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Caterpillar

CAT NYSE Construction Machinery & Heavy Transportation Equipment Financials FY2016–FY2025

Caterpillar's revenue rose 4.3% to $67.6 billion in fiscal 2025. Its operating margin was 16.5%, down from 20.2% a year earlier. Free cash flow was $8.9 billion, down 11.2%. It paid out $7.9 billion in dividends and buybacks, 89% of free cash flow. The diluted share count fell 3.5%.

Last close · Oct 23, 2026

$687.00

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$67.6B
4.3% vs prior year
Operating margin Operating income as a share of revenue.
16.5%
3.7 pts
Net income Profit after all expenses, interest and tax.
$8.9B
17.7%
Free cash flow Cash from operations minus capital spending.
$8.9B
11.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.5%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$317.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.6x
On $23.24 EPS (TTM)

What Caterpillar does

Caterpillar makes heavy machines for construction and mining, such as excavators, bulldozers, loaders and giant mining trucks, along with diesel and natural gas engines, generator sets, industrial gas turbines and railroad locomotives. It sells mostly through a worldwide network of dealers, most of them independently owned, that serves 190 countries. Its finance arm, Cat Financial, lends to and leases equipment to customers and dealers.

Sales and revenues were $67.589 billion in 2025. Power & Energy, which sells engines, turbines, generators and rail products to oil and gas, power, marine and rail customers, had total sales of $32.201 billion. Construction Industries, which serves road building, construction, rental and quarry customers, had $25.060 billion, and Resource Industries, which sells mining equipment, had $12.474 billion. These segment totals include some sales between segments. Rivals include Komatsu, Deere, Volvo, Hitachi and Sany in machinery, Epiroc and Sandvik in mining, and Cummins, Rolls-Royce and Siemens Energy in engines and turbines.

Caterpillar dates back to 1925. At the end of 2025 it employed about 118,000 people full-time, roughly 51,600 of them in the United States. It also owns and runs its dealer in Japan directly.

Legal name
CATERPILLAR INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0000018230-26-000008
0000018230

Revenue and margins

Caterpillar had $67.6B of revenue in fiscal 2025, up 4.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $8.9B in fiscal 2025, 13.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Caterpillar returned $7.9B to shareholders in fiscal 2025, 89% of free cash flow. The diluted share count fell 3.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Caterpillar yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$26.2B and divides by 472.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.6x · peers 24.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Caterpillar can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $9.3B$7.0B$7.0B$6.9B$10.0B
Debt incl. finance leases $31.4B$31.7B$29.1B$31.7B$36.2B
Net debt / EBITDA 2.4x2.4x1.5x1.6x2.0x
Debt / equity 1.9x2.0x1.5x1.6x1.7x
Interest coverage 7.5x8.2x9.0x7.5x6.1x
Current ratio 1.5x1.4x1.4x1.4x1.4x
Quick ratio 1.0x0.9x0.9x0.9x0.9x
Total assets $82.8B$81.9B$87.5B$87.8B$98.6B
Total liabilities $66.3B$66.1B$68.0B$68.3B$77.3B
Shareholders' equity $16.5B$15.9B$19.5B$19.5B$21.3B
Net debt (− = net cash) $22.2B$24.7B$22.1B$24.9B$26.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$116M

8 insiders

Of sales under plans

2%

$1.8M

DateInsiderTradeSharesPriceValueFiling
Aug 28, 2026 Joseph E CreedChief Executive Officer Sold 32,401 $808.98 $26.2M Form 4
May 14, 2026 Denise C JohnsonGroup President Sold 12,605 $907.91 $11.4M Form 4
May 13, 2026 Denise C JohnsonGroup President Sold 6,196 $909.79 $5.6M Form 4
May 13, 2026 William E SchauppChief Accounting Officer Sold 360 $906.00 $0.3M Form 4
May 11, 2026 Anthony D. FassinoGroup President Sold 16,283 $916.80 $14.9M Form 4
May 6, 2026 Andrew R J BonfieldCFO Emeritus Sold 15,674 $918.71 $14.4M Form 4
May 6, 2026 Anthony D. FassinoGroup President Sold 9,152 $926.25 $8.5M Form 4
May 6, 2026 Lange Bob DeGroup President Sold 24,222 $922.92 $22.4M Form 4
May 5, 2026 Rodney Michael ShurmanGroup President Sold 5,639 $903.18 $5.1M Form 4
May 4, 2026 David MacLennanDirector Bought 250 $876.84 $0.2M Form 4
May 4, 2026 Jason KaiserGroup President Sold 5,642 $883.03 $5.0M Form 4
Mar 5, 2026 Joseph E CreedChief Executive Officer Sold plan 2,500 $718.93 $1.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 96 / 96 / 9
Accruals ratio −3.0%−1.4%−3.1%
Altman Z'' 4.124.514.27

