FirmAtlas
Company handbook · CAT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CAT · CIK 18230 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
CATERPILLAR INC
$730.76
−4.88 (−0.66%)
Close, Oct 16, 2026 · 52-week $510–1,073
Last fiscal year
CATERPILLAR INC reported revenue of $67.6B for the year ended Dec 31, 2025 (FY25), up 4.3% from FY24. Net income was $8.9B, operating cash flow $11.7B and free cash flow $8.9B. Source: 10-K filed Feb 13, 2026.
Market cap
$340.0B
P/E
31.4
EV/EBITDA
27.3x
P/B
17.5
Div yield
0.84%
ROIC
18.5%
Revenue 1Y
4.3%/yr
EPS 1Y
−14.7%/yr
Shares 1Y
−3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJoseph E. Creed
HQIrving, TX
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
23.6%
29.7%
39.2%
35.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$23.2B deployed
Capex
$4.8B
20.8%
Acquisitions
$81M
0.3%
Dividends
$5.4B
23.3%
Buybacks
$12.9B
55.6%
Operating cash flow over the period: $23.8B. Total debt changed by +$4.5B. R&D of $4.3B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
64,809
67,589+4.3%
74,729
YoY
+4.3%
Gross profit
24,610
22,837−7.2%
25,662
Gross margin
38.0%
33.8%−4.2 pp
—
Operating income
13,072
11,151−14.7%
13,092
Operating margin
20.2%
16.5%−3.7 pp
—
EBITDA
15,225
13,413−11.9%
—
EBITDA margin
23.5%
19.8%−3.6 pp
—
Interest expense
1,738
1,842+6.0%
—
Interest coverage
8.76x
7.28x−1.48x
—
Net income
10,792
8,884−17.7%
10,844
YoY
−17.7%
Net margin
16.7%
13.1%−3.5 pp
—
EPS (diluted, $)
22.05
18.81−14.7%
23.28
YoY
−14.7%
Balance sheet
Total assets
87,764
98,585+12.3%
102,609
Cash & short-term investments
6,896
9,986+44.8%
—
Accounts receivable
9,282
10,920+17.6%
—
Inventory
16,827
18,135+7.8%
—
Net PP&E
13,361
15,140+13.3%
—
Other assets
41,398
44,404+7.3%
—
Total liabilities
68,270
77,267+13.2%
83,215
Accounts payable
7,675
8,968+16.8%
—
Total debt
31,744
36,210+14.1%
—
Other liabilities
28,851
32,089+11.2%
—
Shareholders’ equity
19,494
21,318+9.4%
19,394
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
12,035
11,739−2.5%
13,569
Net income
10,788
8,882−17.7%
—
Depreciation & amortization
2,153
2,262+5.1%
—
Stock-based compensation
223
242+8.5%
—
Working capital & other
(1,129)
353n/m
—
Cash from investing
(2,453)
(4,707)n/m
—
Capex
(1,988)
(2,821)n/m
—
PP&E sold
722
708−1.9%
—
Acquisitions
(34)
(47)n/m
—
Investments bought
(1,495)
(1,930)n/m
—
Investments sold / matured
3,155
2,494−21.0%
—
Other investing
(2,813)
(3,111)n/m
—
Cash from financing
(9,565)
(3,899)n/m
—
Dividends
(2,646)
(2,749)n/m
—
Buybacks
(7,697)
(5,190)n/m
—
Other financing
778
4,040+419.3%
—
Net change in cash
(89)
3,090n/m
—
Free cash flow (OCF − capex)
10,047
8,918−11.2%
10,698
Where the cash went
Operating cash flow
12,035
11,739−2.5%
13,569
Reinvested in the business
2,022
2,868+41.8%
—
% of operating cash flow
16.8%
24.4%
Capex
1,988
2,821+41.9%
2,871
Acquisitions
34
47+38.2%
—
R&D (memo, already in costs)
2,107
2,148+1.9%
—
Free cash flow
10,047
8,918−11.2%
10,698
YoY
−11.2%
Returned to shareholders
10,343
7,939−23.2%
—
% of free cash flow
102.9%
89.0%
Dividends
2,646
2,749+3.9%
—
Buybacks
7,697
5,190−32.6%
—
Change in total debt
—
4,466
—
Cash left over
—
5,398
—
FCF conversion (FCF ÷ net income)
93.1%
100.4%+7.3 pp
—
Owner earnings
—
6,672
—
Owner earnings margin
—
9.9%
—
Buyback yield
4.4%
1.9%−2.5 pp
—
Returns & ratios
ROIC (all capital)
23.7%
18.5%−5.2 pp
—
ROIC (operating)
33.0%
25.3%−7.7 pp
—
Net debt / EBITDA
1.63x
1.96x+0.32x
—
Debt / equity
1.63x
1.70x+0.07x
—
Cash conversion cycle (days)
135
134−2 d
—
ROE
55.4%
41.7%−13.7 pp
—
ROA
12.3%
9.0%−3.3 pp
—
ROCE
23.6%
18.0%−5.6 pp
—
NOPAT
10,502
8,477−19.3%
—
Invested capital (operating)
31,795
35,227+10.8%
—
Invested capital (all)
44,342
47,542+7.2%
—
Reinvestment rate
—
40.5%
—
Debtor days
52
59+7 d
—
Inventory days
153
148−5 d
—
Days payable
70
73+3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
17,638
19,133
17,415
20,543
vs year-ago quarter
Gross profit
5,965
5,826
6,109
7,762
Gross margin
33.8%
30.5%
35.1%
37.8%
Operating income
3,052
2,660
3,085
4,295
Net income
2,300
2,402
2,549
3,593
vs year-ago quarter
Net margin
13.0%
12.6%
14.6%
17.5%
EPS (diluted, $)
4.88
5.16
5.47
7.77
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
93,722
98,585
95,550
102,609
Cash & equivalents
7,544
9,986
4,076
6,720
Total debt
—
36,210
—
—
Shareholders’ equity
20,659
21,318
18,660
19,394
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
3,737
3,591
1,870
4,371
Capex
658
898
728
587
Free cash flow
3,079
2,693
1,142
3,784
vs year-ago quarter