Caterpillar Inc.
Financial Performance
Caterpillar Revenue & Financials
Revenue
$67.6B (FY2025)
Market Cap
$370B
Net Income
$8.9B
Employees
118,000
What is Caterpillar's revenue?
Caterpillar had $67.6B in revenue for fiscal year 2025, up 4.3% from 2024. Net income was $8.9B.
- Latest revenue
- $67.6B (FY2025)
- Year-over-year
- +4.3%
- Growth rate (CAGR)
- 6.4% over 9 years
- Peak revenue
- $67.6B (FY2025)
- Years of data
- 10
- Employees
- 118,000
- What is Caterpillar's operating income?
- Caterpillar reported operating income of $11.2B for fiscal year 2025. sec.gov
- How much profit does Caterpillar make?
- Caterpillar reported net income of $8.9B for fiscal year 2025. sec.gov
- How many employees does Caterpillar have?
- Caterpillar has about 118,000 employees.
Financial Analysis
Caterpillar's revenue tracks construction activity, commodity prices, and capital spending, which makes it cyclical: sales fell from $65.9 billion in 2012 to $38.5 billion in 2016 before recovering. The company has since cut that volatility by growing aftermarket parts and services, which earn higher margins and keep flowing in downturns. In 2025 sales and revenues reached a record $67.589 billion, while profit fell to $8.882 billion from $10.788 billion in 2024 on tariffs and higher costs. The company returned about $7.9 billion to shareholders in 2025. In Q2 2026 sales and revenues rose 24% to $20.543 billion, operating margin widened to 20.9% from 17.3%, and Caterpillar spent $2.2 billion on buybacks and dividends in the quarter. Caterpillar Inc. is the world's leading manufacturer of heavy equipment, commanding a massive market valuation often topping $180 billion.
Revenue Trend Analysis
YoY Change
+4.3%
9-Year CAGR
+6.4%
Peak Year
2025
Trend
Mostly Growing
Caterpillar Inc. has 10 full fiscal year figures on this page, compounding at +6.4% annually over 9 years. The most recent year saw a 4.3% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $67.6B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $67.6B | $11.2B | $8.9B | +4.3% | Caterpillar Inc annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2025-12-31. |
| FY2024 | $64.8B | $13.1B | $10.8B | -3.4% | Caterpillar Inc annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2024-12-31. |
| FY2023 | $67.1B | $13B | $10.3B | +12.8% | Caterpillar Inc annual report (SEC EDGAR, filed 2026-02-13) Fiscal year ended 2023-12-31. |
| FY2022 | $59.4B | $7.9B | $6.7B | +16.6% | Caterpillar Inc annual report (SEC EDGAR, filed 2025-02-14) Fiscal year ended 2022-12-31. |
| FY2021 | $51B | $6.9B | $6.5B | +22.1% | Caterpillar Inc annual report (SEC EDGAR, filed 2024-02-16) Fiscal year ended 2021-12-31. |
| FY2020 | $41.7B | $4.6B | $3B | -22.4% | Caterpillar Inc annual report (SEC EDGAR, filed 2023-02-15) Fiscal year ended 2020-12-31. |
| FY2019 | $53.8B | $8.3B | $6.1B | -1.7% | Caterpillar Inc annual report (SEC EDGAR, filed 2022-02-16) Fiscal year ended 2019-12-31. |
| FY2018 | $54.7B | $8.3B | $6.1B | +20.4% | Caterpillar Inc annual report (SEC EDGAR, filed 2021-02-17) Fiscal year ended 2018-12-31. |
| FY2017 | $45.5B | $4.5B | $759M | +18.0% | Caterpillar Inc annual report (SEC EDGAR, filed 2020-02-19) Fiscal year ended 2017-12-31. |
| FY2016 | $38.5B | $1.2B | -$59M | — | Caterpillar Inc annual report (SEC EDGAR, filed 2019-02-14) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Caterpillar Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $11.7B | $2.8B | $98.6B | $77.3B | $8.9B | Form 10-K |
| FY2024ended Dec 31, 2024 | $12B | $2B | $87.8B | $68.3B | $10B | Form 10-K |
| FY2023ended Dec 31, 2023 | $12.9B | $1.6B | $87.5B | $68B | $11.3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $7.8B | $1.3B | $81.9B | $66.1B | $6.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $7.2B | $1.1B | $82.8B | $66.3B | $6.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $6.3B | $978M | $78.3B | $62.9B | $5.3B | Form 10-K |
| FY2019ended Dec 31, 2019 | $6.9B | $1.1B | $78.5B | $63.8B | $5.9B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.6B | $1.3B | $78.5B | $64.4B | $5.3B | Form 10-K |
| FY2017ended Dec 31, 2017 | $5.7B | — | $77B | $63.2B | — | Form 10-K |
| FY2016ended Dec 31, 2016 | — | — | $74.7B | $61.5B | — | Form 10-K |
Keep researching Caterpillar
Caterpillar Revenue and Financial FAQ
What was Caterpillar's total annual revenue in recent fiscal years?
Caterpillar Inc. reported revenue of $67.6 billion for fiscal year 2025, up from $64.8 billion in fiscal 2024.
What is Caterpillar's operating profit margin profile?
Caterpillar achieves consolidated operating margins of approximately 19% to 21% for Machinery, Energy & Transportation (ME&T), reflecting high operational execution, flexible production manufacturing, and disciplined pricing power through inflationary cycles.
How much annual free cash flow does Caterpillar generate?
Caterpillar produces between $7.5 billion and $10.0 billion in annual ME&T free cash flow, supporting substantial research and development, smart manufacturing capital expenditures, and consistent capital returns to shareholders.
What is Caterpillar's dividend track record and payout policy?
Caterpillar is a top S&P Dividend Aristocrat, having paid a cash dividend every year since 1925 and increased its annual dividend payout for more than 30 consecutive years. The company returns substantially all of its ME&T free cash flow to shareholders via dividends and share buybacks.
How is revenue distributed across Caterpillar's primary business segments?
Construction Industries generates approximately 40% of total ME&T revenues, Energy & Transportation contributes roughly 40%, Resource Industries accounts for approximately 20%, with Cat Financial generating several billion in financing revenues.
What is Caterpillar's market capitalization on the New York Stock Exchange?
Caterpillar's market capitalization typically ranges between $150 billion and $200 billion, ranking it among the world's most valuable industrial engineering and capital goods manufacturers.
How does Caterpillar deploy capital for research and development (R&D)?
Caterpillar invests approximately $2.0 billion to $2.2 billion annually in R&D, focusing on battery-electric mining trucks, hydrogen combustion engines, autonomous haulage algorithms, telematics, and low-carbon microgrid power systems.
What is Caterpillar's backlog of unfilled customer machine orders?
Caterpillar maintains a healthy order backlog of $27 billion to $30 billion across construction, mining, and turbine power systems, providing strong forward visibility into industrial equipment production and delivery schedules.
Is Caterpillar a profitable company?
Yes, but it is heavily cyclical. Caterpillar's massive profits rise and fall directly with the global economy; when governments spend billions on infrastructure and mining booms, Caterpillar prints cash.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Caterpillar Revenue & Financials." CorpDigest, https://corpdigest.com/company/caterpillar/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Caterpillar reported $67.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/caterpillar/financials" target="_blank" rel="noopener">CorpDigest — Caterpillar financials</a></div>Related Financial Audits
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