$CAT Caterpillar Inc | Understand Stock

What Do They Do?

Sells construction and mining equipment, engines and power systems to construction, mining and energy customers. Provides financing for Caterpillar equipment to customers and dealers.

Who Are Their Customers?

Construction, mining and energy customers buy Caterpillar equipment mainly through independent dealers; the company sells some turbines and locomotives directly to end customers. Cat Financial also finances customers and dealers.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

16% of revenue

▼ −15% vs FY2024 ($13.1B, 20%)

Net income, FY2025

13% of revenue

▼ −18% vs FY2024 ($10.8B, 17%)

Free cash flow, FY2025

13% of revenue

▼ −11% vs FY2024 ($10B, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +24%; vs $16.6B in Q2 FY2025
Net income: ▲ +65%; vs $2.2B in Q2 FY2025

Sales of Machinery, Power & Energy share of revenue vs 94.6% in Q2 FY2025

Apr 10, 2026 Caterpillar appointed Kyle Epley CFO, succeeding Andrew Bonfield Bonfield plans to retire after serving in an advisory role during the transition.

Revenue over time

Machinery, Power & Energy Financial Products Machinery, Energy & Transportation

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with CASE, Deere, Doosan Bobcat, Hitachi Construction Machinery, Hyundai Construction Equipment, Hyundai Doosan Infracore, J.C. Bamford Excavators, Kobelco Construction Machinery, Komatsu, Kubota, Sany Heavy Industry, Volvo Group, Epiroc, Liebherr-International, Sandvik, Cummins, Deutz, Rolls-Royce Power Systems, Siemens Energy, and Wabtec