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Caterpillar Inc.(CAT)Earnings, Financials & Key Ratios
CAT•NYSE
50.8× P/E·Price updated Jun 17, 2026
SectorIndustrialsIndustryAgricultural MachinerySub-IndustryConstruction and Material Handling Equipment
AboutCaterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact track and multi-terrain loaders, excavators, motorgraders, pipelayers, road reclaimers, site prep tractors, skid steer loaders, telehandlers, and utility vehicles; mini, small, medium, and large excavators; compact, small, and medium wheel loaders; track-type tractors and loaders; and wheel excavators. The Resource Industries segment provides electric rope shovels, draglines, hydraulic shovels, rotary drills, hard rock vehicles, track-type tractors, mining trucks, longwall miners, wheel loaders, off-highway trucks, articulated trucks, wheel tractor scrapers, wheel dozers, fleet management, landfill compactors, soil compactors, machinery components, autonomous ready vehicles and solutions, select work tools, and safety services and mining performance solutions. The Energy & Transportation segment offers reciprocating engines, generator sets, integrated systems and solutions, turbines and turbine-related services, remanufactured reciprocating engines and components, centrifugal gas compressors, diesel-electric locomotives and components, and other rail-related products and services for marine, oil and gas, industrial, and electric power generation sectors. The company's Financial Products segment provides operating and finance leases, installment sale contracts, working capital loans, and wholesale financing plans; and insurance and risk management products for vehicles, power generation facilities, and marine vessels. The All Other operating segment manufactures filters and fluids, undercarriage, ground engaging tools, etc. The company was formerly known as Caterpillar Tractor Co. and changed its name to Caterpillar Inc. in 1986. The company was founded in 1925 and is headquartered in Deerfield, Illinois.Show more
- Revenue$67.59B+4.3%
- EBITDA$13.47B-11.5%
- Net Income$8.87B-17.8%
- EPS (Diluted)18.83-14.6%
- Gross Margin32.34%-10.1%
- EBITDA Margin19.93%-15.2%
- Operating Margin16.59%-17.8%
- Net Margin13.13%-21.2%
- ROE43.48%-21.4%
CAT Key Insights
Caterpillar Inc. (CAT) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Dividend Aristocrat: 32 years of consecutive increases
- ✓Excellent 3Y average ROE of 52.4%
- ✓Strong 5Y profit CAGR of 24.2%
- ✓FCF machine: 15.2% free cash flow margin
- ✓Momentum leader: RS Rating 87 (top 13%)
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
- ✗High debt to equity ratio of 2.0x
- ✗Expensive at 21.0x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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CAT Price & Volume
