CATERPILLAR INC

Listed Company

CATCIK 0000018230NYSELarge AcceleratedConstruction Machinery & EquipDelawareFY ends Dec 31

Period

FY 2025

Revenue

$67.59B

Net Income

$8.88B

Total Assets

$98.58B

Equity

$21.32B

Shares Out

465.30M

Op. Cash Flow

$11.74B

Business

CATERPILLAR INC is a global designer, manufacturer and servicer of heavy equipment, engines, turbines and locomotives and provides related financing and insurance services. It offers construction and mining machinery, off‑highway diesel and natural gas engines, industrial gas turbines, generator sets, diesel‑electric locomotives, remanufacturing, parts, digital fleet management, autonomous solutions and financing and insurance products. The company operates through principal segments: Construction Industries, Resource Industries, Energy & Transportation and Financial Products. It sells worldwide via a global network of independent dealers, direct sales forces and regional distributors.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total sales and revenues	67,589	64,809	67,060	59,427	50,971
Cost of goods sold	44,752	40,199	42,767	41,350	35,513
Selling, general and administrative expenses	6,985	6,667	6,371	5,651	5,365
Research and development expenses	2,148	2,107	2,108	1,814	1,686
Other operating (income) expenses	1,194	1,478	1,818	1,218	1,074
Total operating costs	56,438	51,737	54,094	51,523	44,093
Operating profit	11,151	13,072	12,966	7,904	6,878
Other income (expense)	892	813	595	1,291	1,814
Consolidated profit before taxes	11,541	13,373	13,050	8,752	8,204
Provision (benefit) for income taxes	2,768	2,629	2,781	2,067	1,742
Profit of consolidated companies	8,773	10,744	10,269	6,685	6,462
Equity in profit (loss) of unconsolidated affiliated companies	109	44	63	19	31
Profit of consolidated and affiliated companies	8,882	10,788	10,332	6,704	6,493
Less: comprehensive income (loss) attributable to the noncontrolling interests	−2	−4	−3	−1	4
Profit (loss)	8,884	10,792	10,335	6,705	6,489
Profit per common share (in dollars per share)	18.9	22.17	20.24	12.72	11.93
Profit per common share - diluted (in dollars per share)	18.81	22.05	20.12	12.64	11.83
Basic (in shares)	470	487	511	527	544
Diluted (in shares)	472	489	514	530	549

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	9,980	6,889	6,978	7,004	9,254
Receivables trade and other	10,920	9,282	9,310	8,856	8,477
Receivables finance	10,649	9,565	9,510	9,013	8,898
Prepaid expenses and other current assets	2,801	3,119	4,586	2,642	2,788
Inventories	18,135	16,827	16,565	16,270	14,038
Total current assets	52,485	45,682	46,949	43,785	43,455
Property, plant and equipment - net	15,140	13,361	12,680	12,028	12,090
Long-term receivables trade and other	2,142	1,225	1,238	1,265	1,204
Long-term receivables finance	14,272	13,242	12,664	12,013	12,707
Noncurrent deferred and refundable income taxes	2,882	3,312	2,816	2,213	1,840
Intangible assets	241	399	564	758	1,042
Goodwill	5,321	5,241	5,308	5,288	6,324
Other assets	6,102	5,302	5,257	4,593	4,131
Total assets	98,585	87,764	87,476	81,943	82,793
Short-term borrowings	5,514	4,393	4,643	5,957	5,404
Accounts payable	8,968	7,675	7,906	8,689	8,154
Accrued expenses	5,587	5,243	4,958	4,080	3,757
Accrued wages, salaries and employee benefits	2,554	2,391	2,757	2,313	2,242
Customer advances	3,314	2,322	1,929	1,860	1,087
Dividends payable	703	674	649	620	595
Other current liabilities	2,798	2,909	3,123	2,690	2,256
Total current liabilities	36,558	32,272	34,728	31,531	29,847
Liability for postemployment benefits	3,838	3,757	4,098	4,203	5,592
Other liabilities	6,175	4,890	4,675	4,604	4,805
Total liabilities	77,267	68,270	67,973	66,052	66,277
Commitments and contingencies	—	—	—	—	—
Common stock, par value (in dollars per share)	1	1	1	1	1
Authorized shares: 2,000,000,000 Issued shares: (2025 and 2024 814,894,624 shares) at paid-in amount	7,181	6,941	6,403	6,560	6,398
Treasury stock: (2025 - 349,607,292 shares; and 2024 - 336,962,600 shares) at cost	−49,539	−44,331	−36,339	−31,748	−27,643
Profit employed in the business	65,448	59,352	51,250	43,514	39,282
Accumulated other comprehensive income (loss)	−1,772	−2,471	−1,820	−2,457	−1,553
Noncontrolling interests	0	3	9	22	32
Total shareholders equity	21,318	19,494	19,503	15,891	16,516
Total liabilities and shareholders equity	98,585	87,764	87,476	81,943	82,793

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2,262	2,153	2,144	2,219	2,352
Actuarial (gain) loss on pension and postretirement benefits	−294	−154	−97	−606	−833
Provision (benefit) for deferred income taxes	465	−621	−592	−377	−383
(Gain) loss on divestiture	30	164	572	0	—
Other	742	564	375	701	216
Receivables trade and other	−2,138	−160	−437	−220	−1,259
Inventories	−1,477	−414	−364	−2,589	−2,586
Accounts payable	1,179	−282	−754	798	2,041
Accrued expenses	438	191	796	317	196
Accrued wages, salaries and employee benefits	187	−363	486	90	1,107
Customer advances	1,933	370	80	768	34
Other assets net	−176	−97	−95	−210	−97
Other liabilities net	−294	−104	439	−754	−83
Net cash provided by (used for) operating activities	11,739	12,035	12,885	7,766	7,198
Capital expenditures excluding equipment leased to others	−2,821	−1,988	−1,597	−1,296	−1,093
Expenditures for equipment leased to others	−1,465	−1,227	−1,495	−1,303	−1,379
Proceeds from disposals of leased assets and property, plant and equipment	708	722	781	830	1,265
Additions to finance receivables	−15,329	−15,409	−15,161	−13,239	−13,002
Collections of finance receivables	13,515	13,608	14,034	13,177	12,430
Proceeds from sale of finance receivables	71	83	63	57	51
Investments and acquisitions (net of cash acquired)	−47	−34	−75	−88	−490
Proceeds from sale of businesses and investments (net of cash sold)	22	−61	−4	1	36
Proceeds from maturities and sale of securities	2,494	3,155	1,891	2,383	785
Investments in securities	−1,930	−1,495	−4,405	−3,077	−1,766
Other net	75	193	97	14	79
Net cash provided by (used for) investing activities	−4,707	−2,453	−5,871	−2,541	−3,084
Dividends paid	−2,749	−2,646	−2,563	−2,440	−2,332
Common stock issued, and other stock compensation transactions, net	−16	20	12	51	135
Payments to purchase common stock	−5,190	−7,697	−4,975	−4,230	−2,668
Excise tax paid on purchases of common stock	−73	−40	0	0	—
Short-term borrowings net (original maturities three months or less)	1,106	−168	−1,345	402	3,488
Other net	−1	−1	0	−10	−4
Net cash provided by (used for) financing activities	−3,899	−9,565	−6,932	−7,281	−4,188
Effect of exchange rate changes on cash	−43	−106	−110	−194	−29
Increase (decrease) in cash, cash equivalents and restricted cash	3,090	−89	−28	−2,250	−103

Filings

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