What is Caterpillar's contract liabilities?

Caterpillar (CAT) reported contract liabilities of $4.68B in Q4 2025.

How has Caterpillar's contract liabilities changed year-over-year?

Caterpillar's contract liabilities increased by 70.4% year-over-year, from $2.75B to $4.68B.

What is the long-term trend for Caterpillar's contract liabilities?

Over 5 years (2020 to 2025), Caterpillar's contract liabilities has grown at a 25.1% compound annual growth rate (CAGR), from $1.53B to $4.68B.

What does contract liabilities mean?

Money customers have already paid for services or software that the company hasn't fully provided yet.

Discontinued — last reported Q1 '20

Contract Liabilities

Current Liabilities

Caterpillar Contract Liabilities increased by 70.4% to $4.68B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 70.4%, from $2.75B to $4.68B. Over 5 years (FY 2020 to FY 2025), Contract Liabilities shows an upward trend with a 25.1% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.

Analysis

StatementBalance Sheet Statement

SectionCurrent Liabilities

CategoryGrowth

SignalHigher is better

VolatilityModerate

First reportedQ3 2018

Last reportedQ1 2020

How to read this metric

An increase is a positive sign of strong sales momentum and future revenue growth, while a decrease may suggest slowing bookings.

Detailed definition

Payments received from customers in advance of the company delivering products or performing services, often referred to...

Peer comparison

This is a primary metric for cloud peers like Salesforce or Amazon Web Services to track the health of their subscription pipelines.

Metric ID: contract_liabilities

Historical Data

5 periods

	Q4 '21	Q4 '22	Q4 '23	Q4 '24	Q4 '25
Value	$1.56B	$2.31B	$2.39B	$2.75B	$4.68B
QoQ Change	—	+48.6%	+3.2%	+14.9%	+70.4%
YoY Change	—	+48.6%	+3.2%	+14.9%	+70.4%

Range$1.56B – $4.68B

CAGR+200.4%

Avg YoY Growth+34.3%

Median YoY Growth+31.8%

Current Streak4+ quarters growth

Frequently Asked Questions

What is Caterpillar's contract liabilities?: Caterpillar (CAT) reported contract liabilities of $4.68B in Q4 2025.
How has Caterpillar's contract liabilities changed year-over-year?: Caterpillar's contract liabilities increased by 70.4% year-over-year, from $2.75B to $4.68B.
What is the long-term trend for Caterpillar's contract liabilities?: Over 5 years (2020 to 2025), Caterpillar's contract liabilities has grown at a 25.1% compound annual growth rate (CAGR), from $1.53B to $4.68B.
What does contract liabilities mean?: Money customers have already paid for services or software that the company hasn't fully provided yet.