Caterpillar Inc. (CAT) stock price & volume — 10-year historical chart
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CAT Growth Metrics
Caterpillar Inc. (CAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years3.7%
5 Years10.12%
3 Years4.38%
TTM11.85%
Profit CAGR
10 Years13.45%
5 Years24.24%
3 Years9.79%
TTM-5.23%
EPS CAGR
10 Years16.24%
5 Years28.09%
3 Years14.21%
TTM-2.05%
Return on Capital
10 Years14.95%
5 Years19.34%
3 Years22.79%
Last Year19.08%
CAT Recent Earnings
Caterpillar Inc. (CAT) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$5.54+19.1%
$4.65
Rev
$17.4B+5.4%
$16.5B
Q1 2026
Jan 29, 2026Metric
Actual
Est
EPS
$5.16+9.6%
$4.71
Rev
$19.1B+7.2%
$17.9B
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$4.95+9.3%
$4.53
Rev
$17.6B+5.2%
$16.8B
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$4.72-3.5%
$4.89
Rev
$16.6B+1.6%
$16.3B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $5.54vs $4.65+19.1% | $17.4Bvs $16.5B+5.4% |
| Q1 2026 | Jan 29, 2026 | $5.16vs $4.71+9.6% | $19.1Bvs $17.9B+7.2% |
| Q4 2025 | Oct 29, 2025 | $4.95vs $4.53+9.3% | $17.6Bvs $16.8B+5.2% |
| Q3 2025 | Aug 5, 2025 | $4.72vs $4.89-3.5% | $16.6Bvs $16.3B+1.6% |
Based on last 12 quarters of dataView full earnings history →
CAT Peer Comparison
Caterpillar Inc. (CAT) competitors in Construction and Material Handling Equipment — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DE | 158.85B | 588.47 | 31.81 | -11.59% | 10.21% | 18.21% | 2.46 | |
 CNH | 12.75B | 10.28 | 25.07 | -8.76% | 2.13% | 4.92% | 3.45 | |
 AGCO | 8.11B | 111.97 | 11.48 | -13.55% | 7.43% | 16.73% | 0.59 | |
 PCAR | 61.75B | 117.34 | 26.02 | -15.5% | 9.09% | 17.2% | ||
 CMI | 99.17B | 717.78 | 35.01 | -1.27% | 7.89% | 20.27% | 0.61 | |
 VMC | 38.25B | 294.82 | 36.31 | 6.94% | 13.88% | 13.07% | 0.63 | |
 MLM | 35.65B | 591.08 | 31.44 | 0.12% | 38.67% | 25.07% | 0.53 | |
 TEX | 4.22B | 64.18 | 19.27 | 5.73% | 1.87% | 4.07% | 1.34 |
Compare CAT vs Peers
Caterpillar Inc. (CAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CAT Income Statement
Caterpillar Inc. (CAT) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 45.46B | 54.72B | 53.8B | 41.75B | 50.97B | 59.43B | 67.06B | 64.81B | 67.59B | 70.75B |
Revenue Growth % | 17.97% | 20.37% | -1.68% | -22.4% | 22.09% | 16.59% | 12.84% | -3.36% | 4.29% | 11.85% |
Cost of Goods Sold | 31.91B | 37.72B | 37.38B | 29.67B | 35.97B | 41.91B | 43.8B | 41.48B | 45.73B | 47.74B |
COGS % of Revenue | 70.18% | 68.93% | 69.49% | 71.07% | 70.57% | 70.53% | 65.31% | 64.01% | 67.66% | - |
Gross Profit | 13.56B▲ 0% | 17B▲ 25.4% | 16.42B▼ 3.5% | 12.08B▼ 26.4% | 15B▲ 24.2% | 17.51B▲ 16.7% | 23.26B▲ 32.8% | 23.32B▲ 0.3% | 21.86B▼ 6.3% | 23.01B▲ 0% |
Gross Margin % | 29.82% | 31.07% | 30.51% | 28.93% | 29.43% | 29.47% | 34.69% | 35.99% | 32.34% | 32.52% |
