CAT · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Caterpillar

25 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Mining industry

earns fromnamed as a risk

The energy, transportation, and mining industries are significant adopters of Caterpillar products.Risk factors (Item 1A)

Partners and platforms

Caterpillar dealer network

earns from · 41 located in the United States and 109 located outside the United States, serving 190 countriesnamed as a risk

We distribute our machines principally through a worldwide organization of dealers (dealer network), 41 located in the United States and 109 located outside the United States, serving 190 countries.Business (Item 1)

Perkins Engines Company Limited

earns from · 86 distributors covering 183 countries

We also sell some of the reciprocating engines manufactured by our subsidiary Perkins Engines Company Limited through its worldwide network of 86 distributors covering 183 countries.Business (Item 1)

Cat Financial

depends onnamed as a risk

Cat Financial is significant to our operations and provides financing support for a significant share of our global sales.Risk factors (Item 1A)

Other companies

United Automobile, Aerospace and Agricultural Implement Workers of America (UAW)

7,972 hourly production employeesnamed as a risk

As of December 31, 2025, there were 7,972 hourly production employees in the United States who were covered by collective bargaining agreements with various labor unions, including The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), The International Association of Machinists and The United Steelworkers.Business (Item 1)

Power & Energy order backlog

earns from · approximately $51.2 billion

The dollar amount of backlog believed to be firm was approximately $51.2 billion at December 31, 2025 and $30.0 billion at December 31, 2024.Business (Item 1)

Secured Overnight Financing Rate (SOFR)

exposed to its pricenamed as a risk

Certain loans made by Cat Financial and various financing extended to Cat Financial are made at variable rates that use floating reference rates or indices, including the Secured Overnight Financing Rate (SOFR) as a benchmark for establishing the interest rate.Risk factors (Item 1A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CGBD and 21 more

Commercial paper market

depends onnamed as a risk

There can be no assurance that the commercial paper market will continue to be a reliable source of short-term financing for Cat Financial or an available source of short-term financing for Caterpillar.Risk factors (Item 1A)

Also named by CAG, CPB, KMB, MO, ROK

Competitors

Cummins Inc.

competes with

Principal global competitors include Cummins Inc., Deutz AG, Rolls-Royce Power Systems AG and Siemens Energy AG.Business (Item 1)

Also named by PCAR, USAC

Komatsu Ltd.

competes with

Our global underground competitors include Epiroc AB, Komatsu Ltd., and Sandvik AB.Business (Item 1)

Wabtec Corp

competes with

In rail-related businesses, our global competitors include Wabtec Corp, Greenbrier Companies, Inc., Voestalpine AG, Vossloh AG, Alstom SA, and Siemens Mobility A/S.Business (Item 1)

Places

Japan

operates in · approximately 80% of the Japanese market

While the large majority of our worldwide dealers are independently owned and operated, we own and operate a dealership in Japan that covers approximately 80% of the Japanese market: Nippon Caterpillar Division.Business (Item 1)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CDNS and 25 more

China

competes with

As an example of regional and local competitors, our competitors in China also include Guangxi LiuGong Machinery Co., Ltd., Longking Holdings Ltd., Sany Heavy Industry Co, XCMG Construction Machinery Co., Ltd., Shandong Lingong Construction Machinery Co., Ltd. (SDLG, JV with Volvo Construction Equipment) and Shantui Construction Machinery Co., Ltd., (part of Shandong Heavy Industry Group Co.).Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

North America

concentrated in

A significant portion of Cat Financial’s activity is conducted in North America, and Cat Financial has additional offices and subsidiaries in Latin America, Asia/Pacific, Europe and Africa.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CHRW, CLS, CPB, CW and 19 more

Commodities and inputs

Steel

exposed to its pricenamed as a risk

We are a significant user of steel and many other commodities required for the manufacture of our products.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Semiconductors

depends onnamed as a risk

Production challenges at suppliers (including suppliers of semiconductors), a disruption in deliveries to or from suppliers or decreased availability of raw materials or commodities could have an adverse effect on our ability to meet our commitments to customers or increase our operating costs.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, AXON, CARR, CIEN, CSCO, GD and 16 more

Regulators

Office of Foreign Assets Control

subject tonamed as a risk

These include U.S. regulations issued by Customs and Border Protection, the Bureau of Industry and Security, the Office of Antiboycott Compliance, the Directorate of Defense Trade Controls and the Office of Foreign Assets Control, as well as the counterparts of these agencies in other countries.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CHRW and 46 more

Bermuda Monetary Authority

subject to

Caterpillar Insurance Co. Ltd., a wholly owned subsidiary of Caterpillar Insurance Holdings Inc., is a captive insurance company domiciled in Bermuda and regulated by the Bermuda Monetary Authority.Business (Item 1)

Also named by AFL, AIG, APO, ARES, CB, CG, COIN, FNF and 8 more

Swiss Financial Market Supervisory Authority

subject to

Caterpillar Insurance Company is also licensed to conduct insurance business through a branch in Zurich, Switzerland and, as such, is regulated by the Swiss Financial Market Supervisory Authority.Business (Item 1)

Also named by CB

Missouri Department of Insurance

subject to

Caterpillar Insurance Company, a wholly owned subsidiary of Caterpillar Insurance Holdings Inc., is a U.S. insurance company domiciled in Missouri and primarily regulated by the Missouri Department of Insurance.Business (Item 1)

Laws and programs

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

Our operations outside the United States, including in developing countries, expose us to the risk of such violations.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Tariffs

subject tonamed as a risk

The implementation of more restrictive trade policies (such as more detailed inspections, higher tariffs or new barriers to entry) in countries where we sell large quantities of products and services could negatively impact our business, results of operations and financial condition.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Dodd-Frank Wall Street Reform and Consumer Protection Act

subject tonamed as a risk

In the United States, for example, certain Cat Financial activities are subject to the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which includes extensive provisions regulating the financial services industry.Risk factors (Item 1A)

Also named by BAM, CME, ELS, FISV, FNF, LEN, SPGI, TROW and 1 more

Infrastructure spending

earns fromnamed as a risk

Throughout the world, government spending finances a significant portion of infrastructure development, such as highways, rail systems, airports, sewer and water systems, waterways and dams.Risk factors (Item 1A)

Also named by URI

Engine emissions standards

subject tonamed as a risk

We have made, and will continue to make, significant research and development and capital expenditures to comply with these emissions standards.Business (Item 1)