What is Caterpillar Inc.'s earnings per share (EPS)?

Caterpillar Inc. (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.

Caterpillar Inc. (CAT) Financials

CAT

FY2025 annual

Revenue $67.6B +4.3% YoY

Net Income $8.9B -17.7% YoY

EPS (Diluted) $18.81 -14.7% YoY

Free Cash Flow $8.9B -11.2% YoY

Market Cap $376.3B as of Sep 12, 2026

Price / Sales 5.0x on $74.7B revenue, trailing 12 months to June 30, 2026

Price / Earnings 42.4x on $8.9B net income, FY2025

Price / Book 19.4x on $19.4B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CAT SEC filings page.

Caterpillar Inc. (CAT) reported $67.6B in revenue for fiscal year 2025, up 4.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CAT FY2025 2026-08-29

Revenue held near peak while reinvestment intensity and balance-sheet expansion weakened operating returns and cash conversion in FY2025.

Despite revenue staying close to its FY2024 level, operating margin fell from 20.2% to 16.5%, showing that additional sales produced less operating profit. Operating cash flow remained substantially above free cash flow while capital expenditures reached $2.8B, indicating that reinvestment absorbed more internally generated cash.

Total assets reached $98.6B in FY2025, while long-term debt reached $30.7B. With debt-to-equity at 1.4x and the current ratio at 1.4x, expansion used meaningful leverage while short-term liquidity remained broadly steady.

Net margin fell to 13.1% from 16.7%. Return on assets also fell to 9.0% from 12.3%, indicating that the enlarged asset base generated less profit per dollar in FY2025.

Financial Health Signals

Financial Health Score 59/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Caterpillar Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Caterpillar Inc. 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.

Growth

Caterpillar Inc.'s revenue grew a modest 4.3% year-over-year to $67.6B. This slow but positive growth earns a score of 32/100.

Leverage

Caterpillar Inc. has a moderate D/E ratio of 1.44. This balance of debt and equity financing earns a leverage score of 37/100.

Liquidity

Caterpillar Inc.'s current ratio of 1.44 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Caterpillar Inc. converts 13.2% of revenue into free cash flow ($8.9B). This strong cash generation earns a score of 77/100.

Returns

Caterpillar Inc. 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 85/100. This is down from 55.4% the prior year.

Altman Z-Score Safe

5.10

Caterpillar Inc. scores 5.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($376.3B) relative to total liabilities ($77.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Caterpillar Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.32x

For every $1 of reported earnings, Caterpillar Inc. 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.

Key Financial Metrics

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Earnings & Revenue

Revenue

$20.5B

YoY+24.0%

QoQ+18.0%

5Y CAGR+9.8%

10Y CAGR+7.1%

Caterpillar Inc. generated $20.5B in revenue in Q2 2026. This represents an increase of 24.0% from the same quarter a year earlier. Against the prior quarter it is up 18.0%.

EBITDA

$4.9B

YoY+43.8%

QoQ+33.5%

Caterpillar Inc.'s EBITDA was $4.9B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 43.8% from the same quarter a year earlier. Against the prior quarter it is up 33.5%.

Net Income

$3.6B

YoY+64.9%

QoQ+41.0%

Caterpillar Inc. reported $3.6B in net income in Q2 2026. This represents an increase of 64.9% from the same quarter a year earlier. Against the prior quarter it is up 41.0%.

EPS (Diluted)

$7.77

YoY+68.2%

QoQ+42.0%

5Y CAGR+24.9%

10Y CAGR+23.6%

Caterpillar Inc. earned $7.77 per diluted share (EPS) in Q2 2026. This represents an increase of 68.2% from the same quarter a year earlier. Against the prior quarter it is up 42.0%.

Cash & Balance Sheet

Free Cash Flow

$3.8B

YoY+47.4%

QoQ+231.3%

5Y CAGR+14.2%

10Y CAGR+6.1%

Caterpillar Inc. generated $3.8B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 47.4% from the same quarter a year earlier. Against the prior quarter it is up 231.3%.

Cash & Debt

$6.7B

YoY+23.4%

QoQ+64.9%

5Y CAGR-9.1%

10Y CAGR-0.1%

Caterpillar Inc. held $6.7B in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$3.14

YoY+7.5%

Caterpillar Inc. paid $3.14 per share in dividends in Q2 2026. This represents an increase of 7.5% from the same quarter a year earlier.

Shares Outstanding

460M

YoY-1.9%

QoQ-0.2%

5Y CAGR-3.4%

10Y CAGR-2.4%

Caterpillar Inc. had 460M shares outstanding in Q2 2026. This represents a decrease of 1.9% from the same quarter a year earlier. Against the prior quarter it is down 0.2%.

