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Caterpillar (NYSE: CAT) stock fundamentals

NYSE: CAT · Industrials · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Caterpillar (NYSE: CAT) manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Revenue was USD 67.6 billion in FY2025 (Form 10-K) and USD 20.5 billion in the quarter ended 30 Jun 2026 (Form 10-Q for Q2 2026), up 24.0% on Q2 2025, our calculation.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Caterpillar (NYSE: CAT) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
67.6
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
74.7
TTM to · derived
Revenue by quarter, from USD 16.1 bn in Q3 2024 to USD 20.5 bn in Q2 2026
Net income attributable to shareholders (USD bn)
8.88
FY2025 (ended ) · Form 10-K
Operating margin
16.5%
FY2025 (ended ) · derived
Free cash flow (USD bn)
8.92
FY2025 (ended ) · derived
Dividend declared per share (USD)
5.94
FY2025 (ended ) · Form 10-K
Shares outstanding (m)
460
at · Form 10-Q cover page

Fundamentals profile

vs Caterpillar's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Caterpillar's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Caterpillar fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricCaterpillarOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20254.4%Own 5-year median 4.4%Near its 5-year median
Lower (−2.3%) Higher (17.1%)
MarginsOperating margin (TTM to Q2 2026)17.5%Own 5-year median 16.5%Near its 5-year median
Lower (13.3%) Higher (20.2%)
Cash flowFCF margin (TTM to Q2 2026)14.3%Own 5-year median 13.2%Near its 5-year median
Lower (10.9%) Higher (16.8%)
Dividend historyConsecutive years of cash dividends, to FY2025Every fiscal year in our data, FY2009 to FY2025, had a dividend; our data starts in FY2009.At least 17Own 5-year median not availablenot availablenot available

Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Caterpillar's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Caterpillar's revenue and operating margin move from Q3 2024 to Q2 2026?

Caterpillar's revenue was USD 20.5 billion in Q2 2026, up 24.0% from Q2 2025 (our calculation), and its operating margin, our calculation, was 20.9%. Across the 8 quarters from Q3 2024, revenue ranged from USD 14.2 billion in Q1 2025 to USD 20.5 billion, and operating margin from 13.9% to 20.9%.

Chart 1

Caterpillar quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 16.1 bn in Q3 2024 to USD 20.5 bn in Q2 2026.010203020.5Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of
Report an error in this table

Swipe for earlier periods

Table 1 Caterpillar quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue20,54317,41519,133 D17,63816,56914,24916,215 D16,106
Revenue YoY %increased 24.0%increased 22.2%increased 18.0%increased 9.5%decreased 0.7%decreased 9.8%decreased 5.0%decreased 4.2%
Gross margin %37.8%35.1%30.5%33.8%34.8%37.1%36.3%37.5%
Operating income4,2953,0852,660 D3,0522,8602,5792,924 D3,147
Operating margin %20.9%17.7%13.9%17.3%17.3%18.1%18.0%19.5%
Net income attributable to shareholders3,593 12,549 12,402 D 12,300 12,179 12,003 12,791 D 12,464 1
(opens in new tab)

Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.

1 Filled from a related concept the company reports (NetIncomeLossAvailableToCommonStockholdersBasic); see Methodology.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Revenue fell year on year in each of the first 4 of those quarters, by 9.8% in Q1 2025 at the widest. It rose in each of the last 4, from 9.5% in Q3 2025 to 24.0% in Q2 2026. Operating margin did not follow revenue so closely. It was 19.5% in Q3 2024, 17.3% in Q3 2025 and 17.7% in Q1 2026.

Q4 2025 stands apart. Revenue rose from USD 17.6 billion in Q3 2025 to USD 19.1 billion. Gross margin, our calculation, fell from 33.8% to 30.5% and operating margin from 17.3% to 13.9%, and operating income was USD 2.66 billion. The lines we print do not show why, and we offer no reason.

Gross margin was 35.1% in Q1 2026 and 37.8% in Q2 2026, when operating income was USD 4.30 billion and net income was USD 3.59 billion. Operating margin in Q2 2026 was 20.9%, against 17.7% in Q1 2026.

No 10-Q covers a fourth quarter, as our guide on how to read a 10-Q explains. So each Q4 column is the fiscal year in the 10-K less the first 3 quarters. The Caterpillar financial statements set out the income statement for the 8 quarters, with each column linked to its filing.

How did Caterpillar's capital expenditure, free cash flow and buybacks change from FY2021 to FY2025?

Caterpillar's capital expenditure rose in each fiscal year from USD 1.09 billion in FY2021 to USD 2.82 billion in FY2025. Its free cash flow, our calculation, peaked at USD 11.3 billion in FY2023. It was USD 8.92 billion in FY2025, on cash from operations of USD 11.7 billion, according to its Form 10-K filings.

Report an error in this table

Swipe for earlier periods

Table 2 Caterpillar cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations11,73912,03512,8857,7667,198
Capital expenditure−2,821−1,988−1,597−1,296−1,093
Free cash flow8,918 D10,047 D11,288 D6,470 D6,105 D
Dividends paid−2,749−2,646−2,563−2,440−2,332
Share buybacks−5,190−7,697−4,975−4,230−2,668
(opens in new tab)

Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Cash from operations was USD 7.20 billion in FY2021, USD 12.9 billion in FY2023 and USD 12.0 billion in FY2024. Free cash flow, which is cash from operations less capital expenditure, was USD 6.11 billion in FY2021, USD 6.47 billion in FY2022 and USD 10.0 billion in FY2024. It has fallen in each of the 2 fiscal years since FY2023, while capital expenditure kept rising.

Caterpillar spent USD 5.19 billion on share buybacks in FY2025, after USD 7.70 billion in FY2024. Buybacks were USD 4.98 billion in FY2023, USD 4.23 billion in FY2022 and USD 2.67 billion in FY2021. Dividends paid rose in each fiscal year, from USD 2.33 billion in FY2021 to USD 2.75 billion in FY2025. They were smaller than buybacks in each of the 5 fiscal years.

The Boeing stock fundamentals page sets out another manufacturer's net debt and its free cash flow after capital expenditure. Our methodology for free cash flow gives the formula behind the free cash flow figures on this page, and each year's column links to the Form 10-K it comes from.

How we got these numbers

Every figure comes from Caterpillar's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Caterpillar's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Caterpillar's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Caterpillar Inc.
Exchange
NYSE
Ticker
CAT
Sector
Industrials
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000018230
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Caterpillar Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Caterpillar Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Caterpillar Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Caterpillar Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Caterpillar Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Caterpillar Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Caterpillar Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Caterpillar Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Caterpillar Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Caterpillar Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Caterpillar Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Caterpillar Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Caterpillar Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Caterpillar Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Caterpillar Inc. · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 Caterpillar Inc. · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 31 Dec 2018 Caterpillar Inc. · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Caterpillar (NYSE: CAT) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/cat/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.