開拓重工 (CAT) 2025 Q4 法說會逐字稿

Welcome to the fourth-quarter 2025 Caterpillar earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alex Kapper. Thank you. Please go ahead.

歡迎參加卡特彼勒2025年第四季財報電話會議。請注意，今天的會議正在錄影。現在我謹將會議交給今天的演講嘉賓 Alex Kapper。謝謝。請繼續。

Thank you, Adria. Good morning, everyone, and welcome to Caterpillar's fourth-quarter 2025 earnings call. I'm Alex Kapper, Vice President of Investor Relations. Joining me today are Joe Creed, CEO; Andrew Bonfield, Chief Financial Officer; Kyle Epley, Senior Vice President of the Global Finance Services Division; and Rob Rengel, Senior Director of IR.

謝謝你，阿德里亞。各位早安，歡迎參加卡特彼勒2025年第四季財報電話會議。我是投資者關係副總裁 Alex Kapper。今天與我一同出席的有：執行長 Joe Creed；財務長 Andrew Bonfield；全球財務服務部資深副總裁 Kyle Epley；以及投資者關係高級總監 Rob Rengel。

During our call, we'll be discussing the fourth quarter earnings release we issued earlier today. You can find our slides, the news release and a webcast recap at investors.caterpillar.com under Events and Presentations. The content of this call is protected by US and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited.

在本次電話會議中，我們將討論今天稍早發布的第四季財報。您可以在 investors.caterpillar.com 的「活動與簡報」欄位下找到我們的幻燈片、新聞稿和網路直播回顧。本次通話內容受美國及國際版權法保護。未經卡特彼勒公司事先書面許可，禁止對本內容的全部或部分進行任何形式的轉播、重傳、複製或傳播。

Moving to slide 2, during our call today, we'll make forward-looking statements, which are subject to risks and uncertainties. We'll also make assumptions that could cause our actual results to be different than the information we're sharing with you on this call. Please refer to our recent SEC filings and the forward-looking statements reminder in the news release for details on factors that individually or in aggregate could cause our actual results to vary materially from our forecast.

接下來是第二張投影片，在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明有風險和不確定性。我們也會做出一些假設，這些假設可能會導致我們的實際結果與我們在本次電話會議中與您分享的資訊有所不同。有關可能導致我們的實際業績與預測業績存在重大差異的因素的詳細信息，請參閱我們最近向美國證券交易委員會提交的文件以及新聞稿中的前瞻性聲明提醒。

A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings. On today's call, we'll also refer to non-GAAP numbers. For a reconciliation of any non-GAAP numbers to the appropriate US GAAP numbers, please see the appendix of the earnings call slide.

我們在提交給美國證券交易委員會的文件中詳細討論了我們認為可能對我們的業務產生持續重大影響的許多因素。在今天的電話會議上，我們也會提到非GAAP財務數據。如需了解任何非GAAP資料與對應的美國GAAP資料的調節情況，請參閱獲利電話會議投影片的附錄。

For today's agenda, Joe will begin by sharing his perspectives about our results and provide an update on our performance toward achieving our Investor Day targets. Then he'll share our full year outlook and insights about our end markets, followed by an update on our strategy. Finally, Andrew will provide a detailed overview of results, key assumptions looking forward.

在今天的議程中，Joe 將首先分享他對我們業績的看法，並介紹我們為實現投資者日目標所取得的最新進展。然後他將分享我們對全年的展望和對終端市場的見解，隨後介紹我們的策略最新進展。最後，Andrew 將提供結果的詳細概述，以及對未來的關鍵假設。

We'll conclude the call by taking your questions. Now, let's advance to slide 3 and turn the call over to our CEO, Joe Creed.

通話最後，我們將回答您的問題。現在，讓我們來看看第 3 張投影片，並將電話交給我們的執行長喬·克里德。

All right. Well, thank you, Alex, and good morning, everyone. Thanks for joining us today. Our Centennial year marked a significant milestone, and we achieved full year sales and revenues of $67.6 billion, the highest in Caterpillar's history. In a dynamic environment, with net incremental tariff headwinds of $1.7 billion, we delivered full year adjusted operating profit margin within the target range at 17.2% and adjusted profit per share of $19.06.

好的。謝謝你，Alex，大家早安。感謝您今天收看我們的節目。在卡特彼勒成立一百週年之際，我們實現了全年銷售額和收入 676 億美元，創下卡特彼勒公司歷史新高。在動態的環境下，儘管淨增量關稅阻力高達 17 億美元，我們仍實現了全年調整後營業利潤率在目標範圍內的 17.2%，調整後每股收益為 19.06 美元。

We also generated robust P&E free cash flow of $9.5 billion in 2025 allowing us to deploy $7.9 billion to shareholders through share repurchases and dividends during the year.

我們也產生了強勁的P&E自由現金流，2025年達到95億美元，使我們能夠在當年透過股票回購和分紅向股東分配79億美元。

Our backlog grew to a record level of $51 billion, an increase of $21 billion or 71% compared to last year. All-time high sales and revenues, along with record backlog are evidence of the strength in our end markets and strong execution by our team. Now let me take a minute to walk you through our fourth quarter results.

我們的積壓訂單成長至創紀錄的 510 億美元，比去年增加了 210 億美元，成長 71%。銷售額和收入均創歷史新高，積壓訂單也創下紀錄，證明了我們在終端市場的強勁實力和我們團隊的出色執行力。現在讓我花一分鐘時間向大家介紹我們第四季的業績。

Sales and revenues were $19.1 billion, an all-time record for a single quarter. The increase of 18% versus the previous year was better than we expected and reflects higher volumes in all 3 of our primary segments while price realization was about neutral. In particular, volume growth was better than expected in Power and Energy as we were able to ship more product than anticipated at year-end.

銷售額和收入達到 191 億美元，創下單季歷史新高。與上年相比成長了 18%，優於我們的預期，反映出我們所有 3 個主要細分市場的銷量均有所增長，而價格實現基本持平。特別是電力和能源領域的銷售成長優於預期，我們在年底的出貨量超過了預期。

Adjusted operating profit margin was 15.6% and adjusted profit per share was $5.16. Fourth quarter adjusted operating profit margin and adjusted profit per share were better than we anticipated due to stronger-than-expected volume growth in Power and Energy. In the quarter, the net incremental cost from tariffs was near the top end of our estimated range.

經調整後的營業利益率為 15.6%，經調整後的每股盈餘為 5.16 美元。由於電力和能源業務的銷售成長強於預期，第四季度經調整後的營業利潤率和經調整後的每股盈餘均優於預期。本季度，關稅帶來的淨增量成本接近我們估計範圍的上限。

Robust ordering activity across all three primary segments contributed to the very strong backlog growth. Now I'll review fourth quarter retail statistics for each of our three primary segments, starting with Construction Industries. Construction Industries total sales users grew for the fourth consecutive quarter, rising 11% and which exceeded our expectations.

三大主要業務部門強勁的訂單活動促成了積壓訂單的強勁成長。現在我將回顧我們三大主要業務部門的第四季度零售統計數據，首先從建築業開始。建築業總銷售用戶連續第四個季度成長，增幅達 11%，超出我們的預期。

Increases in North America were better than expected due to strong growth in nonresidential and residential construction. Rental fleet loading and our dealers' rental revenue also grew in the quarter. Sales to users declined slightly in EAME and Asia Pacific, in line with our expectations, and we saw growth in Latin America, which was better than anticipated.

由於非住宅和住宅建築的強勁成長，北美地區的成長優於預期。本季租賃車隊裝載量和我們經銷商的租賃收入也有所成長。在歐洲、非洲和亞太地區，面向使用者的銷售額略有下降，符合我們的預期；而在拉丁美洲，銷售額則有所成長，這好於預期。

For Resource Industries, fourth quarter sales to users declined 7%, consistent with our expectations. Mining sales to users were lower year-over-year as customers exercise capital discipline in response to weaker coal prices. In Power and Energy, our largest and fastest-growing segment, sales to users grew a robust 37% with another quarter of double-digit growth across all applications.

資源產業第四季面向用戶的銷售額下降了 7%，與我們的預期一致。由於煤炭價格走弱，客戶採取了資金紀律措施，導致礦業公司對用戶的銷售額年減。在電力和能源領域，作為我們規模最大、成長最快的業務板塊，面向用戶的銷售額強勁增長了 37%，所有應用領域再次實現了兩位數的成長。

Power generation grew 44%, driven by strong demand for large gen sets and turbines used in data center applications. Strong sales to users in oil and gas were driven primarily by turbines and turbine-related services. Industrial grew from relatively low levels with the increase driven by sales to users in electric power applications. And finally, transportation increased primarily due to international locomotive deliveries.

受資料中心應用領域對大型發電機組和渦輪機的強勁需求推動，發電量成長了 44%。石油和天然氣用戶的強勁銷售主要得益於渦輪機和渦輪機相關服務的銷售。工業領域從相對較低的水平開始成長，成長主要得益於電力應用用戶的銷售推動。最後，運輸量的成長主要歸功於國際機車交付。

Moving to slide 4, our full-year 2025 results showed meaningful progress towards achieving the 2030 targets we outlined at our recent Investor Day. As I mentioned, we delivered record sales and revenues of $67.6 billion, resulting in 4% year-over-year growth.

翻到第 4 張投影片，我們的 2025 年全年業績顯示，我們在實現最近投資者日上提出的 2030 年目標方面取得了實質進展。正如我之前提到的，我們實現了創紀錄的銷售額和收入，達到 676 億美元，比去年同期成長 4%。

This increase was led by record sales in Power and Energy. Notably, in addition to record sales in power generation, we also achieved record sales in oil and gas due to strength in demand for gas compression. Despite tariff headwinds, full year adjusted operating profit margin of 17.2% was within the target range for our level of sales and revenues.

電力和能源產業的銷售額創歷史新高，帶動了這一成長。值得注意的是，除了發電業務銷售額創歷史新高外，由於天然氣壓縮需求強勁，我們在石油和天然氣業務的銷售額也創下歷史新高。儘管面臨關稅方面的不利因素，但全年調整後的營業利潤率為 17.2%，符合我們銷售額和收入水準的目標範圍。

Full-year services revenues totaled $24 billion in 2025. We continue to connect more assets, growing the fleet to over $1.6 million and made great progress in other initiatives like condition monitoring prioritized service events, e-commerce sales and tech-enabled machines. Our digital and technology initiatives, along with a growing installed base, position us well to increase services revenues towards our goal of $30 billion by 2030.