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Caterpillar CAT $317.7B 4.3% 16.5% 13.2% 18.5% 29.6x 6
Cummins CMI $71.7B −1.3% 12.0% 7.1% 18.3% 26.4x 7 Compare →
Paccar PCAR $56.4B −15.5% — 12.9% — 22.5x — Compare →
Wabtec WAB $46.0B 7.5% 16.1% 13.4% 9.1% 33.8x 7 Compare →
Oshkosh OSK $8.3B −2.9% 9.0% 5.9% 14.8% 14.7x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $38.5B $45.5B $54.7B $53.8B $41.7B $51.0B $59.4B $67.1B $64.8B $67.6B
Gross profit $10.5B $14.2B $17.7B $17.2B $12.7B $15.5B $18.1B $24.3B $24.6B $22.8B
Research and development $1.9B $1.8B $1.9B $1.7B $1.4B $1.7B $1.8B $2.1B $2.1B $2.1B
Operating income $1.2B $4.5B $8.3B $8.3B $4.6B $6.9B $7.9B $13.0B $13.1B $11.2B
Interest expense $1.1B $1.1B $1.1B $1.1B $1.1B $920M $959M $1.4B $1.7B $1.8B
Pretax income $139M $4.1B $7.8B $7.8B $4.0B $8.2B $8.8B $13.1B $13.4B $11.5B
Income tax $192M $3.3B $1.7B $1.7B $1.0B $1.7B $2.1B $2.8B $2.6B $2.8B
Net income −$59.0M $759M $6.1B $6.1B $3.0B $6.5B $6.7B $10.3B $10.8B $8.9B
Diluted EPS −$0.11 $1.26 $10.26 $10.74 $5.46 $11.83 $12.64 $20.12 $22.05 $18.81
Diluted shares 0.58B 0.60B 0.60B 0.57B 0.55B 0.55B 0.53B 0.51B 0.49B 0.47B
Cash flow
Cash from operations $5.6B $5.7B $6.6B $6.9B $6.3B $7.2B $7.8B $12.9B $12.0B $11.7B
Capital expenditure $1.1B $898M $1.3B $1.1B $978M $1.1B $1.3B $1.6B $2.0B $2.8B
Free cash flow $4.5B $4.8B $5.3B $5.9B $5.3B $6.1B $6.5B $11.3B $10.0B $8.9B
Depreciation and amortization $3.0B $2.9B $2.8B $2.6B $2.4B $2.4B $2.2B $2.1B $2.2B $2.3B
Stock-based compensation $218M $206M $197M $205M $202M $200M $193M $208M $223M $242M
Acquisitions $191M $59.0M $392M $47.0M $111M $490M $88.0M $75.0M $34.0M $47.0M
Share buybacks $0.0M $0.0M $3.8B $4.0B $1.1B $2.7B $4.2B $5.0B $7.7B $5.2B
Dividends paid $1.8B $1.8B $2.0B $2.1B $2.2B $2.3B $2.4B $2.6B $2.6B $2.7B
Dividends and buybacks $1.8B $1.8B $5.7B $6.2B $3.4B $5.0B $6.7B $7.5B $10.3B $7.9B
Balance sheet
Cash and short-term investments $7.2B $8.3B $7.9B $8.3B $9.4B $9.3B $7.0B $7.0B $6.9B $10.0B
Total debt $30.1B $28.7B $30.7B $31.4B $28.0B $31.4B $31.7B $29.1B $31.7B $36.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $32.0B $36.2B $38.6B $39.2B $39.5B $43.5B $43.8B $46.9B $45.7B $52.5B
Current liabilities $26.1B $26.9B $28.2B $26.6B $25.7B $29.8B $31.5B $34.7B $32.3B $36.6B
Inventory $8.6B $10.0B $11.5B $11.3B $11.4B $14.0B $16.3B $16.6B $16.8B $18.1B
