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Caterpillar Inc. (CAT) stock

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NYSE: CAT NYSE Construction Machinery & Heavy Transportation Equipment Next results ~January 28, 2027

B+ Fundamentals grade

Caterpillar designs, manufactures and sells machinery for construction and mining, plus off-highway engines fuelled by diesel or natural gas, industrial gas turbines and diesel-electric locomotives. Products include excavators, wheel loaders, rope shovels, haul trucks, generator sets and turbines, along with related parts, worktools and after-sales services.

Customers include construction and rental firms, quarry and mining operators, and businesses in oil and gas, power generation, marine, rail and industrial sectors, served largely through an independent dealer network. Caterpillar earns revenue from selling equipment, parts and services, and through its finance arm, Cat Financial, and Caterpillar Insurance Holdings, which generate income from loans, leases and wholesale financing to dealers and customers worldwide.

The business is organised into Construction Industries, Resource Industries, Power & Energy and Financial Products segments, selling worldwide, with Cat Financial based mainly in North America and also present in Latin America, Asia/Pacific, Europe and Africa. Founded as Caterpillar Tractor Co. in 1925 in California, the company was reorganised as Caterpillar Inc. in Delaware in 1986; Cat Financial has financed Caterpillar products for more than 40 years.

Based on Caterpillar Inc.'s 10-K filed February 13, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$340

Valuation models combined (2)

Base case. Range ~$270–$370. Weighted average of 2 models (forward price-to-earnings vs peers, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

No Buy/Hold/Sell rating is issued: consolidated figures include Cat Financial, a finance arm whose borrowing funds customer loans, so a single cash-flow value of the group is not meaningful; not rated until we value the parts separately.

Caterpillar Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Caterpillar files

Where Caterpillar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $74.7bn, up 18.4% on a year earlier, faster than 11.8% a quarter earlier. Free-cash-flow margin held at 14.3%. The diluted share count is down 2.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $636 a share, against a share price of $726. At that price, our model says the market is pricing in about 13.8% a year of cash-flow growth for five years, faster than the 8.0% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Caterpillar Inc.'s trailing-twelve-month revenue grew 18.4% year on year, with a free-cash-flow margin of 14.3%. Where it stands out: change in share count of -2.7% ranks 2 of 21 construction machinery & heavy transportation equipment companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 18.4% (+6.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.4% over the last 12 months, against a median of 10.1% for construction machinery & heavy transportation equipment companies we cover.
  • Growth speeding up. The growth rate is 6.5 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.3% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 40% and a beta of 1.9 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 31.1% ranks 14 of 18 construction machinery & heavy transportation equipment companies we cover (median 24.0%).
  • Below peers: days sales outstanding. Days sales outstanding of 64 days ranks 10 of 13 construction machinery & heavy transportation equipment companies we cover (median 50 days).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$7.20 against an average estimate of $7.03: beat by 2.4%
Revenue
$20.54bn, up 24.0% on a year earlier
Share reaction
-12.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $6.99

Caterpillar's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week-11.3%
  • 1 month-27.2%
  • This year+8.0%
  • 1 year+7.2%
  • 5 years+227.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$74.7B
Operating margin
17.5%
Net margin
14.5%
EPS (TTM, diluted)
$23.21

Growth

Revenue growth
+18.4%
Change in growth rate
+6.5 pts
Share count change
−2.7%

Cash

Free cash flow (TTM)
$10.7B
FCF margin
14.3%
Stock pay % of revenue
0.3%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Results
  3. Announcement
  4. Announcement

    Caterpillar names new Resource Industries head

    Caterpillar Inc. said Denise Johnson will retire as group president of Resource Industries on 1 February 2027. Derrick York, currently president of Solar Turbines, takes over the role on 1 November 2026. Johnson will move to an advisory position to support the transition.

    Company releaseRead source ↗
  5. Results
  6. Leadership
  7. Dividend
  8. Product
  9. Deal
  10. Announcement
  11. Announcement
  12. Agreement
  13. Insider trade
  14. Product
  15. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Caterpillar Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: consolidated figures include Cat Financial, a finance arm whose borrowing funds customer loans, so a single cash-flow value of the group is not meaningful; not rated until we value the parts separately.