2025 年全年服務收入總計 240 億美元。我們不斷連結更多資產，使車隊規模擴大到超過 160 萬美元，並在其他舉措方面取得了巨大進展，例如狀態監控優先服務事件、電子商務銷售和技術賦能的機器。我們的數位化和技術舉措，以及不斷增長的用戶基礎，使我們能夠更好地提高服務收入，朝著 2030 年實現 300 億美元的目標邁進。

Robust MP&A free cash flow allowed us to deploy $7.9 billion to shareholders through $5.2 billion of share repurchases and $2.7 billion of dividends paid. We're proud of our continued dividend aristocrat status paying higher dividends for 32 consecutive years and remain committed to returning substantially all MPE free cash flow over time. Andrew will share more about our cash deployment plans for 2026 in a moment.

MP&A 強勁的自由現金流使我們能夠透過 52 億美元的股票回購和 27 億美元的股息支付，向股東投入 79 億美元。我們為連續 32 年保持股息貴族地位而感到自豪，並將繼續致力於隨著時間的推移，將大部分 MPE 自由現金流返還給股東。Andrew 稍後將詳細介紹我們 2026 年的現金部署計畫。

Turning to slide 5, I'll highlight the advancements we made towards our 2030 targets in our 3 primary segments. In 2025, Construction Industries growth outpaced the global industry, supported by the success of our merchandising programs. As a result, full-year total sales to users growth was 5%. The advancing our progress towards the 2030 goal of growing 1.25 times the 2024 baseline.

接下來請看第 5 張投影片，我將重點介紹我們在 3 個主要領域為實現 2030 年目標所取得的進展。2025年，建築業的成長速度超過了全球行業平均水平，這得益於我們成功的行銷計劃。因此，全年用戶總銷售額成長了 5%。推進我們朝 2030 年目標邁進，在 2024 年的基礎上成長 1.25 倍。

In Resource Industries, customer interest in our autonomous hauling solution remains strong. and we're making steady progress towards our 2030 goal to triple the number of cat autonomous haul trucks in operation compared to 2024. We ended the year with 827 autonomous haul trucks in operation, up from 690 at the end of 2024.

在資源產業，客戶對我們的自動運輸解決方案的興趣依然濃厚。我們正穩步朝著2030年的目標邁進，與2024年相比，將營運中的卡特彼勒自動運輸卡車數量增加兩倍。截至年底，我們共有 827 輛無人駕駛運輸卡車投入運營，而 2024 年底這一數字為 690 輛。

Adoption is expected to accelerate given our proven solution, our expansion into quarries and our ability to support mixed fleets. For example, last month, Caterpillar and [Soltrak,] our dealer in Brazil, announced an agreement to provide Vale an autonomy solution for a mixed fleet of more than 90 trucks.

鑑於我們成熟的解決方案、我們在採石場的業務拓展以及我們支持混合車隊的能力，預計採用率將會加快。例如，上個月，卡特彼勒和我們在巴西的經銷商 Soltrak 宣布達成協議，為 Vale 提供超過 90 輛卡車的混合車隊的自動駕駛解決方案。

Power and Energy delivered meaningful progress towards our 2030 goal to more than double power generation sales compared to 2024. In 2025, power generation sales exceeded $10 billion, which is year-over-year growth of more than 30%. We're also on track in our multiyear effort to double our large engine capacity and more than double our industrial gas turbine capacity. As we've discussed, the additional capacity will serve a broad range of applications and the phasing will occur between now and the end of 2030.

電力和能源部門在實現 2030 年發電銷售額比 2024 年翻倍以上的目標方面取得了實質進展。2025 年，發電銷售額超過 100 億美元，較去年同期成長超過 30%。我們正按計劃推進多年計劃，力爭將大型發動機產能翻一番，並將工業燃氣渦輪機產能提高一倍以上。正如我們所討論的，新增產能將服務於廣泛的應用領域，並將在現在到 2030 年底之間分階段實施。

Now, on slide 6, I'll provide our 2026 outlook. Overall, we anticipate full year sales and revenues to grow around the top of the 5% to 7% long-term compound annual growth rate target. As I mentioned earlier, our record backlog of $51 billion provides strong momentum to start the year.

現在，在第 6 張投影片上，我將介紹我們對 2026 年的展望。總體而言，我們預計全年銷售額和收入將達到 5% 至 7% 的長期複合年增長率目標的上限。正如我之前提到的，我們創紀錄的 510 億美元積壓訂單為今年的開局提供了強勁動力。

We're also starting to get multiyear visibility in power and energy as we work closely with our customers to schedule factory orders in line with their project time lines. As a result, approximately 62% of our backlog is expected to deliver in the next 12 months, which is lower than our historical average.

隨著我們與客戶緊密合作，根據他們的專案時間表安排工廠訂單，我們也開始在電力和能源方面獲得多年的可視性。因此，預計未來 12 個月內，我們積壓訂單中約有 62% 將交付，低於歷史平均值。

Strong backlog, coupled with healthy end markets supports our expectation for volume growth in all three primary segments. We also expect all 3 segments to benefit from positive price realization, about 2% of total sales and revenues and continued growth in services revenues.

強勁的訂單儲備，加上健康的終端市場，支撐了我們對三大主要細分市場銷售成長的預期。我們也預期所有 3 個業務部門都將受惠於價格上漲，約佔總銷售額和收入的 2%，以及服務收入的持續成長。

Full-year adjusted operating profit margin should exceed 2025 levels but remain near the bottom of the target range for our expected sales and revenues. Our adjusted operating profit margin expectation reflects the ongoing impact of tariffs as well as investments we are making to execute our growth strategy.

全年調整後營業利潤率應超過 2025 年的水平，但仍將接近我們預期銷售額和收入目標範圍的下限。我們調整後的營業利潤率預期反映了關稅的持續影響以及我們為執行成長策略而進行的投資。

I remain confident that we will manage the impact of tariffs over time as we aim to operate around the midpoint of our adjusted operating profit margin target range. Capital expenditures are expected to be around $3.5 billion, driven primarily by our capacity expansion plans. And finally, MP&A free cash flow is expected to be slightly lower than 2025, reflecting the increase in capital expenditures.

我仍然相信，隨著時間的推移，我們將能夠控制關稅的影響，因為我們的目標是在調整後的營業利潤率目標範圍的中點附近運營。預計資本支出約 35 億美元，主要由我們的產能擴張計畫驅動。最後，MP&A 的自由現金流預計將略低於 2025 年的水平，這反映了資本支出的增加。

Now I'll discuss our outlook for key end markets, starting with Construction Industries. Another year of sales to users growth was expected in 2026, supported by elevated order rates and a robust backlog. Overall, the outlook for North America remains positive as sales to users grow moderately versus last year with construction spending remaining healthy due to IIJA funding and other critical infrastructure programs. We also anticipate accelerated investment in data centers, which will further bolster overall construction spending.

現在我將討論我們對主要終端市場的展望，首先是建築業。預計 2026 年用戶銷售額將繼續成長，這得益於較高的訂單率和強勁的積壓訂單。總體而言，北美地區的前景仍然樂觀，用戶銷售額較去年略有增長，建築支出因 IIJA 資金和其他關鍵基礎設施項目而保持健康。我們也預計資料中心投資將加速成長，這將進一步提振整體建築支出。

Dealer rental fleet loading and rental revenue are both projected to increase compared to 2025. In EAME, economic conditions in Europe are expected to strengthen and construction activity in Africa and the Middle East is projected to remain strong. In Asia Pacific outside of China, moderate economic conditions are expected in 2026.

預計到 2025 年，經銷商租賃車隊裝載量和租賃收入都將增加。在歐洲、非洲和中東地區，預計歐洲經濟狀況將有所改善，非洲和中東的建築活動預計將保持強勁勢頭。預計2026年除中國以外的亞太地區經濟狀況將保持溫和。

We anticipate positive momentum in China off of low levels with full-year growth in the above 10-ton excavator industry. Growth in Latin America is expected to continue at a similar rate to 2025. Resource Industries had positive momentum in the fourth quarter with growing backlog supported by healthy orders across a broad range of products.

我們預計中國10噸以上挖土機產業將從低點反彈，實現全年成長，並保持積極的成長動能。預計到 2025 年，拉丁美洲的成長速度將繼續保持類似水準。Resource Industries 在第四季度發展勢頭良好，積壓訂單不斷增加，這得益於各種產品的良好訂單量。

For 2026, sales to users are expected to increase, primarily driven by rising demand for copper and gold and positive dynamics in heavy construction and quarry and aggregates. Most key commodities remain above investment thresholds and customer and product utilization is high, while the age of the fleet remains elevated.

預計到 2026 年，用戶銷售額將會增加，主要原因是銅和黃金的需求不斷增長，以及重型建築、採石和骨料行業的積極發展勢頭。大多數關鍵商品仍高於投資門檻，客戶和產品利用率很高，但車隊的年齡仍然較高。

With modest increases in commodity prices projected in 2026, we expect rebuild activity to increase slightly compared to last year. And finally, for Power and Energy, the 2026 outlook is positive. Robust backlog growth in the fourth quarter was driven by continued momentum in both power generation and oil and gas. We anticipate growth in power generation for both CAT reciprocating engines and solar turbines driven by increasing energy demand to support data center build-out related to cloud computing and generative AI.

預計 2026 年大宗商品價格將小幅上漲，因此我們預計重建活動將比去年略有增加。最後，電力和能源產業 2026 年的前景是正面的。第四季強勁的積壓訂單成長得益於發電和石油天然氣產業的持續成長動能。我們預計，隨著雲端運算和生成式人工智慧相關的資料中心建設對能源的需求不斷增長，CAT 往復式發動機和太陽能渦輪機的發電量都將增長。

Additionally, we're starting to see orders for Prime Power trend higher as data center customers look for alternative power solutions to keep pace with their growth. For example, yesterday, we announced an order for 2 gigawatts of reciprocating generator sets for a prime power application from American Intelligence and Power Corporation.

此外，隨著資料中心客戶尋求替代電源解決方案以滿足其成長需求，我們開始看到 Prime Power 的訂單呈現上升趨勢。例如，昨天我們宣布收到美國智慧與電力公司 (American Intelligence and Power Corporation) 的訂單，訂購 2 吉瓦往復式發電機組，用於主電源應用。

Generators will be used to support the initial development phase of the Monarch compute campus, which has a total potential of about 8 gigawatts of power generation. This represents one of our largest single orders for complete power solutions. The value of the order will be reflected in our first quarter 2026 backlog, and we expect to deliver the generators starting in late 2026 through 2027. This exciting announcement is 1 of 4 orders we've booked with at least 1 gigawatt of Caterpillar equipment for data center prime power.

發電機將用於支援 Monarch 計算園區的初期開發階段，園區總發電潛力約為 8 吉瓦。這是我們收到的最大一筆整體電力解決方案單筆訂單之一。該訂單的價值將反映在我們 2026 年第一季的積壓訂單中，我們預計將從 2026 年底到 2027 年開始交付發電機。這項令人興奮的公告是我們已預訂的 4 份至少 1 吉瓦 Caterpillar 設備用於資料中心主電源的訂單之一，這些訂單共 4 份。

After reaching record levels in 2025, oil and gas is expected to see moderate growth in 2026. Reciprocating engine sales are expected to increase, driven by strong demand in gas compression applications. Solar Turbines oil and gas backlog remains healthy with continued solid order and inquiry activity.

