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CATCaterpillar Inc.

Industrials · Construction Machinery · NYSE
CAT quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 4.3%, free cash flow down to $8.9B

XBRL, from each 10-K
RevenueStatements ↓
$67.6B
from $64.8B in FY2024
FY2016FY2025
Net incomeStatements ↓
$8.9B
from $10.8B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$8.9B
from $10.0B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$18.81
from $22.05 in FY2024
FY2016FY2025
Operating marginStatements ↓
16.5%
from 20.2% in FY2024
FY2016FY2025
Total debtStatements ↓
$36.2B
from $31.7B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)25.48Sales (ttm)77.8BNet income (ttm)11.8BSales growth+4.3%EPS growth-14.7%Sales Q/Q+17.3%
Free cash flow11.3BGross margin92.3%Oper. margin18.3%Net margin15.2%FCF margin14.5%ROE55.1%
ROA11.1%R&D / sales3.2%Dividend5.94Debt/Eq1.69Curr. ratio1.42Cash7.9B
Op. cash flow (ttm)14.2BEBITDA13.4BEBITDA margin19.8%Net debt28.3BQuick ratio0.98Interest cover6.05
ROIC14.7%Payout ratio31.6%Tax rate24.0%Stock pay / sales0.4%Shares out.457.6MShares Y/Y-3.5%
Book / share46.95Cash / share17.33Sales / share169.96Asset turnover0.73Inventory turns2.47Days sales out.59
Sales 3Y CAGR+4.4%Sales 5Y CAGR+10.1%EPS 3Y CAGR+14.2%EPS 5Y CAGR+28.1%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +4.3%-3.4% → +4.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 16.5%20.2% → 16.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

CAT against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
CATPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.3%46th of 82 · median +4.8%
Net margin
15.2%27th of 82 · median 13.0%
Return on equity
55.1%8th of 77 · median 24.9%
Free cash flow margin
14.5%35th of 79 · median 13.0%
Debt / equity (less is better)
1.6966th of 72 · median 0.72
CAT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CAT Caterpillar Inc.$77.8B +4.3%92.3%15.2%55.1%14.5%1.69
BA Boeing$94.9B +34.5%-8.1%116.9%0.0%7.66
UPS United Parcel Service$91.4B -2.6%-4.8%29.5%7.0%1.74
LMT Lockheed Martin$79.1B +5.6%11.7%8.2%64.7%10.6%2.04
DAL Delta Air Lines$71.8B +2.8%-4.6%14.6%4.9%0.54
UAL United Airlines Holdings$65.6B +3.5%-5.5%20.1%1.7%1.49
Where each dollar goes

From $51.0B of sales to $6.5B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $15.5BRevenue to Cost of revenue: $35.5BGross profit to Operating profit: $6.9BGross profit to Operating expenses: $8.6BOperating profit to Net profit: $5.1BOperating profit to Tax: $1.7BOther income to Net profit: $1.4BOperating expenses to R&D: $1.7BOperating expenses to Sales, admin & other: $6.9B Revenue: $51.0B Revenue$51.0B +22% Y/Y Gross profit: $15.5B · 30% margin Gross profit$15.5B30% margin Cost of revenue: $35.5B · 70% of revenue Cost of revenue$35.5B70% of revenue Operating profit: $6.9B · 13% margin Operating profit$6.9B13% margin +51% Y/Y Other income: $1.4B · 3% of revenue Other income$1.4B3% of revenue Operating expenses: $8.6B · 17% of revenue Operating expenses$8.6B17% of revenue Net profit: $6.5B · 13% margin Net profit$6.5B13% margin +116% Y/Y Tax: $1.7B · 3% of revenue Tax$1.7B3% of revenue R&D: $1.7B · 3% of revenue R&D$1.7B3% of revenue Sales, admin & other: $6.9B · 14% of revenue Sales, admin & other$6.9B14% of revenue

