Current Assets
Work in process
Caterpillar Work in process increased by 11.1% to $1.6B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 11.1%, from $1.44B to $1.6B. Over 5 years (FY 2020 to FY 2025), Work in process shows an upward trend with a 8.7% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementBalance Sheet Statement
SectionCurrent Assets
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ4 2014
Last reportedQ4 2025Feb 13, 2026
Parent metricInventories
How to read this metric
An increase may signal production bottlenecks or scaling up, while a decrease suggests improved manufacturing throughput.
Detailed definition
This represents the value of goods that are currently in the manufacturing process but not yet completed. It reflects th...
Peer comparison
Standard inventory metric for all manufacturing and industrial companies.
Metric ID:
inv_work_in_progressHistorical Data
5 periods
| Q4 '21 | Q4 '22 | Q4 '23 | Q4 '24 | Q4 '25 | |
|---|---|---|---|---|---|
| Value | $1.32B | $1.45B | $1.41B | $1.44B | $1.6B |
| QoQ Change | — | +10.2% | -2.8% | +1.9% | +11.1% |
| YoY Change | — | +10.2% | -2.8% | +1.9% | +11.1% |
| % of Inventories | 9.4% | 8.9% | 8.5% | 8.5% | 8.8% |
| Share Change | — | -0.5pp | -0.4pp | +0.0pp | +0.3pp |
Range$1.32B – $1.6B
CAGR+21.2%
Avg YoY Growth+5.1%
Median YoY Growth+6.0%
Current Streak2 quarters growth
Work in process at Other Companies
Frequently Asked Questions
- What is Caterpillar's work in process?
- Caterpillar (CAT) reported work in process of $1.6B in Q4 2025.
- How has Caterpillar's work in process changed year-over-year?
- Caterpillar's work in process increased by 11.1% year-over-year, from $1.44B to $1.6B.
- What is the long-term trend for Caterpillar's work in process?
- Over 5 years (2020 to 2025), Caterpillar's work in process has grown at a 8.7% compound annual growth rate (CAGR), from $1.05B to $1.6B.
- What does work in process mean?
- The value of products currently being built but not yet finished.