NYSE : CAT
Caterpillar Inc. — Financial statements
Industrials · Farm & Heavy Construction Machinery · United States
Last price 622.75 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 286.26B
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Financial statements
Caterpillar Inc. (CAT) reported revenue of 77.77B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 73.91B | 63.98B | 61.36B | 63.87B | 56.57B | 48.19B |
| Other Revenue | 3.86B | 3.61B | 3.45B | 3.19B | 2.85B | 2.78B |
| Revenue | 77.77B | 67.59B | 64.81B | 67.06B | 59.43B | 50.97B |
| Cost of Revenue | 50.73B | 44.75B | 40.20B | 42.77B | 41.35B | 35.51B |
| Gross Profit | 23.50B | 19.46B | 21.09B | 21.27B | 15.56B | 13.19B |
| Selling, General & Admin | 6.25B | 5.80B | 5.72B | 5.62B | 4.11B | 3.43B |
| Research & Development | 2.31B | 2.15B | 2.11B | 2.11B | 1.81B | 1.69B |
| Other Operating Expenses | 54.00M | -250.00M | -298.00M | -120.00M | -115.00M | -204.00M |
| Operating Expenses | 8.62B | 7.70B | 7.53B | 7.61B | 5.81B | 4.92B |
| Operating Income | 14.88B | 11.76B | 13.56B | 13.67B | 9.76B | 8.27B |
| Interest Expense | -525.00M | -502.00M | -512.00M | -511.00M | -443.00M | -488.00M |
| Interest & Investment Income | 416.00M | 416.00M | 482.00M | 494.00M | 167.00M | 80.00M |
| Earnings From Equity Investments | 218.00M | 109.00M | 44.00M | 63.00M | 19.00M | 31.00M |
| Currency Exchange Gain (Loss) | -168.00M | -168.00M | 71.00M | -96.00M | 104.00M | 110.00M |
| Other Non Operating Income (Expenses) | 543.00M | 158.00M | -29.00M | 155.00M | 234.00M | 124.00M |
| EBT Excluding Unusual Items | 15.36B | 11.78B | 13.62B | 13.77B | 9.84B | 8.13B |
| Merger & Restructuring Charges | -157.00M | -157.00M | -241.00M | -670.00M | -84.00M | -31.00M |
| Impairment of Goodwill | -925.00M | |||||
| Gain (Loss) on Sale of Investments | 30.00M | 30.00M | 39.00M | 11.00M | -56.00M | 134.00M |
| Other Unusual Items | -1.00M | -1.00M | 1.00M | |||
| Pretax Income | 15.23B | 11.65B | 13.42B | 13.11B | 8.77B | 8.23B |
| Income Tax Expense | 3.40B | 2.77B | 2.63B | 2.78B | 2.07B | 1.74B |
| Earnings From Continuing Operations | 11.83B | 8.88B | 10.79B | 10.33B | 6.70B | 6.49B |
| Minority Interest in Earnings | 3.00M | 2.00M | 4.00M | 3.00M | 1.00M | -4.00M |
| Net Income | 11.83B | 8.88B | 10.79B | 10.34B | 6.71B | 6.49B |
| Net Income to Common | 11.83B | 8.88B | 10.79B | 10.34B | 6.71B | 6.49B |
| Shares Outstanding (Basic) | 462.27M | 470.00M | 486.70M | 510.60M | 526.90M | 544.00M |
| Shares Outstanding (Diluted) | 464.65M | 472.30M | 489.40M | 513.60M | 530.40M | 548.50M |
| EPS (Basic) | 25.59 | 18.90 | 22.17 | 20.24 | 12.73 | 11.93 |
| EPS (Diluted) | 25.47 | 18.81 | 22.05 | 20.12 | 12.64 | 11.83 |