石油和天然氣價格在 2025 年達到創紀錄水準後，預計 2026 年將保持溫和成長。受氣體壓縮應用領域強勁需求的推動，往復式引擎的銷售量預計將會成長。Solar Turbines 的石油和天然氣業務訂單儲備依然充足，訂單和詢價活動持續穩健。

And as a result, we expect another year of strong turbine sales comparable to our record 2025 performance. Demand for products and industrial applications is expected to grow moderately in 2026 as we see continued recovery from previous lows. And in transportation, we anticipate full-year growth in rail services and locomotive deliveries.

因此，我們預計今年的渦輪機銷售將保持強勁成長，與我們 2025 年創紀錄的業績相當。隨著經濟從先前的低點持續復甦，預計2026年對產品和工業應用的需求將溫和成長。在交通運輸方面，我們預計鐵路服務和機車交付量將實現全年增長。

I'll close on slide 7 with an update on our strategy. Since our Investor Day in November, the executive leadership team and I have engaged our employees and dealers around the globe to launch our refreshed enterprise strategy for profitable growth. Our mission statement solving our customers' toughest challenges is creating strong alignment around keeping customer needs at the center of everything we do.

我將在第七張投影片上更新我們的策略。自 11 月的投資者日以來，我和執行領導團隊一直與全球各地的員工和經銷商合作，推出我們更新後的企業獲利成長策略。我們的使命宣言是解決客戶面臨的最嚴峻挑戰，這反映了我們始終將客戶需求放在一切工作的核心位置，並以此為基礎建立強大的凝聚力。

The strategy is centered on three pillars for profitable growth, commercial excellence, being the advanced technology leader in transforming how we work, all built upon a foundation of continued operational excellence. I look forward to advancing the strategy with regional leaders and dealers throughout 2026.

該策略以獲利成長、商業卓越、成為變革我們工作方式的先進技術領導者這三大支柱為中心，所有這些都建立在持續卓越營運的基礎之上。我期待在 2026 年與區域領導人和經銷商一起推動這項策略。

And finally, we were excited to kick off the year with a showcase and keynote at CES 2026 in Las Vegas, where we unveiled the next era of industrial AI and autonomy. This was an important opportunity to demonstrate our advanced technology leadership by highlighting Caterpillar's significant role in creating the invisible layer of the tech stack.

最後，我們非常興奮地在拉斯維加斯舉行的 CES 2026 上舉辦了產品展示和主題演講，以此拉開了新年的序幕，並在會上揭開了工業人工智慧和自主性的下一個時代。這是一個重要的機會，可以展示我們在先進技術方面的領先地位，並專注於卡特彼勒在創建技術堆疊的無形層中發揮的重要作用。

The critical minerals, reliable power and physical infrastructure that the digital world relies on to function. We made exciting announcements, including the launch of our new Cat AI assistant, which will allow customers to more easily buy, maintain, manage and operate their equipment. We also announced a commitment to the most important part of the invisible layer, people.

數位世界賴以運作的關鍵礦產、可靠的電力和實體基礎設施。我們發布了一些令人興奮的消息，包括推出我們全新的 Cat AI 助手，這將使客戶能夠更輕鬆地購買、維護、管理和操作他們的設備。我們也宣告了對無形層面中最重要的一部分——人——的承諾。

Caterpillar pledged $25 million to ensure the future workforce has the tools they need to make advanced technology possible. With that, I'll turn it over to Andrew for a detailed overview of results and key assumptions looking forward.

卡特彼勒承諾投入 2,500 萬美元，以確保未來的勞動力擁有實現先進技術所需的工具。接下來，我將把發言權交給安德魯，讓他詳細概述結果和未來的關鍵假設。

Thank you, Joe, and thank you, Joe, and good morning, everyone. As usual, I will begin with a summary of the quarter and then provide brief comments on the performance of the segments. Next I will discuss the balance sheet and free cash flow and conclude with comments on our high-level planning assumptions for 2026 as well as our expectations for the first quarter.

謝謝你，喬，謝謝你，喬，大家早安。照例，我將先對本季度進行總結，然後對各業務板塊的表現進行簡要評論。接下來，我將討論資產負債表和自由現金流，並對我們 2026 年的高階規劃假設以及我們對第一季的預期做出評論。

Beginning on slide 8, sales and revenues of $19.1 billion reflected an 18% increase versus the prior year. As Joe noted, this was an all-time quarterly record. Adjusted operating profit was $3.0 billion, and our adjusted operating profit margin was 15.6%. We generated strong MP&E free cash flow of $3.7 billion in the quarter, and $9.5 billion for the full year. This was our third consecutive year with more than $9 billion of MP&E free cash flow.

從第 8 張投影片開始，銷售額和收入為 191 億美元，比前一年增長了 18%。正如喬所指出的，這是有史以​​來的季度紀錄。調整後的營業利潤為 30 億美元，經調整後的營業利益率為 15.6%。本季度，我們的 MP&E 自由現金流強勁成長至 37 億美元，全年自由現金流達到 95 億美元。這已是我們連續第三年實現超過 90 億美元的 MP&E 自由現金流。

Moving to slide 9, I'll discuss our top line results for the fourth quarter. Sales and revenues of $19.1 billion exceeded our expectations, driven by stronger-than-anticipated volume in Power and Energy. Versus the prior year, stronger sales volumes supported the sales increase.

接下來，我將在第 9 張投影片中討論我們第四季的主要業績。銷售額和收入達到 191 億美元，超出預期，這主要得益於電力和能源業務銷售量強於預期。與上年相比，更強勁的銷售量支撐了銷售額的成長。

Price was about neutral and roughly in line with our expectations. Volume growth reflected a 15% year-over-year increase in total sales to users and a favorable impact from changes in dealer inventories. Total machine dealer inventory decreased by about $500 million in the quarter compared to a $1.6 billion decrease decline last year. The decrease in the fourth quarter was larger than we had anticipated, primarily due to stronger-than-expected sales to users in Construction Industries. Services revenues increased in the quarter compared to 2024.

價格基本持平，與我們的預期大致相符。銷售成長反映了用戶總銷售額年增 15%，以及經銷商庫存變化帶來的有利影響。本季機械經銷商總庫存減少了約 5 億美元，而去年同期則減少了 16 億美元。第四季的降幅比我們預期的要大，主要是由於建築業用戶的銷售額強於預期。本季服務收入較 2024 年有所成長。

Moving to operating profit on slide 10, operating profit in the fourth quarter decreased by 9%, while adjusted operating profit of $3.0 billion was about flat versus the prior year. As I mentioned, adjusted operating profit margin for the fourth quarter was 15.6%, slightly stronger than we had anticipated, driven by volume being better than expected, partially offset by higher incentive compensation expense.

在第 10 張投影片中，我們來看營業利潤。第四季營業利潤下降了 9%，而調整後的營業利潤為 30 億美元，與去年同期基本持平。正如我之前提到的，第四季度的調整後營業利潤率為 15.6%，略高於我們的預期，這主要得益於銷售量好於預期，但部分被更高的激勵性薪酬支出所抵消。

Versus the prior year, the 270 basis points decrease was primarily due to higher manufacturing costs driven by tariffs. Excluding tariffs, our fourth quarter margin was higher than the prior year. For the full year, excluding the impact of tariffs implemented in 2025, margin was in the top half of the target range.

與前一年相比，下降 270 個基點主要是因為關稅導致製造成本上升。剔除關稅因素，我們第四季的利潤率高於去年同期。全年來看，不計入 2025 年實施的關稅的影響，利潤率處於目標範圍的上半部。

Moving to slide 11, profit per share was $5.12 in the quarter. Adjusted profit per share was better than we had anticipated at $5.16, excluding restructuring costs of $0.52 and mark-to-market gains of $0.48 for the remeasurement of pension and other post and deployment benefit plans. When you exclude the impact of mark-to-market gains from other income and expense, we had a headwind of about $73 million, which was mainly driven by the absence of foreign exchange gains related to MP&E balance sheet translation that occurred in the prior year.

翻到第 11 張投影片，本季每股收益為 5.12 美元。調整後的每股收益為 5.16 美元，高於我們的預期，其中不包括 0.52 美元的重組成本和 0.48 美元的退休金和其他部署後福利計劃重新計量的市值收益。如果排除以市值計價收益對其他收入和支出的影響，我們面臨約 7,300 萬美元的不利影響，這主要是由於前一年發生的與 MP&E 資產負債表折算相關的外匯收益的缺失造成的。

Excluding discrete items, the provision for income taxes in the fourth quarter of 2025 reflected a global annual effective tax rate of 24.1% as compared with 22.2% in 2024. This was in line with our expectations. Finally, the year-over-year impact from the reduction in the average number of shares outstanding, primarily due to share repurchases resulted in a favorable impact on adjusted profit per share of approximately 14% as compared to the fourth quarter of 2024 and benefited the full year by about $0.66.

剔除個別項目後，2025 年第四季所得稅準備金反映出全球年度實際稅率為 24.1%，而 2024 年為 22.2%。這符合我們的預期。最後，由於股票回購，流通股平均數量減少，年比對調整後每股收益產生了約 14% 的有利影響，與 2024 年第四季相比，全年收益增加了約 0.66 美元。

Moving to slide 12, I'll now discuss the segment results. Construction industry sales increased by 15% in the fourth quarter to $6.9 billion. This is roughly in line with our expectations as the stronger sales to users were about offset by a larger-than-expected decrease in dealer inventory and slightly unfavorable price realization.

接下來請看第 12 張投影片，我將討論細分市場的結果。第四季建築業銷售額成長15%，達到69億美元。這大致符合我們的預期，因為用戶銷售的強勁成長被經銷商庫存下降幅度超出預期以及價格實現略微不利所抵消。

Compared to the prior year, higher sales volume reflected stronger sales to end users and the positive impact from changes in dealer inventories. Dealer inventory decreased less during the fourth quarter of 2025 than during the fourth quarter of 2024. Fourth-quarter profit for Construction Industries decreased by 12% versus the prior year to $1.0 billion.

與前一年相比，更高的銷售量反映了終端用戶銷售的強勁成長以及經銷商庫存變化帶來的正面影響。2025 年第四季經銷商庫存下降幅度小於 2024 年第四季。建築業第四季獲利較上年同期下降 12%，至 10 億美元。

The segment's margin was 14.9%, a decrease of 470 basis points versus the prior year. The margin decrease was primarily due to higher manufacturing costs, driven by tariffs, which had an impact of about 600 basis points on margins. The margin was lower than we had expected due primarily to higher incentive compensation and a slightly unfavorable price realization, which offset the impact of stronger volume.