Swipe sideways for the whole flow →

From $59.4B of sales to $6.7B of profit

FY2022, from the 10-K income statement and revenue by product
Financial Products to Revenue: $2.9BMachinery, Energy & Transportation to Revenue: $56.6BRevenue to Gross profit: $18.1BRevenue to Cost of revenue: $41.4BGross profit to Operating profit: $7.9BGross profit to Operating expenses: $10.2BOperating profit to Net profit: $5.8BOperating profit to Tax: $2.1BOther income to Net profit: $868.0MOperating expenses to R&D: $1.8BOperating expenses to Sales, admin & other: $8.4B Financial Products: $2.9B · 5% Financial Products$2.9B5% Machinery, Energy & Transportation: $56.6B · 95% Machinery, Energy & Tra…$56.6B95% Revenue: $59.4B Revenue$59.4B +17% Y/Y Gross profit: $18.1B · 30% margin Gross profit$18.1B30% margin Cost of revenue: $41.4B · 70% of revenue Cost of revenue$41.4B70% of revenue Operating profit: $7.9B · 13% margin Operating profit$7.9B13% margin +15% Y/Y Other income: $868.0M · 1% of revenue Other income$868.0M1% of revenue Operating expenses: $10.2B · 17% of revenue Operating expenses$10.2B17% of revenue Net profit: $6.7B · 11% margin Net profit$6.7B11% margin +3% Y/Y Tax: $2.1B · 3% of revenue Tax$2.1B3% of revenue R&D: $1.8B · 3% of revenue R&D$1.8B3% of revenue Sales, admin & other: $8.4B · 14% of revenue Sales, admin & other$8.4B14% of revenue

Swipe sideways for the whole flow →

From $67.1B of sales to $10.3B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $24.3BRevenue to Cost of revenue: $42.8BGross profit to Operating profit: $13.0BGross profit to Operating expenses: $11.3BOperating profit to Net profit: $10.3BOperating profit to Tax & other: $2.6BOperating expenses to R&D: $2.1BOperating expenses to Sales, admin & other: $9.2B Revenue: $67.1B Revenue$67.1B +13% Y/Y Gross profit: $24.3B · 36% margin Gross profit$24.3B36% margin Cost of revenue: $42.8B · 64% of revenue Cost of revenue$42.8B64% of revenue Operating profit: $13.0B · 19% margin Operating profit$13.0B19% margin +64% Y/Y Operating expenses: $11.3B · 17% of revenue Operating expenses$11.3B17% of revenue Net profit: $10.3B · 15% margin Net profit$10.3B15% margin +54% Y/Y Tax & other: $2.6B · 4% of revenue Tax & other$2.6B4% of revenue R&D: $2.1B · 3% of revenue R&D$2.1B3% of revenue Sales, admin & other: $9.2B · 14% of revenue Sales, admin & other$9.2B14% of revenue

Swipe sideways for the whole flow →

From $64.8B of sales to $10.8B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $24.6BRevenue to Cost of revenue: $40.2BGross profit to Operating profit: $13.1BGross profit to Operating expenses: $11.5BOperating profit to Net profit: $10.8BOperating profit to Tax & other: $2.3BOperating expenses to R&D: $2.1BOperating expenses to Sales, admin & other: $9.4B Revenue: $64.8B Revenue$64.8B −3% Y/Y Gross profit: $24.6B · 38% margin Gross profit$24.6B38% margin Cost of revenue: $40.2B · 62% of revenue Cost of revenue$40.2B62% of revenue Operating profit: $13.1B · 20% margin Operating profit$13.1B20% margin +1% Y/Y Operating expenses: $11.5B · 18% of revenue Operating expenses$11.5B18% of revenue Net profit: $10.8B · 17% margin Net profit$10.8B17% margin +4% Y/Y Tax & other: $2.3B · 4% of revenue Tax & other$2.3B4% of revenue R&D: $2.1B · 3% of revenue R&D$2.1B3% of revenue Sales, admin & other: $9.4B · 15% of revenue Sales, admin & other$9.4B15% of revenue

