Caterpillar Inc. cash flow statement

In fiscal 2025, Caterpillar Inc.'s operations generated $11.74bn of cash; it spent $2.82bn on capital projects, leaving free cash flow of $8.92bn. It returned $2.75bn in dividends and $5.19bn through buybacks.

Cash flow statement

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

Caterpillar Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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
Depreciation and amortisation	2.3	2.3	2.5	2.8	3.1	3.2	3.0	3.0	2.9	2.8	2.6	2.4	2.4	2.2	2.1	2.2	2.3	2.4
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
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
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
Dividends paid	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
Share 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
Shares issued	0.1	0.3	0.1	0.1	0.1	0.2	0.0	−0.0	0.6	0.3	0.2	0.2	0.1	0.1	0.0	0.0	−0.0	−0.1

US$ millions unless shown otherwise. Fiscal quarters.

Caterpillar Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	3,569	3,393	1,289	3,122	3,737	3,591	1,870	4,371
Depreciation and amortisation	543	555	540	554	570	598	595	616
Stock-based pay	52	52	45	86	71	40	54	92
Capital spending	444	703	710	555	658	898	728	587
Free cash flow	3,125	2,690	579	2,567	3,079	2,693	1,142	3,784
Free cash flow after stock pay	3,073	2,638	534	2,481	3,008	2,653	1,088	3,692
Shares issued	7	5	−64	5	20	23	−97	−24

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: CAT vs CMI CAT vs PCAR CAT vs WAB

More: Construction Machinery & Heavy Transportation Equipment stocks compared, Industrials sector, rankings of US companies

Figures from Caterpillar Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Caterpillar Inc.