Caterpillar is the world's largest manufacturer of construction and mining equipment, and a major maker of diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates through three segments: Construction Industries (excavators, bulldozers, wheel loaders, and related machines for infrastructure and building), Resource Industries (large mining trucks, shovels, drills, and underground vehicles for surface and underground mining), and Power & Energy (reciprocating engines and generator sets, Solar-branded industrial gas turbines, and locomotives). Power & Energy is Caterpillar's largest and fastest-growing segment, driven by surging demand for data center power and natural gas compression. Caterpillar sells most products through a global network of roughly 150 independent dealers across 190 countries, though Solar turbines and locomotives are sold direct. Cat Financial supports equipment sales by providing financing and leasing to dealers and end customers. Caterpillar's core revenue comes from equipment sales and replacement parts, with services revenue — tied to a large installed base of over 1.6M connected assets — targeted to grow to $30B by 2030. In mining, Caterpillar is expanding its autonomous hauling business, with 827 autonomous haul trucks in operation at end of FY25. Capital allocation is heavily shareholder-friendly, with Caterpillar returning most free cash flow through dividends (32 consecutive years of increases) and buybacks, while also ramping CapEx to expand large engine and turbine capacity to meet Power & Energy demand.