Core Insights - Caterpillar achieved its highest sales year ever, with full-year revenues reaching a record $67.6 billion and fourth-quarter revenue at $19.1 billion [1][2] Financial Performance - Operating profit for the year was $11.2 billion, reflecting a 16% decline from 2024, while quarterly profit was $2.7 billion, down 9% over the same period [2] - Profits per share decreased both sequentially and on a full-year basis [2] Sales and Margins - The construction vehicles unit saw a 15% increase in sales, but profits fell by 12% due to unfavorable manufacturing costs and higher tariffs [3] - Mining equipment sales rose by 13%, yet profits declined by 24% [3] - Profit growth was noted in financial products and power & energy, offsetting some margin pressures [3] Future Outlook - Caterpillar forecasts similar sales and revenue growth trends for 2026, with an estimated tariff impact of $2.6 billion, equating to around $800 million per quarter [4] Industry Context - Competitors like Deere & Company are experiencing similar margin pressures due to tariffs, indicating a broader industry trend of resilient sales but challenged margins [5]

智通财经1月29日讯（编辑 夏军雄）周四，美股股指期货小幅走高，投资者正在权衡多家大型科技公司 发布的财报，以及美联储最新的利率决定。欧洲主要指数普遍上涨。 （来源：英为财情） 据报道，英伟达、亚马逊与微软正在商讨向OpenAI投资高达600亿美元，英伟达投资至多300亿美元， 融资前OpenAI估值可能达7300亿美元。 Meta在盘前交易中大涨9%，此前该公司给出了好于预期的一季度销售指引。同为"科技七巨 头"（Magnificent Seven）成员的特斯拉股价也上涨2%，其第四季度业绩超出市场预期。 不过，微软股价下跌近7%，限制了大盘涨幅。微软报告称，第二财季云业务增长放缓，同时对第三财 季的营业利润率给出了偏弱的指引。 目前，投资者将目光转向苹果，该公司计划于周四美股收盘后公布财报。 在其他财报方面，卡特彼勒盘前股价上涨逾1%，这家工业巨头公布的第四季度业绩大幅好于华尔街预 期。 美联储周三维持利率不变，符合市场预期。联邦公开市场委员会（FOMC）表示，多项指标显示"经济 活动正以稳健的步伐扩张"，失业率"已显现出一定的稳定迹象"。 根据芝商所美联储利率观察工具，市场目前仍预计今年会有两次幅度为2 ...

Core Viewpoint - Caterpillar reported quarterly earnings of $5.16 per share, exceeding the Zacks Consensus Estimate of $4.67 per share, and showing a slight increase from $5.14 per share a year ago, indicating a positive earnings surprise of +10.41% [1] Financial Performance - The company achieved revenues of $19.13 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 6.60%, compared to $16.22 billion in the same quarter last year [2] - Over the last four quarters, Caterpillar has exceeded consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Caterpillar shares have increased approximately 12.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [3] Future Outlook - The company's earnings outlook will be crucial for determining future stock performance, with current consensus EPS estimates at $4.32 for the coming quarter and $22.52 for the current fiscal year [7] - The Zacks Rank for Caterpillar is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Manufacturing - Construction and Mining industry, to which Caterpillar belongs, is currently ranked in the top 40% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

F I N A N C I A L R E V I E W FOURTH QUARTER AND FULL YEAR 2025 J A N U A R Y 2 9 , 2 0 2 6 2 FINANCIAL RESULTS Fourth Quarter 2025 and Full Year 2025 | | 4Q 2025 | FULL YEAR 2025 | 4Q AND FULL YEAR 2025 SALES & REVENUES | | --- | --- | --- | --- | | Sales & Revenues | $19.1B | $67.6B | ALL-TIME RECORDS | | Operating Profit | $2.7B | $11.2B | 4Q 2025 ADJUSTED OPERATING PROFIT MARGIN1 AND ADJUSTED PROFIT PER SHARE2 | | Adjusted Operating Profit1 | $3.0B | $11.6B | BETTER THAN ANTICIPATED | | Profit Per Share ...

Core Insights - The fourth quarter earnings season is underway, with major tech companies like Microsoft, Meta, Tesla, and Apple leading the earnings calendar [1] - An optimistic consensus is forming, with 13% of S&P 500 companies having reported results, and an estimated 8.2% increase in earnings per share for the fourth quarter, marking the potential for the 10th consecutive quarter of annual earnings growth [2] - Analysts had initially expected an 8.3% jump in earnings per share, a decrease from the previous quarter's 13.6% growth rate, but have since raised expectations, particularly for tech companies [3] Company Updates - In addition to the reports from major tech stocks, earnings updates will also come from a diverse range of companies including UnitedHealth, Boeing, General Motors, IBM, Starbucks, Levi Strauss, Visa, American Express, Mastercard, Caterpillar, Exxon Mobil, Chevron, AT&T, and Verizon [4]

Caterpillar Inc. shares jumped early Thursday before giving up a chunk of their gains as investors welcomed news of a record order backlog and the biggest quarterly earnings ever, but balked at projec... ...

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

财报发布后，总部位于得州欧文的卡特彼勒股价一度上涨7%，截至发稿，该股盘前上涨1.35%。 电力与能源部门已成为该公司规模最大、增长最快的业务板块。该部门曾是其整体业务中增长缓慢的一 环，如今销售包括发电机、柴油与天然气发动机以及工业燃气轮机在内的产品，为建筑、工厂及数据中 心提供电力。 在主要科技与半导体公司估值飙升后，投资者对AI相关概念公司充满渴求的市场环境中，这项业务使 卡特彼勒成为脱颖而出的赢家。受数据中心驱动的需求乐观情绪推动，卡特彼勒本月市值已突破3000亿 美元。 卡特彼勒公司(CAT.US)公布了第四季度财报，盈利超出华尔街预期，主要是由于人工智能数据中心激 增的电力需求拉动了该公司发电设备的销售。 财报显示，公司四季度营收达191亿美元，同比增长17.9%，超出市场预期13.4亿美元。其第四季度调整 后每股收益达5.16美元，高于分析师平均预估的4.69美元。卡特彼勒的电力与能源业务部门利润同比大 幅跃升25%。 作为全球顶尖的矿业与工程机械制造商，卡特彼勒历来被视为全球经济的"晴雨表"。如今，其电力与能 源业务正乘AI数据中心建设浪潮而加速增长。该公司标志性的黄色机械设备遍布全球多个行业 ...

Core Insights - Caterpillar experienced a significant increase in sales during the fourth quarter, driven by robust performance across all three of its main segments [1] Group 1 - The sales growth was attributed to strength in the construction, resource, and energy sectors [1] - The company reported a notable rise in demand for its products, indicating a positive market trend [1] - Caterpillar's performance reflects broader industry recovery and increased capital spending [1]

Core Insights - Caterpillar has projected a $2.6 billion impact from tariffs in 2026, indicating potential future challenges despite current performance [1] - The company reported an increase in fourth-quarter revenue and profit, driven by sustained demand for its power-generation equipment [1] Financial Performance - Fourth-quarter revenue and profit rose, reflecting strong market demand [1] - The specific figures for revenue and profit were not disclosed in the provided content [1] Market Demand - Sustained demand for power-generation equipment has been a key factor in the company's recent financial performance [1] - The ongoing demand suggests a robust market environment for Caterpillar's products [1]