Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Finance Receivables Included in the Consolidated Statements of Financial Position

A summary of finance receivables included in the Consolidated Statements of Financial Position was as follows:


(Millions of dollars)	March 31, 2026		December 31, 2025
Retail loans(1)	$	19,311	$	19,218
Retail finance leases	6,639		6,870
Caterpillar purchased receivables	5,489		5,500
Wholesale loans(1)	1,482		1,511

Total finance receivables	32,921		33,099
Less: Allowance for credit losses	(283)		(284)
Total finance receivables, net	$	32,638	$	32,815

(1) Includes failed sale leasebacks.

Allowance for Credit Losses and Total Finance Receivables

An analysis of the allowance for credit losses was as follows:


(Millions of dollars)	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Customer		Dealer		Caterpillar Purchased Receivables		Total		Customer		Dealer		Caterpillar Purchased Receivables		Total
Beginning Balance	$	273	$	4	$	7	$	284	$	258	$	4	$	5	$	267
Write-offs	(42)		—		—		(42)		(30)		—		—		(30)
Recoveries	13		—		—		13		10		—		—		10
Provision for credit losses(1)	29		—		(1)		28		33		—		—		33
Other	—		—		—		—		2		—		—		2
Ending Balance	$	273	$	4	$	6	$	283	$	273	$	4	$	5	$	282










Finance Receivables	$	24,448	$	2,984	$	5,489	$	32,921	$	22,701	$	2,504	$	4,477	$	29,682

(1) Excludes provision for credit losses on unfunded commitments and other miscellaneous receivables.

Write-offs by Origination Year

Gross write-offs by origination year for our Customer portfolio segment were as follows:


(Millions of dollars)	Three Months Ended March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Finance Receivables		Total
North America	$	—	$	3	$	8	$	6	$	2	$	2	$	3	$	24
EAME	—		1		1		1		—		1		—		4
Asia/Pacific	—		3		1		1		—		—		—		5
Latin America	—		1		2		1		1		—		—		5
Mining	—		4		—		—		—		—		—		4

Total	$	—	$	12	$	12	$	9	$	3	$	3	$	3	$	42

	Three Months Ended March 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Finance Receivables		Total
North America	$	—	$	2	$	5	$	4	$	2	$	1	$	2	$	16
EAME	—		1		1		1		—		—		—		3
Asia/Pacific	—		—		1		—		1		—		—		2
Latin America	—		—		1		1		—		1		—		3
Mining	—		3		1		1		—		—		—		5
Power	—		—		—		—		—		1		—		1
Total	$	—	$	6	$	9	$	7	$	3	$	3	$	2	$	30

Amortized Cost of Finance Receivables in the Customer Portfolio Segment by Origination Year

The aging analysis of our Customer portfolio segment by origination year was as follows:


(Millions of dollars)	March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	1,389	$	5,117	$	3,264	$	1,582	$	589	$	219	$	524	$	12,684
31-60 days past due	2		34		33		24		11		4		3		111
61-90 days past due	—		11		10		6		5		1		2		35
91+ days past due	—		18		36		27		18		8		2		109

EAME
Current	283		1,381		829		528		261		113		—		3,395
31-60 days past due	1		14		11		8		3		2		—		39
61-90 days past due	—		8		7		5		3		2		—		25
91+ days past due	—		8		12		14		9		4		—		47

Asia/Pacific
Current	319		1,045		597		320		107		29		53		2,470
31-60 days past due	—		8		7		3		2		1		—		21
61-90 days past due	—		2		5		1		1		—		—		9
91+ days past due	—		3		2		2		1		—		—		8

Latin America
Current	228		867		440		181		77		12		4		1,809
31-60 days past due	—		7		7		4		2		—		—		20
61-90 days past due	—		2		4		1		1		—		—		8
91+ days past due	—		3		10		7		4		1		—		25

Mining
Current	257		904		737		440		244		132		22		2,736
31-60 days past due	—		1		—		1		—		1		—		3
61-90 days past due	—		—		1		—		—		—		—		1
91+ days past due	—		—		—		—		—		—		—		—

Power
Current	75		243		271		152		54		22		76		893
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		—		—		—



Totals by Aging Category
Current	2,551		9,557		6,138		3,203		1,332		527		679		23,987
31-60 days past due	3		64		58		40		18		8		3		194
61-90 days past due	—		23		27		13		10		3		2		78
91+ days past due	—		32		60		50		32		13		2		189
Total	$	2,554	$	9,676	$	6,283	$	3,306	$	1,392	$	551	$	686	$	24,448