該業務板塊的利潤率為 14.9%，比前一年下降了 470 個基點。利潤率下降主要是由於關稅導致製造成本上升，對利潤率產生了約 600 個基點的影響。由於激勵性薪酬較高以及價格實現略微不利，利潤率低於預期，這抵消了銷售成長的影響。

Turning to slide 13, resource Industries sales increased by 13% in the fourth quarter to $3.4 billion, which was in line with our expectations. Sales volume was slightly more favorable than we had anticipated while price realization was a slightly larger headwind than we had expected.

翻到第 13 張投影片，資源產業第四季銷售額成長 13% 至 34 億美元，這與我們的預期相符。銷售量略優於預期，而價格實現方面則比預期面臨更大的阻力。

Compared to the prior year, the sales increase was primarily due to higher sales volume, driven by the impact from changes in dealer inventories. Fourth quarter profit for Resource Industries decreased by 24% versus the prior year to $360 million. The segment's margin of 10.7% was a decrease of 510 basis points versus the prior year primarily due to higher manufacturing costs driven by tariffs, which had an impact of about 490 basis points.

與前一年相比，銷售額的成長主要是由於銷售量增加，而銷售量增加又是由經銷商庫存變化的影響所驅動的。Resource Industries 第四季獲利較上年同期下降 24%，至 3.6 億美元。該業務部門的利潤率為 10.7%，比前一年下降了 510 個基點，主要原因是關稅導致製造成本上升，影響約 490 個基點。

The margin was lower than we had anticipated, primarily due to higher short-term incentive compensation higher tariffs and a slightly unfavorable price realization. Now on slide 14. Power and Energy sales increased by 23% in the fourth quarter to $9.4 billion. Sales exceeded our expectations driven by stronger-than-anticipated volume, particularly in power generation and oil and gas.

利潤率低於我們的預期，主要原因是短期激勵性補償較高、關稅較高以及價格實現略微不利。現在來看第14張投影片。第四季電力和能源銷售額成長了 23%，達到 94 億美元。銷售額超出預期，主要得益於銷售量強於預期，尤其是在發電和石油天然氣領域。

Compared to the prior year, sales increased primarily due to higher sales volume and favorable price realization. Fourth quarter profit for Power and Energy increased by 25% versus prior year to $1.8 billion. The segment's margin of 19.6% increased by 30 basis points versus the prior year on the higher volume. The tariff impact was about 220 basis points. The margin was stronger than we had anticipated primarily due to favorable volume, price was also slightly more favorable than we had anticipated.

與上年相比，銷售額成長主要是由於銷售量增加和價格實現良好。第四季電力和能源業務利潤較上年同期成長 25%，達到 18 億美元。由於銷量增加，該業務板塊的利潤率為 19.6%，比上年同期增長了 30 個基點。關稅影響約 220 個基點。由於銷售量良好，利潤率高於預期，價格也略高於預期。

Moving to slide 15, financial Products revenues increased by 7% versus the prior year to about $1.1 billion, primarily due to a favorable impact from higher average earning assets partially offset by the impact from lower average financing rates. Segment profit increased by 58% to $262 million.

翻到第 15 張投影片，金融產品收入比上年增長 7%，達到約 11 億美元，這主要是由於平均盈利資產增加帶來的有利影響，但部分被平均融資利率下降的影響所抵消。分部獲利成長58%，達到2.62億美元。

This was due in part to a favorable impact from higher margins and Insurance Services due to lower loss ratios, higher average earnings and a lower provision for credit losses also benefited profitability. Our customers' financial health remains strong. Past dues were 1.37% in the quarter, down 19 basis points versus the prior year and our lowest year-end on record.

這部分是由於利潤率提高帶來的有利影響，而保險服務由於賠付率降低、平均收益提高以及信貸損失準備金減少，也提高了盈利能力。我們客戶的財務狀況依然良好。本季逾期款項佔 1.37%，較上年同期下降 19 個基點，創歷史新低。

The allowance rate was 0.86%, the lowest ever reported in any quarter. Business activity at Cat Financial remains healthy. Retail credit applications increased by 6%, and our retail new business volume grew by 10% versus the prior year. In addition, demand for our used equipment remains healthy on relatively stable pricing while inventories remain at historically low levels.

撥備率為0.86%，是歷季中報告的最低值。Cat Financial 的業務活動仍保持良好狀態。零售信貸申請量增加了 6%，零售新業務量比上年增長了 10%。此外，二手設備的需求依然旺盛，價格相對穩定，而庫存仍處於歷史低點。

Conversion rates remain above historical averages as more customers choose to buy equipment at the end of the lease term. Moving to slide 16. As I mentioned, we continue to generate strong MP&E free cash flow with $9.5 billion in 2025, which was slightly higher than 2024 despite an $800 million increase in capital expenditures.

由於越來越多的客戶選擇在租賃期結束時購買設備，轉換率仍然高於歷史平均值。切換到第16張投影片。正如我之前提到的，儘管資本支出增加了 8 億美元，但我們 2025 年的 MP&E 自由現金流仍將達到 95 億美元，略高於 2024 年，我們繼續保持強勁的成長勢頭。

In 2025, we deployed about $7.9 billion or 84% of our MP&E free cash flow to shareholders. We continue to expect to return substantially all MP&E free cash flow to shareholders over time.

2025 年，我們將約 79 億美元（佔 MP&E 自由現金流的 84%）分配給了股東。我們仍然期望隨著時間的推移，將MP&E的大部分自由現金流返還給股東。

This quarter, we expect to enter into a larger accelerated share repurchase compared to the $3 billion ASR we executed in early 2025. Our balance sheet remains strong with an enterprise cash balance of $10.0 billion at the year-end. In addition, we held $1.2 billion in slightly longer-dated liquid marketable securities to improve yields on that cash.

本季度，我們預計將進行規模更大的加速股票回購，而我們在 2025 年初執行的 30 億美元加速股票回購規模將超過 30 億美元。我們的資產負債表依然穩健，截至年末，企業現金餘額為100億美元。此外，我們也持有 12 億美元期限稍長的流動性有價證券，以提高現金收益率。

Now on slide 17, before I begin, I'll remind you that my comments today assume the Rail division is within Power and Energy, as was the case through year-end 2025. In March of this year, we will file an 8-K recasting our historical periods to reflect the movement of our Rail division to Resource Industries. This will establish an appropriate baseline for evaluating future segment level performance and expectations. If necessary, we will also update any of our segment-specific forward-looking assumptions impacted by this change. Obviously, there will be no impact on the enterprise-wide assumptions.

現在，在第 17 張投影片上，在我開始之前，我要提醒大家，我今天的評論假設鐵路部門隸屬於電力和能源部門，就像 2025 年底之前的情況一樣。今年三月，我們將提交一份 8-K 表格，重述我們的歷史時期，以反映我們鐵路部門向資源工業的轉移。這將為評估未來細分市場的表現和預期建立一個適當的基準。如有必要，我們還將更新受此變更影響的任何特定業務板塊的前瞻性假設。顯然，這不會對企業整體假設產生任何影響。

Now, let me start with our expectations for the full year. As Joe mentioned, we expect enterprise sales and revenues to grow versus the prior year, likely around the top end of that 5% to 7% CAGR target on higher volume and favorable price realization.

現在，讓我先談談我們對全年的預期。正如喬所提到的，我們預計企業銷售額和收入將比上一年增長，在銷售增加和價格實現有利的情況下，複合年增長率可能會達到 5% 至 7% 的目標上限。

We anticipate sales growth across each of our primary segments, with Power and Energy delivering the strongest year-over-year rate of growth, supported by the robust backlog. Growth in this segment will be paced by the timing of bringing our capacity increases online over the next few years.

我們預計各主要業務板塊的銷售額都將成長，其中電力和能源板塊的同比增長率最高，這得益於強勁的訂單儲備。未來幾年，該領域的成長速度將取決於我們產能提升的上線時間。

Our planning assumption is that the $500 million decline in machine dealer inventory in 2025 will be offset by an increase by the end of 2026, a tailwind to 2026 sales. As Joe mentioned, we expect favorable price realization to account for a roughly 2% increase in sales for the full year. For perspective on the quarterly sales cadence, we anticipate the lowest sales of the year to occur in the first quarter which aligns with their normal seasonable pattern.

我們的規劃假設是，2025 年機械經銷商庫存減少 5 億美元，到 2026 年底庫存增加，這將對 2026 年的銷售額起到促進作用。正如喬所說，我們預計有利的價格實現將使全年銷售額成長約 2%。為了更了解季度銷售節奏，我們預計全年最低銷售額將出現在第一季度，這與其正常的季節性模式相符。

On Enterprise adjusted operating profit margin, excluding the impact of tariff costs, we expect to be in the top half of the target range at our anticipated sales level, supported by favorable price realization and volume. Specific to volume growth, we anticipated the attributable profit pull-through or incremental margin to reflect our recent operational performance which has been impacted by tariffs in contrast to prior years.

在不計關稅成本的影響下，我們預期在預期的銷售水準下，企業調整後的營業利潤率將達到目標範圍的上半部分，這得益於有利的價格實現和銷售。就銷售成長而言，我們預計歸屬於的利潤拉動或增量利潤將反映我們最近的營運業績，與往年相比，這受到了關稅的影響。

We are committed to investing for long-term profitable growth, which includes capacity investments, which will impact depreciation expense and higher technology and digital spend. We believe these investments will support future absolute back dollar generation, which I'll remind you is our definition of winning.

我們致力於投資長期獲利成長，其中包括產能投資，這將影響折舊費用以及更高的技術和數位化支出。我們相信這些投資將有助於未來產生絕對的現金收益，我還要提醒各位，這就是我們對成功的定義。

Including the impact to tariffs, we expect margin to be near the bottom of the target range. I'll provide some perspective, but let me explain how we intend to report to you about tariffs as we move forward. The absolute dollar value of new tariffs imposed in 2025 was $1.8 billion. Mitigating actions can come in 2 forms.

考慮到關稅的影響，我們預期利潤率將接近目標範圍的下限。我將提供一些背景信息，但首先讓我解釋一下，我們將如何向您報告有關關稅的進展。2025年新增關稅的絕對美元價值為18億美元。緩解措施可以分為兩種形式。

First of those that reduce the direct tariff exposure bill, which will include actions like sourcing changes. These reduced the actual dollar value of tariffs paid. And second, there are cost control actions and pricing, which helped reduce the impact on our profitability. Most of the actions taken in 2025 related to cost controls, which could be specifically attributed to tariff mitigation, and these amounted to around $100 million, resulting in a net incremental tariff impact of $1.7 billion.

首先是那些能夠減少直接關稅支出的措施，例如改變採購方式。這些措施降低了實際支付的關稅美元價值。其次，成本控制措施和定價策略也有助於減少對我們獲利能力的影響。2025 年採取的大部分行動都與成本控制有關，具體而言，這些行動可歸因於關稅減免，總額約為 1 億美元，導致淨增量關稅影響為 17 億美元。

Looking forward, it will become increasingly challenging to parse out and track with the cost control or price action is directly tied to tariff mitigation versus being taken in the normal course of business. Therefore, going forward, we report absolute incremental tariff cost which will only take into account those mitigating actions that reduce the absolute value of the tariff exposure.

