UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

Commission File No. 001-11241

CATERPILLAR FINANCIAL SERVICES CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware	37-1105865
(State of incorporation)	(IRS Employer I.D. No.)
2120 West End Ave., Nashville, Tennessee	37203-0001
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (615) 341-1000

Securities registered pursuant to Section 12(b) of the Act:
	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
	Medium-Term Notes, Series K, 4.850% Notes Due 2029	CAT/29	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒

As of May 6, 2026, one share of common stock of the registrant was outstanding, which is owned by Caterpillar Inc.

The registrant is a wholly owned subsidiary of Caterpillar Inc. and meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q, and is therefore filing this form with the reduced disclosure format.

Table of Contents

Part I. Financial Information
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	*
Item 4.	Controls and Procedures	29
Part II. Other Information
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	*
Item 5.	Other Information	30
Item 6.	Exhibits	30
* Item omitted because no answer is called for or item is not applicable.

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Caterpillar Financial Services Corporation

 Consolidated Statements of Profit

(Unaudited)

(Dollars in Millions)

	Three Months Ended March 31,
	2026		2025
Revenues:
Retail finance	$	487	$	441
Operating lease	238		228
Wholesale finance	178		153
Other, net	44		38
Total revenues	947		860
Expenses:
Interest	356		325
Depreciation on equipment leased to others	180		173
General, operating and administrative	173		151
Provision for credit losses	29		29
Other	10		5
Total expenses	748		683
Other income (expense)	(4)		(3)
Profit before income taxes	195		174
Provision for income taxes	51		44
Profit of consolidated companies	144		130
Less: Profit attributable to noncontrolling interests	—		—
Profit attributable to Caterpillar Financial Services Corporation	$	144	$	130

See Notes to Consolidated Financial Statements (Unaudited).

3

Caterpillar Financial Services Corporation

 Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in Millions)

	Three Months Ended March 31,
	2026		2025
Profit of consolidated companies	$	144	$	130
Other comprehensive income (loss), net of tax (Note 5):
Foreign currency translation	(21)		88
Derivative financial instruments	12		(12)
Total other comprehensive income (loss), net of tax	(9)		76
Comprehensive income	135		206
Less: Comprehensive income (loss) attributable to noncontrolling interests	—		—
Comprehensive income attributable to Caterpillar Financial Services Corporation	$	135	$	206

See Notes to Consolidated Financial Statements (Unaudited).

4

Caterpillar Financial Services Corporation

 Consolidated Statements of Financial Position

(Unaudited)

(Dollars in Millions, except share data)

	March 31, 2026		December 31, 2025
Assets:
Cash and cash equivalents	$	659	$	533
Finance receivables, net of allowance for credit losses of $283 and $284	32,638		32,815
Notes receivable from Caterpillar	701		663
Equipment on operating leases, net	2,892		2,927
Other assets	1,273		1,375
Total assets	$	38,163	$	38,313
Liabilities and shareholder’s equity:
Payable to dealers and others	$	110	$	106
Payable to Caterpillar - borrowings and other	1,213		1,172
Accrued expenses	502		553
Short-term borrowings	4,729		5,514
Current maturities of long-term debt	7,660		7,085
Long-term debt	19,971		20,018
Other liabilities	616		638
Total liabilities	34,801		35,086
Commitments and contingent liabilities (Note 7)
Common stock - $1 par value
Authorized: 2,000 shares; Issued and outstanding: one share (at paid-in amount)	745		745
Additional paid-in capital	2		2
Retained earnings	3,496		3,352
Accumulated other comprehensive income (loss)	(947)		(938)
Noncontrolling interests	66		66
Total shareholder’s equity	3,362		3,227
Total liabilities and shareholder’s equity	$	38,163	$	38,313

See Notes to Consolidated Financial Statements (Unaudited).

5

Caterpillar Financial Services Corporation

 Consolidated Statements of Changes in Shareholder's Equity

(Unaudited)

(Dollars in Millions)

Three Months Ended March 31, 2025	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income (loss)		Noncontrolling interests		Total
Balance at December 31, 2024	$	745	$	2	$	3,300	$	(1,232)	$	75	$	2,890
Profit of consolidated companies					130						130
Foreign currency translation, net of tax							88				88
Derivative financial instruments, net of tax							(12)				(12)
Balance at March 31, 2025	$	745	$	2	$	3,430	$	(1,156)	$	75	$	3,096
Three Months Ended March 31, 2026
Balance at December 31, 2025	$	745	$	2	$	3,352	$	(938)	$	66	$	3,227
Profit of consolidated companies					144						144
Foreign currency translation, net of tax							(21)				(21)
Derivative financial instruments, net of tax							12				12
Balance at March 31, 2026	$	745	$	2	$	3,496	$	(947)	$	66	$	3,362

See Notes to Consolidated Financial Statements (Unaudited).

6

Caterpillar Financial Services Corporation

 Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in Millions)

	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Profit of consolidated companies	$	144	$	130
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	186		177
Accretion of Caterpillar purchased receivable revenue	(156)		(134)
Provision for credit losses	29		29
Provision (benefit) for deferred income taxes	(14)		(4)
Other, net	23		(12)
Changes in assets and liabilities:
Other assets	3		21
Payable to dealers and others	14		43
Accrued expenses	(53)		(24)
Other payables with Caterpillar	36		16
Other liabilities	17		1
Net cash provided by operating activities	229		243
Cash flows from investing activities:
Expenditures for equipment on operating leases	(255)		(159)
Other capital expenditures	(10)		(11)
Proceeds from disposals of equipment	166		132
Additions to finance receivables	(4,452)		(3,544)
Collections of finance receivables	4,468		3,464
Net changes in Caterpillar purchased receivables	217		(3)
Proceeds from sales of receivables	13		7
Net change in variable lending to Caterpillar	(55)		(46)
Collections of notes receivable from Caterpillar	17		15
Settlements of undesignated derivatives	(111)		33
Net cash provided by (used for) investing activities	(2)		(112)
Cash flows from financing activities:
Net change in variable lending from Caterpillar	2		—
Proceeds from debt issued (original maturities greater than three months)	3,908		2,633
Payments on debt issued (original maturities greater than three months)	(3,212)		(1,770)
Short-term borrowings, net (original maturities three months or less)	(808)		(934)
Net cash provided by (used for) financing activities	(110)		(71)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8		7
Increase (decrease) in cash, cash equivalents and restricted cash	125		67
Cash, cash equivalents and restricted cash at beginning of year(1)	536		600
Cash, cash equivalents and restricted cash at end of period(1)	$	661	$	667

(1)    As of March 31, 2026 and December 31, 2025, restricted cash, which is included in Other assets in the Consolidated Statements of Financial Position, was $2 million and $3 million, respectively. Restricted cash primarily includes cash related to syndication activities.

