CATCaterpillar Inc.
Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. 10-K, Item 1
- Headquarters
- Irving, TX
- CEO
- Joseph E. Creed
- Next results
- around Jan 28, 2027
Dilution: new shares, stock pay and buybacks
prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGARShares offered
Since Nov 11, 2023: 1 shelf registration; also 1 notes offering.
- Dec 13, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
Every offering filing →“We may offer from time to time: • debt securities; shares of our common stock, par value $1.00 per share; preferred stock, par value $1.00 per share; warrants to purchase common stock or debt securities; or any combination of the above.”
S-3ASR, Dec 13, 2024 ↗
Diluted shares: 472.30M in the year to Dec 31, 2025 2025 -3.5%2024 -4.7%2023 -3.2%2022 -3.3%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
FY2025, from the cash flow statement in the 10-K, added up.
Came from
| Operating cash flow | $11.7B |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$2.2B |
Went to
| Capital spending | $2.8B |
| Acquisitions | $47.0M |
| Buybacks | $5.2B |
| Dividends | $2.7B |
| Added to cash | $3.1B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
Each CEO's years
The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years. Facts, not a grade.
Mr. Creed
- Operating cash flow
- $11.7B
- Capital spending
- $2.8B
- Acquisitions
- $47.0M
- Buybacks
- $5.2B
- Dividends
- $2.7B
- Stock-based pay
- $242.0M
- Diluted shares since FY2024
- -3.5%
- Revenue since FY2024
- +4%
- Debt since FY2024
- +$4.5B
- CEO pay (reported)
- $39.2M
Mr. Umpleby
- Operating cash flow
- $39.9B
- Capital spending
- $6.0B
- Acquisitions
- $687.0M
- Buybacks
- $19.6B
- Dividends
- $10.0B
- Stock-based pay
- $824.0M
- Diluted shares since FY2020
- -10.8%
- Revenue since FY2020
- +55%
- Debt since FY2020
- +$3.7B
- CEO pay (reported)
- $118.2M
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $5.2B | $2.7B | $242.0M | - | 472.30M |
| 2024-12-31 | $7.7B | $2.6B | $223.0M | - | 489.40M |
| 2023-12-31 | $5.0B | $2.6B | $208.0M | - | 513.60M |
| 2022-12-31 | $4.2B | $2.4B | $193.0M | - | 530.40M |
| 2021-12-31 | $2.7B | $2.3B | $200.0M | - | 548.50M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividendsCommonStock; sbc = AllocatedShareBasedCompensationExpense; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.
Price paid per share
What CAT paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.
| Fiscal year to | Shares bought | Spent | Average price | |
|---|---|---|---|---|
| 2025-12-31 | 14.08M | $5.2B | $368.65 | |
| 2024-12-31 | 23.42M | $8.0B | $341.50 | |
| 2023-12-31 | 19.47M | $4.7B | $240.16 | |
| 2022-12-31 | 21.88M | $4.2B | $193.30 | |
| 2021-12-31 | 12.99M | $2.7B | $205.43 | |
| 2020-12-31 | 10.10M | $1.2B | $123.81 | |
| 2019-12-31 | 30.59M | $3.9B | $128.42 | |
| 2018-12-31 | 27.67M | $3.8B | $137.24 | |
| 2015-12-31 | 25.84M | $2.0B | $78.36 | |
| 2014-12-31 | 41.76M | $4.2B | $101.48 |
Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out.
Work on CAT in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CAT/export.csv") into a cell.