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Friday 6 November 2026 Export CAT’s income statement to Excel — free account

Caterpillar Inc.

CAT Industrials Farm & Heavy Construction Machinery

Caterpillar Inc.’s revenue for fiscal 2025 (year ended December 2025) was $67.6 billion, up 4.29% from fiscal 2024.

Revenue
+17.3%
EPS
+45.8%
Free cash flow
+27.4%
Total debt
+8.83%

Quarter to September 2026, against a year earlier

555.00 36.30 −6.14%
Market cap
$254.5B
P/E
21.7×
Fwd P/E
23.2×
Dividend yield
1.13%
F-score
5/9
Altman Z
4.32
Beneish M
−2.43
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Sales of Machinery, Power & Energy
  • Financial Products

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.84
Sold, $m 219.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — 1
Sell 1 — 12 1 — 9 — — 1 — — —
Insider Ownership 0.11%

Capital & Financial Ratios $m

Size
Market Cap 254,490.00
Revenue ttm 77,773.00
Net income ttm 11,828.00
Free cash flow ttm 10,553.00
Net debt Q 37,272.00
Valuation
P/E 21.67
Forward P/E 23.20
Price / sales 3.28
Forward P/S Powerpack
Price / FCF 24.14
Price / book 11.86 (above 6: high)
Financial health
Current ratio Q 1.42
Debt / equity Q 2.10 (above 2: weak)
Interest coverage Q 8.96
Growth
Revenue growth Q +17.26% (above 0%: growing)
Operating income growth Q +38.07% (above 0%: growing)
EPS, this year +43.05% (at or above 15%: strong)
EPS, next year A +18.36% (at or above 15%: strong)
Revenue, next year A +17.67% (at or above 10%: strong)
EPS, past 5 yrs +28.07% (at or above 15%: strong)
EPS, next 5 yrs A +26.76% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 2.6×; over the ten years it ranged from 1.5× in 2016 to 7.1× in 2026.
P/E against its own 10 years 57.89%
10-year low 10-year high
P/S against its own 10 years 89.48%
10-year low 10-year high
P/B against its own 10 years 90.25%
10-year low 10-year high
EV/Sales against its own 10 years 88.93%
10-year low 10-year high
EV/FCF against its own 10 years 73.96%
10-year low 10-year high

Dividends raised 2 years running

Yield
1.13%
Annual rate
6.28
Payout ratio
24.6%
Growth, 2018–26
+8.46%/yr
  1. 3.28 ’18
  2. 3.78 ’19 +15
  3. 4.12 ’20 +9
  4. 4.28 ’21 +4
  5. 4.62 ’22 +8
  6. 6.30 ’23 +36
  7. 5.42 ’24 −14
  8. 5.84 ’25 +8
  9. 6.28 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,978 6,889 9,980 7,929
Receivables 18,820 18,847 21,569 24,491
Inventory 16,565 16,827 18,135 22,214
Other — — — —
46,949 45,682 52,485 57,834
2023 2024 2025 Q'26
Payables 7,906 7,675 8,968 10,573
ST’ Debt 13,406 11,058 12,634 13,035
Other 5,052 5,231 6,112 8,357
34,728 32,272 36,558 40,666

Compound Annual Growth %

10y 5y 3y
Sales 3.70% 10.12% 4.38%
Cash Flow 5.77% 13.16% 14.77%
Earnings 13.46% 24.27% 9.83%
Book Value 3.66% 6.75% 10.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 7.12 Actual 7.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.67 5.16 Beat by 0.49
Q1 FY26 4.55 5.54 Beat by 0.99
Q2 FY26 6.25 8.17 Beat by 1.92
Q3 FY26 7.12 7.20 Beat by 0.08
Q4 FY26 7.37 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 5.47 7.77 7.13 — —
’25 4.20 4.62 4.88 5.12 18.81
’24 5.75 5.48 5.06 5.78 22.05
’23 3.74 5.67 5.45 5.28 20.12
’22 2.86 3.13 3.87 2.79 12.64
’21 2.77 2.56 2.60 3.91 11.83
’20 1.98 0.84 1.22 1.42 5.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 17,415 20,543 20,682 — —
’25 14,249 16,569 17,638 19,133 67,589
’24 15,799 16,689 16,106 16,215 64,809
’23 15,862 17,318 16,810 17,070 67,060
’22 13,589 14,247 14,994 16,597 59,427
’21 11,887 12,889 12,397 13,798 50,971
’20 10,635 9,997 9,881 11,235 41,748
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,870 4,371 4,352 — —
’25 1,289 3,122 3,737 3,591 11,739
’24 2,052 3,021 3,569 3,393 12,035
’23 1,573 3,249 4,060 4,003 12,885
’22 313 2,233 2,481 2,739 7,766
’21 1,928 2,118 1,740 1,412 7,198
’20 1,130 1,391 1,734 2,072 6,327
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,010 3,505 3,625 — —
’25 520 2,383 2,845 2,413 8,161
’24 1,471 2,489 3,045 2,537 9,542
’23 1,007 2,726 3,474 3,367 10,574
’22 (97) 1,837 2,062 2,195 5,997
’21 1,733 1,849 1,394 1,015 5,991
’20 798 1,107 1,409 1,670 4,984
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.1% a year for ten years. It grew 9.5% a year over the last ten.