展望未來，要區分和追蹤成本控製或價格行動是直接與關稅緩解措施相關，還是在正常業務過程中採取的措施，將變得越來越具有挑戰性。因此，今後我們將報告絕對增量關稅成本，該成本將只考慮那些降低關稅風險絕對值的緩解措施。

As a reminder, the incremental tariffs we report are measured against the 2024 base of the year. For the full year, incremental tariff costs are expected to be around $2.6 billion, which is $800 million higher than incurred in 2025. If we did not take the actions we plan to take in 2026, this bill will be around 20% higher.

需要提醒的是，我們報告的增量關稅是相對於 2024 年的基準年而言的。預計全年新增關稅成本約為 26 億美元，比 2025 年產生的成本高出 8 億美元。如果我們不採取計劃在 2026 年採取的行動，這項法案的金額將增加約 20%。

We expect incremental tariff costs of around $800 million in the first quarter, a level similar to the fourth quarter of 2025. The run rate should improve towards the second half of the year as we take actions to reduce our tariff exposure.

我們預計第一季新增關稅成本約為 8 億美元，與 2025 年第四季的水準相似。隨著我們採取措施降低關稅風險，下半年運行率應該會有所改善。

Finally, please remember that tariffs are volume-sensitive. We will continue to take actions to manage our costs in the normal course of business and remain committed to operate within our adjusted operating profit margin target range with the goal of being around the midpoint of the range over time.

最後，請記住，關稅與交易量有關。我們將繼續採取措施控制日常業務成本，並致力於在調整後的營業利潤率目標範圍內運營，目標是隨著時間的推移，使利潤率保持在目標範圍的中點附近。

Now, concluding our expectations for the year, we expect restructuring costs of roughly $300 million to $350 million. Our global annual effective tax rate is anticipated to be 23%, excluding discrete items, NPE free cash flow should be slightly lower than 2025, reflecting the higher CapEx of around $3.5 billion in 2026.

最後，總結我們對今年的預期，我們預計重組成本約為 3 億至 3.5 億美元。預計我們的全球年度有效稅率為 23%，不包括特殊項目，不良資產自由現金流應略低於 2025 年，反映出 2026 年資本支出較高，約 35 億美元。

Now turning to slide 18, to assist you with your modeling, I'll provide color on the first quarter. Starting with the top line, we would expect stronger sales and revenues versus the prior year. We anticipate stronger volume including sales to users growth and a tailwind from machine dealer inventories.

現在請看第 18 張投影片，為了幫助您進行建模，我將在第一部分中提供顏色。首先來看營收方面，我們預期銷售額和收入將比前一年有所成長。我們預計銷售量將有所成長，包括用戶銷售的成長以及機器經銷商庫存的增加帶來的利好。

We expect a more typical machine dealer inventory build this quarter, aligning with a seasonable pattern, which is the first quarter build in excess of $1 billion. This compares to flash levels in the first quarter of 2025. We also anticipate a favorable impact from price realization.

我們預計本季機械經銷商的庫存增加將更加典型，符合季節性模式，即第一季庫存增加超過 10 億美元。這與 2025 年第一季的閃光水平相比。我們也預期價格實現將產生有利影響。

In Construction Industries in the first quarter, we anticipate strong sales growth with the increase versus the prior year driven by volume and favorable price realization. We expect continued sales to users growth with our confidence supported by the strong order rates and backlog. In addition, we anticipate a sizable benefit from changes in dealer inventories given a more typical seasonable a build in the first quarter.

第一季度，建築業銷售額預計將強勁成長，與去年同期相比，成長主要得益於銷售量和有利的價格實現。我們有信心，在強勁的訂單量和積壓訂單的支持下，用戶銷售將持續成長。此外，鑑於第一季產量將更加符合季節性規律，我們預計經銷商庫存的變化將帶來相當大的收益。

In Resource Industries, we anticipate strong sales growth versus the prior year driven by volume, including healthy sales to users growth and a favorable impact from changes in dealer inventory. Price realization should be relatively flattish, though we anticipate favorability as we move through the year.

資源產業預計銷售額將比上年實現強勁成長，這主要得益於銷售成長，包括用戶銷售額的健康成長以及經銷商庫存變化帶來的有利影響。價格實現應該會相對平穩，但我們預計隨著時間的推移，市場將趨於有利。

In Power and Energy, we anticipate sales growth versus the prior year, driven by strength in power generation and other than gas along with favorable price realization. As is typical, we expect first quarter sales in Power and Energy will be the segment's lowest of the year and sequentially lower than the fourth quarter of 2025. This expectation aligns the feasible pattern.

在電力和能源領域，我們預計銷售額將比上年增長，這主要得益於發電業務的強勁表現以及天然氣以外的其他業務的良好發展，同時價格實現也較為有利。與往年一樣，我們預計電力和能源業務第一季的銷售額將是該業務板塊今年以來的最低水平，並且比 2025 年第四季的銷售額環比下降。這一預期符合可行的模式。

Now, I'll provide some color on our first quarter margin expectations. Excluding incremental tariff costs, we expect a higher adjusted operating profit margin percentage year over year, supported by strong volume and price realization. Partially offset by higher manufacturing costs and SG&A and R&D expenses tied to our strategic investments.

現在，我將詳細介紹我們對第一季利潤率的預期。不計新增關稅成本，我們預期在強勁的銷售量和價格實現的支撐下，調整後的營業利潤率將比去年同期有所提高。部分被更高的製造成本、銷售、管理及研發費用以及與我們的策略投資相關的研發費用所抵銷。

As a reference, we would expect some seasonable margin uplift in the first quarter compared to the fourth quarter of 2025. Including incremental tariff costs at a level similar to the fourth quarter or around $800 million, margin is expected to be lower than versus the prior year.

作為參考，我們預計 2025 年第一季的利潤率將比 2025 年第四季有所成長。考慮到與第四季度類似的額外關稅成本（約 8 億美元），預計利潤率將低於去年同期水準。

Now, on to first-quarter margin expectations by segment. In Construction Industries, excluding incremental tariff costs, we anticipate a higher margin percentage compared to the prior year on favorable price realization and volume partially offset by higher manufacturing costs.

接下來，我們來看看各業務部門對第一季利潤率的預期。在建築業，不計新增關稅成本，我們預期有利的價格實現和銷售將使利潤率高於上年，但部分將被更高的製造成本所抵銷。

In Resource Industries, excluding incremental tariff costs, we anticipate slightly lower margin percentage compared to the prior year as favorable volume is more than offset by unfavorable manufacturing costs and higher SG&A and R&D expenses, including spend on strategic investments in autonomy.

在資源產業，不計新增關稅成本，我們預期利潤率將比上年略低，因為有利的銷售量被不利的製造成本和更高的銷售、一般及行政費用以及研發費用（包括在自主技術方面的策略性投資支出）所抵銷。

We do anticipate some unfavorable mix impact as we expect proportionately higher sales of original equipment compared to the prior year. In Power and Energy, excluding incremental tariff costs, we anticipate a higher margin percentage compared to the prior year, driven by a favorable price volume and price realization, partially offset by higher manufacturing costs particularly spend, including higher depreciation related to our capacity expansion projects.

我們預計，由於預計原廠設備的銷售量將比前一年相應增加，因此可能會對產品組合產生一些不利影響。在電力和能源領域，不計新增關稅成本，我們預計利潤率將比上年更高，這主要得益於有利的價格銷售和價格實現，但部分被更高的製造成本（特別是支出）所抵消，其中包括與產能擴張項目相關的更高折舊。

During the first quarter, we anticipate around 50% of the incremental tariff costs will be in Construction Industries in Resource Industries and 30% in Power and Energy. All segment margins are expected to be lower than they were in the first quarter of 2025 after taking into account incremental tariffs.

第一季度，我們預計新增關稅成本的 50% 左右將出現在建築業和資源產業，30% 將出現在電力和能源產業。考慮到新增關稅，預計所有業務部門的利潤率將低於 2025 年第一季的水準。

So turning to slide 19, let me summarize. In a year marked by uncertainty, our team delivered record sales and revenues, maintained adjusted operating profit margin within our target range and achieved a healthy adjusted profit per share of $19.06.

現在請看第 19 張投影片，讓我來總結一下。在充滿不確定性的一年裡，我們的團隊實現了創紀錄的銷售額和收入，將調整後的營業利潤率維持在目標範圍內，並實現了健康的調整後每股收益 19.06 美元。

We generated $9.5 billion of free cash flow, our third consecutive year of generating over $9 billion. For 2026, we anticipate sales growth across all three primary segments driven by stronger volume and price. We also anticipate services revenue growth.

我們創造了 95 億美元的自由現金流，這是我們連續第三年創造超過 90 億美元的自由現金流。預計到 2026 年，在銷售量和價格走強的推動下，三大主要細分市場的銷售額都將成長。我們也預計服務收入將會成長。

Excluding the impact of incremental tariffs, we expect adjusted operating profit margin to be in the top half of our target range but near the bottom, including tariffs. And we expect MP&E free cash flow to be slightly lower than 2025, reflecting slightly the higher capital expenditures. We continue to execute our strategy for long-term profitable growth. And with that, we'll take your questions.

不計入額外關稅的影響，我們預期調整後的營業利潤率將處於目標範圍的上半部；但計入關稅後，則接近下限。我們預計 MP&E 的自由現金流將略低於 2025 年，反映出資本支出略有增加。我們將繼續執行長期獲利成長策略。接下來，我們將回答您的問題。

(Operator Instructions) Mig Dobre, Baird.

（操作說明）Mig Dobre，Baird。

The thing that obviously stood out most in the quarter was just a very impressive order growth and backlog growth that you have had. And I guess my question related to this, maybe twofold.

本季最引人注目的無疑是你們令人印象深刻的訂單成長和積壓訂單成長。我想我的問題可能與此有關，而且可能有兩方面的原因。

First, can you comment a little bit about what's happening in some of the other segments outside of maybe PNT or power generation and then as you sort of think on a go-forward basis, if I understand correctly, you've got roughly $20 billion of backlog that is not going to be delivered in the near term.

首先，您能否就 PNT 或發電以外的其他領域的情況稍作評論？然後，就您未來的發展規劃而言，如果我理解正確的話，您目前有大約 200 億美元的積壓訂單，這些訂單在短期內無法交付。

And it sounds like this figure might further grow as we think about Q1. So how do you think about these deliveries that now are stretching into 2017 and beyond? And I'm asking, through the lens of price cost, making sure that you are ensuring that you have the profitable margins and the proper pricing given how volatile just the cost picture and the tariff picture has been.

