Detailed financial statements for Caterpillar Inc. (CAT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Caterpillar Inc., a global enterprise founded in 1925 and headquartered in Deerfield, Illinois (having previously operated as Caterpillar Tractor Co. until its rebranding in 1986), is a premier manufacturer and vendor of heavy construction and mining equipment, diesel and natural gas power units, and industrial gas turbines across the world.
Analysis Summary
Caterpillar Inc. reported revenue of $67.59B in the most recent fiscal year, growing at a 5-year CAGR of 10.1%. Net income reached $8.87B, with a 24.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 33.9%, operating margin 17.5%, net margin 14.5%. Free cash flow grew at 12.1% CAGR over 5 years.
At the current price of $848.14, CAT trades at a P/E of 36.36 and an ROE of 41.62%. Market capitalisation stands at $390.7B, placing it among large-cap names.
Balance sheet quality for CAT: current ratio of 1.4, net debt of $33.35B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $7.45B represents 84% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.54B | $45.46B | $54.72B | $53.80B | $41.75B | $50.97B | $59.43B | $67.06B | $64.81B | $67.59B |
| Cost of Revenue | $28.64B | $31.91B | $37.72B | $37.38B | $29.67B | $35.97B | $41.91B | $43.80B | $41.48B | $45.73B |
| Gross Profit | $9.90B | $13.56B | $17.00B | $16.42B | $12.08B | $15.00B | $17.51B | $23.26B | $23.32B | $21.86B |
| Research & Development | $1.85B | $1.84B | $1.85B | $1.69B | $1.42B | $1.69B | $1.81B | $2.11B | $2.11B | $2.15B |
| Selling, General & Admin | $4.38B | $5.00B | $5.48B | $5.16B | $4.64B | $5.37B | $5.65B | $6.37B | $6.67B | $6.99B |
| Operating Expenses | $8.73B | $9.10B | $8.71B | $8.13B | $7.52B | $8.12B | $9.61B | $10.30B | $10.25B | $10.65B |
| Operating Income | $1.16B | $4.46B | $8.29B | $8.29B | $4.55B | $6.88B | $7.90B | $12.97B | $13.07B | $11.21B |
| EBITDA | $3.68B | $7.49B | $10.99B | $10.81B | $6.94B | $11.04B | $11.41B | $15.71B | $16.04B | $14.86B |
| Interest Expense | $499.0M | $522.0M | $401.0M | $417.0M | $510.0M | $485.0M | $443.0M | $511.0M | $512.0M | $1.03B |
| Pre-tax Income | $133.0M | $4.10B | $7.85B | $7.84B | $4.01B | $8.23B | $8.77B | $13.11B | $13.42B | $11.56B |
| Income Tax | $192.0M | $3.34B | $1.70B | $1.75B | $1.01B | $1.74B | $2.07B | $2.78B | $2.63B | $2.77B |
| Net Income | -$67.0M | $754.0M | $6.15B | $6.09B | $3.00B | $6.49B | $6.71B | $10.34B | $10.79B | $8.87B |
| EPS | $-0.11 | $1.27 | $10.39 | $10.85 | $5.51 | $11.93 | $12.73 | $20.24 | $22.17 | $18.90 |
| EPS (Diluted) | $-0.11 | $1.26 | $10.26 | $10.74 | $5.46 | $11.83 | $12.64 | $20.12 | $22.05 | $18.83 |
| Shares Outstanding (Diluted) | $584.3M | $599.3M | $599.4M | $567.5M | $548.6M | $548.5M | $530.4M | $513.6M | $489.4M | $469.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $17.64B | $19.13B | $17.41B | $20.54B |
| Gross Profit | $5.96B | $5.47B | $6.11B | $7.76B |
| Operating Income | $3.05B | $2.66B | $3.08B | $4.29B |
| EBITDA | $4.05B | $4.10B | $3.94B | $5.31B |
| Net Income | $2.29B | $2.40B | $2.55B | $3.59B |
| EPS | $4.89 | $5.15 | $5.50 | $7.80 |