Gross Profit Growth % | 36.97% | 25.43% | -3.45% | -26.43% | 24.23% | 16.72% | 32.84% | 0.26% | -6.28% | - |
Operating Expenses | 9.1B | 8.71B | 8.13B | 7.52B | 8.13B | 9.61B | 10.3B | 10.25B | 10.65B | 11.29B |
OpEx % of Revenue | 20.01% | 15.92% | 15.1% | 18.02% | 15.94% | 16.17% | 15.35% | 15.82% | 15.76% | - |
Selling, General & Admin | 5B | 5.48B | 5.16B | 4.64B | 5.37B | 5.65B | 6.37B | 6.67B | 6.99B | 7.21B |
SG&A % of Revenue | 11% | 10.01% | 9.59% | 11.12% | 10.53% | 9.51% | 9.5% | 10.29% | 10.33% | - |
Research & Development | 1.84B | 1.85B | 1.69B | 1.42B | 1.69B | 1.81B | 2.11B | 2.11B | 2.15B | 2.21B |
R&D % of Revenue | 4.05% | 3.38% | 3.15% | 3.39% | 3.31% | 3.05% | 3.14% | 3.25% | 3.18% | - |
Other Operating Expenses | 2.25B | 1.38B | 1.27B | 1.47B | 1.07B | 2.14B | 1.82B | 1.48B | 1.52B | 4M |
Operating Income | 4.46B▲ 0% | 8.29B▲ 85.9% | 8.29B▼ 0.0% | 4.55B▼ 45.1% | 6.88B▲ 51.1% | 7.9B▲ 14.9% | 12.97B▲ 64.0% | 13.07B▲ 0.8% | 11.21B▼ 14.2% | 11.72B▲ 0% |
Operating Margin % | 9.81% | 15.15% | 15.41% | 10.91% | 13.49% | 13.3% | 19.33% | 20.17% | 16.59% | 16.56% |
Operating Income Growth % | 283.82% | 85.94% | -0.04% | -45.08% | 51.07% | 14.92% | 64.04% | 0.82% | -14.24% | - |
EBITDA | 7.34B | 11.06B | 10.87B | 6.99B | 9.23B | 10.12B | 15.11B | 15.22B | 13.47B | 14.03B |
EBITDA Margin % | 16.14% | 20.21% | 20.2% | 16.73% | 18.11% | 17.03% | 22.53% | 23.49% | 19.93% | 19.83% |
EBITDA Growth % | 74.86% | 50.73% | -1.74% | -35.72% | 32.14% | 9.68% | 49.26% | 0.76% | -11.51% | -1.87% |
D&A (Non-Cash Add-back) | 2.88B | 2.77B | 2.58B | 2.43B | 2.35B | 2.22B | 2.14B | 2.15B | 2.26B | 2.32B |
EBIT | 4.61B | 8.23B | 8.23B | 4.51B | 8.69B | 9.2B | 13.56B | 13.88B | 12.59B | 12.99B |
Net Interest Income | -400M | -206M | -215M | -398M | -405M | -276M | -17M | -30M | -543M | -1.02B |
Interest Income | 122M | 195M | 202M | 112M | 80M | 167M | 494M | 482M | 487M | 388M |
Interest Expense | 522M | 401M | 417M | 510M | 485M | 443M | 511M | 512M | 1.03B | 1.41B |
Other Income/Expense | -362M | -447M | -450M | -544M | 1.36B | 867M | 147M | 345M | 353M | 481M |
Pretax Income | 4.1B▲ 0% | 7.85B▲ 91.5% | 7.84B▼ 0.1% | 4.01B▼ 48.9% | 8.23B▲ 105.4% | 8.77B▲ 6.5% | 13.11B▲ 49.5% | 13.42B▲ 2.3% | 11.56B▼ 13.8% | 12.2B▲ 0% |
Pretax Margin % | 9.01% | 14.34% | 14.57% | 9.6% | 16.16% | 14.76% | 19.55% | 20.7% | 17.11% | 17.24% |
Income Tax | 3.34B | 1.7B | 1.75B | 1.01B | 1.74B | 2.07B | 2.78B | 2.63B | 2.77B | 2.86B |
Effective Tax Rate % | 81.48% | 21.64% | 22.27% | 25.09% | 21.15% | 23.57% | 21.21% | 19.59% | 23.94% | 23.48% |
Net Income | 754M▲ 0% | 6.15B▲ 715.3% | 6.09B▼ 0.9% | 3B▼ 50.8% | 6.49B▲ 116.4% | 6.71B▲ 3.3% | 10.34B▲ 54.1% | 10.79B▲ 4.4% | 8.87B▼ 17.8% | 9.42B▲ 0% |
Net Margin % | 1.66% | 11.23% | 11.33% | 7.18% | 12.73% | 11.28% | 15.41% | 16.65% | 13.13% | 13.31% |
