Caterpillar (CAT) FY2020 results: revenue $41.7 billion, down 22.4% on the year
Caterpillar Inc. (CAT) reported revenue of $41.7 billion for fiscal 2020, the year ended 31 December 2020, down 22.4% on the year before. Net income was $3.0 billion, down 50.8%, and diluted earnings per share $5.46. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$41.7 billion
-22.4% on the year
FY2013FY2020
Operating margin
10.9%
15.4% a year earlier
FY2013FY2020
Net income
$3.0 billion
-50.8% on the year
FY2013FY2020
Diluted EPS
$5.46
-49.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
41,748
53,800
54,722
-22.4%
Cost of revenue
29,082
36,630
36,997
-20.6%
Gross profit
12,666
17,170
17,725
-26.2%
Gross margin
30.3%
31.9%
32.4%
Research and development
1,415
1,693
1,850
-16.4%
Selling, general and administrative
4,642
5,162
5,478
-10.1%
Operating income
4,553
8,290
8,293
-45.1%
Operating margin
10.9%
15.4%
15.2%
Pre-tax income
3,995
7,812
7,822
-48.9%
Income tax
1,006
1,746
1,698
-42.4%
Effective tax rate
25.2%
22.4%
21.7%
Net income
2,998
6,093
6,147
-50.8%
Net margin
7.2%
11.3%
11.2%
Diluted EPS
$5.46
$10.74
$10.26
-49.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,327
6,912
6,558
-8.5%
Capital expenditure
978
1,056
1,276
-7.4%
Free cash flow
5,349
5,856
5,282
-8.7%
Free cash flow margin
12.8%
10.9%
9.7%
Cash from investing
-1,485
-1,928
-3,212
Cash from financing
-3,755
-4,538
-3,650
Depreciation and amortisation
2,432
2,577
2,766
-5.6%
Share-based compensation
202
205
197
-1.5%
Buybacks
1,130
4,047
3,798
-72.1%
Dividends paid
2,243
2,132
1,951
+5.2%
Dividend per share
$4.12
$3.95
$3.36
+4.3%
Diluted shares, weighted
549m
568m
599m
-3.3%
Shares outstanding at period end
545m
550m
576m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
15,378
14,629
14,080
+5.1%
Debt
37,163
37,657
36,553
-1.3%
Operating lease liabilities
457
n/a
n/a
Other liabilities
25,326
26,167
27,876
-3.2%
Total liabilities and equity
78,324
78,453
78,509
-0.2%
Fixed assets
12,401
12,904
13,574
-3.9%
Goodwill
6,394
6,196
6,217
+3.2%
Intangible assets
1,308
1,565
1,897
-16.4%
Securities held for sale or to maturity
1,683
1,365
1,151
+23.3%
Cash and equivalents
9,352
8,292
7,890
+12.8%
Receivables
7,317
8,568
8,802
-14.6%
Inventory
11,402
11,266
11,529
+1.2%
Other assets
28,467
28,297
27,449
+0.6%
Total assets
78,324
78,453
78,509
-0.2%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.