Caterpillar Inc. (CAT) financials
NYSE · Industrials · Agricultural - Machinery · 118,000 employees · CEO Joseph E. Creed
- Price
- $622.75 -3.81%
- Market cap
- $286B
- Enterprise value
- $324B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-04 EPS est. $6.67
Revenue (TTM)$77.8B+20.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)18.3%+0.6 pp vs a year agoOperating income $14.3B
Net income (TTM)$11.8B+27.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$11.6B+53.8% vs a year agoCapex $2.56B
Diluted EPS (TTM)$25.49+30.8% vs a year agoSum of the last 4 quarters
Net cash-$37.3B-9.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $286B EV $324B
- Revenue
- $77.8B Trailing 12 months
- Revenue growth
- +18% FY2026 consensus
- Profit margin
- 15.2% Net income / revenue, TTM
- P/E
- 24.3× Forward 22.9× (FY2026)
- P/S
- 3.7× Price / sales, TTM
- EV / EBITDA
- 17.7× TTM
- Free cash flow
- $11.6B Trailing 12 months
- Net income
- $11.8B Trailing 12 months
- Revenue estimate
- $79.5B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $20.9B
- Dividend
- $6.28 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue in line, EPS beat by 2.0%Revenue $20.7B vs $20.8B expected (-0.4%); EPS $7.20 vs $7.06 (+2.0%).
- Revenue growth slowing: 17.3% year on yearQ3 '26 revenue $20.7B, against an average of 18.4% over the four quarters before.
- Operating margin 18.3% (TTM), +0.6 pp on a year agoOperating income grew 24.2% while revenue grew 20.3%.
- Capex 3.3% of revenue (a year ago 6.2%)$2.56B invested in the last 4 quarters (-35.8% on a year earlier). Free cash flow $11.6B = 98.3% of net income.
- Returned $10.9B to shareholders = 93.9% of free cash flowBuybacks $8.06B (a year earlier $5.53B), dividends $2.85B, stock-based pay -$90M (TTM).
- Diluted share count down 2.1% in a year461M diluted shares in Q3 '26, 471M a year earlier.
- Net debt $37.3BCash + short-term investments $7.93B, debt incl. leases $45.2B; a year ago net debt $34B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $20.7B | $17.6B | +17.3% |
| Gross margin | 35.5% | 33.8% | +1.7 pp |
| Operating income | $4.21B | $3.05B | +38.1% |
| Operating margin | 20.4% | 17.3% | +3.1 pp |
| Net income | $3.29B | $2.29B | +43.5% |
| Diluted EPS | $7.13 | $4.89 | +45.8% |
| Operating cash flow | $4.35B | $3.74B | +16.5% |
| Capex | -$948M | $1.07B | -188.5% |
| Free cash flow | $5.3B | $2.67B | +98.8% |
| R&D | $596M | $555M | +7.4% |
| Stock-based compensation | -$277M | $71M | -490.1% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $20.7B | $20.8B | -0.4% |
| EPS (as estimated) | $7.20 | $7.06 | +2.0% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Reportable Subsegments | – | – | – | – | – | |
| Energy and Transportation | – | – | – | – | – | |
| Construction Industries | $8.26B | +33.5% | 39.7% | $29.1B | +22.7% | |
| Power & Energy | $6.8B | – | 32.7% | – | – | |
| Resource Industries | $4.57B | +48.0% | 22.0% | $14.9B | +24.3% | |
| Financial Products | $1.15B | +9.9% | 5.5% | $4.41B | +7.4% | |
| Other Segments | – | – | – | – | – | |
| All Other | $15M | – | 0.1% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $12.1B | +36.6% | 58.9% | $42.3B | +26.9% | |
| EMEA | $3.63B | +14.0% | 17.6% | $13.7B | +13.1% | |
| Asia Pacific | $3B | +4.2% | 14.6% | $11.4B | +3.6% | |
| Latin America | $1.82B | +10.0% | 8.9% | $7.23B | +9.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $14.2B
- Capex
- -$2.56B
- Buybacks
- -$8.06B
- Dividends
- -$2.85B
- Acquisitions
- -$883M
- Net debt issued
- $4.02B
- Stock-based compensation
- -$90M
- Free cash flow
- $11.6B
- Returned to shareholders / FCF
- 93.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 24.3× | 19.5× | 14.6× – 30.3× |
| EV / EBITDA | 17.7× | 14.2× | 11.6× – 20.2× |
| EV / Sales | 4.2× | 3.2× | 2.6× – 4.4× |
| Price / FCF | 24.6× | 23.9× | 15.4× – 35.9× |
| Price / Book | 13.3× | 8.8× | 6.8× – 12.5× |
| FCF yield | 4.1% | 4.5% | 2.8% – 6.5% |
| Return on invested capital | 14.0% | 12.2% | 8.4% – 15.8% |
| Return on equity | 58.5% | 46.3% | 39.4% – 55.4% |
Analysts
Consensus target $935.36 (+50.2%)
range $749.00 – $1,118.00 · rating Buy
Strong buy0
Buy31
Hold22
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $79.5B | +17.7% | $27.17 | +44.3% | 22.9× | 13 |
| FY2027 | $88.5B | +11.3% | $32.27 | +18.8% | 19.3× | 19 |
| FY2028 | $97.7B | +10.3% | $38.83 | +20.3% | 16.0× | 10 |
| FY2029 | $109B | +11.5% | $46.30 | +19.2% | 13.4× | 4 |
| FY2030 | $113B | +4.2% | $49.32 | +6.5% | 12.6× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 302 figures Caterpillar Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accelerated Share Repurchase Program, Adjustment | -$250M | $0 | – | $300M2024-12-31 | -$300M | +200.0% |
| Accounts Payable, Current | $10.3B | $8.56B | +20.4% | $8.97B | $7.68B | +16.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $13.2B | $9.7B | +35.9% | $10.9B | $9.28B | +17.6% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $3.09B | $1.61B | +92.0% | $2.14B | $1.23B | +74.9% |
| Accrued Liabilities, Current | $5.83B | $5.21B | +11.9% | $5.59B | $5.24B | +6.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $16.8B2025-12-31 | $16.1B | +4.0% | $16.8B | $16.1B | +4.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.87B | -$1.68B | -10.9% | -$1.77B | -$2.47B | +28.3% |
| Amortization of Intangible Assets | $46M | $43M | +7.0% | $169M | $176M | -4.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100K | 600K | -83.3% | 100K | 300K | -66.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $92M | $86M | +7.0% | $242M | $223M | +8.5% |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | – | – | – | $230M | $223M | +3.1% |
| Assets | $103B | $90.3B | +13.6% | $98.6B | $87.8B | +12.3% |
| Assets, Current | $54.5B | $46.8B | +16.5% | $52.5B | $45.7B | +14.9% |
| Cash and Cash Equivalents, at Carrying Value | $6.71B | $5.44B | +23.4% | $9.98B | $6.89B | +44.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $6.72B | $5.45B | +23.3% | $9.99B | $6.9B | +44.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.64B | $1.88B | +40.6% | $3.09B | -$89M | +3,571.9% |
| Common Stock, Dividends, Per Share, Declared | $3.14 | $2.92 | +7.5% | $5.94 | $5.53 | +7.4% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Issued | 815M | 815M | 0.0% | 815M | 815M | 0.0% |
| Common Stock, Shares, Outstanding | 460M | 469M | -1.9% | 465M | 478M | -2.6% |
| Common Stocks, Including Additional Paid in Capital | $5.65B | $6.14B | -8.0% | $7.18B | $6.94B | +3.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.61B | $2.7B | +33.6% | $9.58B | $10.1B | -5.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $3.61B | $2.7B | +33.6% | $9.58B | $10.1B | -5.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $277M | $227M | +22.0% | $297M | $238M | +24.8% |
| Contract with Customer, Liability | $7.28B | $4.04B | +80.1% | $4.68B | $2.75B | +70.4% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $18M2025-12-31 | – | – | -$497M | – | – |
| Contract with Customer, Liability, Current | $4.78B | $3.41B | +40.0% | $3.31B | $2.32B | +42.7% |
| Contract with Customer, Liability, Revenue Recognized | $507M | $462M | +9.7% | $1.89B | $1.59B | +19.0% |
| Contract with Customer, Receivable, after Allowance for Credit Loss, Current | $10.9B | $8.35B | +30.7% | $9.4B | $7.86B | +19.6% |
| Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent | $1.27B | $682M | +86.8% | $1.01B | $640M | +57.2% |
| Cost of Goods and Services Sold | – | – | – | $49M | $33M | +48.5% |
| Cost of Revenue | $12.8B | $10.8B | +18.3% | $44.8B | $40.2B | +11.3% |
| Costs and Expenses | $16.2B | $13.7B | +18.5% | $56.4B | $51.7B | +9.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $804M | $1.58B | -49.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.39B | $1.53B | -9.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.3B | $3.25B | -29.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $109M | $135M | -19.3% |
| Debt and Equity Securities, Gain (Loss) | $41M | $28M | +46.4% | $30M | $39M | -23.1% |
| Debt Securities, Available-for-sale | $3.96B | $3.39B | +16.8% | $3.55B | $4.04B | -12.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | -$15M | -$14M | -7.1% | $14M | -$72M | +119.4% |
| Debt Securities, Available-for-sale, Amortized Cost | $3.97B | $3.4B | +16.8% | $3.54B | $4.11B | -14.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $213M | $144M | +47.9% | $202M | $102M | +98.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $441M | $294M | +50.0% | $378M | $304M | +24.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.69B | $1.45B | +16.7% | $1.49B | $1.82B | -18.2% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $882M | $873M | +1.0% | $744M | $1.27B | -41.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $738M | $892M | -17.3% | $763M | $1.29B | -40.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $30M | $43M | -30.2% | $26M | $75M | -65.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $1.69B | $177M | +855.9% | $177M | $875M | -79.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $5M | $1M | +400.0% | $0 | $6M | -100.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $213M | $143M | +49.0% | $202M | $102M | +98.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $439M | $297M | +47.8% | $383M | $301M | +27.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.69B | $1.45B | +16.0% | $1.5B | $1.79B | -16.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $892M | $875M | +1.9% | $748M | $1.27B | -41.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $2.43B | $1.07B | +127.3% | $940M | $2.17B | -56.6% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $35M | $44M | -20.5% | $26M | $81M | -67.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $393M | -$553M | +171.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $56M | -$69M | +181.2% |
| Deferred Income Tax Expense (Benefit) | $110M | -$72M | +252.8% | $465M | -$621M | +174.9% |
| Deferred Income Tax Liabilities, Net | $494M2025-12-31 | $432M | +14.4% | $494M | $432M | +14.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01