Saturday 17 October 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. In the quarter to June 2026, revenue grew 24.0%, EPS grew 68.1%, free cash flow grew 47.1% and total debt rose 10.8%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.

729.49 9.60 −1.30%

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Market cap: $338.2B
P/E: 31.2×
Fwd P/E: 37.6×
Dividend yield: 1.07%
F-score: 5/9
Altman Z: 4.32
Beneish M: −2.43
Dividend safety: 86/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.39

Total sells 244.42

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	1	—	—	—	—	—
Sell	4	2	—	12	1	—	9	—	—	1	—	—

Insider Ownership 0.39%

Capital & Financial Ratios $m

Market Cap 338,160.00

Revenue 74,729.00

Net Income 10,841.00

Free Cash Flow 9,773.00

Net Debt 38,433.00

Current Ratio 1.37

Debt/Equity 2.33

P/E ratio 31.23

Fwd P/E 37.60

P/S ratio 4.49

P/B ratio 17.32

Past 5Y EPS Growth 28.07%

This Y EPS Growth 43.18%

Next Y EPS Growth 19.44%

Next Y revenue growth 17.77%

Next 5Y EPS Growth 27.25%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 71.84%

10-year low 10-year high

P/S against its own 10 years 93.22%

10-year low 10-year high

P/B against its own 10 years 94.91%

10-year low 10-year high

EV/Sales against its own 10 years 93.33%

10-year low 10-year high

EV/FCF against its own 10 years 92.63%

10-year low 10-year high

Dividends

Payout Ratio 0.34

Annual Dividend Rate 7.79

Annual Dividend Yield 1.07%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.28	1.51 1.51 1.63 1.63
2025	5.84	1.41 1.41 1.51 1.51
2024	5.42	1.30 1.30 1.41 1.41
2023	6.30	1.20 1.20 1.30 1.30 1.30
2022	4.62	1.11 1.11 1.20 1.20
2021	4.28	1.03 1.03 1.11 1.11
2020	4.12	1.03 1.03 1.03 1.03
2019	3.78	0.86 0.86 1.03 1.03
2018	3.28	0.78 0.78 0.86 0.86
2017	3.10	0.77 0.77 0.78 0.78
2016	3.08	0.77 0.77 0.77 0.77

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	6,978	6,889	9,980	6,713
Receivables	18,820	18,847	21,569	24,032
Inventory	16,565	16,827	18,135	20,627
Other	—	—	—	—
	46,949	45,682	52,485	54,450

	2023	2024	2025	Q'26
Payables	7,906	7,675	8,968	10,313
ST’ Debt	13,406	11,058	12,634	13,107
Other	5,052	5,231	6,112	7,648
	34,728	32,272	36,558	39,790

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	17,415	20,543	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	5.47	7.77	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	56.36	90.34	112.06	111.75	87.50	179.34	160.60	204.04	276.94	267.30	Analyst estimates 2026–2028 Powerpack
	High	97.40	158.65	173.24	148.93	183.81	246.69	245.05	299.20	418.50	627.50
People
People	Employees	95,400	98,400	104,000	102,300	97,300	107,700	109,100	113,200	112,900	118,000
	Revenue/emp, $m	0.40	0.46	0.53	0.53	0.43	0.47	0.54	0.59	0.57	0.57
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
	Gross margin, %	27.23	31.24	32.39	31.91	30.34	30.33	30.42	36.23	37.97	33.79
	EBT	139	4,082	7,822	7,812	3,995	8,204	8,752	13,050	13,373	11,541
	EBT margin, %	0.36	8.98	14.29	14.52	9.57	16.10	14.73	19.46	20.63	17.08
	Net income	(59)	759	6,148	6,094	3,003	6,493	6,704	10,332	10,788	8,882
	Depreciation	3,034	2,877	2,766	2,577	2,432	2,352	3,144	2,144	2,153	2,262
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
	Earnings	(0.11)	1.27	10.39	10.85	5.51	11.93	12.72	20.24	22.17	18.90
	Cash flow	9.65	9.64	11.09	12.31	11.63	13.23	14.74	25.24	24.73	24.98
	Capex	(3.47)	(1.98)	(3.35)	(2.70)	(2.47)	(2.22)	(3.36)	(4.53)	(5.12)	(7.61)
	Free cash flow	6.18	7.66	7.74	9.61	9.16	11.01	11.38	20.71	19.61	17.36
	Book value	22.61	23.26	23.81	26.05	28.26	30.36	30.16	38.20	40.05	45.36
	Shares, m	584	592	591	562	544	544	527	511	487	470
Valuation, ×
Valuation, ×	P/E	0.00	120.80	12.27	13.64	33.09	17.31	18.77	14.45	16.36	30.28
	P/S	1.43	2.04	1.37	1.54	2.37	2.21	2.12	2.23	2.72	3.98
	P/B	4.16	6.75	5.34	5.67	6.44	6.81	7.92	7.66	9.06	12.63
	EV/Sales	2.19	2.63	1.90	2.09	3.04	2.77	2.62	2.69	3.21	4.48
	EV/FCF	23.42	26.37	22.68	20.81	25.45	23.54	25.99	17.06	21.81	37.08
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
	Capex	(2,029)	(1,172)	(1,980)	(1,516)	(1,343)	(1,207)	(1,769)	(2,311)	(2,493)	(3,578)
	Free cash flow	3,610	4,534	4,578	5,396	4,984	5,991	5,997	10,574	9,542	8,161
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
	Total debt	36,783	34,878	36,553	37,657	37,163	37,789	36,993	37,878	38,409	43,330
	Net debt	29,615	26,617	28,696	29,373	27,811	28,535	29,989	30,900	31,520	33,350
	Shareholders’ equity	13,213	13,766	14,080	14,629	15,378	16,516	15,891	19,503	19,494	21,318
Returns, %
Returns, %	ROA	(0.09)	0.99	7.91	7.76	3.82	8.06	8.14	12.20	12.32	9.53
	ROIC	1.70	6.90	12.12	11.78	6.59	9.54	10.77	16.08	16.02	12.75
	ROE	(0.48)	5.59	44.15	42.45	19.98	40.69	41.38	58.40	55.35	43.54