| EPS (Diluted) | $4.89 | $5.12 | $5.47 | $7.77 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0 | 0 | $7.89B | $8.29B | $9.35B | $9.25B | $7.00B | $6.98B | $6.89B | $9.98B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $14.50B | $16.19B | $17.45B | $17.90B | $16.78B | $17.38B | $17.87B | $18.82B | $18.85B | $21.57B |
| Inventory | $8.61B | $10.02B | $11.53B | $11.27B | $11.40B | $14.04B | $16.27B | $16.57B | $16.83B | $18.14B |
| Total Current Assets | $31.97B | $36.24B | $38.60B | $39.19B | $39.46B | $43.45B | $43.78B | $46.95B | $45.68B | $52.48B |
| Property, Plant & Equipment | $15.32B | $14.15B | $13.57B | $12.90B | $12.40B | $12.09B | $12.03B | $12.68B | $13.36B | $15.14B |
| Goodwill | $6.02B | $6.20B | $6.22B | $6.20B | $6.39B | $6.32B | $5.29B | $5.31B | $5.24B | $5.32B |
| Intangible Assets | $2.35B | $2.11B | $1.90B | $1.56B | $1.31B | $1.04B | $758.0M | $564.0M | $399.0M | $241.0M |
| Total Assets | $74.70B | $76.96B | $78.51B | $78.45B | $78.32B | $82.79B | $81.94B | $87.48B | $87.76B | $98.58B |
| Accounts Payable | $4.61B | $6.49B | $7.05B | $5.96B | $6.13B | $8.15B | $8.69B | $7.91B | $7.67B | $8.97B |
| Short-term Debt | $13.96B | $11.03B | $11.55B | $11.38B | $11.16B | $11.76B | $11.28B | $13.41B | $11.06B | $12.63B |
| Total Current Liabilities | $26.13B | $26.93B | $28.22B | $26.62B | $25.72B | $29.85B | $31.53B | $34.73B | $32.27B | $36.56B |
| Long-term Debt | $22.75B | $23.41B | $24.50B | $26.15B | $25.90B | $25.95B | $25.83B | $24.53B | $27.45B | $30.70B |
| Total Liabilities | $61.49B | $63.20B | $64.43B | $63.82B | $62.95B | $66.28B | $66.05B | $67.97B | $68.27B | $77.27B |
| Retained Earnings | $27.38B | $26.30B | $30.43B | $34.44B | $35.17B | $39.28B | $43.51B | $51.25B | $59.35B | $65.45B |
| Total Equity | $13.14B | $13.70B | $14.04B | $14.59B | $15.33B | $16.48B | $15.87B | $19.49B | $19.49B | $21.32B |
| Total Debt | $36.78B | $34.88B | $36.55B | $37.66B | $37.16B | $37.79B | $36.99B | $37.88B | $38.41B | $43.33B |
| Net Debt | $29.61B | $26.62B | $28.70B | $29.37B | $27.81B | $28.54B | $29.99B | $30.90B | $31.52B | $33.35B |
| Working Capital | $5.83B | $9.31B | $10.38B | $12.57B | $13.75B | $13.61B | $12.25B | $12.22B | $13.41B | $15.93B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $7.54B | $9.98B | $4.07B | $6.71B |
| Total Assets | $93.72B | $98.58B | $95.55B | $102.61B |
| Total Liabilities | $73.06B | $77.27B | $76.89B | $83.22B |
| Total Equity | $20.66B | $21.32B | $18.66B | $19.39B |
| Total Debt | $41.53B | $43.33B | $43.07B | $45.15B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$59.0M | $759.0M | $6.15B | $6.09B | $3.00B | $6.49B | $6.70B | $10.33B | $10.79B | $8.88B |
| Depreciation & Amortization | $3.03B | $2.88B | $2.77B | $2.58B | $2.43B | $2.35B | $2.22B | $2.14B | $2.15B | $2.26B |
| Stock-based Compensation | $218.0M | $206.0M | $198.0M | $205.0M | $202.0M | $200.0M | $193.0M | $208.0M | $223.0M | $242.0M |
| Change in Working Capital | $656.0M | -$194.0M | -$4.08B | -$2.93B | -$417.0M | -$647.0M | -$1.80B | $151.0M | -$859.0M | -$348.0M |
| Operating Cash Flow | $5.64B | $5.71B | $6.56B | $6.91B | $6.33B | $7.20B | $7.77B | $12.88B | $12.04B | $11.74B |
| Capital Expenditure | -$2.93B | -$2.34B | -$2.92B | -$2.67B | -$2.12B | -$2.47B | -$2.60B | -$3.09B | -$3.21B | -$4.29B |
| Acquisitions | 0 | $100.0M | $16.0M | $41.0M | $25.0M | $36.0M | $1.0M | -$4.0M | -$61.0M | $22.0M |
