Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

Microsoft Excel
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
Machinery, Energy & Transportation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.02 0.00
Financial Products 4.97 4.06 5.01 4.32 6.36 4.26 5.31 4.86 6.49 6.98 7.27 5.19 6.17 5.47 6.52 4.02 4.19 4.49 2.56 3.47 5.62 6.31
Short-term borrowings 4.97% 4.06% 5.01% 4.32% 6.36% 4.26% 5.31% 4.86% 6.49% 6.98% 7.27% 5.19% 6.17% 5.47% 6.53% 4.02% 4.19% 4.49% 2.57% 3.47% 5.63% 6.31%
Accounts payable 9.48 9.17 8.75 8.93 9.09 9.29 9.04 9.02 9.88 10.70 10.60 10.21 9.98 10.16 9.85 8.93 8.47 8.29 7.82 6.77 6.64 7.60
Accrued expenses 5.76 5.87 5.97 5.77 5.94 5.76 5.67 5.38 5.26 4.93 4.98 4.96 4.66 4.67 4.54 4.43 4.35 4.43 4.65 4.57 4.63 4.98
Accrued wages, salaries and employee benefits 1.79 1.48 2.72 2.41 2.01 1.54 3.15 2.65 2.05 1.64 2.82 2.72 2.18 1.55 2.71 2.57 2.15 1.59 1.40 1.39 1.25 1.16
Customer advances 3.78 3.47 2.65 2.79 2.79 2.62 2.21 2.69 2.50 2.63 2.27 2.26 1.98 1.69 1.31 1.43 1.42 1.45 1.41 1.58 1.60 1.71
Dividends payable 0.78 0.00 0.77 0.00 0.82 0.00 0.74 0.00 0.78 0.00 0.76 0.00 0.78 0.00 0.72 0.00 0.74 0.00 0.72 0.00 0.73 0.00
Other current liabilities 2.91 3.34 3.31 3.40 3.46 3.90 3.57 3.59 3.64 3.63 3.28 3.56 2.88 2.86 2.72 2.87 2.60 2.52 2.58 2.58 2.80 2.73
Machinery, Energy & Transportation 0.03 0.03 0.05 0.05 0.05 1.25 1.19 1.20 1.22 0.04 0.15 0.15 0.15 0.15 0.05 0.06 0.06 1.61 1.81 1.82 1.82 0.19
Financial Products 9.17 10.93 7.54 9.67 9.76 10.04 8.82 8.78 9.51 7.52 6.35 8.27 6.93 9.33 7.62 7.84 9.68 8.54 9.87 10.38 7.84 10.27
Long-term debt due within one year 9.21% 10.96% 7.59% 9.73% 9.81% 11.29% 10.02% 9.98% 10.73% 7.56% 6.49% 8.42% 7.08% 9.49% 7.67% 7.90% 9.74% 10.16% 11.68% 12.20% 9.67% 10.46%
Current liabilities 38.68% 38.36% 36.77% 37.34% 40.28% 38.66% 39.70% 38.17% 41.34% 38.07% 38.48% 37.33% 35.71% 35.89% 36.05% 32.15% 33.67% 32.92% 32.83% 32.55% 32.95% 34.94%
Machinery, Energy & Transportation 11.80 10.14 9.76 10.01 10.24 10.20 9.81 9.76 9.99 11.43 11.59 11.72 11.82 11.71 11.77 12.08 11.94 12.08 12.45 12.69 12.71 11.86
Financial Products 19.15 20.24 21.41 19.88 18.36 19.46 18.17 18.19 16.92 18.31 19.79 19.81 20.50 19.01 19.67 21.53 20.14 20.57 20.75 21.32 22.44 20.25
Long-term debt due after one year 30.94% 30.38% 31.16% 29.89% 28.60% 29.65% 27.98% 27.95% 26.91% 29.73% 31.38% 31.53% 32.33% 30.72% 31.44% 33.61% 32.07% 32.65% 33.19% 34.02% 35.14% 32.11%
Liability for postemployment benefits 4.00 4.21 4.28 4.67 4.79 4.86 4.68 4.68 4.78 4.86 5.13 6.23 6.36 6.52 6.75 7.92 8.06 8.30 8.77 8.15 8.21 8.34
Other liabilities 5.72 5.78 5.57 5.61 5.77 5.76 5.34 5.58 5.60 5.61 5.62 5.61 6.17 6.09 5.80 5.65 5.54 5.55 5.56 5.74 5.70 5.85
Noncurrent liabilities 40.66% 40.38% 41.02% 40.17% 39.16% 40.27% 38.00% 38.21% 37.29% 40.21% 42.13% 43.36% 44.86% 43.33% 44.00% 47.18% 45.67% 46.49% 47.53% 47.91% 49.05% 46.30%
Total liabilities 79.34% 78.73% 77.79% 77.51% 79.44% 78.93% 77.70% 76.37% 78.63% 78.28% 80.61% 80.69% 80.57% 79.22% 80.05% 79.33% 79.34% 79.42% 80.37% 80.46% 82.01% 81.24%
Common stock of $1.00 par value, at paid-in amount 6.80 7.11 7.91 6.47 6.62 6.76 7.32 7.72 7.58 7.83 8.01 8.06 7.97 7.63 7.73 7.86 7.70 7.70 7.95 8.08 7.99 7.97
Treasury stock, at cost -53.09 -55.46 -50.51 -49.13 -49.93 -47.81 -41.54 -39.02 -39.09 -38.38 -38.74 -38.17 -36.37 -34.43 -33.39 -32.94 -30.89 -31.03 -32.15 -32.99 -33.19 -33.39
Profit employed in the business 68.82 72.21 67.63 67.14 66.54 64.61 58.59 57.48 55.13 54.34 53.10 53.52 50.87 49.61 47.45 47.49 45.21 45.46 44.90 46.27 45.50 46.78
Accumulated other comprehensive loss -1.86 -2.59 -2.82 -1.99 -2.68 -2.50 -2.08 -2.57 -2.28 -2.09 -3.00 -4.14 -3.08 -2.08 -1.88 -1.78 -1.41 -1.60 -1.13 -1.89 -2.37 -2.65
Shareholders’ equity attributable to common shareholders 20.66% 21.26% 22.21% 22.48% 20.56% 21.06% 22.28% 23.61% 21.35% 21.70% 19.37% 19.27% 19.39% 20.74% 19.91% 20.63% 20.60% 20.53% 19.57% 19.48% 17.94% 18.71%
Noncontrolling interests 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.06 0.05 0.06 0.06 0.06 0.06
Total shareholders’ equity 20.66% 21.27% 22.21% 22.49% 20.56% 21.07% 22.30% 23.63% 21.37% 21.72% 19.39% 19.31% 19.43% 20.78% 19.95% 20.67% 20.66% 20.58% 19.63% 19.54% 17.99% 18.76%
Total liabilities and shareholders’ equity 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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Current Liabilities
Current liabilities as a percentage of total liabilities and shareholders’ equity have shown a generally upward trend from 34.94% in March 2020 to peak levels around 41.34% in mid-2023, then slightly moderating to the high 30s by mid-2025. This indicates an increasing proportion of short-term obligations during the period.