Net Income Growth % | 1225.37% | 715.25% | -0.88% | -50.8% | 116.44% | 3.33% | 54.14% | 4.42% | -17.78% | -5.23% |
Net Income (Continuing) | 759M | 6.15B | 6.09B | 3B | 6.49B | 6.7B | 10.33B | 10.79B | 8.79B | 9.33B |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 69M | 41M | 41M | 47M | 32M | 22M | 9M | 3M | 0 | -1M |
EPS (Diluted) | 1.26▲ 0% | 10.26▲ 714.3% | 10.74▲ 4.7% | 5.46▼ 49.2% | 11.83▲ 116.7% | 12.64▲ 6.8% | 20.12▲ 59.2% | 22.05▲ 9.6% | 18.83▼ 14.6% | 20.22▲ 0% |
EPS Growth % | 1245.45% | 714.29% | 4.68% | -49.16% | 116.67% | 6.85% | 59.18% | 9.59% | -14.6% | -2.05% |
EPS (Basic) | 1.27 | 10.39 | 10.85 | 5.51 | 11.93 | 12.73 | 20.24 | 22.17 | 18.90 | - |
Diluted Shares Outstanding | 599.3M | 599.4M | 567.5M | 548.6M | 548.5M | 530.4M | 513.6M | 489.4M | 469M | 465.8M |
Basic Shares Outstanding | 591.8M | 591.4M | 561.6M | 544.1M | 544M | 526.9M | 510.6M | 486.7M | 466.5M | 463.4M |
Dividend Payout Ratio | 242.84% | 31.74% | 34.99% | 74.82% | 35.94% | 36.39% | 24.8% | 24.52% | 30.98% | - |
CAT Balance Sheet
Caterpillar Inc. (CAT) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 36.24B | 38.6B | 39.19B | 39.46B | 43.45B | 43.78B | 46.95B | 45.68B | 52.48B | 48.57B |
Cash & Short-Term Investments | 8.26B | 7.86B | 8.28B | 9.35B | 9.25B | 7B | 6.98B | 6.89B | 9.98B | 4.07B |
Cash Only | 0 | 7.89B | 8.29B | 9.35B | 9.25B | 7B | 6.98B | 6.89B | 9.98B | 4.07B |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 16.19B | 17.45B | 17.9B | 16.78B | 17.38B | 17.87B | 18.82B | 18.85B | 21.57B | 0 |
Days Sales Outstanding | 130.01 | 116.41 | 121.47 | 146.71 | 124.42 | 109.75 | 102.44 | 106.15 | 116.48 | 80.1 |
Inventory | 10.02B | 11.53B | 11.27B | 11.4B | 14.04B | 16.27B | 16.57B | 16.83B | 18.14B | 19.63B |
Days Inventory Outstanding | 114.6 | 111.56 | 110 | 140.26 | 142.46 | 141.68 | 138.05 | 148.05 | 144.75 | 143.94 |
Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 4.59B | 3.12B | 2.8B | 24.87B |
Total Non-Current Assets | 40.72B | 39.91B | 39.26B | 38.86B | 39.34B | 38.16B | 40.53B | 42.08B | 46.1B | 46.98B |
Property, Plant & Equipment | 14.15B | 13.57B | 12.9B | 12.4B | 12.09B | 12.03B | 12.68B | 13.36B | 15.14B | 15.25B |
Fixed Asset Turnover | 3.21x | 4.03x | 4.17x | 3.37x | 4.22x | 4.94x | 5.29x | 4.85x | 4.46x | 4.83x |
Goodwill | 6.2B | 6.22B | 6.2B | 6.39B | 6.32B | 5.29B | 5.31B | 5.24B | 5.32B | 5.87B |
Intangible Assets | 2.11B | 1.9B | 1.56B | 1.31B | 1.04B | 758M | 564M | 399M | 241M | 419M |
Long-Term Investments | 0 | 0 | 0 | 0 | 15.61B | 16.59B | 17.77B | 18.58B | 16.41B | 50.84B |
Other Non-Current Assets | 16.56B | 16.78B | 17.18B | 17.23B | 2.44B | 1.28B | 1.39B | 1.19B | 6.1B | 23.03B |
Total Assets | 76.96B▲ 0% | 78.51B▲ 2.0% | 78.45B▼ 0.1% | 78.32B▼ 0.2% | 82.79B▲ 5.7% | 81.94B▼ 1.0% | 87.48B▲ 6.8% | 87.76B▲ 0.3% | 98.58B▲ 12.3% | 95.55B▲ 0% |
