Caterpillar Raises Record $15.2 Million in United Way Campaign

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Caterpillar Inc. (NYSE: CAT) and its employees, retirees, and the Caterpillar Foundation have pledged $15.2 million to United Way chapters across the US, Mexico, Canada, and Panama for 2024-2025. This marks a record-breaking amount for the third consecutive year, increasing from $14.8 million in 2023. During August and September, employees contributed over 14,500 volunteer hours through the Foundation's Volunteer Service Match Program. The Caterpillar Foundation matches employee and retiree donations dollar for dollar, with over $236 million raised since 2000. The campaign supports 528 United Way chapters globally.

Insights

Financial Analyst

While the $15.2 million charitable contribution demonstrates Caterpillar's strong corporate social responsibility commitment, this news has minimal direct financial impact on the $185.6 billion market cap company. The 2.7% year-over-year increase in donations from $14.8 million to $15.2 million shows consistent philanthropic growth, but represents less than 0.01% of annual revenue. The matching program through the Caterpillar Foundation is already factored into financial planning and doesn't materially affect the company's financials. However, these initiatives can positively influence employee retention, community relations and ESG ratings, providing intangible long-term value.

Funds will help improve the lives of individuals in communities across the United States, Mexico, Canada and Panama

IRVING, Texas, Nov. 18, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) employees and retirees, together with the Caterpillar Foundation, the philanthropic organization of Caterpillar, have pledged more than $15.2 million to the United Way chapters and their partner agencies across the United States, Mexico, Canada and Panama as part of its 2024-2025 campaign. The campaign achieved a record-breaking amount for the third year.

Employees generously donated to the United Way campaign and recorded over 14,500 volunteer hours through the Caterpillar Foundation Volunteer Service Match Program during August and September, which will generate additional matching funds for charities in Caterpillar communities.

"I want to express my sincere thanks to our employees and retirees whose continued generosity is demonstrated by our campaign increase from $14.8 million in 2023 to $15.2 million this year, creating a profound impact in our global communities," said Caterpillar Chairman and CEO Jim Umpleby.

The United Way has been Caterpillar's only annual solicitation for funds to its employees and retirees for over 70 years. The Caterpillar Foundation matches employee and retiree donations dollar for dollar. Since 2000, more than $236 million has been raised during the annual campaign.

United Way assesses local community needs, finds efficient programs that deliver measurable outcomes and works to eliminate those needs in the future by identifying the causes and creating long-term solutions.

Caterpillar is part of the United Way's Global Corporate Leadership Program, which includes 86 corporate partners that raise more than $1 billion annually. There are more than 1,100 United Way chapters globally, and Caterpillar's annual campaign supports 528 of these chapters where the company's employees live and work.

About Caterpillar
With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html. 

About the Caterpillar Foundation
Founded in 1952, Caterpillar's philanthropic organization, the Caterpillar Foundation, has contributed nearly $935 million to help make sustainable progress possible around the world by building resilient communities that thrive in a rapidly changing world. To learn more about the global impact of the Caterpillar Foundation, visit caterpillar.com/foundation. To connect with us on social media, visit caterpillar.com/social-media.

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SOURCE Caterpillar Inc.

FAQ

How much did Caterpillar (CAT) raise in its 2024-2025 United Way campaign?

Caterpillar raised $15.2 million in its 2024-2025 United Way campaign, marking a record-breaking amount for the third consecutive year.

How much has Caterpillar (CAT) increased its United Way donations from 2023 to 2024?

Caterpillar increased its United Way donations from $14.8 million in 2023 to $15.2 million in 2024, representing a $400,000 increase.

How many volunteer hours did Caterpillar (CAT) employees record in the 2024 campaign?

Caterpillar employees recorded over 14,500 volunteer hours through the Caterpillar Foundation Volunteer Service Match Program during August and September 2024.