Caterpillar (CAT) FY2019 results: revenue $53.8 billion, down 1.7% on the year
Caterpillar Inc. (CAT) reported revenue of $53.8 billion for fiscal 2019, the year ended 31 December 2019, down 1.7% on the year before. Net income was $6.1 billion, down 0.9%, and diluted earnings per share $10.74. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$53.8 billion
-1.7% on the year
FY2012FY2019
Operating margin
15.4%
15.2% a year earlier
FY2012FY2019
Net income
$6.1 billion
-0.9% on the year
FY2012FY2019
Diluted EPS
$10.74
+4.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
53,800
54,722
45,462
-1.7%
Cost of revenue
36,630
36,997
31,260
-1.0%
Gross profit
17,170
17,725
14,202
-3.1%
Gross margin
31.9%
32.4%
31.2%
Research and development
1,693
1,850
1,842
-8.5%
Selling, general and administrative
5,162
5,478
4,999
-5.8%
Operating income
8,290
8,293
4,460
-0.0%
Operating margin
15.4%
15.2%
9.8%
Pre-tax income
7,812
7,822
4,082
-0.1%
Income tax
1,746
1,698
3,339
+2.8%
Effective tax rate
22.4%
21.7%
81.8%
Net income
6,093
6,147
754
-0.9%
Net margin
11.3%
11.2%
1.7%
Diluted EPS
$10.74
$10.26
$1.26
+4.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,912
6,558
5,706
+5.4%
Capital expenditure
1,056
1,276
898
-17.2%
Free cash flow
5,856
5,282
4,808
+10.9%
Free cash flow margin
10.9%
9.7%
10.6%
Cash from investing
-1,928
-3,212
-966
Cash from financing
-4,538
-3,650
-3,657
Depreciation and amortisation
2,577
2,766
2,877
-6.8%
Share-based compensation
205
197
206
+4.1%
Buybacks
4,047
3,798
0.0
+6.6%
Dividends paid
2,132
1,951
1,831
+9.3%
Dividend per share
$3.95
$3.36
$3.11
+17.6%
Diluted shares, weighted
568m
599m
599m
-5.3%
Shares outstanding at period end
550m
576m
598m
-4.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
14,629
14,080
13,766
+3.9%
Debt
37,657
36,553
34,878
+3.0%
Other liabilities
26,167
27,876
28,318
-6.1%
Total liabilities and equity
78,453
78,509
76,962
-0.1%
Fixed assets
12,904
13,574
14,155
-4.9%
Goodwill
6,196
6,217
6,200
-0.3%
Intangible assets
1,565
1,897
2,111
-17.5%
Securities held for sale or to maturity
1,365
1,151
n/a
+18.6%
Cash and equivalents
8,292
7,890
8,320
+5.1%
Receivables
8,568
8,802
7,436
-2.7%
Inventory
11,266
11,529
10,018
-2.3%
Other assets
28,297
27,449
28,722
+3.1%
Total assets
78,453
78,509
76,962
-0.1%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.