CAT financial statements

The full income statement, balance sheet, and cash-flow statement for Caterpillar Inc. (CAT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 484.9M2024-09 482.8M2024-12 477.9M2025-03 471.0M2025-06 468.5M2025-09 468.0M2025-12 465.3M2026-03 460.6M2026-06 459.7M-5.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	67.6B YoY+4.3%	64.8B YoY-3.4%	67.1B YoY+12.8%	59.4B YoY+16.6%	51.0B YoY+22.1%
Lease income	1.22B YoY+0.3%	1.21B YoY+3.9%	1.17B YoY+7.5%	1.08B YoY-3.8%	1.13B YoY+0.4%
Cost of revenue	44.8B YoY+11.3%	40.2B YoY-6.0%	42.8B YoY+3.4%	41.4B YoY+16.4%	35.5B YoY+22.1%
Research & development	2.15B YoY+1.9%	2.11B YoY-0.0%	2.11B YoY+16.2%	1.81B YoY+7.6%	1.69B YoY+19.2%
Selling, general & administrative	6.99B YoY+4.8%	6.67B YoY+4.6%	6.37B YoY+12.7%	5.65B YoY+5.3%	5.37B YoY+15.6%
Restructuring	448M YoY+24.8%	359M YoY-54.0%	780M YoY+160.9%	299M YoY+232.2%	90.0M YoY-74.6%
Amortization of intangibles	169M YoY-4.0%	176M YoY-19.3%	218M YoY-23.2%	284M YoY-6.0%	302M YoY-2.9%
Operating income	11.2B YoY-14.7%	13.1B YoY+0.8%	13.0B YoY+64.0%	7.90B YoY+14.9%	6.88B YoY+51.1%
Other non-operating income	892M YoY+9.7%	813M YoY+36.6%	595M YoY-53.9%	1.29B YoY-28.8%	1.81B YoY+4222.7%
Equity-method income	109M YoY+147.7%	44.0M YoY-30.2%	63.0M YoY+231.6%	19.0M YoY-38.7%	31.0M YoY+121.4%
Gain (loss) on equity securities	20.0M YoY-20.0%	25.0M YoY+308.3%	-12.0M YoY+75.5%	-49.0M YoY-146.7%	105M YoY+123.4%
Pre-tax income	11.5B YoY-13.7%	13.4B YoY+2.5%	13.1B YoY+49.1%	8.75B YoY+6.7%	8.20B YoY+105.4%
Income tax	2.77B YoY+5.3%	2.63B YoY-5.5%	2.78B YoY+34.5%	2.07B YoY+18.7%	1.74B YoY+73.2%
	8.88B YoY-17.7%	10.8B YoY+4.4%	10.3B YoY+54.1%	6.70B YoY+3.2%	6.49B YoY+116.2%
Net income to non-controlling interest	-2.00M YoY+50.0%	-4.00M YoY-33.3%	-3.00M YoY-200.0%	-1.00M YoY-125.0%	4.00M YoY-20.0%
Net income to common	8.88B YoY-17.7%	10.8B YoY+4.4%	10.3B YoY+54.1%	6.71B YoY+3.3%	6.49B YoY+116.4%
	$18.81 YoY-14.7%	$22.05 YoY+9.6%	$20.12 YoY+59.2%	$12.64 YoY+6.8%	$11.83 YoY+116.7%
EPS (basic)	$18.90 YoY-14.7%	$22.17 YoY+9.5%	$20.24 YoY+59.1%	$12.72 YoY+6.6%	$11.93 YoY+116.5%
	470M YoY-3.4%	487M YoY-4.7%	511M YoY-3.1%	527M YoY-3.1%	544M YoY-0.0%
	472M YoY-3.5%	489M YoY-4.7%	514M YoY-3.2%	530M YoY-3.3%	549M YoY-0.0%
Dividends per share	$5.94 YoY+7.4%	$5.53 YoY+8.4%	$5.10 YoY+8.3%	$4.71 YoY+8.0%	$4.36 YoY+5.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	52.5B YoY+14.9%	45.7B YoY-2.7%	46.9B YoY+7.2%	43.8B YoY+0.8%	43.5B YoY+10.1%
Cash & equivalents	9.98B YoY+44.9%	6.89B YoY-1.3%	6.98B YoY-0.4%	7.00B YoY-24.3%	9.25B YoY-1.0%
Accounts receivable	10.9B YoY+17.6%	9.28B YoY-0.3%	9.31B YoY+5.1%	8.86B YoY+4.5%	8.48B YoY+15.9%
Inventory	18.1B YoY+7.8%	16.8B YoY+1.6%	16.6B YoY+1.8%	16.3B YoY+15.9%	14.0B YoY+23.1%
Prepaid expenses	2.80B YoY-10.2%	3.12B YoY-32.0%	4.59B YoY+73.6%	2.64B YoY-5.2%	2.79B YoY+44.5%
