Caterpillar IncCaterpillar Inc
Caterpillar Inc

Caterpillar Inc

CAT
Industrials·Machinery

Caterpillar, Inc. engages in the business of manufacturing construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Power and Energy, and All Other. The Construction Industries segment is involved in supporting customers using machinery in infrastructure and building construction applications. The Resource Industries segment offers machinery in mining, heavy construction, quarry, and aggregates. The Power and Energy segment focuses on reciprocating engines, turbines, diesel-electric locomotives, and related services across industries serving oil and gas, power generation, industrial, and transportation applications including marine- and rail-related businesses. The All Other segment includes activities such as the business strategy, product management and development, manufacturing, and sourcing of wear and maintenance components products, parts distribution, integrated logistics solutions, distribution services responsible for dealer development, and administration. The company was founded on April 15, 1925, and is headquartered in Irving, TX.

Illinois; U.S.A
Market cap
$366.1BNo data
Revenue
$67.6B+4.3% YoY
Net income
$8.9B−17.7% YoY
Free cash flow
$8.9B−11.2% YoY

Market

Listed stock
Tokenized stocks
CATPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$67.6B+4.3% YoY
Operating income
$11.2B−14.7% YoY
Net income
$8.9B−17.7% YoY
Free cash flow
$8.9B−11.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $51B, 2022 $59.4B, 2023 $67.1B, 2024 $64.8B, 2025 $67.6B. Operating income: 2021 $6.9B, 2022 $7.9B, 2023 $13B, 2024 $13.1B, 2025 $11.2B. Net income: 2021 $6.5B, 2022 $6.7B, 2023 $10.3B, 2024 $10.8B, 2025 $8.9B. Free cash flow: 2021 $6.1B, 2022 $6.5B, 2023 $11.3B, 2024 $10B, 2025 $8.9B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
4.3%+765 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $6.9B, 2022-12-31 $7.9B, 2023-12-31 $13B, 2024-12-31 $13.1B, 2025-12-31 $11.2B. Net income: 2021-12-31 $6.5B, 2022-12-31 $6.7B, 2023-12-31 $10.3B, 2024-12-31 $10.8B, 2025-12-31 $8.9B. Free cash flow: 2021-12-31 $6.1B, 2022-12-31 $6.5B, 2023-12-31 $11.3B, 2024-12-31 $10B, 2025-12-31 $8.9B

Growth heatmap

2022202320242025CAGR
Revenue
+16.6%
+12.8%
-3.4%
+4.3%
+7.3%
Gross profit
+16.9%
+34.4%
+1.3%
-7.2%
+10.2%
Operating income
+14.9%
+64.0%
+0.8%
-14.7%
+12.8%
Free cash flow
+6.0%
+74.5%
-11.0%
-11.2%
+9.9%

Earnings quality

Operating cash flow
$11.7B−2.5% YoY
Net income
$8.9B−17.7% YoY
Free cash flow
$8.9B−11.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 132%, 2024-12-31 112%, 2023-12-31 125%, 2022-12-31 116%, 2021-12-31 111%. Free cash flow: 2025-12-31 100%, 2024-12-31 93%, 2023-12-31 109%, 2022-12-31 97%, 2021-12-31 94%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data