Caterpillar Inc. (NYSE:CAT) is included among the Dividend Growth Stocks: 25 Aristocrats. Baird Highlights Backlog Strength and Earnings Visibility at Caterpillar (CAT) On January 30, Baird raised its price target on Caterpillar Inc. (NYSE:CAT) to $805 from $680 and maintained an Outperform rating. The firm updated its model after reviewing fourth-quarter results that pointed to a large backlog, solid earnings visibility, and returns on invested capital that continue to run ahead of expectations. A Reu ...

2025年第四季度销售和收入为191亿美元；全年销售和收入为676亿美元 2025年第四季度每股盈利为5.12美元；调整后每股盈利为5.16美元 全年每股盈利为18.81美元；调整后每股盈利为19.06美元 全年企业经营活动现金流强劲，为117亿美元；2025年结束时，公司拥有100亿美元现金 2025年投入了79亿美元现金，用于股票回购和分红 | | 第四季度 | | 令年 | | | --- | --- | --- | --- | --- | | (除每股盈利外,单位为亿美元) | 2025 | 2024 | 2025 | 2024 | | 销售和收入 | $191 | $162 | $676 | $648 | | 每股盈利 | $5.12 | $5.78 | $18.81 | $22.05 | | 调整后每股盈利 | $5.16 | $5.14 | $19.06 | $21.90 | 2026年1月29日，卡特彼勒公司（纽交所代码：CAT）公布2025年第四季度和全年业绩。 卡特彼勒首席执行官 康益桥（Joe Creed）表示： 卡特彼勒的百年华诞是公司一个重要的里程碑：公司在这一年取得了卡特彼勒历史上 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，卡特彼勒公司取得一项名为"根据发动机操作参数的发动机制动控制"的专 利，授权公告号CN114076038B，申请日期为2021年8月。 ...

Caterpillar Inc. Earnings Call Summary Company Overview - **Company**: Caterpillar Inc. (CAT) - **Industry**: U.S. Machinery - **Rating**: Market-Perform - **Price Target**: $678.00 (previously $630.00) [1] Key Financial Highlights - **4Q Performance**: - Top line results exceeded expectations, but margins were under pressure due to negative pricing (excluding Power & Energy) and elevated tariff costs [1] - Stock price increased by 3% following the earnings report [1] - **Backlog and Orders**: - Backlog reached $51.2 billion, an increase of $11.3 billion quarter-over-quarter, surpassing street expectations by 21% [2] - Orders totaled $29.6 billion, up 56% quarter-over-quarter, indicating a strong business-to-business (B2B) environment [2] Demand and Growth Indicators - **Demand Trends**: - Management noted a broadening demand, particularly in Power Generation, as data center customers seek alternative power solutions [2] - Retail sales in Oil & Gas, Transportation, and Industrial sectors all saw double-digit growth in 4Q [3] - **Sales Guidance**: - Management is guiding for sales and revenues to grow at the top end of their 5-7% CAGR target, with 62% of the current backlog expected to be delivered in the next twelve months [3] Tariff Impact and Pricing Strategy - **Tariff Costs**: - Tariffs are projected to impact earnings by $2.6 billion in 2026, with $800 million expected in 1Q [4] - Management anticipates easing tariff headwinds and a price increase of 2% year-over-year, up from a decline of 1.3% in 2025 [4] Financial Metrics - **Earnings Per Share (EPS)**: - Adjusted EPS for 2026 is estimated at approximately $22, with a target price reflecting a 2% upside [8] - Adjusted P/E ratio is projected to be 30.2x for 2026, indicating a premium valuation compared to historical averages [9] - **Market Performance**: - Year-to-date performance shows a 16.1% increase, with a 69.2% increase over the past 12 months [5] Investment Implications - **Valuation Concerns**: - The stock is trading at a high multiple of 30x street 2026 EPS, which raises concerns about potential upside [1] - The current valuation is near peak levels, making it challenging to maintain such a premium as the cycle improves [6] Additional Insights - **Sector Performance**: - Retail sales across all categories, except Resource, re-accelerated sequentially in 4Q, indicating a positive trend in demand [17] - Power Generation remains a strong segment, but growth is also seen in other categories [20] - **Future Outlook**: - Management expects continued improvement in operating leverage and margins, with a strong exit rate into 2027 [4] This summary encapsulates the key points from the earnings call, highlighting Caterpillar's strong demand indicators, financial performance, and the challenges posed by tariffs and valuation concerns.

