Caterpillar (CAT) financial statements
Caterpillar reported revenue of $67.6B in fiscal 2025, up 6.4% a year over 9 years.
Net income was $8.9B and the operating margin 16.5%, against 3.0% in 2016.
Free cash flow was $8.9B, and the company returned $2.7B in dividends and $5.2B in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Caterpillar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.5B | $45.5B | $54.7B | $53.8B | $41.7B | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B |
| Cost of revenue | $28.0B | $31.3B | $37.0B | $36.6B | $29.1B | $35.5B | $41.4B | $42.8B | $40.2B | $44.8B |
| Gross profit | $10.5B | $14.2B | $17.7B | $17.2B | $12.7B | $15.5B | $18.1B | $24.3B | $24.6B | $22.8B |
| Research and development | $1.9B | $1.8B | $1.9B | $1.7B | $1.4B | $1.7B | $1.8B | $2.1B | $2.1B | $2.1B |
| Selling, general and admin | $4.4B | $5.0B | $5.5B | $5.2B | $4.6B | $5.4B | $5.7B | $6.4B | $6.7B | $7.0B |
| Operating income | $1.2B | $4.5B | $8.3B | $8.3B | $4.6B | $6.9B | $7.9B | $13.0B | $13.1B | $11.2B |
| Pre-tax income | $139M | $4.1B | $7.8B | $7.8B | $4.0B | $8.2B | $8.8B | $13.1B | $13.4B | $11.5B |
| Income tax | $192M | $3.3B | $1.7B | $1.7B | $1.0B | $1.7B | $2.1B | $2.8B | $2.6B | $2.8B |
| Net income | -$67M | $754M | $6.1B | $6.1B | $3.0B | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B |
| EPS (diluted) | -$0.11 | $1.26 | $10.26 | $10.74 | $5.46 | $11.83 | $12.64 | $20.12 | $22.05 | $18.81 |
| Diluted shares | 584M | 599M | 599M | 568M | 549M | 548M | 530M | 514M | 489M | 472M |
| Gross margin | 27.2% | 31.2% | 32.4% | 31.9% | 30.3% | 30.3% | 30.4% | 36.2% | 38.0% | 33.8% |
| Operating margin | 3.0% | 9.8% | 15.2% | 15.4% | 10.9% | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% |
| Net margin | -0.2% | 1.7% | 11.2% | 11.3% | 7.2% | 12.7% | 11.3% | 15.4% | 16.7% | 13.1% |
Balance sheet
Fiscal years, from Caterpillar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7.2B | $8.3B | $7.9B | $8.3B | $9.4B | $9.3B | $7.0B | $7.0B | $6.9B | $10.0B |
| Receivables | $6.0B | $7.4B | $8.8B | $8.6B | $7.3B | $8.5B | $8.9B | $9.3B | $9.3B | $10.9B |
| Inventory | $8.6B | $10.0B | $11.5B | $11.3B | $11.4B | $14.0B | $16.3B | $16.6B | $16.8B | $18.1B |
| Total current assets | $32.0B | $36.2B | $38.6B | $39.2B | $39.5B | $43.5B | $43.8B | $46.9B | $45.7B | $52.5B |
| Property, plant and equipment | $15.3B | $14.2B | $13.6B | $12.9B | $12.4B | $12.1B | $12.0B | $12.7B | $13.4B | $15.1B |
| Goodwill | $6.0B | $6.2B | $6.2B | $6.2B | $6.4B | $6.3B | $5.3B | $5.3B | $5.2B | $5.3B |
| Total assets | $74.7B | $77.0B | $78.5B | $78.5B | $78.3B | $82.8B | $81.9B | $87.5B | $87.8B | $98.6B |
| Total current liabilities | $26.1B | $26.9B | $28.2B | $26.6B | $25.7B | $29.8B | $31.5B | $34.7B | $32.3B | $36.6B |
| Long-term debt | $22.8B | $23.8B | $25.0B | $26.3B | $26.0B | $26.0B | $25.7B | $24.5B | $27.4B | $30.7B |
| Total liabilities | $61.5B | $63.2B | $64.4B | $63.8B | $62.9B | $66.3B | $66.1B | $68.0B | $68.3B | $77.3B |
| Shareholders' equity | $13.2B | $13.8B | $14.1B | $14.6B | $15.4B | $16.5B | $15.9B | $19.5B | $19.5B | $21.3B |
| Net debt | $15.6B | $15.5B | $17.1B | $18.0B | $16.6B | $16.8B | $18.7B | $17.5B | $20.5B | $20.7B |
Cash flow
Fiscal years, from Caterpillar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.6B | $5.7B | $6.6B | $6.9B | $6.3B | $7.2B | $7.8B | $12.9B | $12.0B | $11.7B |
| Capital spending | $1.1B | $898M | $1.3B | $1.1B | $978M | $1.1B | $1.3B | $1.6B | $2.0B | $2.8B |
| Free cash flow | $4.5B | $4.8B | $5.3B | $5.9B | $5.3B | $6.1B | $6.5B | $11.3B | $10.0B | $8.9B |
| Stock-based compensation | $218M | $206M | $197M | $205M | $202M | $200M | $193M | $208M | $223M | $242M |
| Dividends paid | $1.8B | $1.8B | $2.0B | $2.1B | $2.2B | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B |
| Share buybacks (net) | $0 | $0 | -$3.8B | -$4.0B | -$1.1B | -$2.7B | -$4.2B | -$5.0B | -$7.7B | -$5.2B |
| Free cash flow margin | 11.8% | 10.6% | 9.7% | 10.9% | 12.8% | 12.0% | 10.9% | 16.8% | 15.5% | 13.2% |
| Dividends per share | $3.08 | $3.06 | $3.25 | $3.76 | $4.09 | $4.25 | $4.60 | $4.99 | $5.41 | $5.82 |
Questions
What was Caterpillar's revenue in 2025?
$67.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Caterpillar generate?
$8.9B in fiscal 2025 (operating cash flow minus capital spending).
From Caterpillar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.