Margins & Returns

Gross Margin

37.8%

YoY+3.0pp

QoQ+2.7pp

Caterpillar Inc.'s gross margin was 37.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.

Operating Margin

20.9%

YoY+3.7pp

QoQ+3.2pp

Caterpillar Inc.'s operating margin was 20.9% in Q2 2026, reflecting core business profitability. This is up 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.

Net Margin

17.5%

YoY+4.3pp

QoQ+2.9pp

Caterpillar Inc.'s net profit margin was 17.5% in Q2 2026, showing the share of revenue converted to profit. This is up 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.

Return on Equity

18.5%

YoY+6.8pp

QoQ+4.9pp

Caterpillar Inc.'s ROE was 18.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 6.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.9 percentage points.

Capital Allocation

R&D Spending

$616.0M

YoY+11.8%

QoQ+14.7%

Caterpillar Inc. invested $616.0M in research and development in Q2 2026. This represents an increase of 11.8% from the same quarter a year earlier. Against the prior quarter it is up 14.7%.

Share Buybacks

$1.5B

YoY+80.4%

QoQ-70.3%

5Y CAGR+42.9%

Caterpillar Inc. spent $1.5B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 80.4% from the same quarter a year earlier. Against the prior quarter it is down 70.3%.

Capital Expenditures

$587.0M

YoY+5.8%

QoQ-19.4%

5Y CAGR+28.6%

10Y CAGR+10.2%

Caterpillar Inc. invested $587.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.8% from the same quarter a year earlier. Against the prior quarter it is down 19.4%.

CAT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CAT quarterly income statement

