Caterpillar (CAT) Financials

$309.39 +1.99 (+0.65%)

As of 03:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	2,512	-67	754	6,147	6,093	2,998	6,489	6,705	10,335	10,792
Consolidated Net Income / (Loss)	2,523	-59	759	6,148	6,094	3,003	6,493	6,704	10,332	10,788
Net Income / (Loss) Continuing Operations	2,523	-59	759	8,912	6,094	3,003	6,493	6,704	10,332	10,788
Total Pre-Tax Income	3,439	139	4,082	7,822	7,812	3,995	8,204	8,752	13,050	13,373
Total Operating Income	3,785	1,162	4,460	8,293	8,290	4,553	6,878	7,904	12,966	13,072
Total Gross Profit	12,878	10,493	13,556	17,725	17,170	12,666	15,458	18,077	24,293	24,610
Total Revenue	47,011	38,537	45,462	54,722	53,800	41,748	50,971	59,427	67,060	64,809
Operating Revenue	47,011	38,537	45,462	54,722	53,800	41,748	50,971	59,427	67,060	64,809
Total Cost of Revenue	34,133	28,044	31,906	36,997	36,630	29,082	35,513	41,350	42,767	40,199
Operating Cost of Revenue	33,546	28,044	31,260	36,997	36,630	29,082	35,513	41,350	42,767	40,199
Total Operating Expenses	9,093	9,331	9,096	5,946	8,880	8,113	8,580	10,173	11,327	11,538
Selling, General & Admin Expense	4,951	4,383	4,999	5,478	5,162	4,642	5,365	5,651	6,371	6,667
Research & Development Expense	2,119	1,853	1,842	1,850	1,693	1,415	1,686	1,814	2,108	2,107
Other Operating Expenses / (Income)	2,023	1,904	2,255	-1,382	2,025	2,056	1,529	1,783	2,848	2,764
Impairment Charge	0.00	595	0.00	-	-	0.00	0.00	925	0.00	0.00
Total Other Income / (Expense), net	-346	-1,023	-378	-1,193	-478	-558	1,326	848	84	301
Interest Expense	507	505	531	1,126	421	514	488	443	511	512
Other Income / (Expense), net	161	-518	153	-67	-57	-44	1,814	1,291	595	813
Income Tax Expense	916	192	3,339	1,698	1,746	1,006	1,742	2,067	2,781	2,629
Other Gains / (Losses), net	0.00	-6.00	16	24	28	14	31	19	63	44
Net Income / (Loss) Attributable to Noncontrolling Interest	11	8.00	5.00	1.00	1.00	5.00	4.00	-1.00	-3.00	-4.00
Basic Earnings per Share	$4.23	($0.11)	$1.27	$10.39	$10.85	$5.51	$11.93	$12.72	$20.24	$22.17
Weighted Average Basic Shares Outstanding	594.30M	584.30M	591.80M	591.40M	561.60M	544.10M	544M	526.90M	510.60M	486.70M
Diluted Earnings per Share	$4.18	($0.11)	$1.26	$10.26	$10.74	$5.46	$11.83	$12.64	$20.12	$22.05
Weighted Average Diluted Shares Outstanding	601.30M	584.30M	599.30M	599.40M	567.50M	548.60M	548.50M	530.40M	513.60M	489.40M
Weighted Average Basic & Diluted Shares Outstanding	582.32M	586.49M	593.70M	591.60M	550.08M	545.30M	535.89M	516.35M	499.38M	477.93M
Cash Dividends to Common per Share	$3.01	$3.08	$3.11	$3.36	$3.95	$4.12	$4.36	$4.71	$5.10	$5.53

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

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

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

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

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

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

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

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

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

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

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.

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 4/30/2025 by MarketBeat.com Staff

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Caterpillar (CAT) Financials

Frequently Asked Questions About Caterpillar's Financials

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Caterpillar (CAT) Financials

Annual Income Statements for Caterpillar

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Quarterly Cash Flow Statements for Caterpillar

Annual Balance Sheets for Caterpillar

Quarterly Balance Sheets for Caterpillar

Annual Metrics and Ratios for Caterpillar

Quarterly Metrics and Ratios for Caterpillar

Frequently Asked Questions About Caterpillar's Financials

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