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Stocks · Industrials · Construction Machinery & Equip

Caterpillar Inc.

CAT Clue Score60
United States Fiscal year ends December CIK 0000018230
$800.47 +0.54% Close, 9 Oct 2026
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Price $800.47 +314.99% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue38.54Operating income1.16Net income−0.06EPS, diluted−0.11Fiscal year 2017Revenue45.46 +18.0%Operating income4.46Net income0.76EPS, diluted1.26Fiscal year 2018Revenue54.72 +20.4%Operating income8.29Net income6.15 +710.0%EPS, diluted10.26 +714.3%Fiscal year 2019Revenue53.80 −1.7%Operating income8.29Net income6.09 −0.9%EPS, diluted10.74 +4.7%Fiscal year 2020Revenue41.75 −22.4%Operating income4.55Net income3.00 −50.7%EPS, diluted5.46 −49.2%Fiscal year 2021Revenue50.97 +22.1%Operating income6.88EPS, diluted11.83 +116.7%Fiscal year 2022Revenue59.43 +16.6%Operating income7.90EPS, diluted12.64 +6.8%Fiscal year 2023Revenue67.06 +12.8%Operating income12.97EPS, diluted20.12 +59.2%Fiscal year 2024Revenue64.81 −3.4%Operating income13.07EPS, diluted22.05 +9.6%Fiscal year 2025Revenue67.59 +4.3%Operating income11.15EPS, diluted18.81 −14.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 38.54 45.46 54.72 53.80 41.75 50.97 59.43 67.06 64.81 67.59
Growth +18.0% +20.4% −1.7% −22.4% +22.1% +16.6% +12.8% −3.4% +4.3%
Operating income 1.16 4.46 8.29 8.29 4.55 6.88 7.90 12.97 13.07 11.15
Net income −0.06 0.76 6.15 6.09 3.00 n/a n/a n/a n/a n/a
Growth +710.0% −0.9% −50.7%
EPS, diluted −0.11 1.26 10.26 10.74 5.46 11.83 12.64 20.12 22.05 18.81
Growth +714.3% +4.7% −49.2% +116.7% +6.8% +59.2% +9.6% −14.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin3.0%Net margin−0.2%Free cash flow margin11.8%Fiscal year 2017Operating margin9.8%Net margin1.7%Free cash flow margin10.6%Fiscal year 2018Operating margin15.2%Net margin11.2%Free cash flow margin9.7%Fiscal year 2019Operating margin15.4%Net margin11.3%Free cash flow margin10.9%Fiscal year 2020Operating margin10.9%Net margin7.2%Free cash flow margin12.8%Fiscal year 2021Operating margin13.5%Free cash flow margin12.0%Fiscal year 2022Operating margin13.3%Free cash flow margin10.9%Fiscal year 2023Operating margin19.3%Free cash flow margin16.8%Fiscal year 2024Operating margin20.2%Free cash flow margin15.5%Fiscal year 2025Operating margin16.5%Free cash flow margin13.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 3.0% 9.8% 15.2% 15.4% 10.9% 13.5% 13.3% 19.3% 20.2% 16.5%
Net margin −0.2% 1.7% 11.2% 11.3% 7.2% n/a n/a n/a n/a n/a
Free cash flow margin 11.8% 10.6% 9.7% 10.9% 12.8% 12.0% 10.9% 16.8% 15.5% 13.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.64Capital expenditure−1.11Free cash flow4.53Buybacks0.00Dividends paid−1.80Fiscal year 2017Operating cash flow5.71Capital expenditure−0.90Free cash flow4.81 +6.1%Buybacks0.00Dividends paid−1.83Fiscal year 2018Operating cash flow6.56Capital expenditure−1.28Free cash flow5.28 +9.9%Buybacks−3.80Dividends paid−1.95Fiscal year 2019Operating cash flow6.91Capital expenditure−1.06Free cash flow5.86 +10.9%Buybacks−4.05Dividends paid−2.13Fiscal year 2020Operating cash flow6.33Capital expenditure−0.98Free cash flow5.35 −8.7%Buybacks−1.13Dividends paid−2.24Fiscal year 2021Operating cash flow7.20Capital expenditure−1.09Free cash flow6.11 +14.1%Buybacks−2.67Dividends paid−2.33Fiscal year 2022Operating cash flow7.77Capital expenditure−1.30Free cash flow6.47 +6.0%Buybacks−4.23Dividends paid−2.44Fiscal year 2023Operating cash flow12.89Capital expenditure−1.60Free cash flow11.29 +74.5%Buybacks−4.98Dividends paid−2.56Fiscal year 2024Operating cash flow12.04Capital expenditure−1.99Free cash flow10.05 −11.0%Buybacks−7.70Dividends paid−2.65Fiscal year 2025Operating cash flow11.74Capital expenditure−2.82Free cash flow8.92 −11.2%Buybacks−5.19Dividends paid−2.75
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.64 5.71 6.56 6.91 6.33 7.20 7.77 12.89 12.04 11.74
Capital expenditure −1.11 −0.90 −1.28 −1.06 −0.98 −1.09 −1.30 −1.60 −1.99 −2.82
Free cash flow 4.53 4.81 5.28 5.86 5.35 6.11 6.47 11.29 10.05 8.92
Growth +6.1% +9.9% +10.9% −8.7% +14.1% +6.0% +74.5% −11.0% −11.2%
Buybacks 0.00 0.00 −3.80 −4.05 −1.13 −2.67 −4.23 −4.98 −7.70 −5.19
Dividends paid −1.80 −1.83 −1.95 −2.13 −2.24 −2.33 −2.44 −2.56 −2.65 −2.75

