Caterpillar (CAT) Financials

$349.01 -3.56 (-1.01%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Caterpillar

This table shows Caterpillar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	10,792	10,335	6,705	6,489	2,998	6,093	6,147	754	-67	2,512
Consolidated Net Income / (Loss)	10,788	10,332	6,704	6,493	3,003	6,094	6,148	759	-59	2,523
Net Income / (Loss) Continuing Operations	10,788	10,332	6,704	6,493	3,003	6,094	8,912	759	-59	2,523
Total Pre-Tax Income	13,373	13,050	8,752	8,204	3,995	7,812	7,822	4,082	139	3,439
Total Operating Income	13,072	12,966	7,904	6,878	4,553	8,290	8,293	4,460	1,162	3,785
Total Gross Profit	24,610	24,293	18,077	15,458	12,666	17,170	17,725	13,556	10,493	12,878
Total Revenue	64,809	67,060	59,427	50,971	41,748	53,800	54,722	45,462	38,537	47,011
Operating Revenue	64,809	67,060	59,427	50,971	41,748	53,800	54,722	45,462	38,537	47,011
Total Cost of Revenue	40,199	42,767	41,350	35,513	29,082	36,630	36,997	31,906	28,044	34,133
Operating Cost of Revenue	40,199	42,767	41,350	35,513	29,082	36,630	36,997	31,260	28,044	33,546
Total Operating Expenses	11,538	11,327	10,173	8,580	8,113	8,880	5,946	9,096	9,331	9,093
Selling, General & Admin Expense	6,667	6,371	5,651	5,365	4,642	5,162	5,478	4,999	4,383	4,951
Research & Development Expense	2,107	2,108	1,814	1,686	1,415	1,693	1,850	1,842	1,853	2,119
Other Operating Expenses / (Income)	2,764	2,848	1,783	1,529	2,056	2,025	-1,382	2,255	1,904	2,023
Impairment Charge	0.00	0.00	925	0.00	0.00	-	-	0.00	595	0.00
Total Other Income / (Expense), net	301	84	848	1,326	-558	-478	-1,193	-378	-1,023	-346
Interest Expense	512	511	443	488	514	421	1,126	531	505	507
Other Income / (Expense), net	813	595	1,291	1,814	-44	-57	-67	153	-518	161
Income Tax Expense	2,629	2,781	2,067	1,742	1,006	1,746	1,698	3,339	192	916
Other Gains / (Losses), net	44	63	19	31	14	28	24	16	-6.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.00	-3.00	-1.00	4.00	5.00	1.00	1.00	5.00	8.00	11
Basic Earnings per Share	$22.17	$20.24	$12.72	$11.93	$5.51	$10.85	$10.39	$1.27	($0.11)	$4.23
Weighted Average Basic Shares Outstanding	486.70M	510.60M	526.90M	544M	544.10M	561.60M	591.40M	591.80M	584.30M	594.30M
Diluted Earnings per Share	$22.05	$20.12	$12.64	$11.83	$5.46	$10.74	$10.26	$1.26	($0.11)	$4.18
Weighted Average Diluted Shares Outstanding	489.40M	513.60M	530.40M	548.50M	548.60M	567.50M	599.40M	599.30M	584.30M	601.30M
Weighted Average Basic & Diluted Shares Outstanding	477.93M	499.38M	516.35M	535.89M	545.30M	550.08M	591.60M	593.70M	586.49M	582.32M
Cash Dividends to Common per Share	$5.53	$5.10	$4.71	$4.36	$4.12	$3.95	$3.36	$3.11	$3.08	$3.01

This table shows Caterpillar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	2,003	2,791	2,464	2,681	2,856	2,676	2,794	2,922	1,943	1,454	2,041
Consolidated Net Income / (Loss)	2,003	2,790	2,463	2,681	2,854	2,673	2,793	2,924	1,942	1,454	2,040
Net Income / (Loss) Continuing Operations	2,003	2,790	2,463	2,681	2,854	2,673	2,793	2,924	1,942	1,454	2,040
Total Pre-Tax Income	2,570	3,243	3,098	3,500	3,532	3,249	3,515	3,652	2,634	2,099	2,558
Total Operating Income	2,579	2,924	3,147	3,482	3,519	3,134	3,449	3,652	2,731	1,680	2,425
Total Gross Profit	5,284	5,894	6,040	6,539	6,137	6,054	6,227	6,253	5,759	4,983	4,792
Total Revenue	14,249	16,215	16,106	16,689	15,799	17,070	16,810	17,318	15,862	16,597	14,994
Operating Revenue	14,249	16,215	16,106	16,689	15,799	17,070	16,810	17,318	15,862	16,597	14,994
Total Cost of Revenue	8,965	10,321	10,066	10,150	9,662	11,016	10,583	11,065	10,103	11,614	10,202
Operating Cost of Revenue	8,965	10,321	10,066	10,150	9,662	11,016	10,583	11,065	10,103	11,614	10,202
Total Operating Expenses	2,705	3,284	2,893	2,743	2,618	3,165	2,778	2,356	3,028	3,303	2,367
Selling, General & Admin Expense	1,593	1,769	1,669	1,652	1,577	1,756	1,624	1,528	1,463	1,479	1,401
Research & Development Expense	480	519	533	535	520	554	554	528	472	401	476
Other Operating Expenses / (Income)	632	996	691	556	521	855	600	300	1,093	498	490
Total Other Income / (Expense), net	-9.00	633	-49	-296	13	360	66	-245	-97	419	133
Interest Expense	116	-207	125	451	143	-119	129	372	129	117	109
Other Income / (Expense), net	107	426	76	155	156	241	195	127	32	536	242
Income Tax Expense	574	463	642	836	688	587	734	752	708	644	527
Other Gains / (Losses), net	7.00	10	7.00	17	10	11	12	24	16	-1.00	9.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-1.00	-1.00	0.00	-2.00	-3.00	-1.00	2.00	-1.00	-	-1.00
Basic Earnings per Share	$4.22	$5.80	$5.09	$5.50	$5.78	$5.30	$5.48	$5.70	$3.76	$2.80	$3.89
Weighted Average Basic Shares Outstanding	474.90M	486.70M	484.20M	487.20M	493.90M	510.60M	509.80M	512.90M	516.20M	526.90M	525M
Diluted Earnings per Share	$4.20	$5.76	$5.06	$5.48	$5.75	$5.26	$5.45	$5.67	$3.74	$2.78	$3.87
Weighted Average Diluted Shares Outstanding	477.10M	489.40M	486.70M	489.50M	496.90M	513.60M	512.60M	515M	519.40M	530.40M	527.60M
Weighted Average Basic & Diluted Shares Outstanding	471.04M	477.93M	482.80M	484.90M	489.27M	499.38M	509.08M	510.14M	515.92M	516.35M	520.41M

