Third Quarter 2023

Financial Review
October 31, 2023
 3Q 2023 EARNINGS RELEASE
Forward-Looking Statements
Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,”
“project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of
historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These
statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking
statements.
Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but
not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic
risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for
our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market
quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM
customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or
other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of
borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks
associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or
net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt
agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional
tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new
regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global
pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the
Securities and Exchange Commission.
A reconciliation of non-GAAP financial information can be found in our press release describing third-quarter 2023 financial results which is available on our
website at www.caterpillar.com/earnings.

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Strong Performance

EXECUTING OUR
THANK YOU HEALTHY DEMAND STRATEGY FOR
LONG-TERM
TO OUR ACROSS MOST
GLOBAL TEAM END MARKETS PROFITABLE
GROWTH

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Key Takeaways
Third Quarter 2023 vs. Third Quarter 2022

$16.8B $3.4B $3.5B $5.45 $5.52

12% 42% 41% 41% 40%
Sales & Operating Adjusted Profit Per Adjusted
Revenues Profit Operating Share Profit Per
Profit1 Share2

1 Adjustedoperating profit is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.
2 Third-quarter 2023adjusted profit per share excluded restructuring costs of $0.07 per share.
Third-quarter 2022 adjusted profit per share excluded restructuring costs of $0.08 per share.

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ME&T Free Cash Flow1 and Capital Deployment

30
$6.8B $4.1B
Years

September YTD ME&T Returned to Shareholders Dividend

Free Cash Flow1 September YTD Aristocrat
Expect to return substantially Through share repurchases Higher annual dividends
all ME&T Free Cash Flow1 and dividends to shareholders
to shareholders over time for 30 consecutive years2

1 ME&T free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix.
2 With dividend payable on Nov 20, 2023, Caterpillar will have paid higher dividends for 30 years (announced October 2023).

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 End Market Commentary 3Q 2023 EARNINGS RELEASE

CONSTRUCTION INDUSTRIES RESOURCE INDUSTRIES ENERGY & TRANSPORTATION

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Sustainability

Cat ® 980 XE Cat ® G3600 Gen 2 Albemarle

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Financial Results Summary
Third Quarter 2023 vs. Third Quarter 2022

SALES & REVENUES OPERATING PROFIT ADJUSTED PROFIT

(in billions of dollars) (in billions of dollars)
PER SHARE1
(in dollars)

$16.8 $3.4 $5.52

$15.0 $2.4 $3.95

2022

2022
3Q 2022

1Q 2022

1Q 2023
3Q 2023

2022

2023
3Q2019
3Q2018
3Q

3Q
1 Third-quarter 2023 adjusted profit per share excluded restructuring costs of $0.07 per share.
Third-quarter 2022 adjusted profit per share excluded restructuring costs of $0.08 per share.

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Consolidated Sales and Revenues
Third Quarter 2023 vs. Third Quarter 2022

3rd Quarter Highlights

Sales & Revenues Increased $1.8B or 12%
• Favorable impact from price realization and sales volume
• Sales increased across the three primary segments

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Consolidated Operating Profit
Third Quarter 2023 vs. Third Quarter 2022

3rd Quarter Highlights

Operating Profit Increased $1.0B or 42%
• Favorable price realization, including a favorable
geographic mix, and higher sales volume
• Partially offset by higher SG&A/R&D expenses and
higher manufacturing costs

Operating Profit Margin of 20.5%

Adjusted Operating Profit Margin1 of 20.8%

1 Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.

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Construction Industries
Third Quarter 2023 vs. Third Quarter 2022

Total Sales* Segment Profit Segment Profit 3rd Quarter Highlights

(in billions of dollars) (in millions of dollars) as a percent of total sales*
Total Sales Increased $723M or 12%
$7.0 $1,847 26.4% • North America – Higher sales volume and favorable
price realization
$6.3 • Latin America – Lower sales volume, partially offset by
$1,209 19.3%
favorable price realization
• EAME – Favorable price realization and favorable
currency impacts
• Asia/Pacific – Lower sales volume

Segment Profit Increased $638M or 53%

• Favorable price realization
2022 2023 2022 2023 2022 2023
* Includes inter-segment sales.

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Resource Industries
Third Quarter 2023 vs. Third Quarter 2022

Total Sales* Segment Profit Segment Profit 3rd Quarter Highlights

(in billions of dollars) (in millions of dollars) as a percent of total sales*
Total Sales Increased $264M or 9%
$3.4 $730 21.8% • Favorable price realization, partially offset by lower
$3.1 sales volume
$506 16.4%
Segment Profit Increased $224M or 44%
• Favorable price realization
• Partially offset by lower sales volume, including an
unfavorable mix of products

2022 2023 2022 2023 2022 2023

* Includes inter-segment sales.

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Energy & Transportation
Third Quarter 2023 vs. Third Quarter 2022

Total Sales* Segment Profit Segment Profit 3rd Quarter Highlights

(in billions of dollars) (in millions of dollars) as a percent of total sales*
Total Sales Increased $673M or 11%
$6.9 • Oil and Gas – Increase in turbine and turbine-related
$1,181 17.2%
$6.2 services as well as reciprocating engines used in
15.1%
well-servicing
$935
• Power Generation – Increase in large reciprocating
engines
• Industrial – Increase in sales primarily in EAME and
Latin America
• Transportation – Increase in rail services

Segment Profit Increased $246M or 26%

2022 2023 2022 2023 2022 2023 • Favorable price realization and higher sales volume
* Includes inter-segment sales.
• Partially offset by higher SG&A/R&D expenses,
higher manufacturing costs and unfavorable currency
impacts
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Financial Products
Third Quarter 2023 vs. Third Quarter 2022

Total Revenues* Segment Profit

3rd Quarter Highlights
(in millions of dollars) (in millions of dollars)
Total Revenues Increased $160M or 20%
$220 • Higher average financing rates across all regions
$979 $203
$819 Segment Profit Decreased $17M or 8%
• Decrease mainly due to the absence of prior year
reserve releases for credit losses at Cat Financial
• Partially offset by a favorable impact from mark-to-
market adjustments

2022 2023 2022 2023

* Includes inter-segment revenues.

