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	8,882	10,788	10,332	6,704	6,493
Depreciation & Amortization	2,262	2,153	2,144	2,219	2,352
Other Adjustments	943	-47	258	643	-1,000
Change in Receivables	-2,138	-160	-437	-220	-1,259
Changes in Inventories	-1,477	-414	-364	-2,589	-2,586
Changes in Accounts Payable	1,179	-282	-754	798	2,041
Changes in Accrued Expenses	625	-172	1,282	407	1,303
Changes in Unearned Revenue	1,933	370	80	768	34
Changes in Other Operating Activities	-470	-201	344	-964	-180
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
Purchases of Investments	-17,259	-16,904	-19,566	-16,316	-14,768
Proceeds from Sale of Investments	16,080	16,846	15,988	15,617	12,481
Payments for Business Acquisitions	-47	-34	-75	-88	-490
Proceeds from Business Divestments	22	-61	-4	1	785
Other Investing Activities	75	193	97	14	79
Investing Cash Flow	-4,707	-2,453	-5,871	-2,541	-3,084
Long-Term Debt Issued	11,105	10,283	8,257	6,674	6,989
Long-Term Debt Repaid	-8,081	-9,316	-6,318	-7,728	-9,796
Net Long-Term Debt Issued (Repaid)	3,024	967	1,939	-1,054	-2,807
Issuance of Common Stock	-16	20	12	51	135
Repurchase of Common Stock	-5,263	-7,737	-4,975	-4,230	-2,668
Net Common Stock Issued (Repurchased)	-5,279	-7,717	-4,963	-4,179	-2,533
Common Dividends Paid	-2,749	-2,646	-2,563	-2,440	-2,332
Other Financing Activities	1,105	-169	-1,345	392	3,484
Financing Cash Flow	-3,899	-9,565	-6,932	-7,281	-4,188
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-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%
FCF Margin	11.03%	13.61%	14.60%	8.69%	9.27%
Free Cash Flow Per Share	15.78	18.02	19.07	9.74	8.62
Levered Free Cash Flow	11,674	9,998	11,914	3,691	4,174
Unlevered Free Cash Flow	8,243	8,741	9,843	4,077	5,910

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.