Metric	TTM	FY258-K	FY248-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$74.7B	$67.6B+4.3%	$64.8B-3.4%	$67.1B+12.8%	$59.4B+16.6%	$51.0B+22.1%	$41.7B-22.4%	$53.8B-1.7%	$54.7B+20.4%	$45.5B+18.0%	$38.5B-18.0%	$47.0B-14.8%	$55.2B-0.8%	$55.7B-15.5%	$65.9B+9.5%	$60.1B
Cost of Revenue	N/A	$49.0M+48.5%	$33.0M-79.4%	$160.0M-61.3%	$413.0M-98.8%	$35.5B+22.1%	$29.1B-20.6%	$36.6B-1.0%	$37.0B+18.4%	$31.3B+11.5%	$28.0B-16.4%	$33.5B-17.6%	$40.7B+5.9%	$38.4B-18.3%	$47.1B+8.0%	$43.6B
Gross Profit	N/A	$67.5B+4.3%	$64.8B-3.2%	$66.9B+13.4%	$59.0B+281.8%	$15.5B+22.0%	$12.7B-26.2%	$17.2B-3.1%	$17.7B+24.8%	$14.2B+35.3%	$10.5B-22.1%	$13.5B-6.9%	$14.5B-16.0%	$17.2B-8.5%	$18.8B+13.6%	$16.6B
R&D Expenses	N/A	$2.1B+1.9%	$2.1B0.0%	$2.1B+16.2%	$1.8B+7.6%	$1.7B+19.2%	$1.4B-16.4%	$1.7B-8.5%	$1.9B+0.4%	$1.8B-0.6%	$1.9B-12.6%	$2.1B-11.0%	$2.4B+53.4%	$1.6B-37.1%	$2.5B+7.4%	$2.3B
SG&A Expenses	N/A	$7.0B+4.8%	$6.7B+4.6%	$6.4B+12.7%	$5.7B+5.3%	$5.4B+15.6%	$4.6B-10.1%	$5.2B-5.8%	$5.5B+9.6%	$5.0B+14.1%	$4.4B-11.5%	$5.0B-24.2%	$6.5B+58.4%	$4.1B-30.4%	$5.9B+13.8%	$5.2B
Operating Income	N/A	$11.2B-14.7%	$13.1B+0.8%	$13.0B+64.0%	$7.9B+14.9%	$6.9B+51.1%	$4.6B-45.1%	$8.3B0.0%	$8.3B+85.9%	$4.5B+283.8%	$1.2B-69.3%	$3.8B+14.2%	$3.3B-66.4%	$9.9B+15.1%	$8.6B+19.9%	$7.2B
EBITDA	N/A	$13.4B-11.9%	$15.2B+0.8%	$15.1B+49.3%	$10.1B+9.7%	$9.2B+32.1%	$7.0B-35.7%	$10.9B-1.7%	$11.1B+50.7%	$7.3B+74.9%	$4.2B-38.6%	$6.8B+5.5%	$6.5B-50.0%	$13.0B+13.8%	$11.4B+17.6%	$9.7B
Income Tax	N/A	$2.8B+5.3%	$2.6B-5.5%	$2.8B+34.5%	$2.1B+18.7%	$1.7B+73.2%	$1.0B-42.4%	$1.7B+2.8%	$1.7B-49.1%	$3.3B+1639.1%	$192.0M-79.0%	$916.0M+32.4%	$692.0M-75.2%	$2.8B+10.6%	$2.5B+47.0%	$1.7B
Net Income	N/A	$8.9B-17.7%	$10.8B+4.4%	$10.3B+54.1%	$6.7B+3.3%	$6.5B+116.1%	$3.0B-50.7%	$6.1B-0.9%	$6.1B+710.0%	$759.0M+1386.4%	-$59.0M-102.3%	$2.5B+2.2%	$2.5B-62.4%	$6.6B+14.8%	$5.7B+14.9%	$5.0B
EPS (Basic)	N/A	$18.90-14.7%	$22.17+9.5%	$20.24+59.1%	$12.72+6.6%	$11.93+116.5%	$5.51-49.2%	$10.85+4.4%	$10.39+718.1%	$1.27+1254.5%	-$0.11-102.6%	$4.23+6.5%	$3.97-60.9%	$10.16+16.6%	$8.71+14.0%	$7.64
EPS (Diluted)	$23.24	$18.81-14.7%	$22.05+9.6%	$20.12+59.2%	$12.64+6.8%	$11.83+116.7%	$5.46-49.2%	$10.74+4.7%	$10.26+714.3%	$1.26+1245.5%	-$0.11-102.6%	$4.18+7.2%	$3.90-60.8%	$9.95+17.3%	$8.48+14.6%	$7.40
Diluted Shares (Avg)	N/A	472M-3.5%	489M-4.7%	514M-3.2%	530M-3.3%	549M0.0%	549M-3.3%	568M-5.3%	599M0.0%	599M+2.6%	584M-2.8%	601M-4.4%	629M-4.5%	659M-1.6%	670M+0.5%	666M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'258-K	Q3'258-K	Q2'2510-Q	Q1'2510-Q	Q4'248-K	Q3'248-K
Revenue	$20.5B+24.0%	$17.4B+22.2%	$19.1B+18.0%	$17.6B+9.5%	$16.6B-0.7%	$14.2B-9.8%	$16.2B-5.0%	$16.1B-4.2%
Cost of Revenue	$12.8B+18.3%	$11.3B+41774.1%	N/A	$11.7B+16.0%	$10.8B+6.5%	$27.0M+350.0%	N/A	$10.1B-4.9%
Gross Profit	$7.8B+34.7%	$6.1B-57.0%	N/A	$6.0B-1.2%	$5.8B-11.9%	$14.2B-9.9%	N/A	$6.0B-3.0%
R&D Expenses	$616.0M+11.8%	$537.0M+11.9%	N/A	$555.0M+4.1%	$551.0M+3.0%	$480.0M-7.7%	N/A	$533.0M-3.8%
SG&A Expenses	$2.0B+19.1%	$1.8B+14.0%	N/A	$1.8B+9.2%	$1.7B+2.5%	$1.6B+1.0%	N/A	$1.7B+2.8%
Operating Income	$4.3B+50.2%	$3.1B+19.6%	N/A	$3.1B-3.0%	$2.9B-17.9%	$2.6B-26.7%	N/A	$3.1B-8.8%
EBITDA	$4.9B+43.8%	$3.7B+18.0%	N/A	$3.6B-1.8%	$3.4B-14.9%	$3.1B-22.9%	N/A	$3.7B-7.1%
Income Tax	$1.1B+63.3%	$670.0M+16.7%	N/A	$836.0M+30.2%	$646.0M-22.7%	$574.0M-16.6%	N/A	$642.0M-12.5%
Net Income	$3.6B+64.9%	$2.5B+27.2%	N/A	$2.3B-6.7%	$2.2B-18.7%	$2.0B-29.8%	N/A	$2.5B-11.8%
EPS (Basic)	$7.80+68.1%	$5.50+30.3%	$5.14-11.5%	$4.91-3.5%	$4.64-15.6%	$4.22-27.0%	$5.81+9.4%	$5.09-7.1%
EPS (Diluted)	$7.77+68.2%	$5.47+30.2%	$5.12-11.4%	$4.88-3.6%	$4.62-15.7%	$4.20-27.0%	$5.78+9.7%	$5.06-7.2%
Diluted Shares (Avg)	463M-1.9%	466M-2.4%	N/A	471M-3.3%	472M-3.7%	477M-4.0%	N/A	487M-5.1%

Not reported in any period shown, so not listed: Interest Expense.

CAT Balance Sheet

CAT quarterly balance sheet

Metric	FY258-K	FY248-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$98.6B+12.3%	$87.8B+0.3%	$87.5B+6.8%	$81.9B-1.0%	$82.8B+5.7%	$78.3B-0.2%	$78.5B-0.1%	$78.5B+2.0%	$77.0B+3.0%	$74.7B-4.6%	$78.3B-7.3%	$84.5B-0.3%	$84.8B-4.7%	$89.0B+9.5%	$81.2B
Current Assets	$52.5B+14.9%	$45.7B-2.7%	$46.9B+7.2%	$43.8B+0.8%	$43.5B+10.1%	$39.5B+0.7%	$39.2B+1.5%	$38.6B+6.5%	$36.2B+13.4%	$32.0B-4.6%	$33.5B-11.5%	$37.9B-1.2%	$38.3B-9.0%	$42.1B+11.2%	$37.9B
Cash & Equivalents	$10.0B+44.9%	$6.9B-1.3%	$7.0B-0.4%	$7.0B-24.3%	$9.3B-1.0%	$9.4B+12.8%	$8.3B+5.1%	$7.9B-5.2%	$8.3B+15.6%	$7.2B+10.6%	$6.5B-11.3%	$7.3B+20.7%	$6.1B+10.8%	$5.5B+79.6%	$3.1B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$18.1B+7.8%	$16.8B+1.6%	$16.6B+1.8%	$16.3B+15.9%	$14.0B+23.1%	$11.4B+1.2%	$11.3B-2.3%	$11.5B+15.1%	$10.0B+16.3%	$8.6B-11.2%	$9.7B-20.5%	$12.2B-3.3%	$12.6B-18.8%	$15.5B+6.9%	$14.5B
Accounts Receivable	$10.9B+17.6%	$9.3B-0.3%	$9.3B+5.1%	$8.9B+4.5%	$8.5B+15.9%	$7.3B-14.6%	$8.6B-2.7%	$8.8B+18.4%	$7.4B+24.3%	$6.0B-10.7%	$6.7B-13.5%	$7.7B-8.0%	$8.4B-13.3%	$9.7B-3.5%	$10.1B
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.3B+1.5%	$5.2B-1.3%	$5.3B+0.4%	$5.3B-16.4%	$6.3B-1.1%	$6.4B+3.2%	$6.2B-0.3%	$6.2B+0.3%	$6.2B+3.0%	$6.0B-9.0%	$6.6B-1.2%	$6.7B-3.8%	$7.0B+0.2%	$6.9B-1.9%	$7.1B
Total Liabilities	$77.3B+13.2%	$68.3B+0.4%	$68.0B+2.9%	$66.1B-0.3%	$66.3B+5.3%	$62.9B-1.4%	$63.8B-0.9%	$64.4B+2.0%	$63.2B+2.8%	$61.5B-3.1%	$63.5B-6.2%	$67.7B+5.7%	$64.0B-10.3%	$71.4B+5.3%	$67.8B
Current Liabilities	$36.6B+13.3%	$32.3B-7.1%	$34.7B+10.1%	$31.5B+5.6%	$29.8B+16.1%	$25.7B-3.4%	$26.6B-5.7%	$28.2B+4.8%	$26.9B+3.1%	$26.1B-0.4%	$26.2B-5.6%	$27.8B+1.9%	$27.3B-7.2%	$29.4B+3.7%	$28.4B
Non-Current Liabilities	$40.7B+13.1%	$36.0B+8.3%	$33.2B-3.7%	$34.5B-5.2%	$36.4B-2.1%	$37.2B+0.1%	$37.2B+2.7%	$36.2B-0.1%	$36.3B+2.6%	$35.4B-5.0%	$37.2B-6.6%	$39.9B+8.5%	$36.7B-12.5%	$42.0B+6.4%	$39.5B
