Caterpillar (CAT) FY2024 results: revenue $64.8 billion, down 3.4% on the year
Caterpillar Inc. (CAT) reported revenue of $64.8 billion for fiscal 2024, the year ended 31 December 2024, down 3.4% on the year before. Net income was $10.8 billion, up 4.4%, and diluted earnings per share $22.05. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.
Revenue
$64.8 billion
-3.4% on the year
FY2017FY2024
Operating margin
20.2%
19.3% a year earlier
FY2017FY2024
Net income
$10.8 billion
+4.4% on the year
FY2017FY2024
Diluted EPS
$22.05
+9.6% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
12,035
12,885
7,766
-6.6%
Capital expenditure
1,988
1,597
1,296
+24.5%
Free cash flow
10,047
11,288
6,470
-11.0%
Free cash flow margin
15.5%
16.8%
10.9%
Cash from investing
-2,453
-5,871
-2,541
Cash from financing
-9,565
-6,932
-7,281
Depreciation and amortisation
2,153
2,144
2,219
+0.4%
Share-based compensation
223
208
193
+7.2%
Buybacks
7,697
4,975
4,230
+54.7%
Dividends paid
2,646
2,563
2,440
+3.2%
Dividend per share
$5.53
$5.10
$4.71
+8.4%
Diluted shares, weighted
489m
514m
530m
-4.7%
Shares outstanding at period end
478m
499m
516m
-4.3%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
19,494
19,503
15,891
-0.0%
Debt
38,409
37,878
36,993
+1.4%
Operating lease liabilities
459
427
428
+7.5%
Other liabilities
29,402
29,668
28,631
-0.9%
Total liabilities and equity
87,764
87,476
81,943
+0.3%
Fixed assets
13,361
12,680
12,028
+5.4%
Goodwill
5,241
5,308
5,288
-1.3%
Intangible assets
399
564
758
-29.3%
Securities held for sale or to maturity
4,042
5,697
3,164
-29.1%
Cash and equivalents
6,889
6,978
7,004
-1.3%
Receivables
9,282
9,310
8,856
-0.3%
Inventory
16,827
16,565
16,270
+1.6%
Other assets
31,723
30,374
28,575
+4.4%
Total assets
87,764
87,476
81,943
+0.3%
10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.