Key Takeaways CAT volumes declined for six quarters, led by Construction Industries and followed by Resource Industries. Dealer inventory drawdowns and weak demand hit CAT's 2024 and Q1 2025 volumes by $3.5B and$1.1B. Revenues fell for five quarters, with earnings down in the last three as macro uncertainty weighs on demand.Caterpillar Inc.  (CAT) continues to face volume challenges, marking six consecutive quarters of decline. The most acute impact was reported in its Construction Industries segment, fo ...