Caterpillar
CAT · NYSEConstruction Machinery & Equip · Fiscal year ends Dec 31
Caterpillar reported revenue of $67.6B in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $11.2B, an operating margin of 16.5%, and net income was $8.9B. Operating cash flow of $11.7B less capital expenditure of $2.8B left free cash flow of $8.9B. Net debt was $26.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $51B | $59.4B | $67.1B | $64.8B | $67.6B |
| Cost of revenue | $35.5B | $41.4B | $42.8B | $40.2B | $44.8B |
| Gross profit | $15.5B | $18.1B | $24.3B | $24.6B | $22.8B |
| Research & development | $1.7B | $1.8B | $2.1B | $2.1B | $2.1B |
| Selling, general & admin | $5.4B | $5.7B | $6.4B | $6.7B | $7B |
| Operating income | $6.9B | $7.9B | $13B | $13.1B | $11.2B |
| Pre-tax income | $8.2B | $8.8B | $13.1B | $13.4B | $11.5B |
| Income tax | $1.7B | $2.1B | $2.8B | $2.6B | $2.8B |
| Net income | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B |
| Diluted EPS | 11.83 | 12.64 | 20.12 | 22.05 | 18.81 |
| Diluted shares | 549M | 530M | 514M | 489M | 472M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.3B | $7B | $7B | $6.9B | $10B |
| Receivables | $8.5B | $8.9B | $9.3B | $9.3B | $10.9B |
| Inventory | $14B | $16.3B | $16.6B | $16.8B | $18.1B |
| Current assets | $43.5B | $43.8B | $46.9B | $45.7B | $52.5B |
| Net PP&E | $12.1B | $12B | $12.7B | $13.4B | $15.1B |
| Goodwill | $6.3B | $5.3B | $5.3B | $5.2B | $5.3B |
| Total assets | $82.8B | $81.9B | $87.5B | $87.8B | $98.6B |
| Payables | $8.2B | $8.7B | $7.9B | $7.7B | $9B |
| Deferred revenue | $1.1B | $1.9B | $1.9B | $2.3B | $3.3B |
| Current liabilities | $29.8B | $31.5B | $34.7B | $32.3B | $36.6B |
| Short-term debt | $5.4B | $6B | $4.6B | $4.4B | $5.5B |
| Long-term debt | $26B | $25.7B | $24.5B | $27.4B | $30.7B |
| Total liabilities | $66.3B | $66.1B | $68B | $68.3B | $77.3B |
| Shareholders' equity | $16.5B | $15.9B | $19.5B | $19.5B | $21.3B |
| Backlog (remaining obligations) | $6.4B | $12.2B | $12.5B | $15.2B | $30.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.2B | $7.8B | $12.9B | $12B | $11.7B |
| Capital expenditure | $1.1B | $1.3B | $1.6B | $2B | $2.8B |
| Free cash flow | $6.1B | $6.5B | $11.3B | $10B | $8.9B |
| Depreciation & amortisation | $2.4B | $2.2B | $2.1B | $2.2B | $2.3B |
| Stock-based compensation | $200M | $193M | $208M | $223M | $242M |
| Acquisitions | $490M | $88M | $75M | $34M | $47M |
| Share buybacks | $2.7B | $4.2B | $5B | $7.7B | $5.2B |
| Dividends paid | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B |
| Dividend per share | 4.36 | 4.71 | 5.10 | 5.53 | 5.94 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.6% | 12.8% | −3.4% | 4.3% |
| Operating income growth (YoY) | – | 14.9% | 64.0% | 0.8% | −14.7% |
| EPS growth (YoY) | – | 6.8% | 59.2% | 9.6% | −14.7% |
| Gross margin | 30.3% | 30.4% | 36.2% | 38.0% | 33.8% |
| Operating margin | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% |
| Net margin | 12.7% | 11.3% | 15.4% | 16.6% | 13.1% |
| Return on equityBlank when equity is negative | 39.3% | 42.2% | 53.0% | 55.3% | 41.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.0% | 15.7% | 24.6% | 23.6% | 18.0% |
| Free cash flow margin | 12.0% | 10.9% | 16.8% | 15.5% | 13.2% |
| Cash conversion (CFO ÷ net income) | 1.11x | 1.16x | 1.25x | 1.12x | 1.32x |
| Receivable days | 61 | 54 | 51 | 52 | 59 |
| Inventory days | 144 | 144 | 141 | 153 | 148 |
| Payable days | 84 | 77 | 67 | 70 | 73 |
| Debt ÷ equity | 1.90x | 1.99x | 1.49x | 1.63x | 1.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $22.2B | $24.7B | $22.1B | $24.9B | $26.2B |
| Current ratio | 1.46x | 1.39x | 1.35x | 1.42x | 1.44x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.