CATERPILLAR INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CATERPILLAR INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	38,537	45,462	54,722	53,800	41,748	50,971	59,427	67,060	64,809	67,589
Cost of revenue	28,044	31,260	36,997	36,630	29,082	35,513	41,350	42,767	40,199	44,752
Gross profit	10,493	14,202	17,725	17,170	12,666	15,458	18,077	24,293	24,610	22,837
Research and development	1,853	1,842	1,850	1,693	1,415	1,686	1,814	2,108	2,107	2,148
Selling, general and administrative	4,383	4,999	5,478	5,162	4,642	5,365	5,651	6,371	6,667	6,985
Operating expenses	37,375	41,002	46,429	45,510
Operating income	1,162	4,460	8,293	8,290	4,553	6,878	7,904	12,966	13,072	11,151
Other non-operating income	-518	153	-67	-57	-44	1,814	1,291	595	813	892
Pre-tax income	139	4,082	7,822	7,812	3,995	8,204	8,752	13,050	13,373	11,541
Income tax	192	3,339	1,698	1,746	1,006	1,742	2,067	2,781	2,629	2,768
Net income to minority interests	8	5	1	1	5	4	-1	-3	-4	-2
Net income	-67	754	6,147	6,093	2,998	6,489	6,705	10,335	10,792	8,884
EBITDA	4,196	7,337	11,059	10,867	6,985	9,230	10,123	15,110	15,225	13,413
EPS, basic	-0.11	1.27	10.39	10.85	5.51	11.93	12.72	20.24	22.17	18.90
EPS, diluted	-0.11	1.26	10.26	10.74	5.46	11.83	12.64	20.12	22.05	18.81
Shares, basic (weighted)	584	592	591	562	544	544	527	511	487	470
Shares, diluted (weighted)	584	599	599	568	549	549	530	514	489	472
Dividend per share	3.08	3.11	3.36	3.95	4.12	4.36	4.71	5.10	5.53	5.94

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,199	8,320	7,890	8,292	9,352	9,254	7,004	6,978	6,889	9,980
Receivables	5,981	7,436	8,802	8,568	7,317	8,477	8,856	9,310	9,282	10,920
Inventory	8,614	10,018	11,529	11,266	11,402	14,038	16,270	16,565	16,827	18,135
Other current assets	1,682	1,772	1,765	1,739	1,930	2,788	2,642	4,586	3,119	2,801
Total current assets	31,967	36,244	38,603	39,193	39,464	43,455	43,785	46,949	45,682	52,485
Property, plant and equipment	15,322	14,155	13,574	12,904	12,401	12,090	12,028	12,680	13,361	15,140
Lease right-of-use assets					603	625	564	556	592	708
Goodwill	6,020	6,200	6,217	6,196	6,394	6,324	5,288	5,308	5,241	5,321
Intangible assets	2,349	2,111	1,897	1,565	1,308	1,042	758	564	399	241
Other non-current assets	1,671	2,027	2,332	3,340	3,827	4,131	4,593	5,257	5,302	6,102
Total assets	74,704	76,962	78,509	78,453	78,324	82,793	81,943	87,476	87,764	98,585
Accounts payable	4,614	6,487	7,051	5,957	6,128	8,154	8,689	7,906	7,675	8,968
Accrued liabilities	3,003	3,220	3,573	3,750	3,642	3,757	4,080	4,958	5,243	5,587
Deferred revenue				1,187	1,108	1,087	1,860	1,929	2,322	3,314
Short-term debt	7,303	4,837	5,723	5,166	2,015	5,404	5,957	4,643	4,393	5,514
Total current liabilities	26,132	26,931	28,218	26,621	25,717	29,847	31,531	34,728	32,272	36,558
Long-term debt	22,818	23,847	25,000	26,281	25,999	26,033	25,714	24,472	27,351	30,696
Lease liabilities					457	484	428	427	459	570
Other non-current liabilities	3,184	4,053	3,756	4,323	4,358	4,805	4,604	4,675	4,890	6,175
Total liabilities	61,491	63,196	64,429	63,824	62,946	66,277	66,052	67,973	68,270	77,267
Total debt	22,818	23,847	25,000	26,281	25,999	26,033	25,714	24,472	27,351	30,696
Paid-in capital	5,277	5,593	5,827	5,935	6,230	6,398	6,560	6,403	6,941	7,181
Retained earnings	27,377	26,301	30,427	34,437	35,167	39,282	43,514	51,250	59,352	65,448
Treasury stock	-17,478	-17,005	-20,531	-24,217	-25,178	-27,643	-31,748	-36,339	-44,331	-49,539
Other comprehensive income	-2,039	-1,192	-1,684	-1,567	-888	-1,553	-2,457	-1,820	-2,471	-1,772
Minority interests	76	69	41	41	47	32	22	9	3	0
Total equity	13,228	13,766	14,080	14,629	15,378	16,516	15,891	19,503	19,494	21,318
Total liabilities and equity	74,704	76,962	78,509	78,453	78,324	82,793	81,943	87,476	87,764	98,585
Shares outstanding	587	598	576	550	545	536	516	499	478	465

