(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $293 billion (based on ~$625.61/share and 468 million shares outstanding)
Introduction
Caterpillar Inc. (NYSE: CAT), founded in 1925 through the merger of Holt Manufacturing and C.L. Best Tractor Co. in Peoria, Illinois, is the world's largest manufacturer of construction and mining equipment, diesel/natural gas engines, industrial gas turbines, and locomotives. It operates via three segments: Construction Industries (~38% revenue), Resource Industries (~20%), and Energy & Transportation (~42%), with a global dealer network serving infrastructure, mining, and power generation. Public since 1920, it uses a single-class share structure (one vote per share) for aligned governance. Ownership is institutionally heavy (~71%), insiders ~1.1% (executives/directors), and retail ~28%. The table below details the top 10 shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $5.7M in CFO sales (Dec 1, 2025) and $1.1B in Q3 dividends/buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($293B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.82% | $28.8 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~45.94M shares. Passive with ~$9.3T AUM; added ~0.3% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on equipment/services growth. |
| 2 | State Street Corporation | 7.48% | $21.9 billion | Owns ~35M shares via SPDRs (e.g., SPY); fully passive. Increased ~9.2% in Q3; votes proxies on exec comp and ESG. ~4% of industrials holdings; supports $20B annual buybacks. |
| 3 | BlackRock Inc. | 7.33% | $21.5 billion | Holds ~34.28M shares through iShares ETFs (e.g., IVV); passive/active mix. Added ~16.9% in Q3 2025; board observer on governance/ESG. Key in infrastructure funds; CAT ~0.3% of portfolio. |
| 4 | State Farm Mutual Automobile Insurance Co. | 4.02% | $11.8 billion | ~18.8M shares; stable insurance giant holder. No major Q3 changes; long-term value play on mining/energy exposure. |
| 5 | Geode Capital Management, LLC | 2.24% | $6.6 billion | Fidelity affiliate with ~10.5M shares in index trackers; passive. Increased ~18% in Q3; tracks S&P 500; minimal voting power. |
| 6 | Fisher Asset Management, LLC | 2.02% | $5.9 billion | ~9.44M shares; active growth manager. Added ~2.3% in Q3; bullish on construction backlog ($39.8B record). |
| 7 | Morgan Stanley | 1.50% | $4.4 billion | ~7M shares via wealth/ETFs; index/active blend. Up ~1% in 2025; advisory on M&A (e.g., dealer expansions). |
| 8 | Price T. Rowe Associates Inc. | 1.20% | $3.5 billion | ~5.6M shares in growth funds (e.g., Blue Chip); stable QoQ; focuses on Energy & Transportation (17% Q3 growth). |
| 9 | Northern Trust Corp | 1.10% | $3.2 billion | ~5.2M shares; passive custodian. Minor Q3 adjustments; holds for dividend yield (1.2%). |
| 10 | Wellington Management Group LLP | 1.00% | $2.9 billion | ~4.7M shares; active with Q3 additions. Engaged on sustainability (e.g., low-carbon engines). |
Total Top 10 = ~37.67% | Remaining: Other Institutions (~33%), Insiders (~1.1%, e.g., Andrew Bonfield CFO at ~0.01%), Retail (~28%) | Grand Total = 100%
Conclusion
As of December 2025, Caterpillar's ownership is institutionally concentrated (~71% total) by passive leaders like Vanguard and State Street, ensuring stability for its $17.6B Q3 2025 revenue (up 10% YoY, ~$64.8B FY est.) and $2.29B net income (down 7% YoY due to tax rate hike to 26.7%, but adj. EPS $4.95 beat estimates), with record backlog at $39.8B (+$2.4B QoQ). Insiders (~1.1% combined) like Bonfield reflect routine sales ($5.7M Dec 1) amid expansions (e.g., Energy & Transportation up 17%), while retail's ~28% stake highlights infrastructure demand. With $293B market cap (up 66% YoY) and $20B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2025 profit of $10.8B (up 5%). This structure balances cyclical growth with returns via $5.64 annual dividends (0.9% yield). For filings, visit SEC EDGAR or Caterpillar's investor relations.