| Free Cash Flow | 9.62B | 7.45B | 8.82B | 9.79B | 5.17B | 4.73B |
| Free Cash Flow Per Share | 20.70 | 15.78 | 18.02 | 19.07 | 9.74 | 8.62 |
| Dividend Per Share | 1.51 | 5.94 | 5.53 | 5.10 | 4.71 | 4.36 |
| Gross Margin | 30.21% | 28.79% | 32.54% | 31.72% | 26.19% | 25.87% |
| Operating Margin | 19.13% | 17.41% | 20.93% | 20.38% | 16.42% | 16.23% |
| Profit Margin | 15.21% | 13.14% | 16.65% | 15.41% | 11.28% | 12.73% |
| Free Cash Flow Margin | 12.36% | 11.03% | 13.61% | 14.60% | 8.70% | 9.27% |
| EBITDA | 17.23B | 13.96B | 15.72B | 15.81B | 11.97B | 10.63B |
| EBITDA Margin | 22.16% | 20.66% | 24.25% | 23.58% | 20.15% | 20.85% |
| D&A For EBITDA | 2.36B | 2.20B | 2.15B | 2.14B | 2.22B | 2.35B |
| EBIT | 14.88B | 11.76B | 13.56B | 13.67B | 9.76B | 8.27B |
| EBIT Margin | 19.13% | 17.41% | 20.93% | 20.38% | 16.42% | 16.23% |
| Effective Tax Rate | 22.35% | 23.76% | 19.60% | 21.21% | 23.57% | 21.15% |
| Revenue as Reported | 77.77B | 67.59B | 64.81B | 67.06B | 59.43B | 50.97B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.10B | 9.33B | 6.17B | 6.11B | 6.04B | 8.43B |
| Short-Term Investments | 1.90B | 964.00M | ||||
| Cash & Short-Term Investments | 7.10B | 9.33B | 6.17B | 8.01B | 6.04B | 9.39B |
| Receivables | 13.44B | 11.22B | 9.52B | 9.56B | 9.10B | 8.66B |
| Inventory | 22.21B | 18.14B | 16.83B | 16.57B | 16.27B | 14.04B |
| Finance Div. Loans and Leases | 11.05B | 10.65B | 9.56B | 9.51B | 9.01B | 8.90B |
| Finance Div. Other Current Assets | 827.00M | 647.00M | 724.00M | 872.00M | 962.00M | 826.00M |
| Prepaid Expenses | 3.20B | 2.50B | 2.88B | 2.44B | 2.40B | 1.64B |
| Total Current Assets | 57.83B | 52.48B | 45.68B | 46.95B | 43.78B | 43.45B |
| Property, Plant & Equipment | 11.77B | 15.85B | 10.12B | 9.25B | 8.75B | 8.80B |
| Goodwill | 5.91B | 5.32B | 5.24B | 5.31B | 5.29B | 6.32B |
| Other Intangible Assets | 409.00M | 241.00M | 399.00M | 564.00M | 758.00M | 1.04B |
| Finance Div. Loans and Leases Long-Term | 14.40B | 14.27B | 13.24B | 12.66B | 12.01B | 12.71B |
| Long-Term Accounts Receivable | 3.35B | 2.14B | 1.23B | 1.24B | 1.26B | 1.20B |
| Long-Term Deferred Tax Assets | 2.23B | 2.76B | 3.19B | 2.63B | 2.05B | 1.67B |
| Other Long-Term Assets | 6.70B | 5.52B | 4.83B | 4.88B | 4.20B | 3.68B |
| Total Assets | 106.84B | 98.58B | 87.76B | 87.48B | 81.94B | 82.79B |
| Accounts Payable | 10.57B | 8.97B | 7.67B | 7.91B | 8.69B | 8.15B |
| Accrued Expenses | 7.92B | 7.37B | 6.92B | 7.06B | 5.95B | 5.57B |
| Short-Term Debt | 3.00M | 9.00M | ||||
| Current Portion of Long-Term Debt | 36.00M | 35.00M | 46.00M | 1.04B | 120.00M | 45.00M |
| Current Portion of Leases | 158.00M | 143.00M | 147.00M | 151.00M | 158.00M | |