而且，隨著我們考慮第一季的情況，這個數字似乎還會進一步成長。那麼，您如何看待這些持續到 2017 年及以後的交付計畫？我想從價格成本的角度來問，鑑於成本和關稅情勢的波動性，你們是否確保了利潤率和合理的定價。

This is Joe. Thanks for that question. There's a lot in there. I'll try to get make sure I get to most of them. So we are really excited.

我是喬。謝謝你的提問。裡面內容很多。我會盡量確保能聯絡到大部分人。我們真的非常興奮。

I'm really excited about how we finished the year with our backlog at $51 billion, 70% higher than year-end prior and $11 billion higher than where we finished the third quarter.

我對我們今年的業績感到非常興奮，我們的積壓訂單總額達到了 510 億美元，比上年年底增長了 70%，比第三季末增長了 110 億美元。

So as you suggest, I'll talk about it and frame it in the way of order rates that we saw in the fourth quarter, and they were strong in all three segments. It's not just power and energy. CI had one of its best quarters from an order standpoint ever supported by both a growing industry that we think, confidence in the industry in '26 from us and our dealers and strength in our toes.

正如你所建議的，我會談談這件事，並以我們在第四季度看到的訂單率為例進行說明，這三個部分的訂單率都很強勁。這不僅僅是力量和能量的問題。從訂單角度來看，CI 迎來了有史以來最好的一個季度，這得益於我們認為不斷增長的行業、我們和經銷商對 2026 年行業的信心以及我們自身的實力。

We've continued to outperform the industry and we hope to try to do that again here in 2026. I'd say for CI as well, just keep in mind, we're also returning to a more normal seasonal pattern. So the selling season coming in the spring and us getting ready for that, we entered 2025 at a much slower pace. And so we're getting back to more normal seasonal patterns in CI.

我們一直表現優於行業平均水平，希望在 2026 年再次做到這一點。我想說，對於CI來說，也請記住，我們也正在回歸到更正常的季節性模式。因此，隨著春季銷售旺季的到來以及我們為此所做的準備，我們以較為緩慢的速度進入了 2025 年。因此，CI 的季節性模式正在逐漸恢復正常。

IR had a great order run rate in the quarter. It's one of the best quarters since 2021 that we've seen, and that's supported by strength in heavy construction in North America as well as some good mining orders, particularly in South America related to copper mining and then obviously, Power and Energy had a really strong order intake quarter as well.

IR本季訂單完成率很高。這是自 2021 年以來我們所見到的最好的季度之一，這得益於北美重型建築業的強勁表現，以及一些良好的礦業訂單，特別是南美與銅礦開採相關的訂單，當然，電力和能源行業的訂單量也非常強勁。

Power generation continues to be strong. We're seeing more deals, a little more mix into prime power, like the 1 that we announced yesterday, which obviously wasn't in this backlog figure, it will come in, in the first quarter. We've had four now Prime Power orders of greater than a gigawatt. And we've had a handful of other sizable orders that were less than -- the other thing there is we're seeing strong orders in oil and gas, particularly for gas compression. So the more power that is needed out there.

發電量依然強勁。我們看到更多交易，更多項目被納入主要電力供應體系，例如我們昨天宣布的1個項目，顯然它不在這個積壓訂單數字中，它將在第一季到位。我們已經接到了四筆超過1吉瓦的Prime Power訂單。我們也收到了一些其他數額較大的訂單，但金額較小——另外，我們看到石油和天然氣行業的訂單強勁，尤其是天然氣壓縮業務。所以，外面需要的電力就越多。

We're going to move a lot of gas. We have to feed turbines and engines to continue to provide that power. So we had a really, really strong quarter from an order standpoint. And again, it was strength across the board. When it comes to visibility further out, I think that's a good thing for us.

我們將運輸大量的天然氣。我們需要給渦輪機和引擎供能，才能繼續提供電力。所以從訂單角度來看，我們這個季度表現非常非常強勁。而且，各方面都表現優異。就更遠的視野而言，我認為這對我們來說是件好事。

One of the things that we're trying to do, particularly, most of that is in Power and Energy is work closely with our customers to schedule their orders in our factory to deliver when they need them in their project timing. And what that allows us to do is make sure we're not sending things ahead of time and we can satisfy more customers and make sure every order gets the customer when they need it.

我們正在努力做的事情之一，尤其是在電力和能源領域，是與客戶緊密合作，安排他們在我們工廠的訂單，以便在他們的專案時間表中按時交付。這樣一來，我們就能確保不會提前出貨，從而滿足更多客戶的需求，並確保每個訂單都能在客戶需要的時候送達。

Obviously, as you suggest, we're taking orders farther out for those type of orders, we have frame agreements for a lot of customers. Those will have inflationary indices tied in there for pricing and for non-frame agreements, we usually have escalators if they're out past the normal 12-month type period. So again, really, really happy with the order performance that we had in the fourth quarter and the outlook that we have ahead of us.

顯然，正如您所建議的，我們正在接受更長的訂單，對於這類訂單，我們與許多客戶簽訂了框架協議。這些定價將與通貨膨脹指數掛鉤，對於非框架協議，如果期限超過正常的 12 個月，我們通常會有價格上漲機制。所以，再次強調，我對第四季的訂單表現以及未來的前景都非常滿意。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Just the 50 gigawatt of power by 2030, that number you guys provided at Investor Day, can you just give us a sense where that kind of finishes ended '26 and '27. And the (inaudible) of the question is there's always worries that with everyone raising capacity, if data center slows, do we get into an overcapacity type of market, how much of this 50 gigawatt is going into other markets outside of data centers, energy, gas compression, downstream.

你們在投資者日上提出的 2030 年達到 50 吉瓦電力的目標，能否讓我們了解 2026 年和 2027 年的最終結果如何？（聽不清楚）問題在於，人們總是擔心，隨著每個人都在提高容量，如果資料中心放緩，我們會不會進入產能過剩的市場，這 50 吉瓦的容量有多少會流向資料中心以外的其他市場，例如能源、天然氣壓縮、下游市場。

I mean you're booking these orders, I know Mig talk about pricing, but how are you also thinking about terms and conditions, service agreements, prime moves to back up? Just how are you guys thinking of also preparing yourself for down the road as you've seen boom and bust in the past?

我的意思是，你們在接這些訂單，我知道米格會談到定價，但是你們是如何考慮條款和條件、服務協議、主要搬遷支援等問題的呢？你們過去曾經歷過經濟繁榮和衰退，那麼你們打算如何為未來做好準備呢？

Yes. Thanks, Mike. So when it comes to the capacity increase, we obviously work all of our industries kind of work with our customers and figure out what the forecast is. So there can be puts and takes, forecast to move around. But what we've we sort of gauge the capacity we need based on what we see in all industries.

是的。謝謝你，麥克。所以，當涉及到產能提升時，我們顯然會與各行各業的客戶合作，共同預測產能成長情況。所以可能會有買入和賣出，預計價格會波動。但是，我們根據在各個行業中觀察到的情況來大致估算我們需要的產能。

We're going to make sure -- like I said, we're going to move a lot of natural gas in the next few years, so we're going to make sure we take care of our oil and gas customers as well as power generation. And I think rightfully, as you point out in there, some of the things that are also in that capacity, it's not all just assembling finished product, right? Their supply base and there's components, machining and component capacity for us to make sure we can grow services. So when we take prime power or gas compression applications that run continuously, right?

就像我說的，未來幾年我們將輸送大量的天然氣，所以我們要確保照顧好我們的石油和天然氣客戶以及發電客戶。而且我認為，正如你在那裡指出的那樣，有些事情也具有這種性質，它不僅僅是組裝成品，對吧？他們的供應基地擁有零件、加工和零件產能，可以確保我們能夠發展服務。所以，當我們考慮持續運作的主電源或氣體壓縮應用時，對吧？

Those will hit overhaul cycles, and those are great services business for us, and we need to make sure we have capacity in place to do that as well. So all that's taken into consideration. We have -- we're on schedule. We were able to ship a little bit more at year-end in our large engine facility than we anticipated, which is a great thing.

這些設備會經歷大修週期，而這些對我們來說是很好的服務業務，我們需要確保我們有足夠的能力來應對這些業務。所以所有這些因素都已考慮在內。我們已經—我們按計劃進行。年底時，我們的大型引擎工廠的出貨量比預期略高，這是一件好事。

We need to be able to sustain that as throughout 2026, and we expect a big chunk of capacity, the first real big step up to come towards the end of this year and heading into 2027. And then the turbine investment started a little later, it will start to come on a little bit after that.

我們需要能夠維持到 2026 年，我們預計產能將大幅提升，第一個真正的大躍進將在今年年底和 2027 年到來之際。渦輪機的投資啟動時間稍晚一些，之後還會再進行一段時間。

So we continue to stay close to our customers. I mean we talk to hyperscalers and large data center customers weekly. And make sure we stay in line with our plans. And like I said, we're starting to take orders farther out, and I think that's a good thing.

因此，我們將繼續與客戶保持密切聯繫。我的意思是，我們每週都會與超大規模資料中心營運商和大型資料中心客戶進行溝通。並確保我們始終按照計劃行事。正如我所說，我們開始接受更遠時間的訂單，我認為這是一件好事。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

I'm trying to reconcile the sales guide for '26, right, the roughly 7% if you look at the backlog that ships in the next 12 months, on a year-over-year basis, it's up about 44%. The orders for backlog that ships in the next 12 months are up 36%. And your view of retail being up in '26. Just trying to understand why such a low sales growth given the order momentum, the size of the backlog and you see retail up in '26. And if you can indulge me just a clarification, maybe I missed it. The tariff impact, the $800 million, does that include expected pricing for '26 netting against a gross number, or is it before any pricing actions?

我正在努力核對 2026 年的銷售指南，對吧？大約 7% 的增幅，如果你看一下未來 12 個月內交付的積壓訂單，按年計算，增幅約為 44%。未來 12 個月內出貨的積壓訂單量增加了 36%。你認為零售業在 2026 年會上漲。我只是想弄清楚，考慮到訂單勢頭強勁、積壓訂單規模龐大，以及預計 2026 年零售額將增長，為什麼銷售增長如此低迷。如果可以的話，請容許我再澄清一下，也許是我錯過了什麼。關稅影響為 8 億美元，這是否包括 2026 年的預期定價與總額之間的淨額，還是指任何定價措施之前的價格？

Yes, David. So first, let me answer the second part of your question. That is -- it does not take into account any pricing actions, the 2% pricing action we talked about is completely separate. So this is just the incremental cost that we -- dollar costs that we will actually incur or pay for tariffs in 2026.

