CATERPILLAR INC, DEF 14A filed on 4/30/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name CATERPILLAR INC.
Entity Central Index Key 0000018230
Amendment Flag false
v3.26.1
Pay vs Performance Disclosure
 4 Months Ended 8 Months Ended 12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Apr. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Pay vs Performance Disclosure [Table]                      
Pay vs Performance Disclosure, Table    

PAY VERSUS PERFORMANCE

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between “compensation actually paid” as determined under SEC requirements to our CEO and to our other NEOs and certain financial performance of the company. Compensation actually paid does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered year. For further information concerning the company’s pay-for-performance philosophy and how the company aligns executive compensation with company’s performance, see the Compensation Discussion and Analysis.

 

PAY VERSUS PERFORMANCE TABLE

 

                                                               
                           Value of Initial Fixed $100
Investment Based On:		         
Year(1)  SCT Total
Compensation
for CEO
(Umpleby)		   SCT Total
Compensation
for CEO
(Creed)		   Compensation
Actually Paid
to CEO
(Umpleby)(2)		   Compensation
Actually Paid
to CEO
(Creed)(2)		   Average
SCT Total
Compensation
for Other NEOs		   Average
Compensation
Actually Paid
to Other NEOs(2)		   Cumulative
TSR(3)		   Cumulative
Peer Group
TSR (S&P 500
Industrials)(3)		   Net
Income
($M)		   Return on
Equity(4)		 
2025   $22,191,496    $17,008,077    $82,309,936   $49,423,389     $7,573,910      $23,806,106     $346.12        $189.72   $8,884    44.1% 
2024  $25,261,296        $45,738,387        $9,094,854   $15,172,848   $215.91   $158.87   $10,792    55.0% 
2023  $25,830,332        $39,641,382        $7,698,819   $11,525,285   $173.20   $135.24   $10,335    61.5% 
2022  $20,607,600        $34,096,694        $6,610,827   $10,398,658   $137.52   $114.48   $6,705    45.3% 
2021  $24,298,032        $34,172,491        $7,610,248   $10,084,611   $115.95   $121.12   $6,489    37.2% 
                
Company Selected Measure Name     Return on Equity                
Named Executive Officers, Footnote    
(1)  In 2025, Mr. Umpleby served as our CEO until April 30, and Mr. Creed became our CEO on May 1. For previous covered years, Mr. Umpleby served as our CEO. Other Named Executive Officers are as follows: for 2025, Andrew Bonfield, Bob De Lange, Denise Johnson and Christy Pambianchi; 2024, 2022 and 2021, Joe Creed, Denise Johnson, Bob De Lange and Andrew Bonfield; and for 2023, Andrew Bonfield, Suzette Long, Denise Johnson and Joe Creed.
                
Peer Group Issuers, Footnote [Text Block]    
(3) Total shareholder return amounts assume an initial investment of $100 on December 31, 2020.
                
Adjustment To PEO Compensation, Footnote    
                                           
   SCT Total
Compensation		   Grant Date fair
value of current
year grants as
disclosed in
the SCT		   Year-End fair
value of awards
granted in
current year
and unvested
at year-end		   Change in fair
value of awards
granted in
prior years and
unvested at
year-end		   Change in fair
value of awards
granted in
prior years and
vested in
current year		   Prior
Year-End
fair value of
any awards forfeited
during
current year		   Compensation
Actually Paid		 
2025 CEO (Umpleby) (1)   $22,191,496    $(17,308,440)    $45,961,760     $25,246,882       $6,218,238     $—   $82,309,936 
  CEO (Creed) (1)  $17,008,077   $(12,639,601)  $33,915,126   $9,603,415   $1,536,372   $—   $49,423,389 
  NEO Average(1)  $7,573,910   $(5,191,026)  $14,744,252   $5,389,713   $1,289,257   $—   $23,806,106 
                
