Caterpillar (CAT) Q4 FY2025 earnings: revenue $19.1 billion, up 18.0% on the year

Caterpillar Inc. (CAT) reported revenue of $19.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.0% on the same quarter a year earlier. Net income was $2.4 billion, down 13.9% on the year, and diluted earnings per share $5.11. The figures are the company's own, from the 8-K it filed with the SEC on 26 March 2026.

Revenue

$19.1 billion

+18.0% on the year · +8.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.9%

18.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$2.4 billion

-13.9% on the year · +4.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$5.11

-11.3% on the year · +4.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Power & Energy sales and profit grew: Sales rose 23% to $9.400 billion on volume and price. Segment profit rose 25% to $1.841 billion, a 19.6% margin against 19.3%.
Power generation sales rose 44%: Power generation application sales were $3.238 billion, up 44%. Large reciprocating engines, mainly for data centers, and turbines both increased.
Higher tariffs drove manufacturing costs: Management said the unfavorable manufacturing costs in the quarter largely reflected higher tariffs, in each of the three primary segments.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	19,133	17,638	16,215	+8.5%	+18.0%
Cost of revenue	13,307	11,673	10,321	+14.0%	+28.9%
Gross profit	5,826	5,965	5,894	-2.3%	-1.2%
Gross margin	30.5%	33.8%	36.3%
Research and development	562	555	519	+1.3%	+8.3%
Selling, general and administrative	1,876	1,822	1,769	+3.0%	+6.0%
Operating income	2,660	3,052	2,924	-12.8%	-9.0%
Operating margin	13.9%	17.3%	18.0%
Pre-tax income	3,026	3,127	3,243	-3.2%	-6.7%
Income tax	712	836	463	-14.8%	+53.8%
Effective tax rate	23.5%	26.7%	14.3%
Net income	2,402	2,300	2,791	+4.4%	-13.9%
Net margin	12.6%	13.0%	17.2%
Diluted EPS	$5.11	$4.88	$5.76	+4.7%	-11.3%

$ million except per share.

Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,591	3,737	3,393	-3.9%	+5.8%
Capital expenditure	898	658	703	+36.5%	+27.7%
Free cash flow	2,693	3,079	2,690	-12.5%	+0.1%
Free cash flow margin	14.1%	17.5%	16.6%
Cash from investing	-1,880	-1,320	-1,649
Cash from financing	751	-305	-426
Depreciation and amortisation	598	570	555	+4.9%	+7.7%
Share-based compensation	40.0	71.0	52.0	-43.7%	-23.1%
Buybacks	340	362	640	-6.1%	-46.9%
Dividends paid	706	707	680	-0.1%	+3.8%
Dividend per share	n/a	$0.00	n/a
Diluted shares, weighted	n/a	471m	n/a
Shares outstanding at period end	465m	468m	478m	-0.6%	-2.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	21,318	20,659	19,494	+3.2%	+9.4%
Debt	43,330	41,534	38,409	+4.3%	+12.8%
Operating lease liabilities	570	n/a	459		+24.2%
Other liabilities	33,367	31,529	29,402	+5.8%	+13.5%
Total liabilities and equity	98,585	93,722	87,764	+5.2%	+12.3%
Fixed assets	15,140	14,310	13,361	+5.8%	+13.3%
Goodwill	5,321	5,329	5,241	-0.2%	+1.5%
Intangible assets	241	281	399	-14.2%	-39.6%
Securities held for sale or to maturity	3,549	3,470	4,042	+2.3%	-12.2%
Cash and equivalents	9,980	7,538	6,889	+32.4%	+44.9%
Receivables	10,920	10,146	9,282	+7.6%	+17.6%
Inventory	18,135	18,958	16,827	-4.3%	+7.8%
Other assets	35,299	33,690	31,723	+4.8%	+11.3%
Total assets	98,585	93,722	87,764	+5.2%	+12.3%

Questions

What was Caterpillar's revenue in Q4 FY2025?

Caterpillar (CAT) reported revenue of $19.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 18.0% on the same quarter a year earlier.

How much did Caterpillar earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.4 billion, down 13.9% on the year, and diluted earnings per share $5.11.

When did Caterpillar report Q4 FY2025 results?

Caterpillar filed its 8-K for the quarter ended 31 December 2025 with the SEC on 26 March 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,689	16,106	16,215	14,249	16,569	17,638	19,133	17,415	20,543	20,682
Cost of revenue	10,003	9,559	9,975	10,202	11,614	10,103	11,065	10,583	11,016	9,662	10,150	10,066	10,321	8,965	10,807	11,673	13,307	11,306	12,781	13,332
Gross profit	3,795	4,030	4,272	4,792	4,983	5,759	6,253	6,227	6,054	6,137	6,539	6,040	5,894	5,284	5,762	5,965	5,826	6,109	7,762	7,350
Gross margin	28%	30%	30%	32%	30%	36%	36%	37%	35%	39%	39%	38%	36%	37%	35%	34%	30%	35%	38%	36%
R&D	439	457	480	476	401	472	528	554	554	520	535	533	519	480	551	555	562	537	616	596
SG&A	1,422	1,346	1,425	1,401	1,479	1,463	1,528	1,624	1,756	1,577	1,652	1,669	1,769	1,593	1,694	1,822	1,876	1,816	2,018	1,797
Operating income	1,611	1,855	1,944	2,425	1,680	2,731	3,652	3,449	3,134	3,519	3,482	3,147	2,924	2,579	2,860	3,052	2,660	3,085	4,295	4,214
Operating margin	12%	14%	14%	16%	10%	17%	21%	21%	18%	22%	21%	20%	18%	18%	17%	17%	14%	18%	21%	20%
Pre-tax income	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,500	3,098	3,243	2,570	2,818	3,127	3,026	3,211	4,558	4,220
Tax rate	17%	23%	20%	21%	31%	27%	21%	21%	18%	19%	24%	21%	14%	22%	23%	27%	24%	21%	23%	23%
Net income	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,681	2,464	2,791	2,003	2,179	2,300	2,402	2,549	3,593	3,287
Net margin	15%	11%	12%	14%	9%	12%	17%	17%	16%	18%	16%	15%	17%	14%	13%	13%	13%	15%	17%	16%
Diluted EPS	$3.91	$2.86	$3.13	$3.87	$2.79	$3.74	$5.67	$5.45	$5.28	$5.75	$5.48	$5.06	$5.76	$4.20	$4.62	$4.88	$5.11	$5.47	$7.77	$7.13
Operating cash flow	1,412	313	2,233	2,481	2,739	1,573	3,249	4,060	4,003	2,052	3,021	3,569	3,393	1,289	3,122	3,737	3,591	1,870	4,371	4,352
Capital expenditure	420	346	240	282	428	422	261	378	536	500	341	444	703	710	555	658	898	728	587	697
Free cash flow	992	-33.0	1,993	2,199	2,311	1,151	2,988	3,682	3,467	1,552	2,680	3,125	2,690	579	2,567	3,079	2,693	1,142	3,784	3,655
Buybacks	1,046	820	1,104	1,385	921	400	1,429	380	2,766	4,455	1,820	782	640	3,660	828	362	340	5,028	1,494	1,223
Dividends paid	599	595	592	633	620	620	618	663	662	648	635	683	680	674	662	707	706	703	696	749
Shares outstanding	536m	533m	528m	520m	516m	516m	510m	509m	499m	489m	485m	483m	478m	471m	468m	468m	465m	461m	460m	458m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	8-K	10-Q	10-Q	10-Q	8-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

8-K for the period ended 31 December 2025, filed 26 March 2026: the filing.