This table details how cash moves in and out of Caterpillar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-89	-28	-2,250	-103	1,074	402	-430	1,121	688	-881
Net Cash From Operating Activities	12,035	12,885	7,766	7,198	6,327	6,912	6,558	5,706	5,639	6,699
Net Cash From Continuing Operating Activities	12,035	12,885	7,766	7,198	6,327	6,912	6,558	5,706	5,639	6,699
Net Income / (Loss) Continuing Operations	10,788	10,332	6,704	6,493	3,003	6,094	6,148	759	-59	2,523
Consolidated Net Income / (Loss)	10,788	10,332	6,704	6,493	3,003	6,094	6,148	759	-59	2,523
Depreciation Expense	2,153	2,144	2,219	2,352	2,432	2,577	2,766	2,877	3,034	3,046
Non-Cash Adjustments To Reconcile Net Income	574	850	1,020	-617	1,383	1,143	1,501	1,051	2,439	632
Changes in Operating Assets and Liabilities, net	-1,480	-441	-2,177	-1,030	-491	-2,902	-3,857	1,019	225	498
Net Cash From Investing Activities	-2,453	-5,871	-2,541	-3,084	-1,485	-1,928	-3,212	-966	-1,780	-3,517
Net Cash From Continuing Investing Activities	-2,453	-5,871	-2,541	-3,084	-1,485	-1,928	-3,212	-966	-1,780	-3,517
Purchase of Property, Plant & Equipment	-3,215	-3,092	-2,599	-2,472	-2,115	-2,669	-2,916	-2,336	-2,928	-3,261
Acquisitions	-34	-75	-88	-490	-111	-47	-392	-59	-191	-400
Purchase of Investments	-16,904	-19,566	-16,316	-14,768	-13,023	-13,329	-12,689	-13,001	-9,730	-10,414
Sale of Property, Plant & Equipment	722	781	830	1,265	772	1,153	936	1,164	899	760
Divestitures	-61	-4.00	1.00	36	25	41	16	100	0.00	178
Sale and/or Maturity of Investments	3,238	1,954	2,440	836	387	764	919	1,059	821	487
Other Investing Activities, net	13,801	14,131	13,191	12,509	12,580	12,159	10,914	12,107	9,349	9,133
Net Cash From Financing Activities	-9,565	-6,932	-7,281	-4,188	-3,755	-4,538	-3,650	-3,657	-3,143	-3,894
Net Cash From Continuing Financing Activities	-9,525	-6,932	-7,281	-4,188	-3,755	-4,538	-3,650	-3,657	-3,143	-3,894
Repayment of Debt	-9,317	-6,318	-7,738	-9,800	-8,238	-8,300	-7,876	-9,990	-6,043	-7,782
Repurchase of Common Equity	-7,697	-4,975	-4,230	-2,668	-1,130	-4,047	-3,798	0.00	0.00	-2,025
Payment of Dividends	-2,646	-2,563	-2,440	-2,332	-2,243	-2,132	-1,951	-1,831	-1,799	-1,757
Issuance of Debt	10,115	6,912	7,076	10,477	7,627	9,703	762	-	140	3,022
Issuance of Common Equity	20	12	51	135	229	238	313	566	-23	33
Other Net Changes in Cash	-106	-110	-194	-29	-13	-44	-126	-	-	-

This table details how cash moves in and out of Caterpillar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-3,328	1,251	1,297	-617	-2,020	425	-834	598	-217	658	332
Net Cash From Operating Activities	1,289	3,393	3,569	3,021	2,052	4,003	4,060	3,249	1,573	2,739	2,481
Net Cash From Continuing Operating Activities	1,289	3,393	3,569	3,021	2,052	4,003	4,060	3,249	1,573	2,739	2,481
Net Income / (Loss) Continuing Operations	2,003	2,790	2,463	2,681	2,854	2,673	2,793	2,924	1,942	1,454	2,040
Consolidated Net Income / (Loss)	2,003	2,790	2,463	2,681	2,854	2,673	2,793	2,924	1,942	1,454	2,040
Depreciation Expense	540	555	543	531	524	545	525	542	532	558	551
Non-Cash Adjustments To Reconcile Net Income	78	189	116	338	-69	73	99	-11	689	888	83
Changes in Operating Assets and Liabilities, net	-1,332	-141	447	-529	-1,257	712	643	-206	-1,590	-161	-193
Net Cash From Investing Activities	-175	-1,649	-1,040	-722	958	-554	-3,435	-1,199	-683	-843	190
Net Cash From Continuing Investing Activities	-175	-1,649	-1,040	-722	958	-554	-3,435	-1,199	-683	-843	190
Purchase of Property, Plant & Equipment	-918	-1,037	-723	-719	-736	-854	-781	-707	-750	-708	-617
Acquisitions	-2.00	-2.00	-	-32	0.00	-8.00	-47	-15	-5.00	-44	-8.00
Purchase of Investments	-3,386	-4,555	-4,380	-4,438	-3,531	-4,795	-6,720	-4,495	-3,556	-4,003	-3,490
Sale of Property, Plant & Equipment	149	181	199	187	155	218	195	184	184	164	198
Divestitures	12	6.00	-6.00	-103	42	10	-	-	-14	-	-
Sale and/or Maturity of Investments	930	328	299	731	1,880	1,167	295	229	263	310	905
Other Investing Activities, net	3,040	3,430	3,571	3,652	3,148	3,708	3,623	3,605	3,195	3,438	3,202
Net Cash From Financing Activities	-4,496	-426	-1,210	-2,929	-5,000	-3,033	-1,400	-1,393	-1,106	-1,123	-2,267
Net Cash From Continuing Financing Activities	-4,496	-386	-1,210	-2,929	-5,000	-3,033	-1,400	-1,393	-1,106	-1,123	-2,267
Repayment of Debt	-1,797	-2,455	-1,645	-3,647	-1,570	-1,859	-2,156	-828	-1,475	-2,448	-1,044
Repurchase of Common Equity	-3,660	-640	-782	-1,820	-4,455	-2,766	-380	-1,429	-400	-921	-1,385
Payment of Dividends	-674	-680	-683	-635	-648	-662	-663	-618	-620	-620	-633
Issuance of Debt	1,699	3,384	1,893	3,157	1,681	2,278	1,741	1,479	1,414	2,817	797
Issuance of Common Equity	-64	5.00	7.00	16	-8.00	-24	58	3.00	-25	49	-2.00
Other Net Changes in Cash	54	-67	-22	-	-	9.00	-59	-	-	-115	-

This table presents Caterpillar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	87,764	87,476	81,943	82,793	78,324	78,453	78,509	76,962	74,704	78,342
Total Current Assets	45,682	46,949	43,785	43,455	39,464	39,193	38,603	36,244	31,967	33,508
Cash & Equivalents	6,889	6,978	7,004	9,254	9,352	8,284	7,857	8,261	7,168	6,460
Note & Lease Receivable	9,565	9,510	9,013	8,898	9,463	9,336	8,650	8,757	8,522	8,991
Accounts Receivable	9,282	9,310	8,856	8,477	7,317	8,568	8,802	7,436	5,981	6,695
Inventories, net	16,827	16,565	16,270	14,038	11,402	11,266	11,529	10,018	8,614	9,700
Prepaid Expenses	3,119	4,586	2,642	2,788	1,930	1,739	1,765	1,772	1,682	1,662
Plant, Property, & Equipment, net	13,361	12,680	12,028	12,090	12,401	12,904	13,574	14,155	15,322	16,090
Total Noncurrent Assets	28,721	27,847	26,130	27,248	26,459	26,356	26,332	26,563	27,415	28,744
Noncurrent Note & Lease Receivables	14,467	13,902	13,278	13,911	13,407	13,844	14,447	14,532	14,585	14,821
Goodwill	5,241	5,308	5,288	6,324	6,394	6,196	6,217	6,200	6,020	6,615
Intangible Assets	399	564	758	1,042	1,308	1,565	1,897	2,111	2,349	2,821
Noncurrent Deferred & Refundable Income Taxes	3,312	2,816	2,213	1,840	1,523	1,411	1,439	1,693	2,790	2,489
Other Noncurrent Operating Assets	5,302	5,257	4,593	4,131	3,827	3,340	2,332	2,027	1,671	1,998
Total Liabilities & Shareholders' Equity	87,764	87,476	81,943	82,793	78,324	78,453	78,509	76,962	74,704	78,342
Total Liabilities	68,270	67,973	66,052	66,277	62,946	63,824	64,429	63,196	61,491	63,457
Total Current Liabilities	32,272	34,728	31,531	29,847	25,717	26,621	28,218	26,931	26,132	26,242
Short-Term Debt	11,058	13,406	11,279	11,756	11,164	11,376	11,543	11,025	13,458	12,327
Accounts Payable	7,675	7,906	8,689	8,154	6,128	5,957	7,051	6,487	4,614	5,023
Accrued Expenses	5,243	4,958	4,080	3,757	3,642	3,750	3,573	3,220	3,003	3,116
Dividends Payable	674	649	620	595	562	567	495	466	452	448
Current Deferred Revenue	2,322	1,929	1,860	1,087	1,108	1,187	1,243	1,426	1,167	1,146
Current Employee Benefit Liabilities	2,391	2,757	2,313	2,242	1,096	1,629	2,384	2,559	1,296	1,994
Other Current Liabilities	2,909	3,123	2,690	2,256	2,017	2,155	1,929	1,748	2,142	2,188
Total Noncurrent Liabilities	35,998	33,245	34,521	36,430	37,229	37,203	36,211	36,265	35,359	37,215
Long-Term Debt	27,351	24,472	25,714	26,033	25,999	26,281	16,995	15,918	14,382	16,209
Noncurrent Employee Benefit Liabilities	3,757	4,098	4,203	5,592	6,872	6,599	7,455	8,365	9,357	8,843
Other Noncurrent Operating Liabilities	4,890	4,675	4,604	4,805	4,358	4,323	11,761	11,982	11,620	12,163
Commitments & Contingencies	0.00	0.00	0.00	-	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	19,494	19,503	15,891	16,516	15,378	14,629	14,080	13,766	13,213	14,885
Total Preferred & Common Equity	19,491	19,494	15,869	16,484	15,331	14,588	14,039	13,697	13,137	14,809
Total Common Equity	19,491	19,494	15,869	16,484	15,331	14,588	14,039	13,697	13,137	14,809
Common Stock	6,941	6,403	6,560	6,398	6,230	5,935	5,827	5,593	5,277	5,238
Retained Earnings	59,352	51,250	43,514	39,282	35,167	34,437	30,427	26,301	27,377	29,246
Treasury Stock	-44,331	-36,339	-31,748	-27,643	-25,178	-24,217	-20,531	-17,005	-17,478	-17,640
Accumulated Other Comprehensive Income / (Loss)	-2,471	-1,820	-2,457	-1,553	-888	-1,567	-1,684	-1,192	-2,039	-2,035
Noncontrolling Interest	3.00	9.00	22	32	47	41	41	69	76	76

This table presents Caterpillar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	84,974	87,764	86,273	83,336	83,741	87,476	86,791	85,427	83,649	81,943	80,907
Total Current Assets	43,019	45,682	44,946	43,096	43,664	46,949	48,005	47,000	45,660	43,785	42,577
Cash & Equivalents	3,562	6,889	5,638	4,341	4,959	6,978	6,545	7,387	6,789	7,004	6,346
Note & Lease Receivable	9,655	9,565	9,816	9,516	9,446	9,510	9,608	9,288	9,119	9,013	8,918
Accounts Receivable	9,116	9,282	9,086	9,421	9,296	9,310	9,134	9,416	9,230	8,856	8,158
Inventories, net	17,862	16,827	17,312	17,082	16,953	16,565	17,580	17,746	17,633	16,270	16,860
Prepaid Expenses	2,824	3,119	3,094	2,736	3,010	4,586	5,138	3,163	2,889	2,642	2,295
Plant, Property, & Equipment, net	13,432	13,361	12,837	12,582	12,538	12,680	12,287	12,124	11,973	12,028	11,643
Total Noncurrent Assets	28,523	28,721	28,490	27,658	27,539	27,847	26,499	26,303	26,016	26,130	26,687
Noncurrent Note & Lease Receivables	14,713	14,467	14,609	13,978	13,731	13,902	13,017	13,183	13,054	13,278	13,137
Goodwill	5,270	5,241	5,317	5,264	5,277	5,308	5,268	5,293	5,309	5,288	6,092
Intangible Assets	361	399	448	488	516	564	604	630	694	758	806
Noncurrent Deferred & Refundable Income Taxes	3,334	3,312	3,050	2,920	2,860	2,816	2,719	2,607	2,405	2,213	2,218
Other Noncurrent Operating Assets	4,845	5,302	5,066	5,008	5,155	5,257	4,891	4,590	4,554	4,593	4,434
Total Liabilities & Shareholders' Equity	84,974	87,764	86,273	83,336	83,741	87,476	86,791	85,427	83,649	81,943	80,907
Total Liabilities	66,904	68,270	66,870	66,200	66,096	67,973	66,284	67,171	65,479	66,052	65,285
Total Current Liabilities	32,595	32,272	32,218	33,564	32,371	34,728	33,124	35,314	31,842	31,531	30,202
Short-Term Debt	12,769	11,058	12,117	13,475	13,022	13,406	12,880	14,714	12,165	11,279	11,016
Accounts Payable	7,792	7,675	7,705	7,575	7,778	7,906	7,827	8,443	8,951	8,689	8,260
Accrued Expenses	4,990	5,243	4,980	4,947	4,821	4,958	4,669	4,493	4,121	4,080	4,013
Dividends Payable	0.00	674	0.00	684	0.00	649	0.00	663	0.00	620	0.00
Current Deferred Revenue	2,951	2,322	2,404	2,324	2,194	1,929	2,333	2,137	2,202	1,860	1,831
Current Employee Benefit Liabilities	1,259	2,391	2,078	1,677	1,291	2,757	2,300	1,755	1,368	2,313	2,204
Other Current Liabilities	2,834	2,909	2,934	2,882	3,265	3,123	3,115	3,109	3,035	2,690	2,878
Total Noncurrent Liabilities	34,309	35,998	34,652	32,636	33,725	33,245	33,160	31,857	33,637	34,521	35,083
Long-Term Debt	25,819	27,351	25,784	23,836	24,831	24,472	24,259	22,985	24,873	25,714	25,509
Noncurrent Employee Benefit Liabilities	3,575	3,757	4,029	3,993	4,068	4,098	4,060	4,084	4,069	4,203	5,038
Other Noncurrent Operating Liabilities	4,915	4,890	4,839	4,807	4,826	4,675	4,841	4,788	4,695	4,604	4,536
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	18,070	19,494	19,403	17,136	17,645	19,503	20,507	18,256	18,170	15,891	15,622
Total Preferred & Common Equity	18,067	19,491	19,397	17,130	17,639	19,494	20,489	18,235	18,149	15,869	15,591
Total Common Equity	18,067	19,491	19,397	17,130	17,639	19,494	20,489	18,235	18,149	15,869	15,591
Common Stock	6,043	6,941	5,584	5,517	5,663	6,403	6,698	6,478	6,546	6,560	6,523
Retained Earnings	61,356	59,352	57,920	55,455	54,108	51,250	49,888	47,094	45,457	43,514	43,304
Treasury Stock	-47,127	-44,331	-42,390	-41,612	-40,039	-36,339	-33,865	-33,391	-32,108	-31,748	-30,883
Accumulated Other Comprehensive Income / (Loss)	-2,205	-2,471	-1,717	-2,230	-2,093	-1,820	-2,232	-1,946	-1,746	-2,457	-3,353
Noncontrolling Interest	3.00	3.00	6.00	6.00	6.00	9.00	18	21	21	22	31