Valuation models

We value Caterpillar Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$370 ~$330–$470 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$230–$310 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: The finance arm and operating business require separate valuations; consolidated financing debt is not industrial debt.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$340 ~$270–$370 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Caterpillar Inc. with Construction Machinery & Heavy Transportation Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$52.74$74.95$131.19$108.16$129.26$164.12$190.30$225.69$284.26$354.35$568.04$613.62
Market value$31.7bn$43.8bn$78.6bn$64.8bn$73.4bn$90.0bn$104.4bn$119.7bn$146.0bn$173.4bn$268.3bn$286.7bn
+ Net debt (− = net cash)$25.6bn$22.9bn$20.4bn$22.8bn$23.2bn$18.7bn$22.2bn$24.7bn$22.1bn$24.9bn$26.2bn$29.5bn
Enterprise value$57.3bn$66.7bn$99.0bn$87.7bn$96.5bn$108.7bn$126.6bn$144.4bn$168.1bn$198.3bn$294.5bn$316.2bn
Multiples
Price / sales 0.7x1.1x1.7x1.2x1.4x2.2x2.0x2.0x2.2x2.7x4.0x3.8x
Price / earnings 12.6x—104.3x10.5x12.0x30.0x16.1x17.9x14.1x16.1x30.2x26.4x
Price / free cash flow 6.0x9.7x16.4x12.3x12.5x16.8x17.1x18.5x12.9x17.3x30.1x26.8x
EV / EBITDA 8.4x15.9x13.5x7.9x8.9x15.6x13.7x14.3x11.1x13.0x22.0x20.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Caterpillar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.6% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 30.3%, moving by 5.1 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 14.6%; its worst year was 3.6%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 15.1% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $21.4bn and EPS of $6.99 (range $6.01 to $8.28) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $27.50 +44% $79.7bn +18%
Next $32.37 +18% $88.3bn +11%

Next year's EPS estimate has moved +6.3% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.2% on 90 days ago. In the last 30 days, 1 analyst raised Caterpillar Inc.'s forecast and 1 cut it.

Consensus EPS forecast Caterpillar Inc., last 90 days
$24.00 $26.00 $28.00 $30.00 $32.00 $34.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $24.72 Current fiscal year, 60 days ago: $27.19 Current fiscal year, 30 days ago: $27.19 Current fiscal year, 7 days ago: $27.33 Current fiscal year, Now: $27.50 $27.50 Next fiscal year, 90 days ago: $30.45 Next fiscal year, 60 days ago: $32.33 Next fiscal year, 30 days ago: $32.38 Next fiscal year, 7 days ago: $32.59 Next fiscal year, Now: $32.37 $32.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $24.72$30.45
60 days ago $27.19$32.33
30 days ago $27.19$32.38
7 days ago $27.33$32.59
Now $27.50$32.37

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $7.03 $7.20 +2.4%
Jun 2026 $6.20 $8.17 +31.8%
Mar 2026 $4.64 $5.54 +19.3%
Dec 2025 $4.71 $5.16 +9.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Caterpillar Inc.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

29 analysts, Oct 2026
Buy1655%
Hold1241%
Sell13%

Monthly trend

  1. Oct 2026151229
  2. Sep 2026141128
  3. Aug 2026131228
  4. Jul 2026131228

Counts of recommendations published by analysts covering Caterpillar Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
2.92
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
0.2%
of shares
Employees
118,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.2%

$572.39 on October 31, 2025 to $613.62

ThenNowEffect
Revenue (last 12 months) $63.1bn $74.7bn +18.4%
Net margin 14.9% 14.5% −2.9%
P/E multiple 29.1x 26.4x −9.2%
Share count 480m 467m +2.7%

Biggest factor: revenue.

