Subtext

Caterpillar Inc. CAT

SectorIndustrials
Transcripts73
Date range2007-04-20 – 2025-04-30
Calls charted73

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-20-10+0+10+202007 Q12009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32007 Q1 · Overall: -0.12007 Q2 · Overall: -0.12007 Q3 · Overall: +1.12007 Q4 · Overall: +3.72008 Q1 · Overall: -2.82008 Q2 · Overall: -3.12008 Q3 · Overall: -3.72008 Q4 · Overall: -5.32009 Q1 · Overall: -0.72009 Q2 · Overall: -1.42009 Q3 · Overall: -2.82009 Q4 · Overall: +9.12010 Q1 · Overall: +4.82010 Q2 · Overall: +4.32010 Q3 · Overall: +4.92010 Q4 · Overall: +2.02011 Q1 · Overall: +2.52011 Q2 · Overall: +7.82011 Q3 · Overall: +2.92011 Q4 · Overall: +6.42012 Q1 · Overall: +3.62012 Q2 · Overall: +2.72012 Q3 · Overall: -1.62012 Q4 · Overall: +2.62013 Q1 · Overall: -2.22013 Q2 · Overall: -2.22013 Q3 · Overall: -1.72013 Q4 · Overall: +3.12014 Q1 · Overall: +3.62014 Q2 · Overall: +6.42014 Q3 · Overall: +0.42014 Q4 · Overall: +0.52015 Q1 · Overall: -1.82015 Q2 · Overall: -3.12015 Q3 · Overall: -3.52015 Q4 · Overall: -5.42016 Q1 · Overall: -3.82016 Q2 · Overall: -3.22016 Q3 · Overall: -3.32016 Q4 · Overall: -1.72017 Q1 · Overall: +6.82017 Q2 · Overall: +5.42017 Q3 · Overall: +9.42017 Q4 · Overall: +10.72018 Q1 · Overall: +11.02018 Q2 · Overall: +8.32018 Q3 · Overall: +12.22018 Q4 · Overall: +2.52019 Q1 · Overall: +3.32019 Q2 · Overall: +3.62019 Q3 · Overall: +0.42019 Q4 · Overall: +2.72020 Q1 · Overall: -5.32020 Q2 · Overall: -2.32020 Q3 · Overall: +7.52020 Q4 · Overall: +8.52021 Q1 · Overall: +14.82021 Q2 · Overall: +17.02021 Q3 · Overall: +5.72021 Q4 · Overall: +7.22022 Q1 · Overall: +13.02022 Q2 · Overall: +6.22022 Q3 · Overall: +9.72022 Q4 · Overall: +12.52023 Q1 · Overall: +15.82023 Q2 · Overall: +11.42023 Q3 · Overall: +8.52023 Q4 · Overall: +13.72024 Q1 · Overall: +13.92024 Q2 · Overall: +11.12024 Q3 · Overall: +8.22024 Q4 · Overall: +6.02025 Q1 · Overall: +9.8
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-42-21+0+21+422007 Q12009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32007 Q2 · CEO: +15.42007 Q3 · CEO: +7.32008 Q1 · CEO: +11.32008 Q2 · CEO: -4.92008 Q3 · CEO: -5.32008 Q4 · CEO: -5.62009 Q1 · CEO: +1.82009 Q2 · CEO: -0.62009 Q3 · CEO: +0.42009 Q4 · CEO: +13.22010 Q1 · CEO: +20.72010 Q2 · CEO: +8.22010 Q3 · CEO: +14.32010 Q4 · CEO: +2.82011 Q1 · CEO: +5.52011 Q2 · CEO: +7.52011 Q3 · CEO: +2.52011 Q4 · CEO: +12.02012 Q1 · CEO: +5.02012 Q2 · CEO: -6.12012 Q3 · CEO: -1.42013 Q1 · CEO: +3.62013 Q2 · CEO: -2.12013 Q3 · CEO: +1.62013 Q4 · CEO: +6.42014 Q1 · CEO: +17.12014 Q2 · CEO: +4.52014 Q3 · CEO: +3.82014 Q4 · CEO: +2.62015 Q1 · CEO: +1.22015 Q2 · CEO: +5.12015 Q3 · CEO: +6.62015 Q4 · CEO: +5.82016 Q1 · CEO: +4.82016 Q2 · CEO: -4.12016 Q3 · CEO: +14.92016 Q4 · CEO: +23.42017 Q1 · CEO: +11.02017 Q2 · CEO: +33.12017 Q3 · CEO: +14.62017 Q4 · CEO: +35.12018 Q1 · CEO: +11.52018 Q2 · CEO: +10.92018 Q3 · CEO: +18.22018 Q4 · CEO: +18.72019 Q2 · CEO: +19.02019 Q3 · CEO: +11.52019 Q4 · CEO: +10.52020 Q1 · CEO: -1.52020 Q2 · CEO: +8.32020 Q3 · CEO: +18.72020 Q4 · CEO: +17.92021 Q1 · CEO: +24.42021 Q2 · CEO: +23.62021 Q3 · CEO: +11.32021 Q4 · CEO: +13.02022 Q1 · CEO: +19.72022 Q2 · CEO: +10.82022 Q3 · CEO: +14.02023 Q1 · CEO: +22.52023 Q2 · CEO: +20.02023 Q3 · CEO: +21.92023 Q4 · CEO: +22.02024 Q1 · CEO: +18.92024 Q2 · CEO: +17.72024 Q3 · CEO: +10.82024 Q4 · CEO: +12.12025 Q1 · CEO: +18.52007 Q1 · CFO: +2.22007 Q4 · CFO: -5.82008 Q1 · CFO: +12.52008 Q2 · CFO: +5.12008 Q3 · CFO: -18.62008 Q4 · CFO: +13.92009 Q2 · CFO: -10.92009 Q4 · CFO: +15.92010 Q1 · CFO: -8.52010 Q2 · CFO: +7.12010 Q3 · CFO: +9.22010 Q4 · CFO: +0.82011 Q1 · CFO: +17.62011 Q2 · CFO: +24.22011 Q3 · CFO: +0.02011 Q4 · CFO: +10.02012 Q1 · CFO: +4.72012 Q2 · CFO: +13.62012 Q3 · CFO: -34.22013 Q1 · CFO: +23.12013 Q2 · CFO: +8.92013 Q3 · CFO: -1.22013 Q4 · CFO: +4.62014 Q1 · CFO: +36.82014 Q2 · CFO: +8.12014 Q3 · CFO: +6.32014 Q4 · CFO: +13.62015 Q1 · CFO: -0.82015 Q4 · CFO: -12.92016 Q4 · CFO: +22.52017 Q1 · CFO: +15.52017 Q2 · CFO: +14.22017 Q3 · CFO: +22.62017 Q4 · CFO: +12.02018 Q1 · CFO: +32.42018 Q2 · CFO: +15.72018 Q3 · CFO: +20.22018 Q4 · CFO: -1.02019 Q1 · CFO: +6.52019 Q2 · CFO: +1.12019 Q3 · CFO: -2.92019 Q4 · CFO: -0.62020 Q1 · CFO: -5.82020 Q2 · CFO: -16.82020 Q3 · CFO: +4.82020 Q4 · CFO: +4.52021 Q1 · CFO: +16.82021 Q3 · CFO: +7.12021 Q4 · CFO: +5.52022 Q1 · CFO: +14.92022 Q2 · CFO: +11.02022 Q3 · CFO: +14.12022 Q4 · CFO: +13.52023 Q1 · CFO: +19.92023 Q2 · CFO: +11.12023 Q3 · CFO: +3.62023 Q4 · CFO: +15.02024 Q1 · CFO: +16.22024 Q2 · CFO: +9.02024 Q3 · CFO: +8.42024 Q4 · CFO: +3.42025 Q1 · CFO: +3.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-37-18+0+18+372007 Q12009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32007 Q1 · Prepared remarks: +3.52007 Q2 · Prepared remarks: -1.42007 Q3 · Prepared remarks: +6.42007 Q4 · Prepared remarks: +11.52008 Q1 · Prepared remarks: +1.82008 Q2 · Prepared remarks: +2.02008 Q3 · Prepared remarks: -5.82008 Q4 · Prepared remarks: -14.92009 Q1 · Prepared remarks: -5.72009 Q2 · Prepared remarks: -4.12009 Q3 · Prepared remarks: -0.72009 Q4 · Prepared remarks: +16.72010 Q1 · Prepared remarks: +13.62010 Q2 · Prepared remarks: +5.62010 Q3 · Prepared remarks: +6.22010 Q4 · Prepared remarks: +4.12011 Q1 · Prepared remarks: +0.02011 Q2 · Prepared remarks: +13.62011 Q3 · Prepared remarks: +5.72011 Q4 · Prepared remarks: +13.92012 Q1 · Prepared remarks: +0.82012 Q2 · Prepared remarks: +5.62012 Q3 · Prepared remarks: +4.52012 Q4 · Prepared remarks: +1.42013 Q1 · Prepared remarks: -3.42013 Q2 · Prepared remarks: -2.22013 Q3 · Prepared remarks: +5.02013 Q4 · Prepared remarks: +6.92014 Q1 · Prepared remarks: +4.92014 Q2 · Prepared remarks: +5.52014 Q3 · Prepared remarks: +7.82014 Q4 · Prepared remarks: +4.62015 Q1 · Prepared remarks: -2.62015 Q2 · Prepared remarks: -11.12015 Q3 · Prepared remarks: +1.42015 Q4 · Prepared remarks: -7.02016 