C 
Caterpillar CAT · USD
Industrials · Machinery · US listing · 🇺🇸 United States
S&P 500Dow Jones
598.88
+7.21%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$67.59bn
FY2016FY2025
Net income
$8.87bn
FY2016FY2025
Free cash flow
$10.27bn
FY2016FY2025
Shareholders' equity
$21.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.59bn | $64.81bn | $67.06bn | $59.43bn | $50.97bn | $41.75bn | $53.80bn | $54.72bn | $45.46bn | $38.54bn |
| Gross profit | $21.86bn | $23.32bn | $23.26bn | $17.51bn | $15.00bn | $12.08bn | $16.42bn | $17.00bn | $13.56bn | $9.90bn |
| Research and development | $2.15bn | $2.11bn | $2.11bn | $1.81bn | $1.69bn | $1.42bn | $1.69bn | $1.85bn | $1.84bn | $1.85bn |
| Operating income | $11.71bn | $13.10bn | $12.98bn | $8.35bn | $7.37bn | $4.55bn | $8.29bn | $8.29bn | $4.46bn | $638.0m |
| Net income | $8.87bn | $10.79bn | $10.34bn | $6.71bn | $6.49bn | $3.00bn | $6.09bn | $6.15bn | $754.0m | −$67.0m |
| Diluted earnings per share | 18.92 | 22.17 | 20.38 | 12.87 | 11.96 | 5.46 | 10.96 | 10.46 | 1.26 | -0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $98.58bn | $87.76bn | $87.48bn | $81.94bn | $82.79bn | $78.32bn | $78.45bn | $78.51bn | $76.96bn | $74.70bn |
| Cash and short-term investments | $9.98bn | $6.89bn | $6.98bn | $7.00bn | $9.25bn | $9.35bn | $8.28bn | $7.86bn | $8.26bn | $7.17bn |
| Total liabilities | $77.27bn | $68.27bn | $67.97bn | $66.05bn | $66.28bn | $62.95bn | $63.82bn | $64.43bn | $63.20bn | $61.49bn |
| Debt | $43.33bn | $38.41bn | $37.88bn | $36.99bn | $37.79bn | $37.16bn | $37.66bn | $36.55bn | $34.88bn | $36.78bn |
| Shareholders' equity | $21.32bn | $19.49bn | $19.49bn | $15.87bn | $16.52bn | $15.33bn | $14.59bn | $14.08bn | $13.77bn | $13.21bn |
| Shares outstanding | 469m | 487m | 507m | 521m | 543m | 550m | 556m | 588m | 596m | 586m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $11.74bn | $12.04bn | $12.88bn | $7.77bn | $7.20bn | $6.33bn | $6.91bn | $6.56bn | $5.71bn | $5.64bn |
| Capital spending | −$1.47bn | −$3.21bn | −$3.09bn | −$2.60bn | −$2.47bn | −$2.12bn | −$2.67bn | −$2.92bn | −$2.34bn | −$2.93bn |
| Free cash flow | $10.27bn | $8.82bn | $9.79bn | $5.17bn | $4.73bn | $4.21bn | $4.24bn | $3.64bn | $3.37bn | $2.71bn |
| Dividends paid | −$2.75bn | −$2.65bn | −$2.56bn | −$2.44bn | −$2.33bn | −$2.24bn | −$2.13bn | −$1.95bn | −$1.83bn | −$1.80bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.54bn | $17.41bn | $19.13bn | $17.64bn | $16.57bn | $14.25bn | $16.21bn | $16.11bn |
| Gross profit | $7.76bn | $6.11bn | $5.47bn | $5.96bn | $5.46bn | $4.96bn | $5.56bn | $5.70bn |
| Operating income | $4.43bn | $3.22bn | $2.79bn | $3.19bn | $2.92bn | $2.58bn | $2.92bn | $3.15bn |
| Net income | $3.59bn | $2.55bn | $2.40bn | $2.29bn | $2.18bn | $2.00bn | $2.79bn | $2.46bn |
| Diluted earnings per share | 7.77 | 5.51 | 5.12 | 4.88 | 4.65 | 4.27 | 5.73 | 5.06 |
