Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Caterpillar Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Machinery, Power & Energy
Financial Products
Short-term borrowings
Accounts payable
Accrued expenses
Accrued wages, salaries and employee benefits
Customer advances
Dividends payable
Other current liabilities
Machinery, Power & Energy
Financial Products
Long-term debt due within one year
Current liabilities
Machinery, Power & Energy
Financial Products
Long-term debt due after one year
Liability for postemployment benefits
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock of $1.00 par value, at paid-in amount
Treasury stock, at cost
Profit employed in the business
Accumulated other comprehensive loss
Equity attributable to common shareholders
Noncontrolling interests
Total stockholders’ equity
Total liabilities and stockholders’ equity

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).

Overall, the liabilities and stockholders’ equity of the company demonstrate a generally increasing trend from 2021 to 2025. Total liabilities increased significantly over the period, while stockholders’ equity experienced fluctuations but ultimately showed growth. A more detailed examination reveals specific patterns within different liability and equity components.

Short-Term Borrowings & Accounts Payable
Short-term borrowings and accounts payable exhibited similar trends, both peaking in 2022 and then declining in 2023 and 2024 before increasing again in 2025. This suggests a potential correlation with operational cycles or financing strategies. Accounts payable consistently remained the larger of the two, indicating a substantial reliance on trade credit. The increase in both in 2025 could signal increased purchasing activity or a shift in payment terms.
Current Liabilities
Current liabilities generally increased from 2021 to 2025, with a slight dip in 2024. This increase is driven by rises in accounts payable, accrued expenses, customer advances, and other current liabilities. The growth in customer advances is particularly notable, suggesting increased pre-payment activity from customers. The 2024 decrease is likely due to a combination of factors, including reduced short-term borrowing and potentially improved management of current obligations.
Long-Term Debt
Long-term debt, both due within one year and due after one year, showed fluctuating patterns. Debt due within one year peaked in 2023, while debt due after one year increased steadily throughout the period. The overall trend indicates a growing reliance on long-term financing, with a portion of that debt maturing within the next year. The increase in long-term debt after one year in 2024 and 2025 suggests a strategy of extending the debt maturity profile.
Noncurrent Liabilities
Noncurrent liabilities generally increased from 2021 to 2025, driven primarily by long-term debt and other liabilities. The liability for postemployment benefits remained relatively stable. The increase in other noncurrent liabilities suggests potential commitments or obligations extending beyond one year.
Total Liabilities
Total liabilities increased from US$66.277 billion in 2021 to US$77.267 billion in 2025, demonstrating a significant overall increase in the company’s obligations. This growth is attributable to both current and noncurrent liabilities.
Stockholders’ Equity
Common stock remained relatively stable, while treasury stock consistently decreased (becoming more negative) throughout the period, indicating ongoing share repurchase activity. Profit employed in the business showed a substantial increase, contributing to the growth in equity. Accumulated other comprehensive loss remained negative, but relatively stable. Equity attributable to common shareholders increased from US$16.484 billion in 2021 to US$21.318 billion in 2025. The noncontrolling interests component is minimal and decreased over time.
Total Stockholders’ Equity
Total stockholders’ equity increased from US$16.516 billion in 2021 to US$21.318 billion in 2025, reflecting the combined effect of changes in common stock, treasury stock, retained earnings, and other comprehensive income. This growth, while present, was less pronounced than the increase in total liabilities.
Total Liabilities and Stockholders’ Equity
The combined total of liabilities and stockholders’ equity increased from US$82.793 billion in 2021 to US$98.585 billion in 2025. This increase reflects the overall growth of the company, funded by both debt and equity.