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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
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Caterpillar Inc. (CAT) Debt to equity

Alert me on Debt to equity

Caterpillar Inc.'s debt to equity at the end of the quarter to 30 September 2026 was 2.1×, up 0.1× from fiscal 2025 (2.0×). Over the past ten years it has ranged from 1.9× (fiscal 2023) to 2.8× (fiscal 2016); the current reading is higher than 27% of that period. That is above the Farm & Heavy Construction Machinery industry median of 0.7× and above the Industrials sector median of 0.3×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 2.0× 3.16%
FY2024 2.0× 1.45%
FY2023 1.9× (16.57%)
FY2022 2.3× 1.74%
FY2021 2.3× (5.32%)
FY2020 2.4× (6.12%)
FY2019 2.6× (0.85%)
FY2018 2.6× 2.47%
FY2017 2.5× (8.99%)
FY2016 2.8× 9.01%

Quarterly newest first

Period Debt to equity Change
Sep 2026 2.1× (9.61%)
Jun 2026 2.3× 0.86%
Mar 2026 2.3× 13.54%
Dec 2025 2.0× 1.10%
43 more quarters

Against its own ten years

Low 1.9× High 2.8×
Ten-year median 2.4×
Current reading's percentile 27

Debt to equity against peers

Company Debt to equity
OSK Oshkosh Corporation compare 0.1×
BLBD Blue Bird Corporation compare 0.2×
FSS Federal Signal Corporation compare 0.3×
TEX Terex Corporation compare 0.5×
AGCO AGCO Corporation compare 0.7×
PCAR PACCAR Inc. compare 0.7×
CAT Caterpillar Inc. 2.1×
DE Deere & Company compare 2.3×
CNH CNH Industrial N.V. compare 3.3×
Farm & Heavy Construction Machinery industry median 0.7×
Industrials sector median 0.3×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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