Swipe sideways for the whole flow →

From $67.6B of sales to $8.9B of profit

FY2025, from the 10-K income statement and revenue by product
Machinery, Power & Energy to Revenue: $64.0BFinancial Products to Revenue: $3.6BRevenue to Gross profit: $22.8BRevenue to Cost of revenue: $44.8BGross profit to Operating profit: $11.2BGross profit to Operating expenses: $11.7BOperating profit to Net profit: $8.9BOperating profit to Tax & other: $2.3BOperating expenses to R&D: $2.1BOperating expenses to Sales, admin & other: $9.5B Machinery, Power & Energy: $64.0B · 95% Machinery, Power & Ener…$64.0B95% Financial Products: $3.6B · 5% Financial Products$3.6B5% Revenue: $67.6B Revenue$67.6B +4% Y/Y Gross profit: $22.8B · 34% margin Gross profit$22.8B34% margin Cost of revenue: $44.8B · 66% of revenue Cost of revenue$44.8B66% of revenue Operating profit: $11.2B · 16% margin Operating profit$11.2B16% margin −15% Y/Y Operating expenses: $11.7B · 17% of revenue Operating expenses$11.7B17% of revenue Net profit: $8.9B · 13% margin Net profit$8.9B13% margin −18% Y/Y Tax & other: $2.3B · 3% of revenue Tax & other$2.3B3% of revenue R&D: $2.1B · 3% of revenue R&D$2.1B3% of revenue Sales, admin & other: $9.5B · 14% of revenue Sales, admin & other$9.5B14% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median15.2% vs 13.0%
  • ✓
    Return on equity above 15%55.1%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: -0.2% → 13.1%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.1× interest expense
  • !
    Debt larger than equityDebt / equity 1.69 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.42
  • ✓
    Net debt under 3 years of free cash flow$28.3B net debt, 2.5 years
Debt / equity at each year end, FY2016 to FY2025: 2.28 → 1.70
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$8.9B last year
  • ✓
    Share count down over 5 years−13.9%
  • ✓
    Dividend per share up over 5 years$4.12 → $5.94
  • ✓
    Cash from operations above net income$11.7B vs $8.9B
Free cash flow, FY2016 to FY2025: 4.5B → 8.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$28.2B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 67.6B Net income 8.9B
FY2016 revenue 38.5B · Revenues, 0000018230-19-000034 FY2016 net income -67.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-19-000034 38.5B FY2016 FY2017 revenue 45.5B · Revenues, 0000018230-20-000056 FY2017 net income 754.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-20-000056 45.5B FY2017 FY2018 revenue 54.7B · Revenues, 0000018230-21-000063 FY2018 net income 6.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-21-000063 54.7B FY2018 FY2019 revenue 53.8B · Revenues, 0000018230-22-000050 FY2019 net income 6.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-22-000050 53.8B FY2019 FY2020 revenue 41.7B · Revenues, 0000018230-23-000011 FY2020 net income 3.0B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-23-000011 41.7B FY2020 FY2021 revenue 51.0B · Revenues, 0000018230-24-000009 FY2021 net income 6.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-24-000009 51.0B FY2021 FY2022 revenue 59.4B · Revenues, 0000018230-25-000008 FY2022 net income 6.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-25-000008 59.4B FY2022 FY2023 revenue 67.1B · Revenues, 0000018230-26-000008 FY2023 net income 10.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-26-000008 67.1B FY2023 FY2024 revenue 64.8B · Revenues, 0000018230-26-000008 FY2024 net income 10.8B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-26-000008 64.8B FY2024 FY2025 revenue 67.6B · Revenues, 0000018230-26-000008 FY2025 net income 8.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000018230-26-000008 67.6B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CAT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue67.6B
FY2016: 38.5BFY2017: 45.5BFY2018: 54.7BFY2019: 53.8BFY2020: 41.7BFY2021: 51.0BFY2022: 59.4BFY2023: 67.1BFY2024: 64.8BFY2025: 67.6B FY2017FY2019FY2021FY2023FY2025
Net income8.9B
FY2016: -67.0MFY2017: 754.0MFY2018: 6.1BFY2019: 6.1BFY2020: 3.0BFY2021: 6.5BFY2022: 6.7BFY2023: 10.3BFY2024: 10.8BFY2025: 8.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow8.9B
FY2016: 4.5BFY2017: 4.8BFY2018: 5.3BFY2019: 5.9BFY2020: 5.3BFY2021: 6.1BFY2022: 6.5BFY2023: 11.3BFY2024: 10.0BFY2025: 8.9B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)18.81
FY2016: -0.11FY2017: 1.26FY2018: 10.26FY2019: 10.74FY2020: 5.46FY2021: 11.83FY2022: 12.64FY2023: 20.12FY2024: 22.05FY2025: 18.81 FY2017FY2019FY2021FY2023FY2025
Dividend per share5.94
FY2016: 3.08FY2017: 3.11FY2018: 3.36FY2019: 3.95FY2020: 4.12FY2021: 4.36FY2022: 4.71FY2023: 5.10FY2024: 5.53FY2025: 5.94 FY2017FY2019FY2021FY2023FY2025
Diluted shares472.3M
FY2016: 584.3MFY2017: 599.3MFY2018: 599.4MFY2019: 567.5MFY2020: 548.6MFY2021: 548.5MFY2022: 530.4MFY2023: 513.6MFY2024: 489.4MFY2025: 472.3M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-13

