Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Common-Size Balance Sheet: Assets
Quarterly Data

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

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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 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 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 10.93 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 3.12 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 20.54 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 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 15.96 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 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 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 2.53 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 0.44 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 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 6.49 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 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%

Based on: 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 composition reveals a consistent balance between current and noncurrent assets, with current assets generally fluctuating between 50.6% and 55.3% of total assets, while noncurrent assets remain within the 44.7% to 49.4% range. This stability suggests a maintained strategic approach to asset allocation over the analyzed period.

Liquidity and Working Capital Dynamics
A pronounced downward trend in liquidity is evident in the cash and cash equivalents position, which declined from 14.05% in March 2021 to a low of 4.19% in March 2025. While a temporary recovery to 10.12% occurred in December 2025, the position returned to 4.26% by March 2026. This reduction in cash is mirrored by a significant increase in inventories, which grew from 15.05% of total assets in early 2021 to peak at 21.08% in March 2023, remaining elevated above 18% for the remainder of the period. Trade and other receivables have remained relatively stable, though a slight upward trend is noted, ending at 11.98% in March 2026.
Financial and Fixed Asset Stability
Finance-related receivables exhibit high stability. Current finance receivables consistently represented approximately 11% of total assets, while long-term finance receivables fluctuated narrowly between 13.7% and 15.8%. Property, plant, and equipment (PPE) also remained steady, oscillating between 14.1% and 15.9%, indicating that capital expenditures have kept pace with the overall growth of the asset base without causing significant shifts in the balance sheet structure.
Intangible Assets and Other Noncurrent Items
A systemic decline in the proportion of intangible assets and goodwill is observable. Intangible assets decreased from 1.54% to 0.44%, and goodwill trended downward from 7.86% to 6.14%, suggesting consistent amortization or impairment over time. In contrast, noncurrent deferred and refundable income taxes showed a steady increase from 1.72% in March 2021 to a peak of 3.92% in March 2025, before moderating to 2.53% by March 2026. Other assets have experienced a marginal increase, rising from 4.90% to 6.49% over the observed timeframe.

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