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CAT

Caterpillar Inc.

CAT

Caterpillar Inc. • NYSE
$575.76 ▲ 0.35% (+2.03)
Market Cap $269.73 B
52w High $596.21
52w Low $267.30
Dividend Yield 5.84%
P/E 29.59
Volume 1.02M
Outstanding Shares 468.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.638B ▲ $2.913B ▲ $2.29B ▲ 12.983% ▼ $4.89 ▲ $4.051B ▲
Q2-2025 $16.569B ▲ $2.542B ▲ $2.179B ▲ 13.151% ▼ $4.64 ▲ $3.479B ▲
Q1-2025 $14.249B ▼ $2.379B ▼ $2.003B ▼ 14.057% ▼ $4.22 ▼ $3.226B ▼
Q4-2024 $16.215B ▲ $2.632B ▲ $2.791B ▲ 17.212% ▲ $5.76 ▲ $3.905B ▲
Q3-2024 $16.106B $2.557B $2.464B 15.299% $5.09 $3.766B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.538B ▲ $93.722B ▲ $73.063B ▲ $20.659B ▲
Q2-2025 $5.442B ▲ $90.325B ▲ $71.662B ▲ $18.661B ▲
Q1-2025 $3.562B ▼ $84.974B ▼ $66.904B ▼ $18.067B ▼
Q4-2024 $6.889B ▲ $87.764B ▲ $68.27B ▲ $19.491B ▲
Q3-2024 $5.638B $86.273B $66.87B $19.397B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.299B ▲ $3.737B ▲ $-1.32B ▲ $-305M ▼ $2.102B ▲ $4.589B ▲
Q2-2025 $2.179B ▲ $3.122B ▲ $-1.332B ▼ $151M ▲ $1.88B ▲ $2.167B ▲
Q1-2025 $2.003B ▼ $1.289B ▼ $-175M ▲ $-4.496B ▼ $-3.328B ▼ $371M ▼
Q4-2024 $2.79B ▲ $3.393B ▼ $-1.649B ▼ $-426M ▲ $1.251B ▼ $2.356B ▼
Q3-2024 $2.463B $3.569B $-1.04B $-1.21B $1.297B $2.846B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Construction Industries
Construction Industries
 $6.00Bn ▲$5.18Bn ▼$6.19Bn ▲$6.76Bn ▲
Energy and Transportation
Energy and Transportation
 $7.65Bn ▲$6.57Bn ▼$7.84Bn ▲$8.40Bn ▲
Financial Products
Financial Products
 $1.02Bn ▲$1.01Bn ▼$1.04Bn ▲$1.08Bn ▲
Other Segments
Other Segments
 $120.00M ▲$90.00M ▼$100.00M ▲$70.00M ▼
Reportable Subsegments
Reportable Subsegments
 $0 ▲$0 ▲$0 ▲$19.34Bn ▲
Resource Industries
Resource Industries
 $2.96Bn ▲$2.88Bn ▼$3.09Bn ▲$3.11Bn ▲
Intersegment Elimination
Intersegment Elimination
 $-1540.00M ▲$-1490.00M ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Caterpillar’s income statement shows a business that has grown meaningfully more profitable over the past five years. Sales are well above pandemic levels, even though the most recent year shows a small step down from the prior peak. What stands out is not just higher revenue, but much stronger profitability: gross profit, operating profit, and net income have all widened faster than sales, suggesting improved pricing power, better mix, and tight cost control. Earnings per share have climbed sharply as a result. This is impressive for a company tied to cyclical end-markets, but it also means results remain sensitive to swings in construction, mining, and energy spending.

Balance Sheet

Balance Sheet The balance sheet looks solid and relatively stable. Total assets have inched up over time, while debt levels have stayed broadly in the same range, which is typical for an industrial company with a financing arm. Equity has risen, indicating that profits are being retained and strengthening the company’s capital base. Cash is somewhat lower than during the pandemic period but still healthy. Overall, Caterpillar appears to operate with moderate leverage and a balance sheet that supports its scale, though it does rely on ongoing access to capital markets like most large industrials.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown meaningfully over the five-year period, and free cash flow has also increased, even as the company has steadily invested more in capital spending. The business converts a good portion of its accounting profits into actual cash, which gives management flexibility to fund equipment development, support the dealer network, and return capital to shareholders if desired. The pattern suggests a mature, cash-rich industrial franchise rather than a cash-constrained growth story.

Competitive Edge

Competitive Edge Caterpillar enjoys one of the strongest positions in heavy equipment globally. The “Cat” brand is synonymous with durability and uptime, and its vast dealer and service network gives it a deep local presence in almost every major market. That network, plus integrated financing and service packages, makes it inconvenient and risky for customers to switch to rivals. Scale in manufacturing and R&D, along with leadership in mining and construction equipment, further reinforce its edge. The main competitive threats come from other global players and lower-cost regional manufacturers, but Caterpillar’s installed base and support ecosystem create meaningful barriers to entry.

Innovation and R&D

Innovation and R&D The company is investing heavily to move from “iron” to intelligent, low‑emission machines. It is a leader in autonomous mining trucks, remote monitoring, and digital platforms that help customers squeeze more productivity out of their fleets. Its focus on electrification—battery‑electric and hydrogen‑enabled equipment—and on lower‑emission, fuel‑efficient machines positions it well for tightening environmental rules and customer sustainability goals. Connected equipment and data analytics deepen customer relationships and can create higher-margin service revenue. The risks are execution and adoption: these technologies are capital-intensive and must keep delivering clear value to conservative, cost-focused industrial customers.

Summary

Overall, Caterpillar combines strong profitability and robust cash generation with a powerful competitive moat built on brand, scale, and an unmatched dealer and service network. Financial performance has improved significantly since 2020, with wider margins and higher earnings, even as the business remains exposed to economic and commodity cycles. Strategically, its push into autonomy, electrification, and digital services aims to turn a traditional machinery business into a more technology‑enabled, service‑heavy model. The company looks financially and strategically well positioned, but its results will continue to ebb and flow with global construction, mining activity, and large capital spending cycles.

NEWS

November 21, 2025 · 5:42 PM UTC

CSE Bulletin: New Listing - CAT Strategic Metals Corporation 21NOV2030 Warrants

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November 21, 2025 · 12:37 PM UTC

CSE Bulletin: Expiry - CAT Strategic Metals Corporation 21NOV2025 Rights (CAT.RT)

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November 18, 2025 · 6:51 AM UTC

Vertiv and Caterpillar Announce Energy Optimization Collaboration to Expand End-to-End Power and Cooling Offerings for AI Data Centers

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November 17, 2025 · 7:55 AM UTC

CAT Strategic Metals - Final Reminder Rights Offering Expires on November 21, 2025

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November 6, 2025 · 10:00 AM UTC

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