Long-Term Debt	$30.7B+12.2%	$27.4B+11.8%	$24.5B-4.8%	$25.7B-1.2%	$26.0B+0.1%	$26.0B-1.1%	$26.3B+5.1%	$25.0B+4.8%	$23.8B+4.5%	$22.8B-9.3%	$25.2B-9.1%	$27.7B+3.7%	$26.7B-3.7%	$27.8B+11.3%	$24.9B
Total Equity	$21.3B+9.4%	$19.5B0.0%	$19.5B+22.7%	$15.9B-3.8%	$16.5B+7.4%	$15.4B+5.1%	$14.6B+3.9%	$14.1B+2.3%	$13.8B+4.1%	$13.2B-11.1%	$14.9B-11.5%	$16.8B-19.4%	$20.9B+18.7%	$17.6B+36.0%	$12.9B
Retained Earnings	$65.4B+10.3%	$59.4B+15.8%	$51.3B+17.8%	$43.5B+10.8%	$39.3B+11.7%	$35.2B+2.1%	$34.4B+13.2%	$30.4B+15.7%	$26.3B-3.9%	$27.4B-6.4%	$29.2B+2.6%	$28.5B-10.5%	$31.9B+7.8%	$29.6B+17.2%	$25.2B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'258-K	Q3'258-K	Q2'2510-Q	Q1'2510-Q	Q4'248-K	Q3'248-K
Total Assets	$102.6B+13.6%	$95.5B+12.4%	$98.6B+12.3%	$93.7B+8.6%	$90.3B+8.4%	$85.0B+1.5%	$87.8B+0.3%	$86.3B-0.6%
Current Assets	$54.5B+16.5%	$48.6B+12.9%	$52.5B+14.9%	$49.8B+10.8%	$46.8B+8.5%	$43.0B-1.5%	$45.7B-2.7%	$44.9B-6.4%
Cash & Equivalents	$6.7B+23.4%	$4.1B+14.3%	$10.0B+44.9%	$7.5B+33.7%	$5.4B+25.4%	$3.6B-28.2%	$6.9B-1.3%	$5.6B-13.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$20.6B+10.9%	$19.6B+9.9%	$18.1B+7.8%	$19.0B+9.5%	$18.6B+8.9%	$17.9B+5.4%	$16.8B+1.6%	$17.3B-1.5%
Accounts Receivable	$13.2B+35.9%	$11.4B+25.6%	$10.9B+17.6%	$10.1B+11.7%	$9.7B+3.0%	$9.1B-1.9%	$9.3B-0.3%	$9.1B-0.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.9B+9.9%	$5.9B+11.3%	$5.3B+1.5%	$5.3B+0.2%	$5.3B+1.3%	$5.3B-0.1%	$5.2B-1.3%	$5.3B+0.9%
Total Liabilities	$83.2B+16.1%	$76.9B+14.9%	$77.3B+13.2%	$73.1B+9.3%	$71.7B+8.3%	$66.9B+1.2%	$68.3B+0.4%	$66.9B+0.9%
Current Liabilities	$39.8B+13.9%	$35.9B+10.1%	$36.6B+13.3%	$36.0B+11.7%	$34.9B+4.1%	$32.6B+0.7%	$32.3B-7.1%	$32.2B-2.7%
Non-Current Liabilities	$43.4B+18.2%	$41.0B+19.5%	$40.7B+13.1%	$37.1B+7.0%	$36.7B+12.5%	$34.3B+1.7%	$36.0B+8.3%	$34.7B+4.5%
Long-Term Debt	N/A	N/A	$30.7B+12.2%	N/A	N/A	N/A	$27.4B+11.8%	N/A
Total Equity	$19.4B+3.9%	$18.7B+3.3%	$21.3B+9.4%	$20.7B+6.5%	$18.7B+8.9%	$18.1B+2.4%	$19.5B0.0%	$19.4B-5.4%
Retained Earnings	$70.1B+12.8%	$68.0B+10.8%	$65.4B+10.3%	$64.5B+11.3%	$62.2B+12.1%	$61.4B+13.4%	$59.4B+15.8%	$57.9B+16.1%

CAT Cash Flow Statement

CAT quarterly cash flow statement

Metric	TTM	FY258-K	FY248-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$13.6B	$11.7B-2.5%	$12.0B-6.6%	$12.9B+65.9%	$7.8B+7.9%	$7.2B+13.8%	$6.3B-8.5%	$6.9B+5.4%	$6.6B+14.9%	$5.7B+1.2%	$5.6B-15.8%	$6.7B-16.9%	$8.1B-20.9%	$10.2B+96.6%	$5.2B-25.5%	$7.0B
Depreciation & Amortization	N/A	$2.3B+5.1%	$2.2B+0.4%	$2.1B-3.4%	$2.2B-5.7%	$2.4B-3.3%	$2.4B-5.6%	$2.6B-6.8%	$2.8B-3.9%	$2.9B-5.2%	$3.0B-0.4%	$3.0B-3.7%	$3.2B+2.5%	$3.1B+9.7%	$2.8B+11.3%	$2.5B
Stock-Based Compensation	N/A	$242.0M+8.5%	$223.0M+7.2%	$208.0M+7.8%	$193.0M-3.5%	$200.0M-1.0%	$202.0M-1.5%	$205.0M+4.1%	$197.0M-4.4%	$206.0M-5.5%	$218.0M-23.0%	$283.0M+11.4%	$254.0M+10.0%	$231.0M-5.7%	$245.0M+26.9%	$193.0M
Capital Expenditures	$2.9B	$2.8B+41.9%	$2.0B+24.5%	$1.6B+23.2%	$1.3B+18.6%	$1.1B+11.8%	$978.0M-7.4%	$1.1B-17.2%	$1.3B+42.1%	$898.0M-19.0%	$1.1B-20.1%	$1.4B-9.8%	$1.5B-39.0%	$2.5B-24.7%	$3.4B+33.2%	$2.5B
Free Cash Flow	$10.7B	$8.9B-11.2%	$10.0B-11.0%	$11.3B+74.5%	$6.5B+6.0%	$6.1B+14.1%	$5.3B-8.7%	$5.9B+10.9%	$5.3B+9.9%	$4.8B+6.1%	$4.5B-14.7%	$5.3B-18.5%	$6.5B-15.0%	$7.7B+318.2%	$1.8B-58.7%	$4.4B
Investing Cash Flow	-$6.6B	-$4.7B-91.9%	-$2.5B+58.2%	-$5.9B-131.1%	-$2.5B+17.6%	-$3.1B-107.7%	-$1.5B+23.0%	-$1.9B+40.0%	-$3.2B-232.5%	-$966.0M	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$5.6B	-$3.9B+59.2%	-$9.6B-38.0%	-$6.9B+4.8%	-$7.3B-73.9%	-$4.2B-11.5%	-$3.8B+17.3%	-$4.5B-24.3%	-$3.6B+0.2%	-$3.7B	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$2.8B	$2.7B+3.9%	$2.6B+3.2%	$2.6B+5.0%	$2.4B+4.6%	$2.3B+4.0%	$2.2B+5.2%	$2.1B+9.3%	$2.0B+6.6%	$1.8B+1.8%	$1.8B+2.4%	$1.8B+8.5%	$1.6B+45.8%	$1.1B-31.3%	$1.6B+39.5%	$1.2B
Share Buybacks	$7.2B	$5.2B-32.6%	$7.7B+54.7%	$5.0B+17.6%	$4.2B+58.5%	$2.7B+136.1%	$1.1B-72.1%	$4.0B+6.6%	$3.8B	$0	$0-100.0%	$2.0B-52.2%	$4.2B+111.9%	$2.0B	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'258-K	Q3'258-K	Q2'2510-Q	Q1'2510-Q	Q4'248-K	Q3'248-K
Operating Cash Flow	$4.4B+40.0%	$1.9B+45.1%	$3.6B+5.8%	$3.7B+4.7%	$3.1B+3.3%	$1.3B-37.2%	$3.4B-15.2%	$3.6B-12.1%
Depreciation & Amortization	$616.0M+11.2%	$595.0M+10.2%	$598.0M+7.7%	$570.0M+5.0%	$554.0M+4.3%	$540.0M+3.1%	$555.0M+1.8%	$543.0M+3.4%
Stock-Based Compensation	$92.0M+7.0%	$54.0M+20.0%	N/A	$71.0M+36.5%	$86.0M+14.7%	$45.0M+2.3%	N/A	$52.0M-13.3%
Capital Expenditures	$587.0M+5.8%	$728.0M+2.5%	$898.0M+27.7%	$658.0M+48.2%	$555.0M+62.8%	$710.0M+42.0%	$703.0M+31.2%	$444.0M+17.5%
Free Cash Flow	$3.8B+47.4%	$1.1B+97.2%	$2.7B+0.1%	$3.1B-1.5%	$2.6B-4.2%	$579.0M-62.7%	$2.7B-22.4%	$3.1B-15.1%
Investing Cash Flow	-$1.7B-24.9%	-$1.8B-914.3%	-$1.9B-14.0%	-$1.3B-26.9%	-$1.3B-84.5%	-$175.0M-118.3%	-$1.6B-197.7%	-$1.0B+69.7%
Financing Cash Flow	-$83.0M-155.0%	-$6.0B-32.3%	$751.0M+276.3%	-$305.0M+74.8%	$151.0M+105.2%	-$4.5B+10.1%	-$426.0M+86.0%	-$1.2B+13.6%
Dividends Paid	$696.0M+5.1%	$703.0M+4.3%	$706.0M+3.8%	$707.0M+3.5%	$662.0M+4.3%	$674.0M+4.0%	$680.0M+2.7%	$683.0M+3.0%
Share Buybacks	$1.5B+80.4%	$5.0B+37.4%	$340.0M-46.9%	$362.0M-53.7%	$828.0M-54.5%	$3.7B-17.8%	$640.0M-76.9%	$782.0M+105.8%

