CATERPILLAR INC CAT
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 18.90 | 22.17 | 20.24 | 12.72 | 11.93 | 5.51 | 10.85 | 10.39 | 1.27 | -0.11 |
| EPS, diluted | 18.81 | 22.05 | 20.12 | 12.64 | 11.83 | 5.46 | 10.74 | 10.26 | 1.26 | -0.11 |
| Shares, diluted (wtd. avg.) | $472.3M | $489.4M | $513.6M | $530.4M | $548.5M | $548.6M | $567.5M | $599.4M | $599.3M | $584.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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| MTW | MANITOWOC CO INC | $772.1M | 107.0x | 2.9% |
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| GENC | GENCOR INDUSTRIES INC | $270.0M | 17.2x | 2.0% |