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Caterpillar (CAT) financial statements: income, balance sheet and cash flow

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) reported net income of USD 3.59 billion on revenue of USD 20.5 billion in Q2 2026, according to its Form 10-Q for the quarter ended 30 Jun 2026. Free cash flow for the quarter was USD 3.78 billion, our calculation, after capital expenditure of USD 587 million, and cash and short-term investments were USD 6.71 billion.

Data as of Source: Form 10-Q for Q2 2026, filed

Key facts

Data as of

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

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
Operating income, TTM (USD bn)
13.1
TTM to · derived
Net income, TTM (USD bn)
10.8
TTM to · derived
Free cash flow, TTM (USD bn)
10.7
TTM to · derived
Total assets (USD bn)
103
at · Form 10-Q

What the numbers show

Caterpillar's four quarters to 30 Jun 2026 add up to revenue of USD 74.7 billion and operating income of USD 13.1 billion, our calculation. Q2 2026, the quarter ended 30 Jun 2026, brought revenue of USD 20.5 billion, up 24.0% on Q2 2025. The operating margin, our calculation, was 20.9%, against 17.3% a year earlier.

Revenue compounded at 7.3% a year from FY2021 to FY2025, our calculation, and operating income at 12.8%. The path was uneven, though. Operating margin slipped from 20.2% in FY2024 to 16.5% in FY2025, and gross margin from 38.0% to 33.8%. Net income carries a footnote: it is printed as profit attributable to common shareholders.

The balance sheet held total assets of USD 103 billion at 30 Jun 2026, up from USD 98.6 billion at 31 Dec 2025. Current assets of USD 54.5 billion exceed current liabilities of USD 39.8 billion. Equity was USD 19.4 billion against total liabilities of USD 83.2 billion. Total debt is printed only in the fiscal year-end columns, so the interim quarters show no borrowings.

Inventory, USD 20.6 billion, and receivables, USD 13.2 billion, rose in both quarters of 2026. Cash and short-term investments fell from USD 9.98 billion at 31 Dec 2025 to USD 4.07 billion at 31 Mar 2026. They then rose to USD 6.71 billion at 30 Jun 2026.

The cash flow statement shows what moved that cash. In Q1 2026, buybacks were USD 5.03 billion and the financing outflow USD 5.95 billion. Operating cash was lower in the first quarter than in the second in both years. It was USD 1.29 billion in Q1 2025 and USD 1.87 billion in Q1 2026, against USD 4.37 billion in Q2 2026. A 10-Q reports cash flows year to date, so cells marked D are our derivation, and each Q4 column is the 10-K year less the first three quarters, as how to read a 10-Q explains.

In FY2025, cash from operations was USD 11.7 billion and capital expenditure USD 2.82 billion, so free cash flow, our calculation, was USD 8.92 billion. Over the four quarters to 30 Jun 2026 it was USD 10.7 billion. Quarterly capital expenditure was USD 587 million in Q2 2026, against USD 898 million in Q4 2025. Caterpillar stock fundamentals covers capital expenditure and buybacks over five fiscal years.

Income statement

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

Annual

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Table 1 Caterpillar income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue67,58964,80967,06059,42750,971increased 7.3%
Revenue YoY %increased 4.3%decreased 3.4%increased 12.8%increased 16.6%increased 22.1%not available
Cost of revenue44,75240,19942,76741,35035,513increased 6.0%
Gross profit22,837 D24,610 D24,293 D18,077 D15,458 Dincreased 10.2%
Gross margin %33.8%38.0%36.2%30.4%30.3%not available
R&D2,1482,1072,1081,8141,686increased 6.2%
SG&A6,9856,6676,3715,6515,365increased 6.8%
Operating income11,15113,07212,9667,9046,878increased 12.8%
Operating margin %16.5%20.2%19.3%13.3%13.5%not available
Pre-tax income11,54113,37313,0508,7528,204increased 8.9%
Income tax2,7682,6292,7812,0671,742increased 12.3%
Net income8,884 110,792 110,335 16,705 16,489 1increased 8.2%
Net margin %13.1%16.7%15.4%11.3%12.7%not available
Per share
Diluted EPS (USD)18.8122.0520.1212.6411.83increased 12.3%
Diluted shares (m)472489514530549not available
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Combined from line items reported in the same filing (see Methodology).
  • Not available

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

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 Caterpillar income statement, quarterly, 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%
Cost of revenue12,78111,30613,307 D11,67310,8078,96510,321 D10,066
Gross profit7,762 D6,109 D5,826 D5,965 D5,762 D5,284 D5,894 D6,040 D
Gross margin %37.8%35.1%30.5%33.8%34.8%37.1%36.3%37.5%
R&D616537562 D555551480519 D533
SG&A2,0181,8161,876 D1,8221,6941,5931,769 D1,669
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%
Pre-tax income4,5583,2113,026 D3,1272,8182,5703,243 D3,098
Income tax1,055670712 D836646574463 D642
Net income3,593 12,549 12,402 D 12,300 12,179 12,003 12,791 D 12,464 1
Net margin %17.5%14.6%12.6%13.0%13.2%14.1%17.2%15.3%
Per share
Diluted EPS (USD)7.775.47not available4.884.624.20not available5.06
Diluted shares (m)463466not available471472477not available487
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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.
  • D Combined from line items reported in the same filing (see Methodology).
  • Not available

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.