Last 3 years +165.1%

$231.46 on November 3, 2023 to $613.62

ThenNowEffect
Revenue (last 12 months) $64.8bn $74.7bn +15.4%
Net margin 12.9% 14.5% +12.4%
P/E multiple 14.4x 26.4x +83.3%
Share count 521m 467m +11.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CAT+16%+19%+26%+25%+60%+8%
Industry peers (median)+11%−13%+36%+22%+4%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CAT58%50%50%67%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CAT−22%−30%−22%−16%−33%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from January 22, 2018 to March 23, 2020. Getting back needed a 77% gain, reached on October 12, 2020, 203 days after the low.

Price behaviour

52-week range
$541.52 – $1060.41
From 52-week high
−42.1%
vs 50-day average
−21.1%
vs 200-day average
−23.9%
Volatility (1 year)
40%
Beta vs S&P 500
1.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.1%
After a week
7 up, 4 down
typical move ±5.9%
After a month
7 up, 4 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −12.7% −2.1% — —
August 4, 2026 +4.9% +1.6% +1.6% −4.5%
April 30, 2026 +9.8% +1.3% +10.6% +6.8%
January 29, 2026 +2.2% −0.5% +5.4% +17.0%
October 29, 2025 +11.2% −1.1% +8.5% +9.8%
August 5, 2025 −1.4% +0.3% −4.8% −3.1%
April 30, 2025 +2.1% +0.7% +4.2% +13.2%
January 30, 2025 −5.5% 0.0% −7.1% −15.6%
October 30, 2024 −2.9% −2.3% +7.6% +4.8%
October 11, 2024 −0.7% +1.4% −0.7% +0.3%
August 6, 2024 +2.8% +0.2% +6.9% +5.3%
April 25, 2024 −5.5% +0.6% −7.7% −4.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Caterpillar Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Caterpillar Inc.
$60B $65B $70B $75B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $66.6B Revenue (TTM), FY23 Q4: $67.1B Revenue (TTM), FY24 Q1: $67B Revenue (TTM), FY24 Q2: $66.4B Revenue (TTM), FY24 Q3: $65.7B Revenue (TTM), FY24 Q4: $64.8B Revenue (TTM), FY25 Q1: $63.3B Revenue (TTM), FY25 Q2: $63.1B Revenue (TTM), FY25 Q3: $64.7B Revenue (TTM), FY25 Q4: $67.6B Revenue (TTM), FY26 Q1: $70.8B Revenue (TTM), FY26 Q2: $74.7B $74.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $66.6B
FY23 Q4 $67.1B
FY24 Q1 $67B
FY24 Q2 $66.4B
FY24 Q3 $65.7B
FY24 Q4 $64.8B
FY25 Q1 $63.3B
FY25 Q2 $63.1B
FY25 Q3 $64.7B
FY25 Q4 $67.6B
FY26 Q1 $70.8B
FY26 Q2 $74.7B
Revenue growth, TTM YoY Caterpillar Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 17.6% Revenue growth, TTM YoY, FY23 Q4: 12.8% Revenue growth, TTM YoY, FY24 Q1: 8.6% Revenue growth, TTM YoY, FY24 Q2: 2.5% Revenue growth, TTM YoY, FY24 Q3: -1.4% Revenue growth, TTM YoY, FY24 Q4: -3.4% Revenue growth, TTM YoY, FY25 Q1: -5.6% Revenue growth, TTM YoY, FY25 Q2: -4.9% Revenue growth, TTM YoY, FY25 Q3: -1.5% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 11.8% Revenue growth, TTM YoY, FY26 Q2: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 17.6%
FY23 Q4 12.8%
FY24 Q1 8.6%
FY24 Q2 2.5%
FY24 Q3 -1.4%
FY24 Q4 -3.4%
FY25 Q1 -5.6%
FY25 Q2 -4.9%
FY25 Q3 -1.5%
FY25 Q4 4.3%
FY26 Q1 11.8%
FY26 Q2 18.4%
Operating margin (TTM) Caterpillar Inc.
16% 18% 20% 22% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.3% Operating margin (TTM), FY23 Q4: 19.3% Operating margin (TTM), FY24 Q1: 20.5% Operating margin (TTM), FY24 Q2: 20.5% Operating margin (TTM), FY24 Q3: 20.2% Operating margin (TTM), FY24 Q4: 20.2% Operating margin (TTM), FY25 Q1: 19.2% Operating margin (TTM), FY25 Q2: 18.2% Operating margin (TTM), FY25 Q3: 17.7% Operating margin (TTM), FY25 Q4: 16.5% Operating margin (TTM), FY26 Q1: 16.5% Operating margin (TTM), FY26 Q2: 17.5% 17.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.3%
FY23 Q4 19.3%
FY24 Q1 20.5%
FY24 Q2 20.5%
FY24 Q3 20.2%
FY24 Q4 20.2%
FY25 Q1 19.2%
FY25 Q2 18.2%
FY25 Q3 17.7%
FY25 Q4 16.5%
FY26 Q1 16.5%
FY26 Q2 17.5%
FCF margin (TTM) Caterpillar Inc.
12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 15.2% FCF margin (TTM), FY23 Q4: 16.8% FCF margin (TTM), FY24 Q1: 17.4% FCF margin (TTM), FY24 Q2: 17.1% FCF margin (TTM), FY24 Q3: 16.5% FCF margin (TTM), FY24 Q4: 15.5% FCF margin (TTM), FY25 Q1: 14.3% FCF margin (TTM), FY25 Q2: 14.2% FCF margin (TTM), FY25 Q3: 13.8% FCF margin (TTM), FY25 Q4: 13.2% FCF margin (TTM), FY26 Q1: 13.4% FCF margin (TTM), FY26 Q2: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 15.2%
FY23 Q4 16.8%
FY24 Q1 17.4%
FY24 Q2 17.1%
FY24 Q3 16.5%
FY24 Q4 15.5%
FY25 Q1 14.3%
FY25 Q2 14.2%
FY25 Q3 13.8%
FY25 Q4 13.2%
FY26 Q1 13.4%
FY26 Q2 14.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Caterpillar took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $67.6B
  2. Other income $501M · 0.7%
  3. Cost of revenue $44.8B · 66.2%
  4. Gross profit $22.8B · 33.8%
  5. Research and development $2.1B · 3.2%
  6. Selling, general and admin $7B · 10.3%
  7. Other operating costs $2.6B · 3.8%
  8. Operating income $11.2B · 16.5%
  9. Income tax $2.8B · 4.1%
  10. Net income $8.9B · 13.1%

