CATERPILLAR INC CAT

Industrials SIC 3531 - Construction Machinery & Equip NAICS Manufacturing › Machinery Manufacturing › Agriculture, Construction, and Mining Machinery Manufacturing › Construction Machinery Manufacturing derived NYSE

Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. As used herein, the term "Caterpillar," "we," "us," "our" or "the company" refers to Caterpillar Inc. and its subsidiaries unless designated or identified otherwise.

With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team.

Last close 687.00 2026-10-23
Market cap $315.80B 2026-06-30 share count
52-week range 521.43 - 1,073.46

Valuation FY2025 figures against the last close

P/S4.7x
P/E36.5x
P/FCF35.4x
EV/EBITDA25.5x
Dividend yield0.9%
Diluted EPS18.81

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Outside United States
  • Inside United States
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 Outside United States, FY2025: 34.7B (51.4%) 51% Outside United States Inside United States, FY2025: 32.9B (48.6%) 49% Inside United States FY2024 Outside United States, FY2024: 34.2B (52.7%) 53% Inside United States, FY2024: 30.6B (47.3%) 47% FY2023 Outside United States, FY2023: 36B (53.7%) 54% Inside United States, FY2023: 31.1B (46.3%) 46%
Region FY2025FY2024FY2023
Outside United States $34.71B $34.19B $36.01B
Inside United States $32.88B $30.62B $31.05B