是的，大衛。首先，讓我回答你問題的第二部分。也就是說——它沒有考慮任何定價措施，我們討論的 2% 定價措施是完全獨立的。所以這只是我們在 2026 年實際需要承擔或支付的關稅的增量成本——以美元計價的成本。

And then when you talk about the backlog and the sales guide, the one thing I'd just point out to you, and Joe mentioned it was last year, if you remember, we actually did, in particular, in construction, there was a very low -- there was no -- virtually no increase in dealer inventory in the first quarter, which was unusual. So one of the factors that you have to take into account when you're looking at backlog is the fact that, obviously, CI's backlog is stronger, but part of that is for the machines for the $1 billion plus increase in dealer inventory that we expect in the first quarter, which is a difference versus the prior year.

然後，當您談到積壓訂單和銷售指南時，我想指出一點，喬也提到過，如果您還記得的話，去年，尤其是在建築領域，第一季經銷商庫存幾乎沒有增長，這很不尋常。因此，在查看積壓訂單時，必須考慮的一個因素是，顯然，CI 的積壓訂單更強勁，但部分原因是由於我們預計第一季經銷商庫存將增加 10 億美元以上，這與去年有所不同。

So that's one factor. Overall, just to remind you that in Power and Energy, we are capacity constrained. Obviously, we are basing our estimates based on the capacity we have today. As Joe mentioned, we are obviously trying and we've managed to build -- bring a little bit earlier online. But obviously, that is not certain at this stage. So obviously, if we are able to bring something on, there will be some upside in the second half of the year.

這是其中一個因素。總而言之，提醒各位，在電力和能源領域，我們的產能是有限的。顯然，我們的估算是基於我們目前的產能。正如喬所提到的，我們顯然正在努力，而且我們已經成功地——提前一點上線了。但顯然，目前這還不能確定。所以很明顯，如果我們能夠引進一些球員，那麼下半年就會有一些好處。

Tami Zakaria, JP Morgan.

塔米·扎卡里亞，摩根大通。

So the AIP announcement last night, could you give some color on what the battery energy storage system opportunity could be for an order of that magnitude in addition to recip engines, could it be half and half, 25-75, 75-25? Or any color on the revenue mix with an engine and DS would be helpful. And related to that, do you have enough capacity for best products? Should there be more deals like this?

昨晚AIP公告發布後，您能否詳細說明一下，除了往復式發動機之外，電池儲能係統在如此大規模的應用前景如何？是各佔一半，25-75，還是75-25？或者，任何關於收入構成、引擎和DS的顏色資訊都會有所幫助。與此相關的是，你們是否有足夠的產能來生產最好的產品？是否應該有更多類似的交易？

Tami, most of that order is going to be in generators and natural gas generators I think you saw as part of the jewel, it's a complete system, similar to Joule. So when we do have batteries in there, it's a small portion of the overall total. So most of it is gas generator sets. And as far as capacity goes, that's all part of our capacity planning.

塔米，大部分訂單將用於發電機和天然氣發電機，我想你已經在寶石中看到了，它是一個完整的系統，類似於焦耳。所以即使裡面有電池，也只佔總量的一小部分。所以大部分是瓦斯發電機組。至於產能方面，這都屬於我們的產能規劃範疇。

So we feel like we can continue to keep up with the growth in prime power and hopefully continue to see more mix shift that way because, as we said, that would help from a services standpoint, and we'll have to look at components further out because it would obviously even be more upside to services in the kind of three to five years after delivery of those gen sets. So exciting opportunities for sure. .

因此，我們感覺我們可以繼續跟上主用電的增長，並希望繼續看到更多的組合向這個方向轉變，因為正如我們所說，這將對服務方面有所幫助，而且我們必須更進一步地考慮組件，因為很明顯，在這些發電機組交付後的三到五年內，服務方面會有更大的增長空間。這無疑是令人興奮的機會。。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

A couple of questions for you on prime power. So for that application, what's the future role of backup diesel generators versus best. When you're talking to the customers, like how are you thinking about how that evolves over the next several years? And then also with regard to your capacity ramp in power gen, do you think you can keep the revenue momentum growing in '26 versus '25, I think it was up 30% or should we be angering more towards that 20% CAGR that you've laid out for Power Gen?

關於主功率，我有幾個問題想問您。那麼對於這種應用來說，備用柴油發電機的未來角色是什麼？與最佳方案相比又如何？當你和客戶交談時，你會如何看待未來幾年內的發展變化？另外，關於你們發電產能的提升，你認為2026年的營收成長動能能否比2025年維持下去？我記得2026年成長了30%，還是我們應該更關注你們為發電設定的20%的複合年增長率？

Yes. couple of questions there. I think the last one first, as Andrew stated, it's not a demand issue for us. It's really going to be can we bring on supply faster, kind of what we have in that revenue guide now is what we have high confidence in. If everything turns up heads, remember, it's not just us. We have to bring our supply base along with us. We're going to get out as much product as we can.

是的，還有幾個問題。我認為最後一個問題應該先回答，正如安德魯所說，這對我們來說不是需求問題。關鍵在於我們能否更快地增加供應，而我們目前在收入指導方針中列出的內容，正是我們非常有信心的。如果一切都引人注目，請記住，這不僅僅是我們一個人的問題。我們必須把我們的供應基地也一起帶上。我們將盡可能多地生產產品。

And obviously, that would provide a little bit of upside if we can continue to outpace our current plans for bringing the capacity online, when it comes to these prime power applications, most of what we're seeing so far is still having backup power and they're also with gen sets, not with batteries.

顯然，如果我們能夠繼續加快產能上線速度，超越目前的計劃，那麼在這些主要電力應用方面，我們將獲得一些好處。目前我們看到的大多數應用仍然需要備用電源，而且它們使用的是發電機組，而不是電池。

In fact, in these -- they're using our fast-start gas gensets for backup power versus diesel when they do a couple of the big orders we've seen for gas prime power. So right now, we're not seeing 100% battery backup. It's mostly generators.

事實上，在這些項目中——當他們接到我們看到的幾個大型燃氣主電源訂單時，他們使用的是我們的快速啟動燃氣發電機組作為備用電源，而不是柴油發電機組。所以目前我們還沒有看到100%的電池備用電源。主要是發電機。

Jamie Cook, Trust Securities.

Jamie Cook，Trust Securities。

Congratulations. Sorry, Joe, another question on backlog, just given the strength -- was there anything sort of onetime in that backlog growth number or pull forward perhaps an announcement that you weren't able to press release, my understanding the AIP that goes into next quarter.

恭喜。抱歉，喬，關於積壓訂單還有一個問題，鑑於目前的強勁勢頭——積壓訂單增長數字中是否有任何一次性因素，或者是否有提前宣布但你無法發布的消息，據我了解，AIP（年度改善計劃）將進入下一季度。

But I was just wondering if there's a pull forward in your understanding they'll be lumpiness quarter-to-quarter, but do you still see an expectation where you can grow your backlog double digit as we exit 2026 for the full year?

但我只是想知道，您認為季度業績會有波動，但您是否仍然預期到 2026 年底全年，您的積壓訂單能夠實現兩位數的增長？

And then just again, the growth you're seeing, is there any way -- do you think you're outgrowing the market for whatever reason, competitive positioning product dealer. I'm just wondering if you're getting a greater share of the market relative to your peers.

還有，關於你所看到的成長，你認為你是否因為某種原因而超越了市場，成為競爭定位產品經銷商？我只是想知道，與同行相比，你們的市佔率是否更大。

Yes. Thanks, Jamie. As far as orders in the quarter on your first question, I think nothing of significant note where we had something that we couldn't announce. I would there are a couple of things outside of Power and Energy. We talked about CI I would also say the strong orders in RI, again, those are -- I can be a lumpy business, and those orders come in big orders, and it's not steady.

是的。謝謝你，傑米。關於你第一個問題，本季的訂單狀況，我認為沒有什麼值得一提的重大進展，也沒有什麼我們不能宣布的事情。我認為除了電力和能源之外，還有一些其他因素需要考慮。我們談到了CI，我還想說RI的強勁訂單，再說一遍，這些訂單——我的業務可能波動很大，而且這些訂單都是大訂單，並不穩定。

So we're happy to see the orders that came in. I don't know that you can count on repeat every quarter of that. As we exit we'll see where we exit this year, right? We want to ship a lot of product. And I appreciate you asked this question last time as well. The backlog is a nuanced number. we needed to go up because we're adding capacity and other things.

所以我們很高興看到收到的訂單。我不認為你能指望每季都重複這種情況。當我們離​​開的時候，我們就會看看今年我們會在哪裡離開，對吧？我們希望大量發貨。感謝您上次也問了這個問題。積壓訂單數量是一個比較複雜的數字。我們需要增加訂單數量，因為我們正在擴容以及其他方面。

But if I can slow that growth in the backlog because I can significantly get more product out, while orders are still increasing, that's obviously a good thing as well. So we're focused on winning as much of the business as we can.

但是，如果我能大幅提高產品出貨量，從而減緩積壓訂單的成長速度，同時訂單量還在持續成長，那顯然也是一件好事。所以我們專注於盡可能贏得業務。

We outpaced the industry in CI I think we are definitely a market leader in power and energy for what we provide in that space just from a scale standpoint. And we have the widest offering below 38 megawatts between turbines and engines and burn a lot of fuel.

在CI領域，我們超越了產業平均。我認為，就規模而言，我們在電力和能源領域絕對是市場領導者。我們在 38 兆瓦以下的渦輪機和引擎產品線中擁有最廣泛的選擇，但這些產品會消耗大量燃料。

So we feel really good in our competitive position. from a lead time standpoint, they are extended, but still we're able -- we're one of the fastest solutions out there for data centers who are trying to get up and running quickly. So we'll see how the year plays out, but we have great momentum and hopefully and planning on and expect the momentum to continue throughout this year.

因此，我們對自身的競爭地位感到非常滿意。從交付週期來看，交付週期確實延長了，但我們仍然能夠——對於那些希望快速啟動並運行的資料中心而言，我們是目前市場上速度最快的解決方案之一。所以，讓我們拭目以待今年的發展情況，但我們目前勢頭強勁，希望併計劃保持這種勢頭，直至今年年底。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

I'm wondering, Joe, if you could just talk about for the turbine business, you have spoken about potential for it to be used in some peer plant applications by utilities. Any update on how those conversations are tracking when we might see those use cases?

喬，我想問你，關於渦輪機業務，你曾談到它有可能被公用事業公司用於一些同類電廠應用中。關於這些討論的進展情況，以及我們何時能看到這些應用案例，有什麼最新進展嗎？

And then in the prepared remarks, you folks spoke about comparable shipments in 2016 versus '25 for turbines, but you're ramping up really significant deliveries in Titan 350s, I thought 26% versus 25%. So I just want to make sure I'm not missing any outside shipments in the fourth quarter or any other moving pieces there?

然後在事先準備好的發言中，你們談到了 2016 年和 2025 年渦輪機的出貨量相當，但你們正在大幅提高 Titan 350 的出貨量，我認為是 26% 對 25%。所以我想確認一下，第四季度我沒有遺漏任何外部出貨或其他變動因素？

Yes. I mean we're seeing most -- the 350 first units have gone out and we're trying to ramp 350. So it's relatively new product that's going out there. So solar had a record year in 2025. We expect something comparable in 2026.

