CAT (Caterpillar Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pav...

CEOJoseph E. Creed

Country🇺🇸 United States

ExchangeNYSE

IPODec 2, 1929

www.caterpillar.com

Revenue$19.1B

YoY Growth+18.0%

QoQ Growth+8.5%

Net Income$2.4B

EPS$5.12

Free Cash Flow$3.1B

Gross Margin28.6%

Op. Margin13.9%

Net Margin12.5%

FCF Margin16.4%

Rev Multiple (TTM)5.0x

P/E Ratio (TTM)37.8x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$15.9B	$5.5B	$2.7B
Q2 23	$17.3B	$6.0B	$3.7B
Q3 23	$16.8B	$5.9B	$3.4B
Q4 23	$17.1B	$5.8B	$3.1B
Q1 24	$15.8B	$5.8B	$3.5B
Q2 24	$16.7B	$6.2B	$3.5B
Q3 24	$16.1B	$5.7B	$3.1B
Q4 24	$16.2B	$5.6B	$2.9B
Q1 25	$14.2B	$5.0B	$2.6B
Q2 25	$16.6B	$5.5B	$2.9B
Q3 25	$17.6B	$6.0B	$3.1B
Q4 25	$19.1B	$5.5B	$2.7B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	5.4x	47.2x
Q2 23	5.2x	40.2x
Q3 23	5.0x	36.8x
Q4 23	5.0x	32.5x
Q1 24	5.0x	29.8x
Q2 24	5.1x	30.5x
Q3 24	5.1x	31.4x
Q4 24	5.2x	31.1x
Q1 25	5.3x	33.8x
Q2 25	5.3x	35.6x
Q3 25	5.2x	36.2x
Q4 25	5.0x	37.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$1.6B	$823M
Q2 23	$3.2B	$2.5B
Q3 23	$4.1B	$3.3B
Q4 23	$4.0B	$3.1B
Q1 24	$2.1B	$1.3B
Q2 24	$3.0B	$2.3B
Q3 24	$3.6B	$2.8B
Q4 24	$3.4B	$2.4B
Q1 25	$1.3B	$371M
Q2 25	$3.1B	$2.2B
Q3 25	$3.7B	$4.6B
Q4 25	$3.6B	$3.1B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$750M
Q2 23	$707M
Q3 23	$781M
Q4 23	$854M
Q1 24	$736M
Q2 24	$719M
Q3 24	$723M
Q4 24	$1.0B
Q1 25	$918M
Q2 25	$955M
Q3 25	$852M
Q4 25	$444M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+16.7%	+11.9%
Q2 23	+21.6%	+11.1%
Q3 23	+12.1%	+6.3%
Q4 23	+2.8%	-6.6%
Q1 24	-0.4%	-6.5%
Q2 24	-3.6%	-3.4%
Q3 24	-4.2%	-3.0%
Q4 24	-5.0%	-4.6%
Q1 25	-9.8%	-5.0%
Q2 25	-0.7%	+3.4%
Q3 25	+9.5%	+12.6%
Q4 25	+18.0%	+23.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$44M	0.3%
Q2 23	$74M	0.4%
Q3 23	$60M	0.4%
Q4 23	$30M	0.2%
Q1 24	$44M	0.3%
Q2 24	$75M	0.4%
Q3 24	$52M	0.3%
Q4 24	$52M	0.3%
Q1 25	$45M	0.3%
Q2 25	$85M	0.5%
Q3 25	$71M	0.4%
Q4 25	$41M	0.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$472M	$1.5B
Q2 23	$528M	$1.5B
Q3 23	$554M	$1.6B
Q4 23	$554M	$1.8B
Q1 24	$520M	$1.6B
Q2 24	$535M	$1.7B
Q3 24	$533M	$1.7B
Q4 24	$519M	$1.8B
Q1 25	$480M	$1.6B
Q2 25	$551M	$1.7B
Q3 25	$555M	$1.8B
Q4 25	$562M	$1.9B

Revenue Segments

Quarter

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q1 23	$3.0B	$3.4B	$1.5B	$8.0B
Q2 23	$3.2B	$3.5B	$1.6B	$8.9B
Q3 23	$2.9B	$3.4B	$1.6B	$8.9B
Q4 23	$3.1B	$3.3B	$1.9B	$8.8B
Q1 24	$2.8B	$2.9B	$1.6B	$8.6B
Q2 24	$2.9B	$3.0B	$1.7B	$9.0B
Q3 24	$2.7B	$3.2B	$1.7B	$8.5B
Q4 24	$3.0B	$3.3B	$1.8B	$8.2B
Q1 25	$2.5B	$2.5B	$1.5B	$7.7B
Q2 25	$2.9B	$3.2B	$1.7B	$8.9B
Q3 25	$2.9B	$3.2B	$1.9B	$9.7B
Q4 25	$3.0B	$3.9B	$2.0B	$10.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6.8B	$0	$6.8B
Q2 23	$7.4B	$0	$7.4B
Q3 23	$6.5B	$0	$6.5B
Q4 23	$7.0B	$0	$7.0B
Q1 24	$5.0B	$0	$5.0B
Q2 24	$4.3B	$0	$4.3B
Q3 24	$5.6B	$0	$5.6B
Q4 24	$6.9B	$0	$6.9B
Q1 25	$3.6B	$0	$3.6B
Q2 25	$5.4B	$0	$5.4B
Q3 25	$7.5B	$0	$7.5B
Q4 25	$10.0B	$0	$10.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	519M	-0.3%
Q2 23	515M	-0.8%
Q3 23	513M	-0.5%
Q4 23	507M	-1.1%
Q1 24	497M	-2.0%
Q2 24	490M	-1.5%
Q3 24	487M	-0.6%
Q4 24	487M	+0.0%
Q1 25	477M	-2.0%
Q2 25	472M	-1.2%
Q3 25	471M	-0.1%
Q4 25	469M	-0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$483K	114K
FY 15	$445K	106K
FY 16	$404K	95K
FY 17	$462K	98K
FY 18	$526K	104K
FY 19	$526K	102K
FY 20	$429K	97K
FY 21	$473K	108K
FY 22	$545K	109K
FY 23	$592K	113K
FY 24	$1M	52K
FY 25	$1M	52K