Shares of revenue. Source: Caterpillar's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 32.4 42.6 60.1 65.9 55.7 55.2 47.0 38.5 45.5 54.7 53.8 41.7 51.0 59.4 67.1 64.8 67.6 74.7
Gross profit — — — — — — — 10.5 14.2 17.7 17.2 12.7 15.5 18.1 24.3 24.6 22.8 25.7
EBITDA 2.9 6.3 9.7 11.4 8.7 6.5 6.8 4.2 7.3 11.1 10.9 7.0 9.2 10.1 15.1 15.2 13.4 15.5
Operating income 0.6 4.0 7.2 8.6 5.6 3.3 3.8 1.2 4.5 8.3 8.3 4.6 6.9 7.9 13.0 13.1 11.2 13.1
Net income 0.9 2.7 4.9 5.7 3.8 2.5 2.5 −0.1 0.8 6.1 6.1 3.0 6.5 6.7 10.3 10.8 8.9 10.8
Diluted EPS $1.43 $4.15 $7.40 $8.48 $5.75 $3.90 $4.18 −$0.11 $1.26 $10.26 $10.74 $5.46 $11.83 $12.64 $20.12 $22.05 $18.81 $23.21
Growth (year on year)
Revenue −36.9% +31.5% +41.2% +9.5% −15.5% −0.8% −14.8% −18.0% +18.0% +20.4% −1.7% −22.4% +22.1% +16.6% +12.8% −3.4% +4.3% +18.4%
EBITDA −54.7% +114.9% +54.7% +17.6% −23.5% −25.7% +5.5% −38.6% +74.9% +50.7% −1.7% −35.7% +32.1% +9.7% +49.3% +0.8% −11.9% +12.9%
Operating income −87.0% — +80.5% +19.9% −34.4% −41.1% +14.2% −69.3% +283.8% +85.9% −0.0% −45.1% +51.1% +14.9% +64.0% +0.8% −14.7% +13.7%
Net income −74.8% +201.7% +82.5% +15.3% −33.3% −35.3% +2.4% −102.7% — — −0.9% −50.8% +116.4% +3.3% +54.1% +4.4% −17.7% +14.9%
Diluted EPS −74.7% +190.2% +78.3% +14.6% −32.2% −32.2% +7.2% −102.6% — — +4.7% −49.2% +116.7% +6.8% +59.2% +9.6% −14.7% +18.0%
Margins
Gross margin — — — — — — — 27.2% 31.2% 32.4% 31.9% 30.3% 30.3% 30.4% 36.2% 38.0% 33.8% 34.3%
EBITDA margin 9.0% 14.7% 16.1% 17.3% 15.7% 11.7% 14.5% 10.9% 16.1% 20.2% 20.2% 16.7% 18.1% 17.0% 22.5% 23.5% 19.8% 20.7%
Operating margin 1.8% 9.3% 11.9% 13.0% 10.1% 6.0% 8.1% 3.0% 9.8% 15.2% 15.4% 10.9% 13.5% 13.3% 19.3% 20.2% 16.5% 17.5%
Net margin 2.8% 6.3% 8.2% 8.6% 6.8% 4.4% 5.3% −0.2% 1.7% 11.2% 11.3% 7.2% 12.7% 11.3% 15.4% 16.7% 13.1% 14.5%
Free-cash-flow margin 15.4% 8.1% 7.4% 2.8% 13.8% 11.8% 11.3% 11.8% 10.6% 9.7% 10.9% 12.8% 12.0% 10.9% 16.8% 15.5% 13.2% 14.3%
Cash flow
Cash from operations 6.5 5.0 7.0 5.2 10.2 8.1 6.7 5.6 5.7 6.6 6.9 6.3 7.2 7.8 12.9 12.0 11.7 13.6
Capital spending 1.5 1.6 2.5 3.4 2.5 1.5 1.4 1.1 0.9 1.3 1.1 1.0 1.1 1.3 1.6 2.0 2.8 2.9
Free cash flow 5.0 3.4 4.4 1.8 7.7 6.5 5.3 4.5 4.8 5.3 5.9 5.3 6.1 6.5 11.3 10.0 8.9 10.7
Stock-based pay 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3
Free cash flow after stock pay 4.9 3.2 4.2 1.6 7.4 6.3 5.0 4.3 4.6 5.1 5.7 5.1 5.9 6.3 11.1 9.8 8.7 10.4
Balance sheet
Cash 4.9 — — — — — 6.5 7.2 8.3 7.9 8.3 9.4 9.3 7.0 7.0 6.9 10.0 6.7
Total debt 25.9 24.5 28.9 33.0 30.4 32.5 32.1 30.1 28.7 30.7 31.4 28.0 31.4 31.7 29.1 31.7 36.2 36.2
Net debt (negative = net cash) 21.1 — — — — — 25.6 22.9 20.4 22.8 23.2 18.7 22.2 24.7 22.1 24.9 26.2 29.5
Diluted shares 626m 650m 666m 670m 659m 629m 601m 584m 599m 599m 568m 549m 549m 530m 514m 489m 472m 467m
Returned to shareholders
Dividends 1.0 1.1 1.2 1.6 1.1 1.6 1.8 1.8 1.8 2.0 2.1 2.2 2.3 2.4 2.6 2.6 2.7 2.8
Buybacks 0.0 — 0.0 0.0 2.0 4.2 2.0 0.0 0.0 3.8 4.0 1.1 2.7 4.2 5.0 7.7 5.2 7.2
Total returned 1.0 1.1 1.2 1.6 3.1 5.9 3.8 1.8 1.8 5.7 6.2 3.4 5.0 6.7 7.5 10.3 7.9 10.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $102.6bn
Short-term assets $54.5bnLonger-term assets $48.2bn
What it owes, and who funded it · $102.6bn
Short-term liabilities $39.8bnLonger-term liabilities $43.4bnShareholders' equity $19.4bn
  • Short-term assets cover short-term liabilities $54.5bn of assets due within a year against $39.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $54.5bn short-term assets against $43.4bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Caterpillar Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$7.2B
Dividends (TTM)
$2.8B
Returned to shareholders
94%
of free cash flow
Buybacks, last 3 fiscal years
$17.9B
Diluted share count
−2.7%
year over year
Total shareholder yield
3.6%
dividends 1.0% + buybacks 2.6% of market value
Dividend payout ratio
26%
of net income paid out
R&D spending
3.0%
of revenue
Sales & admin spending
10.1%
of revenue
Days sales outstanding
64 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction machinery & heavy transportation equipment
Last 12 months unless stated CAT CMI PCAR WAB OSK TEX Median
Revenue, last 12 months $74.7bn $34.7bn $29.1bn $12.2bn $10.8bn $7.5bn $2.1bn
Revenue growth, last 12 months 18.4% 2.9% −1.5% 13.2% 4.2% 40.1% 10.1%
Revenue growth, 3-year average 4.9% 2.5% −5.2% 8.9% 4.6% 13.3% 4.3%
Revenue growth, latest quarter 24.0% 9.4% 19.0% 8.1% 5.7% 58.4% 17.8%
Gross margin 34.3% 25.3% 20.1% 35.6% 15.4% 17.1% 21.4%
Operating margin 17.5% 11.2% — 17.2% 6.8% 5.7% 5.9%
Operating margin, 3-year average 18.7% 9.5% — 16.3% 8.5% 8.2% 8.6%
Net margin 14.5% 7.8% 9.5% 11.2% 4.6% 2.6% 3.2%
Cash from operations / revenue 18.2% 13.4% 12.6% 17.1% 10.5% 7.3% 8.9%
Free-cash-flow margin 14.3% 9.7% 10.5% 14.6% 9.0% 3.3% 7.0%
Free-cash-flow margin, 3-year average 15.2% 6.0% 11.4% 13.9% 5.3% 3.4% 5.9%
Stock pay / revenue 0.3% 0.1% 0.1% 0.9% 0.4% 0.9% 0.6%
Change in share count −2.7% 0.4% 0.1% −0.8% −3.1% 46.6% −0.1%