Non-PEO NEO Average Total Compensation Amount     $ 7,573,910 $ 9,094,854 $ 7,698,819 $ 6,610,827 $ 7,610,248        
Non-PEO NEO Average Compensation Actually Paid Amount     $ 23,806,106 15,172,848 11,525,285 10,398,658 10,084,611        
Adjustment to Non-PEO NEO Compensation Footnote    
                                           
   SCT Total
Compensation		   Grant Date fair
value of current
year grants as
disclosed in
the SCT		   Year-End fair
value of awards
granted in
current year
and unvested
at year-end		   Change in fair
value of awards
granted in
prior years and
unvested at
year-end		   Change in fair
value of awards
granted in
prior years and
vested in
current year		   Prior
Year-End
fair value of
any awards forfeited
during
current year		   Compensation
Actually Paid		 
2025 CEO (Umpleby) (1)   $22,191,496    $(17,308,440)    $45,961,760     $25,246,882       $6,218,238     $—   $82,309,936 
  CEO (Creed) (1)  $17,008,077   $(12,639,601)  $33,915,126   $9,603,415   $1,536,372   $—   $49,423,389 
  NEO Average(1)  $7,573,910   $(5,191,026)  $14,744,252   $5,389,713   $1,289,257   $—   $23,806,106 
                
Compensation Actually Paid vs. Total Shareholder Return [Text Block]    

COMPENSATION ACTUALLY PAID AND TSR

 

                
Compensation Actually Paid vs. Net Income [Text Block]    

COMPENSATION ACTUALLY PAID AND NET INCOME

 

                
Compensation Actually Paid vs. Company Selected Measure [Text Block]    

COMPENSATION ACTUALLY PAID AND ROE

 

                
Tabular List [Table Text Block]    

COMPANY’S MOST IMPORTANT FINANCIAL PERFORMANCE MEASURES

 

The following are the most important financial performance measures (shown in alphabetical order), as determined by the company, that link compensation actually paid to our CEO and other NEOs to the company’s performance for the most recently completed fiscal year.

 

Most Important Financial Measures
Adjusted Profit Per Share
Enterprise Operating Profit
Enterprise Operating Profit After Capital Charge (OPACC)
Enterprise Operating Profit Margin
Enterprise Services Revenues
Relative TSR
Return on Equity
                