	98.6B YoY+12.3%	87.8B YoY+0.3%	87.5B YoY+6.8%	81.9B YoY-1.0%	82.8B YoY+5.7%
Property, plant & equipment	15.1B YoY+13.3%	13.4B YoY+5.4%	12.7B YoY+5.4%	12.0B YoY-0.5%	12.1B YoY-2.5%
Operating lease right-of-use	708M YoY+19.6%	592M YoY+6.5%	556M YoY-1.4%	564M YoY-9.8%	625M YoY+3.6%
Goodwill	5.32B YoY+1.5%	5.24B YoY-1.3%	5.31B YoY+0.4%	5.29B YoY-16.4%	6.32B YoY-1.1%
Intangible assets	241M YoY-39.6%	399M YoY-29.3%	564M YoY-25.6%	758M YoY-27.3%	1.04B YoY-20.3%
Other non-current assets	6.10B YoY+15.1%	5.30B YoY+0.9%	5.26B YoY+14.5%	4.59B YoY+11.2%	4.13B YoY+7.9%
	36.6B YoY+13.3%	32.3B YoY-7.1%	34.7B YoY+10.1%	31.5B YoY+5.6%	29.8B YoY+16.1%
Accounts payable	8.97B YoY+16.8%	7.67B YoY-2.9%	7.91B YoY-9.0%	8.69B YoY+6.6%	8.15B YoY+33.1%
Accrued liabilities	5.59B YoY+6.6%	5.24B YoY+5.7%	4.96B YoY+21.5%	4.08B YoY+8.6%	3.76B YoY+3.2%
Deferred revenue	3.31B YoY+42.7%	2.32B YoY+20.4%	1.93B YoY+3.7%	1.86B YoY+71.1%	1.09B YoY-1.9%
Short-term & current debt	5.51B YoY+25.5%	4.39B YoY-5.4%	4.64B YoY-22.1%	5.96B YoY+10.2%	5.40B YoY+168.2%
Current lease liability	158M YoY+10.5%	143M YoY-2.7%	147M YoY-2.6%	151M YoY-4.4%	158M YoY-3.1%
Other current liabilities	2.80B YoY-3.8%	2.91B YoY-6.9%	3.12B YoY+16.1%	2.69B YoY+19.2%	2.26B YoY+11.8%
	77.3B YoY+13.2%	68.3B YoY+0.4%	68.0B YoY+2.9%	66.1B YoY-0.3%	66.3B YoY+5.3%
Long-term debt	30.7B YoY+12.2%	27.4B YoY+11.8%	24.5B YoY-4.8%	25.7B YoY-1.2%	26.0B YoY+0.1%
Non-current lease liability	570M YoY+24.2%	459M YoY+7.5%	427M YoY-0.2%	428M YoY-11.6%	484M YoY+5.9%
Operating lease liability (total)	728M YoY+20.9%	602M YoY+4.9%	574M YoY-0.9%	579M	—
Deferred tax liabilities	494M YoY+14.4%	432M YoY-4.8%	454M YoY-3.6%	471M YoY+14.3%	412M YoY-1.4%
Other non-current liabilities	6.17B YoY+26.3%	4.89B YoY+4.6%	4.67B YoY+1.5%	4.60B YoY-4.2%	4.80B YoY+10.3%
	21.3B YoY+9.4%	19.5B YoY-0.0%	19.5B YoY+22.7%	15.9B YoY-3.8%	16.5B YoY+7.4%
Retained earnings	65.4B YoY+10.3%	59.4B YoY+15.8%	51.3B YoY+17.8%	43.5B YoY+10.8%	39.3B YoY+11.7%
Treasury stock	49.5B YoY+11.7%	44.3B YoY+22.0%	36.3B YoY+14.5%	31.7B YoY+14.9%	27.6B YoY+9.8%
Accumulated other comprehensive income	-1.77B YoY+28.3%	-2.47B YoY-35.8%	-1.82B YoY+25.9%	-2.46B YoY-58.2%	-1.55B YoY-74.9%
Non-controlling interest	0.00 YoY-100.0%	3.00M YoY-66.7%	9.00M YoY-59.1%	22.0M YoY-31.3%	32.0M YoY-31.9%
Total equity incl. non-controlling	21.3B YoY+9.4%	19.5B YoY-0.0%	19.5B YoY+22.7%	15.9B YoY-3.8%	16.5B YoY+7.4%
Total liabilities & equity	98.6B YoY+12.3%	87.8B YoY+0.3%	87.5B YoY+6.8%	81.9B YoY-1.0%	82.8B YoY+5.7%
	815M YoY+0.0%	815M YoY+0.0%	815M YoY+0.0%	815M YoY+0.0%	815M YoY+0.0%
	465M YoY-2.6%	478M YoY-4.3%	499M YoY-3.3%	516M YoY-3.7%	536M YoY-1.7%
	465M YoY-2.6%	478M YoY-4.3%	499M YoY-3.3%	516M YoY-3.6%	536M YoY-1.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	11.7B YoY-2.5%	12.0B YoY-6.6%	12.9B YoY+65.9%	7.77B YoY+7.9%	7.20B YoY+13.8%
