CATCaterpillar Inc.

No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.

New in the latest 10-Q

29 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

Short-term borrowings – net (original maturities three months or less) (748) 106

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No goodwill was impaired during the nine months ended September 30, 2026 or 2025.

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On October 31, 2026, Caterpillar completed its previously announced acquisition of 100 percent of the equity in John Fabick Tractor Company (Fabick). The preliminary purchase price, which remains subject to working capital and other adjustments to be finalized post-acquisition, includes $ 1.24 billion cash paid at closing with a remaining estimated $ 165 million to be paid in cash after the expiration of certain holdback periods. The preliminary purchase price also includes pre-existing relationship transactions (primarily trade and finance receivables) which became effectively settled in the post-combination consolidated financial statements.

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Headquartered in Fenton, Missouri, Fabick is a long-standing Caterpillar dealer with more than 100 years of trusted service and customer relationships across portions of Missouri, Illinois, the entire state of Wisconsin and the Upper Peninsula of Michigan. The acquisition reflects a customer-focused decision to support a seamless transition of Fabick ownership while maintaining strong service and local support for Caterpillar customers.

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Due to the timing of the acquisition, the Company is still in the process of preparing the initial accounting for the business combination and therefore is unable to provide preliminary purchase price allocation information as of the date of this quarterly report on Form 10-Q. The assets acquired and liabilities assumed will be reflected in the consolidated financial statements and accompanying disclosures in the Company’s upcoming annual report on Form 10-K for the year ended December 31, 2026.

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We anticipate moderate sales and revenues growth in the fourth quarter of 2026 as compared to the fourth quarter of 2025.

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Our strong execution through the first nine months of 2026 positions us well to meet our full-year outlook. We continue to expect sales and revenues growth in the mid-to-high teens for 2026 as compared to 2025. We expect strong growth in sales of equipment to end users across our three primary segments, driven by healthy end markets; strong order rates across our three primary segments, driving backlog growth; increased output from our capacity expansion plans, which remain on schedule; and strong services revenues growth.

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In the third quarter of 2025, the company also recorded a $54 million charge for an increase in the estimated annual effective tax rate through the first six months and a discrete tax charge of $41 million to reflect changes in estimates related to prior years.

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The company also recorded a discrete tax charge of $41 million in the nine months ended September 30, 2025, to reflect changes in estimates related to prior years.

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Our total credit commitments and available credit as of September 30, 2026 were:

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On October 31, 2026, Caterpillar completed its previously announced acquisition of 100 percent of the equity in Fabick. The preliminary purchase price, which remains subject to working capital and other adjustments to be finalized post-acquisition, includes $1.24 billion cash paid at closing with a remaining estimated $165 million to be paid in cash after the expiration of certain holdback periods. For more information see Note 23 - "Subsequent event" of Part I, Item 1 "Financial Statements."

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Other information

On August 13, 2026, Jason E. Kaiser, Group President, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) August 13, 2027 and (2) the date on which (i) an aggregate of 14,497 shares of our common stock and (ii) all shares vested as of December 31, 2026 pursuant to a Performance Stock Unit (PSU) grant have been sold under the plan.

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On August 26, 2026, Bob De Lange, Group President, entered into a Rule 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The sales plan will be in effect until the earlier of (1) May 25, 2027 and (2) the date on which an aggregate of 44,403 shares of our common stock have been sold under the plan.

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Item 6

10.1 364-Day Credit Agreement (incorporated by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.2 CIF Local Currency Addendum to the 364-Day Credit Agreement (incorporated by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.3 CIF LUX Local Currency Addendum to the 364-Day Credit Agreement (incorporated by reference from Exhibit 10.3 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.4 Japan Local Currency Addendum to the 364-Day Credit Agreement (incorporated by reference from Exhibit 10.4 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.5 Fifth Amended and Restated Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.5 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.6 CIF Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.6 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.7 CIF LUX Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.7 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.8 Japan Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Three-Year Facility) (incorporated by reference from Exhibit 10.8 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.9 Fifth Amended and Restated Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.9 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.10 CIF Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.10 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.11 CIF LUX Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.11 to the Company's Current Report on Form 8-K filed September 1, 2026)

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10.12 Japan Local Currency Addendum to the Fifth Amended and Restated Credit Agreement (Five-Year Facility) (incorporated by reference from Exhibit 10.12 to the Company's Current Report on Form 8-K filed September 1, 2026)

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31.1 Certification of Chief Executive Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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31.2 Certification of Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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32 Certification of Chief Executive Officer of Caterpillar Inc. and Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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104 Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101)

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 13, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its 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.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.