Compared with the 10-K of Feb 14, 2025: new segment Power & Energy; no longer reported: Energy & Transportation.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Reportable Segment Aggregation Before Other Operating 74.0B109.4% +4.4%
Power & Energy 27.1B40.2% +12.7%
Construction Industries 25.1B37.1% -1.6%
Resource Industries 12.5B18.5% 0.0%
Financial Products 4.2B6.2% +4.1%
Other Operating Segment 46.0M0.1% +27.8%

10-K 0000018230-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Machinery, Power & Energy 64.0B94.7% +4.3%
Financial Products 3.6B5.3% +4.7%

10-K 0000018230-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 36.6B54.2% +6.4%
Outside United States 34.7B51.4% +1.5%
Inside United States 32.9B48.6% +7.4%
EAME 12.8B18.9% +3.9%
Asia/Pacific 11.2B16.6% -1.7%
Latin America 7.0B10.3% +4.2%

10-K 0000018230-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue38.5B45.5B54.7B53.8B41.7B51.0B59.4B67.1B64.8B67.6B
Cost of revenue28.0B31.3B37.0B36.6B29.1B35.5B41.4B42.8B40.2B44.8B
R&D1.9B1.8B1.9B1.7B1.4B1.7B1.8B2.1B2.1B2.1B
SG&A4.4B5.0B5.5B5.2B4.6B5.4B5.7B6.4B6.7B7.0B
Operating income1.2B4.5B8.3B8.3B4.6B6.9B7.9B13.0B13.1B11.2B
Interest expense1.1B1.1B1.1B1.1B1.1B920.0M959.0M1.4B1.7B1.8B
Pretax income139.0M4.1B7.8B7.8B4.0B8.2B8.8B13.1B13.4B11.5B
Income tax192.0M3.3B1.7B1.7B1.0B1.7B2.1B2.8B2.6B2.8B
Net income-67.0M754.0M6.1B6.1B3.0B6.5B6.7B10.3B10.8B8.9B
EPS (diluted)-0.111.2610.2610.745.4611.8312.6420.1222.0518.81
Diluted shares584.3M599.3M599.4M567.5M548.6M548.5M530.4M513.6M489.4M472.3M
Depreciation & amortization3.0B2.9B2.8B2.6B2.4B2.4B2.2B2.1B2.2B2.3B
EBITDA4.2B7.3B11.1B10.9B7.0B9.2B10.1B15.1B15.2B13.4B
Operating margin3.0%9.8%15.2%15.4%10.9%13.5%13.3%19.3%20.2%16.5%
Net margin-0.2%1.7%11.2%11.3%7.2%12.7%11.3%15.4%16.7%13.1%
Revenue growth-+18.0%+20.4%-1.7%-22.4%+22.1%+16.6%+12.8%-3.4%+4.3%
EPS growth--+714%+4.7%-49.2%+117%+6.8%+59.2%+9.6%-14.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash7.2B8.3B7.9B8.3B9.4B9.3B7.0B7.0B6.9B10.0B
