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.

Caterpillar Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Profit of consolidated and affiliated companies	2,299)	2,179)	2,003)	2,790)	2,463)	2,681)	2,854)	2,673)	2,793)	2,924)	1,942)	1,454)	2,040)	1,673)	1,537)	2,120)	1,428)	1,414)	1,531)	780)	671)	459)	1,093)
Depreciation and amortization	570)	554)	540)	555)	543)	531)	524)	545)	525)	542)	532)	558)	551)	553)	557)	586)	593)	587)	586)	617)	593)	608)	614)
Actuarial (gain) loss on pension and postretirement benefits	—)	—)	—)	(154)	—)	—)	—)	(97)	—)	—)	—)	(606)	—)	—)	—)	(833)	—)	—)	—)	438)	77)	122)	(254)
Provision (benefit) for deferred income taxes	410)	(72)	(38)	(292)	(196)	(79)	(54)	(144)	(93)	(164)	(191)	(28)	(66)	(184)	(99)	(62)	(389)	(41)	109)	(36)	(6)	(52)	20)
(Gain) loss on divestiture	—)	—)	—)	—)	—)	228)	(64)	—)	—)	—)	572)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Goodwill impairment charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	925)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	111)	320)	78)	343)	116)	110)	(5)	170)	99)	(11)	117)	569)	83)	101)	(52)	114)	122)	84)	(104)	81)	245)	140)	534)
Receivables, trade and other	(469)	(474)	155)	(130)	215)	(164)	(81)	(118)	146)	(136)	(329)	(585)	82)	655)	(372)	(933)	17)	200)	(543)	(31)	297)	676)	500)
Inventories	(376)	(649)	(990)	367)	(138)	(204)	(439)	1,060)	136)	(157)	(1,403)	499)	(1,085)	(971)	(1,032)	(391)	(1,016)	(522)	(657)	105)	6)	396)	(541)
Accounts payable	113)	572)	401)	(186)	(75)	(224)	203)	(222)	(566)	(443)	477)	12)	359)	(25)	452)	809)	339)	160)	733)	694)	59)	(745)	90)
Accrued expenses	63)	186)	(198)	182)	(60)	107)	(38)	208)	207)	343)	38)	247)	150)	(6)	(74)	150)	24)	(62)	84)	(80)	(33)	(156)	(97)
Accrued wages, salaries and employee benefits	509)	339)	(1,144)	308)	385)	398)	(1,454)	486)	562)	388)	(950)	75)	460)	520)	(965)	173)	316)	427)	191)	3)	101)	74)	(722)
Customer advances	373)	563)	713)	(106)	135)	62)	279)	(436)	232)	(81)	365)	17)	237)	203)	311)	(5)	(10)	(9)	58)	(139)	15)	(118)	116)
Other assets, net	(48)	(159)	69)	(217)	100)	(40)	60)	(223)	47)	(26)	107)	(267)	(29)	(13)	99)	(235)	185)	(103)	56)	(186)	(8)	43)	(50)
Other liabilities, net	182)	(237)	(300)	(67)	81)	(385)	267)	101)	(28)	70)	296)	(131)	(301)	(273)	(49)	(81)	131)	(17)	(116)	(174)	(283)	(56)	(173)
Changes in assets and liabilities, net of acquisitions and divestitures	347)	141)	(1,294)	151)	643)	(450)	(1,203)	856)	736)	(42)	(1,399)	(133)	(127)	90)	(1,630)	(513)	(14)	74)	(194)	192)	154)	114)	(877)
Adjustments to reconcile profit to net cash provided by operating activities	1,438)	943)	(714)	603)	1,106)	340)	(802)	1,330)	1,267)	325)	(369)	1,285)	441)	560)	(1,224)	(708)	312)	704)	397)	1,292)	1,063)	932)	37)
Net cash provided by operating activities	3,737)	3,122)	1,289)	3,393)	3,569)	3,021)	2,052)	4,003)	4,060)	3,249)	1,573)	2,739)	2,481)	2,233)	313)	1,412)	1,740)	2,118)	1,928)	2,072)	1,734)	1,391)	1,130)
Capital expenditures, excluding equipment leased to others	(658)	(555)	(710)	(703)	(444)	(341)	(500)	(536)	(378)	(261)	(422)	(428)	(282)	(240)	(346)	(420)	(254)	(167)	(252)	(292)	(214)	(167)	(305)
Expenditures for equipment leased to others	(413)	(400)	(208)	(334)	(279)	(378)	(236)	(318)	(403)	(446)	(328)	(280)	(335)	(355)	(333)	(365)	(333)	(429)	(252)	(332)	(279)	(283)	(243)
Proceeds from disposals of leased assets and property, plant and equipment	179)	216)	149)	181)	199)	187)	155)	218)	195)	184)	184)	164)	198)	199)	269)	388)	241)	327)	309)	222)	168)	166)	216)
Additions to finance receivables	(3,900)	(3,855)	(3,209)	(3,952)	(4,011)	(4,190)	(3,256)	(4,079)	(4,109)	(3,953)	(3,020)	(3,325)	(3,209)	(3,717)	(2,988)	(3,399)	(3,400)	(3,574)	(2,629)	(3,107)	(2,566)	(3,759)	(2,953)
