Caterpillar Inc. Chief Executive Officer Joseph E. Creed filed a statement of changes in beneficial ownership on October 27, 2026, disclosing the acquisition of 23 phantom stock units in the company's non-qualified deferred compensation plan on October 26, 2026.

Key Highlights

  • Reporting person: Joseph E. Creed, Chief Executive Officer of Caterpillar Inc. (NYSE:CAT)
  • Transaction date: October 26, 2026, with the filing submitted on October 27, 2026
  • Units acquired: 23 phantom stock units acquired under the company's non-qualified deferred compensation plan at a price of $692.13 per unit
  • Breakdown: 12 shares credited to Creed's account under the Supplemental Deferred Compensation Plan at $692.13 per share, and 11 shares contributed for no consideration pursuant to Plan terms
  • Post-transaction holdings: 11,423 phantom stock units beneficially owned directly following the reported transaction, including adjustments for dividends accrued
  • Settlement terms: The phantom stock units are to be settled for 100% in cash upon the reporting person's retirement or separation from service

Creed's Phantom Stock Unit Acquisition Under Caterpillar's Deferred Compensation Plan

According to the filing, Joseph E. Creed, who serves as Chief Executive Officer of Caterpillar Inc., acquired 23 phantom stock units on October 26, 2026, under the company's non-qualified deferred compensation plan. Caterpillar, a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, lists its shares on the New York Stock Exchange under the ticker CAT.

The filing states that each phantom stock unit under the plan "is generally the economic equivalent of one share of Caterpillar Inc. common stock." The 23 units acquired were composed of two parts: 12 shares credited to Creed's account at a price of $692.13 per share, and 11 shares contributed to his account pursuant to the terms of the Supplemental Deferred Compensation Plan for no consideration. The filing notes that these units are to be settled for 100% in cash upon the reporting person's retirement or separation from service, meaning no actual shares of common stock are delivered.

Following the reported transaction, the filing discloses that Creed holds 11,423 phantom stock units directly. The filing further notes that this total "includes adjustments for dividends accrued" and that "phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash," meaning the unit count may change between dates due to shifts in the proportion of cash and stock within the fund. The filing was signed by Nicole Puza as power of attorney for Joseph E. Creed.

What Was Disclosed

The filing reported that Caterpillar's CEO, Joseph E. Creed, acquired 23 phantom stock units at $692.13 per unit on October 26, 2026, under the company's non-qualified deferred compensation plan, bringing his total direct holdings to 11,423 units.