CAT · Caterpillar Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $67.59B | $64.81B | $67.06B | $59.43B | $50.97B | $41.75B |
| Cost of Revenue | $44.75B | $40.20B | $42.77B | $41.35B | $35.51B | $29.08B |
| Gross Profit | $22.84B | $24.61B | $24.29B | $18.08B | $15.46B | $12.67B |
| R&D | $2.15B | $2.11B | $2.11B | $1.81B | $1.69B | $1.42B |
| SG&A | $6.99B | $6.67B | $6.37B | $5.65B | $5.37B | $4.64B |
| Total Operating Expenses | $56.44B | $51.74B | $54.09B | $51.52B | $44.09B | $37.20B |
| D&A | $2.26B | $2.15B | $2.14B | $2.22B | $2.35B | $2.43B |
| Operating Income | $11.15B | $13.07B | $12.97B | $7.90B | $6.88B | $4.55B |
| Interest Expense | - | - | $511.00M◇ | $443.00M◇ | $488.00M◇ | - |
| Income Tax | $2.77B | $2.63B | $2.78B | $2.07B | $1.74B | $1.01B |
| Net Income | $8.88B | $10.79B | $10.34B | $6.71B | $6.49B | $3.00B |
| EPS - Basic | $18.90 | $22.17 | $20.24 | $12.72 | $11.93 | $5.51 |
| EPS - Diluted | $18.81 | $22.05 | $20.12 | $12.64 | $11.83 | $5.46 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.98B | $6.89B | $6.98B | $7.00B | $9.25B | $9.37B |
| Accounts Receivable | $10.92B | $9.28B | $9.31B | $8.86B | $8.48B | $7.32B |
| Inventory | $18.14B | $16.83B | $16.57B | $16.27B | $14.04B | $11.40B |
| Accounts Payable | $8.97B | $7.67B | $7.91B | $8.69B | $8.15B | $6.13B |
| Current Assets | $52.48B | $45.68B | $46.95B | $43.78B | $43.45B | $39.46B |
| Total Assets | $98.58B | $87.76B | $87.48B | $81.94B | $82.79B | $78.32B |
| Current Liabilities | $36.56B | $32.27B | $34.73B | $31.53B | $29.85B | $25.72B |
| Long-term Debt | $30.70B | $27.35B | $24.47B | $25.71B | $26.03B | $26.00B |
| Total Liabilities | $77.27B | $68.27B | $67.97B | $66.05B | $66.28B | $62.95B |
| Stockholders' Equity | $21.32B | $19.49B | $19.50B | $15.89B | $16.52B | $15.38B |
| Retained Earnings | $65.45B | $59.35B | $51.25B | $43.51B | $39.28B | $35.17B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.74B | $12.04B | $12.88B | $7.77B | $7.20B | $6.33B |
| Investing Cash Flow | ($4.71B) | ($2.45B) | ($5.87B) | ($2.54B) | ($3.08B) | ($1.49B) |
| Financing Cash Flow | ($3.90B) | ($9.56B) | ($6.93B) | ($7.28B) | ($4.19B) | ($3.75B) |
| CapEx | $2.82B | $1.99B | $1.60B | $1.30B | $1.09B | $978.00M |
| Free Cash Flow | $8.92B | $10.05B | $11.29B | $6.47B | $6.11B | $5.35B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 33.8% | 38.0% | 36.2% | 30.4% | 30.3% | 30.3% |
| Operating margin | 16.5% | 20.2% | 19.3% | 13.3% | 13.5% | 10.9% |
| EBITDA margin | 19.8% | 23.5% | 22.5% | 17.0% | 18.1% | 16.7% |
| Net margin | 13.1% | 16.7% | 15.4% | 11.3% | 12.7% | 7.2% |
| Free cash flow margin | 13.2% | 15.5% | 16.8% | 10.9% | 12.0% | 12.8% |
| FCF / Net income | 1.00 | 0.93 | 1.09 | 0.96 | 0.94 | 1.78 |
| R&D / Revenue | 3.2% | 3.3% | 3.1% | 3.1% | 3.3% | 3.4% |
| SG&A / Revenue | 10.3% | 10.3% | 9.5% | 9.5% | 10.5% | 11.1% |
| Effective tax rate | 23.8% | 19.6% | 21.2% | 23.6% | 21.2% | 25.1% |
| Return on assets | 9.0% | 12.3% | 11.8% | 8.2% | 7.8% | 3.8% |
| Return on equity | 41.7% | 55.4% | 53.0% | 42.2% | 39.3% | 19.5% |
| Return on invested capital | 16.3% | 22.4% | 23.2% | 14.5% | 12.7% | 8.2% |
| Liquidity | ||||||
| Current ratio | 1.44 | 1.42 | 1.35 | 1.39 | 1.46 | 1.53 |
| Quick ratio | 0.94 | 0.89 | 0.87 | 0.87 | 0.99 | 1.09 |
| Cash ratio | 0.27 | 0.21 | 0.20 | 0.22 | 0.31 | 0.36 |
| Leverage | ||||||
| Debt / Equity | 1.44 | 1.40 | 1.25 | 1.62 | 1.58 | 1.69 |
