Caterpillar Revenues Drop 9.8 Percent in First Quarter
Caterpillar posted total sales and revenues of $14.249 billion in the first quarter of 2025, compared to $15,799 billion in the first quarter of 2024, a decrease of 9.8 percent. Caterpillar said the decrease was primarily because of lower sales volume and unfavorable price realization. Lower sales volume was mainly driven by the impact from changes in dealer inventories, which increased by $100 million during the first quarter of 2025, compared with an increase of $1.4 billion during the first quarter of 2024.
Caterpillar’s Construction Industries segment decreased 19 percent in revenue; Resources Industries dropped 10 percent; and Energy & Transportation declined 2 percent. Caterpillar’s Financial Products Segment rose 2 percent. Construction Industries declined 24 percent in North America; 15 percent in Latin America; EAME tumbled 13 percent; and Asia Pacific dipped 12 percent.
“Our strong balance sheet allowed us to deploy over $4 billion to shareholders through share repurchases and dividends during the quarter,” said chairman and CEO Jim Umpleby.
“Our strategy for long-term profitable growth is delivering results, which reflect the benefits of our diverse portfolio and end markets,” said incoming CEO Joe Creed. “I am honored to lead our talented team in building on Caterpillar’s legacy of helping customers solve their toughest challenges.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.