Median of all 23 companies we cover in construction machinery & heavy transportation equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 construction machinery & heavy transportation equipment companies
Measure Company Peer median Rank
Revenue growth Growth 18.4% 10.1% 8 of 23
Change in growth rate Growth +6.5pp +4.6pp 9 of 23
Gross margin Profitability 34.3% 21.4% 5 of 23
Operating margin Profitability 17.5% 5.8% 3 of 21
Net margin Profitability 14.5% 3.2% 3 of 23
Free-cash-flow margin Cash generation 14.3% 7.0% 6 of 23
Stock pay as % of revenue Cash generation 0.3% 0.6% 3 of 20
Long-term debt as % of assets Balance sheet 31.1% 24.0% 14 of 18
Change in share count Balance sheet -2.7% -0.1% 2 of 21
Days sales outstanding Balance sheet 64 days 50 days 10 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Power Energy $27.1B ▲ 12.7%
All Other Segments $46M ▲ 27.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Machinery Power Energy $64B 94.7% ▲ 4.3%
Financial Products $3.6B 5.3% ▲ 4.7%
Geography
Region Revenue YoY
North America $36.6B ▲ 6.4%
Outside the US $34.7B ▲ 1.5%
United States $32.9B ▲ 7.4%
EMEA $12.8B ▲ 3.9%
Asia Pacific $11.2B ▼ 1.7%
Latin America $7B ▲ 4.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Caterpillar Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$351B
Institutions reporting
4,038
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
390 / 104

