Finning Revenue Jumps 6.4 Percent in Fourth Quarter

Finning, the world’s largest Caterpillar dealer, posted CDN $2.690 billion in fourth quarter 2025 revenue, compared to $2.528 billion in the fourth quarter 2024, a 6.4-percent increase. New equipment sales totaled $1 billion compared to $921 million a year ago, an 8.6-percent increase.

Equipment rental increased slightly, from $75 million to $77 million, a 2.7-percent increase. Product support revenue totaled $1.507 billion compared to $1.394 billion in the year ago quarter, an 8.1-ercent increase.

For the full year, Finning’s revenue reached $10.591 billion, compared to $9.903 billion in 2024, a 6.9-percent incline. Equipment rental was $301 million compared to $295 in 2024, a 2-percent boost. New equipment sales totaled $3.863 billion, compared to $3.612 billion in 2024, a 6.9-percent hike. Product support totaled $5.934 billion, compared to $5.480 billion in 2024, an 8,3-percent boost.

“2025 was a very strong year for our company,” said Kevin Parkes, Finning president and CEO. “We have grown our business, and improved both our resilience and adjusted ROIC while generating strong free cash flow and creating value for our shareholders through earnings growth, lower share count, and reduction in net debt. Our performance is a result of focused execution by our employees, and I would like to thank them for their unwavering commitment to each other, our customers and partners.

“Our earnings capacity has been significantly transformed, and we are more resilient in all market conditions. Product support revenue is approaching $6 billion annually while reducing SG&A margin to 15 percent in 2025. Our new equipment revenues reached an all-time high of $3.9 billion this year, while at the same time, backlog is at an all-time high of $3.1 billion, both of which provide a solid foundation for future product support opportunities. Our mining and power & energy end markets remain robust, despite relatively low oil and gas prices, and we are optimistic that the market for construction equipment will start to improve in 2026 as the political environment and economic outlook for infrastructure development improves across our regions.

“We have delivered strong results since we updated our strategic objectives at our Investor Day in 2023 and we have more opportunities to continue executing this strategy to maximize product support, drive full-cycle resilience and grow our used, rental and power and energy businesses to improve our return on invested capital. We are excited about growth opportunities supported by our constructive end markets and continued execution of our strategy.”

Global conditions

Finning Canada grew revenue increased 5 percent, including a 2-percent increase in new equipment revenue with strong sales across the construction sector. Rental revenues were up 10 percent, on improved construction market conditions.

In South America, revenue increased 5 percent, including a 4-percent increase in new equipment revenue, driven by strong growth in the construction and power and energy sectors, partially offset by lower mining sector sales.

In the U.K. and Ireland, revenue increased 14 percent, driven by a 21-percent increase in new equipment primarily from strong project deliveries in the power and energy sector, and a 25-percent increase in used equipment in the construction sector.

Although the outlook for operations in Canada, South America, U.K. and Ireland, continue to be strong in terms of customer demand, uncertainties in the economy and the impact of tariffs continue to be a concern.

“Ongoing tariff-related announcements by the U.S., Canada and other countries globally has introduced a higher level of uncertainty, cost and complexity to operating for many businesses,” Finning said in its annual statement. “To date, the direct impact of announced and implemented tariffs to Finning has been limited and largely centered on our Canadian operations. The indirect impact through reduced economic activity, changes to inflation as well as deferred, delayed or cancelled investment decisions across our customer base remains unknown and difficult to predict. We have not seen major shifts in customer purchasing decisions, major supply chain changes or changes in the competitive dynamics in the markets we serve as a result of the global tariff landscape, however we remain cautious given the evolution of announcements over the past year.”

Headquartered in Surrey, British Columbia, Canada, Finning provides Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland.