CAT

MKT CAP:$386B

Caterpillar Inc.

Market Cap

$386B

Industrials·Agricultural - Machinery·🇺🇸 United States·NYSE

Industrials·Agricultural·🇺🇸·NYSE

Stock Price

$831.19+$232.78 (+38.90%)

Apr 24, 2026

Company Details

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 pavers, backhoe loaders, compactors, cold p...

CEO

Joseph E. Creed

IPO Date

Dec 2, 1929

Website

www.caterpillar.com

Key Metrics TTM

Revenue

$67.6B

+4.3% YoY

Net Income

$8.9B

EPS (Diluted)

$18.83

Free Cash Flow

$10.3B

Revenue / Share

$144.11

Gross Margin

32.3%

Operating Margin

16.6%

Net Margin

13.1%

FCF Margin

15.2%

P/S

5.7x

P/E

43.5x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 13, 2026

$67.6B+4.3%EPS $18.83

Q4 2025

Feb 13, 2026

$19.1B+18.0%EPS $5.12

Q3 2025

Nov 3, 2025

$17.6B+9.5%EPS $4.89

Q2 2025

Aug 6, 2025

$16.6B-0.7%EPS $4.62

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13.6B	$3.9B	$1.9B
Q2 22	$14.2B	$4.2B	$1.9B
Q3 22	$15.0B	$4.6B	$2.4B
Q4 22	$16.6B	$4.8B	$1.7B
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

Valuation

Quarter	P/S	P/E
Q1 22	2.3x	18.3x
Q2 22	1.8x	14.7x
Q3 22	1.6x	12.0x
Q4 22	2.1x	19.0x
Q1 23	1.9x	16.6x
Q2 23	1.9x	15.1x
Q3 23	2.1x	15.0x
Q4 23	2.2x	14.0x
Q1 24	2.6x	15.8x
Q2 24	2.4x	14.5x
Q3 24	2.9x	17.7x
Q4 24	2.7x	16.3x
Q1 25	2.4x	15.6x
Q2 25	2.9x	19.3x
Q3 25	3.4x	23.9x
Q4 25	4.0x	30.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$313M	-$366M
Q2 22	$2.2B	$1.6B
Q3 22	$2.5B	$1.9B
Q4 22	$2.7B	$2.0B
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

Quarter	CapEx
Q1 22	$679M
Q2 22	$595M
Q3 22	$617M
Q4 22	$708M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+14.3%	+16.5%
Q2 22	+10.5%	+10.8%
Q3 22	+20.9%	+17.1%
Q4 22	+20.3%	+22.4%
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 22	$40M	0.3%
Q2 22	$67M	0.5%
Q3 22	$55M	0.4%
Q4 22	$31M	0.2%
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 22	$457M	$1.3B
Q2 22	$480M	$1.4B
Q3 22	$476M	$1.4B
Q4 22	$401M	$1.5B
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	Construction Industries	Energy and Transportation	Financial Products	Intersegment Elimination	Other Segments	Resource Industries
Q1 22	$6.1B	$5.0B	$783M	-$1.3B	$118M	$2.8B
Q2 22	$6.0B	$5.7B	$798M	-$1.4B	$118M	$3.0B
Q3 22	$6.3B	$6.2B	$819M	-$1.5B	$103M	$3.1B
Q4 22	$6.8B	$6.8B	$853M	-$1.5B	$111M	$3.4B
Q1 23	$6.7B	$6.5B	$902M	-$1.6B	$111M	$3.4B
Q2 23	$7.2B	$7.2B	$923M	-$1.7B	$116M	$3.6B
Q3 23	$7.0B	$6.9B	$979M	-$1.5B	$106M	$3.4B
Q4 23	$6.5B	$7.4B	$981M	-$1.5B	$116M	$3.2B
Q1 24	$6.4B	$6.7B	$991M	-$1.6B	$109M	$3.2B
Q2 24	$6.7B	$7.3B	$1.0B	-$1.6B	$108M	$3.2B
Q3 24	$6.3B	$7.2B	$1.0B	-$1.6B	$92M	$3.0B
Q4 24	$6.0B	$7.6B	$1.0B	-$1.5B	$116M	$3.0B
Q1 25	$5.2B	$6.6B	$1.0B	-$1.5B	$91M	$2.9B

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q1 22	$2.9B	$3.1B	$1.4B	$6.1B
Q2 22	$2.9B	$3.0B	$1.5B	$6.8B
Q3 22	$2.9B	$3.1B	$1.8B	$7.1B
Q4 22	$3.1B	$3.5B	$2.0B	$7.9B
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 22	$6.5B	$0	$6.5B
Q2 22	$6.0B	$0	$6.0B
Q3 22	$6.3B	$0	$6.3B
Q4 22	$7.0B	$0	$7.0B
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	YoY Change
Q1 22	538M	-0.8%	-2.4%
Q2 22	534M	-0.8%	-3.3%
Q3 22	528M	-1.2%	-3.7%
Q4 22	521M	-1.3%	-4.0%
Q1 23	519M	-0.3%	-3.5%
Q2 23	515M	-0.8%	-3.6%
Q3 23	513M	-0.5%	-2.8%
Q4 23	507M	-1.1%	-2.7%
Q1 24	497M	-2.0%	-4.3%
Q2 24	490M	-1.5%	-5.0%
Q3 24	487M	-0.6%	-5.1%
Q4 24	487M	0.0%	-4.0%
Q1 25	477M	-2.0%	-4.0%
Q2 25	472M	-1.2%	-3.7%
Q3 25	471M	-0.1%	-3.3%
Q4 25	469M	-0.4%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$126.2K	108K
Q2 22	$132.3K	108K
Q3 22	$139.2K	108K
Q4 22	$152.1K	109K
Q1 23	$145.4K	109K
Q2 23	$158.7K	109K
Q3 23	$154.1K	109K
Q4 23	$150.8K	113K
Q1 24	$139.6K	113K
Q2 24	$147.4K	113K
Q3 24	$142.3K	113K
Q4 24	$314.9K	52K
Q1 25	$276.7K	52K
Q2 25	$321.7K	52K
Q3 25	$342.5K	52K
Q4 25	$370.8K	52K

Revenue / Employee