Property and equipment, net $15.3B $14.2B $13.6B $12.9B $12.4B $12.1B $12.0B $12.7B $13.4B $15.1B
Total assets $74.7B $77.0B $78.5B $78.5B $78.3B $82.8B $81.9B $87.5B $87.8B $98.6B
Total liabilities $61.5B $63.2B $64.4B $63.8B $62.9B $66.3B $66.1B $68.0B $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
Margins
Gross margin 27.2% 31.2% 32.4% 31.9% 30.3% 30.3% 30.4% 36.2% 38.0% 33.8%
Operating margin 3.0% 9.8% 15.2% 15.4% 10.9% 13.5% 13.3% 19.3% 20.2% 16.5%
EBITDA margin 10.9% 16.1% 20.2% 20.2% 16.7% 18.1% 17.0% 22.5% 23.5% 19.8%
Net margin −0.2% 1.7% 11.2% 11.3% 7.2% 12.7% 11.3% 15.4% 16.7% 13.1%
FCF margin 11.8% 10.6% 9.7% 10.9% 12.8% 12.0% 10.9% 16.8% 15.5% 13.2%
Returns
Return on capital 1.5% 6.3% 18.3% 17.2% 9.5% 14.9% 15.2% 24.8% 24.4% 18.5%
Return on capital employed 2.3% 9.1% 16.5% 16.2% 8.7% 13.0% 15.3% 25.1% 24.2% 19.0%
Return on equity −0.4% 5.6% 44.2% 42.5% 20.0% 40.7% 41.4% 58.4% 55.3% 43.5%
Return on assets −0.1% 1.0% 7.9% 7.8% 3.8% 8.1% 8.1% 12.2% 12.3% 9.5%
Growth
Revenue growth −18.0% 18.0% 20.4% −1.7% −22.4% 22.1% 16.6% 12.8% −3.4% 4.3%
Net income growth −102.3% — 710.0% −0.9% −50.7% 116.2% 3.3% 54.1% 4.4% −17.7%
EPS growth −102.6% — 714.3% 4.7% −49.2% 116.7% 6.9% 59.2% 9.6% −14.7%
FCF growth −14.7% 6.1% 9.9% 10.9% −8.7% 14.1% 6.0% 74.5% −11.0% −11.2%
Share count change −2.8% 2.6% 0.0% −5.3% −3.3% −0.0% −3.3% −3.2% −4.7% −3.5%
Financial health
Net debt / EBITDA 5.5x 2.8x 2.1x 2.1x 2.7x 2.4x 2.4x 1.5x 1.6x 2.0x
Debt / equity 2.3x 2.1x 2.2x 2.2x 1.8x 1.9x 2.0x 1.5x 1.6x 1.7x
Interest coverage 1.1x 3.9x 7.6x 7.8x 4.2x 7.5x 8.2x 9.0x 7.5x 6.1x
Current ratio 1.2x 1.4x 1.4x 1.5x 1.5x 1.5x 1.4x 1.4x 1.4x 1.4x
Quick ratio 0.9x 1.0x 1.0x 1.1x 1.1x 1.0x 0.9x 0.9x 0.9x 0.9x
Capital allocation
Capex / revenue 2.9% 2.0% 2.3% 2.0% 2.3% 2.1% 2.2% 2.4% 3.1% 4.2%
Stock comp / revenue 0.6% 0.5% 0.4% 0.4% 0.5% 0.4% 0.3% 0.3% 0.3% 0.4%
Payouts / FCF 39.7% 38.1% 108.8% 105.5% 63.1% 81.9% 103.1% 66.8% 103.0% 89.0%
Quality scores
Piotroski F-score 4.0 8.0 7.0 5.0 6.0 6.0 7.0 8.0 6.0 6.0
Altman Z'' 2.0 2.5 3.1 3.4 3.3 3.4 3.6 4.1 4.5 4.3
Accruals ratio −7.5% −6.5% −0.5% −1.0% −4.2% −0.9% −1.3% −3.0% −1.4% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000018230). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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