See Notes to Consolidated Financial Statements (Unaudited).

7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the consolidated profit for the three months ended March 31, 2026 and 2025, (b) the consolidated comprehensive income for the three months ended March 31, 2026 and 2025, (c) the consolidated financial position at March 31, 2026 and December 31, 2025, (d) the consolidated changes in shareholder’s equity for the three months ended March 31, 2026 and 2025 and (e) the consolidated cash flows for the three months ended March 31, 2026 and 2025. The preparation of financial statements, in conformity with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), requires management to make estimates and assumptions that affect the reported amounts. Significant estimates include residual values for leased assets, allowance for credit losses and income taxes. Actual results may differ from these estimates.

Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The December 31, 2025 financial position data included herein was derived from the audited consolidated financial statements included in the 2025 Form 10-K but does not include all disclosures required by generally accepted accounting principles.

The accompanying consolidated financial statements include the accounts of Cat Financial and a consolidated variable interest entity (VIE). We consolidate all VIEs where we are the primary beneficiary. For VIEs, we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of VIEs. Please refer to Note 7 for more information.

We have customers and dealers that are VIEs of which we are not the primary beneficiary. Our maximum exposure to loss from our involvement with these VIEs is limited to the credit risk inherently present in the financial support that we have provided. Credit risk was evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses.

2.New Accounting Pronouncements

A.Adoption of New Accounting Standards

We consider the applicability and impact of all Accounting Standards Updates (ASUs). We determined that the ASUs effective January 1, 2026 were either not applicable or did not have a material impact on our financial statements.

B.    Accounting Standards Issued But Not Yet Adopted

Disaggregation of income statement expenses (ASU 2024-03) - In November 2024, the Financial Accounting Standards Board (FASB) issued accounting guidance to enhance transparency into the nature and function of income statement expenses. The amendments require that, on an annual and interim basis, entities disclose disaggregated operating expense information about specific categories, including employee compensation, depreciation and amortization. The expanded annual disclosures are effective for our year ending December 31, 2027, and the expanded interim disclosures are effective in 2028, with early adoption permitted. We are in the process of evaluating the effect of this new guidance on the related disclosures.

Internal-use software costs (ASU 2025-06) - In September 2025, the FASB issued accounting guidance to modernize the accounting for internal-use software costs. Under this guidance, capitalization for internal-use software costs begins when management has authorized and committed to funding the project and it is probable the project will be completed, and the software will be used to perform the intended function. This guidance is effective January 1, 2028, with early adoption permitted, and can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. We are in the process of evaluating the effect of this new guidance on our financial statements.

All other ASUs issued but not yet adopted were assessed, and we determined that they either were not applicable or were not expected to have a material impact on our financial statements.

8

3.Finance Receivables

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.

Finance leases

Leases classified as sales-type or direct financing are reported as finance leases. Revenues from finance leases were $120 million and $112 million for the three months ended March 31, 2026 and 2025, respectively, and are included in retail and wholesale finance revenues in the Consolidated Statements of Profit.

A.Allowance for credit losses 

Portfolio segments

A portfolio segment is the level at which we develop a systematic methodology for determining our allowance for credit losses. Our portfolio segments and related methods for estimating expected credit losses are as follows:

Customer

We provide loans and finance leases to end-user customers primarily for the purpose of financing new and used Caterpillar machinery, engines and equipment for commercial use. We also provide financing for power generation facilities that incorporate Caterpillar products. The average original term of our customer finance receivables portfolio was approximately 51 months with an average remaining term of approximately 28 months as of March 31, 2026.

We typically maintain a security interest in financed equipment and generally require physical damage insurance coverage on the financed equipment, both of which provide us with certain rights and protections. If our collection efforts fail to bring a defaulted account current, we generally can repossess the financed equipment, after satisfying local legal requirements, and sell it within the Caterpillar dealer network or through third-party auctions.

We estimate the allowance for credit losses related to our customer finance receivables based on loss forecast models utilizing probabilities of default and our estimated loss given default based on past loss experience adjusted for current conditions and reasonable and supportable forecasts capturing country and industry-specific economic factors.

During the three months ended March 31, 2026, our forecasts reflected a continuation of global market uncertainty and actions by global central banks aimed at balancing economic growth and managing inflation. We believe the economic forecasts employed represent reasonable and supportable forecasts, followed by a reversion to long-term trends.

Dealer

We provide financing to Caterpillar dealers on a secured and unsecured basis in the form of wholesale financing plans and retail loans. Our wholesale financing plans provide financing to dealers for their new Caterpillar equipment inventory and rental fleets. The retail loans to dealers are primarily for working capital.

We estimate the allowance for credit losses for dealer finance receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, our Dealer portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three months ended March 31, 2026.

9

Caterpillar Purchased Receivables

We purchase receivables from Caterpillar, primarily related to the sale of equipment and parts to dealers. Caterpillar purchased receivables are non-interest-bearing short-term trade receivables that are purchased at a discount.

We estimate the allowance for credit losses for Caterpillar purchased receivables based on historical loss rates with consideration of current economic conditions and reasonable and supportable forecasts.

In general, our Caterpillar Purchased Receivables portfolio segment has not historically experienced large increases or decreases in credit losses based on changes in economic conditions due to the short-term maturities of the receivables, our close working relationships with the dealers and their financial strength. Therefore, we made no adjustments to historical loss rates during the three months ended March 31, 2026.

Classes of finance receivables

We further evaluate our portfolio segments by the class of finance receivables, which is defined as a level of information (below a portfolio segment) in which the finance receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. Our classes, which align with management reporting for credit losses, are as follows:

•North America - Finance receivables originated in the United States and Canada.

