australia. For instance, the Early Learner program involved the deployment of two Cat 793 XE Early Learner battery-electric units in December 2025 at the Jimblebar iron ore mine for commissioning and initial testing protocols. This testing is happening in conditions that demand continuous operation, extreme temperatures, and high dust levels, providing comprehensive validation for new drivetrain technology. The Resource Industries segment, which houses mining equipment, generated about 17% of 2024 revenue, or roughly $12.4 billion. The company is pushing its autonomy expertise into quarries, citing a customer achievement of 1 Million tonnes autonomously hauled in July 2025.

Reduced total cost of ownership through services and uptime

Caterpillar Inc. is aggressively shifting focus to recurring revenue streams, which directly lowers the customer's total cost of ownership (TCO) by maximizing uptime. The company has a clear financial target here. In 2024, services revenue reached $24 billion, representing 39% of the total Machinery, Energy & Transportation (ME&T) revenue. The goal is to hit $28 billion in services revenue by 2026. Digital tools are key to this; customers using a combination of Caterpillar's digital tools spend up to 33% more on aftermarket services. Furthermore, the online parts platform processes more than $15 million in sales per day through the dealer network.

Here's a look at the financial commitment to this services growth strategy:

Metric	Value (Latest Available)	Period/Context
Services Revenue	$24 billion	Full Year 2024
Projected Services Revenue	$28 billion	Target for 2026
Services Revenue as % of ME&T Revenue	39%	As of 2025
Customer Spend Increase with Digital Tools	33%	Reported Uplift
Online Parts Sales Run Rate	$15 million per day	As of 2025

Advanced technology: autonomy, remote operation, and digital solutions

The value here is delivering productivity gains and safety improvements through digitalization. The proprietary cloud platform, Helios, is central to this. Helios connects over 1.5 million machines and engines globally, including non-Caterpillar brands, processing more than 50 billion data points each month. This powers tools like Prioritized Service Events (PSEs) to predict failures. On the autonomy front, Caterpillar Inc. had 690 autonomous trucks using its Command for hauling solution in operation around the world as of end-2024. The ambition is to triple that number, aiming for over 2,000 autonomous trucks by 2030. Competitors are pushing, with some launching 5G-enabled remote operation solutions, but Caterpillar's installed base and data scale are significant differentiators.

Reliable power generation solutions for critical infrastructure (e.g., data centers)

Caterpillar Inc. is a leading supplier of engines and turbines for power generation. The Energy & Transportation segment's sales were flat in the fourth quarter of 2025 compared to the prior year, holding at $7.6 billion for that quarter. This segment provides the reliable power needed for critical operations, like the backup power for data centers, which is a growing market need. The company is also investing in the future of power, with battery-electric haul truck testing underway, signaling a commitment to zero-exhaust solutions for mining power needs.

Integrated financing and insurance via Cat Financial

Cat Financial provides the necessary capital structure to facilitate equipment sales and secure customer loyalty. For the third quarter of 2025, Cat Financial reported revenues of $926 million, an increase of $38 million or 4% year-over-year. Retail new business volume in that same quarter was $3.63 billion, showing a 7% increase compared to the third quarter of 2024. Portfolio health remains strong; past dues at the end of Q3 2025 were 1.47%, down from 1.74% at the end of Q3 2024. The allowance for credit losses as of September 30, 2025, totaled $283 million, which is 0.89% of finance receivables. The average original term for Cat Financial's customer finance receivable portfolio was approximately 51 months as of March 31, 2025.

You'll want to track the financing volume as a leading indicator for equipment sales:

• Retail New Business Volume (Q3 2025): $3.63 billion
• Retail New Business Volume YoY Growth (Q3 2025): 7%
• Past Dues (End Q3 2025): 1.47%
• Allowance for Credit Losses (Sep 30, 2025): $283 million

Finance is defintely a sticky part of the overall Caterpillar Inc. offering.

Caterpillar Inc. (CAT) - Canvas Business Model: Customer Relationships

You're looking at how Caterpillar Inc. keeps its massive, global customer base locked in, and honestly, it's all about the dealer network being the primary interface. This isn't a direct-to-consumer setup; it's a deeply entrenched, multi-generational partnership model.

Dedicated, long-term relationships through the dealer network

The dealer network is the core of the relationship strategy. These are independent businesses, often family-owned, that act as the local face for Caterpillar Inc. globally. They are the ones providing the day-to-day support you rely on when a machine is down.

• The global Cat Dealer Network covers over 190 countries.
• There are nearly 180,000 Cat dealer employees worldwide dedicated to customer support.
• As of late 2025, there are 2,478 CAT dealer locations in the United States alone.

