Caterpillar Inc.

Full-year 2025 sales and revenues of $67.6 billion, up 4% on 2024 and the highest in the company's history; profit per share of $18.81, down from $22.05; adjusted profit per share $19.06. Operating cash flow of $11.7 billion and $7.9 billion deployed to shareholders. Chief executive Joe Creed described the centennial year as 'underscored by the highest full-year sales and revenues in Caterpillar's history'. Establishes that neither the Norwegian exclusion nor twenty years of divestment has produced measurable financial pressure.

The primary field record, valid until 17/11/2025. Documents supply of 'D9 bulldozers models D9R, D9N, D9L and D9T, different wheel loaders, armored excavators, and mini loaders'; Zoko Enterprises as exclusive Israeli importer retrofitting vehicles for military use, with adaptation work by Israel Aerospace Industries adding 'autonomous systems, gunner positions and bulletproof driver cabin'; the Panda RobDozer, a 50-tonne remotely operated unit based on the D9T/D9R that entered service in 2022 and led the Combat Engineering Corps into Gaza on the first day of the ground invasion in October 2023; the 'Thunder of Dawn' and 'Winnie the Pooh' variants; the February 2025 $295 million Foreign Military Sale with deliveries expected in 2027 and the July 2025 arrival of dozens of D9s; use in the Netzarim Corridor and Highway 749; and machinery in the construction of settlements including Revava, Maskiot, Oranit, Carmel, Elkana, Yakir, Beitar Illit and Ramat Shlomo, and of the separation wall and checkpoints.

The UN Independent International Commission of Inquiry concludes that Israeli authorities and security forces 'have committed and are continuing to commit' acts of genocide against Palestinians in Gaza, and that Israel 'bears responsibility for the failure to prevent genocide, the commission of genocide and the failure to punish genocide' (paras. 252 and 255). The analysis covers Gaza only, over 7 October 2023 to 31 July 2025.

Caterpillar Inc. appears on the exclusion list of the Norwegian Government Pension Fund Global as a conduct-based exclusion under the criterion 'serious violations of individuals' rights in situations of war or conflict', decided and published on 25 August 2025. It was excluded the same day as Bank Hapoalim, Bank Leumi, FIBI Holdings, First International Bank of Israel and Mizrahi Tefahot Bank. The page also records that a government-appointed committee is reviewing the ethical framework and must report by 15 October 2026, and that in the interim 'Norges Bank shall not decide on observation or exclusion, but may revoke previous decisions'.

The most complete public account of the supply chain and of Caterpillar's own position. Section 2.6: 'According to the company, these machines are supplied through the United States Foreign Military Sales (FMS) programme. In other words, Caterpillar sells the equipment to U.S. government authorities, who then transfer them to Israel via the FMS framework. Consequently, there is no direct commercial relationship between Caterpillar and the IDF.' It records that the D9 is 'originally manufactured by Caterpillar as civilian heavy machinery' and that 'after delivery to Israel, they are modified by other parties and adapted for military purposes through the addition of armour plating, weaponry, and other enhancements'. In a teleconference on 19 November 2024 Caterpillar said it had never sold the bulldozers directly to the Israeli military and that, with the possible exception of a couple of vehicles previously delivered to Egypt, Israel was the only nation to receive D9s via FMS; asked what measures it took to prevent unlawful use, 'the company responded that it was difficult to maintain oversight of how its equipment was used once delivered' and referred to US authorities' export evaluations. At a follow-up meeting on 28 May 2025 the company confirmed a new FMS order with deliveries due within months. Caterpillar was sent the draft recommendation on 12 June 2025 and did not respond. The Council concluded: 'there is no doubt that Caterpillar's products are being used to facilitate widespread and systematic violations of IHL. The company has taken no discernible steps to prevent such use.' The fund held 1.23% of the company, NOK 24.4 billion, at end-2024.

Places Caterpillar on the BDS Divestment Shortlist. Records supply to the Israeli military via Israel Tractors & Equipment, a Zoko Enterprises subsidiary; retrofitting by Ramta, a subsidiary of Israel Aerospace Industries, with 'gunner positions and bulletproof driver cabins'; the remote-controlled 'Thunder of Dawn', 'Winnie-the-Pooh' and 'Panda' variants; and the Bagger E-349 weaponised excavator. Its Economic Activism Highlights run from the Church of England's withdrawal in February 2009 and Friends Fiduciary and TIAA-CREF removals in 2012, through the Presbyterian Church (USA) vote in June 2014, the University of Manchester's £10m-plus divestment in August 2020 and the Episcopal Church's October 2019 human rights screen, to the University of British Columbia student union motion of March 2022. Note that the profile also covers AFSC's separate US prisons and borders screens, which are not Palestine-related.