(Millions of dollars)	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Finance Receivables		Total Finance Receivables
North America
Current	$	5,531	$	3,634	$	1,845	$	743	$	318	$	20	$	510	$	12,601
31-60 days past due	30		42		28		18		6		1		4		129
61-90 days past due	11		14		10		5		3		—		2		45
91+ days past due	11		34		29		20		8		3		1		106

EAME
Current	1,560		938		614		316		114		44		—		3,586
31-60 days past due	5		12		6		6		2		—		—		31
61-90 days past due	3		5		3		2		1		—		—		14
91+ days past due	5		9		12		6		3		2		—		37

Asia/Pacific
Current	1,175		691		380		137		42		3		50		2,478
31-60 days past due	5		8		3		1		—		—		—		17
61-90 days past due	2		3		1		2		—		—		—		8
91+ days past due	1		1		2		2		—		—		—		6

Latin America
Current	984		511		212		96		15		1		4		1,823
31-60 days past due	3		6		5		3		—		—		—		17
61-90 days past due	2		2		2		1		—		1		—		8
91+ days past due	1		10		7		4		1		—		—		23

Mining
Current	946		806		495		280		107		51		—		2,685
31-60 days past due	3		—		—		—		—		—		—		3
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	1		1		8		—		—		—		—		10

Power
Current	272		264		179		37		8		37		148		945
31-60 days past due	—		—		—		—		—		—		—		—
61-90 days past due	—		—		—		—		—		—		—		—
91+ days past due	—		—		—		—		—		—		—		—



Totals by Aging Category
Current	10,468		6,844		3,725		1,609		604		156		712		24,118
31-60 days past due	46		68		42		28		8		1		4		197
61-90 days past due	18		24		16		10		4		1		2		75
91+ days past due	19		55		58		32		12		5		1		182
Total	$	10,551	$	6,991	$	3,841	$	1,679	$	628	$	163	$	719	$	24,572

Aging Related to Finance Receivables

The aging analysis of our Caterpillar Purchased Receivables portfolio segment was as follows:


(Millions of dollars)	March 31, 2026
	Current		31-60 Days Past Due		61-90 Days Past Due		91+ Days Past Due		Total Finance Receivables














North America	$	3,270	$	7	$	5	$	2	$	3,284
EAME	1,127		1		—		—		1,128
Asia/Pacific	705		3		—		—		708
Latin America	353		1		—		—		354

Power	13		2		—		—		15
Total	$	5,468	$	14	$	5	$	2	$	5,489

	December 31, 2025
	Current		31-60 Days Past Due		61-90 Days Past Due		91+ Days Past Due		Total Finance Receivables
North America	$	3,242	$	9	$	7	$	5	$	3,263
EAME	1,189		1		—		—		1,190
Asia/Pacific	646		1		—		—		647
Latin America	387		—		—		—		387
Power	11		2		—		—		13
Total	$	5,475	$	13	$	7	$	5	$	5,500

Finance Receivables on Non-Accrual Status

In our Customer portfolio segment, finance receivables which were on non-accrual status and finance receivables over 90 days past due and still accruing income were as follows:


(Millions of dollars)	March 31, 2026		December 31, 2025
	Amortized Cost		Amortized Cost
	Non-accrual		91+ Still Accruing		Non-accrual		91+ Still Accruing
North America	$	104	$	14	$	90	$	20
EAME	44		6		35		5
Asia/Pacific	6		3		4		2
Latin America	25		—		24		1
Mining	3		—		10		—

Total	$	182	$	23	$	163	$	28

Financial Effects of Term Extensions and Payment Delays

The ending amortized cost of finance receivables modified with borrowers experiencing financial difficulty in our Customer portfolio segment was as follows:


(Millions of dollars)	Three Months Ended March 31,
	2026			2025
Amortized cost of finance receivables modified	$	11		$	6
Modifications as a percentage of Customer portfolio	0.04		%	0.03		%

The financial effects of term extensions and payment delays for borrowers experiencing financial difficulty were as follows:


(In months)	Three Months Ended March 31,
	2026	2025
Weighted average extension to term of modified contracts	13	7
Weighted average payment deferral and/or interest only periods	6	8