Caterpillar CAT

Construction & mining equipment. Caterpillar Inc., listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Caterpillar's market cap is
about $253.3 billion.

#40 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $67.589B.

Share price (close): $553.64; Close on Nov 5, 2026 · per share
P/E ratio: 29.4x; Closing price ÷ latest annual EPS
Market cap: $253.3B; #40 of 289
Revenue: $67.589B; #57 of 299 · +4.3% YoY
Operating income: $11.151B; #30 of 231 · −14.7% YoY
Net income: $8.882B; #45 of 298 · −17.7% YoY
Free cash flow: $8.918B; #47 of 261 · −11.2% YoY
Total assets: $98.585B; #85 of 299 · +12.3% YoY
Dividends paid: $2.749B; #58 of 214 · +3.9% YoY
Dividend per share: $5.94; #33 of 205 · +7.4% YoY
Dividend yield: 1.1%; #133 of 203
Shares outstanding: 465,287,332 shares; As of Dec 31, 2025

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue0.1%
R&D3.2%
SG&A and other80.3%
Taxes, interest & other3.4%
Net income13.1%

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +4.3%; #210 of 299; Revenue was roughly flat. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: 16.5%; #138 of 231; 16.5% of revenue was kept as operating profit. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: 13.1%; #157 of 298; After taxes, 13.1% of revenue was left as net income. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 13.2%; #150 of 261; Cash is left over after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: 43.5%; #48 of 276; Earns a lot relative to its equity. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 362.4%; #204 of 244; Liabilities are more than twice equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$11.739B
Capital spending−$2.821B
Free cash flow (FCF)$8.918B
Dividends paid−$2.749B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 78%Equity 22%

Total assets$98.585B
Total liabilities$77.267B
Total equity$21.318B
Cash and equivalents$9.98B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
CaterpillarCAT	$67.589B	$8.882B	+4.3%	16.5%	13.1%
Deere & CompanyDE	$45.684B	$5.027B	−11.7%	—	11.0%
Parker HannifinPH	$21.499B	$3.649B	+8.3%	23.6%	17.0%
Illinois Tool WorksITW	$16.044B	$3.066B	+0.9%	26.3%	19.1%
CumminsCMI	$33.67B	$2.957B	−1.3%	11.9%	8.8%

What the company does

Caterpillar is the world's largest heavy equipment maker, building excavators, bulldozers and other construction and mining machines, plus engines and power generation equipment.

The fiscal year ends around December each year.

Related companies: Deere & Company, Parker Hannifin, Illinois Tool Works, Cummins

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	50.971B	59.427B	67.06B	64.809B	67.589B
Cost of revenue	35.513B	413M	160M	33M	49M
Gross profit	15.458B	59.014B	66.9B	64.776B	67.54B
R&D expense	1.686B	1.814B	2.108B	2.107B	2.148B
Operating income	6.878B	7.904B	12.966B	13.072B	11.151B
Pretax income	8.204B	8.752B	13.05B	13.373B	11.541B
Net income	6.493B	6.704B	10.332B	10.788B	8.882B
EPS (diluted)	$11.83	$12.64	$20.12	$22.05	$18.81
Operating cash flow	7.198B	7.766B	12.885B	12.035B	11.739B
Capital expenditures	1.093B	1.296B	1.597B	1.988B	2.821B
Free cash flow (FCF)	6.105B	6.47B	11.288B	10.047B	8.918B
Dividends paid	2.332B	2.44B	2.563B	2.646B	2.749B
Total assets	82.793B	81.943B	87.476B	87.764B	98.585B
Total liabilities	66.277B	66.052B	67.973B	68.27B	77.267B
Total equity	16.516B	15.891B	19.503B	19.494B	21.318B
Cash and equivalents	9.263B	7.013B	6.985B	6.889B	9.98B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Caterpillar Inc. · CIK 0000018230 · US-GAAP