Cat Financial Reports Strong 2025 Results

Revenues and profit before taxes increase, but profit declines due to tax changes

Jan. 29, 2026 at 5:55am

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Cat Financial, a subsidiary of Caterpillar Inc., reported strong financial results for the fourth quarter and full year of 2025. Revenues increased 7% in Q4 2025 compared to the prior year, driven by higher average earning assets. Profit before income taxes also rose 38% in 2025, but overall profit declined 10% due to a non-cash tax benefit in 2024 related to a tax law change.

Why it matters

Cat Financial's performance is an important indicator of the broader construction and mining equipment industry, which is a key driver of economic activity. The company's results reflect continued demand for Caterpillar's products and services, as well as the ability of Cat Financial to support its customers with financing solutions.

The details

In the fourth quarter of 2025, Cat Financial reported revenues of $949 million, up 7% from the prior year. Profit before income taxes was $193 million, an increase of 38%. However, overall profit declined 61% to $139 million due to a non-cash tax benefit in Q4 2024. For the full year 2025, revenues rose 4% to $3.63 billion, while profit before taxes increased 38% to $734 million. Retail new business volume also grew 8% to $14.26 billion in 2025.

  • Cat Financial reported its fourth-quarter and full-year 2025 results on January 29, 2026.

The players

Cat Financial

A subsidiary of Caterpillar Inc., the world's leading manufacturer of construction and mining equipment, that provides financing solutions to customers and dealers.

Dave Walton

President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc.

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What they’re saying

“Cat Financial closed the year with strong retail new business volume and past dues at historical lows. The Cat Financial team remains focused on executing our strategy and supporting Caterpillar customers and dealers with financial services solutions, positioning us well for long-term profitable growth.”

— Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc.

The takeaway

Cat Financial's strong performance in 2025, with increased revenues, profit before taxes, and retail new business volume, demonstrates the company's ability to support Caterpillar's customers and dealers through financial services solutions, even as the broader economic environment faced challenges.