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$338.2B	31.2×	37.6×	+23.98% (above 0%: growing)	+68.10% (above 0%: growing)	+47.08% (above 0%: growing)	37.78%	22.67%
DE Deere & Company	$175.4B	35.6×	32.2×	+4.91% (above 0%: growing)	+7.35% (above 0%: growing)	−20.06% (below 0%: shrinking)	37.03%	20.56%	Compare
PCAR PACCAR Inc.	$58.3B	23.3×	20.5×	+0.48% (above 0%: growing)	+3.62% (above 0%: growing)	−16.22% (below 0%: shrinking)	20.64%	14.56%	Compare
CNH CNH Industrial N.V.	$14.8B	46.6×	27.5×	+1.95% (above 0%: growing)	−35.29% (below 0%: shrinking)	−124.62% (below 0%: shrinking)	29.29%	13.66%	Compare
OSK Oshkosh Corporation	$8.0B	14.5×	12.2×	+6.70% (above 0%: growing)	−7.57% (below 0%: shrinking)	+814.92% (above 0%: growing)	16.48%	8.34%	Compare
AGCO AGCO Corporation	$7.4B	14.3×	20.4×	−0.96% (below 0%: shrinking)	−74.41% (below 0%: shrinking)	−66.49% (below 0%: shrinking)	24.75%	5.39%	Compare
FSS Federal Signal Corporation	$6.9B	24.0×	21.5×	+18.70% (above 0%: growing)	+19.49% (above 0%: growing)	+92.75% (above 0%: growing)	30.41%	17.64%	Compare
TEX Terex Corporation	$6.0B	25.6×	17.6×	+50.50% (above 0%: growing)	−11.82% (below 0%: shrinking)	+21.79% (above 0%: growing)	19.84%	8.36%	Compare
ALG Alamo Group, Inc.	$1.9B	18.0×	14.3×	+7.55% (above 0%: growing)	−0.77% (below 0%: shrinking)	+147.74% (above 0%: growing)	24.59%	10.15%	Compare
Median of peers	$7.7B	23.6×	20.5×	+5.81%	−4.17%	+2.79%	24.67%	11.91%

All 27 Farm & Heavy Construction Machinery stocks →

Caterpillar Inc. (CAT) key facts

Strength: Caterpillar Inc.’s revenue for fiscal 2025 (year ended December 2025) was $67.6 billion, up 4.29% from fiscal 2024.
Caterpillar Inc. (CAT) is a Farm & Heavy Construction Machinery company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, CAT traded at $729.49, a market capitalization of $338.2 billion.
Caterpillar Inc. pays an annual dividend of $7.79 per share, a yield of 1.07%, with a payout ratio of 33.5%.
Return on equity was 43.5% and debt-to-equity 2.33.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.32 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

Caterpillar reported $67.6 billion of revenue and $8.9 billion of net income in FY2025. In Q2 FY2026, revenue was $20.5 billion, net income was $3.6 billion and diluted EPS was $7.77. Trailing-twelve-month revenue to Q2 FY2026 was $74.7 billion, while trailing-twelve-month free cash flow was $9.8 billion.

FY2025 margins and earnings were below FY2024 levels, although revenue increased. Q2 FY2026 showed higher revenue, EPS, free cash flow and margins than both Q1 FY2026 and Q2 FY2025. Net debt was $38.4 billion in Q2 FY2026, and the P/E was 34.5× as of September 24, 2026, above the company’s five-year median.

Read the full analysis →