Cat Financial Announces First-Quarter 2025 Results

Cat Financial Announces First-Quarter 2025 Results

Cat Financial reported first-quarter 2025 revenues of $860 million, an increase of $7 million, or 1%, compared with $853 million in the first quarter of 2024. The increase in revenues was primarily due to a favorable impact from higher average earning assets of $28 million, partially offset by an unfavorable impact from lower average financing rates of $15 million. First-quarter 2025 profit was $130 million, a decrease of $39 million, or 23%, compared with $169 million in the first quarter of 2024.

First-quarter 2025 profit before income taxes was $174 million, a decrease of $55 million, or 24%, compared with $229 million in the first quarter of 2024. The decrease was mainly due to the absence of an insurance settlement of $33 million in the first quarter of 2024 and an unfavorable impact from higher provision for credit losses of $22 million.

The provision for income taxes for the first quarter of 2025 was $44 million on $174 million profit before income taxes compared with $59 million on $229 million profit before income taxes for the first quarter of 2024.

During the first quarter of 2025, retail new business volume was $2.96 billion, an increase of $222 million, or 8%, compared with $2.74 billion in the first quarter of 2024. The increase was primarily driven by higher volume across all regions.

At the end of the first quarter of 2025, past dues at Cat Financial were 1.58%, compared with 1.78% at the end of the first quarter of 2024. Write-offs, net of recoveries, were $20 million for the first quarter of 2025, compared with $55 million for the first quarter of 2024. As of March 31, 2025, Cat Financial's allowance for credit losses totaled $282 million, or 0.95% of finance receivables, compared with $267 million, or 0.91% of finance receivables at December 31, 2024.

“The Cat Financial team continues to focus on execution of our strategy and maintaining strong portfolio health,” said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. “Cat Financial remains committed to providing financial services solutions to Caterpillar customers and dealers worldwide.”

About Cat Financial

Cat Financial is a subsidiary of Caterpillar, the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Cat Financial provides a wide range of financing solutions to customers and Cat^® dealers for machines, engines, Solar^® turbines, genuine Cat parts and services. Headquartered in Nashville, Tennessee, Cat Financial serves customers globally with offices and subsidiaries located throughout North and South America, Asia, Australia, Europe and Africa. Visit cat.com to learn more about Cat Financial.