Top buyers and sellers, Q2 2026: 1,823 institutions bought and 1,694 sold ; the biggest buyer was Jpmorgan Chase & Co (+4.4M shares) and the biggest seller Diamant Asset Management, Inc (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $40.5B 38.0M 11.5% ▲ 2.2%
State Street Corp $36.6B 34.4M 10.4% ▼ 1.4%
Vanguard Capital Management LLC $32B 30.1M 9.1% ▼ 0.5%
State Farm Mutual Automobile Insurance Co $15.5B 14.5M 4.4% ▼ 0.4%
Vanguard Portfolio Management LLC $12.8B 12.0M 3.6% ▲ 2.7%
Geode Capital Management, LLC $11.9B 11.2M 3.4% ▲ 0.4%
Fisher Asset Management, LLC $10.6B 9.9M 3.0% ▲ 1.7%
Morgan Stanley $8B 7.5M 2.3% ▲ 0.1%
Jpmorgan Chase & Co $7.6B 7.3M 2.2% ▲ 149.1%
Gates Foundation Trust $6.8B 6.4M 1.9% 0.0%
Price T Rowe Associates Inc $6.6B 6.2M 1.9% ▲ 10.6%
FMR LLC $6.2B 5.8M 1.8% ▲ 51.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Caterpillar Inc.'s complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $389,868 2 trades by 1 insider, last 12 months Insider sales History → $244M 91 trades by 8 insiders · 8% under pre-set plans
Net ▼ $244M net selling
Insider Date Trade Shares Price Value
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 4,831 $813.72 $3.9M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 1,280 $812.09 $1M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 5,035 $811.31 $4.1M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 3,041 $810.31 $2.5M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 2,137 $809.08 $1.7M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 2,639 $808.20 $2.1M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 6,135 $807.41 $5M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 3,382 $806.31 $2.7M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 1,351 $805.36 $1.1M
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 520 $803.86 $418,007
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 750 $803.39 $602,542
Creed Joseph E Chief Executive Officer August 28, 2026 Sell 280 $802.10 $224,588

