CAT — what changed in the latest 10-Q
A section-by-section comparison of CAT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-11-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +129 | −196 | ~64 | 39 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
•First-quarter 2026 profit per share was $5.47, and excluding the item in the table below, adjusted profit per share was $5.54. First-quarter 2025 profit per share was $4.20, and excluding the item in the table below, adjusted profit per share was $4.25.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 57-59.
Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22 percent, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million…
First-quarter 2026 profit per share was $5.47, compared with $4.20 profit per share in the first quarter of 2025. In the first quarter of 2026 and 2025, profit per share included restructuring costs. Profit for the first quarter of 2026 was $2.549 billion, an increase of $546 million, or 27 percent,…
Text removed vs the prior filing · source: 10-Q · 2025-11-03
•Third-quarter 2025 profit per share was $4.88, and excluding the items in the table below, adjusted profit per share was $4.95. Third-quarter 2024 profit per share was $5.06, and excluding the items in the table below, adjusted profit per share was $5.17.
Highlights for the nine months ended September 30, 2025, include:
•Total sales and revenues were $48.456 billion for the nine months ended September 30, 2025, a decrease of $138 million, compared with $48.594 billion for the nine months ended September 30, 2024.
•Operating profit margin was 17.5 percent for the nine months ended September 30, 2025, compared with 20.9 percent for the nine months ended September 30, 2024. Adjusted operating profit margin was 17.8 percent for the nine months ended September 30, 2025, compared with 21.5 percent for the nine mon…
•Profit per share for the nine months ended September 30, 2025, was $13.69, and excluding the items in the table below, adjusted profit per share was $13.91. Profit per share for the nine months ended September 30, 2024, was $16.27, and excluding the items in the table below, adjusted profit per sha…
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-06
During the three months ended March 31, 2026, none of the company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 4…
Text removed vs the prior filing · source: 10-Q · 2025-11-03
On August 12, 2025, Jason E. Kaiser, Group President of our Energy & Transportation segment, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier o…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice