Early Access

10-KPeriod: FY2023

CATERPILLAR INC Annual Report, Year Ended Dec 31, 2023

Filed February 16, 2024For Securities:CAT

Summary

Caterpillar Inc. (CAT) reported robust financial performance for the fiscal year ending December 31, 2023. Sales and revenues reached $67.06 billion, a significant 13% increase over the previous year, driven primarily by favorable price realization and higher sales volumes across its key segments. The company demonstrated strong operational efficiency, with operating profit margin improving to 19.3% in 2023, up from 13.3% in 2022. Adjusted profit per share was $21.21, reflecting a substantial year-over-year increase. Caterpillar generated $12.9 billion in enterprise operating cash flow, underscoring its healthy liquidity position. The company also highlighted its ongoing commitment to strategic investments in services, technology (including autonomy, alternative fuels, and electrification), and sustainability as drivers for future profitable growth, while maintaining a strong financial position and returning capital to shareholders through dividends and share repurchases.

Financial Highlights

55 data points
Beta

Revenue

$67.06B

0.4% Gross Margin

Net Income

$10.34B

0.2% Net Margin

EPS (Diluted)

$20.12

Total Assets

$87.48B

Cash & Equivalents

$6.98B

Free Cash Flow

$11.29B

Financial Statements
Beta
Revenue$67.06B
Cost of Revenue$42.77B
Gross Profit$24.29B
R&D Expenses$2.11B
SG&A Expenses$6.37B
Operating Expenses$54.09B
Operating Income$12.97B
Net Income$10.34B
EPS (Basic)$20.24
EPS (Diluted)$20.12
Shares Outstanding (Basic)510.60M
Shares Outstanding (Diluted)513.60M

Key Highlights

  • 1Total sales and revenues increased by 13% to $67.06 billion in 2023, driven by favorable price realization and higher sales volume.
  • 2Operating profit margin improved significantly to 19.3% in 2023, compared to 13.3% in 2022, indicating enhanced operational efficiency.
  • 3Profit per share was $20.12 in 2023, with an adjusted profit per share of $21.21, a substantial increase from $12.64 and $13.84 respectively in 2022.
  • 4Enterprise operating cash flow was robust at $12.9 billion in 2023, and the company ended the year with $7.0 billion in enterprise cash.
  • 5The company's order backlog decreased slightly to $27.5 billion at the end of 2023 from $30.4 billion at the end of 2022.
  • 6Caterpillar continues to invest in strategic growth areas like services, technology (autonomy, alternative fuels, electrification), and sustainability.
  • 7The company repurchased $4.98 billion of its common stock in 2023, with $7.8 billion remaining available under its share repurchase authorization.

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