Here are 1-3 brief analogies for Caterpillar:

• John Deere, but for massive construction and mining equipment.
• The General Electric of heavy construction and industrial machinery.

• Construction & Mining Equipment: Manufactures a wide range of heavy machinery used in construction, mining, road building, and quarrying, including excavators, bulldozers, wheel loaders, and mining trucks.
• Engines & Power Systems: Produces diesel and natural gas engines, industrial gas turbines, and integrated power systems for applications in marine, oil and gas, electric power generation, and industrial sectors.
• Locomotives: Through its Electro-Motive Diesel (EMD) brand, it designs and manufactures diesel-electric locomotives and provides related services for the global rail industry.
• Financial Products & Services: Offers financing and leasing solutions for Caterpillar equipment, along with extended protection plans and insurance products for its customers.

Caterpillar Inc. (symbol: CAT) primarily sells its heavy machinery, engines, and industrial equipment to other companies, rather than directly to individuals. Its major customers are typically large enterprises operating in sectors requiring extensive use of heavy equipment.

Here are categories of major customer companies and examples of publicly traded entities within those categories:

• Equipment Rental Companies: These companies purchase large fleets of Caterpillar machinery to rent out to construction, industrial, and general contracting businesses.
  • United Rentals, Inc. (NYSE: URI)
  • Ashtead Group plc (LSE: AHT) - Operates in the US as Sunbelt Rentals.
  • Herc Holdings Inc. (NYSE: HRI)
• Mining Companies: Global mining giants acquire vast fleets of Caterpillar's large excavators, haul trucks, and other mining equipment for their operations.
  • Rio Tinto plc (NYSE: RIO)
  • BHP Group Limited (NYSE: BHP)
  • Vale S.A. (NYSE: VALE)
• Railroad Companies: Through its Electro-Motive Diesel (EMD) subsidiary, Caterpillar supplies diesel-electric locomotives and components to major freight railroad operators.
  • Union Pacific Corporation (NYSE: UNP)
  • CSX Corporation (NASDAQ: CSX)
  • BNSF Railway (a subsidiary of Berkshire Hathaway Inc., NYSE: BRK.A / BRK.B)

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D. James (Jim) Umpleby III Executive Chairman of the Board of Directors

Jim Umpleby joined Solar Turbines, a Caterpillar subsidiary, in 1980 as an associate engineer. He held various leadership roles across engineering, manufacturing, marketing, sales, and services within the company. In 2010, he became president of Solar Turbines and a Caterpillar vice president. From 2013 to 2016, he served as group president of Caterpillar's Energy & Transportation business segment. Umpleby was appointed CEO on January 1, 2017, and elected Chairman of the Board in 2018. He led the development and execution of a strategy focused on long-term profitable growth. He transitioned to Executive Chairman on May 1, 2025. Umpleby serves on the board of the Chevron Corporation.

Andrew Bonfield Chief Financial Officer

Andrew Bonfield joined Caterpillar as Chief Financial Officer in September 2018, bringing over three decades of financial experience. Before joining Caterpillar, he was the Group CFO and a board member of National Grid plc from 2010 to 2018. His prior roles include Chief Financial Officer at Cadbury plc, Executive Vice President and Chief Financial Officer at Bristol-Myers Squibb Company, Finance Director of BG Group plc, and CFO of Smithkline Beecham plc. Bonfield is a Chartered Accountant and holds a Bachelor of Commerce degree from the University of KwaZulu-Natal in Durban, South Africa. He also serves as a non-executive director and chairman of the audit committee at Reckitt Benckiser Group plc.

Joe Creed Group President, Energy & Transportation

Joe Creed joined Caterpillar in 1997 and has held various positions of increasing responsibility across multiple divisions, including Corporate Accounting, the Track-Type Tractors Division, and the Large Power Systems Division. In 2013, he was promoted to chief financial officer for Caterpillar's Energy & Transportation business segment. He also served as Vice President of the Finance Services Division in 2017 and was interim CFO prior to Andrew Bonfield's appointment. Creed is a certified public accountant.

Bob De Lange Group President, Digital, Technology & Distribution

Bob De Lange is a Group President with leadership responsibility for Digital, Technology & Distribution at Caterpillar Inc. His purview includes divisions such as Americas Distribution Services, Asia Pacific Distribution, Europe Africa Middle East Eurasia Distribution, Cat Digital, Cat Technology, and Product Support & Logistics.

Denise Johnson Group President, Resource Industries

Denise Johnson became Group President of Resource Industries in 2016. She joined Caterpillar in 2011 as the general manager of the Specialty Products business unit. Prior to Caterpillar, Johnson had a 22-year career at General Motors, where she developed expertise in operations and product management through various positions in the United States, Canada, and Brazil. She was elected vice president of the Diversified Products Division in 2012 and then vice president of the Integrated Manufacturing Operations Division in 2013.

