Q4 24 EPS
$5.14
BEAT +2.25%
Est. $5.03
Q4 24 Revenue
$16.22B
MISS 1.93%
Est. $16.53B
vs S&P Since Q4 24
+156.7%
BEATING MARKET
CAT +179.2% vs S&P +22.5%
Full Year 2024 Results
FY 24 EPS
$21.90
FY 24 Revenue
$64.81B
Market Reaction
Did CAT Beat Earnings? Q4 2024 Results
Caterpillar posted a mixed fourth quarter, edging past earnings expectations while falling short on the top line as dealer destocking weighed heavily on equipment demand. The industrial giant reported adjusted EPS of $5.14 for Q4 2024, clearing the $… Read more Caterpillar posted a mixed fourth quarter, edging past earnings expectations while falling short on the top line as dealer destocking weighed heavily on equipment demand. The industrial giant reported adjusted EPS of $5.14 for Q4 2024, clearing the $5.03 consensus estimate by 2.25%, but revenue of $16.21 billion trailed the $16.53 billion expected and slid 5.0% from the prior-year period. The single biggest culprit was dealer inventory drawdowns, with dealers reducing inventories by $1.30 billion in the quarter compared to $900 million a year ago, a dynamic that shaved $859 million from sales volume alone. The weakness was concentrated in Construction Industries, where sales fell 8% to $6.00 billion and segment profit dropped 24% as favorable pricing that had buffered results in prior periods reversed course. Energy and Transportation offered a counterpoint, holding sales roughly flat at $7.65 billion while Power Generation surged on data center demand, a tailwind CEO Jim Umpleby has flagged as a durable growth driver even as the company braces for a sluggish start to 2025.
Key Takeaways
- • Lower sales volume of $859 million driven by dealer inventory destocking and lower equipment sales to end users
- • Dealer inventory decreased by $1.3 billion during Q4 2024 vs $900 million decrease in Q4 2023
- • Construction Industries experienced $300 million in unfavorable price realization
- • Energy & Transportation benefited from $221 million favorable price realization
- • Power Generation sales increased 22% driven by large reciprocating engines for data center applications
- • Discrete tax benefit of $224 million for tax law change related to currency translation lowered effective tax rate
- • Favorable foreign currency impacts drove higher other income
CAT YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
CAT Revenue by Segment
With YoY comparisons, source: SEC Filings
CAT Revenue by Geography
With YoY comparisons, source: SEC Filings
“I'm proud of our global team's strong performance in 2024 as they delivered record adjusted profit per share and strong ME&T free cash flow.”
— Jim Umpleby, Q4 2024 Earnings Press Release
CAT Earnings Trends
CAT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAT EPS Trend
Earnings per share: estimate vs actual
CAT Revenue Trend
Quarterly revenue: estimate vs actual
CAT Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $4.64 | $5.54 | +19.30% | $17.42B | +5.94% |
| Q4 25 BEAT FY | $4.71 | $5.16 | +9.51% | $19.13B | +7.74% |
| FY Full Year | — | $19.06 | — | $67.59B | — |
| Q3 25 BEAT | $4.52 | $4.95 | +9.43% | $17.64B | +5.15% |
| Q2 25 MISS | $4.90 | $4.72 | -3.73% | $16.57B | +1.88% |
| Q1 25 MISS | $4.35 | $4.25 | -2.31% | $14.25B | -2.28% |
| Q4 24 BEAT FY | $5.03 | $5.14 | +2.25% | $16.22B | -1.93% |
| FY Full Year | — | $21.90 | — | $64.81B | — |
| Q3 24 MISS | $5.34 | $5.17 | -3.18% | $16.11B | +0.13% |