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ME&T Free Cash Flow1 and Capital Deployment

$6.8B $4.1B $6.5B

September YTD ME&T Returned to Shareholders Enterprise Cash

Free Cash Flow1 September YTD Balance
Expect to exceed the ME&T free Through share repurchases In addition, hold $4.3B in liquid
cash flow1 target range2 of $4B - $8B and dividends marketable securities
for the full year

1 ME&T free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix.
2 Target based on Caterpillar Investor Day held in 2022. Caterpillar communicated a ME&T free cash flow target in the range of $4B to $8B annually.

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Key Thoughts As We Look Ahead

Adjusted Operating Profit Margin1 % Target Ranges

25% • Expect slightly higher fourth-quarter 2023 sales and revenues
Adjusted Operating Profit Margin 1 %

21.0%
vs fourth-quarter 2022
20% 19.0%
17.0% 18.0%
• Adjusted operating profit margin1 in fourth quarter of 2023
15.0% expected to be lower than third quarter of 2023
15% 13.0% 16.0%
14.0%
12.0%
• Full-year 2023 adjusted operating profit margin1 expected to
10% 10.0% be slightly above the targeted range2 relative to the
corresponding expected level of sales
5%
• ME&T free cash flow3 expected to exceed our $4B to $8B
range for the full year
0%
$42B $49.5B $57B $64.5B $72B
Sales & Revenues
1 Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.
2 2023 adjusted operating profit margin target based on expected sales level and was communicated during the 4Q 2022 earnings call.
3 ME&T free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix.

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Third-Quarter 2023 Key Takeaways

YTD ADJUSTED 3Q ADJUSTED YTD

PROFIT PER OPERATING ME&T FREE CASH
SHARE1 PROFIT MARGIN2 FLOW3
$15.98 INCREASED TO 20.8% $6.8B

EXECUTING OUR STRATEGY FOR LONG-TERM PROFITABLE GROWTH

1Adjusted profit per share for year-to-date 2023 excluded restructuring costs of $1.30 per share, which included $1.13 per share for the impact of the divestiture of the company's Longwall business and $0.17 per share of other restructuring costs. It also excluded a
discrete tax benefit to adjust deferred tax balances of $0.17 per share.
2 Adjusted operating profit margin is a non-GAAP measure, and a reconciliation to the most directly comparable GAAP measure is included in the appendix.
3 ME&T free cash flow represents ME&T operating cash flow less capital expenditures, excluding discretionary pension contributions. A reconciliation of ME&T net cash provided by operating activities to ME&T free cash flow is included in the appendix.

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Q&A
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2024 Caterpillar Earnings Call Schedule

Earnings Quarter Release Date Call Time

4th Quarter 2023 Monday, February 5, 2024 8:30 a.m. Eastern
1st Quarter 2024 Thursday, April 25, 2024 8:30 a.m. Eastern
2nd Quarter 2024 Tuesday, August 6, 2024 8:30 a.m. Eastern
3rd Quarter 2024 Wednesday, October 30, 2024 8:30 a.m. Eastern

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 Dealer Inventory and Order Backlog 3Q 2023 EARNINGS RELEASE

Increased Increased Unfavorable

Dealer $0.6B $0.7B $0.1B
Inventories1 3Q 2023 3Q 2022 3Q 2023
1 Dealers are independent businesses and control their own inventory.
Note: Amounts may not add due to rounding.
vs. 2Q 2023 vs. 2Q 2022 Impact on Total Sales

Decreased Increased Decreased

Order $2.6B $0.3B $1.9B
Backlog 3Q 2023 2Q 2023 3Q 2023
vs. 2Q 2023 vs. 1Q 2023 vs. 3Q 2022

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Key Thoughts As We Look Ahead

• Restructuring expense expected to be about $700 million for the full year

• Capex about $1.5 billion for the full year

• Estimated global tax rate of about 22.5%, excluding discrete items

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 Non-GAAP Financial Measures
3Q 2023 EARNINGS RELEASE

Note: Amounts may not add due to rounding.

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 Reconciliation to U.S. GAAP 3Q 2023 EARNINGS RELEASE

Reconciliation of ME&T Cash Flow from Operations to ME&T Free Cash Flow

Sep YTD Sep YTD

(USD in billions) 3Q 2022 3Q 2023 2022 2023
ME&T cash flow from operations $ 1.9 $ 3.3 $ 3.2 $ 8.0
ME&T capital expenditures (0.3) (0.4) (0.9) (1.1)
Payments made related to settlements with IRS 0.5 - 0.5 -
ME&T free cash flow $ 2.1 $ 2.9 $ 2.8 $ 6.8

Note: Amounts may not add due to rounding.

Note: See reconciliation of ME&T cash flow from operations to consolidated net cash provided by operating activities in the Supplemental Data for Statement of Cash Flow contained in our quarter 10-Q filing.

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