“we're expecting that to halve in the third quarter. We expected that to narrow further in the fourth quarter. There will still be some impact in the fourth quarter, and there will still be some drag through into 2026, subject to any other decisions we take around pricing, which we may take as we move into 2026.”

How to check this claim

Look at: The specific financial impact/drag referenced (e.g., tariff cost impact or price-cost headwind) as disclosed in quarterly results, Q3 and Q4 2025

It came true if: Q3 2025 impact approximately half of Q2 2025 reported figure; Q4 2025 impact smaller than Q3 2025 figure

Where: Company quarterly earnings release / 10-Q management discussion and analysis, Q3 and Q4 2025

Verify independently

SEC filings for CAT ↗ · Claim quote is verbatim from the 2025Q2 earnings call.