Collections of finance receivables	3,491)	3,350)	3,049)	3,374)	3,491)	3,603)	3,140)	3,643)	3,632)	3,590)	3,169)	3,439)	3,219)	3,553)	2,966)	3,209)	3,641)	2,810)	2,770)	2,990)	2,855)	3,648)	3,153)
Proceeds from sale of finance receivables	8)	11)	7)	14)	32)	24)	13)	23)	11)	5)	24)	7)	29)	12)	9)	7)	17)	22)	5)	5)	6)	—)	31)
Investments and acquisitions, net of cash acquired	(5)	(19)	(2)	(2)	—)	(32)	—)	(8)	(47)	(15)	(5)	(44)	(8)	(28)	(8)	(41)	(51)	(12)	(386)	(18)	(44)	(14)	(35)
Proceeds from sale of businesses and investments, net of cash sold	—)	—)	12)	6)	(6)	(103)	42)	10)	—)	—)	(14)	—)	—)	1)	—)	13)	(5)	—)	28)	12)	—)	13)	—)
Proceeds from maturities and sale of securities	617)	405)	923)	314)	267)	707)	1,867)	1,144)	284)	224)	239)	303)	876)	633)	571)	361)	148)	150)	126)	106)	88)	83)	68)
Investments in securities	(673)	(441)	(177)	(603)	(369)	(248)	(275)	(716)	(2,611)	(542)	(536)	(678)	(281)	(680)	(1,438)	(832)	(434)	(352)	(148)	(126)	(143)	(189)	(180)
Other, net	34)	(44)	(9)	56)	80)	49)	8)	65)	(9)	15)	26)	(1)	(17)	47)	(15)	87)	55)	(15)	(48)	14)	(87)	(28)	35)
Net cash (used for) provided by investing activities	(1,320)	(1,332)	(175)	(1,649)	(1,040)	(722)	958)	(554)	(3,435)	(1,199)	(683)	(843)	190)	(575)	(1,313)	(992)	(375)	(1,240)	(477)	(526)	(216)	(530)	(213)
Dividends paid	(707)	(662)	(674)	(680)	(683)	(635)	(648)	(662)	(663)	(618)	(620)	(620)	(633)	(592)	(595)	(599)	(607)	(564)	(562)	(560)	(558)	(558)	(567)
Common stock issued, and other stock compensation transactions, net	20)	5)	(64)	5)	7)	16)	(8)	(24)	58)	3)	(25)	49)	(2)	32)	(28)	13)	(1)	58)	65)	119)	120)	13)	(23)
Payments to purchase common stock	(362)	(828)	(3,660)	(640)	(782)	(1,820)	(4,455)	(2,766)	(380)	(1,429)	(400)	(921)	(1,385)	(1,104)	(820)	(1,046)	(1,371)	(251)	—)	—)	—)	(87)	(1,043)
Excise tax paid on purchases of common stock	—)	(73)	—)	(40)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Machinery, Energy & Transportation	—)	1,976)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	494)	—)	—)	1,976)	15)
Financial Products	2,747)	1,098)	2,633)	2,704)	3,428)	1,420)	2,731)	1,897)	3,061)	1,782)	1,517)	1,104)	1,555)	1,884)	2,131)	58)	2,025)	2,633)	1,779)	1,013)	3,259)	2,042)	2,126)
Proceeds from debt issued, original maturities greater than three months	2,747)	3,074)	2,633)	2,704)	3,428)	1,420)	2,731)	1,897)	3,061)	1,782)	1,517)	1,104)	1,555)	1,884)	2,131)	58)	2,025)	2,633)	2,273)	1,013)	3,259)	4,018)	2,141)
Machinery, Energy & Transportation	(8)	(8)	(27)	(11)	(7)	(1,008)	(6)	(7)	(4)	(5)	(90)	(5)	(7)	(7)	(6)	(9)	(8)	(1,258)	(644)	(8)	(6)	(6)	(6)
Financial Products	(2,029)	(2,363)	(1,770)	(2,443)	(1,638)	(2,639)	(1,564)	(1,852)	(2,152)	(823)	(1,385)	(2,434)	(1,036)	(2,852)	(1,381)	(1,167)	(2,646)	(1,821)	(2,243)	(1,440)	(2,154)	(2,157)	(2,460)
Payments on debt, original maturities greater than three months	(2,037)	(2,371)	(1,797)	(2,454)	(1,645)	(3,647)	(1,570)	(1,859)	(2,156)	(828)	(1,475)	(2,439)	(1,043)	(2,859)	(1,387)	(1,176)	(2,654)	(3,079)	(2,887)	(1,448)	(2,160)	(2,163)	(2,466)
Short-term borrowings, net, original maturities three months or less	34)	1,006)	(934)	680)	(1,535)	1,737)	(1,050)	381)	(1,320)	(303)	(103)	1,713)	(758)	463)	(1,016)	2,164)	(136)	(199)	1,659)	(666)	(1,661)	(437)	(40)
Other, net	—)	—)	—)	(1)	—)	—)	—)	—)	—)	—)	—)	(9)	(1)	—)	—)	—)	(2)	—)	(2)	—)	—)	—)	(1)
Net cash provided by (used for) financing activities	(305)	151)	(4,496)	(426)	(1,210)	(2,929)	(5,000)	(3,033)	(1,400)	(1,393)	(1,106)	(1,123)	(2,267)	(2,176)	(1,715)	(586)	(2,746)	(1,402)	546)	(1,542)	(1,000)	786)	(1,999)
Effect of exchange rate changes on cash	(16)	(61)	54)	(67)	(22)	13)	(30)	9)	(59)	(59)	(1)	(115)	(72)	9)	(16)	(20)	(12)	15)	(12)	43)	10)	14)	(80)
Increase (decrease) in cash, cash equivalents and restricted cash	2,096)	1,880)	(3,328)	1,251)	1,297)	(617)	(2,020)	425)	(834)	598)	(217)	658)	332)	(509)	(2,731)	(186)	(1,393)	(509)	1,985)	47)	528)	1,661)	(1,162)

