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, 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
Machinery, Power & Energy 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 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00
Financial Products 4.92 4.95 5.59 4.81 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
Short-term borrowings 4.92% 4.95% 5.59% 4.81% 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%
Accounts payable 10.05 10.09 9.10 9.31 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
Accrued expenses 5.68 5.71 5.67 5.53 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
Accrued wages, salaries and employee benefits 2.09 1.50 2.59 2.27 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
Customer advances 4.66 4.59 3.36 3.62 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
Dividends payable 0.73 0.00 0.71 0.00 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
Other current liabilities 2.80 2.69 2.84 2.94 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
Machinery, Power & Energy 0.03 0.04 0.04 0.03 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
Financial Products 7.82 8.02 7.19 9.88 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
Long-term debt due within one year 7.86% 8.05% 7.22% 9.91% 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%
Current liabilities 38.78% 37.57% 37.08% 38.40% 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%
Machinery, Power & Energy 10.38 11.17 10.83 11.38 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
Financial Products 20.84 20.90 20.31 18.21 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
Long-term debt due after one year 31.22% 32.07% 31.14% 29.59% 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%
Liability for postemployment benefits 3.65 3.83 3.89 3.91 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
Other liabilities 7.45 7.00 6.26 6.05 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
Noncurrent liabilities 42.32% 42.90% 41.29% 39.56% 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%
Total liabilities 81.10% 80.47% 78.38% 77.96% 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%
Common stock of $1.00 par value, at paid-in amount 5.51 6.12 7.28 6.64 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
Treasury stock, at cost -53.15 -55.79 -50.25 -51.54 -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
Profit employed in the business 68.36 71.16 66.39 68.78 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
Accumulated other comprehensive loss -1.82 -1.97 -1.80 -1.84 -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
Shareholders’ equity attributable to common shareholders 18.90% 19.53% 21.62% 22.04% 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%
Noncontrolling interests 0.00 0.00 0.00 0.00 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
Total shareholders’ equity 18.90% 19.53% 21.62% 22.04% 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%
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: 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 capital structure demonstrates a consistent reliance on debt, with total liabilities typically fluctuating between 76% and 81% of total liabilities and shareholders’ equity. A gradual shift in the composition of these liabilities is evident, characterized by an increase in current liabilities and a corresponding decrease in noncurrent liabilities over the observed period.

Liability Composition and Leverage
Total liabilities remained relatively stable but showed a slight upward trajectory toward the end of the period, reaching 81.10% by December 31, 2024. Current liabilities increased from approximately 33% in early 2021 to peak at 41.34% in June 2023, eventually stabilizing around 38% to 39%. Conversely, noncurrent liabilities declined from 46.49% in March 2021 to 42.32% by June 2026. A primary driver of this decline was the liability for postemployment benefits, which decreased steadily from 8.30% to 3.65%.
Operating Liability Trends
Customer advances exhibited a significant and sustained upward trend, growing from 1.45% in March 2021 to 4.66% by June 2026, suggesting an increase in prepayments or deposits from clients. Accounts payable remained relatively stable, generally oscillating between 8% and 11%. Accrued expenses and related employee benefit obligations also showed a gradual increase, with general accrued expenses rising from 4.43% to 5.68% over the period.
Debt Maturity Profile
Long-term debt due after one year remained the largest single liability component, typically ranging between 27% and 33%. Long-term debt due within one year showed more volatility, fluctuating between 6.49% and 11.29%, reflecting the cyclical nature of debt refinancing and maturity schedules.
Equity Dynamics and Shareholder Value
Total shareholders' equity remained a minority portion of the balance sheet, fluctuating between 18.90% and 23.63%. A notable trend is the aggressive expansion of treasury stock, which moved from -31.03% in March 2021 to -53.15% by June 2026, indicating a consistent and substantial program of share repurchases. This activity was largely offset by the growth in profit employed in the business (retained earnings), which rose from 45.46% in March 2021 to a peak of 72.21% in March 2025, reflecting strong internal capital generation.

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