•EAME - Finance receivables originated in Europe, Africa, the Middle East and Eurasia.

•Asia/Pacific - Finance receivables originated in Australia, New Zealand, China, Japan, Southeast Asia and India.

•Latin America - Finance receivables originated in Mexico and Central and South American countries.

•Mining - Finance receivables originated worldwide related to large mining customers.

•Power - Finance receivables originated worldwide related to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

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.

10

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

B.Credit quality of finance receivables

At origination, we evaluate credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit ratings, loan-to-value ratios, probabilities of default, industry trends, macroeconomic factors and other internal metrics. On an ongoing basis, we monitor credit quality based on past-due status as there is a meaningful correlation between the past-due status of customers and the risk of loss. In determining past-due status, we consider the entire finance receivable past due when any installment is over 30 days past due.

11

Customer

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

12

(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

Dealer

As of March 31, 2026 and December 31, 2025, the total amortized cost of finance receivables within our Dealer portfolio segment was current.

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Caterpillar Purchased 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

Non-accrual finance receivables

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

There were no finance receivables in our Dealer portfolio segment on non-accrual status as of March 31, 2026 and December 31, 2025.

Modifications

We periodically modify the terms of our finance receivable agreements. Typically, the types of modifications granted are payment deferrals, interest only payment periods and/or term extensions. Many modifications we grant are for commercial reasons or for borrowers experiencing some form of short-term financial stress and may result in insignificant payment delays. We do not consider these borrowers to be experiencing financial difficulty. Modifications for borrowers we do consider to be experiencing financial difficulty typically result in payment deferrals and/or reduced payments for a period of four months or longer, term extension of six months or longer or a combination of both.

During the three months ended March 31, 2026 and 2025, there were no finance receivable modifications granted to borrowers experiencing financial difficulty in our Dealer or Caterpillar Purchased Receivables portfolio segments.

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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

After we modify a finance receivable, we continue to track its performance under its most recent modified terms. Defaults of loans modified in the prior twelve months were not significant during the three months ended March 31, 2026 and 2025.

The effect of most modifications made to finance receivables for borrowers experiencing financial difficulty is already included in the allowance for credit losses based on the methodologies used to estimate the allowance; therefore, a change to the allowance for credit losses is generally not recorded upon modification. On rare occasions when principal forgiveness is provided, the amount forgiven is written off against the allowance for credit losses.

4.Derivative Financial Instruments and Risk Management

Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. Our Risk Management Policy allows for the use of derivative financial instruments to prudently manage foreign currency exchange rate and interest rate exposures. Our policy specifies that derivatives are not to be used for speculative purposes. Derivatives that we use are primarily foreign currency forward, option and cross currency contracts and interest rate contracts. Our derivative activities are subject to the management, direction and control of our senior financial officers. We present at least annually to our Board of Directors and the Audit Committee of the Caterpillar Board of Directors on our risk management practices, including our use of derivative financial instruments.

We recognize all derivatives at their fair value in the Consolidated Statements of Financial Position. On the date the derivative contract is entered into, the derivative instrument is (1) designated as a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) designated as a hedge of a forecasted transaction or the variability of cash flows (cash flow hedge) or (3) undesignated. We record in current earnings changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged recognized asset or liability that is attributable to the hedged risk. For foreign exchange contracts designated as fair value hedges, the interim settlements are excluded from the effectiveness assessment and are recognized under a systematic and rational method over the life of the hedging instrument within Interest expense. We record in Accumulated other comprehensive income (loss) (AOCI) changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge, to the extent effective, in the Consolidated Statements of Financial Position until we reclassify them to earnings in the same period or periods during which the hedged transaction affects earnings. We report changes in the fair value of undesignated derivative instruments in current earnings. We classify cash flows from designated derivative financial instruments within the same category as the item being hedged in the Consolidated Statements of Cash Flows. We include cash flows from undesignated derivative financial instruments in the investing category in the Consolidated Statements of Cash Flows.

We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities in the Consolidated Statements of Financial Position and linking cash flow hedges to specific forecasted transactions or variability of cash flow.

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We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, we discontinue hedge accounting prospectively, in accordance with the derecognition criteria for hedge accounting.

Foreign currency exchange rate risk

We have balance sheet positions and expected future transactions denominated in foreign currencies, thereby creating exposure to movements in exchange rates. In managing foreign currency risk, our objective is to minimize earnings volatility resulting from conversion and the remeasurement of net foreign currency balance sheet positions and future transactions denominated in foreign currencies. Our policy allows the use of foreign currency forward, option and cross currency contracts to offset the risk of currency mismatch between our assets and liabilities and exchange rate risk associated with future transactions denominated in foreign currencies. Our foreign currency forward and option contracts are primarily undesignated. We designate fixed-to-fixed cross currency contracts as cash flow hedges to protect against movements in exchange rates on foreign currency fixed-rate assets and liabilities. We designate float-to-float cross currency contracts as fair value hedges to protect against movements in exchange rates on floating-rate assets and liabilities.

Interest rate risk

Interest rate movements create a degree of risk by affecting the amount of our interest receipts and payments on our finance receivables and debt portfolios. Our practice is to use interest rate contracts to manage our exposure to interest rate changes.

We have a match-funding policy that addresses interest rate risk by aligning the interest rate profile (fixed or floating rate and duration) of our debt portfolio with the interest rate profile of our finance receivables portfolio within predetermined ranges on an ongoing basis. In connection with that policy, we use interest rate derivative instruments to modify the debt structure to match assets within the finance receivables portfolio. This matched funding reduces the volatility of margins between interest-bearing assets and interest-bearing liabilities, regardless of which direction interest rates move.

Our policy allows us to use fixed-to-floating, floating-to-fixed and floating-to-floating interest rate contracts to meet the match-funding objective. We designate fixed-to-floating interest rate contracts as fair value hedges to protect debt against changes in fair value due to changes in the benchmark interest rate. We designate most floating-to-fixed interest rate contracts as cash flow hedges to protect against the variability of cash flows due to changes in the benchmark interest rate. If we liquidate fixed-to-floating or floating-to-fixed interest rate contracts, we amortize any deferred gains or losses into earnings over the remaining term of the previously hedged item.