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-59	759	6,148	6,094	3,003	6,493	6,704	10,332	10,788	8,882
Depreciation and amortization	3,034	2,877	2,766	2,577	2,432	2,352	2,219	2,144	2,153	2,262
Stock-based compensation	218	206	197	205	202	200	193	208	223	242
Deferred income tax	-431	1,213	220	28	-74	-383	-377	-592	-621	465
Change in receivables	829	-1,151	-1,619	171	1,442	-1,259	-220	-437	-160	-2,138
Change in inventory	1,109	-1,295	-1,579	274	-34	-2,586	-2,589	-364	-414	-1,477
Change in payables	-200	1,478	709	-1,025	98	2,041	798	-754	-282	1,179
Cash from operations	5,639	5,706	6,558	6,912	6,327	7,198	7,766	12,885	12,035	11,739
Capital expenditures	-1,109	-898	-1,276	-1,056	-978	-1,093	-1,296	-1,597	-1,988	-2,821
Acquisitions	-191	-59	-392	-47	-111	-490	-88	-75	-34	-47
Purchases of investments	-391	-1,048	-506	-552	-638	-1,766	-3,077	-4,405	-1,495	-1,930
Sales and maturities of investments	694	930	247	260	290	454	767	940	1,223	2,166
Cash from investing	-1,780	-966	-3,212	-1,928	-1,485	-3,084	-2,541	-5,871	-2,453	-4,707
Share buybacks	0	0	-3,798	-4,047	-1,130	-2,668	-4,230	-4,975	-7,697	-5,190
Dividends paid	-1,799	-1,831	-1,951	-2,132	-2,243	-2,332	-2,440	-2,563	-2,646	-2,749
Cash from financing	-3,143	-3,657	-3,650	-4,538	-3,755	-4,188	-7,281	-6,932	-9,565	-3,899
Exchange rate effect			-126	-44	-13	-29	-194	-110	-106	-43
Net change in cash	688	1,121	-430	402	1,074	-103	-2,250	-28	-89	3,090
Free cash flow	4,530	4,808	5,282	5,856	5,349	6,105	6,470	11,288	10,047	8,918
Interest paid	1,075	1,131	1,088	1,057	1,089	920	959	1,435	1,738	1,842
Income taxes paid	522	1,404	1,429	1,847	1,311	1,759	3,076	2,949	3,126	2,206

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $821.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.3%	Gross profit / revenue.
Operating margin	17.5%	Operating income / revenue.
EBITDA margin	20.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.6%	Pre-tax income / revenue.
Net margin	14.5%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Effective tax rate	23.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.6%	Net income / average total assets.
R&D / revenue	3.0%	Research and development expense / revenue.
SG&A / revenue	10.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-14.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-17.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	24.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	28.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-11.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	81.1%	Total liabilities / total assets.
Working capital	$14.66B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	4.78x	Revenue / average property, plant and equipment.
Inventory turnover	2.38x	Cost of revenue / average inventory.
Days inventory	153 days	365 x average inventory / cost of revenue.
Receivables turnover	5.67x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	77 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	141 days	Days inventory + days sales outstanding - days payables.
FCF conversion	98.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$23.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$161.58	Revenue / diluted weighted shares.
FCF per share	$23.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$29.34	Cash from operations / diluted weighted shares.
Cash per share	$14.60	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	67.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$377.66B	Share price x shares outstanding.
Enterprise value	$370.95B	Market cap + total debt - cash - short-term investments.
P/E	34.8x	Market cap / net income. Only when net income is positive.
P/S	5.05x	Market cap / revenue.
P/FCF	35.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.8x	Market cap / cash from operations, when positive.
EV/Sales	4.96x	Enterprise value / revenue.
EV/EBIT	28.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	34.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.
PEG	2.46x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CATERPILLAR INC's revenue in fiscal 2025?

CATERPILLAR INC reported revenue of $67.59B for fiscal 2025, 4.3% higher than the year before.

Was CATERPILLAR INC profitable in fiscal 2025?

Yes. Net income was $8.88B, a net margin of 13.1%.

How much free cash flow did CATERPILLAR INC generate in fiscal 2025?

Cash from operations of $11.74B minus capital expenditures of $2.82B left free cash flow of $8.92B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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