This table displays calculated financial ratios and metrics derived from Caterpillar's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.36%	12.84%	16.59%	22.09%	-22.40%	-1.68%	20.37%	17.97%	-18.03%	-14.81%
EBITDA Growth	2.12%	37.59%	3.35%	59.11%	-35.79%	-1.66%	46.76%	103.64%	-47.40%	2.84%
EBIT Growth	2.39%	47.48%	5.79%	92.77%	-45.23%	0.09%	78.32%	616.30%	-83.68%	8.53%
NOPAT Growth	2.93%	69.00%	11.44%	59.04%	-47.08%	-0.86%	699.79%	283.22%	-115.96%	7.36%
Net Income Growth	4.41%	54.12%	3.25%	116.22%	-50.72%	-0.88%	710.01%	1,386.44%	-102.34%	2.23%
EPS Growth	9.59%	59.18%	6.85%	116.67%	-49.16%	4.68%	714.29%	1,245.45%	-102.63%	7.18%
Operating Cash Flow Growth	-6.60%	65.92%	7.89%	13.77%	-8.46%	5.40%	14.93%	1.19%	-15.82%	-16.85%
Free Cash Flow Firm Growth	74.59%	9.02%	47.15%	-16.62%	246.90%	-169.28%	85.73%	-14.99%	-38.89%	-43.03%
Invested Capital Growth	1.25%	9.79%	1.87%	4.33%	-1.84%	26.42%	7.12%	-4.14%	-8.21%	-3.92%
Revenue Q/Q Growth	-1.30%	0.71%	4.94%	5.29%	-4.37%	-2.18%	2.71%	7.88%	-3.64%	-6.40%
EBITDA Q/Q Growth	-0.09%	7.87%	-4.08%	16.60%	-5.87%	-0.42%	1.51%	48.70%	-23.05%	11.53%
EBIT Q/Q Growth	-0.18%	9.35%	-4.74%	22.61%	-8.26%	0.13%	2.31%	119.14%	-63.22%	23.24%
NOPAT Q/Q Growth	-0.44%	16.38%	-3.56%	5.14%	-9.30%	0.34%	67.07%	-39.64%	-133.78%	16.76%
Net Income Q/Q Growth	1.10%	13.38%	-9.04%	26.00%	-9.55%	0.79%	61.79%	-14.81%	-105.80%	18.28%
EPS Q/Q Growth	2.32%	14.06%	-8.14%	26.52%	-9.60%	1.70%	63.90%	-13.70%	-106.21%	18.08%
Operating Cash Flow Q/Q Growth	-4.82%	10.88%	20.61%	-8.40%	-5.41%	5.35%	30.74%	-16.44%	-2.94%	-0.53%
Free Cash Flow Firm Q/Q Growth	-1.18%	63.01%	15.38%	-28.47%	-14.55%	-156.63%	83.65%	-62.92%	43.39%	-38.33%
Invested Capital Q/Q Growth	0.04%	-0.10%	1.53%	3.66%	-0.12%	-0.94%	-19.24%	-21.69%	-26.49%	-20.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.97%	36.23%	30.42%	30.33%	30.34%	31.91%	32.39%	29.82%	27.23%	27.39%
EBITDA Margin	24.75%	23.42%	19.21%	21.67%	16.63%	20.09%	20.09%	16.48%	9.54%	14.87%
Operating Margin	20.17%	19.33%	13.30%	13.49%	10.91%	15.41%	15.15%	9.81%	3.02%	8.05%
EBIT Margin	21.42%	20.22%	15.47%	17.05%	10.80%	15.30%	15.03%	10.15%	1.67%	8.39%
Profit (Net Income) Margin	16.65%	15.41%	11.28%	12.74%	7.19%	11.33%	11.24%	1.67%	-0.15%	5.37%
Tax Burden Percent	80.67%	79.17%	76.60%	79.14%	75.17%	78.01%	78.60%	18.59%	-42.45%	73.36%
Interest Burden Percent	96.31%	96.23%	95.18%	94.39%	88.60%	94.89%	95.09%	88.49%	21.58%	87.15%
Effective Tax Rate	19.66%	21.31%	23.62%	21.23%	25.18%	22.35%	21.71%	81.80%	138.13%	26.64%
Return on Invested Capital (ROIC)	20.44%	20.92%	13.10%	12.12%	7.71%	16.13%	19.05%	2.41%	-1.24%	7.27%
ROIC Less NNEP Spread (ROIC-NNEP)	21.34%	21.33%	15.34%	15.86%	6.33%	14.79%	17.34%	2.15%	0.52%	6.14%
Return on Net Nonoperating Assets (RNNOA)	34.88%	37.46%	28.27%	28.60%	12.30%	26.33%	25.11%	3.21%	0.82%	8.64%
Return on Equity (ROE)	55.33%	58.38%	41.37%	40.72%	20.02%	42.45%	44.16%	5.63%	-0.42%	15.91%
Cash Return on Invested Capital (CROIC)	19.21%	11.59%	11.25%	7.88%	9.57%	-7.21%	12.18%	6.65%	7.33%	11.27%
Operating Return on Assets (OROA)	15.85%	16.01%	11.16%	10.79%	5.75%	10.49%	10.58%	6.08%	0.84%	4.84%
Return on Assets (ROA)	12.31%	12.20%	8.14%	8.06%	3.83%	7.76%	7.91%	1.00%	-0.08%	3.10%
Return on Common Equity (ROCE)	55.31%	58.33%	41.30%	40.62%	19.96%	42.33%	43.98%	5.60%	-0.42%	15.83%
Return on Equity Simple (ROE_SIMPLE)	55.35%	53.00%	42.25%	39.39%	19.59%	41.77%	43.79%	5.54%	-0.45%	17.04%
Net Operating Profit after Tax (NOPAT)	10,502	10,203	6,037	5,418	3,406	6,437	6,493	812	-443	2,777
NOPAT Margin	16.20%	15.21%	10.16%	10.63%	8.16%	11.97%	11.87%	1.79%	-1.15%	5.91%
Net Nonoperating Expense Percent (NNEP)	-0.90%	-0.42%	-2.23%	-3.74%	1.38%	1.34%	1.71%	0.26%	-1.76%	1.14%
Return On Investment Capital (ROIC_SIMPLE)	18.14%	17.78%	11.42%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	62.03%	63.77%	69.58%	69.67%	69.66%	68.09%	67.61%	70.18%	72.77%	72.61%
SG&A Expenses to Revenue	10.29%	9.50%	9.51%	10.53%	11.12%	9.59%	10.01%	11.00%	11.37%	10.53%
R&D to Revenue	3.25%	3.14%	3.05%	3.31%	3.39%	3.15%	3.38%	4.05%	4.81%	4.51%
Operating Expenses to Revenue	17.80%	16.89%	17.12%	16.83%	19.43%	16.51%	10.87%	20.01%	24.21%	19.34%
Earnings before Interest and Taxes (EBIT)	13,885	13,561	9,195	8,692	4,509	8,233	8,226	4,613	644	3,946
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16,038	15,705	11,414	11,044	6,941	10,810	10,992	7,490	3,678	6,992
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.95	7.57	7.55	6.42	5.97	5.03	4.67	5.85	3.43	2.13
Price to Tangible Book Value (P/TBV)	12.60	10.84	12.20	11.60	12.01	10.75	11.07	14.89	9.45	5.87
Price to Revenue (P/Rev)	2.69	2.20	2.02	2.07	2.19	1.36	1.20	1.76	1.17	0.67
Price to Earnings (P/E)	16.17	14.28	17.87	16.30	30.55	12.05	10.67	106.35	0.00	12.56
Dividend Yield	1.50%	1.72%	2.01%	2.19%	2.44%	2.85%	2.95%	2.30%	4.00%	5.43%
Earnings Yield	6.18%	7.00%	5.60%	6.14%	3.27%	8.30%	9.37%	0.94%	0.00%	7.96%
Enterprise Value to Invested Capital (EV/IC)	3.99	3.50	3.22	2.94	2.73	2.31	2.45	3.01	1.92	1.44
Enterprise Value to Revenue (EV/Rev)	3.18	2.66	2.52	2.64	2.86	1.91	1.58	2.18	1.71	1.14
Enterprise Value to EBITDA (EV/EBITDA)	12.85	11.37	13.13	12.16	17.21	9.51	7.85	13.21	17.89	7.68
Enterprise Value to EBIT (EV/EBIT)	14.84	13.16	16.29	15.45	26.49	12.49	10.49	21.45	102.18	13.61
Enterprise Value to NOPAT (EV/NOPAT)	19.62	17.50	24.81	24.80	35.07	15.97	13.29	121.88	0.00	19.34
Enterprise Value to Operating Cash Flow (EV/OCF)	17.12	13.85	19.29	18.66	18.88	14.87	13.16	17.34	11.67	8.02
Enterprise Value to Free Cash Flow (EV/FCFF)	20.88	31.59	28.90	38.13	28.28	0.00	20.79	44.27	25.03	12.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.97	1.94	2.33	2.29	2.42	2.57	2.03	1.96	2.11	1.92
Long-Term Debt to Equity	1.40	1.25	1.62	1.58	1.69	1.80	1.21	1.16	1.09	1.09
Financial Leverage	1.63	1.76	1.84	1.80	1.94	1.78	1.45	1.49	1.55	1.41
Leverage Ratio	4.49	4.79	5.08	5.05	5.22	5.47	5.58	5.62	5.45	5.14
Compound Leverage Factor	4.33	4.61	4.84	4.77	4.63	5.19	5.31	4.97	1.18	4.48
Debt to Total Capital	66.33%	66.01%	69.95%	69.59%	70.73%	72.02%	66.96%	66.18%	67.81%	65.72%