The single most important source on this company. Paragraph 45 states verbatim: 'For decades, Caterpillar Inc. has provided Israel with equipment used to demolish Palestinian homes and infrastructure, through both the United States Foreign Military Financing programme and an exclusive licensee requisitioned by Israeli law into the military. In partnership with companies such as Israel Aerospace Industries, Elbit Systems and Leonardo DRS, Inc.-owned RADA Electronic Industries, Israel has evolved Caterpillar's D9 bulldozer into automated, remote-commanded core weaponry of the military, deployed in almost every military activity since 2000, clearing incursion lines, "neutralizing" the territory and killing Palestinians. Since October 2023, Caterpillar equipment has been documented as being used to carry out mass demolitions – including of homes, mosques and life-sustaining infrastructure – raid hospitals and burying alive wounded Palestinians. In 2025, Caterpillar secured a further multi-million dollar contract with Israel.' Paragraph 44 records that since October 2023 heavy machinery has been integral to damaging or destroying 70% of structures and 81% of cropland in Gaza. The report frames its list as illustrative, not definitive.

Defense Security Cooperation Agency congressional notification of a Foreign Military Sale of D9 bulldozers to Israel valued at approximately $295 million, with deliveries expected in 2027. Who Profits records the same transaction as approved by the US Secretary of State in February 2025 and covering D9R and D9T models. This notification is cited by the UN Special Rapporteur at footnote 130 of A/HRC/59/23 as the 'further multi-million dollar contract' Caterpillar secured in 2025.

The first US county to divest from a corporation over its role in Israel's military activities, citing the 'long-standing criticism for equipment's role in destruction of Palestinian homes'. A template for municipal and county treasurers anywhere with discretionary corporate bond or equity holdings.

The International Court of Justice found Israel's continued presence in the occupied Palestinian territory unlawful and held settlements and their associated economic activity contrary to international law. The Council on Ethics recommendation on Caterpillar rests substantially on this opinion, quoting the Court's findings that punitive demolitions are 'contrary to its obligations under international humanitarian law' and that the refusal of building permits and demolition for lack of permits 'at such a sweeping scale' serves no legitimate aim.

KLP sold its entire holding, $69 million or NOK 728 million, in a decision dated 17 June 2024. KLP's head of responsible investments, Kiran Aziz, said Caterpillar 'has supplied bulldozers and other equipment that has been used to demolish Palestinian homes and infrastructure' and that engagement had given 'little credibility that they have taken good measures to reduce the risk of complicity in violations of human rights'. The clearest precedent for an institutional exclusion decision short of a sovereign fund.

The Ninth Circuit affirmed dismissal of the claims brought by the families of Rachel Corrie and four Palestinians killed or injured in bulldozer demolitions, on political question grounds and without reaching the merits. The court held that 'the United States government paid for every bulldozer that Caterpillar transferred to the IDF', that 'the decisive factor here is that Caterpillar's sales to Israel were paid for by the United States', and that allowing the action to proceed 'would necessarily require the judicial branch of our government to question the political branches' decision to grant extensive military aid to Israel'. Opinion by Judge Wardlaw, with Judges Alarcón and Hawkins. This is the authoritative judicial confirmation of the Foreign Military Sales chain, and of why the chain is close to litigation-proof in United States courts.

The case file for the federal suit filed in the Western District of Washington on 15 March 2005 by the families of Rachel Corrie and Palestinian victims of bulldozer demolitions. The district court dismissed in November 2005 and the Ninth Circuit affirmed on 17 September 2007. No court has held Caterpillar liable.

HRW called on Caterpillar to suspend sales of D9 bulldozers to the Israeli military, stating that the company sells them 'knowing that they are being used to illegally destroy Palestinian homes'. It identifies the route as the US Foreign Military Sales programme, 'a government-to-government program for selling U.S.-made defense equipment', establishing that the chain now confirmed by the Council on Ethics was already public and documented more than twenty years ago.