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Caterpillar CAT Q4 2025 Annual earnings

Reported January 29, 2026 · Before market open

Revenue$19.1BBeat by $1.3B
EPS$5.16Beat by $0.45
Revenue estimate$17.9B
EPS estimate$4.71

Next report

Nov 4, 2026 (in a month)
Revenue estimate$20.5B
EPS estimate$6.95

Financials

Q4 2025

Income statement

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Revenue$19.1B+18.0%
Gross profit$50.5B+9.7%
Operating income$2.7B-9.0%
Net income$2.4B-13.9%
EPS (diluted)$5.12-11.4%

Balance sheet

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Cash & equivalents$10.0B+44.8%
Total debt$36.9B+14.2%
Total equity$21.3B+9.4%
Total assets$98.6B+12.3%

Cash flow

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Operating cash flow$3.6B+5.8%
CapEx$898.0M+27.7%
Free cash flow$2.7B+0.1%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$268.09B+53.1%
Enterprise value$295.04B+47.1%
P/E30.2×+13.9×
P/S4×+1.3×

Profitability

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Gross margin99.9%0.0pp
Operating margin16.5%-3.7pp
Net margin13.1%-3.5pp
FCF margin13.2%-2.3pp

Returns & leverage

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Return on equity43.5%-11.8pp
Debt / equity1.7×+0.1×
Current ratio1.4×0.0×

Segments

By segment

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Construction Industries$6.9B+15.4%
Resource Industries$3.4B+12.5%
Financial Products Segment$1.1B+6.9%
All Other Segment$99.0M+1.0%

By geography

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North
 America$10.3B+25.5%
EAME$3.9B+18.6%
Asia/
 Pacific$3.0B-0.3%
Latin
 America$2.0B+12.3%

By product

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Financial Products$931.0M+5.4%

FAQ

When did Caterpillar report Q4 2025 earnings?
Caterpillar (CAT) reported Q4 2025 earnings on January 29, 2026 before market open.
What were Caterpillar's Q4 2025 revenue and EPS?
Caterpillar reported revenue of $19.1B and eps of $5.16 for Q4 2025.
Did Caterpillar beat estimates in Q4 2025?
Revenue beat the consensus estimate of $17.9B by $1.3B. EPS beat the consensus estimate of $4.71 by $0.45.
How did Caterpillar's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 18.0% from $16.2B a year earlier and eps grew 0.4% from $5.14.
Where can I find Caterpillar's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000018230-26-000003) and the 10-K periodic report (0000018230-26-000008) directly on SEC EDGAR. The filing index links above go to sec.gov.