{ "ok": true, "cik": "18230", "ticker": "CAT", "name": "CATERPILLAR INC", "filings": [ { "form": "8-K", "filed": "2026-09-01", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926104197/0001104659-26-104197-index.htm" }, { "form": "10-Q", "filed": "2026-08-05", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/0000018230-26-000046-index.htm" }, { "form": "8-K", "filed": "2026-08-04", "items": [ "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000040/0000018230-26-000040-index.htm" }, { "form": "8-K", "filed": "2026-06-11", "items": [ "5.07 Submission of Matters to a Vote of Security Holders", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926072929/0001104659-26-072929-index.htm" }, { "form": "10-Q", "filed": "2026-05-06", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000021/0000018230-26-000021-index.htm" }, { "form": "DEF 14A", "filed": "2026-04-30", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/18230/000130817926000358/0001308179-26-000358-index.htm" } ], "events12m": 10, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-04-10", "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926042062/0001104659-26-042062-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000018230.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=18230" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up CATERPILLAR INC ($CAT). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-01. 10 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 67589000000, "revenueGrowth1y": 0.04289527689055528, "revenueGrowthPerYear": 0.073095112192894, "yearsOfData": 5, "operatingMargin": 0.16498246756128956, "operatingMarginPrior": 0.20170038111990618, "netMargin": 0.13141191614020034, "operatingCashFlow": 11739000000, "capitalSpending": 2821000000, "freeCashFlow": 8918000000, "researchAndDevelopment": 2148000000, "researchShareOfRevenue": 0.03178031928272352, "cash": 9980000000, "longTermDebt": 30696000000, "longTermDebtChange": 0.12229900186464837, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 50971000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 59427000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 67060000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 64809000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 67589000000 } ], "totalEquity": 21318000000, "totalAssets": 98585000000, "equityRatio": 0.21623979307196836, "returnOnEquity": 0.416643212308847, "dividendsPaid": 2749000000, "payoutRatio": 0.30950236433235756, "dividendPerShare": 5.94, "dividendYearsRising": 18, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 18.9, "sharesOutstanding": 472300000, "bookValuePerShare": 45.13656574211306, "revenuePerShare": 143.10607664619945, "range80": { "low": 61455872380.53211, "high": 75532292397.46523, "baseline": 70519915641.00073, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.08403188735329929, "classVolatility": 0.06659579566308972, "volatility": 0.07581674647516069 }, "ifPaceHeld": { "low": 61455872380.53211, "high": 75532292397.46523 } }, "edgarette": "🔖 Exposure: revenue $67.6B (FY2025), total debt $30.7B. Experience: revenue up 4.3% on the year, up 7.3% a year over 4 years; operating margin 16.5%, down from 20.2%. Soundness: equity 21.6% of assets, return on equity 41.7%, payout 31.0% of profit, dividend per share up 18 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $61.5B and $75.5B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $56.1B to $82.0B. A statistical range, not company guidance. Against peers (18 filers, $50M+ revenue, its industry group): operating margin 16.5% against a 7.2% median; growth 4.3% against 4.5%.", "peers": { "sic": 3531, "sicDescription": "Construction Machinery & Equip", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "353", "growth": [ 0.0448, 21 ], "opMargin": [ 0.0721, 18 ], "equityRatio": [ 0.4797, 18 ], "returnOnEquity": [ 0.0383, 18 ], "payoutRatio": [ 0.3081, 14 ] }, "summary": "Caterpillar (CAT) grew revenue 4.3% in FY2025 to $67.6 billion, operating margin 16.5% against a 7.2% median for construction machinery & equip, equity 21.6% of assets, and dividend per share up 18 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
CATERPILLAR INC against its own record and its peers
Operating marginPeer median 7.2%16.5%Revenue, on the yearPeer median 4.5%4.3%Equity of assetsPeer median 48.0%21.6%Return on equityPeer median 3.8%41.7%Payout of profitPeer median 30.8%31.0%Gold tick: the median of 14–18 peers with $50M+ revenue in construction machinery & equip