Depreciation & amortization	2.26B YoY+5.1%	2.15B YoY+0.4%	2.14B YoY-3.4%	2.22B YoY-5.7%	2.35B YoY-3.3%
Intangible amortization	169M YoY-4.0%	176M YoY-19.3%	218M YoY-23.2%	284M YoY-6.0%	302M YoY-2.9%
Deferred income taxes	465M YoY+174.9%	-621M YoY-4.9%	-592M YoY-57.0%	-377M YoY+1.6%	-383M YoY-417.6%
Change in inventory	1.48B YoY+256.8%	414M YoY+13.7%	364M YoY-85.9%	2.59B YoY+0.1%	2.59B YoY+7505.9%
Change in payables	1.18B YoY+518.1%	-282M YoY+62.6%	-754M YoY-194.5%	798M YoY-60.9%	2.04B YoY+1982.7%
	-4.71B YoY-91.9%	-2.45B YoY+58.2%	-5.87B YoY-131.1%	-2.54B YoY+17.6%	-3.08B YoY-107.7%
Capital expenditure	2.82B YoY+41.9%	1.99B YoY+24.5%	1.60B YoY+23.2%	1.30B YoY+18.6%	1.09B YoY+11.8%
Free cash flow	8.92B YoY-11.2%	10.0B YoY-11.0%	11.3B YoY+74.5%	6.47B YoY+6.0%	6.11B YoY+14.1%
Acquisitions	47.0M YoY+38.2%	34.0M YoY-54.7%	75.0M YoY-14.8%	88.0M YoY-82.0%	490M YoY+341.4%
Proceeds from sale of PP&E	708M YoY-1.9%	722M YoY-7.6%	781M YoY-5.9%	830M YoY-34.4%	1.26B YoY+63.9%
Other investing activities	-75.0M YoY+61.1%	-193M YoY-99.0%	-97.0M YoY-592.9%	-14.0M YoY+82.3%	-79.0M YoY-219.7%
	-3.90B YoY+59.2%	-9.56B YoY-38.0%	-6.93B YoY+4.8%	-7.28B YoY-73.9%	-4.19B YoY-11.5%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	5.19B YoY-32.6%	7.70B YoY+54.7%	4.97B YoY+17.6%	4.23B YoY+58.5%	2.67B YoY+136.1%
Dividends paid	2.75B YoY+3.9%	2.65B YoY+3.2%	2.56B YoY+5.0%	2.44B YoY+4.6%	2.33B YoY+4.0%
Other financing activities	-1.00M YoY+0.0%	-1.00M	0.00 YoY+100.0%	-10.0M YoY-150.0%	-4.00M YoY-300.0%
FX effect on cash	-43.0M YoY+59.4%	-106M YoY+3.6%	-110M YoY+43.3%	-194M YoY-569.0%	-29.0M YoY-123.1%
Net change in cash	3.09B YoY+3571.9%	-89.0M YoY-217.9%	-28.0M YoY+98.8%	-2.25B YoY-2084.5%	-103M YoY-109.6%
Interest paid	1.84B YoY+6.0%	1.74B YoY+21.1%	1.44B YoY+49.6%	959M YoY+4.2%	920M YoY-15.5%
Income taxes paid	2.21B YoY-29.4%	3.13B YoY+6.0%	2.95B YoY-4.1%	3.08B YoY+74.9%	1.76B YoY+34.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	267B YoY+53.7%	173B YoY+15.2%	151B YoY+20.7%	125B YoY+12.5%	111B YoY+11.6%
P/E	30.0× YoY+86.7%	16.1× YoY-2.7%	16.5× YoY-2.4%	16.9× YoY-0.9%	17.1× YoY-48.4%
P/S	3.9× YoY+47.4%	2.7× YoY+18.3%	2.3× YoY+2.7%	2.2× YoY+1.3%	2.2× YoY-8.6%
P/B	12.5× YoY+40.6%	8.9× YoY+21.2%	7.3× YoY-8.0%	8.0× YoY+19.0%	6.7× YoY+3.9%
P/FCF	29.9× YoY+73.2%	17.3× YoY+16.2%	14.9× YoY-38.6%	24.2× YoY+33.4%	18.1× YoY-2.2%
	3.3% YoY-46.4%	6.2% YoY+2.8%	6.1% YoY+2.4%	5.9% YoY+0.9%	5.9% YoY+93.7%
	3.3% YoY-42.3%	5.8% YoY-13.9%	6.7% YoY+62.9%	4.1% YoY-25.0%	5.5% YoY+2.3%
	1.0% YoY-32.0%	1.5% YoY-11.6%	1.7% YoY-12.3%	2.0% YoY-6.8%	2.1% YoY-6.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CAT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CAT filings on SEC EDGAR → Not investment advice.