Caterpillar provides 2025 outlook, pre-tariff and alternative version

Pre-tariff scenario, which does not include any impact from tariffs: Expect 2025 full-year sales and revenues to be about flat compared to 2024, better than previous expectations of down slightly. Expect 2025 full-year adjusted operating profit margin to be in the top half of the annual target range. Expect 2025 full-year ME&T free cash flow to be in the top half of the annual target range. Alternative scenario, which includes the cost impact of the current tariff levels for the remainder of the year, before any additional mitigation actions, and with negative economic growth in the second half of 2025: Expect 2025 full-year sales and revenues to be down slightly compared to 2024, in-line with previous expectations. Expect 2025 full-year adjusted operating profit margin to be within the annual target range. Expect 2025 full-year ME&T free cash flow to be within the annual target range. FY25 EPS/revenue consensus $19.28/$62.1B, respectively. Comments taken from investor presentation slides.