| Finance Div. Debt Current | 13.00B | 12.60B | 11.01B | 12.36B | 11.16B | 11.70B |
| Finance Div. Other Current Liabilities | 784.00M | 773.00M | 710.00M | 658.00M | 442.00M | 429.00M |
| Current Unearned Revenue | 5.33B | 3.31B | 2.32B | 1.93B | 1.86B | 1.09B |
| Other Current Liabilities | 3.03B | 3.34B | 3.44B | 3.62B | 3.16B | 2.69B |
| Total Current Liabilities | 40.67B | 36.56B | 32.27B | 34.73B | 31.53B | 29.85B |
| Long-Term Debt | 10.61B | 10.58B | 8.50B | 8.51B | 9.44B | 9.67B |
| Finance Div. Debt Long-Term | 21.55B | 20.02B | 18.79B | 15.89B | 16.22B | 16.29B |
| Finance Div. Other Long-Term Liabilities | 1.00M | 1.00M | ||||
| Long-Term Leases | 664.00M | 526.00M | 499.00M | 484.00M | 563.00M | |
| Long-Term Unearned Revenue | 1.36B | 423.00M | 460.00M | 454.00M | ||
| Pension & Post-Retirement Benefits | 3.61B | 3.84B | 3.76B | 4.10B | 4.20B | 5.59B |
| Long-Term Deferred Tax Liabilities | 494.00M | 432.00M | 454.00M | 471.00M | 412.00M | |
| Other Long-Term Liabilities | 8.92B | 3.75B | 3.58B | 3.33B | 3.25B | 3.91B |
| Total Liabilities | 85.36B | 77.27B | 68.27B | 67.97B | 66.05B | 66.28B |
| Common Stock | 6.66B | 7.18B | 6.94B | 6.40B | 6.56B | 6.40B |
| Retained Earnings | 73.43B | 65.45B | 59.35B | 51.25B | 43.51B | 39.28B |
| Treasury Stock | -56.70B | -49.54B | -44.33B | -36.34B | -31.75B | -27.64B |
| Comprehensive Income & Other | -1.90B | -1.77B | -2.47B | -1.82B | -2.46B | -1.55B |
| Total Common Equity | 21.48B | 21.32B | 19.49B | 19.49B | 15.87B | 16.48B |
| Minority Interest | -1.00M | 3.00M | 9.00M | 22.00M | 32.00M | |
| Shareholders' Equity | 21.48B | 21.32B | 19.49B | 19.50B | 15.89B | 16.52B |
| Total Liabilities & Equity | 106.84B | 98.58B | 87.76B | 87.48B | 81.94B | 82.79B |
| Total Debt | 45.20B | 44.06B | 39.01B | 38.45B | 37.57B | 38.43B |
| Net Cash (Debt) | -38.10B | -34.73B | -32.85B | -30.45B | -31.53B | -29.04B |
| Net Cash Per Share | -82.00 | -73.52 | -67.11 | -59.28 | -59.45 | -52.94 |
| Filing Date Shares Outstanding | 459.10M | 465.29M | 477.93M | 499.38M | 516.35M | 535.89M |
| Total Common Shares Outstanding | 459.10M | 465.29M | 477.93M | 499.38M | 516.35M | 535.89M |
| Working Capital | 17.17B | 15.93B | 13.41B | 12.22B | 12.25B | 13.61B |
| Book Value Per Share | 46.79 | 45.82 | 40.78 | 39.04 | 30.73 | 30.76 |
| Tangible Book Value | 15.17B | 15.76B | 13.85B | 13.62B | 9.82B | 9.12B |
| Tangible Book Value Per Share | 33.04 | 33.86 | 28.98 | 27.28 | 19.02 | 17.01 |
| Land | 616.00M | |||||
| Buildings | 7.76B | |||||
| Machinery | 13.74B | |||||
| Construction In Progress | 2.09B | |||||
| Order Backlog | 51.20B | 30.00B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 11.83B | 8.88B | 10.79B | 10.34B | 6.71B | 6.49B |