The location and fair value of derivative instruments reported in the Consolidated Statements of Financial Position were as follows:

(Millions of dollars)	March 31, 2026				December 31, 2025
	Assets1		Liabilities2		Assets1		Liabilities2
Designated derivatives
Foreign exchange contracts	$	153	$	(96)	$	229	$	(94)
Interest rate contracts	49		(4)		54		(6)
Total	$	202	$	(100)	$	283	$	(100)
Undesignated derivatives
Foreign exchange contracts	$	62	$	(41)	$	13	$	(71)
Total	$	62	$	(41)	$	13	$	(71)

(1)    Assets are classified in the Consolidated Statements of Financial Position as Other assets.

(2)    Liabilities are classified in the Consolidated Statements of Financial Position as Accrued expenses.

The total notional amount of our derivative instruments was $18.60 billion and $18.21 billion as of March 31, 2026 and December 31, 2025, respectively. The notional amounts of derivative financial instruments do not represent amounts exchanged by the parties. We calculate the amounts exchanged by the parties by referencing the notional amounts and by other terms of the derivatives, such as foreign currency exchange rates and interest rates.

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Gains (Losses) on derivative instruments were categorized as follows:

(Millions of dollars)	Three Months Ended March 31,
	Gains (Losses) Recognized1				Gains (Losses) Recognized in AOCI				Gains (Losses) Reclassified from AOCI2
	2026		2025		2026		2025		2026		2025
Cash Flow Hedges
Foreign exchange contracts	$	—	$	—	$	(107)	$	(4)	$	(102)	$	8
Interest rate contracts	—		—		21		(2)		1		1
Fair Value Hedges
Foreign exchange contracts	—		—		(3)		—		(3)		—
Interest rate contracts	4		(7)		—		—		—		—
Undesignated Hedges
Foreign exchange contracts	(27)		(34)		—		—		—		—
Total	$	(23)	$	(41)	$	(89)	$	(6)	$	(104)	$	9

(1)    Foreign exchange contract gains (losses) are included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.

(2)    Foreign exchange contract gains (losses) are primarily included in Other income (expense). Interest rate contract gains (losses) are included in Interest expense.

Amounts recorded in the Consolidated Statements of Financial Position related to cumulative basis adjustments for fair value hedges were as follows:

(Millions of dollars)	Carrying Value of the Hedged Liabilities				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Value of the Hedged Liabilities
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Current maturities of long-term debt	$	1,103	$	602	$	4	$	3
Long-term debt	3,326		3,351		26		51
Total	$	4,429	$	3,953	$	30	$	54

As of March 31, 2026, $14 million of deferred net losses, net of tax, included in equity (AOCI in the Consolidated Statements of Financial Position), related to our cash flow hedges, are expected to be reclassified to earnings over the next twelve months. The actual amount recorded in earnings will vary based on interest rates and exchange rates at the time the hedged transactions impact earnings.

We enter into International Swaps and Derivatives Association master netting agreements that permit the net settlement of amounts owed under their respective derivative contracts. Under these master netting agreements, net settlement generally permits us or the counterparty to determine the net amount payable for contracts due on the same date and in the same currency for similar types of derivative transactions. The master netting agreements may also provide for net settlement of all outstanding contracts with a counterparty in the case of an event of default or a termination event. Our exposure to credit loss in the event of nonperformance by the counterparties is limited to only those gains that we have recorded, but for which we have not yet received cash payment.

Collateral is typically not required of the counterparties or us under the master netting agreements. As of March 31, 2026 and December 31, 2025, no cash collateral was received or pledged under the master netting agreements.

The effects of net settlement provisions of the master netting agreements on our derivative balances upon an event of default or a termination event were as follows:

(Millions of dollars)	March 31, 2026				December 31, 2025
	Assets		Liabilities		Assets		Liabilities
Gross amounts recognized	$	264	$	(141)	$	296	$	(171)
Financial instruments not offset	(89)		89		(100)		100
Net amount	$	175	$	(52)	$	196	$	(71)

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5.Accumulated Other Comprehensive Income (Loss)

We present comprehensive income (loss) and its components in the Consolidated Statements of Comprehensive Income. Changes in the balances for each component of AOCI were as follows:

(Millions of dollars)	Three Months Ended March 31,
	2026		2025
Foreign currency translation
Balance at beginning of period	$	(928)	$	(1,256)
Gains (losses) on foreign currency translation	(21)		88
Less: Tax provision/(benefit)	—		—
Net gains (losses) on foreign currency translation	(21)		88
Other comprehensive income (loss), net of tax	(21)		88
Balance at end of period	$	(949)	$	(1,168)
Derivative financial instruments
Balance at beginning of period	$	(10)	$	24
Gains (losses) deferred	(89)		(6)
Less: Tax provision/(benefit)	(23)		(1)
Net gains (losses) deferred	(66)		(5)
(Gains) losses reclassified to earnings	104		(9)
Less: Tax (provision)/benefit	26		(2)
Net (gains) losses reclassified to earnings	78		(7)
Other comprehensive income (loss), net of tax	12		(12)
Balance at end of period	$	2	$	12
Total Accumulated other comprehensive income (loss) at end of period	$	(947)	$	(1,156)

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6.Segment Information

A.     Basis for Segment Information

Our executive office is comprised of our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM) and five Vice Presidents. Each of our regional operating segments: North America, EAME, Asia/Pacific, and Latin America is led by a Vice President. The Mining and Power operating segments are led by one Vice President. Our CEO allocates resources and manages operating performance at the Vice President level.

B.    Description of Segments

Our operating segments provide financing alternatives to customers and dealers around the world for Caterpillar products and services and power generation facilities that incorporate Caterpillar products. Financing plans include operating and finance leases, revolving charge accounts, retail loans, working capital loans to Caterpillar dealers and wholesale financing plans within each of the operating segments. Certain operating segments also purchase short-term trade receivables from Caterpillar.

We have six operating segments that offer financing services. Following is a brief description of our segments:

•North America - Includes our operations in the United States and Canada.

•EAME - Includes our operations in Europe, Africa, the Middle East and Eurasia.

•Asia/Pacific - Includes our operations in Australia, New Zealand, China, Japan, Southeast Asia and India.

