CaterpillarCAT

CaterpillarCAT

Revenue: is the business selling more than it used to?

$67.6B+4% YoYFY 2025

→Revenue reached $67.6B in 2025, compounding +4% a year since 2022 though the path has been bumpy. The trailing twelve months are already running at $74.7B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Net income: how much of that revenue becomes profit?

$8.9B−18% YoYFY 2025

→Net income was $8.9B in 2025, compounding +10% a year over three years. Trailing twelve-month profit stands at $10.8B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

How fast is it growing, year by year?

+4.3%revenue growth, FY 2025

→Revenue grew +4% in 2025 against a five-year average of +10%. Earnings went the other way (-18%) even as sales grew, so margins compressed: costs rose faster than revenue. 2018's +710% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Revenue per share: is your slice growing as fast as the company?

$143.11revenue per share, FY 2025

→Revenue per share reached $143.11 in 2025, compounding +8% a year against +4% for CAT as a whole. Buybacks added roughly 4.1 points to your per-share result. Free cash flow per share stands at $18.88.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Free cash flow: what is left in real cash after everything?

$8.9B−11% YoYFY 2025

→Free cash flow was $8.9B in 2025, compounding +11% a year since 2022. The trailing twelve months stand at $10.7B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

How much of every sales dollar ends up as free cash?

→13 cents of every sales dollar became free cash in 2025, up 2 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 4% of revenue (research and development 3%, stock compensation 0%). That share has risen since 2022, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently -15% against +4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 3 points to 16% since 2022. After everything, 13 cents of each sales dollar reaches net profit. CAT doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

What does it earn on the money it uses?

→ROE of 56% sits well above ROCE of 18%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

What has the market paid for CAT over time?

35.5xP/E today

→At 35.5x earnings, the market is paying +129% more than CAT's own 10-year median of 15.5x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

What cash return does the business throw off per dollar of market value?

2.9%FCF yield today

→Every dollar of market value currently buys 2.9% of annual free cash flow, less than its 11-year median of 7.8% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Could it handle its debt if things went wrong?

→Debt isn't clearly tagged in CAT's filings, so treat the balance sheet with extra care rather than assuming zero.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Is the company's own capital growing?

→The company's own capital shrank from $19.5B in 2023 to $19.4B (-1%). Buybacks or losses are drawing the buffer down - the distinction matters.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

How much goes back, and how much leaks out as stock comp?

→Shareholders received $5.2B in buybacks and $2.7B in dividends in 2025. Stock compensation issued $242M of new shares in the same year, offsetting 3% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

How fast is your ownership being diluted - or concentrated?

→The share count shrank 3.5% in 2025, averaging 3.8% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Is the dividend cheque growing?

→The dividend per share reached $5.82 in 2025, compounding +7% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Can it afford the dividend?

→The dividend consumed 31% of profit and 31% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Does CAT earn more on its capital than that capital costs?

→CAT earns 18.0% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 15.7% in 2022, so the trend is up, and the pace is picking up.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

CAT has issued or retired shares - did shareholders end up better off?

→CAT has shrunk its share count -29% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +59% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CaterpillarCAT

Are the people running it buying or selling?

→Insiders bought $219,210 and sold $114M on the open market, a net sale of $114M. A further 28 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30