Caterpillar Inc. (CAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$6.2	$8.17	+31.8%	—	—	—
Q4 26	$4.64	$5.54	+19.4%	—	—	—
Q3 26	$4.71	$5.16	+9.6%	—	—	—
Q2 26	$4.52	$4.95	+9.5%	—	—	—
Q1 26	$4.9	$4.72	-3.7%	—	—	—
Q4 25	$4.34	$4.25	-2.1%	—	—	—
Q3 25	$5.03	$5.14	+2.2%	—	—	—
Q2 25	$5.35	$5.17	-3.4%	—	—	—
Q1 25	$5.54	$5.99	+8.1%	—	—	—
Q4 24	$5.13	$5.6	+9.2%	—	—	—
Q3 24	$4.75	$5.23	+10.1%	—	—	—
Q2 24	$4.79	$5.52	+15.2%	—	—	—
Q1 24	$4.58	$5.55	+21.2%	—	—	—
Q4 23	$3.79	$4.91	+29.6%	—	—	—
Q3 23	$4.03	$3.86	-4.2%	—	—	—
Q2 23	$3.17	$3.95	+24.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$18.9	—	—	$67.6B	—
FY24	—	$22.2	—	—	$64.8B	—
FY23	—	$20.2	—	—	$67.1B	—
FY22	—	$12.7	—	—	$59.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$38.5B	$45.5B	$54.7B	$53.8B	$41.7B	$51B	$59.4B	$67.1B	$64.8B	$67.6B
YoY change	-18%	+18%	+20.4%	-1.68%	-22.4%	+22.1%	+16.6%	+12.8%	-3.36%	+4.29%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	38.5B	45.5B	54.7B	53.8B	41.7B	51B	59.4B	67.1B	64.8B	67.6B
Cost of revenue	28.6B	31.9B	37.7B	37.4B	29.7B	36B	41.9B	43.8B	41.5B	46.1B
Gross profit	9.9B	13.6B	17B	16.4B	12.1B	15B	17.5B	23.3B	23.3B	21.5B
Gross margin	25.7%	29.8%	31.1%	30.5%	28.9%	29.4%	29.5%	34.7%	36%	31.8%
Research & development	1.9B	1.8B	1.9B	1.7B	1.4B	1.7B	1.8B	2.1B	2.1B	2.1B
Selling, general & administrative	4.4B	5B	5.5B	5.2B	4.6B	5.4B	5.7B	6.4B	6.7B	7B
Operating expenses	8.1B	9.1B	8.7B	8.1B	7.5B	8.1B	8.7B	10.3B	10.3B	10.3B
Operating income	1.8B	4.5B	8.3B	8.3B	4.6B	6.9B	8.8B	13B	13.1B	11.2B
Operating margin	4.56%	9.81%	15.2%	15.4%	10.9%	13.5%	14.9%	19.3%	20.2%	16.5%
Non-operating income, net	-1.2B	31M	-262M	-259M	-156M	1.7B	199M	101M	813M	892M
Pretax income	139M	4.1B	7.8B	7.8B	4B	8.2B	8.8B	13.1B	13.4B	11.5B
Income tax	192M	3.3B	1.7B	1.7B	1B	1.7B	2.1B	2.8B	2.6B	2.8B
Net income	-59M	759M	6.1B	6.1B	3B	6.5B	6.7B	10.3B	10.8B	8.9B
Net margin	-0.15%	1.67%	11.2%	11.3%	7.19%	12.7%	11.3%	15.4%	16.6%	13.1%
EBITDA	4.3B	7.5B	11.2B	10.8B	7.1B	10.8B	12.3B	15.8B	15.4B	14B
EPS	-0.11	1.27	10.4	10.8	5.51	11.9	12.7	20.2	22.2	18.9
Diluted EPS	-0.11	1.26	10.3	10.7	5.46	11.8	12.6	20.1	22.1	18.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	16.8B	17.1B	15.8B	16.7B	16.1B	16.2B	14.2B	16.6B	17.6B	19.1B	17.4B	20.5B
Cost of revenue	10.9B	11.3B	10B	10.5B	10.4B	10.7B	9.3B	11.1B	12B	13.7B	11.7B	13.1B
Gross profit	5.9B	5.8B	5.8B	6.2B	5.7B	5.6B	5B	5.4B	5.6B	5.5B	5.8B	7.4B
Gross margin	35.4%	33.8%	37%	37.3%	35.4%	34.3%	34.8%	32.7%	31.9%	28.6%	33.1%	36%
Research & development	554M	554M	520M	535M	533M	519M	480M	551M	555M	562M	537M	616M
Selling, general & administrative	1.6B	1.8B	1.6B	1.7B	1.7B	1.8B	1.6B	1.7B	1.8B	1.9B	1.8B	2B
Operating expenses	2.5B	2.6B	2.3B	2.7B	2.6B	2.6B	2.4B	2.6B	2.6B	2.8B	2.7B	3.1B
Operating income	3.4B	3.1B	3.5B	3.5B	3.1B	2.9B	2.6B	2.9B	3.1B	2.7B	3.1B	4.3B
Operating margin	20.5%	18.4%	22.3%	20.9%	19.5%	18%	18.1%	17.3%	17.3%	13.9%	17.7%	20.9%
Non-operating income, net	60M	71M	20M	155M	76M	426M	107M	84M	208M	493M	260M	398M
Pretax income	3.5B	3.2B	3.5B	3.5B	3.1B	3.2B	2.6B	2.8B	3.1B	3B	3.2B	4.6B
Income tax	734M	587M	688M	836M	642M	463M	574M	646M	836M	712M	670M	1.1B
Net income	2.8B	2.7B	2.9B	2.7B	2.5B	2.8B	2B	2.2B	2.3B	2.4B	2.5B	3.6B
Net margin	16.6%	15.7%	18.1%	16.1%	15.3%	17.2%	14.1%	13.2%	13%	12.5%	14.6%	17.5%
EBITDA	4.1B	4B	4.1B	4B	3.8B	3.6B	3.1B	3.5B	3.7B	3.6B	3.8B	5.1B
EPS	5.48	5.31	5.78	5.5	5.09	5.81	4.22	4.64	4.91	5.15	5.5	7.8
Diluted EPS	5.45	5.28	5.75	5.48	5.06	5.78	4.2	4.62	4.88	5.12	5.47	7.77