Short-Term Debt to Total Capital	19.10%	23.36%	21.33%	21.65%	21.25%	21.76%	27.08%	27.08%	32.78%	28.39%
Long-Term Debt to Total Capital	47.24%	42.65%	48.62%	47.94%	49.48%	50.26%	39.88%	39.10%	35.03%	37.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.02%	0.04%	0.06%	0.09%	0.08%	0.10%	0.17%	0.19%	0.18%
Common Equity to Total Capital	33.66%	33.97%	30.01%	30.35%	29.18%	27.90%	32.94%	33.65%	32.00%	34.11%
Debt to EBITDA	2.39	2.41	3.24	3.42	5.35	3.48	2.60	3.60	7.57	4.08
Net Debt to EBITDA	1.97	1.97	2.63	2.58	4.01	2.72	1.88	2.49	5.62	3.16
Long-Term Debt to EBITDA	1.71	1.56	2.25	2.36	3.75	2.43	1.55	2.13	3.91	2.32
Debt to NOPAT	3.66	3.71	6.13	6.98	10.91	5.85	4.40	33.19	-62.84	10.28
Net Debt to NOPAT	3.00	3.03	4.97	5.27	8.16	4.56	3.19	23.01	-46.66	7.95
Long-Term Debt to NOPAT	2.60	2.40	4.26	4.81	7.63	4.08	2.62	19.61	-32.46	5.84
Altman Z-Score	3.92	3.57	3.11	2.78	2.44	2.53	2.35	2.17	1.59	1.70
Noncontrolling Interest Sharing Ratio	0.03%	0.09%	0.17%	0.25%	0.29%	0.29%	0.40%	0.54%	0.54%	0.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.42	1.35	1.39	1.46	1.53	1.47	1.37	1.35	1.22	1.28
Quick Ratio	0.80	0.74	0.79	0.89	1.02	0.98	0.90	0.91	0.83	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9,866	5,651	5,183	3,523	4,224	-2,876	4,151	2,235	2,629	4,302
Operating Cash Flow to CapEx	482.75%	557.55%	439.01%	596.35%	471.11%	455.94%	331.21%	486.86%	277.92%	267.85%
Free Cash Flow to Firm to Interest Expense	19.27	11.06	11.70	7.22	8.22	-6.83	3.69	4.21	5.21	8.48
Operating Cash Flow to Interest Expense	23.51	25.22	17.53	14.75	12.31	16.42	5.82	10.75	11.17	13.21
Operating Cash Flow Less CapEx to Interest Expense	18.64	20.69	13.54	12.28	9.70	12.82	4.07	8.54	7.15	8.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.79	0.72	0.63	0.53	0.69	0.70	0.60	0.50	0.58
Accounts Receivable Turnover	6.97	7.38	6.86	6.45	5.26	6.19	6.74	6.78	6.08	6.51
Inventory Turnover	2.41	2.61	2.73	2.79	2.57	3.21	3.43	3.42	3.06	3.12
Fixed Asset Turnover	4.98	5.43	4.93	4.16	3.30	4.06	3.95	3.08	2.45	2.88
Accounts Payable Turnover	5.16	5.15	4.91	4.97	4.81	5.63	5.47	5.75	5.82	5.92
Days Sales Outstanding (DSO)	52.35	49.44	53.23	56.55	69.44	58.92	54.15	53.86	60.03	56.03
Days Inventory Outstanding (DIO)	151.60	140.12	133.77	130.74	142.25	113.57	106.29	106.57	119.18	117.12
Days Payable Outstanding (DPO)	70.74	70.82	74.34	73.39	75.84	64.81	66.78	63.50	62.71	61.69
Cash Conversion Cycle (CCC)	133.21	118.74	112.66	113.89	135.85	107.68	93.66	96.94	116.50	111.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	51,688	51,052	46,500	45,646	43,751	44,569	35,256	32,914	34,337	37,409
Invested Capital Turnover	1.26	1.37	1.29	1.14	0.95	1.35	1.61	1.35	1.07	1.23
Increase / (Decrease) in Invested Capital	636	4,552	854	1,895	-818	9,313	2,342	-1,423	-3,072	-1,525
Enterprise Value (EV)	206,025	178,513	149,812	134,329	119,459	102,809	86,294	98,939	65,802	53,703
Market Capitalization	174,502	147,604	119,801	105,762	91,601	73,395	65,572	80,188	45,054	31,551
Book Value per Share	$40.37	$38.29	$30.49	$30.47	$28.22	$26.40	$23.79	$23.02	$22.45	$25.43
Tangible Book Value per Share	$28.69	$26.76	$18.88	$16.86	$14.04	$12.35	$10.04	$9.05	$8.15	$9.23
Total Capital	57,903	57,381	52,884	54,305	52,541	52,286	42,618	40,709	41,053	43,421
Total Debt	38,409	37,878	36,993	37,789	37,163	37,657	28,538	26,943	27,840	28,536
Total Long-Term Debt	27,351	24,472	25,714	26,033	25,999	26,281	16,995	15,918	14,382	16,209
Net Debt	31,520	30,900	29,989	28,535	27,811	29,373	20,681	18,682	20,672	22,076
Capital Expenditures (CapEx)	2,493	2,311	1,769	1,207	1,343	1,516	1,980	1,172	2,029	2,501
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17,579	18,649	16,529	16,110	15,559	15,664	14,071	12,077	12,125	13,133
Debt-free Net Working Capital (DFNWC)	24,468	25,627	23,533	25,364	24,911	23,948	21,928	20,338	19,293	19,593
Net Working Capital (NWC)	13,410	12,221	12,254	13,608	13,747	12,572	10,385	9,313	5,835	7,266
Net Nonoperating Expense (NNE)	-286	-129	-667	-1,075	403	343	345	53	-384	254
Net Nonoperating Obligations (NNO)	32,194	31,549	30,609	29,130	28,373	29,940	21,176	19,148	21,124	22,524
Total Depreciation and Amortization (D&A)	2,153	2,144	2,219	2,352	2,432	2,577	2,766	2,877	3,034	3,046
Debt-free, Cash-free Net Working Capital to Revenue	27.12%	27.81%	27.81%	31.61%	37.27%	29.12%	25.71%	26.57%	31.46%	27.94%
Debt-free Net Working Capital to Revenue	37.75%	38.22%	39.60%	49.76%	59.67%	44.51%	40.07%	44.74%	50.06%	41.68%
Net Working Capital to Revenue	20.69%	18.22%	20.62%	26.70%	32.93%	23.37%	18.98%	20.49%	15.14%	15.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$22.17	$20.24	$12.72	$11.93	$5.51	$10.85	$10.39	$1.27	($0.11)	$3.54
Adjusted Weighted Average Basic Shares Outstanding	486.70M	510.60M	526.90M	544M	544.10M	561.60M	591.40M	591.80M	584.30M	594.30M
Adjusted Diluted Earnings per Share	$22.05	$20.12	$12.64	$11.83	$5.46	$10.74	$10.26	$1.26	($0.11)	$3.50
Adjusted Weighted Average Diluted Shares Outstanding	489.40M	513.60M	530.40M	548.50M	548.60M	567.50M	599.40M	599.30M	584.30M	601.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	477.93M	499.38M	516.35M	535.89M	545.30M	550.08M	575.54M	597.63M	586.49M	582.32M
Normalized Net Operating Profit after Tax (NOPAT)	10,502	10,203	6,744	5,418	3,406	6,437	6,493	3,122	1,647	2,777
Normalized NOPAT Margin	16.20%	15.21%	11.35%	10.63%	8.16%	11.97%	11.87%	6.87%	4.27%	5.91%
Pre Tax Income Margin	20.63%	19.46%	14.73%	16.10%	9.57%	14.52%	14.29%	8.98%	0.36%	7.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	27.12	26.54	20.76	17.81	8.77	19.56	7.31	8.69	1.28	7.78
NOPAT to Interest Expense	20.51	19.97	13.63	11.10	6.63	15.29	5.77	1.53	-0.88	5.48
EBIT Less CapEx to Interest Expense	22.25	22.02	16.76	15.34	6.16	15.95	5.55	6.48	-2.74	2.85
NOPAT Less CapEx to Interest Expense	15.64	15.44	9.63	8.63	4.01	11.69	4.01	-0.68	-4.90	0.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.53%	24.81%	36.40%	35.92%	74.69%	34.99%	31.73%	241.24%	-3,049.15%	69.64%
Augmented Payout Ratio	95.88%	72.96%	99.49%	77.01%	112.32%	101.39%	93.51%	241.24%	-3,049.15%	149.90%