Asset Turnover | 0.59x | 0.70x | 0.69x | 0.53x | 0.62x | 0.73x | 0.77x | 0.74x | 0.69x | 0.75x |
Asset Growth % | 3.02% | 2.01% | -0.07% | -0.16% | 5.71% | -1.03% | 6.75% | 0.33% | 12.33% | 41.8% |
Total Current Liabilities | 26.93B | 28.22B | 26.62B | 25.72B | 29.85B | 31.53B | 34.73B | 32.27B | 36.56B | 35.9B |
Accounts Payable | 6.49B | 7.05B | 5.96B | 6.13B | 8.15B | 8.69B | 7.91B | 7.67B | 8.97B | 9.64B |
Days Payables Outstanding | 74.21 | 68.23 | 58.16 | 75.38 | 82.75 | 75.66 | 65.89 | 67.53 | 71.58 | 68.61 |
Short-Term Debt | 11.03B | 11.55B | 11.38B | 11.16B | 11.76B | 11.28B | 13.41B | 11.06B | 12.63B | 0 |
Deferred Revenue (Current) | 1.43B | 1.24B | 1.19B | 1.11B | 1.09B | 1.86B | 1.93B | 2.32B | 3.31B | 14.5B |
Other Current Liabilities | 1.74B | 1.92B | 2.15B | 2.02B | 2.26B | 2.69B | 3.12B | 2.91B | 9.09B | 21.88B |
Current Ratio | 1.35x | 1.37x | 1.47x | 1.53x | 1.46x | 1.39x | 1.35x | 1.42x | 1.44x | 1.35x |
Quick Ratio | 0.97x | 0.96x | 1.05x | 1.09x | 0.99x | 0.87x | 0.87x | 0.89x | 0.94x | 0.81x |
Cash Conversion Cycle | 170.4 | 159.74 | 173.3 | 211.58 | 184.13 | 175.77 | 174.6 | 186.67 | 189.65 | 155.42 |
Total Non-Current Liabilities | 36.27B | 36.21B | 37.2B | 37.23B | 36.43B | 34.52B | 33.24B | 36B | 40.71B | 40.99B |
Long-Term Debt | 23.41B | 24.5B | 26.15B | 25.9B | 25.95B | 25.83B | 24.53B | 27.45B | 30.7B | 0 |
Capital Lease Obligations | 437M | 497M | 128M | 103M | 79M | -112M | -61M | -103M | 0 | 0 |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 12.42B | 11.21B | 10.92B | 11.23B | 10.4B | 8.81B | 8.77B | 8.65B | 10.01B | 40.99B |
Total Liabilities | 63.2B | 64.43B | 63.82B | 62.95B | 66.28B | 66.05B | 67.97B | 68.27B | 77.27B | 76.89B |
Total Debt | 34.88B | 36.55B | 37.66B | 37.16B | 37.79B | 36.99B | 37.88B | 38.41B | 43.33B | 0 |
Net Debt | 34.88B | 28.66B | 37.66B | 27.81B | 28.54B | 29.99B | 30.9B | 31.52B | 33.35B | -4.07B |
Debt / Equity | 2.53x | 2.60x | 2.57x | 2.42x | 2.29x | 2.33x | 1.94x | 1.97x | 2.03x | 0.00x |
Debt / EBITDA | 4.75x | 3.31x | 3.47x | 5.32x | 4.09x | 3.65x | 2.51x | 2.52x | 3.22x | 0.00x |
Net Debt / EBITDA | 4.75x | 2.59x | 3.47x | 3.98x | 3.09x | 2.96x | 2.05x | 2.07x | 2.48x | -0.29x |
Interest Coverage | 8.84x | 20.51x | 19.74x | 8.84x | 17.92x | 20.76x | 26.54x | 27.12x | 12.23x | 9.22x |
Total Equity | 13.77B▲ 0% | 14.08B▲ 2.3% | 14.63B▲ 3.9% | 15.38B▲ 5.1% | 16.52B▲ 7.4% | 15.89B▼ 3.8% | 19.5B▲ 22.7% | 19.49B▼ 0.0% | 21.32B▲ 9.4% | 18.66B▲ 0% |
Equity Growth % | 4.19% | 2.28% | 3.9% | 5.12% | 7.4% | -3.78% | 22.73% | -0.05% | 9.36% | 28% |
Book Value per Share | 22.97 | 23.49 | 25.78 | 28.03 | 30.11 | 29.96 | 37.97 | 39.83 | 45.45 | 40.06 |
Total Shareholders' Equity | 13.7B | 14.04B | 14.59B | 15.33B | 16.48B | 15.87B | 19.49B | 19.49B | 21.32B | 18.66B |
