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CATERPILLAR INCCAT

Sector
Industrial
Industry
Construction Machinery & Equip
Exchange
NYSE

Stock Price $CAT

Latest filings

You are here#1 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K184

CAT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 184 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $67.59B
YoY changeLargest recent move−22.4%in FY20Latest +4.3%

3 older moves run past ±25% (largest +41.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CAT Financial Metrics58 metrics

Income Statement14

Balance Sheet27

Cash Flow12

Per Share5

02—Overview

CATERPILLAR INC Financial Overview 2021–2025

Updated Jul 10, 2026

Caterpillar absorbed an estimated $1.5 billion to $1.8 billiona 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 billionb 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 billionc 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%d 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.

03—Filings

Recent SEC Filings

  1. 8-KCATERPILLAR INC 8-K Report, Executive Changes (Oct 15, 2026)Caterpillar Inc. (CAT) announced a leadership transition in its Resource Industries segment. Group President Denise Johnson will step into an advisory role effective November 1, 2026, and retire effective February 1, 2027. Derrick York, currently president of Solar Turbines and a Caterpillar senior vice president, becomes Resource Industries group president effective November 1, 2026. The Board approved the appointment on October 14, 2026. The filing contains no financial results, guidance, or material financial impact disclosures. The filing describes Johnson's tenure favorably. She led Resource Industries from 2016, through a historic mining downturn, returned the segment to profitability, and delivered what the company calls its strongest financial performance in more than a decade. Her mining technology and autonomy initiatives are cited as strategic achievements. For investors, the change is an orderly, pre-planned succession with a transition period, which limits near-term execution risk. The main open question is whether York's background in gas turbines, oil and gas, and finance can sustain the segment's momentum in mining. The filing has an internal timing inconsistency. Item 5.02 says Johnson is "transitioning" from her position effective November 1, 2026, while the attached press release says she "has elected to retire effective Feb. 1, 2027" and will serve in an advisory role from November 1. Investors should read the press release as the more detailed account and confirm the exact dates with the company, since the 8-K language does not clearly state her retirement date. This is an executive-level personnel change and is not expected to be financially material on its own.
  2. 8-KCATERPILLAR 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.
  3. 8-KCATERPILLAR INC 8-K Report, Financial Results (Aug 4, 2026)Caterpillar reported second-quarter 2026 sales and revenues of $20.5 billion, up 24% from $16.6 billion a year earlier, marking the first quarter in company history above $20 billion. Growth was driven mainly by $3.1 billion of higher sales volume and $595 million of favorable price realization. Profit per share was $7.77 (GAAP) and $8.17 adjusted, versus $4.62 and $4.72 a year ago. Operating profit rose 50% to $4.3 billion, and operating margin expanded to 20.9% (21.9% adjusted). Results were helped by $392 million of expected IEEPA tariff recoveries, which flattered the quarter and should be considered when assessing run-rate earnings. All three primary segments grew. Construction Industries sales rose 35% and Power & Energy rose 17%, with Power Generation up 29% on data center demand. Resource Industries sales rose 20%. Segment margins improved in Power & Energy and Construction Industries, while Resource Industries was held back by $158 million of unfavorable manufacturing costs. Retail statistics furnished alongside the release show dealer sales to end users up 25% in total, with Power Generation up 72% and Construction Industries North America up 27%, suggesting demand strength beyond dealer inventory timing. Capital deployment remained significant: $2.2 billion went to buybacks and dividends in the quarter, and year-to-date share repurchase payments reached $6.5 billion. Offsetting this, enterprise cash fell to $6.7 billion from $10.0 billion at year-end 2025, and trade receivables and inventories rose sharply. Investors should weigh strong earnings momentum against working-capital build and a $139 million loss on the divestiture of certain non-U.S. entities.
  4. 8-KCATERPILLAR INC 8-K Report, Shareholder Vote Results (Jun 11, 2026)Caterpillar's June 11, 2026 Form 8-K covers two items: the results of its June 10, 2026 virtual Annual Shareholders Meeting and a dividend increase. The Board declared a quarterly dividend of $1.63 per share, up $0.12 (about 8%) from $1.51, payable August 19, 2026 to holders of record on July 20, 2026. Management said it expects to keep returning substantially all Machinery, Power & Energy free cash flow to shareholders over time through dividends and share repurchases. The increase keeps Caterpillar in the S&P 500 Dividend Aristocrats Index, which it notes has come with 32 consecutive years of higher annual dividends. Shareholders elected all ten director nominees to one-year terms, approved the advisory say-on-pay proposal, and ratified PricewaterhouseCoopers LLP as auditor for 2026. Director support was broadly strong, though James C. Fish, Jr. drew the most opposition (about 16.5 million against votes, roughly 5% of votes cast). The say-on-pay proposal passed with about 307.9 million for versus 15.8 million against, and the auditor ratification passed with about 372.9 million for versus 19.9 million against. The one proposal that failed was a shareholder proposal asking the Board to amend the governing documents to allow shareholder action by written consent. It received about 127.7 million for and 195.3 million against, short of the required approval. The filing does not disclose the Board's recommendation or the required vote threshold, so the rejection should be read alongside the company's governance materials. The 8-K itself contains no new financial results or guidance.
  5. 8-KCATERPILLAR INC 8-K Report, Financial Results (Apr 30, 2026)Caterpillar (CAT) reported first-quarter 2026 results on April 30, 2026 that were strong on the top line and profitability. Sales and revenues rose 22% year over year to $17.4 billion (from $14.2 billion), driven by $2.3 billion of higher sales volume and $426 million of favorable price realization. Profit per share was $5.47 on a GAAP basis (up from $4.20), and adjusted profit per share was $5.54 (up from $4.25), excluding $41 million of pre-tax restructuring costs. The company also highlighted a record backlog and robust order activity, with management pointing to resilient end markets. Growth was broad across the three primary segments, though Construction Industries (+38%) and Power & Energy (+22%, with strong power generation demand tied to data centers) led, while Resource Industries grew only 4%. Profitability was mixed beneath the headline. Consolidated operating margin slipped to 17.7% from 18.1%, as unfavorable manufacturing costs of $710 million, largely reflecting higher tariff costs, offset much of the volume benefit. Resource Industries was the clear laggard, with segment profit down 39% and margin compressing to 10.0% from 17.0%. Construction Industries and Power & Energy both improved profit, with Construction Industries margin rising to 21.4%. Part of the sales strength reflects dealer inventory build: management noted dealer inventory increased more than in the prior-year quarter, so investors should distinguish this from end-user demand. The supplemental retail statistics (Exhibit 99.2) suggest end-user demand was also firm, with total retail sales up 14% and power generation up 48%, though rail retail sales declined 4%. Capital deployment and balance sheet changes were notable. Caterpillar returned $5.7 billion to shareholders in the quarter ($5.0 billion in buybacks and $0.7 billion in dividends), which drew enterprise cash down to $4.1 billion from $10.0 billion at year-end. Total shareholders' equity fell to $18.7 billion from $21.3 billion, reflecting the repurchases. Inventories rose to $19.6 billion and goodwill increased with new investments and acquisitions of $788 million. Cat Financial credit quality improved, with past dues at 1.39% versus 1.58% a year earlier.
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04—See also

Related Companies

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