CATERPILLAR INCCAT
CATERPILLAR INC Financial Overview 2021–2025
Updated Jul 10, 2026Caterpillar absorbed an estimated $1.5 billion to $1.8 billion in tariff impacts during FY2025, a cost shock that compressed its profitability to a 16.5% operating profit margin—down from a peak of 20.2% in FY2024. Despite this severe contraction, the core investment thesis remains intact: Caterpillar leverages end-market diversity and global pricing power to produce resilient growth regardless of macroeconomic turbulence. This long-term durability is evident in the top line, as total sales and revenues expanded from $50.971 billion in FY2021 to a record $67.589 billion in FY2025.
The Power & Energy segment provided a crucial offset to recent construction weakness, posting 12% sales growth in FY2025. This operational stability generated a massive $11.7 billion in enterprise operating cash flow for the year, leaving the balance sheet flush with $10.0 billion in enterprise cash. Management aggressively weaponized this liquidity, highlighted by $7.7 billion in share repurchases executed during FY2024. By the close of FY2025, the market valued this cash-printing predictability at a $266.6 billion market cap. The stock traded at a 30.5x P/E ratio, anchored by an EPS of $18.81 and a steadily shrinking equity base of 0.47 billion shares.
Recent Developments (Q4 2025 and Q1 2026)
Caterpillar generated a 22% revenue increase to $17.415 billion in Q1 2026, driven by a 23% sales gain in the Machinery, Power & Energy segment. Net income grew 27% to $2.549 billion, producing a diluted EPS of $5.47. The company acquired RPMGlobal Holdings for $733 million to expand its mining software offerings and realigned its segments on January 1, 2026, moving the Rail division to Resource Industries. Kyle Epley assumed the CFO role on May 1, 2026.
Bulls highlight that higher sales volumes and pricing power offset elevated costs. Conversely, bears note that operating margins slipped to 17.7% in Q1 2026 from 18.1% the prior year due to tariff impacts, leaving the stock richly valued at a 49.3x P/E ratio as of the May 6, 2026 report date.
What to watch: software revenue synergies from the RPMGlobal acquisition; margin impacts from ongoing manufacturing tariffs.
Rev
$67.59B
FY2025
NI
$8.88B
FY2025
EPS
$18.90
FY2025
OCF
$11.74B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All CAT Financial Metrics(58)
Income Statement
Balance Sheet
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- Prepaid & Other
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Cash Flow
Recent SEC Filings
CATERPILLAR INC 8-K Report, Material Agreement (Sep 1, 2026)
Caterpillar Inc. (CAT) has filed an 8-K report detailing significant updates to its credit facilities. The company has established a new $3.5 billion, 364-day unsecured revolving credit facility, replacing a previous agreement. This new facility includes provisions for borrowing in various currencies, with specific sub-limits for Pounds Sterling, Euros, and Japanese Yen. Furthermore, Caterpillar has amended and restated its existing three-year and five-year credit agreements. The three-year facility has been extended to mature in August 2029, with a total commitment of $3.0 billion, while the five-year facility has been extended to mature in August 2031, with a total commitment of $5.0 billion. These credit facilities are intended for general corporate purposes, and as of the filing date, no amounts have been drawn. The agreements include financial covenants such as a minimum consolidated net worth for Caterpillar and specific interest coverage and leverage ratio requirements for Caterpillar Financial Services Corporation.
CATERPILLAR INC 8-K Report, Financial Results (Aug 4, 2026)
Caterpillar Inc. (CAT) has filed an 8-K report on August 4, 2026, announcing its financial results for the second quarter ended June 30, 2026. The report includes a press release detailing the company's performance during the quarter. This filing provides investors with key operational and financial data, enabling them to assess Caterpillar's recent business activity and financial health. In addition to the financial results, Caterpillar is also furnishing supplemental information regarding retail sales of both machines and power systems to end users and OEMs. This granular data on sales trends is crucial for understanding demand within Caterpillar's core markets and anticipating future revenue streams. Investors should review the attached exhibits for a comprehensive understanding of the company's second-quarter performance and forward-looking sales indicators.
CATERPILLAR INC 8-K Report, Shareholder Vote Results (Jun 11, 2026)
Caterpillar Inc. (CAT) filed an 8-K report on June 11, 2026, detailing the outcomes of its 2026 Annual Shareholders Meeting held on June 10, 2026. The meeting saw overwhelmingly positive shareholder support for the company's proposals. All director nominees were elected, and the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026 was ratified. Furthermore, shareholders provided advisory approval for the company's executive compensation. In addition to the shareholder meeting results, the filing announced a significant increase in Caterpillar's quarterly cash dividend. The Board of Directors declared a dividend of $1.63 per share, a twelve-cent increase from the prior quarter, signaling confidence in the company's financial health and commitment to returning value to shareholders. A shareholder proposal to allow action by written consent was, however, not approved.
CATERPILLAR INC 8-K Report, Financial Results (Apr 30, 2026)
Caterpillar Inc. (CAT) filed an 8-K on April 30, 2026, primarily to report its financial results for the first quarter ended March 31, 2026. The company issued a press release detailing these results, which is incorporated by reference into the filing. Investors should refer to Exhibit 99.1 for the specific financial performance figures and commentary. Additionally, the filing includes supplemental information under Regulation FD concerning retail sales of machines and power systems (engines and locomotives) to end users and OEMs, as presented in Exhibit 99.2. This supplemental data provides further insight into Caterpillar's operational performance and market demand across its key segments, complementing the reported financial outcomes.
CATERPILLAR INC 8-K Report, Corporate Update (Apr 13, 2026)
Caterpillar Inc. (CAT) has filed a Current Report on Form 8-K, disclosing a significant change in its board composition. The company's Board of Directors has nominated Lynn Good as a director nominee for election at the upcoming 2026 Annual Meeting of Shareholders, with her appointment to be effective August 1, 2026. This nomination suggests a strategic addition to the board, potentially bringing new expertise or perspectives to guide the company's future operations and strategy.
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