CAT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CAT quarterly financial ratios

Metric	FY258-K	FY248-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	99.9%0.0pp	100.0%+0.2pp	99.8%+0.5pp	99.3%+69.0pp	30.3%0.0pp	30.3%-1.6pp	31.9%-0.5pp	32.4%+1.2pp	31.2%+4.0pp	27.2%-1.4pp	28.6%+2.4pp	26.2%-4.7pp	30.9%+2.4pp	28.6%+1.0pp	27.5%
Operating Margin	16.5%-3.7pp	20.2%+0.8pp	19.3%+6.0pp	13.3%-0.2pp	13.5%+2.6pp	10.9%-4.5pp	15.4%+0.3pp	15.2%+5.3pp	9.8%+6.8pp	3.0%-5.0pp	8.1%+2.0pp	6.0%-11.7pp	17.7%+4.7pp	13.0%+1.1pp	11.9%
Net Margin	13.1%-3.5pp	16.7%+1.2pp	15.4%+4.1pp	11.3%-1.4pp	12.7%+5.5pp	7.2%-4.1pp	11.3%+0.1pp	11.2%+9.6pp	1.7%+1.8pp	-0.1%-5.5pp	5.4%+0.9pp	4.5%-7.3pp	11.8%+3.1pp	8.7%+0.4pp	8.3%
Return on Equity	41.7%-13.7pp	55.4%+2.4pp	53.0%+10.8pp	42.2%+2.9pp	39.3%+19.8pp	19.5%-22.1pp	41.7%-2.0pp	43.7%+38.1pp	5.5%+6.0pp	-0.4%-17.4pp	17.0%+2.3pp	14.7%-16.8pp	31.5%-1.1pp	32.5%-6.0pp	38.5%
Return on Assets	9.0%-3.3pp	12.3%+0.5pp	11.8%+3.6pp	8.2%+0.3pp	7.8%+4.0pp	3.8%-3.9pp	7.8%-0.1pp	7.8%+6.8pp	1.0%+1.1pp	-0.1%-3.3pp	3.2%+0.3pp	2.9%-4.8pp	7.8%+1.3pp	6.4%+0.3pp	6.1%
Current Ratio	1.440.0x	1.42+0.1x	1.350.0x	1.39-0.1x	1.46-0.1x	1.53+0.1x	1.47+0.1x	1.370.0x	1.35+0.1x	1.22-0.1x	1.28-0.1x	1.360.0x	1.400.0x	1.43+0.1x	1.34
Debt-to-Equity	1.440.0x	1.40+0.1x	1.25-0.4x	1.620.0x	1.58-0.1x	1.69-0.1x	1.800.0x	1.780.0x	1.730.0x	1.730.0x	1.690.0x	1.65+0.4x	1.28-0.3x	1.58-0.4x	1.93
Asset Turnover	0.69-0.1x	0.740.0x	0.770.0x	0.73+0.1x	0.62+0.1x	0.53-0.2x	0.690.0x	0.70+0.1x	0.59+0.1x	0.52-0.1x	0.60-0.1x	0.650.0x	0.66-0.1x	0.740.0x	0.74
FCF Margin	13.2%-2.3pp	15.5%-1.3pp	16.8%+5.9pp	10.9%-1.1pp	12.0%-0.8pp	12.8%+1.9pp	10.9%+1.2pp	9.7%-0.9pp	10.6%-1.2pp	11.8%+0.4pp	11.3%-0.5pp	11.8%-2.0pp	13.8%+11.0pp	2.8%-4.6pp	7.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'258-K	Q3'258-K	Q2'2510-Q	Q1'2510-Q	Q4'248-K	Q3'248-K
Gross Margin	37.8%+3.0pp	35.1%-64.7pp	N/A	33.8%-3.7pp	34.8%-4.4pp	99.8%-0.2pp	N/A	37.5%+0.5pp
Operating Margin	20.9%+3.7pp	17.7%-0.4pp	N/A	17.3%-2.2pp	17.3%-3.6pp	18.1%-4.2pp	N/A	19.5%-1.0pp
Net Margin	17.5%+4.3pp	14.6%+0.6pp	N/A	13.0%-2.3pp	13.2%-2.9pp	14.1%-4.0pp	N/A	15.3%-1.3pp
Return on Equity	18.5%+6.8pp	13.7%+2.6pp	N/A	11.1%-1.6pp	11.7%-4.0pp	11.1%-5.1pp	N/A	12.7%-0.9pp
Return on Assets	3.5%+1.1pp	2.7%+0.3pp	N/A	2.5%-0.4pp	2.4%-0.8pp	2.4%-1.0pp	N/A	2.9%-0.4pp
Current Ratio	1.370.0x	1.350.0x	1.440.0x	1.380.0x	1.34+0.1x	1.320.0x	1.42+0.1x	1.40-0.1x
Debt-to-Equity	4.29+0.5x	4.12+0.4x	1.440.0x	3.54+0.1x	3.840.0x	3.700.0x	1.40+0.1x	3.45+0.2x
Asset Turnover	0.200.0x	0.180.0x	0.190.0x	0.190.0x	0.180.0x	0.170.0x	0.180.0x	0.190.0x
FCF Margin	18.4%+2.9pp	6.6%+2.5pp	14.1%-2.5pp	17.5%-1.9pp	15.5%-0.6pp	4.1%-5.8pp	16.6%-3.7pp	19.4%-2.5pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Caterpillar Inc. CAT	FY2025	$67.6B	$8.9B	13.1%	$376.3B	59/100
Deere & Company DE	FY2025	$45.7B	$5.0B	11.0%	$182.2B	32/100
Paccar Inc PCAR	FY2025	$28.4B	$2.4B	8.3%	$64.6B	20/100
CNH INDUSTRIAL N.V. CNH	FY2025	$18.1B	$510.0M	2.8%	$21.8B	3/100
Terex Corporation TEX	FY2025	$5.4B	$221.0M	4.1%	$7.0B	54/100
Alamo Group, Inc. ALG	FY2025	$1.6B	$103.8M	6.5%	$2.1B	71/100