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash7.20Total debt22.82Net cash (debt)−15.62Shareholders’ equity13.23Debt to equity1.72Fiscal year 2017Cash8.32Total debt23.85Net cash (debt)−15.53Shareholders’ equity13.77Debt to equity1.73Fiscal year 2018Cash7.89Total debt25.00Net cash (debt)−17.11Shareholders’ equity14.08Debt to equity1.78Fiscal year 2019Cash8.29Total debt26.28Net cash (debt)−17.99Shareholders’ equity14.63Debt to equity1.80Fiscal year 2020Cash9.35Total debt26.00Net cash (debt)−16.65Shareholders’ equity15.38Debt to equity1.69Fiscal year 2021Cash9.25Total debt26.03Net cash (debt)−16.78Shareholders’ equity16.52Debt to equity1.58Fiscal year 2022Cash7.00Total debt25.71Net cash (debt)−18.71Shareholders’ equity15.89Debt to equity1.62Fiscal year 2023Cash6.98Total debt24.47Net cash (debt)−17.49Shareholders’ equity19.50Debt to equity1.25Fiscal year 2024Cash6.89Total debt27.35Net cash (debt)−20.46Shareholders’ equity19.49Debt to equity1.40Fiscal year 2025Cash9.98Total debt30.70Net cash (debt)−20.72Shareholders’ equity21.32Debt to equity1.44
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 7.20 8.32 7.89 8.29 9.35 9.25 7.00 6.98 6.89 9.98
Total debt 22.82 23.85 25.00 26.28 26.00 26.03 25.71 24.47 27.35 30.70
Net cash (debt) −15.62 −15.53 −17.11 −17.99 −16.65 −16.78 −18.71 −17.49 −20.46 −20.72
Shareholders’ equity 13.23 13.77 14.08 14.63 15.38 16.52 15.89 19.50 19.49 21.32
Debt to equity 1.72 1.73 1.78 1.80 1.69 1.58 1.62 1.25 1.40 1.44

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
5.64 5.71 6.56 6.91 6.33 7.20 7.77 12.89 12.04 11.74
Growth +1.2% +14.9% +5.4% −8.5% +13.8% +7.9% +65.9% −6.6% −2.5%
3.03 2.88 2.77 2.58 2.43 2.35 2.22 2.14 2.15 2.26
Investment
−1.11 −0.90 −1.28 −1.06 −0.98 −1.09 −1.30 −1.60 −1.99 −2.82
calc 4.53 4.81 5.28 5.86 5.35 6.11 6.47 11.29 10.05 8.92
Growth +6.1% +9.9% +10.9% −8.7% +14.1% +6.0% +74.5% −11.0% −11.2%
calc 7.75 8.02 8.81 10.32 9.75 11.13 12.20 21.98 20.53 18.88
n/a −0.97 −3.21 −1.93 −1.49 −3.08 −2.54 −5.87 −2.45 −4.71
Financing
n/a −3.66 −3.65 −4.54 −3.76 −4.19 −7.28 −6.93 −9.57 −3.90
−1.80 −1.83 −1.95 −2.13 −2.24 −2.33 −2.44 −2.56 −2.65 −2.75
0.00 0.00 −3.80 −4.05 −1.13 −2.67 −4.23 −4.98 −7.70 −5.19

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.