Group 1 - Honeywell International (HON) led the Dow Jones Industrial Average with a 16.6% increase in January, marking its best month since October 2022 [1] - Caterpillar (CAT) and Chevron (CVX) also experienced double-digit gains in January, contributing to the strong performance of industrial companies [1] - The overall stock market showed mixed results, with notable performances from companies like Meta, Microsoft, and Tesla, while Apple faced challenges due to iPhone shortages amid chip production constraints [1] Group 2 - PayPal's stock declined following the appointment of a new CEO, Enrique Lores, raising questions about potential company restructuring [1] - Oil prices retreated amid U.S.-Iran talks, impacting the performance of supermajors like Chevron and Exxon, with only one showing profit growth [1] - Google stock is in a buy zone ahead of its earnings report scheduled for February 4 [1]

Core Insights - Caterpillar Inc. (NYSE:CAT) is recognized as one of the best stocks to buy according to the Ken Fisher Stock Portfolio [1] - The company reported fourth-quarter results that surpassed Wall Street expectations, driven by strong demand for power generation equipment in AI data centers, leading to a 25% profit increase in its power and energy segment compared to the previous year [2] - Jefferies has reaffirmed its buy recommendation for Caterpillar and raised its price target from $700 to $750, indicating a cautious outlook for fourth-quarter earnings but noting steady volume and margin improvements across segments [3] Company Overview - Caterpillar Inc. specializes in producing industrial gas turbines, diesel-electric locomotives, off-highway diesel and natural gas engines, as well as mining and construction equipment [4]

<以上为广告> 卡特彼勒公布2025年第四季度和全年业绩 2025年第四季度销售和收入为191亿美元；全年销售和收入为676亿美元 2025年第四季度每股盈利为5.12美元；调整后每股盈利为5.16美元 全年每股盈利为18.81美元；调整后每股盈利为19.06美元 全年企业经营活动现金流强劲，为117亿美元；2025年结束时，公司拥有100亿美元现金 2025年投入了79亿美元现金，用于股票回购和分红 ↓ | | 第四季度 | | 全年 | | | --- | --- | --- | --- | --- | | (除每股盈利外,单位为亿美元) | 2025 | 2024 | 2025 | 2024 | | 销售和收入 | $191 | $162 | $676 | $648 | | 每股盈利 | $5.12 | $5.78 | $18.81 | $22.05 | | 调整后每股盈利 | $5.16 | $5.14 | $19.06 | $21.90 | 卡特彼勒首席 执行官康益桥（Joe Creed）表示："卡特彼勒的百年华诞是公司一个重要的里程碑：公司在这一年 取得了卡特彼勒历史上最高的全年销售和收入，单季度 ...

美银证券发表研报指，卡特彼勒2025年业绩表现强劲，管理层对2026年给予较保守指引，投资者普遍认 为其2026年指引审慎，主要由于关税政策对利润率的潜在打击。该行表示对卡特彼勒今年前景变得更为 正面，认为7%的收入增长指引保守，加上积压订单额达到创新高的510亿美元且仍在增加，重申对 其"买入"评级，基于盈利能见度提升，将目标价从708美元上调至735美元。该行指，公司下一阶段增长 建基于机械业务周期的复苏步伐，而目前机械行业已见利好迹象，包括经销商库存过低、矿业订单向好 及建筑设备业务市场份额提升。 ...