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	54.2B	93.3B	75.1B	82.9B	99B	112.5B	126.2B	151B	176.6B	269.2B	376.9B
Enterprise value	91B	128.1B	111.7B	120.6B	126.8B	141B	156.2B	181.9B	208.1B	302.6B	416.9B
Shares outstanding	584.3M	591.8M	591.4M	561.6M	544.1M	544M	526.9M	510.6M	486.7M	470M	470M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	122.9	12.2	13.6	33	17.3	18.8	14.6	16.4	30.3	35.3
P/S	1.41	2.05	1.37	1.54	2.37	2.21	2.12	2.25	2.72	3.98	5.05
P/B	4.1	6.77	5.34	5.67	6.44	6.81	7.94	7.74	9.06	12.6	19.5
EV/EBITDA	21.2	17	9.95	11.2	17.9	13.1	12.7	11.5	13.5	21.6	25.7
EV/Sales	2.36	2.82	2.04	2.24	3.04	2.77	2.63	2.71	3.21	4.48	5.58
Earnings yield	—	0.81%	8.18%	7.35%	3.03%	5.77%	5.31%	6.84%	6.11%	3.3%	2.83%
FCF yield	5%	3.61%	4.85%	5.12%	4.25%	4.2%	4.09%	6.49%	5%	2.77%	1.34%
PEG	—	—	—	—	—	—	—	—	—	—	0.52

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.7%	29.8%	31.1%	30.5%	28.9%	29.4%	29.5%	34.7%	36%	31.8%	36%
Operating margin	4.56%	9.81%	15.2%	15.4%	10.9%	13.5%	14.9%	19.3%	20.2%	16.5%	22.2%
Net margin	-0.15%	1.67%	11.2%	11.3%	7.19%	12.7%	11.3%	15.4%	16.6%	13.1%	14.5%
ROE	-0.45%	5.51%	43.7%	41.7%	19.5%	39.3%	42.2%	53%	55.3%	41.7%	57%
ROA	-0.08%	0.99%	7.83%	7.77%	3.83%	7.84%	8.18%	11.8%	12.3%	9.01%	9.03%
ROIC	0%	1.67%	12.8%	12.3%	7.89%	12%	14.7%	20.2%	20.6%	15.5%	17.3%
Return on tangible assets	-0.1%	1.26%	9.87%	9.68%	4.77%	9.54%	9.6%	13.6%	14.1%	10.2%	12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.22	1.35	1.37	1.47	1.53	1.46	1.39	1.35	1.42	1.44	1.37
Quick ratio	0.89	0.97	0.96	1.05	1.09	0.99	0.87	0.87	0.89	0.94	0.85
Debt / equity	2.78	2.53	2.6	2.57	2.42	2.29	2.33	1.94	1.97	2.03	2.33
Debt / assets	0.49	0.45	0.47	0.48	0.47	0.46	0.45	0.43	0.44	0.44	0.44
Net debt / EBITDA	—	—	—	—	3.92	2.64	2.44	1.96	2.04	2.38	2.36
Interest coverage	1.28	8.69	20.4	19.6	8.77	17.8	20.8	26.5	27.1	24	27.3
Effective tax rate	100%	81.8%	21.7%	22.4%	25.2%	21.2%	23.6%	21.3%	19.7%	24%	23.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	66	76.8	92.5	95.8	76.7	93.7	112.8	131.3	133.2	143.8	160.8
EPS (basic)	-0.11	1.27	10.4	10.8	5.51	11.9	12.7	20.2	22.2	18.9	18.9
EPS (diluted)	-0.11	1.26	10.3	10.7	5.46	11.8	12.6	20.1	22.1	18.8	23.3
Book value per share	22.6	23.3	23.8	26	28.3	30.4	30.2	38.2	40.1	45.4	42.2
FCF per share	4.64	5.69	6.16	7.56	7.74	8.69	9.81	19.2	18.1	15.9	19.4
Cash per share	—	—	—	—	17.2	17	13.3	13.7	14.2	21.2	12.9
Capex per share	1.54	1.97	1.58	2.05	1.42	2.33	1.58	1.53	1.48	9.12	9.89