| Depreciation & Amortization | 2.36B | 2.20B | 2.15B | 2.14B | 2.22B | 2.35B |
| Loss (Gain) From Sale of Assets | 169.00M | 30.00M | 164.00M | 572.00M | ||
| Asset Writedown & Restructuring Costs | 65.00M | 65.00M | 925.00M | |||
| Other Operating Activities | 980.00M | 911.00M | -215.00M | -317.00M | -283.00M | -996.00M |
| Change in Accounts Receivable | -5.11B | -2.14B | -160.00M | -437.00M | -220.00M | -1.26B |
| Change in Inventory | -3.58B | -1.48B | -414.00M | -364.00M | -2.59B | -2.59B |
| Change in Accounts Payable | 1.84B | 1.18B | -282.00M | -754.00M | 798.00M | 2.04B |
| Change in Unearned Revenue | 4.29B | 1.93B | 370.00M | 80.00M | 768.00M | 34.00M |
| Change in Other Net Operating Assets | 1.34B | 155.00M | -373.00M | 1.63B | -557.00M | 1.12B |
| Operating Cash Flow | 14.18B | 11.74B | 12.04B | 12.88B | 7.77B | 7.20B |
| Capital Expenditures | -4.57B | -4.29B | -3.21B | -3.09B | -2.60B | -2.47B |
| Sale of Property, Plant & Equipment | 937.00M | 708.00M | 722.00M | 781.00M | 830.00M | 1.26B |
| Divestitures | -82.00M | 22.00M | -61.00M | -4.00M | 1.00M | 36.00M |
| Investment in Securities | -1.57B | 517.00M | 1.63B | -2.59B | -782.00M | -1.47B |
| Other Investing Activities | 264.00M | 75.00M | 193.00M | 97.00M | 14.00M | 79.00M |
| Investing Cash Flow | -6.63B | -4.71B | -2.45B | -5.87B | -2.54B | -3.08B |
| Short-Term Debt Issued | 1.11B | 402.00M | 3.49B | |||
| Long-Term Debt Issued | 11.11B | 10.28B | 8.26B | 6.67B | 6.99B | |
| Total Debt Issued | 14.14B | 12.21B | 10.28B | 8.26B | 7.08B | 10.48B |
| Short-Term Debt Repaid | -168.00M | -1.34B | ||||
| Long-Term Debt Repaid | -8.08B | -9.32B | -6.32B | -7.73B | -9.80B | |
| Total Debt Repaid | -10.12B | -8.08B | -9.48B | -7.66B | -7.73B | -9.80B |
| Net Debt Issued (Repaid) | 4.02B | 4.13B | 799.00M | 594.00M | -652.00M | 681.00M |
| Issuance of Common Stock | 20.00M | 12.00M | 51.00M | 135.00M | ||
| Repurchase of Common Stock | -8.13B | -5.26B | -7.74B | -4.97B | -4.23B | -2.67B |
| Common Dividends Paid | -2.85B | -2.75B | -2.65B | -2.56B | -2.44B | -2.33B |
| Other Financing Activities | -109.00M | -17.00M | -1.00M | -10.00M | -4.00M | |
| Financing Cash Flow | -7.08B | -3.90B | -9.56B | -6.93B | -7.28B | -4.19B |
| Foreign Exchange Rate Adjustments | -83.00M | -43.00M | -106.00M | -110.00M | -194.00M | -29.00M |
| Net Cash Flow | 391.00M | 3.09B | -89.00M | -28.00M | -2.25B | -103.00M |
| Free Cash Flow | 9.62B | 7.45B | 8.82B | 9.79B | 5.17B | 4.73B |
| Free Cash Flow Margin | 12.36% | 11.03% | 13.61% | 14.60% | 8.70% | 9.27% |
| Free Cash Flow Per Share | 20.70 | 15.78 | 18.02 | 19.07 | 9.74 | 8.62 |
| Levered Free Cash Flow | 4.13B | 5.84B | 5.29B | 8.56B | 3.58B | 7.04B |
