In 2025, we marked our centennial by continuing to evolve how we serve customers—moving beyond equipment to deliver integrated solutions that improve uptime, productivity and total cost of ownership. In an environment of accelerating technology, rising energy demand and increasing jobsite complexity, our strategy focused on enabling customers to build, power and maintain the physical infrastructure that underpins modern life.
Offering solutions—not just equipment
Caterpillar’s mission is solving our customers’ toughest challenges. We support our customers across the entire equipment lifecycle, providing solutions that enhance the customer experience and deliver more consistent results over time. In 2025, services revenues1 reached $24 billion, driven by our efforts to simplify how customers do business with us, including enhancements to our eCommerce platforms.
Customer Value Agreements (CVAs) continued to strengthen relationships beyond the initial sale by tailoring services to help customers maximize the value of their equipment. We also introduced a new Services Commitment with a Cat Customer Value Agreement, offering next-day parts and two-day repair2 to help minimize the cost and duration of unplanned downtime. Our continued expansion of condition monitoring prioritized service events (PSEs) enables more proactive maintenance and repair plans.
Together, these offerings reflect our shift toward integrated solutions that combine equipment, services and digital tools. By helping customers get more value from their fleets, we can strengthen customer loyalty.
1 MP&E Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services.
2 Applies to common repairs. Contact your local Cat® dealer for major repair commitment, and terms and conditions.
Modernizing Jobsites
Alongside our dealer network, Caterpillar is helping customers modernize jobsites through connectivity, automation and digital tools that make it easier to buy, own, rent and service equipment.
In 2025, we grew our fleet to more than 1.6 million connected and reporting assets, helping customers manage their fleets and make more informed decisions about their equipment. Next generation Cat® medium wheel loaders were equipped with advanced technologies—including Collision Warning Systems, Cat Payload and VisionLink™—helping customers improve jobsite safety and efficiency.
We also introduced Cat Compact to enhance the customer experience by combining new physical retail locations with an expanded digital presence and integrated rental options.
A refreshed Cat RentalsSM brand and digital experience further streamlines search, speeds connections with local dealers, and improves fleet management through machine telematics and advanced reporting.
Supporting these efforts, we developed AI-enabled tools, including the recently launched Cat® AI Assistant™, to help operators, technicians and fleet managers work more effectively across increasingly complex jobsites.
Expanding Autonomy
Autonomy remains a key differentiator for Caterpillar. Our autonomous hauling solutions have improved safety, operational predictability and productivity for our customers.
In 2025, we expanded our autonomous haul truck fleet to 827 in operation and signed our first landmark customer agreement for a mixed-fleet autonomy solution.
We are also taking what we’ve learned in mining and have developed a solution for quarry applications. Since deploying the technology at Luck Stone’s Bull Run Quarry, it has hauled more than two million tons autonomously, demonstrating the adaptability of autonomy beyond traditional mining environments.
These milestones reinforce Caterpillar’s leadership in autonomy as we look to expand into new applications.
Meeting Critical Energy Demand
Demand for reliable, scalable power continues to accelerate, as customers increasingly require solutions that deploy quickly, run continuously and integrate seamlessly with complex energy systems. In 2025, we strengthened our ability to meet these needs through targeted investments, partnerships and new offerings.
We continued expanding large-engine capacity, and increased gas-turbine production to support growing customer commitments and future demand. Through strategic agreements with Hunt Energy Company, L.P. and Vertiv, we deepened collaboration to deliver integrated, on-site power solutions that accelerate deployment and improve overall system performance.
We also launched the Cat® G3500K Series of natural gas generator sets, a new platform designed to deliver reliable, quick-response, high-efficiency power for multiple applications including prime and continuous power. The series comes with readily available asset monitoring capabilities, offering predictive analytics to identify and prevent failures, ultimately avoiding costly downtime.
Organizing for Growth
To deliver on our strategy, we continued to evolve our organizational structure—unlocking synergies and adding greater focus on customer solutions.
In 2025, we introduced our renamed Power & Energy segment and announced the transition of our Rail division into the Resource Industries segment.3 Construction Industries’ commercial teams were reorganized to better support core and growth regions, improving consistency and customer engagement. Continued integration across Cat Digital and Cat Technology helped accelerate the development and deployment of connected, AI-enabled and autonomous solutions.
Together, these actions underscore Caterpillar’s commitment to organizing around customers, aligning the right capabilities to solve their toughest challenges and drive long-term profitable growth.
3 Rail transitioned into Resource Industries effective Jan. 1, 2026.