Caterpillar Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	8,884	10,792	10,335	6,705	6,489
Depreciation & Amortization	2,197	2,153	2,144	2,219	2,352
Loss (Gain) From Sale of Assets	30	164	572	-	-
Asset Writedown & Restructuring Costs	65	-	-	925	-
Other Operating Activities	911	-215	-317	-283	-996
Change in Accounts Receivable	-2,138	-160	-437	-220	-1,259
Change in Inventory	-1,477	-414	-364	-2,589	-2,586
Change in Accounts Payable	1,179	-282	-754	798	2,041
Change in Unearned Revenue	1,933	370	80	768	34
Change in Other Net Operating Assets	155	-373	1,626	-557	1,123
Operating Cash Flow	11,739	12,035	12,885	7,766	7,198
Operating Cash Flow Growth	-2.46%	-6.60%	65.92%	7.89%	13.77%
Capital Expenditures	-4,286	-3,215	-3,092	-2,599	-2,472
Sale of Property, Plant & Equipment	708	722	781	830	1,265
Divestitures	22	-61	-4	1	36
Investment in Securities	517	1,626	-2,589	-782	-1,471
Other Investing Activities	75	193	97	14	79
Investing Cash Flow	-4,707	-2,453	-5,871	-2,541	-3,084
Short-Term Debt Issued	1,106	-	-	402	3,488
Long-Term Debt Issued	11,105	10,283	8,257	6,674	6,989
Total Debt Issued	12,211	10,283	8,257	7,076	10,477
Short-Term Debt Repaid	-	-168	-1,345	-	-
Long-Term Debt Repaid	-8,081	-9,316	-6,318	-7,728	-9,796
Total Debt Repaid	-8,081	-9,484	-7,663	-7,728	-9,796
Net Debt Issued (Repaid)	4,130	799	594	-652	681
Issuance of Common Stock	-	20	12	51	135
Repurchase of Common Stock	-5,263	-7,737	-4,975	-4,230	-2,668
Common Dividends Paid	-2,749	-2,646	-2,563	-2,440	-2,332
Other Financing Activities	-17	-1	-	-10	-4
Financing Cash Flow	-3,899	-9,565	-6,932	-7,281	-4,188
Foreign Exchange Rate Adjustments	-43	-106	-110	-194	-29
Net Cash Flow	3,090	-89	-28	-2,250	-103
Free Cash Flow	7,453	8,820	9,793	5,167	4,726
Free Cash Flow Growth	-15.50%	-9.94%	89.53%	9.33%	12.20%
Free Cash Flow Margin	11.03%	13.61%	14.60%	8.70%	9.27%
Free Cash Flow Per Share	15.78	18.02	19.07	9.74	8.62
Cash Interest Paid	1,842	1,738	1,435	959	920
Cash Income Tax Paid	2,206	3,126	2,949	3,076	1,759
Levered Free Cash Flow	5,839	5,290	8,563	3,576	7,036
Unlevered Free Cash Flow	6,153	5,610	8,883	3,853	7,341
Change in Working Capital	-348	-859	151	-1,800	-647

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.