What is Caterpillar's change in AP?

Caterpillar (CAT) reported change in AP of $938M in Q1 2026.

How has Caterpillar's change in AP changed year-over-year?

Caterpillar's change in AP increased by 133.9% year-over-year, from $401M to $938M.

What is the long-term trend for Caterpillar's change in AP?

Over 4 years (2021 to 2025), Caterpillar's change in AP has grown at a -12.8% compound annual growth rate (CAGR), from $2.04B to $1.18B.

What does change in AP mean?

Increase or decrease in amounts owed to suppliers — a key working capital component affecting operating cash flow.

Caterpillar CAT Change in AP

Change in AP at other companies

CumminsCMI

$629M+90.6%

Gencor IndustriesGENC

$2.84M—

TerexTEX

$64M-37.3%

Twin DiscTWIN

$603.5K+147%

Deere & CompanyDE

-$1.49B+19.5%

Foster (Lb) Co.FSTR

-$8.15M+35.6%

Other financials

Income statement

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Revenue$17.4B+22.2%

Gross profit$6.1B+15.6%

Operating income$3.1B+19.6%

Net income$2.5B+27.2%

EPS (diluted)$5.47+30.2%

Balance sheet

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Cash & equivalents$4.1B+14.3%

Total debt$36.9B+14.2%

Total equity$21.3B+9.4%

Total assets$95.6B+12.4%

Cash flow

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Operating cash flow$1.9B+45.1%

CapEx$728.0M+2.5%

Free cash flow$1.1B+97.2%

Valuation

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Market cap$490.48B+147%

P/E52×+31.0×

P/S6.9×+3.8×

Profitability

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Gross margin96.6%-4.4pp

Operating margin16.5%-2.7pp

Net margin13.3%-2.4pp

FCF margin13.4%-0.9pp

Returns & leverage

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Return on equity43.5%-11.8pp

Debt / equity1.7×+0.1×

Current ratio1.4×0.0×

Where this comes from

Reported directly by Caterpillar in its filing.

Tagged under the XBRL concept us-gaap:IncreaseDecreaseInAccountsPayable.

The official record: Caterpillar’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Caterpillar's change in AP?: Caterpillar (CAT) reported change in AP of $938M in Q1 2026.
How has Caterpillar's change in AP changed year-over-year?: Caterpillar's change in AP increased by 133.9% year-over-year, from $401M to $938M.
What is the long-term trend for Caterpillar's change in AP?: Over 4 years (2021 to 2025), Caterpillar's change in AP has grown at a -12.8% compound annual growth rate (CAGR), from $2.04B to $1.18B.
What does change in AP mean?: Increase or decrease in amounts owed to suppliers — a key working capital component affecting operating cash flow.