Implied
10.1%
10 years, reported
9.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 38,537 45,462 54,722 53,800 41,748 50,971 59,427 67,060 64,809 67,589 77,773 +6.4% 79,532 88,360 98,349 +13.3%
Gross margin, % 27.23 31.24 32.39 31.91 30.34 30.33 30.42 36.23 37.97 33.79 34.78 +6.6 pt
EBT 139 4,082 7,822 7,812 3,995 8,204 8,752 13,050 13,373 11,541 15,015 +63.4%
EBT margin, % 0.36 8.98 14.29 14.52 9.57 16.10 14.73 19.46 20.63 17.08 19.31 +16.7 pt
Net income (59) 759 6,148 6,094 3,003 6,493 6,704 10,332 10,788 8,882 11,828 n/m
Per share, $
Per share, $ Revenue 65.95 76.82 92.53 95.80 76.73 93.70 112.79 131.34 133.16 143.81 169.40 +9.0%
Earnings (0.11) 1.27 10.39 10.85 5.51 11.93 12.72 20.24 22.17 18.90 25.61 n/m
Cash flow 9.65 9.64 11.09 12.31 11.63 13.23 14.74 25.24 24.73 24.98 30.90 +11.1%
Capex (3.47) (1.98) (3.35) (2.70) (2.47) (2.22) (3.36) (4.53) (5.12) (7.61) (7.91) +9.1%
Free cash flow 6.18 7.66 7.74 9.61 9.16 11.01 11.38 20.71 19.61 17.36 22.99 +12.2%
Book value 22.61 23.26 23.81 26.05 28.26 30.36 30.16 38.20 40.05 45.36 46.79 +8.0%
Shares, m 584 592 591 562 544 544 527 511 487 470 463 (2.4%)
Valuation, ×
Valuation, × P/E 0.00 120.80 12.27 13.64 33.09 17.31 18.77 14.45 16.36 30.28 21.67 27.7
P/S 1.43 2.04 1.37 1.54 2.37 2.21 2.12 2.23 2.72 3.98 3.28 2.2
P/B 4.16 6.75 5.34 5.67 6.44 6.81 7.92 7.66 9.06 12.63 11.86 7.2
EV/Sales 2.19 2.63 1.90 2.09 3.04 2.77 2.62 2.69 3.21 4.48 3.76 2.8
EV/FCF 23.42 26.37 22.68 20.81 25.45 23.54 25.99 17.06 21.81 37.08 27.68 24.4
Cash, $m
Cash, $m Operating cash flow 5,639 5,706 6,558 6,912 6,327 7,198 7,766 12,885 12,035 11,739 14,184 +8.5%
Capex (2,029) (1,172) (1,980) (1,516) (1,343) (1,207) (1,769) (2,311) (2,493) (3,578) (3,631) +6.5%
Free cash flow 3,610 4,534 4,578 5,396 4,984 5,991 5,997 10,574 9,542 8,161 10,553 +9.5%
Balance, $m
Balance, $m Working capital 5,835 9,313 10,385 12,572 13,747 13,608 12,254 12,221 13,410 15,927 17,168 +11.8%
Net debt 29,615 26,617 28,696 29,373 27,811 28,535 29,989 30,900 31,520 33,350 37,272 +1.3%
Shareholders’ equity 13,213 13,766 14,080 14,629 15,378 16,516 15,891 19,503 19,494 21,318 21,482 +5.5%
Returns, %
Returns, % ROA (0.09) 0.99 7.91 7.76 3.82 8.06 8.14 12.20 12.32 9.53 11.80 +9.6 pt
ROIC 1.70 6.90 12.12 11.78 6.59 9.54 10.77 16.08 16.02 12.75 15.16 +11.1 pt
ROE (0.48) 5.59 44.15 42.45 19.98 40.69 41.38 58.40 55.35 43.54 56.15 +44.0 pt
People
People Employees 95,400 98,400 104,000 102,300 97,300 107,700 109,100 113,200 112,900 118,000 — +2.4%
Revenue/emp, $m 0.40 0.46 0.53 0.53 0.43 0.47 0.54 0.59 0.57 0.57 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Caterpillar makes equipment used to build infrastructure, extract minerals and generate power. Its products include construction machines, mining trucks, diesel and natural gas engines, gas turbines and locomotives. It also supplies replacement parts, maintenance services and technology that helps customers manage and operate equipment.