This structure means you get concierge-level support from teams invested in your local success. Many customer-dealer relationships go back generations, which builds serious, long-term loyalty.

High-touch, consultative sales for large, complex projects

For the big infrastructure or mining projects, the relationship moves beyond simple transactions. Dealers bring industry-specific experts to the table, helping with site analysis, equipment selection, and planning. This consultative approach is necessary because the capital outlay for a new wheel loader or a large engine package requires deep trust and tailored solutions, not just a price quote.

Digital engagement via telematics and connected asset monitoring

Caterpillar Inc. is aggressively pushing digital tools to make these relationships proactive rather than reactive. The Cat Helios cloud platform is central to this, connecting the fleet data directly to the dealer and the company. This allows for predictive service, which is a massive shift in customer interaction.

Here are the key numbers showing the scale of this digital relationship:

Metric	Value (As of Late 2025 Data)	Context
Connected Machines Globally	1.5 million	Machines streaming data via Cat Helios.
Data Points Processed Monthly	Over 50 billion	Data points processed by the Helios platform.
Aftermarket Spend Uplift	Up to 33% more	Reported spend by customers using a combination of digital tools.
Daily Parts Sales (Online)	More than $15 million	Processed daily through the online parts platform with dealers.

Customers who adopt these digital tools are more likely to remain long-term customers, cementing the relationship through data integration.

Financing and leasing services through Cat Financial

Cat Financial is a direct enabler of the customer relationship by structuring the acquisition of high-cost assets. They support both customers and dealers with financing solutions. The portfolio health is a key indicator of the quality of these relationships.

• Q3 2025 retail new business volume reached $3.63 billion.
• Q3 2025 Cat Financial revenues were $926 million.
• Past dues were at 1.47% as of the end of Q3 2025, reflecting strong portfolio performance.
• The average original term for customer finance receivables was approximately 51 months as of March 31, 2025.

This financial arm helps smooth the cyclical nature of equipment purchases for the customer base.

Customer training and technical support

While specific training revenue isn't immediately available, the digital tools are directly integrated into support and maintenance. Tools like Cat Inspect allow for digital inspections, feeding data back into the system to trigger Prioritized Service Events (PSEs) that combine telematics, history, and inspections to flag potential failures. This moves technical support from a break/fix model to a predictive partnership. Services revenue overall reached $24 billion in 2024, with a goal of $28 billion by 2026, showing the financial commitment to this post-sale support structure, which accounts for 39% of total ME&T revenue as of Q2 2025. Finance: draft the Q4 2025 Cat Financial portfolio health review by January 15th.

Caterpillar Inc. (CAT) - Canvas Business Model: Channels

You're looking at how Caterpillar Inc. gets its products and services to the customer base, which is heavily reliant on its established, exclusive network.

Exclusive, independent Cat dealer network (primary sales channel)

The dealer network remains the backbone for equipment sales and comprehensive support. These are independent businesses, often family-owned, providing everything from site analysis to machine sales and service.

As of late 2025, the global reach is substantial:

• The Cat Dealer Network has 160 independent dealers.
• These dealers serve 197 countries.
• There are nearly 180,000 Cat dealer employees worldwide.
• In the United States alone, there are 2,478 CAT dealers as of November 24, 2025.

This network supports the sale of Caterpillar's roughly 400 products through the dealer channel. The dealer network is also key to the digital strategy, partnering on parts sales.

Direct sales to major global accounts and governments

While the dealer network handles the bulk of transactions, Caterpillar also engages directly, particularly with large entities in sectors like energy and transportation. Sales to users, which reflects direct movement of equipment, showed strength in certain areas.

Here's a look at the sales performance that flows through these channels, focusing on the end-user demand:

Period	Total Sales & Revenues	Energy & Transportation Sales	Sales to End Users (Implied Direct/Dealer)
Q1 2025	$14.2 billion	Relatively stable (declined 2%)	Underlying sales growth noted in E&T.
Q2 2025	$16.569 billion	$7.8 billion (Grew 7%)	Higher sales volume driven by equipment to end users.

The Energy & Transportation segment saw sales grow by 7% to $7.8 billion in Q2 2025, driven by strong demand from data centers and utilities.

Cat Financial for equipment financing and insurance

Cat Financial provides essential support to move equipment through the sales channels by offering financing and insurance options. Its performance directly impacts the velocity of equipment sales.

Here are the reported financial results for Cat Financial through the first three quarters of 2025:

Period	Revenue	Profit	Retail New Business Volume
Q1 2025	$860 million	$130 million	$2.96 billion
Q2 2025	$899 million	$137 million	$3.60 billion
Q3 2025	$926 million	$134 million	$3.63 billion

Retail new business volume in Q3 2025 increased by 7% year-over-year to $3.63 billion.