| Debt / Assets | 0.31 | 0.31 | 0.28 | 0.31 | 0.31 | 0.33 |
| Debt / EBITDA | 2.29 | 1.80 | 1.62 | 2.54 | 2.82 | 3.72 |
| Interest coverage | - | - | 25.4x | 17.8x | 14.1x | - |
| Equity multiplier | 4.62 | 4.50 | 4.49 | 5.16 | 5.01 | 5.09 |
| Liabilities / Assets | 0.78 | 0.78 | 0.78 | 0.81 | 0.80 | 0.80 |
| Efficiency | ||||||
| Asset turnover | 0.69 | 0.74 | 0.77 | 0.73 | 0.62 | 0.53 |
| Inventory turnover | 2.47 | 2.39 | 2.58 | 2.54 | 2.53 | 2.55 |
| Days sales outstanding | 59d | 52d | 51d | 54d | 61d | 64d |
| Days inventory outstanding | 148d | 153d | 141d | 144d | 144d | 143d |
| Days payable outstanding | 73d | 70d | 67d | 77d | 84d | 77d |
| Cash conversion cycle | 134d | 135d | 125d | 121d | 121d | 130d |
| Valuation | ||||||
| P / E | 30.5x | 16.5x | 14.7x | 19.0x | 17.5x | 33.3x |
| P / B | 12.7x | 9.1x | 7.8x | 8.0x | 6.9x | 6.5x |
| P / S | 4.0x | 2.7x | 2.3x | 2.1x | 2.2x | 2.4x |
| EV / EBITDA | 21.7x | 13.0x | 11.2x | 14.4x | 14.1x | 16.7x |
| Growth | ||||||
| Revenue growth (YoY) | 4.3% | -3.4% | 12.8% | 16.6% | 22.1% | -22.4% |
| Revenue CAGR (3y) | 4.4% | 8.3% | 17.1% | 3.4% | -2.3% | -2.8% |
| Revenue CAGR (5y) | 10.1% | 3.8% | 4.2% | 5.5% | 5.8% | -2.3% |
| Gross profit growth (YoY) | -7.2% | 1.3% | 34.4% | 16.9% | 22.0% | -26.2% |
| Operating income growth (YoY) | -14.7% | 0.8% | 64.0% | 14.9% | 51.1% | -45.1% |
| Net income growth (YoY) | -17.7% | 4.4% | 54.1% | 3.3% | 116.4% | -50.8% |
| EPS growth (YoY) | -14.7% | 9.6% | 59.2% | 6.8% | 116.7% | -49.2% |
| EPS CAGR (3y) | 14.2% | 23.1% | 54.5% | 5.6% | 4.9% | 63.0% |
| EPS CAGR (5y) | 28.1% | 15.5% | 14.4% | 58.6% | - | 9.3% |
| FCF growth (YoY) | -11.2% | -11.0% | 74.5% | 6.0% | 14.1% | 15.0% |
| FCF CAGR (5y) | 10.8% | 16.7% | 16.4% | 6.1% | 6.3% | 0.2% |
| Book value growth (YoY) | 9.4% | -0.0% | 22.7% | -3.8% | 7.4% | 5.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$136.74B totalReportable Segment Aggregation Before Other Operating Segment$68.35B · 50.0%
Power Energy$27.14B · 19.8%
Construction Industries$24.80B · 18.1%
Resource Industries$12.19B · 8.9%
Financial Products Segment$4.22B · 3.1%
All Other Segments$46.00M · 0.0%
Product / service
$67.59B totalMachinery Power Energy$63.98B · 94.7%
Financial Products$3.61B · 5.3%
Geographic
$92.39B totalNon Us$34.71B · 37.6%
US$32.88B · 35.6%
North America$14.06B · 15.2%
EMEA$4.59B · 5.0%
Asia Pacific$3.78B · 4.1%
Latin America$2.36B · 2.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.83
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Construction Machinery & Equip
Comparing CATERPILLAR INC against the 5 most active filers in the same SIC group.
Dividends
$6.04/share trailing 12 months · +7.1% YoY
| Ex-date | Per share |
|---|---|
| Apr 20, 2026 | $1.5100 |
| Jan 20, 2026 | $1.5100 |
| Oct 20, 2025 | $1.5100 |
| Jul 21, 2025 | $1.5100 |
| Apr 21, 2025 | $1.4100 |
| Jan 21, 2025 | $1.4100 |
| Oct 21, 2024 | $1.4100 |
| Jul 22, 2024 | $1.4100 |
| Apr 19, 2024 | $1.3000 |
| Jan 19, 2024 | $1.3000 |
| Oct 20, 2023 | $1.3000 |
| Jul 19, 2023 | $1.3000 |
| Apr 21, 2023 | $1.2000 |
| Jan 19, 2023 | $1.2000 |
| Oct 21, 2022 | $1.2000 |
| Jul 19, 2022 | $1.2000 |
| Apr 22, 2022 | $1.1100 |
| Jan 19, 2022 | $1.1100 |
| Oct 22, 2021 | $1.1100 |
| Jul 19, 2021 | $1.1100 |
| Apr 23, 2021 | $1.0300 |
| Jan 19, 2021 | $1.0300 |
| Oct 23, 2020 | $1.0300 |
| Jul 17, 2020 | $1.0300 |
Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.