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Caterpillar Inc. provides construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. The Construction Industries segment offers asphalt pavers, cold planers, compactors, forestry machines, material handlers, motor graders, pipelayers, road reclaimers, telehandlers, track-type tractors, and track and wheel excavators; backhoe, compact track, skid steer, track-type, and wheel loaders; and related parts and work tools. Its Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, mining trucks, wheel loaders, off-highway and articulated trucks, wide-body trucks, wheel tractor scrapers and dozers, and landfill and soil compactors; machinery components, and wear and maintenance components; and technology products and services for fleet management, equipment management analytics, autonomous machine capabilities, safety services, and mining performance solutions. The Energy & Transportation segment offers reciprocating engine powered generator sets; reciprocating engines, drivetrain, and integrated systems and solutions; centrifugal gas compressors and related services; and diesel-electric locomotive components, and other rail-related products. Its Financial Products segment provides operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans, and wholesale financing; and insurance and risk management products and services. The All Other segment offers parts distribution; logistics and distribution services; electronics and control systems; dealer portfolio management; brand management and marketing strategy; and digital investment services. It also provides mining software solutions. The company was formerly known as Caterpillar Tractor Co. Caterpillar Inc. was incorporated in 1925 and is headquartered in Irving, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $67.6B | $14.3B | $8.9B | $7.5B | 41.7% | 4.3% | -17.7% |
| 2024 | $64.8B | $16.0B | $10.8B | $8.8B | 55.4% | -3.4% | 4.4% |
| 2023 | $67.1B | $15.7B | $10.3B | $9.8B | 53.0% | 12.8% | 54.1% |
| 2022 | $59.4B | $11.4B | $6.7B | $5.2B | 42.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 59,427 | 67,060 | 64,809 | 67,589 |
| Operating Revenue | - | 59,427 | 67,060 | 64,809 | 67,589 |
| Cost Of Revenue | - | 41,915 | 43,797 | 41,485 | 46,111 |
| Gross Profit | - | 17,512 | 23,263 | 23,324 | 21,478 |
| Operating Expense | - | 8,683 | 10,297 | 10,252 | 10,327 |
| Research And Development | - | 1,814 | 2,108 | 2,107 | 2,148 |
| Selling General And Administration | - | 5,651 | 6,371 | 6,667 | 6,985 |
| Total Expenses | - | 50,598 | 54,094 | 51,737 | 56,438 |
| Operating Income | - | 8,829 | 12,966 | 13,072 | 11,151 |
| Total Operating Income As Reported | - | 7,904 | 12,966 | 13,072 | 11,151 |
| EBITDA | - | 11,414 | 15,705 | 16,038 | 14,305 |
| Normalized EBITDA | - | 12,124 | 15,296 | 15,446 | 14,027 |
| EBIT | - | 9,195 | 13,561 | 13,885 | 12,043 |
| Interest Income | 80 | 167 | 494 | 482 | - |
| Interest Expense | - | 443 | 511 | 512 | 502 |
| Net Interest Income | - | -443 | -511 | -512 | -502 |
| Other Non Operating Income Expenses | - | 1,076 | 186 | 221 | 614 |
| Other Income Expense | - | 366 | 595 | 813 | 892 |
| Interest Income Non Operating | 80 | 167 | 494 | 482 | - |
| Interest Expense Non Operating | - | 443 | 511 | 512 | 502 |
| Net Non Operating Interest Income Expense | - | -443 | -511 | -512 | -502 |
| Pretax Income | - | 8,752 | 13,050 | 13,373 | 11,541 |
| Tax Provision | - | 2,067 | 2,781 | 2,629 | 2,768 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -167.56 | 87.12 | 116.38 | 66.68 |
| Net Income Continuous Operations | - | 6,704 | 10,332 | 10,788 | 8,882 |
| Net Income From Continuing And Discontinued Operation | - | 6,705 | 10,335 | 10,792 | 8,884 |
| Net Income From Continuing Operation Net Minority Interest | - | 6,705 | 10,335 | 10,792 | 8,884 |
| Net Income | - | 6,705 | 10,335 | 10,792 | 8,884 |
| Net Income Common Stockholders | - | 6,705 | 10,335 | 10,792 | 8,884 |
| Net Income Including Noncontrolling Interests | - | 6,704 | 10,332 | 10,788 | 8,882 |
| Normalized Income | - | 7,247.44 | 10,013.12 | 10,316.38 | 8,672.68 |
| Diluted NI Availto Com Stockholders | - | 6,705 | 10,335 | 10,792 | 8,884 |
| Basic Average Shares | - | 526.90 | 510.60 | 486.70 | 470 |
| Diluted Average Shares | - | 530.40 | 513.60 | 489.40 | 472.30 |
| Reconciled Depreciation | - | 2,219 | 2,144 | 2,153 | 2,262 |
| Reconciled Cost Of Revenue | - | 41,915 | 43,797 | 41,485 | 46,111 |
| Total Unusual Items | - | -710 | 409 | 592 | 278 |
| Total Unusual Items Excluding Goodwill | - | -710 | 409 | 592 | 278 |
| Minority Interests | - | 1 | 3 | 4 | 2 |
| Earnings From Equity Interest Net Of Tax | - | 19 | 63 | 44 | 109 |
| Special Income Charges | 0 | -925 | 0 | 0 | - |
| Impairment Of Capital Assets | 0 | 925 | 0 | 0 | - |
| Gain On Sale Of Security | - | 215 | 409 | 592 | 278 |
| Other Operating Expenses | - | 1,218 | 1,818 | 1,478 | 1,194 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Caterpillar Inc.this co. | CAT | $433.2B | 48.76↑ premium | 20.32 | 41.7% | 32.61 |
| GE Aerospace | GE | $342.3B | 39.33 | 18.33 | 46.6% | 29.05 |
| GE Vernova Inc. | GEV | $258.9B | 53.00 | 23.16 | 43.7% | 112.04 |
| RTX Corporation | RTX | $241.6B | 35.89 | 3.70 | 10.3% | 18.31 |
| The Boeing Company | BA | $171.4B | 90.73 | 31.43 |
| - |
| - |
| - |
| - |
| - |
| 34.6% |
| 26.69 |
| Eaton Corporation plc | ETN | $162.5B | 39.77 | 8.37 | 21.0% | 27.91 |
| Deere & Company | DE | $159.7B | 31.78 | 6.16 | 19.4% | 18.51 |
| Union Pacific Corporation | UNP | $156.7B | 21.95 | 8.48 | 38.7% | 14.55 |
| Honeywell International Inc. | HON | $137.9B | 29.16 | 9.92 | 34.0% | 19.61 |
| Peer Median | - | 37.61 | 9.20 | 34.3% | 23.15 | |