Caterpillar Inc.

Year-end 2025 backlog stood at $51B, up 71% year over year, with 62% expected to ship within 12 months. Services revenue reached $24B in FY2024, roughly 39% of ME&T revenue, providing a recurring aftermarket base beneath cyclical equipment sales.

FY2024 revenue split across Energy & Transportation ($28.9B, 40.5%), Construction Industries ($25.5B, 35.8%), Resource Industries ($12.4B, 17.4%), and Financial Products ($4.05B). No single segment dominates, though all three operating segments remain exposed to global capital spending cycles that tend to move together in downturns.

North America generated 53.1% of FY2024 revenue at $34.4B, with EMEA at 19.0%, Asia Pacific at 17.6%, and Latin America at 10.4%. The footprint is meaningfully global but tilted toward U.S. infrastructure and data center demand, with no single international region providing a balanced counterweight.

Heavy equipment manufacturing is capital-intensive, and FY2025 operating profit margin compressed to 16.5% from 20.2% in FY2024 as $1.7B of tariff costs overwhelmed pricing. The services and digital-commerce layer adds leverage, but core machine capacity expands through physical plant investments such as the $725M Lafayette expansion.

Aftermarket parts and service generated roughly $26B in FY2024, with services approximately 39% of ME&T revenue versus 36% a year earlier. This layer carries sticky, mission-critical characteristics because downtime costs mining and construction customers heavily, while new-equipment sales remain transactional and cycle-linked.