Q1 · Prepared remarks: -2.02016 Q2 · Prepared remarks: -3.82016 Q3 · Prepared remarks: -2.62016 Q4 · Prepared remarks: -0.62017 Q1 · Prepared remarks: +12.92017 Q2 · Prepared remarks: +16.72017 Q3 · Prepared remarks: +24.02017 Q4 · Prepared remarks: +15.82018 Q1 · Prepared remarks: +31.82018 Q2 · Prepared remarks: +18.12018 Q3 · Prepared remarks: +24.72018 Q4 · Prepared remarks: +10.52019 Q1 · Prepared remarks: +13.62019 Q2 · Prepared remarks: +8.62019 Q3 · Prepared remarks: +5.02019 Q4 · Prepared remarks: +4.52020 Q1 · Prepared remarks: -0.22020 Q2 · Prepared remarks: -7.52020 Q3 · Prepared remarks: +10.32020 Q4 · Prepared remarks: +10.72021 Q1 · Prepared remarks: +21.22021 Q2 · Prepared remarks: +26.22021 Q3 · Prepared remarks: +16.82021 Q4 · Prepared remarks: +12.32022 Q1 · Prepared remarks: +19.82022 Q2 · Prepared remarks: +11.22022 Q3 · Prepared remarks: +17.62022 Q4 · Prepared remarks: +17.52023 Q1 · Prepared remarks: +25.72023 Q2 · Prepared remarks: +14.52023 Q3 · Prepared remarks: +13.82023 Q4 · Prepared remarks: +18.22024 Q1 · Prepared remarks: +18.02024 Q2 · Prepared remarks: +12.82024 Q3 · Prepared remarks: +11.02024 Q4 · Prepared remarks: +8.02025 Q1 · Prepared remarks: +8.52007 Q1 · Q&A responses: +1.32007 Q2 · Q&A responses: +5.42007 Q3 · Q&A responses: +2.22007 Q4 · Q&A responses: +4.22008 Q1 · Q&A responses: -1.42008 Q2 · Q&A responses: -2.22008 Q3 · Q&A responses: +0.62008 Q4 · Q&A responses: -0.12009 Q1 · Q&A responses: +3.62009 Q2 · Q&A responses: +0.72009 Q3 · Q&A responses: -0.92009 Q4 · Q&A responses: +10.42010 Q1 · Q&A responses: +5.32010 Q2 · Q&A responses: +6.92010 Q3 · Q&A responses: +6.12010 Q4 · Q&A responses: +3.72011 Q1 · Q&A responses: +4.92011 Q2 · Q&A responses: +7.72011 Q3 · Q&A responses: +5.12011 Q4 · Q&A responses: +7.42012 Q1 · Q&A responses: +6.82012 Q2 · Q&A responses: +4.52012 Q3 · Q&A responses: -1.42013 Q1 · Q&A responses: +0.82013 Q2 · Q&A responses: +0.22013 Q3 · Q&A responses: -1.02013 Q4 · Q&A responses: +6.02014 Q1 · Q&A responses: +7.42014 Q2 · Q&A responses: +8.12014 Q3 · Q&A responses: +1.62014 Q4 · Q&A responses: +1.22015 Q1 · Q&A responses: +1.32015 Q2 · Q&A responses: +2.22015 Q3 · Q&A responses: -10.02015 Q4 · Q&A responses: -1.12016 Q1 · Q&A responses: -1.52016 Q2 · Q&A responses: +1.02016 Q3 · Q&A responses: -0.42016 Q4 · Q&A responses: +1.12017 Q1 · Q&A responses: +5.42017 Q2 · Q&A responses: +2.02017 Q3 · Q&A responses: +3.52017 Q4 · Q&A responses: +12.02018 Q1 · Q&A responses: +1.52018 Q2 · Q&A responses: +5.62018 Q3 · Q&A responses: +11.22018 Q4 · Q&A responses: +1.02019 Q1 · Q&A responses: +8.22019 Q2 · Q&A responses: +7.32019 Q3 · Q&A responses: +0.32019 Q4 · Q&A responses: +1.72020 Q1 · Q&A responses: -8.02020 Q2 · Q&A responses: +6.32020 Q3 · Q&A responses: +8.92020 Q4 · Q&A responses: +8.12021 Q1 · Q&A responses: +13.62021 Q2 · Q&A responses: +15.02021 Q3 · Q&A responses: -0.32021 Q4 · Q&A responses: +3.72022 Q1 · Q&A responses: +10.12022 Q2 · Q&A responses: +8.22022 Q3 · Q&A responses: +6.92022 Q4 · Q&A responses: +10.22023 Q1 · Q&A responses: +10.72023 Q2 · Q&A responses: +15.02023 Q3 · Q&A responses: +7.32023 Q4 · Q&A responses: +15.52024 Q1 · Q&A responses: +13.72024 Q2 · Q&A responses: +10.52024 Q3 · Q&A responses: +7.52024 Q4 · Q&A responses: +6.02025 Q1 · Q&A responses: +12.