Balance sheet

Annual

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Table 3 Caterpillar assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments9,9806,8896,9787,0049,254
Receivables10,9209,2829,3108,8568,477
Inventory18,13516,82716,56516,27014,038
Total current assets52,48545,68246,94943,78543,455
PP&E (net)15,14013,36112,68012,02812,090
Goodwill and intangibles5,562 D5,640 D5,872 D6,046 D7,366 D
Total assets98,58587,76487,47681,94382,793
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 Caterpillar liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities36,55832,27234,72831,53129,847
Total debt43,330 D38,409 D37,878 D36,993 D37,789 D
Total liabilities77,26768,27067,97366,05266,277
Shareholders' equity21,318 D19,491 D19,494 D15,869 D16,484 D
Net debt / (net cash)33,350 D31,520 D30,900 D29,989 D28,535 D
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Combined from line items reported in the same filing (see Methodology).
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

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Table 5 Caterpillar assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments6,7134,0729,9807,5385,4423,5626,8895,638
Receivables13,18811,44710,92010,1469,7049,1169,2829,086
Inventory20,62719,62618,13518,95818,59517,86216,82717,312
Total current assets54,45048,56852,48549,81846,75543,01945,68244,946
PP&E (net)15,62815,24915,14014,31013,89613,43213,36112,837
Goodwill and intangibles6,279 D6,284 D5,562 D5,610 D5,652 D5,631 D5,640 D5,765 D
Total assets102,60995,55098,58593,72290,32584,97487,76486,273
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 6 Caterpillar liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Current liabilities39,79035,90236,55835,99134,93432,59532,27232,218
Total debtnot availablenot available43,330 Dnot availablenot availablenot available38,409 Dnot available
Total liabilities83,21576,89077,26773,06371,66266,90468,27066,870
Shareholders' equity19,395 D18,661 D21,318 D20,658 D18,661 D18,067 D19,491 D19,397 D
Net debt / (net cash)not availablenot available33,350 Dnot availablenot availablenot available31,520 Dnot available
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Combined from line items reported in the same filing (see Methodology).
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
  • Not available

Totals may not add up because of rounding.

Cash flow

Chart 2

Caterpillar quarterly free cash flow, Q3 2024 to Q2 2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 3.13 bn in Q3 2024 to USD 3.78 bn in Q2 2026.012343.8Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 Caterpillar cash flow, annual, 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
Cash from investing−4,707−2,453−5,871−2,541−3,084
Cash from financing−3,899−9,565−6,932−7,281−4,188
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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.

Quarterly

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Table 8 Caterpillar cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations4,371 D1,8703,591 D3,737 D3,122 D1,2893,393 D3,569 D
Capital expenditure−587 D−728−898 D−658 D−555 D−710−703 D−444 D
Free cash flow3,784 D1,142 D2,693 D3,079 D2,567 D579 D2,690 D3,125 D
Dividends paid−696 D−703−706 D−707 D−662 D−674−680 D−683 D
Share buybacks−1,494 D−5,028−340 D−362 D−828 D−3,660−640 D−782 D
Cash from investing−1,664 D−1,775−1,880 D−1,320 D−1,332 D−175−1,649 D−1,040 D
Cash from financing−83 D−5,950751 D−305 D151 D−4,496−426 D−1,210 D
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

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Table 9 Caterpillar per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)18.9022.1720.2412.7211.93
Diluted EPS (USD)18.8122.0520.1212.6411.83
Dividends declared per share (USD)5.945.535.104.714.36
Diluted shares (m)472489514530549
Shares outstanding at year end (m)465478499516536
FCF cover (×)3.2×3.8×4.4×2.7×2.6×
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Source: Caterpillar Forms 10-Q and 10-K, SEC EDGAR Data as of

Notes on these figures

  • R Restated
    • None in the periods shown.
  • D Derived by StockFactsheet
    • Combined from line items reported in the same filing (see Methodology).
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Combined from line items reported in the same filing (see Methodology).
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 2024 to Q2 2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
None in the periods shown.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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] 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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StockFactsheet (2026). "Caterpillar (CAT) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/cat/financials/

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