This table displays calculated financial ratios and metrics derived from Caterpillar's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.81%	-5.01%	-4.19%	-3.63%	-0.40%	2.85%	12.11%	21.56%	16.73%	20.29%	20.95%
EBITDA Growth	-23.17%	-0.38%	-9.67%	-3.54%	27.44%	41.31%	29.55%	56.73%	23.64%	-14.91%	29.65%
EBIT Growth	-26.91%	-0.74%	-11.55%	-3.76%	33.01%	52.30%	36.63%	71.46%	31.07%	-17.13%	41.19%
NOPAT Growth	-29.31%	-2.38%	-8.57%	-8.61%	41.89%	120.49%	41.73%	87.34%	40.65%	-13.17%	45.97%
Net Income Growth	-29.82%	4.38%	-11.82%	-8.31%	46.96%	83.84%	36.91%	74.78%	26.35%	-31.42%	42.86%
EPS Growth	-26.96%	9.51%	-7.16%	-3.35%	53.74%	89.21%	40.83%	81.15%	30.77%	-28.72%	48.85%
Operating Cash Flow Growth	-37.18%	-15.24%	-12.09%	-7.02%	30.45%	46.15%	63.64%	45.50%	402.56%	93.98%	42.59%
Free Cash Flow Firm Growth	-177.64%	194.27%	175.06%	8.16%	-58.83%	-738.93%	-1,733.55%	165.10%	152.83%	156.08%	-85.57%
Invested Capital Growth	5.06%	1.25%	1.11%	3.17%	4.38%	9.79%	11.57%	3.99%	0.55%	1.87%	4.02%
Revenue Q/Q Growth	-12.12%	0.68%	-3.49%	5.63%	-7.45%	1.55%	-2.93%	9.18%	-4.43%	10.69%	5.24%
EBITDA Q/Q Growth	-17.39%	3.69%	-9.64%	-0.74%	7.12%	-5.97%	-3.52%	31.14%	18.78%	-13.80%	16.72%
EBIT Q/Q Growth	-19.82%	3.94%	-11.38%	-1.03%	8.89%	-7.38%	-3.57%	36.77%	24.68%	-16.91%	21.01%
NOPAT Q/Q Growth	-20.09%	0.47%	-5.87%	-6.47%	10.35%	-5.90%	-5.90%	45.22%	71.48%	-39.52%	24.38%
Net Income Q/Q Growth	-28.21%	13.28%	-8.13%	-6.06%	6.77%	-4.30%	-4.48%	50.57%	33.56%	-28.73%	21.94%
EPS Q/Q Growth	-27.08%	13.83%	-7.66%	-4.70%	9.32%	-3.49%	-3.88%	51.60%	34.53%	-28.17%	23.64%
Operating Cash Flow Q/Q Growth	-62.01%	-4.93%	18.14%	47.22%	-48.74%	-1.40%	24.96%	106.55%	-42.57%	10.40%	11.11%
Free Cash Flow Firm Q/Q Growth	-129.62%	-3.07%	76.84%	52.94%	135.96%	22.83%	-354.83%	-41.77%	458.01%	97.30%	110.15%
Invested Capital Q/Q Growth	2.72%	0.04%	1.72%	0.50%	-1.00%	-0.10%	3.80%	1.68%	4.13%	1.53%	-3.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.08%	36.35%	37.50%	39.18%	38.84%	35.47%	37.04%	36.11%	36.31%	30.02%	31.96%
EBITDA Margin	22.64%	24.08%	23.38%	24.97%	26.58%	22.96%	24.80%	24.95%	20.77%	16.71%	21.46%
Operating Margin	18.10%	18.03%	19.54%	20.86%	22.27%	18.36%	20.52%	21.09%	17.22%	10.12%	16.17%
EBIT Margin	18.85%	20.66%	20.01%	21.79%	23.26%	19.77%	21.68%	21.82%	17.42%	13.35%	17.79%
Profit (Net Income) Margin	14.06%	17.21%	15.29%	16.06%	18.06%	15.66%	16.62%	16.88%	12.24%	8.76%	13.61%
Tax Burden Percent	77.94%	86.03%	79.50%	76.60%	80.80%	82.27%	79.46%	80.07%	73.73%	69.27%	79.75%
Interest Burden Percent	95.68%	96.81%	96.12%	96.23%	96.11%	96.27%	96.46%	96.64%	95.33%	94.72%	95.91%
Effective Tax Rate	22.33%	14.28%	20.72%	23.89%	19.48%	18.07%	20.88%	20.59%	26.88%	30.68%	20.60%
Return on Invested Capital (ROIC)	17.16%	19.50%	19.80%	21.07%	24.28%	20.68%	22.31%	22.46%	16.09%	9.05%	16.19%
ROIC Less NNEP Spread (ROIC-NNEP)	17.16%	20.39%	19.69%	21.17%	24.35%	21.02%	22.52%	22.54%	15.91%	10.02%	16.59%
Return on Net Nonoperating Assets (RNNOA)	32.64%	33.33%	31.02%	38.66%	42.93%	36.91%	37.88%	41.45%	27.65%	18.47%	29.52%
Return on Equity (ROE)	49.80%	52.83%	50.81%	59.73%	67.21%	57.60%	60.19%	63.91%	43.74%	27.52%	45.71%
Cash Return on Invested Capital (CROIC)	13.73%	19.21%	19.43%	18.44%	18.01%	11.59%	7.15%	12.58%	13.17%	11.25%	10.00%
Operating Return on Assets (OROA)	14.14%	15.28%	15.19%	17.14%	18.62%	15.65%	17.21%	16.97%	12.95%	9.63%	12.46%
Return on Assets (ROA)	10.54%	12.73%	11.60%	12.64%	14.46%	12.40%	13.19%	13.13%	9.11%	6.32%	9.53%
Return on Common Equity (ROCE)	49.78%	52.82%	50.78%	59.69%	67.16%	57.55%	60.11%	63.82%	43.67%	27.47%	45.63%
Return on Equity Simple (ROE_SIMPLE)	55.00%	0.00%	55.01%	64.22%	63.75%	0.00%	44.48%	45.85%	39.17%	0.00%	47.27%
Net Operating Profit after Tax (NOPAT)	2,003	2,507	2,495	2,650	2,834	2,568	2,729	2,900	1,997	1,165	1,925
NOPAT Margin	14.06%	15.46%	15.49%	15.88%	17.93%	15.04%	16.23%	16.75%	12.59%	7.02%	12.84%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.89%	0.10%	-0.10%	-0.06%	-0.34%	-0.21%	-0.08%	0.18%	-0.97%	-0.40%
Return On Investment Capital (ROIC_SIMPLE)	3.54%	4.33%	-	-	-	4.48%	-	-	-	2.20%	-
Cost of Revenue to Revenue	62.92%	63.65%	62.50%	60.82%	61.16%	64.53%	62.96%	63.89%	63.69%	69.98%	68.04%
SG&A Expenses to Revenue	11.18%	10.91%	10.36%	9.90%	9.98%	10.29%	9.66%	8.82%	9.22%	8.91%	9.34%
R&D to Revenue	3.37%	3.20%	3.31%	3.21%	3.29%	3.25%	3.30%	3.05%	2.98%	2.42%	3.17%
Operating Expenses to Revenue	18.98%	20.25%	17.96%	16.44%	16.57%	18.54%	16.53%	13.60%	19.09%	19.90%	15.79%
Earnings before Interest and Taxes (EBIT)	2,686	3,350	3,223	3,637	3,675	3,375	3,644	3,779	2,763	2,216	2,667
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,226	3,905	3,766	4,168	4,199	3,920	4,169	4,321	3,295	2,774	3,218
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.68	8.95	9.74	9.48	10.49	7.57	6.66	6.81	6.33	7.55	5.34
Price to Tangible Book Value (P/TBV)	12.61	12.60	13.86	14.27	15.63	10.84	9.33	10.08	9.46	12.20	9.58
Price to Revenue (P/Rev)	2.48	2.69	2.88	2.45	2.76	2.20	2.05	1.92	1.86	2.02	1.47
Price to Earnings (P/E)	15.78	16.17	17.70	14.75	16.46	14.28	14.96	14.85	16.16	17.87	11.30
Dividend Yield	1.68%	1.50%	1.36%	1.57%	1.40%	1.72%	1.83%	2.00%	2.12%	2.01%	2.87%
Earnings Yield	6.34%	6.18%	5.65%	6.78%	6.08%	7.00%	6.68%	6.74%	6.19%	5.60%	8.85%
Enterprise Value to Invested Capital (EV/IC)	3.61	3.99	4.28	3.85	4.31	3.50	3.27	3.14	3.00	3.22	2.48
Enterprise Value to Revenue (EV/Rev)	3.03	3.18	3.37	2.94	3.25	2.66	2.51	2.38	2.35	2.52	2.00
Enterprise Value to EBITDA (EV/EBITDA)	12.74	12.85	13.78	11.87	13.13	11.37	11.47	11.35	12.05	13.13	9.54
Enterprise Value to EBIT (EV/EBIT)	14.88	14.84	15.91	13.63	15.06	13.16	13.46	13.52	14.74	16.29	11.76
Enterprise Value to NOPAT (EV/NOPAT)	19.84	19.62	20.97	18.11	19.76	17.50	19.05	19.39	21.92	24.81	18.13
Enterprise Value to Operating Cash Flow (EV/OCF)	17.02	17.12	17.50	14.87	16.31	13.85	14.37	15.38	16.09	19.29	17.63
Enterprise Value to Free Cash Flow (EV/FCFF)	26.96	20.88	22.16	21.17	24.46	31.59	48.17	25.42	22.83	28.90	25.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.14	1.97	1.95	2.18	2.15	1.94	1.81	2.07	2.04	2.33	2.34
Long-Term Debt to Equity	1.43	1.40	1.33	1.39	1.41	1.25	1.18	1.26	1.37	1.62	1.63
Financial Leverage	1.90	1.63	1.58	1.83	1.76	1.76	1.68	1.84	1.74	1.84	1.78
Leverage Ratio	4.72	4.49	4.34	4.77	4.67	4.79	4.64	4.90	4.70	5.08	5.00
Compound Leverage Factor	4.52	4.35	4.17	4.59	4.49	4.61	4.48	4.73	4.49	4.82	4.80