•Latin America - Includes our operations in Mexico and Central and South American countries.

•Mining - Provides financing worldwide for large mining customers.

•Power - Provides financing worldwide to large power customers of Caterpillar electrical power generation, gas compression and co-generation systems and non-Caterpillar equipment that is powered by these systems.

C.     Segment Measurement and Reconciliations

We determine segment profit on a pretax basis. Cash, debt and other expenses are allocated to our segments based on their respective portfolios. Interest expense is calculated based on the amount of allocated debt and the rates associated with that debt using a consistent leverage ratio.

Our CODM uses segment profit to evaluate the performance of each segment by monitoring key performance metrics to identify trends and evaluate which segments require additional resources or strategic adjustments. The CODM also uses segment profit to support the allocation of resources predominantly in the annual budget and forecasting process and monitors forecast-to-actual variances monthly.

Reconciling items are created based on accounting differences between segment reporting and consolidated external reporting. The following is a list of significant reconciling items:

•Unallocated - Corporate requirements and strategies that are considered to be for the benefit of the entire organization including notes receivable from Caterpillar. Also included are the consolidated results of the special-purpose corporation (SPC) (see Note 7 for additional information).

•Timing - Timing differences between segment reporting and consolidated external reporting.

•Methodology - Methodology differences between segment reporting and consolidated external reporting are as follows:

◦The impact of differences between the actual leverage and the segment leverage ratios.

◦Interest expense includes realized forward points on foreign currency forward contracts within segment reporting.

◦Segment results include off-balance sheet managed assets for which we maintain servicing responsibilities.

◦Designated derivative activity is excluded from segment results.

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Supplemental segment data and reconciliations to consolidated external reporting for the three months ended March 31 were as follows:

(Millions of dollars) 2026	External revenues		Interest expense		Depreciation on equipment leased to others		General, operating and administrative expenses		Provision for credit losses		Other segment items(1)		Profit before income taxes
North America	$	554	$	196	$	131	$	50	$	21	$	4	$	152
EAME	103		32		13		22		2		2		32
Asia/Pacific	66		28		2		19		4		—		13
Latin America	95		50		2		16		2		1		24
Mining	97		29		32		12		4		—		20
Power	18		9		—		3		(4)		—		10
Total Segments	933		344		180		122		29		7		251
Unallocated	19		140		—		56		—		3		(180)
Timing	(5)		—		—		(7)		—		—		2
Methodology	—		(128)		—		2		—		4		122
Total	$	947	$	356	$	180	$	173	$	29	$	14	$	195
2025	External revenues		Interest expense		Depreciation on equipment leased to others		General, operating and administrative expenses		Provision for credit losses		Other segment items(1)		Profit before income taxes
North America	$	500	$	170	$	125	$	48	$	19	$	3	$	135
EAME	93		33		12		19		1		1		27
Asia/Pacific	62		24		1		17		1		—		19
Latin America	83		40		3		13		1		1		25
Mining	93		27		32		10		9		(1)		16
Power	17		10		—		3		(2)		—		6
Total Segments	848		304		173		110		29		4		228
Unallocated	17		126		—		44		—		—		(153)
Timing	(5)		—		—		(5)		—		—		—
Methodology	—		(105)		—		2		—		4		99
Total	$	860	$	325	$	173	$	151	$	29	$	8	$	174

(1)    Other segment items are primarily costs related to repossessed and returned equipment.

(Millions of dollars)	Assets as of
	March 31, 2026		December 31, 2025
North America	$	19,928	$	19,738
EAME	5,362		5,638
Asia/Pacific	3,549		3,564
Latin America	2,908		2,921
Mining	3,423		3,325
Power	1,009		1,017
Total Segments	36,179		36,203
Unallocated	2,171		2,128
Timing	(1)		32
Methodology	71		148
Inter-segment Eliminations(1)	(257)		(198)
Total	$	38,163	$	38,313

(1)    Eliminations are primarily related to intercompany loans.

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(Millions of dollars)	Capital Expenditures(1)
	Three Months Ended March 31,
	2026		2025
North America	$	163	$	134
EAME	13		14
Asia/Pacific	16		4
Latin America	4		1
Mining	59		6
Total Segments	255		159
Unallocated	10		11
Total	$	265	$	170

(1)    Capital expenditures include expenditures for equipment on operating leases and other miscellaneous capital expenditures.

7.Commitments and Contingent Liabilities

Guarantees

We provide credit guarantees and residual value guarantees to third parties for financing and leasing associated with Caterpillar machinery. In addition, we provide standby letters of credit issued to third parties on behalf of our customers. These guarantees and standby letters of credit have varying terms.

No significant loss has been experienced or is anticipated under any of these guarantees. At March 31, 2026 and December 31, 2025, the related recorded liability was less than $1 million. The maximum potential amount of future payments (undiscounted and without reduction for any amounts that may possibly be recovered under recourse or collateralized provisions) we could be required to make under the guarantees was $24 million and $25 million at March 31, 2026 and December 31, 2025, respectively.

We provide guarantees to purchase certain loans of Caterpillar dealers from an SPC that qualifies as a VIE. We receive a fee for providing this guarantee. The purpose of the SPC is to provide short-term working capital loans to Caterpillar dealers. This SPC issues commercial paper and uses the proceeds to fund its loan program. We are the primary beneficiary of the SPC as our guarantees result in us having both the power to direct the activities that most significantly impact the SPC’s economic performance and the obligation to absorb losses, and therefore we have consolidated the financial statements of the SPC. As of March 31, 2026 and December 31, 2025, the SPC’s assets of $1.18 billion and $1.19 billion, respectively, were primarily comprised of loans to dealers, which are included in Finance receivables, net in the Consolidated Statements of Financial Position, and the SPC’s liabilities of $1.18 billion and $1.19 billion, respectively, were primarily comprised of commercial paper, which is included in Short-term borrowings in the Consolidated Statements of Financial Position. The assets of the SPC are not available to pay our creditors. We may be obligated to perform under the guarantee if the SPC experiences losses. No loss has been experienced or is anticipated under this loan purchase agreement.

