Caterpillar

How they make money

As described in its 10-K for fiscal 2025.

At a glance

Buybacks

58.4%^rBuybacks as a share of free cash flowSEC EDGAR · CIK 00000182300000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19NetCashProvidedByUsedInOperatingActivities0000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19PaymentsForRepurchaseOfCommonStock0000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19PaymentsToAcquireProductiveAssets − cat:ExpendituresForEquipmentLeasedToOthers0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsForRepurchaseOfCommonStock0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsForRepurchaseOfCommonStock0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsForRepurchaseOfCommonStock0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsForRepurchaseOfCommonStock0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsForRepurchaseOfCommonStock0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsForRepurchaseOfCommonStock0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19NetCashProvidedByUsedInOperatingActivities0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsForRepurchaseOfCommonStock0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17NetCashProvidedByUsedInOperatingActivities0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsForRepurchaseOfCommonStock0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16NetCashProvidedByUsedInOperatingActivities0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsForRepurchaseOfCommonStock0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15NetCashProvidedByUsedInOperatingActivities0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsForRepurchaseOfCommonStock0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16NetCashProvidedByUsedInOperatingActivities0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsForRepurchaseOfCommonStock0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14NetCashProvidedByUsedInOperatingActivities0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsForRepurchaseOfCommonStock0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13NetCashProvidedByUsedInOperatingActivities0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsForRepurchaseOfCommonStock0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLeaser: a later 10-K shows a different figure for NetCashProvidedByUsedInOperatingActivities FY2009; PaymentsToAcquireProductiveAssets − cat:ExpendituresForEquipmentLeasedToOthers FY2009; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2015; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2016; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2017. As filed is shown.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial, alongside the manufacturing operations.Sum of two cash flow lines: capital expenditures excluding equipment leased to others, and expenditures for equipment leased to others, which Caterpillar states are primarily for Financial Products.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial. Caterpillar separately reports a free cash flow measure for its manufacturing operations only.

Share of free cash flow, fiscal 2009, 2013–2025

Details and every year

Dividends

41.3%^rDividends as a share of free cash flowSEC EDGAR · CIK 00000182300000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19NetCashProvidedByUsedInOperatingActivities0000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19PaymentsOfDividends0000018230-10-000092 · FY2009 · period ended 2009-12-31 · filed 2010-02-19PaymentsToAcquireProductiveAssets − cat:ExpendituresForEquipmentLeasedToOthers0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22NetCashProvidedByUsedInOperatingActivities0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22PaymentsOfDividendsCommonStock0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21PaymentsOfDividendsCommonStock0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19PaymentsOfDividendsCommonStock0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsOfDividendsCommonStock0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsOfDividendsCommonStock0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsOfDividendsCommonStock0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsOfDividendsCommonStock0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsOfDividendsCommonStock0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsOfDividendsCommonStock0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19NetCashProvidedByUsedInOperatingActivities0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsOfDividendsCommonStock0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17NetCashProvidedByUsedInOperatingActivities0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsOfDividendsCommonStock0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16NetCashProvidedByUsedInOperatingActivities0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsOfDividendsCommonStock0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15NetCashProvidedByUsedInOperatingActivities0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsOfDividendsCommonStock0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16NetCashProvidedByUsedInOperatingActivities0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsOfDividendsCommonStock0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14NetCashProvidedByUsedInOperatingActivities0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsOfDividendsCommonStock0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13NetCashProvidedByUsedInOperatingActivities0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsOfDividendsCommonStock0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLeaser: a later 10-K shows a different figure for NetCashProvidedByUsedInOperatingActivities FY2009; PaymentsToAcquireProductiveAssets − cat:ExpendituresForEquipmentLeasedToOthers FY2009; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2011; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2012; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2015; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2016; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2017. As filed is shown.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial, alongside the manufacturing operations.Sum of two cash flow lines: capital expenditures excluding equipment leased to others, and expenditures for equipment leased to others, which Caterpillar states are primarily for Financial Products.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial. Caterpillar separately reports a free cash flow measure for its manufacturing operations only.

