Q1 25 EPS
$4.25
MISS 2.31%
Est. $4.35
Q1 25 Revenue
$14.25B
MISS 2.28%
Est. $14.58B
vs S&P Since Q1 25
+204.8%
BEATING MARKET
CAT +238.4% vs S&P +33.6%
Market Reaction
Did CAT Beat Earnings? Q1 2025 Results
Caterpillar delivered a disappointing start to 2025, missing on both the top and bottom lines as a sharp pullback in dealer inventory rebuilding weighed heavily on shipments. The industrial giant posted adjusted EPS of $4.25 for Q1 2025, falling 2.31… Read more Caterpillar delivered a disappointing start to 2025, missing on both the top and bottom lines as a sharp pullback in dealer inventory rebuilding weighed heavily on shipments. The industrial giant posted adjusted EPS of $4.25 for Q1 2025, falling 2.31% short of the $4.35 consensus estimate, while revenue slid 9.8% year-over-year to $14.25 billion, trailing analyst expectations of $14.58 billion by 2.28%. The central culprit was dealer inventory dynamics: dealers added just $100 million to their stocks during the quarter versus a $1.40 billion build in Q1 2024, creating a substantial drag on volumes that cascaded through results. Construction Industries bore the sharpest pain, with sales tumbling 19% to $5.18 billion as unfavorable price realization compounded the volume shortfall. Operating profit margin contracted to 18.1% from 22.3% a year ago. Looking ahead, the company faces an additional headwind, with tariff exposure expected to dent second-quarter sales by as much as $350 million, complicating the outlook under newly appointed CEO Joe Creed.
Key Takeaways
- • Lower sales volume of $1.1 billion mainly driven by changes in dealer inventories
- • Unfavorable price realization of $250 million across all three primary segments
- • Power Generation sales surged 23% driven by large reciprocating engines for data center applications
- • Construction Industries sales declined 19% with North America down 24% due to dealer destocking
- • Unfavorable currency impacts primarily from Brazilian real, Japanese yen, Australian dollar, and euro
- • Dealer inventory increased $100 million in Q1 2025 versus $1.4 billion increase in Q1 2024
CAT YoY Financials
Q1 2025 vs Q1 2024, 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 continued support of our customers and for delivering another quarter of solid results. Our strong balance sheet allowed us to deploy over $4 billion to shareholders through share repurchases and dividends during the quarter.”
— Jim Umpleby, Q1 2025 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% |