Caterpillar Inc.

- The transcript on page 6 does not mention any current or planned new fundraising through debt or equity. - On page 3, there is no indication of new debt or equity fundraising; instead, it highlights a strong balance sheet with ample liquidity, including $4.1 billion in enterprise cash and $1.3 billion in marketable securities. - The company deployed $5.7 billion to shareholders in the first quarter, primarily for dividends and share repurchases, indicating no immediate need for fundraising. - Capital expenditures are expected to be between 4% and 5% of sales through 2030, funded internally. - No mention of upcoming debt issuances or equity offerings was made during the call. In summary, Caterpillar currently maintains strong liquidity and has not disclosed any plans for new fundraising via debt or equity.

- MP&E (Machinery, Power & Energy) capital expenditures are expected to average 4% to 5% of MP&E sales through 2030. - Additional large reciprocating engine capacity investment: increasing capacity nearly 3x 2024 levels by end of decade, with $1B added backlog sequentially. - Capacity expansion focused primarily on power generation, especially prime power and backup power for data centers and natural gas applications. - Capacity investments planned heavily in 2027, continuing through 2028 and 2029, aiming for positive cash payback by end of decade. - Strategic investments include technology and autonomy, impacting short-term margins but expected to improve competitiveness and leverage over time. - Increased operating expenses in SG&A and R&D reflect investments in capacity expansion, incentive compensation, and tech innovation. - Focus on mitigating tariff impacts while maintaining strong balance sheet and returning free cash flow to shareholders.

- Full-year 2026 sales and revenues growth expected in low double digits, revised upward from last quarter's outlook. - Increased full-year sales and revenue expectations driven by resilient end markets, strong sales-to-users growth, and robust order rates across segments. - Total enterprise sales and revenues anticipated to grow at a compound annual growth rate of 6% to 9% from 2024 to 2030. - Power generation sales targeted to grow more than 3x by 2030 from 2024 baseline. - Large reciprocating engine capacity increased from 2x to nearly 3x 2024 levels, supporting sustained volume growth. - Strong sales growth expected across all three primary segments (Power and Energy, Construction Industries, Resource Industries) including volume increases and favorable price realization. - Services revenue growth projected alongside equipment sales, driven by aftermarket opportunities. - Continued capital investments and strategic investments anticipate supporting future operating profit and volume growth beyond 2030.

- Full year 2026 sales and revenues growth is expected in the low double digits, with an increase in the sales and revenue growth outlook compared to last quarter. - Adjusted operating profit margin (excluding tariffs) is expected to be in the top half of the target range; with tariffs included, near the bottom of the range. - Full year adjusted operating profit is expected to grow, supported by favorable price realization and volume, partially offset by higher manufacturing, SG&A, and R&D expenses. - Full year tariff costs in 2026 are anticipated between $2.2 billion and $2.4 billion, slightly lower than previous estimates. - MP&E free cash flow for 2026 is projected to be higher than $9.5 billion in 2025. - Earnings per share (EPS) for Q1 2026 was $5.54 (adjusted), a 30% increase year-over-year, with expectations of continued growth. - Large reciprocating engine capacity expansion is expected to support future absolute OPACC dollar growth through 2030.

- Backlog grew to $28 billion, a 79% increase compared to Q1 last year, reaching an all-time record. - Strong order activity and backlog growth occurred across all 3 primary segments (Power and Energy, Construction Industries, Resource Industries). - New agreements include Pro Power orders for up to 2.1 gigawatts of large gas generator sets over the next 5 years, entering backlog on a rolling basis. - Customers in data centers and cloud computing are driving strong demand, leading to increased orders and capacity expansions. - Large reciprocating engine backlog and orders have increased 3.5x since January 2024, with orders extending into 2028. - Strong order rates and robust backlog are providing a solid foundation for growth and supporting the increased capacity investment plans.