Caterpillar Inc.

CATNYSEIndustrials● Active

$904.28

$-36.20(-3.85%)

Market Cap$416.5B

P/E Ratio—

52W High$936.71

52W Low$345.85

Avg Volume2.5M

Open$929.93

Beta1.60

Free Cash Flow Financials Revenue

Caterpillar Inc. (CAT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CAT · free cash flow · updated Jun 8, 2026

Core FCF metrics

CAT · FCF · TTM · margin & CAGR

Free cash flow was $10.27B for FY2025 (fiscal year ending 2025-12-31), up 16.5% year-over-year The FCF margin was 15.2%. Five-year CAGR stands at +19.5%.

FY2025 Free Cash Flow$10.27B▲ +16.5% YoY

Trailing 12M (TTM)$11.45Btrailing 4 quarters sum

FCF Margin15.2%$10.27B ÷ revenue

3-Year CAGR+25.8%FY2022 → FY2025

5-Year CAGR+19.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CAT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$11.74B(1.47B)$10.27B▲ +16.5%15.2%

FY2024$12.04B(3.21B)$8.82B▼ 9.9%13.6%

FY2023$12.88B(3.09B)$9.79B▲ +89.5%14.6%

FY2022$7.77B(2.60B)$5.17B▲ +9.3%8.7%

FY2021$7.20B(2.47B)$4.73B▲ +12.2%9.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CAT · P/FCF · FCF yield · FCF per share

Caterpillar Inc. (CAT) trades at a FCF yield of 2.75% and a price-to-free-cash-flow ratio of 36.8x. FCF per share stands at $24.54, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.75%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$24.54

TTM FCF ÷ Shares Outstanding

Price / FCF

x36.8

Share Price ÷ FCF per Share

EV / FCF (TTM)

x39.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CAT · cash flow statement · operating / investing / financing

For FY2025, Caterpillar Inc. generated $11.74B in operating cash flow and spent 1.47B in capital expenditures, yielding $10.27B in free cash flow.

Operating Activities

+$11.74B

Cash from core business operations

2025-12-31

Investing Activities

−$4.71B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$3.90B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($11.74B) − |CapEx| (1.47B) = FCF ($10.27B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

CAT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Caterpillar Inc.YOU

CAT

$10.27B+16.5%15.2%

100%

Union Pacific Corporation

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Caterpillar Inc. (CAT) reported free cash flow of $10.27B for FY2025 (fiscal year ending 2025-12-31), up 16.5% year-over-year. The FCF margin was 15.2%.

Based on available data, Caterpillar Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $10.27B in FY2025. The 5-year CAGR stands at +19.5%.

Caterpillar Inc.'s FCF yield is 2.75% and price-to-FCF ratio is 36.8x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CAT free cash flow · 8 questions

Caterpillar Inc. free cash flow was $10.27B for FY2025, up 16.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $11.45B.

CAT free cash flowCAT FCFCAT FCF 2025CAT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Caterpillar Inc. · Caterpillar Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026