Short-term Borrowings and Financial Products
Short-term borrowings, which mirror the financial products classification, fluctuated over time. Starting around 6.31% in early 2020, they exhibited variability, peaking near 7.27% by late 2022, before declining to approximately 4.06% to 4.97% in mid-2025. This suggests occasional increases in short-term funding followed by a reduction in the latest periods.
Accounts Payable
Accounts payable showed a clear upward movement from 7.60% in early 2020 to peak slightly above 10.7% by late 2022 and early 2023. Thereafter, a modest decline occurred, stabilizing near 9.17% to 9.48% in mid-2025. This pattern reflects increased vendor obligations particularly during 2022-2023, then a slight easing.
Accrued Expenses and Wages
Accrued expenses gradually increased from around 4.98% in March 2020 to a range of 5.76% to 5.97% in 2024 and 2025. Accrued wages, salaries, and related employee benefits were more volatile, with peaks in late 2021 and late 2023 reaching above 3%, followed by declines below 2% in intermittent quarters. These fluctuations indicate changing employee-related liabilities and accrued costs over time.
Customer Advances
Customer advances as a percentage of total liabilities and equity rose progressively from about 1.71% in early 2020 to a notable high around 3.78% by mid-2025, signaling increased prepayments or deposits from customers during the later periods.
Dividends Payable and Other Current Liabilities
Dividends payable showed minor fluctuations around the 0.7% to 0.8% range without substantial trend changes. Other current liabilities increased modestly overall from roughly 2.73% in early 2020 to about 3.34% by mid-2025, indicating minor increases in miscellaneous current obligations.
Long-term Debt
Long-term debt due within one year showed fluctuations between approximately 6.49% and 12.2%, with higher proportions notably around the end of 2021 and during late 2023. Long-term debt due after one year declined from a high near 35.14% in mid-2020 to about 27% to 31% from 2023 onwards, suggesting some repayment or restructuring of medium to long-term liabilities.
Noncurrent Liabilities
Noncurrent liabilities steadily declined from about 49.05% in mid-2020 to around 37.29% in mid-2023, then stabilized near 40% by 2025. Liability for postemployment benefits consistently decreased from over 8% in early 2020 to around 4% by mid-2025, reflecting a reduction in long-term employee-related obligations.
Shareholders’ Equity
Shareholders’ equity attributable to common shareholders increased from roughly 18.71% in early 2020 to peaks exceeding 23% by late 2023 before declining modestly to around 20.66% by mid-2025. Total shareholders' equity followed a similar pattern, reflecting strengthening equity positions peaking in 2023 followed by a slight contraction.
Profit Employed in the Business
The profit employed in the business rose consistently over the period, from approximately 46.78% in early 2020 to a high above 72% by early 2025, before a slight decrease. This indicates a growing reinvestment of earnings in the business and strengthening retained earnings relative to total liabilities and equity.
Treasury Stock
Treasury stock values, shown as negative percentages, expanded significantly from about -33.39% in early 2020 to a low of approximately -55.46% by early 2025, suggesting increased repurchases or holdings of treasury shares over time.
Common Stock
Common stock as a percentage decreased gradually from around 7.97% in early 2020 to approximately 6.8% in mid-2025, indicating minor changes in paid-in capital relative to total financing.
Total Liabilities and Equity
Throughout the period, total liabilities and shareholders’ equity consistently sum to 100%, confirming the data's internal consistency.
Summary
The financial structure observed from March 2020 to mid-2025 exhibits a gradual shift with current liabilities increasing their share, particularly accounts payable and customer advances, signaling heightened short-term operational obligations. Noncurrent liabilities declined, reflecting reduced long-term debt and postemployment benefit obligations. Shareholders’ equity and profit retention increased until 2023, indicating growth in internal financing, accompanied by a substantial increase in treasury stock holdings. The overall leverage appears to decrease moderately as equity gains offset liabilities, particularly in the latter half of the examined period. Fluctuations in short-term borrowings and accrued wages suggest reactive management to operational and workforce financing needs during this interval.