Current Assets
Work in process
Caterpillar Work in process increased by 11.1% to $1.60B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 11.1%, from $1.44B to $1.60B. 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 2015
Last reportedQ3 2025
Parent metricInventories
How to read this metric
An increase may indicate production bottlenecks or scaling efforts, while a decrease suggests efficient throughput or reduced manufacturing activity.
Detailed definition
Represents the value of goods that have entered the production process but are not yet finished. For a manufacturer like...
Peer comparison
Peers in medical device manufacturing typically maintain lean WIP levels to optimize cash conversion cycles.
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 | $1.60B |
| 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 – $1.60B
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 $1.60B 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 $1.60B.
- 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 $1.60B.
- What does work in process mean?
- The value of goods currently in the middle of the manufacturing process.