Profitability Trends

The profit of consolidated and affiliated companies demonstrated a fluctuating but generally increasing trend from early 2020 through 2025. After a dip in mid-2020, profits recovered strongly by late 2021, peaking in 2023 before showing a slight decline and stabilization thereafter.

Depreciation and Amortization

This expense remained relatively stable throughout the period, with minor decreases and increases but no significant volatility, suggesting consistent capital asset usage and amortization policies.

Actuarial Gains and Losses on Pension and Postretirement Benefits

This item showed high volatility with gains recorded in some periods and losses in others, indicating fluctuating assumptions or outcomes in pension-related valuations.

Provision for Deferred Income Taxes

The provision displayed alternating benefits and charges throughout the timeframe, with notable large negative values suggesting tax benefits in several quarters, interspersed with some positive charges indicating tax expenses.

Non-Operating Items

Goodwill impairment was recorded once in the period, pointing to a significant write-down in asset valuation. Gains and losses on divestitures were also irregular but notable, especially in 2022 and 2023, reflecting strategic asset sales or disposals.

Working Capital Components

Receivables, Trade and Other: Exhibited irregular movements with alternating positive and negative changes, suggesting varying collection patterns or sales fluctuations.
Inventories: Showed considerable volatility, with large negative changes in several quarters implying inventory reduction, followed by significant increases at times, which may relate to supply chain adjustments or demand variability.
Accounts Payable: Fluctuated with both increases and decreases, indicating varying payment cycles to suppliers and operational adjustments.
Accrued Expenses and Employee Benefits: Both items displayed volatility, with occasional large changes, reflecting cyclical patterns in personnel costs and other accrued liabilities.
Customer Advances: Varied significantly, with some quarters showing sharp increases and others decreases, possibly linked to order intake and customer payment terms.

Net Cash Provided by Operating Activities

Operating cash flow increased steadily from 2020 into early 2023, reaching several highs, but experienced some variability afterward, indicating strong underlying operational cash generation capacity with some fluctuations possibly related to working capital changes.

Capital Expenditures

Capital spending excluding leased equipment generally rose over the period, peaking in late 2024, which indicates continued investment in property, plant and equipment despite short-term fluctuations. Expenditure on leased equipment showed a somewhat decreasing trend from 2021 onward.

Proceeds from Disposals

Proceeds from disposals of assets fluctuated but remained relatively stable overall, with periodic increases hinting at ongoing asset management activity.

Finance Receivables Activities

Additions and collections of finance receivables were both substantial throughout the period, with collections generally matching or exceeding additions, signaling effective management of financed receivables.

Investing Activities

Investing cash flows were mostly negative, driven by continuous investments in securities and acquisitions, offset partially by proceeds from maturities and sales. Large swings in this area reflect active portfolio and asset management strategies.

Financing Activities

Dividends: Dividend payments were consistent and gradually increased over time, underlining a steady capital return policy.
Stock Transactions: Common stock issuances and repurchases displayed mixed activity, with notable repurchases in multiple periods, indicating active share buyback programs offset by occasional issuances tied likely to compensation or capital raising.
Debt Issuance and Repayments: Issuance and repayment of long-term debt were both significant and largely balanced over time, with some periods of increased borrowing likely in response to funding needs, while repayments sometimes outpaced issuance, showing prudent debt management. Short-term borrowings varied significantly, reflecting tactical liquidity adjustments.
Effect of Exchange Rate Changes: Foreign exchange effects on cash were minor but generally negative in some periods and positive in others, indicating exposure to currency fluctuations.
Cash and Cash Equivalents: The cash balance experienced considerable fluctuations, with periods of substantial increase followed by notable decreases. This pattern aligns with operating, investing, and financing cash flow variability, suggesting dynamic liquidity management in response to operational needs and market conditions.

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Caterpillar Inc. (NYSE:CAT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data