Debt to Total Capital	68.11%	66.33%	66.14%	68.53%	68.21%	66.01%	64.43%	67.37%	67.09%	69.95%	70.04%
Short-Term Debt to Total Capital	22.54%	19.10%	21.15%	24.75%	23.46%	23.36%	22.34%	26.30%	22.03%	21.33%	21.12%
Long-Term Debt to Total Capital	45.57%	47.24%	45.00%	43.78%	44.74%	42.65%	42.08%	41.08%	45.05%	48.62%	48.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%	0.04%	0.04%	0.04%	0.06%
Common Equity to Total Capital	31.89%	33.66%	33.85%	31.46%	31.78%	33.97%	35.54%	32.59%	32.87%	30.01%	29.90%
Debt to EBITDA	2.56	2.39	2.36	2.27	2.28	2.41	2.55	2.77	3.08	3.24	3.07
Net Debt to EBITDA	2.33	1.97	2.01	2.00	1.98	1.97	2.10	2.23	2.51	2.63	2.54
Long-Term Debt to EBITDA	1.71	1.71	1.61	1.45	1.50	1.56	1.67	1.69	2.07	2.25	2.14
Debt to NOPAT	3.99	3.66	3.59	3.46	3.43	3.71	4.24	4.73	5.59	6.13	5.83
Net Debt to NOPAT	3.62	3.00	3.06	3.06	2.98	3.03	3.49	3.81	4.57	4.97	4.82
Long-Term Debt to NOPAT	2.67	2.60	2.44	2.21	2.25	2.40	2.77	2.89	3.76	4.26	4.07
Altman Z-Score	3.41	3.53	3.70	3.48	3.69	3.18	3.15	2.95	2.86	2.83	2.51
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.06%	0.08%	0.08%	0.09%	0.14%	0.16%	0.15%	0.17%	0.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	1.42	1.40	1.28	1.35	1.35	1.45	1.33	1.43	1.39	1.41
Quick Ratio	0.69	0.80	0.76	0.69	0.73	0.74	0.76	0.74	0.79	0.79	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-554	1,871	1,930	1,091	714	-1,984	-2,571	1,009	1,733	311	157
Operating Cash Flow to CapEx	167.62%	396.38%	681.11%	567.86%	353.18%	629.40%	692.83%	621.22%	277.92%	503.49%	592.12%
Free Cash Flow to Firm to Interest Expense	-4.78	0.00	15.44	2.42	4.99	0.00	-19.93	2.71	13.43	2.65	1.44
Operating Cash Flow to Interest Expense	11.11	0.00	28.55	6.70	14.35	0.00	31.47	8.73	12.19	23.41	22.76
Operating Cash Flow Less CapEx to Interest Expense	4.48	0.00	24.36	5.52	10.29	0.00	26.93	7.33	7.81	18.76	18.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.74	0.76	0.79	0.80	0.79	0.79	0.78	0.74	0.72	0.70
Accounts Receivable Turnover	6.87	6.97	7.21	7.05	7.23	7.38	7.70	7.27	6.72	6.86	7.17
Inventory Turnover	2.27	2.41	2.34	2.38	2.45	2.61	2.52	2.56	2.56	2.73	2.60
Fixed Asset Turnover	4.87	4.98	5.23	5.37	5.47	5.43	5.57	5.43	5.16	4.93	4.81
Accounts Payable Turnover	5.07	5.16	5.27	5.17	5.06	5.15	5.39	5.20	4.84	4.91	5.13
Days Sales Outstanding (DSO)	53.12	52.35	50.64	51.80	50.46	49.44	47.39	50.18	54.32	53.23	50.94
Days Inventory Outstanding (DIO)	160.85	151.60	155.71	153.49	149.13	140.12	144.94	142.77	142.32	133.77	140.19
Days Payable Outstanding (DPO)	71.93	70.74	69.32	70.59	72.13	70.82	67.70	70.20	75.42	74.34	71.08
Cash Conversion Cycle (CCC)	142.03	133.21	137.04	134.69	127.46	118.74	124.63	122.75	121.23	112.66	120.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	53,096	51,688	51,666	50,790	50,539	51,052	51,101	49,231	48,419	46,500	45,801
Invested Capital Turnover	1.22	1.26	1.28	1.33	1.35	1.37	1.37	1.34	1.28	1.29	1.26
Increase / (Decrease) in Invested Capital	2,557	636	565	1,559	2,120	4,552	5,300	1,891	264	854	1,768
Enterprise Value (EV)	191,896	206,025	221,243	195,292	218,013	178,513	166,978	154,461	145,187	149,812	113,495
Market Capitalization	156,867	174,502	188,974	162,316	185,113	147,604	136,366	124,128	114,917	119,801	83,285
Book Value per Share	$37.80	$40.37	$40.00	$35.01	$35.71	$38.29	$40.16	$35.34	$35.15	$30.49	$29.53
Tangible Book Value per Share	$26.02	$28.69	$28.11	$23.25	$23.98	$26.76	$28.65	$23.86	$23.52	$18.88	$16.47
Total Capital	56,658	57,903	57,304	54,447	55,498	57,381	57,646	55,955	55,208	52,884	52,147
Total Debt	38,588	38,409	37,901	37,311	37,853	37,878	37,139	37,699	37,038	36,993	36,525
Total Long-Term Debt	25,819	27,351	25,784	23,836	24,831	24,472	24,259	22,985	24,873	25,714	25,509
Net Debt	35,026	31,520	32,263	32,970	32,894	30,900	30,594	30,312	30,249	29,989	30,179
Capital Expenditures (CapEx)	769	856	524	532	581	636	586	523	566	544	419
Debt-free, Cash-free Net Working Capital (DFCFNWC)	19,631	17,579	19,207	18,666	19,356	18,649	21,216	19,013	19,194	16,529	17,045
Debt-free Net Working Capital (DFNWC)	23,193	24,468	24,845	23,007	24,315	25,627	27,761	26,400	25,983	23,533	23,391
Net Working Capital (NWC)	10,424	13,410	12,728	9,532	11,293	12,221	14,881	11,686	13,818	12,254	12,375
Net Nonoperating Expense (NNE)	-0.01	-283	32	-31	-20	-105	-64	-24	55	-289	-115
Net Nonoperating Obligations (NNO)	35,026	32,194	32,263	33,654	32,894	31,549	30,594	30,975	30,249	30,609	30,179
Total Depreciation and Amortization (D&A)	540	555	543	531	524	545	525	542	532	558	551
Debt-free, Cash-free Net Working Capital to Revenue	31.03%	27.12%	29.25%	28.13%	28.89%	27.81%	31.86%	29.35%	31.11%	27.81%	30.10%
Debt-free Net Working Capital to Revenue	36.66%	37.75%	37.84%	34.67%	36.29%	38.22%	41.69%	40.76%	42.11%	39.60%	41.31%
Net Working Capital to Revenue	16.48%	20.69%	19.38%	14.36%	16.86%	18.22%	22.35%	18.04%	22.40%	20.62%	21.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.22	$5.80	$5.09	$5.50	$5.78	$5.30	$5.48	$5.70	$3.76	$2.80	$3.89
Adjusted Weighted Average Basic Shares Outstanding	474.90M	486.70M	484.20M	487.20M	493.90M	510.60M	509.80M	512.90M	516.20M	526.90M	525M
Adjusted Diluted Earnings per Share	$4.20	$5.76	$5.06	$5.48	$5.75	$5.26	$5.45	$5.67	$3.74	$2.78	$3.87
Adjusted Weighted Average Diluted Shares Outstanding	477.10M	489.40M	486.70M	489.50M	496.90M	513.60M	512.60M	515M	519.40M	530.40M	527.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	471.04M	477.93M	482.80M	484.90M	489.27M	499.38M	509.08M	510.14M	515.92M	516.35M	520.41M
Normalized Net Operating Profit after Tax (NOPAT)	2,003	2,507	2,495	2,650	2,834	2,568	2,729	2,900	1,997	1,165	1,925
Normalized NOPAT Margin	14.06%	15.46%	15.49%	15.88%	17.93%	15.04%	16.23%	16.75%	12.59%	7.02%	12.84%
Pre Tax Income Margin	18.04%	20.00%	19.24%	20.97%	22.36%	19.03%	20.91%	21.09%	16.61%	12.65%	17.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	23.16	0.00	25.78	8.06	25.70	0.00	28.25	10.16	21.42	18.94	24.47
NOPAT to Interest Expense	17.27	0.00	19.96	5.88	19.81	0.00	21.15	7.80	15.48	9.95	17.66
EBIT Less CapEx to Interest Expense	16.53	0.00	21.59	6.88	21.64	0.00	23.71	8.75	17.03	14.29	20.62
NOPAT Less CapEx to Interest Expense	10.64	0.00	15.77	4.70	15.75	0.00	16.61	6.39	11.09	5.30	13.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.89%	24.53%	24.63%	23.71%	23.04%	24.81%	27.66%	29.80%	34.67%	36.40%	32.82%
Augmented Payout Ratio	96.35%	95.88%	116.68%	109.34%	103.35%	72.96%	62.01%	79.26%	88.27%	99.49%	91.91%

