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Caterpillar (CAT) FY2016 results: revenue $38.5 billion, down 18.0% on the year

Caterpillar Inc. (CAT) reported revenue of $38.5 billion for fiscal 2016, the year ended 31 December 2016, down 18.0% on the year before. Net income was -$67 million, and diluted earnings per share $-0.11. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2017.

Revenue
$38.5 billion
-18.0% on the year
FY2009FY2016
Operating margin
3.0%
8.1% a year earlier
FY2009FY2016
Net income
-$67 million
FY2009FY2016
Diluted EPS
-$0.11
FY2009FY2016

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ millionFY2016FY2015FY2014On the yearLast 8 years
Revenue38,53747,01155,184-18.0%
Cost of revenue28,04433,54640,718-16.4%
Gross profit10,49313,46514,466-22.1%
Gross margin27.2%28.6%26.2%
Research and development1,8532,1192,380-12.6%
Selling, general and administrative4,3834,9516,529-11.5%
Operating income1,1623,7853,314-69.3%
Operating margin3.0%8.1%6.0%
Pre-tax income1393,4393,152-96.0%
Income tax192916692-79.0%
Effective tax rate138.1%26.6%22.0%
Net income-67.02,5122,452
Net margin-0.2%5.3%4.4%
Diluted EPS-$0.11$4.18$3.90
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2016FY2015FY2014On the yearLast 8 years
Operating cash flow5,6396,6998,057-15.8%
Capital expenditure1,1091,3881,539-20.1%
Free cash flow4,5305,3116,518-14.7%
Free cash flow margin11.8%11.3%11.8%
Depreciation and amortisation3,0343,0463,163-0.4%
Share-based compensation218283254-23.0%
Buybacks0.02,0254,238
Dividends paid1,7991,7571,620+2.4%
Dividend per share$3.08$3.01$2.70+2.3%
Diluted shares, weighted584m601m629m-2.8%
Shares outstanding at period end586m582m606m+0.7%

Balance sheet

$ millionFY2016FY2015FY2014On the yearLast 8 years
Shareholders' equity13,21314,88516,826-11.2%
Debt36,78338,01339,285-3.2%
Other liabilities24,70825,59928,387-3.5%
Total liabilities and equity74,70478,49784,498-4.8%
Fixed assets15,32216,09016,577-4.8%
Goodwill6,0206,6156,694-9.0%
Intangible assets2,3492,8213,076-16.7%
Cash and equivalents7,1996,511n/a+10.6%
Receivables5,9816,6957,737-10.7%
Inventory8,6149,70012,205-11.2%
Other assets29,21930,06538,209-2.8%
Total assets74,70478,49784,498-4.8%

10-K for the year ended 31 December 2016, filed 15 February 2017: the filing.