Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Caterpillar Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Caterpillar Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 period under review demonstrates fluctuating cash flows across operating, investing, and financing activities. Profitability from consolidated and affiliated companies exhibits variability, with peaks in December 2021 and June 2023, followed by declines. Depreciation and amortization remains relatively stable throughout the observed timeframe. Several periods show significant non-cash adjustments impacting net cash flow, notably actuarial gains on pension and postretirement benefits and provisions for deferred income taxes.
- Operating Activities
- Net cash provided by operating activities generally remains positive, though with considerable quarterly variation. A substantial increase is observed in the June 2023 and September 2023 periods. Changes in assets and liabilities, net of acquisitions and divestitures, show significant swings, particularly a large outflow in the March 2021 and March 2025 periods. Receivables and inventories consistently represent cash outflows, with inventories showing a particularly large outflow in several quarters, offset by a significant inflow in December 2022. Accounts payable and accrued expenses contribute to cash inflows, though these also fluctuate. Customer advances show a mixed pattern, with both inflows and outflows occurring throughout the period.
- Investing Activities
- Investing activities consistently demonstrate net cash outflows. Capital expenditures, including leased equipment, represent a significant ongoing drain on cash. Additions to and collections of finance receivables show large, offsetting movements, indicating substantial activity in financing arrangements. Proceeds from the sale of businesses and investments, and maturities of securities provide some cash inflows, but are generally insufficient to offset the outflows from capital expenditures and finance receivables. A notable decrease in net cash used for investing activities is observed in September 2022.
- Financing Activities
- Financing activities exhibit substantial volatility. Dividends paid consistently represent a cash outflow. Payments to purchase common stock are significant outflows in several periods, particularly in December 2023 and March 2024. Proceeds from debt issuance provide inflows, but are often offset by payments on debt. Short-term borrowings demonstrate a fluctuating pattern, contributing to both inflows and outflows. Overall, net cash provided by (used for) financing activities is often negative, indicating a net reliance on external funding or a return of capital to shareholders.
The effect of exchange rate changes on cash is relatively minor compared to the other cash flow components, though it does contribute to fluctuations. Overall, the company demonstrates a complex cash flow profile, influenced by significant operational adjustments, investment in finance receivables, and financing decisions. The period ending December 2025 shows a positive increase in cash, cash equivalents, and restricted cash, despite substantial outflows in financing activities.