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profit31.0% paid out69.0% keptHanded back per share$5.94up 18 years runningGrowth its own profit can fund28.8%retained x return on equityRevenue growth it managed4.3%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 15, "hits": 11, "rate": 0.7333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 0, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:43:07.179Z", "hash": "05fc26b917c9906a", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Caterpillar (CAT) grew revenue 4.3% in FY2025 to $67.6 billion, operating margin 16.5% against a 7.2% median for construction machinery & equip, equity 21.6% of assets, and dividend per share up 18 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 67589000000, "totalDebt": 30696000000, "cash": 9980000000 }, "experience": { "revenueGrowth1y": 0.04289527689055528, "revenueGrowthPerYear": 0.073095112192894, "operatingMargin": 0.16498246756128956, "operatingMarginPrior": 0.20170038111990618, "netMargin": 0.13141191614020034, "freeCashFlow": 8918000000 }, "soundness": { "equityRatio": 0.21623979307196836, "returnOnEquity": 0.416643212308847, "payoutRatio": 0.30950236433235756, "dividendPerShare": 5.94, "dividendYearsRising": 18, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3531, "sicDescription": "Construction Machinery & Equip", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "353", "growth": [ 0.0448, 21 ], "opMargin": [ 0.0721, 18 ], "equityRatio": [ 0.4797, 18 ], "returnOnEquity": [ 0.0383, 18 ], "payoutRatio": [ 0.3081, 14 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-04-10", "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926042062/0001104659-26-042062-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 61455872380.53211, "high": 75532292397.46523, "baseline": 70519915641.00073, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.08403188735329929, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.07581674647516069, "k": 3 }, "stress": { "low": 56132813439.10315, "high": 82039741090.01811, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 15, "hits": 11, "rate": 0.7333333333333333, "method": "v4", "byYear": { "2011": [ 1, 1 ], "2012": [ 1, 1 ], "2013": [ 1, 1 ], "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 0, 1 ], "2018": [ 1, 1 ], "2019": [ 1, 1 ], "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:43:07.179Z", "hash": "05fc26b917c9906a", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000018230.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=18230" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1737, "growth3y": 0.0438, "volatility": 0.084, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2162, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 17.4% of revenue into operating cash; revenue growing 4.4% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 60th percentile for cash, 51st for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$10B+", "cashPctInClass": 60, "growthPctInClass": 51, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 11739000000, "investing": -4707000000, "financing": -3899000000, "capitalSpending": 2821000000, "free": 8918000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 7198000000, "free": 6105000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 7766000000, "free": 6470000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 12885000000, "free": 11288000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 12035000000, "free": 10047000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 11739000000, "free": 8918000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 9980000000, "shortTerm": 748000000, "longTerm": 2089000000, "equityHoldings": null, "totalAssets": 98585000000, "ladder": { "within1y": 748000000, "y1to5": 1504000000, "y5to10": 383000000, "y10plus": 202000000, "noSingleDate": null }, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1737, "growth3y": 0.0438, "volatility": 0.084, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2162, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 17.4% of revenue into operating cash; revenue growing 4.4% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 60th percentile for cash, 51st for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$10B+", "cashPctInClass": 60, "growthPctInClass": 51, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 11739000000, "investing": -4707000000, "financing": -3899000000, "capitalSpending": 2821000000, "free": 8918000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 7198000000, "free": 6105000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 7766000000, "free": 6470000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 12885000000, "free": 11288000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 12035000000, "free": 10047000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 11739000000, "free": 8918000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 9980000000, "shortTerm": 748000000, "longTerm": 2089000000, "equityHoldings": null, "totalAssets": 98585000000, "ladder": { "within1y": 748000000, "y1to5": 1504000000, "y5to10": 383000000, "y10plus": 202000000, "noSingleDate": null }, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }