Caterpillar Financials
This page shows Caterpillar (CAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Caterpillar has an operating margin of 16.5%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 83/100, reflecting efficient cost management and pricing power. This is down from 20.2% the prior year.
Caterpillar's revenue grew a modest 4.3% year-over-year to $67.6B. This slow but positive growth earns a score of 41/100.
Caterpillar has a moderate D/E ratio of 1.44. This balance of debt and equity financing earns a leverage score of 58/100.
Caterpillar's current ratio of 1.44 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
Caterpillar converts 13.2% of revenue into free cash flow ($8.9B). This strong cash generation earns a score of 66/100.
Caterpillar earns a strong 41.7% return on equity (ROE), meaning it generates $42 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 55.3% the prior year.
Caterpillar scores 4.93, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($353.5B) relative to total liabilities ($77.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Caterpillar passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Caterpillar generates $1.32 in operating cash flow ($11.7B OCF vs $8.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Caterpillar earns $22213147.4 in operating income for every $1 of interest expense ($11.2B vs $502). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Caterpillar generated $67.6B in revenue in fiscal year 2025. This represents an increase of 4.3% from the prior year.
Caterpillar's EBITDA was $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.9% from the prior year.
Caterpillar generated $8.9B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 11.2% from the prior year.
Caterpillar reported $8.9B in net income in fiscal year 2025. This represents a decrease of 17.7% from the prior year.
Caterpillar earned $18.81 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 14.7% from the prior year.
Caterpillar held $10.0B in cash against $30.7B in long-term debt as of fiscal year 2025.
Caterpillar paid $5.94 per share in dividends in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Caterpillar had 465M shares outstanding in fiscal year 2025. This represents a decrease of 2.6% from the prior year.
Caterpillar's gross margin was 99.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.0 percentage points from the prior year.
Caterpillar's operating margin was 16.5% in fiscal year 2025, reflecting core business profitability. This is down 3.7 percentage points from the prior year.
Caterpillar's net profit margin was 13.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.
Caterpillar's ROE was 41.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.7 percentage points from the prior year.
Caterpillar invested $2.1B in research and development in fiscal year 2025. This represents an increase of 1.9% from the prior year.
Caterpillar spent $5.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 32.6% from the prior year.
Caterpillar invested $2.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 41.9% from the prior year.
CAT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.1B+8.5% | $17.6B+6.5% | $16.6B+16.3% | $14.2B-12.1% | $16.2B+0.7% | $16.1B-3.5% | $16.7B+5.6% | $15.8B |
| Cost of Revenue | -$22.5B-292.4% | $11.7B+8.0% | $10.8B+39925.9% | $27.0M+100.1% | -$20.2B-300.6% | $10.1B-0.8% | $10.2B+169066.7% | $6.0M |
| Gross Profit | $41.6B+597.3% | $6.0B+3.5% | $5.8B-59.5% | $14.2B-60.9% | $36.4B+502.7% | $6.0B-7.6% | $6.5B-58.6% | $15.8B |
| R&D Expenses | $562.0M+1.3% | $555.0M+0.7% | $551.0M+14.8% | $480.0M-7.5% | $519.0M-2.6% | $533.0M-0.4% | $535.0M+2.9% | $520.0M |
