Caterpillar Inc.'s Q1 2025 revenue fell 10%, but strong EPS, a 5B backlog, and robust Energy demand signal future potential. Read why CAT stock is a hold.

Caterpillar on Wednesday reported lower-than-expected first-quarter results on weak construction equipment demand and outlined two scenarios for its annual sales forecast, one of which included the potential impact of extensive tariffs.

Caterpillar has trimmed corporate travel and other discretionary spending to offset a tariff hit, but has no plans to raise prices or overhaul supply chains, executives said Wednesday. The company is not currently considering price increases due to tariffs,