Is Caterpillar financially healthy?

On 30 September 2026 Caterpillar held 7.93B USD in cash and short-term investments against total debt of 45.20B USD. Its current ratio is 1.42: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 9.62B USD of free cash flow.

Is Caterpillar growing?

Caterpillar's revenue grew 10.1% a year over its last five fiscal years, from 41.75B USD in fiscal year 2020 to 67.59B USD in fiscal year 2025. Over the last twelve months it was up 20.3% on the twelve months before.

Where can I find Caterpillar's annual report (10-K)?

Caterpillar files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Caterpillar
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CAT

Arincen ScoreBeta80/100

80/100B

604.59

USD

19.11

(3.27%)

Pre Open·600.21USD-4.38(-0.72%)

Last updated: 11 Nov, 12:19 GMT-5 · Delayed 15 min

Fair value453.41Plus+33%317Price 604.591,351

Q4 FY2026 · Earnings report

EPS estimate 6.53Revenue estimate 20.76B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 6.53Revenue estimate 20.76B

Fair value453.41Plus+33%317Price 604.591,351

Q4 FY2026 · Earnings report

EPS estimate 6.53Revenue estimate 20.76B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 6.53Revenue estimate 20.76B

Overview Financials Signals News Forecast Earnings Dividends Company

Caterpillar financials

Yes. Caterpillar earned 11.83B USD of net income over the last twelve months, 15.2% of its revenue. It made a profit in 38 of its 41 fiscal years since 1985. Its last loss was in fiscal year 2016.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 77.77B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 11.83B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 9.62B USD
Cash and short-term investments: 7.93B USD
Total debt: 45.20B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 21.48B USD

Cash, debt and equity as of 30 Sept 2026.

Caterpillar earnings

Next earnings · Q4 FY2026

4 Feb 2027

EPS estimate

6.53 USD

Revenue estimate

20.76B USD

Last quarter · Q3 FY2026

EPS7.20Beat +2.0%Revenue20.68BMissed -0.4%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	8.54	—	—	+18.56%	23.26B	—	—	+12.49%
Q2 FY2027	—	8.37	—	—	+2.49%	23.04B	—	—	+12.17%
Q1 FY2027	—	6.29	—	—	+13.60%	19.25B	—	—	+10.53%
Q4 FY2026	4 Feb 2027	6.53	—	—	+26.55%	20.76B	—	—	+8.48%
Q3 FY2026	29 Oct 2026	7.06	7.20	+1.98%	+45.45%	20.76B	20.68B	-0.36%	+17.26%
Q2 FY2026	4 Aug 2026	6.22	8.17	+31.35%	+73.09%	19.34B	20.54B	+6.25%	+23.98%
Q1 FY2026	30 Apr 2026	4.65	5.54	+19.14%	+30.35%	16.53B	17.42B	+5.38%	+22.22%
Q4 FY2025	29 Jan 2026	4.71	5.16	+9.55%	+0.39%	17.85B	19.13B	+7.18%	+18.00%
Q3 FY2025	29 Oct 2025	4.53	4.95	+9.27%	-4.26%	16.77B	17.64B	+5.16%	+9.51%
Q2 FY2025	5 Aug 2025	4.89	4.72	-3.48%	-21.20%	16.30B	16.57B	+1.64%	-0.72%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	38.77	—	—	+20.14%	97.80B	—	—	+10.36%
FY2027	32.27	—	—	+18.38%	88.62B	—	—	+11.56%
FY2026	27.26	—	—	+42.86%	79.43B	—	—	+17.52%
FY2025	18.67	19.08	+2.21%	-12.88%	66.37B	67.59B	+1.84%	+4.29%
FY2024	21.78	21.90	+0.57%	+3.25%	65.31B	64.81B	-0.77%	-3.36%
FY2023	20.68	21.21	+2.58%	+52.92%	67.13B	67.06B	-0.10%	+12.84%
FY2022	13.95	13.87	-0.56%	+28.19%	57.91B	59.43B	+2.62%	+16.59%

Caterpillar growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 77.77B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 11.83B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 34.33%
Operating margin: 18.33%
Net margin: 15.21%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	67.59B	+4.29%	8.87B	-17.78%	32.34%	16.50%	13.13%	14.86B	-7.38%
FY2024	64.81B	-3.36%	10.79B	+4.42%	35.99%	20.17%	16.65%	16.04B	+2.12%
FY2023	67.06B	+12.84%	10.34B	+54.14%	34.69%	19.33%	15.41%	15.71B	+37.59%
FY2022	59.43B	+16.59%	6.71B	+3.33%	29.47%	13.30%	11.28%	11.41B	+3.35%
FY2021	50.97B	+22.09%	6.49B	+116.44%	29.43%	13.49%	12.73%	11.04B	+59.11%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	20.68B	3.29B	35.54%	20.38%	15.89%
Q2 FY2026	20.54B	3.59B	37.78%	20.91%	17.49%
Q1 FY2026	17.42B	2.55B	35.08%	17.71%	14.64%
Q4 FY2025	19.13B	2.40B	28.62%	13.90%	12.55%
Q3 FY2025	17.64B	2.29B	33.82%	17.30%	12.98%

How Caterpillar makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Revenue67.59B 100.0%

Cost of revenue45.73B 67.7%

Gross profit21.86B 32.3%

Research and development2.15B 3.2%

Selling and administration6.99B 10.3%

Other operating expenses1.58B 2.3%

Operating income11.15B 16.5%

Tax2.77B 4.1%

Net income8.87B 13.1%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Caterpillar revenue breakdown

By product

FY2025

39.7%Power & Energy36.3%Construction Industries17.8%Resource Industries6.2%Financial Products

Segment	Revenue	Share of revenue	Change on the year
Power & Energy	27.14B	39.7%	—
Construction Industries	24.80B	36.3%	-2.6%
Resource Industries	12.19B	17.8%	-1.6%
Financial Products	4.22B	6.2%	+4.1%
All Other	46.00M	0.1%	—

By region

FY2025

54.2%North America18.9%EMEA16.6%Asia Pacific10.3%Latin America

Region	Revenue	Share of revenue	Change on the year
North America	36.61B	54.2%	+6.4%
EMEA	12.79B	18.9%	+3.9%
Asia Pacific	11.20B	16.6%	-1.7%
Latin America	6.99B	10.3%	+4.2%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	11.74B	7.45B
FY2024	12.04B	8.82B
FY2023	12.89B	9.79B
FY2022	7.77B	5.17B
FY2021	7.20B	4.73B
FY2020	6.33B	4.21B
FY2019	6.91B	4.24B
FY2018	6.56B	3.64B
FY2017	5.71B	3.37B
FY2016	5.64B	2.71B

Caterpillar financial health

Full balance sheet

Cash and short-term investments: 7.93B USD
Total debt: 45.20B USD
Net cash: -37.27B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 9.62B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.42
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 2.10
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 8 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 4.30

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	9.98B	43.33B	7.45B
FY2024	6.89B	38.41B	8.82B
FY2023	6.98B	37.88B	9.79B
FY2022	7.00B	36.99B	5.17B
FY2021	9.25B	37.79B	4.73B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	98.59B	77.27B	21.32B
FY2024	87.76B	68.27B	19.49B
FY2023	87.48B	67.97B	19.49B
FY2022	81.94B	66.05B	15.87B
FY2021	82.79B	66.28B	16.48B
FY2020	78.32B	62.95B	15.33B
FY2019	78.45B	63.82B	14.59B
FY2018	78.51B	64.43B	14.04B
FY2017	76.96B	63.20B	13.70B
FY2016	74.70B	61.49B	13.14B

Caterpillar valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 23.61
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 22.18
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.56
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 12.88
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 17.14

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

276.66B USD

Total debt

45.20B USD

−

Cash and short-term investments

7.93B USD

Enterprise value

313.93B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	15.60	—	—	—	—
FY2027 (est.)	18.74	15.60	—	—	—
FY2026 (est.)	22.18	18.74	—	—	—
Now (TTM)	23.61	19.14	3.56	12.88	17.14
FY2025	30.31	21.01	3.95	12.54	20.24
FY2024	16.36	19.44	2.72	9.06	12.97
FY2023	14.61	13.59	2.25	7.74	11.58
FY2022	18.82	11.59	2.12	7.95	13.69
FY2021	17.33	14.82	2.21	6.82	12.77