| SG&A Expenses | $1.9B+3.0% | $1.8B+7.6% | $1.7B+6.3% | $1.6B-9.9% | $1.8B+6.0% | $1.7B+1.0% | $1.7B+4.8% | $1.6B |
| Operating Income | $2.7B-12.8% | $3.1B+6.7% | $2.9B+10.9% | $2.6B-11.8% | $2.9B-7.1% | $3.1B-9.6% | $3.5B-1.1% | $3.5B |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $712.0M-14.8% | $836.0M+29.4% | $646.0M+12.5% | $574.0M+24.0% | $463.0M-27.9% | $642.0M-23.2% | $836.0M+21.5% | $688.0M |
| Net Income | $2.4B+4.4% | $2.3B+5.5% | $2.2B+8.8% | $2.0B-28.2% | $2.8B+13.3% | $2.5B-8.1% | $2.7B-6.1% | $2.9B |
| EPS (Diluted) | $5.11+4.7% | $4.88+5.6% | $4.62+10.0% | $4.20-27.1% | $5.76+13.8% | $5.06-7.7% | $5.48-4.7% | $5.75 |
CAT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.6B+5.2% | $93.7B+3.8% | $90.3B+6.3% | $85.0B-3.2% | $87.8B+1.7% | $86.3B+3.5% | $83.3B-0.5% | $83.7B |
| Current Assets | $52.5B+5.4% | $49.8B+6.6% | $46.8B+8.7% | $43.0B-5.8% | $45.7B+1.6% | $44.9B+4.3% | $43.1B-1.3% | $43.7B |
| Cash & Equivalents | $10.0B+32.4% | $7.5B+38.5% | $5.4B+52.8% | $3.6B-48.3% | $6.9B+22.2% | $5.6B+29.9% | $4.3B-12.5% | $5.0B |
| Inventory | $18.1B-4.3% | $19.0B+2.0% | $18.6B+4.1% | $17.9B+6.2% | $16.8B-2.8% | $17.3B+1.3% | $17.1B+0.8% | $17.0B |
| Accounts Receivable | $10.9B+7.6% | $10.1B+4.6% | $9.7B+6.5% | $9.1B-1.8% | $9.3B+2.2% | $9.1B-3.6% | $9.4B+1.3% | $9.3B |
| Goodwill | $5.3B-0.2% | $5.3B0.0% | $5.3B+1.2% | $5.3B+0.6% | $5.2B-1.4% | $5.3B+1.0% | $5.3B-0.2% | $5.3B |
| Total Liabilities | $77.3B+5.8% | $73.1B+2.0% | $71.7B+7.1% | $66.9B-2.0% | $68.3B+2.1% | $66.9B+1.0% | $66.2B+0.2% | $66.1B |
| Current Liabilities | $36.6B+1.6% | $36.0B+3.0% | $34.9B+7.2% | $32.6B+1.0% | $32.3B+0.2% | $32.2B-4.0% | $33.6B+3.7% | $32.4B |
| Long-Term Debt | $30.7B | N/A | N/A | N/A | $27.4B | N/A | N/A | N/A |
| Total Equity | $21.3B+3.2% | $20.7B+10.7% | $18.7B+3.3% | $18.1B-7.3% | $19.5B+0.5% | $19.4B+13.2% | $17.1B-2.9% | $17.6B |
| Retained Earnings | $65.4B+1.5% | $64.5B+3.7% | $62.2B+1.3% | $61.4B+3.4% | $59.4B+2.5% | $57.9B+4.4% | $55.5B+2.5% | $54.1B |
CAT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.6B-3.9% | $3.7B+19.7% | $3.1B+142.2% | $1.3B-62.0% | $3.4B-4.9% | $3.6B+18.1% | $3.0B+47.2% | $2.1B |
| Capital Expenditures | $898.0M+36.5% | $658.0M+18.6% | $555.0M-21.8% | $710.0M+1.0% | $703.0M+58.3% | $444.0M+30.2% | $341.0M-31.8% | $500.0M |
| Free Cash Flow | $2.7B-12.5% | $3.1B+19.9% | $2.6B+343.4% | $579.0M-78.5% | $2.7B-13.9% | $3.1B+16.6% | $2.7B+72.7% | $1.6B |
| Investing Cash Flow | -$1.9B-42.4% | -$1.3B+0.9% | -$1.3B-661.1% | -$175.0M+89.4% | -$1.6B-58.6% | -$1.0B-44.0% | -$722.0M-175.4% | $958.0M |
| Financing Cash Flow | $751.0M+346.2% | -$305.0M-302.0% | $151.0M+103.4% | -$4.5B-955.4% | -$426.0M+64.8% | -$1.2B+58.7% | -$2.9B+41.4% | -$5.0B |
| Dividends Paid | $706.0M-0.1% | $707.0M+6.8% | $662.0M-1.8% | $674.0M-0.9% | $680.0M-0.4% | $683.0M+7.6% | $635.0M-2.0% | $648.0M |
| Share Buybacks | $340.0M-6.1% | $362.0M-56.3% | $828.0M-77.4% | $3.7B+471.9% | $640.0M-18.2% | $782.0M-57.0% | $1.8B-59.1% | $4.5B |
CAT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.9%-20.9pp | 33.8%-1.0pp | 34.8%-65.0pp | 99.8%+74.9pp | 24.9%-12.6pp | 37.5%-1.7pp | 39.2%-60.8pp | 100.0% |
| Operating Margin | 13.9%-3.4pp | 17.3%+0.0pp | 17.3%-0.8pp | 18.1%+0.1pp | 18.0%-1.5pp | 19.5%-1.3pp | 20.9%-1.4pp | 22.3% |
| Net Margin | 12.6%-0.5pp | 13.0%-0.1pp | 13.2%-0.9pp | 14.1%-3.1pp | 17.2%+1.9pp | 15.3%-0.8pp | 16.1%-2.0pp | 18.1% |
| Return on Equity | 11.3%+0.1pp | 11.1%-0.6pp | 11.7%+0.6pp | 11.1%-3.2pp | 14.3%+1.6pp | 12.7%-3.0pp | 15.7%-0.5pp | 16.2% |
| Return on Assets | 2.4%0.0pp | 2.5%+0.0pp | 2.4%+0.1pp | 2.4%-0.8pp | 3.2%+0.3pp | 2.9%-0.4pp | 3.2%-0.2pp | 3.4% |
| Current Ratio | 1.44+0.1 | 1.38+0.0 | 1.34+0.0 | 1.32-0.1 | 1.42+0.0 | 1.40+0.1 | 1.28-0.1 | 1.35 |
