Caterpillar (CAT) FY2018 results: revenue $54.7 billion, up 20.4% on the year
Caterpillar Inc. (CAT) reported revenue of $54.7 billion for fiscal 2018, the year ended 31 December 2018, up 20.4% on the year before. Net income was $6.1 billion, up 715.3%, and diluted earnings per share $10.26. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$54.7 billion
+20.4% on the year
FY2011FY2018
Operating margin
15.2%
9.8% a year earlier
FY2011FY2018
Net income
$6.1 billion
+715.3% on the year
FY2011FY2018
Diluted EPS
$10.26
+714.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
54,722
45,462
38,537
+20.4%
Cost of revenue
36,997
31,260
28,044
+18.4%
Gross profit
17,725
14,202
10,493
+24.8%
Gross margin
32.4%
31.2%
27.2%
Research and development
1,850
1,842
1,853
+0.4%
Selling, general and administrative
5,478
4,999
4,383
+9.6%
Operating income
8,293
4,460
1,162
+85.9%
Operating margin
15.2%
9.8%
3.0%
Pre-tax income
7,822
4,082
139
+91.6%
Income tax
1,698
3,339
192
-49.1%
Effective tax rate
21.7%
81.8%
138.1%
Net income
6,147
754
-67.0
+715.3%
Net margin
11.2%
1.7%
-0.2%
Diluted EPS
$10.26
$1.26
-$0.11
+714.3%
$ 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
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,558
5,706
5,639
+14.9%
Capital expenditure
1,276
898
1,109
+42.1%
Free cash flow
5,282
4,808
4,530
+9.9%
Free cash flow margin
9.7%
10.6%
11.8%
Cash from investing
-3,212
-966
n/a
Cash from financing
-3,650
-3,657
n/a
Depreciation and amortisation
2,766
2,877
3,034
-3.9%
Share-based compensation
197
206
218
-4.4%
Buybacks
3,798
0.0
0.0
Dividends paid
1,951
1,831
1,799
+6.6%
Dividend per share
$3.36
$3.11
$3.08
+8.0%
Diluted shares, weighted
599m
599m
584m
+0.0%
Shares outstanding at period end
576m
598m
586m
-3.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
14,080
13,766
13,213
+2.3%
Debt
36,553
34,878
36,783
+4.8%
Other liabilities
27,876
28,318
24,708
-1.6%
Total liabilities and equity
78,509
76,962
74,704
+2.0%
Fixed assets
13,574
14,155
15,322
-4.1%
Goodwill
6,217
6,200
6,020
+0.3%
Intangible assets
1,897
2,111
2,349
-10.1%
Securities held for sale or to maturity
1,151
n/a
n/a
Cash and equivalents
7,890
8,320
7,199
-5.2%
Receivables
8,802
7,436
5,981
+18.4%
Inventory
11,529
10,018
8,614
+15.1%
Other assets
27,449
28,722
29,219
-4.4%
Total assets
78,509
76,962
74,704
+2.0%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.