Core Insights - The railroad equipment and railcar leasing industry is crucial for logistics, with companies like Wabtec and Caterpillar dominating the locomotive market and benefiting from recurring revenue streams [1] Group 1: Company Performance - **Trinity Industries**: Q3 revenue fell 43% to $454 million, with EPS of $0.38 missing estimates. Leasing grew 4% year-over-year with fleet utilization at 96.8%. Full-year EPS guidance raised to $1.55-$1.70, indicating confidence in leasing despite manufacturing challenges [1] - **Greenbrier Companies**: Q1 2026 revenue of $706.1 million exceeded estimates, with EPS of $1.14 beating expectations by 48%. Fleet utilization is at 98%, and the backlog stands at 16,300 units, providing revenue visibility for the next 12-18 months [1] - **Caterpillar**: Q4 revenue reached $19.13 billion, up 18% year-over-year, with EPS of $5.16 meeting expectations. Operating margin decreased to 13.9% from 18% the previous year due to cost pressures [1] - **Wabtec**: Q3 revenue of $2.89 billion increased by 8.4%, with EPS of $2.32 surpassing estimates. Freight equipment sales surged 32%, and digital sales grew 45.6% from acquisitions [1] Group 2: Market Position and Valuation - **Trinity Industries**: The stock trades at 23x earnings with a 4.2% dividend yield, reflecting income potential and exposure to railcar demand recovery [1] - **Greenbrier Companies**: The stock trades at 8.7x earnings, indicating a discount to industrials despite strong operational metrics. The company repurchased $13 million in shares and pays a $0.32 quarterly dividend [1] - **Caterpillar**: The stock trades at 35x earnings, reflecting its scale and diversification, with a significant buyback and dividend strategy in place [1] - **Wabtec**: The stock is valued at 34x earnings, with a forward P/E of 24x, indicating market expectations for continued growth [1] Group 3: Industry Trends - The railroad equipment sector benefits from regulatory replacement cycles and nearshoring trends, ensuring that freight movement remains a priority [1] - The combination of manufacturing strength, digital solutions, and backlog visibility positions Wabtec as a leading choice in the railroad equipment market [1]

Core Insights - Caterpillar Inc. achieved record quarterly and full-year revenue in its centennial year, driven by higher equipment sales, with a fourth-quarter sales increase of 18% [1] - The company reported fourth-quarter sales and revenues of $19.133 billion, surpassing the previous year's $16.215 billion and exceeding estimates of $17.851 billion [1] - Adjusted profit per share for the fourth quarter was $5.16, exceeding the estimate of $4.66 [1] Fourth Quarter Performance - Fourth-quarter profit per diluted share (GAAP) was $5.12, down from $5.78 a year earlier, with operating profit at $2.660 billion, a 9% decrease [2] - The operating profit margin was 13.9%, compared to 18.0% in the fourth quarter of 2024 [2] - Adjusted operating profit margin was 15.6%, down from 18.3%, attributed to higher manufacturing costs and restructuring costs, including inventory write-downs in the Rail division [3] Segment Performance - Construction Industries sales rose 15% to $6.926 billion, with a segment profit of $1.030 billion and a profit margin of 14.9% [4] - Resource Industries' sales increased 13% to $3.353 billion, with a segment profit of $360 million and a margin of 10.7% [4] - Power & Energy sales climbed 23% to $9.400 billion, with a segment profit of $1.841 billion and a margin of 19.6% [4] - Financial Products segment revenues rose 7% to $1.095 billion, with a segment profit of $262 million [4] Full-Year Results - For the full year 2025, Caterpillar reported sales and revenues of $67.6 billion, a 4% increase from $64.8 billion in 2024 [6] - Profit per diluted share was $18.81, down from $22.05 a year earlier, while adjusted profit per share was $19.06, down from $21.90 [6] - Enterprise operating cash flow for the year was $11.7 billion, with an ending cash balance of $10.0 billion [6] Cash Management - Cash and cash equivalents were reported at $9.980 billion as of December 31, 2025 [7] - The company deployed $5.2 billion for share repurchases and $2.7 billion for dividends during the year [7]