| Cash from operations | $4.41bn | $1.87bn | $3.59bn | $3.74bn | $3.12bn | $1.29bn | $3.39bn | $3.57bn |
| Capital spending | −$1.26bn | −$323.0m | −$1.34bn | −$1.07bn | −$955.0m | −$918.0m | −$1.04bn | −$723.0m |
| Free cash flow | $3.15bn | $1.55bn | $2.25bn | $2.67bn | $2.17bn | $371.0m | $2.36bn | $2.85bn |
| Total assets | $102.61bn | $95.55bn | $98.58bn | $93.72bn | $90.33bn | $84.97bn | $87.76bn | $86.27bn |
| Cash and short-term investments | $6.71bn | $4.07bn | $9.98bn | $7.54bn | $5.44bn | $3.56bn | $6.89bn | $5.64bn |
| Debt | $45.15bn | $43.07bn | $43.33bn | $41.53bn | $40.75bn | $38.59bn | $38.41bn | $37.90bn |
| Shareholders' equity | $19.39bn | $18.66bn | $21.32bn | $20.66bn | $18.66bn | $18.07bn | $19.49bn | $19.40bn |
Financial ratios
Data as of 2 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 32.3% | 36.0% | 34.7% | 29.5% | 29.4% | 28.9% |
| Operating margin | 17.3% | 20.2% | 19.4% | 14.0% | 14.5% | 10.9% |
| Net margin | 13.1% | 16.7% | 15.4% | 11.3% | 12.7% | 7.2% |
| Return on equity | 41.6% | 55.4% | 53.0% | 42.3% | 39.3% | 19.6% |
| Return on assets | 9.0% | 12.3% | 11.8% | 8.2% | 7.8% | 3.8% |
| Free cash flow yield | 4.4% | 4.0% | 4.0% | 2.6% | 2.3% | 2.0% |
| Revenue growth | 4.3% | -3.4% | 12.8% | 16.6% | 22.1% | -22.4% |
| Earnings growth | -17.8% | 4.4% | 54.1% | 3.3% | 116.4% | -50.8% |
| Current ratio | 1.44x | 1.42x | 1.35x | 1.39x | 1.46x | 1.53x |
| Debt to equity | 2.03x | 1.98x | 1.95x | 2.33x | 2.29x | 2.42x |
| Equity ratio | 21.6% | 22.2% | 22.3% | 19.4% | 19.9% | 19.6% |
| Interest coverage | 11.37x | 25.59x | 25.41x | 18.84x | 15.19x | 8.93x |
| R&D as a share of sales | 3.2% | 3.3% | 3.1% | 3.1% | 3.3% | 3.4% |
| Buybacks as a share of market value | 3.6% | 4.0% | 2.7% | 4.0% | 1.3% | 1.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.4% | 10.1% | 3.7% |
| Operating income | 12.0% | 20.8% | 12.0% |
| Net income | 9.8% | 24.2% | 13.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.1% | 33.2% | 32.1% | 30.9% |
| Operating margin | 18.7% | 17.8% | 16.5% | 14.1% |
| Net margin | 14.9% | 14.2% | 13.1% | 10.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.3 | 16.4 | 14.5 | 18.6 | 17.3 | 33.4 | 13.5 | 12.2 | 124.6 | -810.9 |
| Price to sales | 4.0 | 2.7 | 2.2 | 2.1 | 2.2 | 2.4 | 1.5 | 1.4 | 2.1 | 1.4 |
Market value over time
31 Oct 2016 to 1 Sept 2026, in USD
$49.24bn$360.36bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 55% | 24% | 26% | 19% | 8% | 22% | 21% | -20% | 62% | 39% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 26 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.77 | 5.94 | 5.53 | 5.10 | 4.71 | 4.36 | 4.12 | 3.95 |
- 2-for-1 split · 14 Jul 2005
- 2-for-1 split · 14 Jul 1997
- 2-for-1 split · 6 Sept 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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