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.33%	2.56%	1.71%	2.14%	1.85%	2.48%	1.4%	1.16%	1.11%	6.34%	6.12%
Capex / operating cash flow	18.1%	28.8%	15.3%	16.4%	11.3%	18.8%	11.8%	7.02%	5.92%	36.5%	33.7%
Payout ratio	-3K%	241.2%	31.7%	35%	74.7%	35.9%	36.4%	24.8%	24.5%	31%	26%
Dividend yield	3.32%	1.96%	2.6%	2.57%	2.26%	2.07%	1.93%	1.7%	1.5%	1.02%	0.8%

Yield

0.8%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.63

ex-dividend Jul 20, 2026

Payout ratio

26%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 20, 2026	$1.63
Apr 20, 2026	$1.51
Jan 20, 2026	$1.51

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$16.8B	$17.1B	$15.8B	$16.7B	$16.1B	$16.2B	$14.2B	$16.6B	$17.6B	$19.1B	$17.4B	$20.5B
YoY change	+12.1%	+2.85%	-0.4%	-3.63%	-4.19%	-5.01%	-9.81%	-0.72%	+9.51%	+18%	+22.2%	+24%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	—	—	—	—	9.4B	9.3B	7B	7B	6.9B	10B
Receivables	14.5B	16.2B	17.5B	17.9B	16.8B	17.4B	17.9B	18.8B	18.8B	21.6B
Inventory	8.6B	10B	11.5B	11.3B	11.4B	14B	16.3B	16.6B	16.8B	18.1B
Total current assets	32B	36.2B	38.6B	39.2B	39.5B	43.5B	43.8B	46.9B	45.7B	52.5B
Property, plant & equipment	7.9B	6.6B	6.6B	6.2B	5.3B	5B	5B	5.5B	6.1B	7.4B
Goodwill & intangibles	16.7B	16.6B	16.2B	15.5B	15.4B	14.7B	12.1B	11.7B	11.3B	11.1B
Total assets	74.7B	77B	78.5B	78.5B	78.3B	82.8B	81.9B	87.5B	87.8B	98.6B
Accounts payable	4.6B	6.5B	7.1B	6B	6.1B	8.2B	8.7B	7.9B	7.7B	9B
Short-term debt	14B	11B	11.6B	11.4B	11.2B	11.8B	11.3B	13.4B	11.1B	12.6B
Total current liabilities	26.1B	26.9B	28.2B	26.6B	25.7B	29.8B	31.5B	34.7B	32.3B	36.6B
Long-term debt	22.8B	23.8B	25B	26.3B	26B	26B	25.7B	24.5B	27.4B	30.7B
Total liabilities	61.5B	63.2B	64.4B	63.8B	62.9B	66.3B	66.1B	68B	68.3B	77.3B
Shareholders' equity	13.2B	13.8B	14.1B	14.6B	15.4B	16.5B	15.9B	19.5B	19.5B	21.3B
Total debt	36.8B	34.9B	36.6B	37.7B	37.2B	37.8B	37B	37.9B	38.4B	43.3B
Net debt	—	—	—	—	27.8B	28.5B	30B	30.9B	31.5B	33.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.5B	7B	5B	4.3B	5.6B	6.9B	3.6B	5.4B	7.5B	10B	4.1B	6.7B
Receivables	18.7B	18.8B	18.7B	18.9B	18.9B	18.8B	18.8B	19.9B	20.5B	21.6B	21.9B	24B
Inventory	17.6B	16.6B	17B	17.1B	17.3B	16.8B	17.9B	18.6B	19B	18.1B	19.6B	20.6B
Total current assets	48B	46.9B	43.7B	43.1B	44.9B	45.7B	43B	46.8B	49.8B	52.5B	48.6B	54.5B
Property, plant & equipment	—	5.5B	—	—	—	6.1B	—	—	—	7.4B	—	—
Goodwill & intangibles	11.7B	11.7B	11.6B	11.5B	11.5B	11.3B	11.3B	11.3B	11.2B	11.1B	12.6B	12.6B
Total assets	86.8B	87.5B	83.7B	83.3B	86.3B	87.8B	85B	90.3B	93.7B	98.6B	95.5B	102.6B
Accounts payable	7.8B	7.9B	7.8B	7.6B	7.7B	7.7B	7.8B	8.6B	8.7B	9B	9.6B	10.3B