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.52$12.90$24.292007 Q12009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: $6.172014 Q2: $6.702014 Q3: $6.962014 Q4: $6.972015 Q1: $4.822015 Q2: $4.872015 Q3: $4.662015 Q4: $3.612016 Q1: $3.652016 Q2: $3.552016 Q3: $3.522016 Q4: $3.092017 Q1: $3.452017 Q2: $4.682017 Q3: $6.222017 Q4: $7.912018 Q1: $9.512018 Q2: $11.452018 Q3: $12.592018 Q4: $12.772019 Q1: $12.532019 Q2: $12.682019 Q3: $12.152019 Q4: $10.752020 Q1: $9.052020 Q2: $6.002020 Q3: $6.772020 Q4: $7.472021 Q1: $8.772021 Q2: $10.872021 Q3: $11.922021 Q4: $12.312022 Q1: $12.692022 Q2: $13.502022 Q3: $13.532022 Q4: $15.012023 Q1: $16.232023 Q2: $18.052023 Q3: $20.692023 Q4: $20.592024 Q1: $21.562024 Q2: $22.262024 Q3: $22.722024 Q4: $22.09

Forward P/E

7.9219.9632.002007 Q12009 Q32012 Q12014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: 15.572014 Q2: 16.052014 Q3: 14.932014 Q4: 12.882015 Q1: 16.882015 Q2: 17.922015 Q3: 16.242015 Q4: 18.762016 Q1: 20.342016 Q2: 21.152016 Q3: 23.032016 Q4: 30.342017 Q1: 27.042017 Q2: 22.372017 Q3: 19.232017 Q4: 18.782018 Q1: 16.042018 Q2: 13.522018 Q3: 12.142018 Q4: 9.582019 Q1: 10.652019 Q2: 10.302019 Q3: 10.792019 Q4: 13.692020 Q1: 11.072020 Q2: 21.372020 Q3: 22.332020 Q4: 24.032021 Q1: 26.642021 Q2: 19.992021 Q3: 17.262021 Q4: 16.452022 Q1: 17.032022 Q2: 15.262022 Q3: 13.652022 Q4: 15.622023 Q1: 13.382023 Q2: 13.482023 Q3: 13.342023 Q4: 13.012024 Q1: 15.842024 Q2: 14.612024 Q3: 15.632024 Q4: 16.47

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -6.1 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -2.8 fwd EPS ↑ +1.94 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -9.6 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↑ +2.2 fwd EPS ↓ -1.40 Tone rose while the forward EPS estimate was cut.
  • 2020 Q2 tone ↑ +3.0 fwd EPS ↓ -3.05 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -11.3 fwd EPS ↑ +1.05 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -6.8 fwd EPS ↑ +0.81 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -4.5 fwd EPS ↑ +1.82 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -2.8 fwd EPS ↑ +2.64 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -2.8 fwd EPS ↑ +0.70 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.9 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-30+9.8——View →
2024 Q42025-01-30+6.0$22.0916.5View →
2024 Q32024-10-30+8.2$22.7215.6View →
2024 Q22024-08-06+11.1$22.2614.6View →
2024 Q12024-04-25+13.9$21.5615.8View →
2023 Q42024-02-05+13.7$20.5913.0View →
2023 Q32023-10-31+8.5$20.6913.3View →
2023 Q22023-08-01+11.4$18.0513.5View →