| Debt-to-Equity | 1.44-2.1 | 3.54-0.3 | 3.84+0.1 | 3.70+2.3 | 1.40-2.0 | 3.45-0.4 | 3.86+0.1 | 3.75 |
| FCF Margin | 14.1%-3.4pp | 17.5%+2.0pp | 15.5%+11.4pp | 4.1%-12.5pp | 16.6%-2.8pp | 19.4%+3.3pp | 16.1%+6.2pp | 9.8% |
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Frequently Asked Questions
What is Caterpillar's annual revenue?
Caterpillar (CAT) reported $67.6B in total revenue for fiscal year 2025. This represents a 4.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Caterpillar's revenue growing?
Caterpillar (CAT) revenue grew by 4.3% year-over-year, from $64.8B to $67.6B in fiscal year 2025.
Is Caterpillar profitable?
Yes, Caterpillar (CAT) reported a net income of $8.9B in fiscal year 2025, with a net profit margin of 13.1%.
What is Caterpillar's earnings per share (EPS)?
Caterpillar (CAT) reported diluted earnings per share of $18.81 for fiscal year 2025. This represents a -14.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Caterpillar's EBITDA?
Caterpillar (CAT) had EBITDA of $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Caterpillar have?
As of fiscal year 2025, Caterpillar (CAT) had $10.0B in cash and equivalents against $30.7B in long-term debt.
What is Caterpillar's gross margin?
Caterpillar (CAT) had a gross margin of 99.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Caterpillar's operating margin?
Caterpillar (CAT) had an operating margin of 16.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Caterpillar's net profit margin?
Caterpillar (CAT) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Caterpillar pay dividends?
Yes, Caterpillar (CAT) paid $5.94 per share in dividends during fiscal year 2025.
What is Caterpillar's return on equity (ROE)?
Caterpillar (CAT) has a return on equity of 41.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Caterpillar's free cash flow?
Caterpillar (CAT) generated $8.9B in free cash flow during fiscal year 2025. This represents a -11.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Caterpillar's operating cash flow?
Caterpillar (CAT) generated $11.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Caterpillar's total assets?
Caterpillar (CAT) had $98.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Caterpillar's capital expenditures?
Caterpillar (CAT) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Caterpillar spend on research and development?
Caterpillar (CAT) invested $2.1B in research and development during fiscal year 2025.
Does Caterpillar buy back shares?
Yes, Caterpillar (CAT) spent $5.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Caterpillar have outstanding?
Caterpillar (CAT) had 465M shares outstanding as of fiscal year 2025.
What is Caterpillar's current ratio?
Caterpillar (CAT) had a current ratio of 1.44 as of fiscal year 2025, which is considered adequate.
What is Caterpillar's debt-to-equity ratio?
Caterpillar (CAT) had a debt-to-equity ratio of 1.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Caterpillar's return on assets (ROA)?
Caterpillar (CAT) had a return on assets of 9.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Caterpillar's Altman Z-Score?
Caterpillar (CAT) has an Altman Z-Score of 4.93, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Caterpillar's Piotroski F-Score?
Caterpillar (CAT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Caterpillar's earnings high quality?
Caterpillar (CAT) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Caterpillar cover its interest payments?
Caterpillar (CAT) has an interest coverage ratio of 22213147.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Caterpillar?
Caterpillar (CAT) scores 64 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.