Litigation and claims

We are involved in unresolved legal actions that arise in the normal course of business. The aggregate range of reasonably possible losses in excess of accrued liabilities, if any, associated with these unresolved legal actions is not material. In some cases, we cannot reasonably estimate a range of loss because there is insufficient information regarding the matter. However, we believe there is no more than a remote chance that any liability arising from these matters would be material. Although it is not possible to predict with certainty the outcome of our unresolved legal actions, we believe that these unresolved legal actions will neither individually nor in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

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8.Fair Value Disclosures

A.Fair Value Measurements

The guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with this guidance, fair value measurements are classified under the following hierarchy:

•Level 1 – Quoted prices for identical instruments in active markets.

•Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

•Level 3 – Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, we use quoted market prices to determine fair value and we classify such measurements within Level 1. In some cases where market prices are not available, we make use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon valuations in which one or more significant inputs are unobservable, including internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3.

We classify fair value measurements according to the lowest level input or value-driver that is significant to the valuation. We may therefore classify a measurement within Level 3 even though there may be significant inputs that are readily observable.

Fair value measurement includes the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or us) will not be fulfilled. For financial assets traded in an active market, the nonperformance risk is included in the market price. For certain other financial assets and liabilities, our fair value calculations have been adjusted accordingly.

Derivative financial instruments

The fair value of interest rate contracts is primarily based on a standard industry accepted valuation model that utilizes the appropriate market-based forward swap curves and zero-coupon interest rates to determine discounted cash flows. The fair value of foreign currency forward and cross currency contracts is based on standard industry accepted valuation models that discount cash flows resulting from the differential between the contract price and the market-based forward rate.

Derivative financial instruments are measured on a recurring basis at fair value and are classified as Level 2 measurements. We had derivative financial instruments included in our Consolidated Statements of Financial Position in a net asset position of $123 million and $125 million as of March 31, 2026 and December 31, 2025, respectively. See Note 4 for additional information.

B.Fair Values of Financial Instruments

Cash and cash equivalents, restricted cash (included in Other assets in the Consolidated Statements of Financial Position) and Short-term borrowings are classified as Level 1 measurements and carrying amount approximates fair value. We use the following methods and assumptions to estimate the fair value of our financial instruments not carried at fair value:

•Finance receivables, net – We estimate fair value by discounting the future cash flows using current rates representative of receivables with similar remaining maturities. 

•Long-term debt – We estimate fair value for fixed and floating-rate debt based on quoted market prices.

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Fair values of our financial instruments not carried at fair value were as follows:

(Millions of dollars)	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Levels	Reference
Assets
Finance receivables, net (excluding finance leases(1))	$	25,429	$	24,924	$	25,346	$	25,012	3	Note 3
Liabilities
Long-term debt	$	27,631	$	27,611	$	27,103	$	27,204	2

(1)    Represents finance leases and failed sale leasebacks of $7.21 billion and $7.47 billion as of March 31, 2026 and December 31, 2025, respectively.

Certain loans are subject to measurement at fair value on a nonrecurring basis. These are loans for which the company has determined that collection of contractual amounts due is not probable. Generally, the fair value of these receivables is measured using the fair value of collateral less estimated selling costs. We had loans carried at fair value of $71 million and $63 million as of March 31, 2026 and December 31, 2025, respectively.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the Company’s Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the Company’s business under Item 1A. Risk Factors of the 2025 Form 10-K.

THREE MONTHS ENDED MARCH 31, 2026 COMPARED WITH THREE MONTHS ENDED MARCH 31, 2025

Overview

(Millions of dollars)	Three Months Ended March 31,
	2026		2025		Change
Retail revenue	$	487	$	441	$	46
Operating lease revenue	238		228		10
Wholesale revenue	178		153		25
Other revenue, net	44		38		6
Total revenues	$	947	$	860	$	87
Profit before income taxes	$	195	$	174	$	21
Profit attributable to Caterpillar Financial Services Corporation	$	144	$	130	$	14

Revenues

We reported first-quarter 2026 revenues of $947 million, an increase of $87 million, or 10 percent, compared with $860 million in the first quarter of 2025. The increase in revenues was primarily due to a favorable impact from higher average earning assets.

Retail revenue for the first quarter of 2026 was $487 million, an increase of $46 million from the same period in 2025. The increase was due to a favorable impact from higher average earning assets of $43 million and a favorable impact from higher interest rates on retail finance receivables of $3 million. For the quarter ended March 31, 2026, retail average earning assets were $26.15 billion, an increase of $2.33 billion from the same period in 2025. The annualized average yield was 7.45 percent for the first quarter of 2026, compared with 7.40 percent for the first quarter of 2025.

Operating lease revenue for the first quarter of 2026 was $238 million, an increase of $10 million from the same period in 2025. The increase was due to a favorable impact from higher average earning assets of $15 million, partially offset by an unfavorable impact from lower rental rates on operating leases of $5 million.

Wholesale revenue for the first quarter of 2026 was $178 million, an increase of $25 million from the same period in 2025. The increase was due to a favorable impact from higher average earning assets of $36 million, partially offset by an unfavorable impact from lower interest rates on wholesale finance receivables of $11 million. For the quarter ended March 31, 2026, wholesale average earning assets were $6.67 billion, an increase of $1.27 billion from the same period in 2025. The annualized average yield was 10.66 percent for the first quarter of 2026, compared with 11.35 percent for the first quarter of 2025.

Other revenue, net items were as follows:

(Millions of dollars)	Three Months Ended March 31,
	2026		2025		Change
Finance receivable and operating lease fees (including late charges)	$	19	$	16	$	3
Net gain on returned or repossessed equipment	12		9		3
Interest income on Notes receivable from Caterpillar	7		6		1
Miscellaneous other revenue, net	6		7		(1)
Total Other revenue, net	$	44	$	38	$	6

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There was a favorable impact from currency translation on revenues of $25 million in the first quarter of 2026. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items.

Consolidated Profit Before Income Taxes

(1) Analysis excludes $4 million related to property taxes on operating leases for first quarter 2026 and 2025.

The chart above graphically illustrates reasons for the change in consolidated profit before income taxes between first quarter 2025 (at left) and first quarter 2026 (at right). Management utilizes these charts internally to visually communicate results.