Common Stock | 5.59B | 5.83B | 5.93B | 6.23B | 6.4B | 6.56B | 6.4B | 6.94B | 7.18B | 5.85B |
Retained Earnings | 26.3B | 30.43B | 34.44B | 35.17B | 39.28B | 43.51B | 51.25B | 59.35B | 65.45B | 0 |
Treasury Stock | -17B | -20.53B | -24.22B | -25.18B | -27.64B | -31.75B | -36.34B | -44.33B | -49.54B | 0 |
Accumulated OCI | -1.19B | -1.68B | -1.57B | -888M | -1.55B | -2.46B | -1.82B | -2.47B | -1.77B | -1.88B |
Minority Interest | 69M | 41M | 41M | 47M | 32M | 22M | 9M | 3M | 0 | -1M |
CAT Cash Flow Statement
Caterpillar Inc. (CAT) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 5.71B | 6.56B | 6.91B | 6.33B | 7.2B | 7.77B | 12.88B | 12.04B | 11.74B | 12.32B |
Operating CF Margin % | 12.55% | 11.98% | 12.85% | 15.16% | 14.12% | 13.07% | 19.21% | 18.57% | 17.37% | - |
Operating CF Growth % | 1.19% | 14.93% | 5.4% | -8.46% | 13.77% | 7.89% | 65.92% | -6.6% | -2.46% | 58.96% |
Net Income | 759M | 6.15B | 6.09B | 3B | 6.49B | 6.7B | 10.33B | 10.79B | 8.88B | 9.42B |
Depreciation & Amortization | 2.88B | 2.77B | 2.58B | 2.43B | 2.35B | 2.22B | 2.14B | 2.15B | 2.26B | 2.32B |
Stock-Based Compensation | 206M | 198M | 205M | 202M | 200M | 193M | 208M | 223M | 242M | 100M |
Deferred Taxes | 1.21B | 220M | 28M | -74M | -383M | -377M | -592M | -621M | 465M | 1.04B |
Other Non-Cash Items | 845M | 1.3B | 938M | 1.18B | -817M | 827M | 642M | 351M | 236M | 317M |
Working Capital Changes | -194M | -4.08B | -2.93B | -417M | -647M | -1.8B | 151M | -859M | -348M | -879M |
Change in Receivables | -1.15B | -1.62B | 171M | 1.44B | -1.26B | -220M | -437M | -160M | -2.14B | -956M |
Change in Inventory | -1.29B | -1.58B | 274M | -34M | -2.59B | -2.59B | -364M | -414M | -1.48B | -1.99B |
Change in Payables | 1.48B | 709M | -1.02B | 98M | 2.04B | 798M | -754M | -282M | 1.18B | 1.72B |
Cash from Investing | -966M | -3.21B | -1.93B | -1.49B | -3.08B | -2.54B | -5.87B | -2.45B | -4.71B | -6.31B |
Capital Expenditures | -1.44B | -1.64B | -1.61B | -1.14B | -2.47B | -2.6B | -3.09B | -3.21B | -1.47B | -870M |
CapEx % of Revenue | 3.16% | 3% | 3% | 2.72% | 4.85% | 4.37% | 4.61% | 4.96% | 2.17% | 1.23% |
Acquisitions | 100M | 16M | 41M | 25M | 36M | 1M | -4M | -61M | -47M | -847M |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 547M | -1.13B | -286M | 31M | 823M | 839M | -186M | -803M | -3.78B | -4.33B |
Cash from Financing | -3.66B | -3.65B | -4.54B | -3.75B | -4.19B | -7.28B | -6.93B | -9.56B | -3.9B | -5.35B |
Debt Issued (Net) | -2.38B | 1.84B | 1.41B | -610M | 681M | -652M | 594M | 799M | 4.13B | -24M |
Equity Issued (Net) | 566M | -3.48B | -3.81B | -901M | -2.53B | -4.18B | -4.96B | -7.68B | -5.19B | -6.59B |
Dividends Paid | -1.83B | -1.95B | -2.13B | -2.24B | -2.33B | -2.44B | -2.56B | -2.65B | -2.75B | -2.78B |
Share Repurchases | 0 | -3.8B | -4.05B | -1.13B | -2.67B | -4.23B | -4.97B | -7.7B | -5.19B | -6.49B |