是的。我的意思是，我們看到大部分——首批 350 台設備已經交付，我們正在努力提高 350 台設備的產量。所以這是一款相對較新的產品。所以太陽能在2025年創下了紀錄。我們預計2026年也會出現類似的情況。

We announced the capacity increase for solar. But again, we just announced that middle of last year, late last year. So that's not going to really have a significant impact into 2026 results. I think we'll see a mix to the larger frames like the 350 as we're shipping a few more of those in 2026 as well.

我們宣布了太陽能發電容量的增加。但是，我們只是在去年年中或去年年底宣布了這件事。所以這不會對2026年的結果產生重大影響。我認為我們會看到像 350 這樣的大型機架的混合銷售，因為我們在 2026 年也會出貨一些這類機架。

And then we continue to work all the deals that we came in for power. And we're seeing -- traditionally Solar's business has been very heavy weighted towards oil and gas. That business is still really strong. But now we're starting to see more of the mix shift into power gen as well. So we're anxious to get that capacity program moving along in we'll provide updates as we move throughout it.

然後我們繼續履行我們當初為了獲得權力而達成的所有協議。我們看到—傳統上，太陽能業務非常專注於石油和天然氣。那家公司依然非常強勁。但現在我們開始看到，發電領域的佔比也不斷提高。因此，我們迫切希望推進這項能力建設計劃，我們將隨時提供最新進展。

We'd love to get more product out. But right now, that's what we have line of sight to in 2026.

我們很想推出更多產品。但就目前而言，這就是我們2026年所能預見的景象。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

So the project scope at the Monarch data center looks interesting. And I wonder if you could give us a mini education. I think that they're going to use the waste heat from the Cat engines to provide cooling to power chillers.

所以，Monarch 資料中心的專案範圍看起來很有意思。我想請您給我們簡單介紹一下。我認為他們會利用卡特彼勒引擎的廢熱來冷卻冷水機。

There's been an argument that combined cycle in conjunction combined cycle turbines with steam term on attached or higher efficiency. I don't quite know how to compare the efficiency with this. But obviously, using the way seat is good. And in Joule, I think there was backup diesel with prime recips and gas. In this case, I think are you just over sort of overbuilding the gas recips and there's no diesel involved?

有人認為，聯合循環與聯合循環汽輪機結合使用，可以提高蒸汽渦輪機的效率。我不太清楚該如何將這種效率與另一種效率進行比較。但很顯然，使用這種座椅是好的。而Joule，我認為有備用柴油發動機，主往復式發動機和汽油發動機。在這種情況下，我認為你是否過度設計了燃氣往復式發動機，而沒有使用柴油？

And last question, just do you get a lot of inquiries on this sort of thing? Or is there a robust kind of quoting and activity pipeline behind it?

最後一個問題，你們常收到這類諮詢嗎？或者說，它背後是否存在一套完善的報價和交易流程？

Rob, I need my engineers or Jason to talk to you on the technical specs of it. But as you're looking at customers who are wanting speed to market, bringing your own power is definitely one of the ways that they can do that, and we can support them.

羅布，我需要我的工程師或是傑森跟你談談它的技術規格。但是，對於那些希望快速將產品推向市場的客戶來說，自備電源絕對是他們實現這一目標的方式之一，而我們可以為他們提供支援。

And I think once you make that decision to go to gas, prime power and kind of have your own mini power plant there with the gen sets, we've been able to sit with them and say, okay, let's make it as efficient as possible. So obviously, if we can use the heat to help with the cooling and use that energy on site.

我認為，一旦你決定使用天然氣、主電源，並在那裡擁有自己的小型發電廠和發電機組，我們就可以和他們坐下來，說，好吧，讓我們盡可能提高效率。所以很明顯，如果我們能利用熱量來幫助冷卻，並在現場利用這種能源。

It makes the whole project more efficient and the competitiveness of it much better from a financial standpoint. So we continue to work with all of our customers on that. And I think we'll continue to make headways. We also announced partnerships with Verdi.

從財務角度來看，這使得整個專案效率更高，競爭力也更強。因此，我們將繼續與所有客戶就此展開合作。我認為我們會繼續取得進展。我們也宣布與Verdi建立合作關係。

We're trying to find ways to make these solutions as cost-effective and efficient as possible for our customers. And we're having a lot of these discussions. Joule, I think, in the early days, if I'm not mistaken, was diesel backup, but then switched to actually gas-fired fast-start backup power as well. So all natural gas. And I think the latest one is natural gas as well.

我們正在努力尋找方法，使這些解決方案對我們的客戶來說盡可能經濟高效。我們正在進行很多類似的討論。我記得Joule早期好像是用柴油當作備用電源，但後來也改用了瓦斯快速啟動備用電源。所以都是天然氣。而且我認為最新的也是天然氣。

So that's one of the great things about our portfolio. Up to 38 megawatts. We have all sorts of different solutions, and we can configure it however is best for that customer site, what type of fuel availability they have and the size and what they're trying to do to make it the most efficient.

所以，這就是我們投資組合的一大優勢。最高可達38兆瓦。我們有各種不同的解決方案，我們可以根據客戶現場的具體情況進行配置，例如燃料供應類型、規模以及他們想要實現的目標，以達到最佳效率。

So we have a team that really sits with customers and has turbine experts and recip experts on it. We have a lot of microgrid experience, and essentially, that's what these are. And so we're working with customers to put the best solution forward. And I think it's going to be exciting. We have more and more discussions around it daily.

因此，我們有一個團隊會真正與客戶坐下來溝通，團隊成員包括渦輪機專家和往復式引擎專家。我們擁有豐富的微電網經驗，而這些本質上就是微型電網。因此，我們正在與客戶合作，提出最佳解決方案。我覺得這會很精彩。我們每天都在就此展開越來越多的討論。

Adria, we have time for one more question.

阿德里亞，我們還有時間再問一個問題。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

I'm going to ask a real question on Construction Industries. And just help us unpack the demand drivers that you're seeing there, how much of this is just a return to a normalized replacement level.

我要問一個關於建築業的真正問題。請您幫我們分析您觀察到的需求驅動因素，其中有多少只是回歸到正常的替換水準。

How much of this is actually supported by data center activity? And how much should we expect is embedded in your market share growth for 2026?

其中有多少是真正由資料中心活動所支撐的？那麼，我們應該預期您2026年的市佔率成長中蘊含了多少呢？

So I'll make some comments, Andrew. You can chime in here, but we expect North America to continue to be strong. Obviously, the data center build-out is not just good for power and energy, that drives a lot of construction activity as well.

那麼，安德魯，我來說幾句。您可以在這裡發表您的看法，但我們預計北美將繼續保持強勁勢頭。顯然，資料中心建設不僅有利於電力和能源，也帶動了大量的建築活動。

There are a number of other construction projects moving along. And as we said in our prepared remarks, we continue to see that strength here in North America. IIA spending still continuing to go on.

還有其他一些建設項目正在進行中。正如我們在事先準備好的演講稿中所說，我們在北美繼續看到這種力量。IIA支出仍在持續。

The Middle East, in particular, continues to be really strong. And then we expect China has been really low, and we'll see -- hopefully see some positivity there in above 10-ton excavators coming off a low levels as we enter into this year. From a competitive standpoint, we made great progress and we're able to outperform the industry last year with the strength of our merchandising programs.

尤其是中東地區，依然非常強勁。然後我們預計中國市場一直處於低迷狀態，希望今年年初10噸以上的挖土機市場能夠從低點反彈，出現一些正面的跡象。從競爭角度來看，我們取得了巨大的進步，憑藉強大的商品銷售計劃，去年我們的業績超過了行業平均水平。

We have exciting things to continue to roll out. We continue to work on our rental strategy with our dealers. We'll have some things to share [CONEXPO] as well when it comes to our BCP equipment and the smaller part of the CI lineup, which has a ton of momentum in the industry. So we feel pretty good about our ability in CI. It is -- some of that order strength is getting back to that more normal seasonal pattern. But we have great confidence around the industry and where it's heading. So with that, I want to thank you all for joining us today, and we appreciate your questions and interest in Caterpillar.

我們還有一些令人興奮的內容即將推出。我們正與經銷商們持續完善租賃策略。在 CONEXPO 展會上，我們也會分享一些關於我們的 BCP 設備和 CI 產品線中較小部分的內容，這些產品在業界發展勢頭強勁。所以我們對自己在持續整合方面的能力感覺相當不錯。確實如此——部分訂單強度正在恢復到更正常的季節性模式。但我們對整個產業及其發展方向充滿信心。最後，我要感謝各位今天蒞臨我們的節目，我們感謝大家提出的問題以及對卡特彼勒公司的關注。

I'm really proud of our team. We had exceptional performance in 2025 as they delivered record sales and revenues, adjusted rating adjusted operating profit margin that was within our range and robust MP&E free cash flow. These results demonstrate the strength of our end markets and our team's disciplined execution. So with a record backlog, we entered the new year with strong momentum and a continued focus on delivering long-term value for our customers and our shareholders.

我為我們的團隊感到非常自豪。2025 年，我們取得了卓越的業績，實現了創紀錄的銷售額和收入，調整後的評級調整後的營業利潤率在我們預期的範圍內，以及強勁的 MP&E 自由現金流。這些結果體現了我們終端市場的強勁實力以及我們團隊嚴謹的執行力。因此，憑藉創紀錄的訂單積壓，我們以強勁的勢頭進入了新的一年，並繼續專注於為我們的客戶和股東創造長期價值。

Now, I'll turn it back to Alex.

現在，我把麥克風交還給亞歷克斯。

Thank you, Joe, Andrew and everyone who joined us today. A replay of our call will be available online later this morning. We'll also post a transcript on our Investor Relations website as soon as it's available.

謝謝喬、安德魯以及今天所有到場的各位。今天上午晚些時候，我們將在網上提供電話會議的錄音回放。我們會盡快在投資者關係網站上發布會議記錄。

You also find a fourth-quarter results video with our CFO and an SEC filing with our sales to users data. Click on investors.caterpillar.com and then click on Financials to view those materials.

您還可以找到我們財務長的第四季度業績視頻，以及包含我們用戶銷售數據的美國證券交易委員會文件。點選 investors.caterpillar.com，然後點選「財務資料」查看相關資料。

If you have any questions, please reach out to me or Rob Rengel, Investor Relations general phone number is (309) 675-4549. Now, let's turn it back to Adria to conclude our call.

如有任何疑問，請聯絡我或投資者關係部 Rob Rengel，總機號碼為 (309) 675-4549。現在，讓我們把電話轉回阿德里亞，結束我們的通話。

That concludes our call. Thank you for joining. You may all disconnect.

通話到此結束。感謝您的參與。你們可以斷開連結了。