Caterpillar reported fourth-quarter and full-year 2025 results that marked a record year for sales and revenues, supported by strong end-market demand and disciplined execution, even as margins softened compared with the prior year.

In the fourth quarter, sales and revenues rose 18% year over year to a record $19.1 billion. Profit per share was $5.12, down from $5.78 a year earlier, while adjusted profit per share edged up slightly to $5.16. Operating profit margin declined to 13.9%, reflecting lower pricing realization and cost pressures, though volumes remained strong.

For the full year, sales and revenues reached a record $67.6 billion, up 4% from 2024, driven mainly by higher equipment sales volumes. Full-year profit per share was $18.81, with adjusted profit per share of $19.06, both lower than the prior year as margins contracted. Despite this, Caterpillar generated robust enterprise operating cash flow of $11.7 billion and ended 2025 with $10.0 billion in enterprise cash.

The company returned significant capital to shareholders during the year, deploying $7.9 billion for share repurchases and dividends. Management highlighted that Caterpillar closed its centennial year with record sales and a record backlog, positioning the company with strong momentum as it enters the new year and continues to focus on long-term value creation.