Caterpillar (CAT) FY2023 results: revenue $67.1 billion, up 12.8% on the year
Caterpillar Inc. (CAT) reported revenue of $67.1 billion for fiscal 2023, the year ended 31 December 2023, up 12.8% on the year before. Net income was $10.3 billion, up 54.1%, and diluted earnings per share $20.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.
Revenue
$67.1 billion
+12.8% on the year
FY2016FY2023
Operating margin
19.3%
13.3% a year earlier
FY2016FY2023
Net income
$10.3 billion
+54.1% on the year
FY2016FY2023
Diluted EPS
$20.12
+59.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
12,885
7,766
7,198
+65.9%
Capital expenditure
1,597
1,296
1,093
+23.2%
Free cash flow
11,288
6,470
6,105
+74.5%
Free cash flow margin
16.8%
10.9%
12.0%
Cash from investing
-5,871
-2,541
-3,084
Cash from financing
-6,932
-7,281
-4,188
Depreciation and amortisation
2,144
2,219
2,352
-3.4%
Share-based compensation
208
193
200
+7.8%
Buybacks
4,975
4,230
2,668
+17.6%
Dividends paid
2,563
2,440
2,332
+5.0%
Dividend per share
$5.10
$4.71
$4.36
+8.3%
Diluted shares, weighted
514m
530m
548m
-3.2%
Shares outstanding at period end
499m
516m
536m
-3.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
19,503
15,891
16,516
+22.7%
Debt
37,878
36,993
37,789
+2.4%
Operating lease liabilities
427
428
484
-0.2%
Other liabilities
29,668
28,631
28,004
+3.6%
Total liabilities and equity
87,476
81,943
82,793
+6.8%
Fixed assets
12,680
12,028
12,090
+5.4%
Goodwill
5,308
5,288
6,324
+0.4%
Intangible assets
564
758
1,042
-25.6%
Securities held for sale or to maturity
5,697
3,164
1,721
+80.1%
Cash and equivalents
6,978
7,004
9,254
-0.4%
Receivables
9,310
8,856
8,477
+5.1%
Inventory
16,565
16,270
14,038
+1.8%
Other assets
30,374
28,575
29,847
+6.3%
Total assets
87,476
81,943
82,793
+6.8%
10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.