Short-term debt	12.9B	13.4B	13B	13.5B	12.1B	11.1B	12.8B	12.8B	13.8B	12.6B	12.4B	13.1B
Total current liabilities	33.1B	34.7B	32.4B	33.6B	32.2B	32.3B	32.6B	34.9B	36B	36.6B	35.9B	39.8B
Long-term debt	24.3B	24.5B	24.8B	23.8B	25.8B	27.4B	25.8B	27.9B	27.7B	30.7B	30.6B	32B
Total liabilities	66.3B	68B	66.1B	66.2B	66.9B	68.3B	66.9B	71.7B	73.1B	77.3B	76.9B	83.2B
Shareholders' equity	20.5B	19.5B	17.6B	17.1B	19.4B	19.5B	18.1B	18.7B	20.7B	21.3B	18.7B	19.4B
Total debt	37.1B	37.9B	37.9B	37.3B	37.9B	38.4B	38.6B	40.7B	41.5B	43.3B	43.1B	45.1B
Net debt	30.6B	30.9B	32.9B	33B	32.3B	31.5B	35B	35.3B	34B	33.4B	39B	38.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-59M	759M	6.1B	6.1B	3B	6.5B	6.7B	10.3B	10.8B	8.9B
Depreciation & amortization	3B	2.9B	2.8B	2.6B	2.4B	2.4B	2.2B	2.1B	2.2B	2.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	1.6B	-1.6B	-4B	-2.3B	493M	-1.9B	-2.2B	-1.1B	-687M	-973M
Operating cash flow	5B	4B	6.1B	7B	6.9B	6.7B	7B	11.1B	12.2B	11.7B
Capital expenditure	899M	1.2B	936M	1.2B	772M	1.3B	830M	781M	722M	-4.3B
Investing cash flow	1.1B	1.4B	-296M	741M	630M	-612M	58M	-2.8B	762M	-5.4B
Dividends paid	-1.8B	-1.8B	-2B	-2.1B	-2.2B	-2.3B	-2.4B	-2.6B	-2.6B	-2.7B
Share repurchases	-23M	0	-3.8B	-4B	-1.1B	-2.7B	-4.2B	-5B	-7.7B	-5.2B
Financing cash flow	-3.1B	-3.7B	-3.6B	-4.5B	-3.8B	-4.2B	-7.3B	-6.9B	-9.6B	-3.9B
Net change in cash	3B	1.8B	2.2B	3.2B	3.7B	1.9B	-183M	1.4B	3.4B	2.4B
Free cash flow	2.7B	3.4B	3.6B	4.2B	4.2B	4.7B	5.2B	9.8B	8.8B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.8B	2.7B	2.9B	2.7B	2.5B	2.8B	2B	2.2B	2.3B	2.4B	2.5B	3.6B
Depreciation & amortization	525M	545M	524M	531M	543M	555M	540M	554M	570M	598M	595M	616M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-33M	162M	289M	-955M	318M	-339M	48M	-384M	-225M	-412M	-550M	-1.1B
Operating cash flow	3.3B	3.4B	3.6B	2.3B	3.2B	3.1B	2.6B	3.1B	3.7B	3.6B	1.9B	4.4B
Capital expenditure	195M	218M	155M	187M	199M	181M	149M	-955M	-1.1B	-1.3B	-1.1B	-1.1B
Investing cash flow	-2.7B	300M	1.7B	-3M	-317M	-612M	743M	-1.5B	-1.5B	-2B	-2B	-1.9B
Dividends paid	-663M	-662M	-648M	-635M	-683M	-680M	-674M	-662M	-707M	-706M	-703M	-696M
Share repurchases	-358M	-2.8B	-4.5B	-1.8B	-782M	-640M	-3.7B	-823M	-342M	-317M	-5.1B	-1.5B
Financing cash flow	-1.4B	-3B	-5B	-2.9B	-1.2B	-385M	-4.5B	224M	-305M	751M	-6B	-34M
Net change in cash	-799M	673M	302M	-652M	1.7B	2.1B	-1.1B	1.8B	1.9B	2.3B	-6B	2.4B
Free cash flow	3.3B	3.1B	1.3B	2.3B	2.8B	2.4B	371M	2.2B	2.7B	2.2B	819M	3.3B

Date	Ratio
Jul 14, 2005	2:1
Jul 14, 1997	2:1
Sep 6, 1994	2:1
Jul 26, 1976	3:2

Caterpillar Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history