ABM Industries Incorporated (ABM)
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CAT: Caterpillar's moat is the dealer network, but the cycle still matters
Caterpillar reported FY2025 revenue of $67.6 billion, FY2025 operating income of $11.2 billion and Q1 2026 revenue of $17.4 billion. The thesis is dealer-network strength, margin durability and cash generation through an industrial cycle.
OpenABM Industries (ABM) Coverage Bootstrap: facility services scale, margin recovery, WGNSTAR integration, and labor execution
Official-source baseline for ABM Industries using SEC submissions, SEC company facts, the FY2025 Form 10-K, Q1 FY2026 Form 10-Q, filed earnings releases, the 2026 proxy, WGNSTAR disclosures, and official peer filings.
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