Receivables6.0B7.4B8.8B8.6B7.3B8.5B8.9B9.3B9.3B10.9B
Inventory8.6B10.0B11.5B11.3B11.4B14.0B16.3B16.6B16.8B18.1B
Current assets32.0B36.2B38.6B39.2B39.5B43.5B43.8B46.9B45.7B52.5B
Property & equipment15.3B14.2B13.6B12.9B12.4B12.1B12.0B12.7B13.4B15.1B
Goodwill6.0B6.2B6.2B6.2B6.4B6.3B5.3B5.3B5.2B5.3B
Total assets74.7B77.0B78.5B78.5B78.3B82.8B81.9B87.5B87.8B98.6B
Accounts payable4.6B6.5B7.1B6.0B6.1B8.2B8.7B7.9B7.7B9.0B
Current liabilities26.1B26.9B28.2B26.6B25.7B29.8B31.5B34.7B32.3B36.6B
Total debt30.1B28.7B30.7B31.4B28.0B31.4B31.7B29.1B31.7B36.2B
Total liabilities61.5B63.2B64.4B63.8B62.9B66.3B66.1B68.0B68.3B77.3B
Shareholders' equity13.2B13.8B14.1B14.6B15.4B16.5B15.9B19.5B19.5B21.3B
Retained earnings27.4B26.3B30.4B34.4B35.2B39.3B43.5B51.2B59.4B65.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow5.6B5.7B6.6B6.9B6.3B7.2B7.8B12.9B12.0B11.7B
Capital spending1.1B898.0M1.3B1.1B978.0M1.1B1.3B1.6B2.0B2.8B
Free cash flow4.5B4.8B5.3B5.9B5.3B6.1B6.5B11.3B10.0B8.9B
Stock-based pay (added back)218.0M206.0M197.0M205.0M202.0M200.0M193.0M208.0M223.0M242.0M
Dividends paid1.8B1.8B2.0B2.1B2.2B2.3B2.4B2.6B2.6B2.7B
Buybacks003.8B4.0B1.1B2.7B4.2B5.0B7.7B5.2B
Acquisitions191.0M59.0M392.0M47.0M111.0M490.0M88.0M75.0M34.0M47.0M
Investing cash flow-1.8B-966.0M-3.2B-1.9B-1.5B-3.1B-2.5B-5.9B-2.5B-4.7B
Financing cash flow-3.1B-3.7B-3.6B-4.5B-3.8B-4.2B-7.3B-6.9B-9.6B-3.9B
Dividend per share3.083.113.363.954.124.364.715.105.535.94

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)218.0M206.0M197.0M205.0M202.0M200.0M193.0M208.0M223.0M242.0M
Stock-based pay / revenue0.6%0.5%0.4%0.4%0.5%0.4%0.3%0.3%0.3%0.4%
Operating lease cost---232.0M204.0M214.0M187.0M189.0M185.0M192.0M
Operating lease cash paid---224.0M201.0M206.0M178.0M180.0M179.0M185.0M
Right-of-use assets----603.0M625.0M564.0M556.0M592.0M708.0M
Operating lease liabilities---634.0M620.0M642.0M579.0M574.0M602.0M728.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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