Share of free cash flow, fiscal 2009–2025

Details and every year

Acquisitions

16.4%^rAcquisitions as a share of free cash flowSEC EDGAR · CIK 00000182300001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22NetCashProvidedByUsedInOperatingActivities0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22PaymentsForProceedsFromBusinessesAndInterestInAffiliates0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21PaymentsForProceedsFromBusinessesAndInterestInAffiliates0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18PaymentsToAcquireProductiveAssets + cat:ExpendituresForEquipmentLeasedToOthers0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14NetCashProvidedByUsedInOperatingActivitiesContinuingOperations0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19NetCashProvidedByUsedInOperatingActivities0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19PaymentsToAcquireProductiveAssets + PaymentsToAcquireEquipmentOnLease0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17NetCashProvidedByUsedInOperatingActivities0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16NetCashProvidedByUsedInOperatingActivities0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15NetCashProvidedByUsedInOperatingActivities0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16NetCashProvidedByUsedInOperatingActivities0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14NetCashProvidedByUsedInOperatingActivities0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLease0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13NetCashProvidedByUsedInOperatingActivities0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsToAcquireBusinessesNetOfCashAcquired0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13PaymentsToAcquirePropertyPlantAndEquipment + PaymentsToAcquireEquipmentOnLeaser: a later 10-K shows a different figure for NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2011; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2012; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2015; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2016; NetCashProvidedByUsedInOperatingActivitiesContinuingOperations FY2017. As filed is shown.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial, alongside the manufacturing operations.Sum of two cash flow lines: capital expenditures excluding equipment leased to others, and expenditures for equipment leased to others, which Caterpillar states are primarily for Financial Products.Includes investments in affiliated companies, which Caterpillar reports on the same line as business acquisitions.Net cash provided by operating activities is the consolidated total and includes the Financial Products businesses, primarily Cat Financial. Caterpillar separately reports a free cash flow measure for its manufacturing operations only.