Caterpillar (CAT) operates in several key markets, for which addressable market sizes are available:

• Construction Equipment: The global construction equipment market was valued at approximately USD 195.8 billion in 2021, with projections indicating growth to USD 313.9 billion by 2031, at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2031. Other estimates place the global market at USD 149.78 billion in 2024, expected to reach USD 194.78 billion by 2030 (CAGR of 3.8%), or USD 249.99 billion in 2025, potentially growing to USD 349.91 billion by 2034 (CAGR of 3.42% from 2026-2034). The Asia Pacific region accounts for the largest share of this market, holding over 43.8% in 2024.
• Mining Equipment: The global mining equipment market was estimated at USD 141.31 billion in 2023, with expectations to grow to USD 201.55 billion by 2030, at a CAGR of 5.2% from 2024 to 2030. Another valuation for the global market was USD 83.7 billion in 2024, with a projected CAGR of 5.2% between 2025 and 2034. A further estimate values the market at USD 123.04 billion in 2025, forecast to reach USD 160.32 billion by 2030 (5.44% CAGR). The Asia-Pacific region significantly contributes to this market, accounting for 60.90% of revenue in 2024.
• Power Generation and Engines: This segment, part of Caterpillar's Energy & Transportation unit (which is transitioning to "Power & Energy"), includes power generators, turbines, and diesel engines. The global generator market is estimated to be USD 25.31 billion in 2025 and is projected to grow to USD 33.45 billion by 2030, with a CAGR of 5.7%. The global diesel power engine market was estimated at USD 20.1 billion in 2024 and is projected to reach USD 25.2 billion by 2029, at a CAGR of 4.5%. Additionally, the global power rental market, where Caterpillar is a key player, reached US$ 17.7 billion in 2021 and is expected to grow to US$ 26.9 billion by 2027, exhibiting a CAGR of 7.23%.
• Financial Products: Caterpillar provides financing and related services to support the sale of its equipment. While Caterpillar's Financial Products segment generated $4.05 billion in revenue in fiscal year 2024, a specific addressable market size for financial services directly tied to heavy equipment and power systems sales is not readily available as a distinct, separately measurable market in the provided search results.

• Expansion of Services and Aftermarket Sales: Caterpillar has made services growth a core strategic focus, aiming to increase its Machinery, Energy and Transportation (ME&T) services sales to $28 billion by 2026. This strategy leverages its extensive installed base of connected equipment and digital capabilities to offer aftermarket parts, maintenance agreements, and financing, ensuring a steady stream of recurring revenue.
• Increased Demand from Data Centers and AI Infrastructure: The booming construction of data centers and AI infrastructure is generating strong demand for Caterpillar's turbines and generators, particularly within its Energy & Transportation segment. This trend is viewed as a less cyclical driver of sales growth, with expectations for continued contributions through 2026 and 2027 as new capacity ramps up.
• Benefits from Infrastructure Spending: Significant infrastructure projects, notably those spurred by the U.S. Infrastructure Investment and Jobs Act, are expected to bolster equipment demand. Strong global infrastructure demand, particularly in North America, Africa, and the Middle East, is poised to drive above-trend sales growth in late 2025 and into 2026.
• Investment in Advanced Technology, Automation, and Sustainable Solutions: Caterpillar is aggressively investing in advanced technology, including digital transformation, automation (such as autonomous mining fleets), and sustainable solutions across its product lines. The company aims to develop new products, technologies, and services that support climate-related objectives, improve equipment performance, and enhance operational efficiency, making machines smarter, safer, and more productive.
• Strong Order Backlog: The company reported a record order backlog of $39.8 billion, reflecting robust order rates and growth across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation. This substantial backlog provides a solid foundation for anticipated sales growth in the coming quarters and into 2025.

Share Repurchases

• In June 2024, Caterpillar announced an additional $20 billion to its existing share repurchase program, bringing the total authorization to $21.8 billion with no expiry date.
• Caterpillar deployed $5.1 billion for share repurchases and dividends in Q1 2024.
• In Q3 2025, the company returned $1.1 billion to shareholders, including $400 million in share repurchases.

Share Issuance

• No information available.

Inbound Investments

• No information available.

Outbound Investments

• Caterpillar Ventures makes strategic, minority interest investments in early-stage start-ups (Series A and B), typically ranging from $0.5 million to $5.0 million.
• Caterpillar has made 41 investments across sectors such as Manufacturing Tech, Construction Tech, and Industrial Robotics.
• Recent investments include Equipmake (April 2025), MagnusMetal, and Redwood Materials, and the company has an agreement to acquire the Australian mining software provider RPMGlobal Holdings Limited.

Capital Expenditures

• Caterpillar's capital expenditures were $2.115 billion in 2020, $2.472 billion in 2021, $2.599 billion in 2022, $3.092 billion in 2023, and $3.215 billion in 2024. The latest twelve months capital expenditures (as of June 2025) reached $3.633 billion.
• The company announced a $725 million capital expansion at its large engine facility in Lafayette, Indiana, to significantly increase engine production.
• This expansion and other investments are focused on meeting growing power demands, particularly from AI, data centers, and critical infrastructure, and on enhancing manufacturing capacity.