Other Financing | -9M | -54M | -3M | -1M | -4M | -10M | 0 | -41M | -90M | 4.04B |
Net Change in Cash | 1.12B▲ 0% | -430M▼ 138.4% | 402M▲ 193.5% | 1.07B▲ 167.2% | -103M▼ 109.6% | -2.25B▼ 2084.5% | -28M▲ 98.8% | -89M▼ 217.9% | 3.09B▲ 3571.9% | 514M▲ 0% |
Free Cash Flow | 3.37B▲ 0% | 3.64B▲ 8.1% | 4.24B▲ 16.5% | 4.21B▼ 0.7% | 4.73B▲ 12.2% | 5.17B▲ 9.3% | 9.79B▲ 89.5% | 8.82B▼ 9.9% | 10.27B▲ 16.5% | 11.45B▲ 0% |
FCF Margin % | 7.41% | 6.66% | 7.89% | 10.09% | 9.27% | 8.69% | 14.6% | 13.61% | 15.2% | 16.18% |
FCF Growth % | 24.31% | 8.07% | 16.5% | -0.73% | 12.2% | 9.33% | 89.53% | -9.94% | 16.49% | 45.4% |
FCF per Share | 5.62 | 6.08 | 7.48 | 7.68 | 8.62 | 9.74 | 19.07 | 18.02 | 21.91 | 24.58 |
FCF Conversion (FCF/Net Income) | 7.57x | 1.07x | 1.13x | 2.11x | 1.11x | 1.16x | 1.25x | 1.12x | 1.32x | 1.22x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CAT Key Ratios
Caterpillar Inc. (CAT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 5.59% | 44.15% | 42.45% | 19.98% | 40.69% | 41.38% | 58.4% | 55.35% | 43.48% | 47.51% |
Return on Invested Capital (ROIC) | 6.78% | 13.61% | 14.34% | 7.83% | 11.69% | 13.04% | 20.2% | 19.33% | 15.91% | 19.76% |
Gross Margin | 29.82% | 31.07% | 30.51% | 28.93% | 29.43% | 29.47% | 34.69% | 35.99% | 32.34% | 32.52% |
Net Margin | 1.66% | 11.23% | 11.33% | 7.18% | 12.73% | 11.28% | 15.41% | 16.65% | 13.13% | 13.31% |
Debt / Equity | 2.53x | 2.60x | 2.57x | 2.42x | 2.29x | 2.33x | 1.94x | 1.97x | 2.03x | 0.00x |
Interest Coverage | 8.84x | 20.51x | 19.74x | 8.84x | 17.92x | 20.76x | 26.54x | 27.12x | 12.23x | 9.22x |
FCF Conversion | 7.57x | 1.07x | 1.13x | 2.11x | 1.11x | 1.16x | 1.25x | 1.12x | 1.32x | 1.22x |
Revenue Growth | 17.97% | 20.37% | -1.68% | -22.4% | 22.09% | 16.59% | 12.84% | -3.36% | 4.29% | 11.85% |
Related:CAT Dividend History·CAT Revenue History·CAT Price History·CAT P/E History·CAT Financial Ratios·CAT Institutional Holders
CAT SEC Filings & Documents
Caterpillar Inc. (CAT) SEC filings — annual & quarterly reports (10-K, 10-Q)
CAT Frequently Asked Questions
Caterpillar Inc. (CAT) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Caterpillar Inc. (CAT) reported $70.75B in revenue for fiscal year 2025. This represents a 328% increase from $16.52B in 1996.
Caterpillar Inc. (CAT) grew revenue by 4.3% over the past year. Growth has been modest.
Yes, Caterpillar Inc. (CAT) is profitable, generating $9.42B in net income for fiscal year 2025 (13.1% net margin).
Dividend & Returns
Yes, Caterpillar Inc. (CAT) pays a dividend with a yield of 0.61%. This makes it attractive for income-focused investors.
Caterpillar Inc. (CAT) has a return on equity (ROE) of 43.5%. This is excellent, indicating efficient use of shareholder capital.
Caterpillar Inc. (CAT) generated $11.45B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.