Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Caterpillar Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Machinery, Power & Energy
Financial Products
Short-term borrowings
Accounts payable
Accrued expenses
Accrued wages, salaries and employee benefits
Customer advances
Dividends payable
Other current liabilities
Machinery, Power & Energy
Financial Products
Long-term debt due within one year
Current liabilities
Machinery, Power & Energy
Financial Products
Long-term debt due after one year
Liability for postemployment benefits
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock of $1.00 par value, at paid-in amount
Treasury stock, at cost
Profit employed in the business
Accumulated other comprehensive loss
Shareholders’ equity attributable to common shareholders
Noncontrolling interests
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The balance sheet reflects a period of significant expansion in both total liabilities and total assets, with total liabilities and shareholders' equity increasing from 80.7 billion USD in March 2021 to 102.6 billion USD by June 2026. This growth is primarily characterized by a substantial increase in debt and operating liabilities, partially offset by aggressive share repurchase activity.

Liability Structure and Trends
Total liabilities exhibited a consistent upward trend, rising from 64.1 billion USD in early 2021 to 83.2 billion USD by mid-2026. Current liabilities grew from 26.6 billion USD to 39.8 billion USD, driven largely by an increase in accounts payable, which climbed from 6.7 billion USD to 10.3 billion USD, and a marked rise in customer advances, which grew from 1.2 billion USD to 4.8 billion USD. This increase in customer advances suggests a growing order backlog or an increase in deposits for future deliveries.
Non-current liabilities also increased, moving from 37.5 billion USD to 43.4 billion USD. This was primarily propelled by long-term debt due after one year, which rose from 26.4 billion USD to 32.0 billion USD. Conversely, liabilities for post-employment benefits showed a steady decline, falling from 6.7 billion USD to 3.7 billion USD over the same period, indicating a reduction in long-term pension or benefit obligations.
Equity and Capital Allocation
Total shareholders' equity remained relatively volatile, ending the period at 19.4 billion USD, compared to 16.6 billion USD in March 2021. A critical observation is the divergent trend between retained earnings and treasury stock. Profit employed in the business grew substantially from 36.7 billion USD to 70.1 billion USD, demonstrating strong internal capital generation.
However, this growth in retained earnings was heavily offset by an aggressive share buyback program. Treasury stock, at cost, expanded from a negative 25.0 billion USD to a negative 54.5 billion USD. This indicates a corporate strategy focused on returning capital to shareholders via repurchases, which has effectively capped the growth of total equity despite strong profitability.
Solvency and Leverage Observations
The relationship between liabilities and equity indicates increasing leverage. In March 2021, total liabilities were approximately 3.8 times the total shareholders' equity. By June 2026, this ratio increased to approximately 4.3 times, reflecting a higher reliance on debt and operating liabilities to fund the balance sheet expansion.
Short-term borrowing patterns remained volatile, fluctuating between 3.2 billion USD and 5.9 billion USD, while long-term debt continued a general climb. The overall trend suggests a strategic shift toward higher leverage to support operational growth and shareholder distributions.