As the company reported it, from the “Segment information - Information about geographic areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $67.59B$64.81B$67.06B$59.43B$50.97B$41.75B$53.80B$54.72B$45.46B$38.54B
Cost of revenue $44.75B$40.20B$42.77B$41.35B$35.51B$29.08B$36.63B$37.00B$31.26B$28.04B
Gross profit $22.84B$24.61B$24.29B$18.08B$15.46B$12.67B$17.17B$17.73B$14.20B$10.49B
R&D $2.15B$2.11B$2.11B$1.81B$1.69B$1.42B$1.69B$1.85B$1.84B$1.85B
SG&A $6.99B$6.67B$6.37B$5.65B$5.37B$4.64B$5.16B$5.48B$5.00B$4.38B
Total operating expenses $56.44B$51.74B$54.09B$51.52B$44.09B$37.20B$45.51B$46.43B$41.00B$37.38B
Operating income $11.15B$13.07B$12.97B$7.90B$6.88B$4.55B$8.29B$8.29B$4.46B$1.16B
Pre-tax income $11.54B$13.37B$13.05B$8.75B$8.20B$4.00B$7.81B$7.82B$4.08B$139.0M
Income tax $2.77B$2.63B$2.78B$2.07B$1.74B$1.01B$1.75B$1.70B$3.34B$192.0M
Net income $8.88B$10.79B$10.34B$6.71B$6.49B$3.00B$6.09B$6.15B$759.0M-$59.0M
EPS, basic 18.9022.1720.2412.7211.935.5110.8510.391.27-0.11
EPS, diluted 18.8122.0520.1212.6411.835.4610.7410.261.26-0.11
Shares, diluted (wtd. avg.) 472.3M489.4M513.6M530.4M548.5M548.6M567.5M599.4M599.3M584.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $9.98B$6.89B$6.99B$7.01B$9.26B$9.37B$8.29B$7.89B$8.32B$7.20B
Receivables $10.92B$9.28B$9.31B$8.86B$8.48B$7.32B$8.57B$8.80B$6.40B$5.98B
Inventory $18.14B$16.83B$16.57B$16.27B$14.04B$11.40B$11.27B$11.53B$10.02B$8.61B
Total current assets $52.48B$45.68B$46.95B$43.78B$43.45B$39.46B$39.19B$38.60B$36.24B$31.97B
Property, plant and equipment $15.14B$13.36B$12.68B$12.03B$12.09B$12.40B$12.90B$13.57B$14.15B$15.32B
Goodwill $5.32B$5.24B$5.31B$5.29B$6.32B$6.39B$6.20B$6.22B$6.20B$6.02B
Other intangibles $241.0M$399.0M$564.0M$758.0M$1.04B$1.31B$1.56B$1.90B$2.11B$2.35B
Total assets $98.58B$87.76B$87.48B$81.94B$82.79B$78.32B$78.45B$78.51B$76.96B$74.70B
Accounts payable $8.97B$7.67B$7.91B$8.69B$8.15B$6.13B$5.96B$7.05B$6.49B$4.61B
Short-term debt $5.51B$4.39B$4.64B$5.96B$5.40B$2.02B$5.17B$5.72B$4.84B$7.30B
Total current liabilities $36.56B$32.27B$34.73B$31.53B$29.85B$25.72B$26.62B$28.22B$26.93B$26.13B
Long-term debt $30.70B$27.35B$24.47B$25.71B$26.03B$26.00B$26.28B$25.00B$23.85B$22.82B
Total liabilities $77.27B$68.27B$67.97B$66.05B$66.28B$62.95B$63.82B$64.43B$63.20B$61.49B
Retained earnings $65.45B$59.35B$51.25B$43.51B$39.28B$35.17B$34.44B$30.43B$26.30B$27.38B
Total equity $21.32B$19.49B$19.50B$15.89B$16.52B$15.38B$14.63B$14.08B$13.77B$13.23B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $11.74B$12.04B$12.88B$7.77B$7.20B$6.33B$6.91B$6.56B$5.71B$5.64B
Depreciation and amortisation $2.26B$2.15B$2.14B$2.22B$2.35B$2.43B$2.58B$2.77B$2.88B$3.03B
Capital expenditure $2.82B$1.99B$1.60B$1.30B$1.09B$978.0M$1.06B$1.28B$898.0M$1.11B
Investing cash flow -$4.71B-$2.45B-$5.87B-$2.54B-$3.08B-$1.49B-$1.93B-$3.21B-$966.0M-$1.78B
Financing cash flow -$3.90B-$9.56B-$6.93B-$7.28B-$4.19B-$3.75B-$4.54B-$3.65B-$3.66B-$3.14B
Dividends paid $2.75B$2.65B$2.56B$2.44B$2.33B$2.24B$2.13B$1.95B$1.83B$1.80B
Buybacks $5.19B$7.70B$4.97B$4.23B$2.67B$1.13B$4.05B$3.80B$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000358.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B 0 20B 40B 60B 80B Revenue, FY2016: 38.5B Gross profit, FY2016: 10.5B Net income, FY2016: -59M Revenue, FY2017: 45.5B Gross profit, FY2017: 14.2B Net income, FY2017: 759M Revenue, FY2018: 54.7B Gross profit, FY2018: 17.7B Net income, FY2018: 6.1B Revenue, FY2019: 53.8B Gross profit, FY2019: 17.2B Net income, FY2019: 6.1B Revenue, FY2020: 41.7B Gross profit, FY2020: 12.7B Net income, FY2020: 3B Revenue, FY2021: 51B Gross profit, FY2021: 15.5B Net income, FY2021: 6.5B Revenue, FY2022: 59.4B Gross profit, FY2022: 18.1B Net income, FY2022: 6.7B Revenue, FY2023: 67.1B Gross profit, FY2023: 24.3B Net income, FY2023: 10.3B Revenue, FY2024: 64.8B Gross profit, FY2024: 24.6B Net income, FY2024: 10.8B Revenue, FY2025: 67.6B Gross profit, FY2025: 22.8B Net income, FY2025: 8.9B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $38.54B $45.46B $54.72B $53.80B $41.75B $50.97B $59.43B $67.06B $64.81B $67.59B
Gross profit $10.49B $14.20B $17.73B $17.17B $12.67B $15.46B $18.08B $24.29B $24.61B $22.84B
Net income -$59.0M $759.0M $6.15B $6.09B $3.00B $6.49B $6.71B $10.34B $10.79B $8.88B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 3531

TickerCompanyMarket capP/ERevenue growth
CNH CNH Industrial N.V. $14.22B 28.0x -10.0%
PLOW DOUGLAS DYNAMICS, INC $918.5M 20.3x 15.4%
ASTE ASTEC INDUSTRIES INC $885.3M 22.9x 8.1%
AEBI Aebi Schmidt Holding AG $857.5M 65.0x 40.6%
MTW MANITOWOC CO INC $802.0M 111.2x 2.9%
CMCO COLUMBUS MCKINNON CORP $390.2M — 23.9%
GENC GENCOR INDUSTRIES INC $254.8M 16.2x 2.0%