Construction customers use its machines on building, road and other infrastructure projects. Mining and quarry customers use larger machines to dig, load and haul materials. Power and Energy customers use its engines, generator sets and turbines in applications ranging from oil and gas production to electricity generation, marine transport and industrial operations.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Sales of Machinery, Power & Energy 63,980 94.66%
Financial Products 3,609 5.34%
Gross margin 33.79%
Operating margin 16.50%
Pre-tax margin 17.08%

Revenue by segment since 2009

Caterpillar Inc. vs peers in Farm & Heavy Construction Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CAT Caterpillar Inc. $254.5B 21.7× 23.2× +17.26% (above 0%: growing) +45.77% (above 0%: growing) +27.42% (above 0%: growing) 35.54% 22.23%
DE Deere & Company $178.9B 36.9× 37.3× +4.91% (above 0%: growing) +7.35% (above 0%: growing) −20.06% (below 0%: shrinking) 37.03% 20.56% Compare
PCAR PACCAR Inc. $55.0B 19.9× 17.3× +18.96% (above 0%: growing) +43.75% (above 0%: growing) −47.92% (below 0%: shrinking) 20.48% 14.88% Compare
CNH CNH Industrial N.V. $13.9B 45.1× 27.6× +1.95% (above 0%: growing) −35.29% (below 0%: shrinking) −124.62% (below 0%: shrinking) 29.29% 13.66% Compare
OSK Oshkosh Corporation $8.3B 17.2× 16.6× +5.69% (above 0%: growing) −26.88% (below 0%: shrinking) −35.86% (below 0%: shrinking) 15.49% 6.94% Compare
AGCO AGCO Corporation $7.6B 28.6× 23.3× −8.63% (below 0%: shrinking) −82.43% (below 0%: shrinking) −1,351.85% (below 0%: shrinking) 24.99% 5.13% Compare
FSS Federal Signal Corporation $6.8B 23.0× 21.8× +18.11% (above 0%: growing) +16.51% (above 0%: growing) +47.87% (above 0%: growing) 28.86% 16.99% Compare
TEX Terex Corporation $6.1B 27.3× 27.6× +58.40% (above 0%: growing) +1.64% (above 0%: growing) +61.54% (above 0%: growing) 19.80% 8.33% Compare
BLBD Blue Bird Corporation $1.9B 7.0× 6.4× +29.94% (above 0%: growing) +366.38% (above 0%: growing) −58.60% (below 0%: shrinking) 19.99% 12.12% Compare
Median of peers $8.0B 25.2× 22.6× +11.90% +4.50% −41.89% 22.74% 12.89%

All 27 Farm & Heavy Construction Machinery stocks →

From the latest earnings call

Updated

  • CEO Joseph Creed said orders grew across all three primary segments, while capacity remained the main constraint on growth in Power & Energy.
  • CFO Kyle Epley said Caterpillar expects a seasonal dealer inventory reduction to weigh on fourth-quarter Construction Industries sales volume despite growth in sales to users.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Oppenheimer Nov 6, 2026 Reiterated Outperform 1,009.00
Wells Fargo Nov 2, 2026 Target cut — 800.00
RBC Oct 31, 2026 Target cut Hold 897.00 → 722.00
Truist Oct 31, 2026 Target cut Buy 1,100.00 → 1,027.00
Citi Oct 31, 2026 Target cut Buy 950.00 → 800.00
Morgan Stanley Oct 31, 2026 Target cut Hold 915.00 → 675.00
Bank of America Oct 22, 2026 Target cut — 989.00 → 850.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 71.72%
Held by the ten largest 39.79%
Holder Shares Stake Change
Vanguard 46.89m 10.20% +255.45k
BlackRock 37.99m 8.26% +822.07k
State Street 34.39m 7.48% −488.29k
State Farm 14.51m 3.16% −55.42k
Geode Capital Management 11.18m 2.43% +48.01k
Fisher Investments 9.94m 2.16% +166.57k
Morgan Stanley 7.50m 1.63% +4.76k
JPMorgan Chase 7.33m 1.59% +4.39m
Capital Group 6.83m 1.49% −3.54m
GATES FOUNDATION TRUST 6.35m 1.38% 0.00
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Caterpillar Inc. (CAT) Latest News

6 Nov

Impact 3 · · Investing.com

5 Nov

Impact 3 · · Zacks

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · TheStreet
Impact 3 · · Zacks

2 Nov

Impact 3 · · 24/7 Wall St.

1 Nov

Impact 4 · · The Motley Fool

31 Oct

Impact 3 · · StockStory
Impact 3 · · TIKR
Impact 3 · · TIKR
Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · MarketBeat
Impact 3 · · Trefis
Impact 3 · · 24/7 Wall St.

29 Oct

Impact 4 · · Moby
Impact 4 · · Barchart
Impact 4 · · The Motley Fool transcript
Impact 4 · · MT Newswires
Impact 4 · · TIKR
Impact 4 · · manufacturingdive.com
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks earnings
Impact 4 ·
Impact 4 · · Zacks
Impact 3 · · StockStory
Impact 3 · · The Motley Fool
Impact 3 · · Bloomberg
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Impact 3 · · 24/7 Wall St.
Impact 3 · · InvestorsHub

CAT metrics, ten years each

stockrow.com/CAT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com