Caterpillar against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: RTX, GE Aerospace, GE Vernova, Union Pacific, Deere &, and Lockheed Martin, the US Industrials companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median23.6
12.452.8
Gross marginAt its median32.3%
29.4%36.0%
Against its peers: 4 of 7Peers' median 28.3%
Operating marginAt its median16.5%
13.3%20.2%
Against its peers: 4 of 7Peers' median 14.7%
Net marginAt its median13.1%
11.3%16.7%
Against its peers: 3 of 7Peers' median 12.0%
Return on equityBelow its median41.6%
39.4%55.4%
Against its peers: 4 of 7Peers' median 41.2%
Free cash flow marginAt its median11.0%
8.7%14.6%
Against its peers: 3 of 7Peers' median 9.5%
Revenue growthBelow its median4.3%
-3.4%22.1%
Against its peers: 5 of 7Peers' median 7.3%
EPS growthLowest in 5 years-14.6%
-14.6%116.7%
Against its peers: 6 of 7Peers' median 22.0%
Debt to EBITDAAt its median2.92×
2.39×3.42×
Against its peers: 6 of 7Peers' median 2.47×
Current ratioAbove its median1.44
1.351.46
Against its peers: 2 of 7Peers' median 1.03

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	23.6	12.452.8	Above its median	—
Gross margin	32.3%	29.4%36.0%	At its median	4 of 7
Operating margin	16.5%	13.3%20.2%	At its median	4 of 7
Net margin	13.1%	11.3%16.7%	At its median	3 of 7
Return on equity	41.6%	39.4%55.4%	Below its median	4 of 7
Free cash flow margin	11.0%	8.7%14.6%	At its median	3 of 7
Revenue growth	4.3%	-3.4%22.1%	Below its median	5 of 7
EPS growth	-14.6%	-14.6%116.7%	Lowest in 5 years	6 of 7
Debt to EBITDA	2.92×	2.39×3.42×	At its median	6 of 7
Current ratio	1.44	1.351.46	Above its median	2 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Caterpillar dividends

Annual dividend: 6.52 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 1.08%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 24.52%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 33
Frequency: Quarterly
Next payment: 1.63 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 26 Oct 2026
Next payment date: 19 Nov 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	5.84	5.42	5.00	4.62	4.28	4.12	3.78	3.28	3.10	3.08

Caterpillar ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 72.55%
Institutional holders: 4,207 (+305)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.77%

Who owns the shares

Institutions 72.5% Others 27.5%

As of 30 Jun 2026

Shares free to trade

Free float 456.53M shares ·99.8% Closely held 1.06M shares ·0.2%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Purchases	Sales	Shares acquired	Shares disposed of
Q4 2026	1	0	1.06K	0.00
Q3 2026	0	14	44.60K	88.81K
Q2 2026	1	21	126.04K	245.64K
Q1 2026	0	26	325.53K	417.23K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	466.50M	469.00M	-4.17%
FY2024	486.70M	489.40M	-4.71%
FY2023	510.60M	513.60M	-3.17%
FY2022	526.90M	530.40M	-3.30%
FY2021	544.00M	548.50M	-0.02%

Common questions about Caterpillar's financials

Source: Financial Modeling PrepVerified against SEC filings

Caterpillar
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CAT

Caterpillar financials

Caterpillar earnings

Revenue

EPS

Caterpillar growth and profitability

Revenue / Net income

How Caterpillar makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Caterpillar revenue breakdown

By product

By region

Operating and free cash flow

Caterpillar financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Caterpillar valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Caterpillar against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Caterpillar dividends

Dividends per share

Caterpillar ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Caterpillar's financials

Is Caterpillar profitable?

Is Caterpillar financially healthy?

Is Caterpillar growing?

Where can I find Caterpillar's annual report (10-K)?

Need help?

Caterpillar DQuotes are delayed by 15 minutes

CAT

Caterpillar financials

Caterpillar earnings

Revenue

EPS

Caterpillar growth and profitability

Revenue / Net income

How Caterpillar makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Caterpillar revenue breakdown

By product

By region

Operating and free cash flow

Caterpillar financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Caterpillar valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Caterpillar against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Caterpillar dividends

Dividends per share

Caterpillar ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Caterpillar's financials

Is Caterpillar profitable?

Is Caterpillar financially healthy?

Is Caterpillar growing?

Where can I find Caterpillar's annual report (10-K)?

Need help?

Caterpillar
D
Quotes are delayed by 15 minutes