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CLAIM #13698 · CAT (CAT) · 2025Q3 earnings call · Oct 29, 2025 · due Dec 31, 2025

We also expect higher sales in oil and gas driven by Solar turbines and turbine-related services.

Andrew Bonfield · CFO

PENDING
graded after results covering Dec 31, 2025 are reported

How to check this claim

Look at: Energy & Transportation segment sales, oil and gas subsegment, year-over-year change (Q4)

It came true if: Q4 oil and gas sales higher than Q4 prior year

Where: Company Q4 earnings release / 10-K segment disclosures (Energy & Transportation oil and gas commentary)

In context

previously mentioned. Higher sales to users should benefit volume as well, while we anticipate the year-over-year price impact to be about neutral. In Resource Industries in the fourth quarter, we expect stronger sales versus the prior year, primarily due to higher volume driven by changes in dealer inventory. Note that we anticipate unfavorable sales to users in the fourth quarter in Resource Industries due to the timing impact that I mentioned a moment ago. The impact of price in Resource Industries is expected to remain unfavorable, but to a slightly lesser extent compared to what we saw in the third quarter versus the prior year. In Energy & Transportation in the fourth quarter, we anticipate strong sales growth versus the prior year, driven by continued strength in power generation. We also expect higher sales in oil and gas driven by Solar turbines and turbine-related services. Price realization should remain favorable as well. Let me provide some perspective on our expectations for Energy & Transportation. While we expect sales to increase sequentially in the fourth quarter, the increase will likely be different than the typical seasonal pattern. This reflects the impact from robust third quarter sales, which have tempered the usual fourth quarter uplift. As a result, the sequential sales growth rate between the third and fourth quarters is projected to be slightly lower than last year's level. Now I'll provide some color on our fourth quarter margin expectations. Excluding the net impact from incremental tariffs, we expect the fourth quarter enterprise adjusted operating profit margin will be higher versus the prior year. We anticipate stronger sales volume wi

Verify independently

SEC filings for CAT · Claim quote is verbatim from the 2025Q3 earnings call.