| Unlevered Free Cash Flow | 4.45B | 6.15B | 5.61B | 8.88B | 3.85B | 7.34B |
| Cash Interest Paid | 1.84B | 1.84B | 1.74B | 1.44B | 959.00M | 920.00M |
| Cash Income Tax Paid | 2.21B | 2.21B | 3.13B | 2.95B | 3.08B | 1.76B |
| Change in Working Capital | -1.22B | -348.00M | -859.00M | 151.00M | -1.80B | -647.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 285.72B | 268.09B | 175.14B | 150.52B | 124.67B | 111.83B |
| Enterprise Value | 323.81B | 302.99B | 208.29B | 179.25B | 153.80B | 140.11B |
| Last Close Price | 622.75 | 568.04 | 354.35 | 284.26 | 225.69 | 190.30 |
| PE Ratio | 24.41 | 30.18 | 16.23 | 14.56 | 18.59 | 17.23 |
| Forward PE | 20.70 | 27.73 | 17.05 | 14.51 | 15.83 | 17.95 |
| PS Ratio | 3.67 | 3.97 | 2.70 | 2.25 | 2.10 | 2.19 |
| PB Ratio | 13.31 | 12.58 | 8.98 | 7.72 | 7.84 | 6.77 |
| P/TBV Ratio | 18.80 | 17.02 | 12.64 | 11.05 | 12.69 | 12.27 |
| P/FCF Ratio | 29.66 | 35.97 | 19.86 | 15.37 | 24.13 | 23.66 |
| P/OCF Ratio | 20.11 | 22.84 | 14.55 | 11.68 | 16.05 | 15.54 |
| PEG Ratio | 1.13 | 3.63 | 2.39 | 1.02 | 0.93 | 0.67 |
| EV/Sales Ratio | 4.16 | 4.48 | 3.21 | 2.67 | 2.59 | 2.75 |
| EV/EBITDA Ratio | 18.76 | 21.70 | 13.25 | 11.34 | 12.84 | 13.19 |
| EV/EBIT Ratio | 21.73 | 25.76 | 15.36 | 13.12 | 15.77 | 16.93 |
| EV/FCF Ratio | 33.62 | 40.65 | 23.61 | 18.30 | 29.77 | 29.65 |
| Debt / Equity Ratio | 2.10 | 2.07 | 2.00 | 1.97 | 2.36 | 2.33 |
| Debt / EBITDA Ratio | 2.58 | 3.10 | 2.44 | 2.39 | 3.07 | 3.53 |
| Debt / FCF Ratio | 4.70 | 5.91 | 4.42 | 3.93 | 7.27 | 8.13 |
| Net Debt / Equity Ratio | 1.77 | 1.63 | 1.69 | 1.56 | 1.98 | 1.76 |
| Net Debt / EBITDA Ratio | 2.21 | 2.49 | 2.09 | 1.93 | 2.63 | 2.73 |
| Net Debt / FCF Ratio | 3.96 | 4.66 | 3.72 | 3.11 | 6.10 | 6.14 |
| Asset Turnover | 0.78 | 0.72 | 0.74 | 0.79 | 0.72 | 0.63 |
| Inventory Turnover | 2.46 | 2.56 | 2.41 | 2.60 | 2.73 | 2.79 |
| Quick Ratio | 0.80 | 0.87 | 0.81 | 0.81 | 0.80 | 0.93 |
| Current Ratio | 1.42 | 1.44 | 1.42 | 1.35 | 1.39 | 1.46 |
| Return on Equity (ROE) | 56.14% | 43.53% | 55.33% | 58.38% | 41.37% | 40.72% |
| Return on Assets (ROA) | 9.27% | 7.89% | 9.68% | 10.08% | 7.40% | 6.42% |
| Return on Invested Capital (ROIC) | 19.55% | 16.55% | 21.32% | 22.12% | 16.04% | 14.51% |
| Return on Capital Employed (ROCE) | 22.50% | 19.00% | 24.40% | 25.90% | 19.40% | 15.60% |
| Earnings Yield | 4.10% | 3.31% | 6.16% | 6.87% | 5.38% | 5.80% |
| FCF Yield | 3.37% | 2.78% | 5.04% | 6.51% | 4.15% | 4.23% |
| Dividend Yield | 1.05% | 1.03% | 1.51% | 1.69% | 1.95% | 2.09% |
| Payout Ratio | 25.60% | 30.94% | 24.52% | 24.80% | 36.39% | 35.94% |
| Buyback Yield / Dilution | 2.30% | 3.49% | 4.71% | 3.17% | 3.30% | 0.02% |
| Total Shareholder Return | 3.35% | 4.52% | 6.22% | 4.86% | 5.25% | 2.11% |