Frequently Asked Questions About Caterpillar's Financials

When does Caterpillar's fiscal year end?

According to the most recent income statement we have on file, Caterpillar's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Caterpillar's net income changed over the last 9 years?

Caterpillar's net income appears to be on an upward trend, with a most recent value of $10.79 billion in 2024, rising from $2.52 billion in 2015. The previous period was $10.33 billion in 2023. View Caterpillar's forecast to see where analysts expect Caterpillar to go next.

What is Caterpillar's operating income?

Caterpillar's total operating income in 2024 was $13.07 billion, based on the following breakdown:

Total Gross Profit: $24.61 billion
Total Operating Expenses: $11.54 billion

How has Caterpillar revenue changed over the last 9 years?

Over the last 9 years, Caterpillar's total revenue changed from $47.01 billion in 2015 to $64.81 billion in 2024, a change of 37.9%.

How much debt does Caterpillar have?

Caterpillar's total liabilities were at $68.27 billion at the end of 2024, a 0.4% increase from 2023, and a 7.6% increase since 2015.

How much cash does Caterpillar have?

In the past 9 years, Caterpillar's cash and equivalents has ranged from $6.46 billion in 2015 to $9.35 billion in 2020, and is currently $6.89 billion as of their latest financial filing in 2024.

How has Caterpillar's book value per share changed over the last 9 years?

Over the last 9 years, Caterpillar's book value per share changed from 25.43 in 2015 to 40.37 in 2024, a change of 58.7%.

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This page (NYSE:CAT) was last updated on 5/21/2025 by MarketBeat.com Staff

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