Caterpillar Inc.

Full year 2026 sales and revenues expected to grow around top of 5% to 7% long-term CAGR target. Volume growth expected in all three segments with 2% positive price realization. Adjusted OPM expected to exceed 2025 but remain near bottom of target range reflecting ongoing tariff impact and growth investments. CAPEX $3.5 billion driven by capacity expansion. ME&T free cash flow expected slightly lower than 2025.

Power and Energy now largest and fastest-growing segment with sales to users up 37% in Q4. Power generation up 44% driven by large gensets and turbines for data centers. Full year power generation sales exceeded $10 billion with over 30% growth. Oil and gas also at record levels on gas compression demand. Four prime power orders over one gigawatt including AIP Monarch deal. Solar had record year with comparable expected in 2026. Titan 350 ramping with mix shifting to larger frames.

Full year 2025 net tariff headwind $1.7 billion. Q4 near top end of estimated range. Full year adjusted OPM 17.2% within target range but would have been significantly higher excluding tariffs. 2026 tariff cost expected around $800 million before any pricing mitigation with 2% price increase separate. Longer-term mitigation still awaiting certainty. Confident will manage impact over time aiming for midpoint of OPM target.

Construction Industries total sales to users grew 11% for fourth consecutive quarter exceeding expectations. North America better than expected with strong nonresidential and residential construction. Rental fleet loading and dealer rental revenue both grew. Full year STU growth 5% advancing toward 2030 goal of 1.25 times 2024 baseline. CI had one of its best order quarters ever returning to normal seasonal patterns. Data center build-outs driving construction activity beyond power generation.

Full year ME&T free cash flow $9.5 billion. Deployed $7.9 billion to shareholders through $5.2 billion share repurchases and $2.7 billion dividends. Dividend aristocrat status maintained for thirty-two consecutive years. Services revenues $24 billion with connected fleet over 1.6 million assets. 827 autonomous haul trucks in operation up from 690 at end of 2024 progressing toward 2030 goal to triple.