At the end of the first quarter of 2025, the dollar amount of backlog believed to be firm was approximately $35.0 billion, about $5.0 billion higher than the fourth quarter of 2024. The order backlog increased across the primary segments, with the largest increase in Energy & Transportation.

For the full-year 2025, in a pre-tariff scenario, which does not include any impact from tariffs, we expect sales and revenues to be about flat compared to 2024. This indicates a cautious outlook despite strong demand signals.

In 2025, we continue to expect restructuring costs of approximately $150 million to $200 million. This suggests ongoing efforts to streamline operations.

Capital expenditures were $704 million during the first three months of 2025, compared to $502 million for the same period in 2024. This shows management's commitment to invest in future growth initiatives.

Unfavorable price realization is cited as a key factor impacting revenue and profitability in Construction Industries, Resource Industries, and Energy & Transportation. This suggests potential challenges in pricing strategy or cost management.

We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. This indicates proactive risk management.

Due to the tariff announcements and increasing economic uncertainty, we have evaluated a variety of scenarios to estimate the potential impact of tariffs on our results for the remainder of the year. This highlights the risk associated with trade policies.

Due to the tariff announcements and increasing economic uncertainty, we have evaluated a variety of scenarios to estimate the potential impact of tariffs on our results for the remainder of the year. This highlights the risk associated with trade policies.

We continue to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. This indicates proactive risk management.

Construction spend in North America remains at healthy levels, and infrastructure projects funded by the Infrastructure Investment and Jobs Act (IIJA) continue to be awarded. This suggests a favorable competitive environment in this region.

China has shown positive momentum in the excavator industry above 10-tons, but from a very low level of activity. This indicates a potential for increased competition from Chinese manufacturers.

Weak economic conditions in Europe remain, while conditions are supportive of investment in Africa and the Middle East. This highlights the varying competitive landscapes in different regions.

In Energy & Transportation, we expect the profit impact of higher sales volume and favorable price realization to be partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. This indicates potential operational inefficiencies in this segment.

We expect that prior restructuring actions will result in an incremental benefit to operating costs, primarily Cost of goods sold and SG&A expenses, of about $30 million in 2025 compared with 2024. This suggests that past restructuring efforts are beginning to yield positive results.

We continue to work to minimize supply chain challenges that may impact our ability to meet customer demand. This indicates proactive management of supply chain risks.

Although most key commodities remain above investment thresholds, customers continue to display capital discipline. Customer product utilization remains high, the age of the fleet remains elevated, and we continue to see growing customer acceptance of our autonomous solutions. This suggests a growing market for autonomous solutions.

We intend to utilize our liquidity and debt capacity to fund targeted investments that drive long-term profitable growth focused in the areas of expanded offerings, services and sustainability, including acquisitions. This indicates a strategic focus on innovation and growth.

Primarily includes activities such as: business strategy; product management and development; manufacturing and sourcing of wear and maintenance components primarily for Cat® products; parts distribution; integrated logistics solutions; distribution services responsible for dealer development and administration, including a wholly owned dealer in Japan; dealer portfolio management and ensuring the most efficient and effective distribution of machines, engines and parts; brand management and marketing strategy; and digital investments for new customer and dealer solutions that integrate data analytics with state-of-the-art digital technologies while transforming the buying experience.

In the first three months of 2025, we repurchased $3.660 billion of Caterpillar common stock. This demonstrates a commitment to returning capital to shareholders.

Our top priority is to maintain a strong financial position in support of a mid-A rating. We track a diverse group of financial metrics that focus on liquidity, leverage, cash flow and margins which align with our cash deployment actions and the various methodologies used by the major credit rating agencies. This indicates a conservative approach to capital allocation.

We expect ME&T's capital expenditures in 2025 to be about $2.5 billion. This demonstrates a commitment to investing in future growth.

We intend to utilize our liquidity and debt capacity to fund targeted investments that drive long-term profitable growth focused in the areas of expanded offerings, services and sustainability, including acquisitions. This indicates a strategic focus on sustainability.

The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions. This indicates a commitment to environmental responsibility.

We are engaged in remedial activities at a number of locations, often with other companies, pursuant to federal and state laws. This indicates a commitment to environmental remediation.

Our results continue to reflect the benefit of the diversity of our end markets. This suggests a resilient business model.

We are closely monitoring the evolving economic conditions. This indicates proactive risk management.

We expect the year over year impact of unfavorable price realization to be greater in the first and second quarters of 2025 and expect it to moderate in the second half of 2025. This highlights the challenges associated with pricing strategy.