CAT Financials Caterpillar

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 10.1% per year over the past 5 years.
Net income has grown slower than revenue (8.2% vs 10.1% per year).
Operating margin has expanded, at 16.5% in the latest year.
Free cash flow has grown 10.8% per year over the past 5 years.

Financial health

Total debt ($36.2B) exceeds cash ($10.0B); net debt is $26.2B.
Total debt has grown slower than revenue (5.3% vs 10.1% per year).
Total debt is 2.7× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 30.9% of earnings and 30.8% of free cash flow.
The dividend has grown 4.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$67.6B	$8.9B	99.9%	16.5%	$8.9B	$36.2B	$10.0B
2024	$64.8B	$10.8B	99.9%	20.2%	$10.0B	$31.7B	$6.9B
2023	$67.1B	$10.3B	99.8%	19.3%	$11.3B	$29.1B	$7.0B
2022	$59.4B	$6.7B	99.3%	13.3%	$6.5B	$31.7B	$7.0B
2021	$51.0B	$6.5B	0.0%	13.5%	$6.1B	$31.4B	$9.3B
2020	$41.7B	—	0.0%	10.9%	$5.3B	$28.0B	$9.4B
2019	$53.8B	—	0.0%	15.4%	$5.9B	$31.4B	—
2018	$54.7B	—	0.0%	15.2%	$5.3B	$30.7B	—
2017	$45.5B	—	0.0%	9.8%	—	$28.7B	—
2016	$38.5B	—	0.0%	3.0%	—	$30.1B	—
2015	$47.0B	—	0.0%	8.1%	—	$32.1B	—
2014	$55.2B	—	0.0%	6.0%	—	$32.4B	—
2013	$55.7B	—	0.0%	17.7%	—	$30.4B	—
2012	$65.9B	—	0.0%	13.0%	—	$33.0B	—
2011	$60.1B	—	0.0%	11.9%	—	$28.9B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$17.4B	$2.5B	35.1%	17.7%	$1.1B	—	$4.1B
Dec '25	$19.1B	$2.4B	30.5%	13.9%	$2.7B	$36.2B	$10.0B
Sep '25	$17.6B	$2.3B	33.8%	17.3%	$3.1B	—	$7.5B
Jun '25	$16.6B	$2.2B	34.8%	17.3%	$2.6B	—	$5.4B
Mar '25	$14.2B	$2.0B	37.1%	18.1%	$579M	—	$3.6B
Dec '24	$16.2B	$2.8B	36.3%	18.0%	$2.7B	$31.7B	$6.9B
Sep '24	$16.1B	$2.5B	37.5%	19.5%	$3.1B	—	$5.6B
Jun '24	$16.7B	$2.7B	39.2%	20.9%	$2.7B	—	$4.3B
Mar '24	$15.8B	$2.9B	38.8%	22.3%	$1.6B	—	$5.0B
Dec '23	$17.1B	$2.7B	35.5%	18.4%	$3.5B	$29.1B	$7.0B
Sep '23	$16.8B	$2.8B	37.0%	20.5%	$3.7B	—	$6.5B
Jun '23	$17.3B	$2.9B	36.1%	21.1%	$3.0B	—	$7.4B
Mar '23	$15.9B	$1.9B	36.3%	17.2%	$1.2B	—	$6.8B
Dec '22	$16.6B	$1.5B	30.0%	10.1%	$2.3B	$31.7B	$7.0B
Sep '22	$15.0B	$2.0B	32.0%	16.2%	$2.2B	—	$6.3B
Jun '22	$14.2B	$1.7B	30.0%	13.6%	$2.0B	—	$6.0B
Mar '22	$13.6B	$1.5B	29.7%	13.7%	-$33M	—	$6.5B
Dec '21	$13.8B	$2.1B	27.5%	11.7%	$992M	$31.4B	$9.3B
Sep '21	$12.4B	$1.4B	30.5%	13.4%	$1.5B	—	$9.4B
Jun '21	$12.9B	$1.4B	31.1%	13.9%	$2.0B	—	—

Valuation over time

How the market has priced CAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 15.7× (Mar '23) to 54.9× (Jun '26).
The price-to-sales ratio has risen from 1.8× (Mar '23) to 7.2× (Jun '26).
The dividend yield has fallen from 2.3% (Mar '23) to 0.6% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CAT growing its revenue and profit?

Over the past 5 years, Caterpillar's revenue has grown 10.1% per year, and net income grown 8.2% per year. These are computed facts, not advice.

How much debt does CAT have?

As of FY2025, Caterpillar reported $36.2B of total debt against $10.0B of cash.

What is CAT's profit margin?

In FY2025, gross margin was 99.9%, operating margin 16.5%, and net margin 13.1%.

What is CAT's P/E ratio?

As of Jun '26, Caterpillar traded at a price-to-earnings ratio of about 54.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.