First-quarter 2026 profit before income taxes was $195 million, an increase of $21 million, or 12 percent, compared with $174 million profit for the first quarter of 2025. The increase was mainly driven by a favorable impact from higher average earning assets of $40 million, partially offset by higher general, operating and administrative expenses of $22 million.

There was a favorable impact from currency translation on profit before income taxes of $13 million in the first quarter of 2026. Currency translation represents the net impact from converting the results of our subsidiaries to U.S. dollar reporting currency and is included in all financial statement line items.

Provision for Income Taxes

The provision for income taxes reflected an estimated annual tax rate of 26 percent for the first quarter of 2026 compared with 25 percent for the first quarter of 2025.

FINANCE RECEIVABLES AND EQUIPMENT ON OPERATING LEASES

New Business Volume

(Millions of dollars)	Three Months Ended March 31,
	2026		2025		Change
New retail financing	$	2,942	$	2,800	$	142
New retail operating lease activity	248		164		84
New wholesale financing	15,408		12,123		3,285
Total	$	18,598	$	15,087	$	3,511

New retail financing increased due to higher volume in Mining, Asia Pacific, Power and North America. The increase in new retail operating lease activity was mainly driven by higher rentals of Caterpillar equipment in Mining and North America. New wholesale financing increased primarily due to higher purchases of trade receivables from Caterpillar.

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Total Managed Portfolio

We define total portfolio as Finance receivables, net plus Equipment on operating leases, net. We also manage and service receivables and leases that have been sold by us to third parties with limited or no recourse in order to mitigate our concentration of credit risk with certain customers. These assets are not available to pay our creditors. Total managed portfolio was as follows: 

(Millions of dollars)	March 31, 2026		December 31, 2025		Change
Finance receivables, net	$	32,638	$	32,815	$	(177)
Equipment on operating leases, net	2,892		2,927		(35)
Total portfolio	$	35,530	$	35,742	$	(212)
Retail loans	$	98	$	99	$	(1)
Retail leases	25		27		(2)
Operating leases	7		8		(1)
Total off-balance sheet managed assets	$	130	$	134	$	(4)
Total managed portfolio	$	35,660	$	35,876	$	(216)

Total Portfolio Metrics

At the end of the first quarter of 2026, past dues were 1.39 percent, compared with 1.58 percent at the end of the first quarter of 2025. Total non-performing finance receivables, which represent finance receivables currently on non-accrual status, were $182 million and $163 million at March 31, 2026 and at December 31, 2025, respectively. Total non-performing finance receivables as a percentage of our finance receivables were less than 1 percent at March 31, 2026 and December 31, 2025.

Write-offs, net of recoveries, were $29 million for the first quarter of 2026, compared with $20 million for the first quarter of 2025.

Our allowance for credit losses as of March 31, 2026 was $283 million, or 0.86 percent of finance receivables, compared with $284 million, or 0.86 percent, as of December 31, 2025. The allowance is subject to an ongoing evaluation based on many quantitative and qualitative factors, including past loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of underlying collateral and economic forecasts. We believe our allowance is sufficient to provide for losses over the remaining life of our finance receivables portfolio as of March 31, 2026.

Global Business Conditions

Caterpillar continues to monitor a variety of external factors around the world, such as supply chain disruptions, inflationary cost, labor pressures and the impact of trade policies. We are monitoring the potential downstream impacts from these factors on our business, while remaining focused on portfolio health and continuing to provide qualified customers and dealers with new financing to support their current and future business needs.

LIQUIDITY AND CAPITAL RESOURCES

Maintaining and managing adequate capital and liquidity resources includes management of funding sources and their utilization based on current, future, and contingent needs. Throughout the first quarter of 2026, we experienced favorable liquidity conditions. We ended the first quarter of 2026 with $659 million of cash, an increase of $126 million from year-end 2025. Our cash balances are held in numerous locations throughout the world with approximately $274 million held by our non-U.S. subsidiaries. Amounts held by non-U.S. subsidiaries are available for general corporate use and could be used in the U.S. without incurring significant additional U.S. taxes. We expect to meet our U.S. funding needs without repatriating undistributed profits that are indefinitely reinvested outside the U.S.

Borrowings

Borrowings consist primarily of medium-term notes and commercial paper, the combination of which is used to manage interest rate risk and funding requirements.

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We receive debt ratings from the major credit rating agencies. In April 2026, Moody's upgraded our debt rating to “high-A.” Fitch and S&P maintain “high-A” and “mid-A” debt ratings, respectively. A downgrade of our credit ratings by any of the major credit rating agencies could result in increased borrowing costs and could make access to certain credit markets more difficult. In the event economic conditions deteriorate such that access to debt markets becomes unavailable, we would rely on cash flows from our existing portfolio, existing cash balances, access to our committed credit facilities and other credit line facilities, and potential borrowings from Caterpillar. In addition, Caterpillar maintains a support agreement with us, which requires Caterpillar to remain our sole owner and may, under certain circumstances, require Caterpillar to make payments to us should we fail to maintain certain financial ratios.

Total borrowings outstanding as of March 31, 2026 were $33.39 billion, a decrease of $255 million from December 31, 2025. Outstanding borrowings were as follows:

(Millions of dollars)	March 31, 2026		December 31, 2025
Medium-term notes, net	$	27,034	$	26,437
Commercial paper, net of unamortized discount	4,617		5,408
Bank borrowings – long-term	596		665
Bank borrowings – short-term	112		106
Notes payable to Caterpillar	1,026		1,024
Other	1		1
Total outstanding borrowings	$	33,386	$	33,641

Medium-term notes

We issue medium-term unsecured notes through securities dealers or underwriters in the U.S., Europe and other international capital markets. These notes are offered in several currencies and with a variety of maturities. These notes are senior unsecured obligations of the Company. Medium-term notes issued totaled $3.81 billion and redeemed totaled $3.05 billion for the three months ended March 31, 2026. Medium-term notes, net outstanding as of March 31, 2026 mature as follows: 

(Millions of dollars)
2026	$	5,425
2027	8,679
2028	8,099
2029	3,855
2030	448
Thereafter	498
Fair value adjustments	30
Total	$	27,034

Commercial paper

We issue unsecured commercial paper in the U.S., Europe, and other international capital markets. These short-term promissory notes are issued on a discounted basis and are payable at maturity.

