Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Caterpillar Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	9,980)	6,889)	6,978)	7,004)	9,254)
Receivables, trade and other	10,920)	9,282)	9,310)	8,856)	8,477)
Receivables, finance	10,649)	9,565)	9,510)	9,013)	8,898)
Prepaid expenses and other current assets	2,801)	3,119)	4,586)	2,642)	2,788)
Inventories	18,135)	16,827)	16,565)	16,270)	14,038)
Current assets	52,485)	45,682)	46,949)	43,785)	43,455)
Property, plant and equipment, net	15,140)	13,361)	12,680)	12,028)	12,090)
Long-term receivables, trade and other	2,142)	1,225)	1,238)	1,265)	1,204)
Long-term receivables, finance	14,272)	13,242)	12,664)	12,013)	12,707)
Noncurrent deferred and refundable income taxes	2,882)	3,312)	2,816)	2,213)	1,840)
Intangible assets	241)	399)	564)	758)	1,042)
Goodwill	5,321)	5,241)	5,308)	5,288)	6,324)
Other assets	6,102)	5,302)	5,257)	4,593)	4,131)
Noncurrent assets	46,100)	42,082)	40,527)	38,158)	39,338)
Total assets	98,585)	87,764)	87,476)	81,943)	82,793)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a generally increasing trend over the five-year period, beginning at US$82.793 billion in 2021 and reaching US$98.585 billion in 2025. While there was a slight decrease between 2021 and 2022, asset values consistently grew from 2022 onwards. The composition of these assets reveals notable shifts within both current and noncurrent categories.

Current Assets: Current assets demonstrated volatility. After remaining relatively stable between 2021 and 2023, peaking at US$46.949 billion, they decreased in 2024 to US$45.682 billion before experiencing a substantial increase to US$52.485 billion in 2025. This fluctuation was primarily driven by changes in inventories and receivables. Specifically, inventories increased steadily throughout the period, from US$14.038 billion in 2021 to US$18.135 billion in 2025. Trade and finance receivables also showed consistent growth, rising from a combined US$17,375 billion in 2021 to US$21,569 billion in 2025. Cash and cash equivalents decreased from 2021 to 2023, then increased significantly in 2025.
Noncurrent Assets: Noncurrent assets generally trended upward, moving from US$39.338 billion in 2021 to US$46.100 billion in 2025. Property, plant, and equipment, net, contributed significantly to this growth, increasing from US$12.090 billion to US$15.140 billion. Long-term receivables, both trade and finance, also increased over the period. However, intangible assets and goodwill experienced declines. Intangible assets decreased substantially from US$1.042 billion in 2021 to US$0.241 billion in 2025, while goodwill also decreased initially, then stabilized around US$5.3 billion. Other assets also showed an increasing trend.
Asset Composition: The proportion of current assets to total assets remained relatively stable, fluctuating between approximately 50% and 53% over the period. Noncurrent assets represented the remaining portion of total assets. The increasing trend in property, plant, and equipment suggests potential investment in long-term productive capacity. The decline in intangible assets and goodwill warrants further investigation to understand the underlying reasons, such as impairment charges or strategic divestitures.

Overall, the asset base expanded during the analyzed period, with growth concentrated in tangible assets like property, plant, and equipment, and receivables. The increase in inventories and receivables, coupled with the expansion of long-term assets, suggests a growing business with increasing investment in its operations and future prospects.

Caterpillar Inc. (NYSE:CAT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items