Digital platforms for parts ordering and service management

Digital channels, anchored by the Cat Helios platform, are critical for driving aftermarket services revenue, which is a key focus area for Caterpillar Inc.

The digital ecosystem supports both customers and dealers:

• The online parts platform processes more than $15 million in sales per day.
• The Cat Helios data platform connects over 1.5 million machines and engines globally.
• Helios processes more than 50 billion data points each month.
• Customers using a combination of digital tools spend up to 33% more on aftermarket services.

The company's services revenue was $24 billion in 2024, accounting for 39% of total Machinery, Energy & Transportation revenue, with a stated goal of reaching $28 billion in services revenue by 2026.

Caterpillar Inc. (CAT) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Caterpillar Inc. as of late 2025; it's all about who buys the machines, who services them, and who finances the deal.

Construction Industries represents a massive chunk of the business, serving everyone from small contractors to those managing huge infrastructure projects. For the third quarter of 2025, this segment reported total sales of $6.76 billion. That was a 7% increase, or $415 million, compared to the same quarter in 2024, showing resilient demand in the building sector.

The Resource Industries segment caters to the heavy-duty world of mining, quarrying, and aggregates. While the segment saw a 6% year-over-year sales increase in Q3 2025, its profit saw a more significant drop, down 19%, due to unfavorable manufacturing costs and price realization dynamics.

Energy & Transportation is a high-growth area, especially with infrastructure build-outs and data center power needs. This segment was a standout performer in Q3 2025, posting a 25% year-over-year sales increase. The overall company backlog, which feeds these segments, hit an all-time record of $39.8 billion at the end of Q3 2025, largely driven by strong orders in Energy & Transportation.

Equipment owners are a distinct segment, relying on Caterpillar Inc. for the long-term health of their assets. This is captured by the aftermarket business, which includes parts, service, and technology upgrades. The overall consolidated sales and revenues for Caterpillar Inc. in Q3 2025 reached $17.6 billion, a 10% increase year-over-year, driven primarily by higher sales volume to end users.

The final key segment involves customers requiring financing, managed through Cat Financial. This is a critical enabler for equipment sales. For the third quarter of 2025, Cat Financial's retail new business volume was $3.63 billion, up 7% from the prior year's Q3 volume of $3.40 billion. The health of this portfolio is closely watched; as of September 30, 2025, the allowance for credit losses totaled $283 million, representing 0.89% of finance receivables.

Here's a quick look at the revenue contribution from the primary segments for Q3 2025:

Customer Segment	Q3 2025 Sales (Millions of USD)	Year-over-Year Change (%)
Construction Industries	$6,760	7% increase
Resource Industries	Data Not Explicitly Isolated	6% increase
Energy & Transportation	Data Not Explicitly Isolated	25% increase
Financial Products Revenues	$1,076	4% increase

The customer base is supported by several key financial service metrics:

• Consolidated Sales and Revenues (Q3 2025): $17.638 billion.
• Total Backlog (End of Q3 2025): $39.8 billion.
• Cat Financial Retail New Business Volume (Q3 2025): $3.63 billion.
• Cat Financial Past Dues (End of Q3 2025): 1.47%.
• Enterprise Cash (End of Q3 2025): $7.5 billion.

The financing arm supports these customers through specific financing activities:

• Retail New Business Volume (Q1 2025): $2.96 billion.
• Retail New Business Volume (Q2 2025): $3.60 billion.

Finance: draft a one-page summary of Q3 2025 segment profit margins for the executive team by next Tuesday.

Caterpillar Inc. (CAT) - Canvas Business Model: Cost Structure

You're mapping out Caterpillar Inc.'s cost structure for late 2025, and honestly, it's a story of massive operational scale battling significant external headwinds, especially trade policy. The core costs are huge, but the tariff impact is what's really squeezing margins right now. Let's break down the numbers you need to watch.

Cost of Goods Sold (COGS) for manufacturing and materials

The sheer scale of production means Cost of Goods Sold is the dominant cost driver. For the third quarter of 2025, the cost of sales hit approximately $11.7 billion, which was a 16% increase year-over-year. This jump reflects not just material and labor inflation, but also the direct impact of tariffs woven into the supply chain. To give you a sense of the underlying efficiency before these external shocks, the trailing twelve months (TTM) Gross Margin as of Q3 2025 sat at a robust 35.48%. Still, unfavorable manufacturing costs, heavily influenced by tariffs, were the primary reason for this margin compression in the quarter.