Share of free cash flow, fiscal 2010–2025

Details and every year

Median ROIC

12.8%^crMedian return on invested capitalSEC EDGAR · CIK 00000182300001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22CashCashEquivalentsAndShortTermInvestments0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22LongTermDebtNoncurrent0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22ShortTermBorrowings0001104659-11-008938 · FY2010 · period ended 2010-12-31 · filed 2011-02-22StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21CashCashEquivalentsAndShortTermInvestments0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21IncomeTaxExpenseBenefit0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21LongTermDebtNoncurrent0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21OperatingIncomeLoss0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21ShortTermBorrowings0001104659-12-011331 · FY2011 · period ended 2011-12-31 · filed 2012-02-21StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19CashCashEquivalentsAndShortTermInvestments0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19IncomeTaxExpenseBenefit0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19LongTermDebtNoncurrent0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19OperatingIncomeLoss0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19ShortTermBorrowings0000018230-13-000075 · FY2012 · period ended 2012-12-31 · filed 2013-02-19StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18CashCashEquivalentsAndShortTermInvestments0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18IncomeTaxExpenseBenefit0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18LongTermDebtNoncurrent0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18OperatingIncomeLoss0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18ShortTermBorrowings0000018230-14-000058 · FY2013 · period ended 2013-12-31 · filed 2014-02-18StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17CashCashEquivalentsAndShortTermInvestments0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17IncomeTaxExpenseBenefit0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17LongTermDebtNoncurrent0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17OperatingIncomeLoss0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17ShortTermBorrowings0000018230-15-000061 · FY2014 · period ended 2014-12-31 · filed 2015-02-17StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16IncomeTaxExpenseBenefit0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16LongTermDebtNoncurrent0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16OperatingIncomeLoss0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16ShortTermBorrowings0000018230-16-000410 · FY2015 · period ended 2015-12-31 · filed 2016-02-16StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-19-000034 · FY2015 · period ended 2015-12-31 · filed 2019-02-14CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15LongTermDebtNoncurrent0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15ShortTermBorrowings0000018230-17-000041 · FY2016 · period ended 2016-12-31 · filed 2017-02-15StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-18-000136 · FY2016 · period ended 2016-12-31 · filed 2018-05-02CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15IncomeTaxExpenseBenefit0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15LongTermDebtNoncurrent0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15OperatingIncomeLoss0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15ShortTermBorrowings0000018230-18-000042 · FY2017 · period ended 2017-12-31 · filed 2018-02-15StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-18-000136 · FY2017 · period ended 2017-12-31 · filed 2018-05-02CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14IncomeTaxExpenseBenefit0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14LongTermDebtNoncurrent0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14OperatingIncomeLoss0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14ShortTermBorrowings0000018230-19-000034 · FY2018 · period ended 2018-12-31 · filed 2019-02-14StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19IncomeTaxExpenseBenefit0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19LongTermDebtNoncurrent0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19OperatingIncomeLoss0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19ShortTermBorrowings0000018230-20-000056 · FY2019 · period ended 2019-12-31 · filed 2020-02-19StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17IncomeTaxExpenseBenefit0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17LongTermDebtNoncurrent0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17OperatingIncomeLoss0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17ShortTermBorrowings0000018230-21-000063 · FY2020 · period ended 2020-12-31 · filed 2021-02-17StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16CashAndCashEquivalentsAtCarryingValue0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16IncomeTaxExpenseBenefit0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16LongTermDebtNoncurrent0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16OperatingIncomeLoss0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16ShortTermBorrowings0000018230-22-000050 · FY2021 · period ended 2021-12-31 · filed 2022-02-16StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15CashAndCashEquivalentsAtCarryingValue0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15IncomeTaxExpenseBenefit0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15LongTermDebtNoncurrent0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15OperatingIncomeLoss0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15ShortTermBorrowings0000018230-23-000011 · FY2022 · period ended 2022-12-31 · filed 2023-02-15StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16CashAndCashEquivalentsAtCarryingValue0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16IncomeTaxExpenseBenefit0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16LongTermDebtNoncurrent0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16OperatingIncomeLoss0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16ShortTermBorrowings0000018230-24-000009 · FY2023 · period ended 2023-12-31 · filed 2024-02-16StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14CashAndCashEquivalentsAtCarryingValue0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14IncomeTaxExpenseBenefit0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14LongTermDebtNoncurrent0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14OperatingIncomeLoss0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14ShortTermBorrowings0000018230-25-000008 · FY2024 · period ended 2024-12-31 · filed 2025-02-14StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13CashAndCashEquivalentsAtCarryingValue0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13IncomeTaxExpenseBenefit0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13LongTermDebtNoncurrent0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13OperatingIncomeLoss0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13ShortTermBorrowings0000018230-26-000008 · FY2025 · period ended 2025-12-31 · filed 2026-02-13StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestc: comparative figure from a later filing (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents FY2015; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents FY2016; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents FY2017); SEC's structured data has no figure from the fiscal year's own 10-K.r: a later 10-K shows a different figure for IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments FY2014; IncomeTaxExpenseBenefit FY2014; OperatingIncomeLoss FY2014; IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments FY2015; IncomeTaxExpenseBenefit FY2015; LongTermDebtNoncurrent FY2015; OperatingIncomeLoss FY2015; StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest FY2016; OperatingIncomeLoss FY2017. As filed is shown.

Return on invested capital, fiscal 2011–2015, 2017–2025

Details and every year

Sections, fiscal 2009–2025

• Where the cash wentFree cash flow and what it was spent on — buybacks, dividends, acquisitions and debt — year by year.
• Return on capitalReturn on invested capital and on incremental capital, and up to three estimates of owner earnings.
• Management recordPrices paid for buybacks, debt against operating income, margins, share issuance and stock-based pay.