| Stock Repurchased | 0 | 0 | -$3.80B | -$4.05B | -$1.13B | -$2.67B | -$4.23B | -$4.97B | -$7.70B | -$5.21B |
| Dividends Paid | -$1.80B | -$1.83B | -$1.95B | -$2.13B | -$2.24B | -$2.33B | -$2.44B | -$2.56B | -$2.65B | -$2.75B |
| Free Cash Flow | $2.71B | $3.37B | $3.64B | $4.24B | $4.21B | $4.73B | $5.17B | $9.79B | $8.82B | $7.45B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $3.74B | $3.59B | $1.87B | $4.37B |
| Capital Expenditure | -$1.07B | -$1.34B | -$1.05B | -$1.11B |
| Free Cash Flow | $2.67B | $2.25B | $819.0M | $3.26B |
| Dividends Paid | -$707.0M | -$706.0M | -$703.0M | -$696.0M |
| Stock-based Compensation | $71.0M | $41.0M | $54.0M | $92.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.0% | +20.4% | -1.7% | -22.4% | +22.1% | +16.6% | +12.8% | -3.4% | +4.3% | |
| Net Income Growth (YoY) | +1,225.4% | +715.3% | -0.9% | -50.8% | +116.4% | +3.3% | +54.1% | +4.4% | -17.8% | |
| EPS Growth (YoY) | +1,254.5% | +718.1% | +4.4% | -49.2% | +116.5% | +6.7% | +59.0% | +9.5% | -14.7% | |
| Shares Change (YoY) | +2.6% | +0.0% | -5.3% | -3.3% | -0.0% | -3.3% | -3.2% | -4.7% | -4.2% | |
| FCF Growth (YoY) | +24.3% | +8.1% | +16.5% | -0.7% | +12.2% | +9.3% | +89.5% | -9.9% | -15.5% | |
| Gross Margin | 25.7% | 29.8% | 31.1% | 30.5% | 28.9% | 29.4% | 29.5% | 34.7% | 36.0% | 32.3% |
| Operating Margin | 3.0% | 9.8% | 15.2% | 15.4% | 10.9% | 13.5% | 13.3% | 19.3% | 20.2% | 16.6% |
| EBITDA Margin | 9.5% | 16.5% | 20.1% | 20.1% | 16.6% | 21.7% | 19.2% | 23.4% | 24.7% | 22.0% |
| Net Margin | -0.2% | 1.7% | 11.2% | 11.3% | 7.2% | 12.7% | 11.3% | 15.4% | 16.7% | 13.1% |
| FCF Margin | 7.0% | 7.4% | 6.7% | 7.9% | 10.1% | 9.3% | 8.7% | 14.6% | 13.6% | 11.0% |
| Effective Tax Rate | 144.4% | 81.5% | 21.6% | 22.3% | 25.1% | 21.2% | 23.6% | 21.2% | 19.6% | 23.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.64 | $5.62 | $6.08 | $7.48 | $7.68 | $8.62 | $9.74 | $19.07 | $18.02 | $15.89 |
| Dividends Per Share | $3.08 | $3.06 | $3.25 | $3.76 | $4.09 | $4.25 | $4.60 | $4.99 | $5.41 | $5.86 |
| Shares Outstanding (Basic) | $584.3M | $591.8M | $591.4M | $561.6M | $544.1M | $544.0M | $526.9M | $510.6M | $486.7M | $466.5M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 41.62% |
| Return on Invested Capital | 11.42% |
| Return on Assets | 9.00% |
| Gross Margin | 33.87% |
| Operating Margin | 17.52% |
| Net Margin | 14.50% |
Financial Health
| Debt / Equity | 2.33 |
| Current Ratio | 1.37 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.26 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -843.09 | 124.08 | 12.23 | 13.61 | 33.03 | 17.33 | 18.82 | 14.61 | 16.36 | 30.31 |
| P/B | 4.12 | 6.81 | 5.35 | 5.69 | 6.46 | 6.82 | 7.95 | 7.74 | 9.06 | 12.54 |
| P/S | 1.41 | 2.05 | 1.37 | 1.54 | 2.37 | 2.21 | 2.12 | 2.25 | 2.72 | 3.95 |
| Gross Margin | 25.7% | 29.8% | 31.1% | 30.5% | 28.9% | 29.4% | 29.5% | 34.7% | 36.0% | 32.3% |
| Operating Margin | 3.0% | 9.8% | 15.2% | 15.4% | 10.9% | 13.5% | 13.3% | 19.3% | 20.2% | 16.6% |
| Net Margin | -0.2% | 1.7% | 11.2% | 11.3% | 7.2% | 12.7% | 11.3% | 15.4% | 16.7% | 13.1% |
Related companies: AGCO · ASTE · DE · ETN · GE · HY · PCAR
Explore sector: Industrials · Agricultural - Machinery
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