Incremental tariff costs (projected $1.6B-$1.75B headwind in 2025)

This is the near-term risk you absolutely must factor into any valuation. Caterpillar Inc. projects the net incremental tariff costs for the full fiscal year 2025 to be in the range of $1.6 billion to $1.75 billion. This is a substantial headwind to profitability. For context on how this materialized, the Q2 2025 tariff-related cost headwind was between $250 million and $350 million, and the projected impact for the third quarter alone was between $500 million and $600 million. The company is implementing initial mitigating actions, but trade negotiations remain fluid, meaning this cost is a major variable for the second half of 2025.

Here's a quick look at how the tariff headwind has been reported:

Cost Component	Reported/Projected Amount (2025)	Period/Context
Net Incremental Tariff Costs	$1.6 Billion - $1.75 Billion	Full Year 2025 Projection
Net Incremental Tariff Costs	$500 Million - $600 Million	Third Quarter 2025 Projection
Tariff Cost Headwind	$250 Million - $350 Million	Second Quarter 2025 Actual

Significant R&D investment for advanced technology

Caterpillar Inc. is defintely investing heavily to secure its long-term position, particularly around the energy transition. For the third quarter of 2025, Research and Development (R&D) expenses were reported at $555 million, an increase of 4% year-over-year. This spending supports core technologies like autonomy, connectivity, digital solutions, alternative fuels, and electrification. The company has been increasing R&D spending by 12% annually since 2022, outpacing some rivals. This investment is a key part of their strategy to capitalize on the hydrogen economy and decarbonization solutions.

Dealer support and marketing expenses

Costs associated with maintaining the global dealer network and driving sales fall largely under Selling, General, and Administrative (SG&A) expenses. In Q3 2025, SG&A expenses rose by 9.2% year-over-year, reaching around $1.82 billion. This increase was primarily attributed to higher compensation expense. Remember, the Financial Products segment, which supports customers and dealers with financing, is separate but integral to the overall cost base and revenue generation structure.

Manufacturing and operational efficiency costs (Lean methodologies)

To combat rising input costs, Caterpillar Inc. is actively pursuing restructuring and efficiency programs. This involves lowering manufacturing costs through measures like contemplated facility consolidations and closures. These restructuring efforts may affect more than 20 operations and over 10% of the company's manufacturing square footage globally across its main segments. While specific dollar amounts tied directly to Lean methodologies aren't always broken out separately, these restructuring plans are the concrete action Caterpillar is taking to realize savings and improve operational efficiency against cost pressures.

You should track the progress of these restructuring plans against the ongoing margin pressure from unfavorable price realization, which was a $414 million negative impact in Q2 2025 alone. Finance: draft the Q4 2025 cost-saving realization forecast by next Tuesday.

Caterpillar Inc. (CAT) - Canvas Business Model: Revenue Streams

You're looking at the top-line generation for Caterpillar Inc. as of late 2025, right after their Q3 results dropped. The story here is volume driving a top-line beat, even with margin pressure from costs and tariffs. Here's the quick math on where the money came from in the third quarter and the full-year expectation.

Caterpillar Inc. reported total sales and revenues for the third quarter of 2025 of $17.6 billion. This represented a 10% increase compared to the $16.1 billion reported in the third quarter of 2024. The full-year 2025 consensus revenue estimate, looking ahead from Q3, is placed at $66.11 billion.

The revenue streams are clearly segmented across their core operations, with Equipment sales being the largest component, supported by high-margin aftermarket activity and financial services.

The primary revenue drivers for the third quarter of 2025 were:

• Equipment sales across the three primary segments.
• Services and parts sales, which is the high-margin aftermarket business, a strategic focus area. (2024 Services Revenue was $24 billion).
• Financial Products revenue.

Here is a breakdown of the reported segment revenues for the third quarter of 2025, which primarily represent equipment sales, alongside the Financial Products revenue:

Revenue Stream / Segment	Q3 2025 Revenue (Billions USD)
Total Consolidated Sales and Revenues	$17.6
Energy & Transportation Sales	$8.4 (Reported as $8.397 billion)
Construction Industries Sales	$6.8 (Reported as $6.76 billion)
Resource Industries Sales	$3.1
Financial Products Revenue	$1.1 (Reported as $1.1 billion)

The Energy & Transportation segment led the growth in Q3 2025 with a 17% sales increase year-over-year. The Financial Products revenue stream, which includes retail and wholesale financing, was reported at $1.1 billion for the quarter, marking a 4% increase from the prior year period. To be fair, the reported segment sales for the ME&T divisions ($8.4B + $6.8B + $3.1B = $18.3B) don't perfectly reconcile to the consolidated total ($17.6B), which hides the exact split between new equipment sales and the high-margin parts/services revenue within those segments.