Where Caterpillar Inc. Ranks

Frequently Asked Questions

What is Caterpillar Inc.'s annual revenue?

Caterpillar Inc. (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 Inc.'s revenue growing?

Caterpillar Inc. (CAT) revenue grew by 4.3% year-over-year, from $64.8B to $67.6B in fiscal year 2025.

Is Caterpillar Inc. profitable?

Yes, Caterpillar Inc. (CAT) reported a net income of $8.9B in fiscal year 2025, with a net profit margin of 13.1%.

What is Caterpillar Inc.'s EBITDA?

Caterpillar Inc. (CAT) had EBITDA of $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Caterpillar Inc. have?

As of fiscal year 2025, Caterpillar Inc. (CAT) had $10.0B in cash and equivalents against $30.7B in long-term debt.

What is Caterpillar Inc.'s gross margin?

Caterpillar Inc. (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 Inc.'s operating margin?

Caterpillar Inc. (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 Inc.'s net profit margin?

Caterpillar Inc. (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 Inc. pay dividends?

Yes, Caterpillar Inc. (CAT) paid $5.94 per share in dividends during fiscal year 2025.

What is Caterpillar Inc.'s return on equity (ROE)?

Caterpillar Inc. (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 Inc.'s free cash flow?

Caterpillar Inc. (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 Inc.'s operating cash flow?

Caterpillar Inc. (CAT) generated $11.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Caterpillar Inc.'s total assets?

Caterpillar Inc. (CAT) had $98.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Caterpillar Inc.'s capital expenditures?

Caterpillar Inc. (CAT) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Caterpillar Inc. spend on research and development?

Caterpillar Inc. (CAT) invested $2.1B in research and development during fiscal year 2025.

Does Caterpillar Inc. buy back shares?

Yes, Caterpillar Inc. (CAT) spent $5.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Caterpillar Inc. have outstanding?

Caterpillar Inc. (CAT) had 465M shares outstanding as of fiscal year 2025.

What is Caterpillar Inc.'s current ratio?

Caterpillar Inc. (CAT) had a current ratio of 1.44 as of fiscal year 2025, which is considered adequate.

What is Caterpillar Inc.'s debt-to-equity ratio?

Caterpillar Inc. (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 Inc.'s return on assets (ROA)?

Caterpillar Inc. (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 Inc.'s P/E ratio?

Caterpillar Inc. (CAT) trades at 42.4x earnings, its market capitalization divided by net income of $8.9B net income, FY2025. The market capitalization is $376.3B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Caterpillar Inc.'s price-to-sales ratio?

Caterpillar Inc. (CAT) trades at 5.0x sales, its market capitalization divided by revenue of $74.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $376.3B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Caterpillar Inc.'s Altman Z-Score?

Caterpillar Inc. (CAT) has an Altman Z-Score of 5.10, 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 Inc.'s Piotroski F-Score?

Caterpillar Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Caterpillar Inc.'s earnings high quality?

Caterpillar Inc. (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.

How financially healthy is Caterpillar Inc.?

Caterpillar Inc. (CAT) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.