Caterpillar (CAT) 10-K Summaries & Annual Filing History
Review Caterpillar Inc. (CAT) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Caterpillar's annual filing shows revenue increased from the prior year, while operating cash flow declined. The company maintains strong liquidity, with cash and debt both rising.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$67.6B
Revenue reported for the fiscal year.
Operating income
$11.2B
Income from operations reported for the year.
Net income
$8.9B
Net income reported for the year.
Operating cash flow
$11.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $59.4B | +16.6% |
| Dec 31, 2023 | $67.1B | +12.8% |
| Dec 31, 2024 | $64.8B | -3.4% |
| Dec 31, 2025 | $67.6B | +4.3% |
Business overview
The filing does not include a detailed business description, but the liquidity discussion indicates the company operates through Machinery, Power & Energy (MP&E) and Financial Products segments.
Financial performance
Revenue rose compared to the prior year. Operating income and net income were reported. Operating cash flow decreased.
Material risks
The supplied filing context does not include specific risk factor descriptions.
Liquidity and capital
The company's primary funding source is operating cash flow, supplemented by debt and commercial paper. Both cash and total debt increased during the period.
What to watch
Monitor the trend in operating cash flow, as it declined despite higher revenue.