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 98 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 1 sale of Caterpillar Inc. shares.

  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded September 28, 2026, filed October 12, 2026
  • Jared Moskowitz(D-FL 23):Sale (partial), $1,001 - $15,000, traded March 31, 2026, filed April 30, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 4, 2026
  • April 30, 2026
  • January 29, 2026
  • October 29, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Caterpillar Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Caterpillar Inc. in brief

What does Caterpillar Inc. do?
Caterpillar Inc. is a US-listed company in the construction machinery & heavy transportation equipment industry. Its financial year ends in December.
What is Caterpillar Inc.'s stock ticker?
Caterpillar Inc. trades under the ticker CAT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Caterpillar Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Caterpillar Inc. reported revenue of $74.7B, 18.4% higher than a year earlier, according to its SEC filings.
What is Caterpillar Inc.'s free cash flow?
Caterpillar Inc.'s free-cash-flow margin is 14.3% of revenue over the trailing twelve months, ranking 6 of the 23 construction machinery & heavy transportation equipment companies we cover.
Who are Caterpillar Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Caterpillar Inc. buying back stock, and does it pay a dividend?
Caterpillar Inc. spent $7.2B on share repurchases over the trailing twelve months, and its diluted share count fell 2.7% over the year.
What is Caterpillar Inc.'s market cap?
On November 2, 2026, Caterpillar Inc.'s market capitalisation was about $287B, with a price-to-earnings ratio of 26.4 and net debt of $29.5B. Market figures come from third-party market data and may be delayed.
Does Caterpillar Inc. pay a dividend?
Yes: Caterpillar Inc. paid $2.8B in dividends over the trailing twelve months, a dividend yield of 1.00% and a payout ratio of 25.9%.
Who are Caterpillar Inc.'s competitors?
In our Construction Machinery & Heavy Transportation Equipment peer group, the companies closest to Caterpillar Inc. are Cummins, Paccar, Wabtec, Oshkosh Corp and Terex Corp. The side-by-side comparison below sets their revenue, margins and growth against Caterpillar Inc.'s.
Are insiders buying or selling Caterpillar Inc. stock?
Over the last 12 months, Caterpillar Inc.'s directors and officers reported 2 open-market purchases and 91 sales on Form 4. The insider trading page charts every trade.
When is Caterpillar Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Caterpillar Inc. announces its own schedule.