Total Shareholder Return Amount             115.95 $ 137.52 $ 173.20 $ 215.91 $ 346.12
Peer Group Total Shareholder Return Amount             121.12 $ 114.48 $ 135.24 $ 158.87 $ 189.72
Net Income (Loss) Attributable to Parent     $ 8,884,000,000 $ 10,792,000,000 $ 10,335,000,000 $ 6,705,000,000 $ 6,489,000,000        
Company Selected Measure Amount     0.441 0.550 0.615 0.453 0.372        
PEO Name Mr. Umpleby Mr. Creed   Mr. Umpleby Mr. Umpleby Mr. Umpleby Mr. Umpleby        
Measure [Axis]: 1                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Return on Equity                
Measure [Axis]: 2                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Adjusted Profit Per Share                
Measure [Axis]: 3                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Enterprise Operating Profit                
Measure [Axis]: 4                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Enterprise Operating Profit After Capital Charge (OPACC)                
Measure [Axis]: 5                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Enterprise Operating Profit Margin                
Measure [Axis]: 6                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Enterprise Services Revenues                
Measure [Axis]: 7                      
Pay vs Performance Disclosure [Table]                      
Measure Name     Relative TSR                
Non-PEO NEO [Member] | Grant Date Fair Valueof Current Year Grantsas Disclosedinthe S C T [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount     $ (5,191,026)                
Non-PEO NEO [Member] | Year End Fair Valueof Awards Grantedin Current Yearand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount     14,744,252                
Non-PEO NEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount     5,389,713                
Non-PEO NEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Vestedin Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount     1,289,257                
Non-PEO NEO [Member] | Prior Year End Fair Valueof Any Awards Forfeited During Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount     0                
Mr. Umpleby [Member]                      
Pay vs Performance Disclosure [Table]                      
PEO Total Compensation Amount $ 22,191,496   22,191,496 $ 25,261,296 $ 25,830,332 $ 20,607,600 $ 24,298,032        
PEO Actually Paid Compensation Amount 82,309,936   $ 82,309,936 $ 45,738,387 $ 39,641,382 $ 34,096,694 $ 34,172,491        
Mr. Umpleby [Member] | PEO [Member] | Grant Date Fair Valueof Current Year Grantsas Disclosedinthe S C T [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount (17,308,440)                    
Mr. Umpleby [Member] | PEO [Member] | Year End Fair Valueof Awards Grantedin Current Yearand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount 45,961,760                    
Mr. Umpleby [Member] | PEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount 25,246,882                    
Mr. Umpleby [Member] | PEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Vestedin Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount 6,218,238                    
Mr. Umpleby [Member] | PEO [Member] | Prior Year End Fair Valueof Any Awards Forfeited During Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount $ 0                    
Mr. Creed [Member]                      
Pay vs Performance Disclosure [Table]                      
PEO Total Compensation Amount   $ 17,008,077                  
PEO Actually Paid Compensation Amount   49,423,389                  
Mr. Creed [Member] | PEO [Member] | Grant Date Fair Valueof Current Year Grantsas Disclosedinthe S C T [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount   (12,639,601)                  
Mr. Creed [Member] | PEO [Member] | Year End Fair Valueof Awards Grantedin Current Yearand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount   33,915,126                  
Mr. Creed [Member] | PEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Unvestedat Year End [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount   9,603,415                  
Mr. Creed [Member] | PEO [Member] | Changein Fair Valueof Awards Grantedin Prior Yearsand Vestedin Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount   1,536,372                  
Mr. Creed [Member] | PEO [Member] | Prior Year End Fair Valueof Any Awards Forfeited During Current Year [Member]                      
Pay vs Performance Disclosure [Table]                      
Adjustment to Compensation Amount   $ 0                  
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Awards Close in Time to MNPI Disclosures [Table]  
Award Timing MNPI Disclosure In conjunction with promoting high ethical standards for the distribution of equity-based incentives, the CHRC has an established practice of granting stock options to all eligible employees on a predetermined schedule, specifically the first Monday of March of each year (other than in limited circumstances such as newly hired or promoted employees). The CHRC’s practice of setting options grant dates on a predetermined schedule is designed to avoid the possibility that the company could grant stock option awards prior to the release of material, non-public information that is likely to result in an increase in its stock price or delay the grant of stock option awards until after the release of material, non-public information that is likely to result in a decrease in the company’s stock price. Exercise prices of stock options, when granted, are generally set at, and cannot be lower than, the closing price per share of the company’s common stock on the NYSE on the day of grant. During fiscal year 2025, (1) none of the company’s NEOs were awarded stock options with an effective grant date during any period beginning four business days before the filing or furnishing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material non-public information, and ending one business day after the filing or furnishing of such reports, and (2) the company did not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation.
Award Timing Method In conjunction with promoting high ethical standards for the distribution of equity-based incentives, the CHRC has an established practice of granting stock options to all eligible employees on a predetermined schedule, specifically the first Monday of March of each year (other than in limited circumstances such as newly hired or promoted employees).
Award Timing Predetermined true
Award Timing MNPI Considered true
Award Timing, How MNPI Considered The CHRC’s practice of setting options grant dates on a predetermined schedule is designed to avoid the possibility that the company could grant stock option awards prior to the release of material, non-public information that is likely to result in an increase in its stock price or delay the grant of stock option awards until after the release of material, non-public information that is likely to result in a decrease in the company’s stock price. Exercise prices of stock options, when granted, are generally set at, and cannot be lower than, the closing price per share of the company’s common stock on the NYSE on the day of grant. During fiscal year 2025, (1) none of the company’s NEOs were awarded stock options with an effective grant date during any period beginning four business days before the filing or furnishing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material non-public information, and ending one business day after the filing or furnishing of such reports, and (2) the company did not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true