Revolving credit facilities

As of March 31, 2026, we had three global credit facilities with a syndicate of banks totaling $11.50 billion (Credit Facility) available in the aggregate to both Caterpillar and us for general liquidity purposes. Based on management’s allocation decision, which can be revised from time to time, the portion of the Credit Facility available to us as of March 31, 2026 was $8.63 billion. Information on our Credit Facility is as follows:

•The 364-day facility of $3.50 billion (of which $2.63 billion is available to us) expires in August 2026.

•The three-year facility, as amended in August 2025, of $3.00 billion (of which $2.25 billion is available to us) expires in August 2028.

•The five-year facility, as amended in August 2025, of $5.00 billion (of which $3.75 billion is available to us) expires in August 2030.

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At March 31, 2026, Caterpillar’s consolidated net worth was $18.73 billion, which was above the $9.00 billion required under the Credit Facility. The consolidated net worth is defined in the Credit Facility as Caterpillar’s consolidated shareholders’ equity including preferred stock but excluding the pension and other postretirement benefits balance within Accumulated other comprehensive income (loss).

At March 31, 2026, our covenant interest coverage ratio was 1.53 to 1. This was above the 1.15 to 1 minimum ratio, calculated as (1) profit excluding income taxes, interest expense and net gain (loss) from interest rate derivatives to (2) interest expense, calculated at the end of each fiscal quarter for the prior four consecutive fiscal quarter period, required by the Credit Facility.

In addition, at March 31, 2026, our six-month covenant leverage ratio was 8.03 to 1. This was below the maximum ratio of debt to net worth of 10 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) at each December 31, required by the Credit Facility.

In the event that either Caterpillar or we do not meet one or more of our respective financial covenants under the Credit Facility in the future (and are unable to obtain a consent or waiver), the syndicate of banks may terminate the commitments allocated to the party that does not meet its covenants. Additionally, in such event, certain of our other lenders under other loan agreements where similar financial covenants or cross default provisions are applicable, may, at their election, choose to pursue remedies under those loan agreements, including accelerating the repayment of outstanding borrowings. At March 31, 2026, there were no borrowings under the Credit Facility.

The aforementioned financial covenants are being reported as calculated under the Credit Facility and not pursuant to U.S. GAAP. Please refer to the credit agreements governing the Credit Facility filed as exhibits to our periodic reports for further information related to the calculation thereof. For risks related to our indebtedness and compliance with these covenants, please refer to the risk factor “Restrictive covenants in our debt agreements could limit our financial and operating flexibility” set forth in Part I, Item 1A of our 2025 Form 10-K.

Bank borrowings

Available credit lines with banks as of March 31, 2026 totaled $3.27 billion. These committed and uncommitted credit lines, which may be eligible for renewal at various future dates or have no specified expiration date, are used primarily by our non-U.S. subsidiaries for local funding requirements. We may guarantee subsidiary borrowings under these lines. As of March 31, 2026, we were in compliance with all debt covenants under these credit lines.

Notes receivable from/payable to Caterpillar

Under our variable amount and term lending agreements and other notes receivable with Caterpillar, we may borrow up to $3.53 billion from Caterpillar and Caterpillar may borrow up to $2.30 billion from us. Most variable amount lending agreements are in effect for indefinite periods of time and may be changed or terminated by either party with 30 days’ notice. The term lending agreements have remaining maturities ranging up to nine years.

Off-Balance Sheet Arrangements

We are a party to certain off-balance sheet arrangements, primarily in the form of guarantees. Please refer to Note 7 of Notes to Consolidated Financial Statements for further information.

Cash Flows

Net cash provided by operating activities was $229 million in the first three months of 2026, compared with $243 million for the same period in 2025. Net cash used for investing activities was $2 million in the first three months of 2026, compared with $112 million for the same period in 2025. The change was primarily due to portfolio-related activity, partially offset by settlements of undesignated derivatives. Net cash used for financing activities was $110 million in the first three months of 2026, compared with $71 million for the same period in 2025. The change was due to net external borrowing activity.

RECENT ACCOUNTING PRONOUNCEMENTS

For a discussion of recent accounting pronouncements, see Part I, Item 1. Note 2 - New Accounting Pronouncements.

CRITICAL ACCOUNTING ESTIMATES

For a discussion of the Company’s critical accounting estimates, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K. There have been no significant changes to our critical accounting estimates since our 2025 Form 10-K.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Form 10-Q relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Cat Financial’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (ii) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) used equipment values and estimated residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for Caterpillar products; (x) marketing, operational or administrative support received from Caterpillar; (xi) our ability to develop, produce and market quality products that meet our customers’ needs; (xii) information technology security threats and computer crime; (xiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xiv) new regulations or changes in financial services regulations; (xv) additional tax expense or exposure; (xvi) changes in accounting guidance; (xvii) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xviii) other factors described in more detail under the section entitled “Part I - Item 1A. Risk Factors” of Cat Financial’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in Cat Financial’s periodic filings with the Securities and Exchange Commission.

ITEM 4. CONTROLS AND PROCEDURES 

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer (CEO) and our Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this quarterly report. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the first quarter of 2026 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved in unresolved legal actions that arise in the normal course of business. Although it is not possible to predict with certainty the outcome of our unresolved legal actions, we believe that these unresolved legal actions will neither individually nor in the aggregate have a material adverse effect on our consolidated results of operations, financial position or liquidity.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

ITEM 6. EXHIBITS

Exhibit No.	Description of Exhibit
31.1	Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification of President, Director and Chief Executive Officer of Caterpillar Financial Services Corporation, and Executive Vice President and Chief Financial Officer of Caterpillar Financial Services Corporation, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Caterpillar Financial Services Corporation
Date:	May 6, 2026	/s/ David T. Walton
		David T. Walton, President, Director and Chief Executive Officer

Date:	May 6, 2026	/s/ Kristen R. Covey
		Kristen R. Covey, Executive Vice President and Chief Financial Officer

Date:	May 6, 2026	/s/ James M. Rooney
		James M. Rooney, Secretary

Date:	May 6, 2026	/s/ Daniel R. Court
		Daniel R. Court, Controller (Principal Accounting Officer)

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