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Caterpillar Inc. (NYSE:CAT)

Common-Size Balance Sheet: Assets
Quarterly Data

Caterpillar Inc., common-size consolidated balance sheet: assets (quarterly data)

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
Cash and cash equivalents 6.54 4.26 10.12 8.04 6.02 4.19 7.85 6.54 5.21 5.92 7.98 7.54 8.65 8.12 8.55 7.84 7.41 7.93 11.18 11.69 13.26 14.05
Receivables, trade and other 12.85 11.98 11.08 10.83 10.74 10.73 10.58 10.53 11.30 11.10 10.64 10.52 11.02 11.03 10.81 10.08 10.35 11.10 10.24 9.47 9.60 9.85
Receivables, finance 10.57 10.93 10.80 11.01 11.23 11.36 10.90 11.38 11.42 11.28 10.87 11.07 10.87 10.90 11.00 11.02 11.00 10.94 10.75 11.04 11.66 11.56
Prepaid expenses and other current assets 3.00 3.12 2.84 3.05 3.17 3.32 3.55 3.59 3.28 3.59 5.24 5.92 3.70 3.45 3.22 2.84 3.42 3.49 3.37 2.74 2.55 2.23
Inventories 20.10 20.54 18.40 20.23 20.59 21.02 19.17 20.07 20.50 20.24 18.94 20.26 20.77 21.08 19.86 20.84 19.58 18.28 16.96 16.92 15.51 15.05
Current assets 53.07% 50.83% 53.24% 53.16% 51.76% 50.63% 52.05% 52.10% 51.71% 52.14% 53.67% 55.31% 55.02% 54.59% 53.43% 52.62% 51.76% 51.74% 52.49% 51.86% 52.57% 52.75%
Property, plant and equipment, net 15.23 15.96 15.36 15.27 15.38 15.81 15.22 14.88 15.10 14.97 14.50 14.16 14.19 14.31 14.68 14.39 14.48 14.50 14.60 14.74 14.71 15.03
Long-term receivables, trade and other 3.01 2.61 2.17 1.73 1.78 1.48 1.40 1.56 1.42 1.43 1.42 1.28 1.36 1.45 1.54 1.58 1.48 1.46 1.45 1.58 1.48 1.38
Long-term receivables, finance 14.00 15.01 14.48 14.92 15.32 15.83 15.09 15.37 15.36 14.96 14.48 13.72 14.07 14.16 14.66 14.66 15.25 15.39 15.35 15.60 15.41 14.82
Noncurrent deferred and refundable income taxes 2.23 2.53 2.92 3.20 3.79 3.92 3.77 3.54 3.50 3.42 3.22 3.13 3.05 2.88 2.70 2.74 2.62 2.40 2.22 2.16 1.78 1.72
Intangible assets 0.41 0.44 0.24 0.30 0.36 0.42 0.45 0.52 0.59 0.62 0.64 0.70 0.74 0.83 0.93 1.00 1.10 1.18 1.26 1.39 1.44 1.54
Goodwill 5.71 6.14 5.40 5.69 5.90 6.20 5.97 6.16 6.32 6.30 6.07 6.07 6.20 6.35 6.45 7.53 7.64 7.65 7.64 7.86 7.80 7.86
Other assets 6.35 6.49 6.19 5.74 5.70 5.70 6.04 5.87 6.01 6.16 6.01 5.64 5.37 5.44 5.61 5.48 5.68 5.68 4.99 4.82 4.82 4.90
Noncurrent assets 46.93% 49.17% 46.76% 46.84% 48.24% 49.37% 47.95% 47.90% 48.29% 47.86% 46.33% 44.69% 44.98% 45.41% 46.57% 47.38% 48.24% 48.26% 47.51% 48.14% 47.43% 47.25%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset structure exhibits a consistent split between current and noncurrent assets, with current assets generally maintaining a weight between 50% and 55% of total assets, while noncurrent assets fluctuate between 44% and 49% throughout the analyzed period.

Liquidity and Working Capital Trends
A significant contraction in cash and cash equivalents is observed, declining from 14.05% in March 2021 to a low of 4.19% in March 2025, before a partial recovery to 6.54% by June 2026. Simultaneously, inventories have increased as a proportion of total assets, rising from 15.05% in early 2021 to peak at 21.08% in March 2023, remaining consistently higher in subsequent periods. Trade receivables have also shown a gradual upward trend, increasing from 9.85% to 12.85% by June 2026. This pattern suggests a strategic or operational shift where a higher percentage of capital is tied up in physical inventory and outstanding trade credits rather than liquid cash.
Finance Receivables Stability
Both current and long-term finance receivables demonstrate notable stability. Current finance receivables remained largely range-bound between 10.5% and 11.6%, while long-term finance receivables fluctuated narrowly between 13.7% and 15.8%. This indicates that the financing component of the asset base has remained a constant proportional driver of the total balance sheet.
Fixed and Intangible Asset Composition
Property, plant, and equipment (net) remained stable, generally oscillating between 14% and 16% of total assets. In contrast, there is a clear downward trend in intangible assets and goodwill. Intangible assets decreased from 1.54% to 0.41%, and goodwill fell from 7.86% to 5.71% over the period. This reduction suggests either an amortization of intangible values or a growth in the overall asset base that has diluted the relative weight of these acquired assets.
Other Noncurrent Asset Movements
Noncurrent deferred and refundable income taxes showed an overall increase, peaking at 3.92% in March 2025 before moderating. Other assets also saw a gradual rise from 4.90% in March 2021 to 6.35% by June 2026, contributing to the overall stability of the noncurrent asset total despite the decline in goodwill and intangibles.

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