Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Machinery, Energy & Transportation
Financial Products
Short-term borrowings
Accounts payable
Accrued expenses
Accrued wages, salaries and employee benefits
Customer advances
Dividends payable
Other current liabilities
Machinery, Energy & Transportation
Financial Products
Long-term debt due within one year
Current liabilities
Machinery, Energy & Transportation
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
Shareholders’ equity attributable to common shareholders
Noncontrolling interests
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 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), 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).

The financial data reveals several notable trends and patterns across the specified periods. The analysis covers various facets such as liabilities, equity, borrowings, and specific operational categories.

Machinery, Energy & Transportation
Reported values show sporadic and mostly low figures in the early periods with intermittent missing data. There is an evident peak around mid-2023 before sharply declining again toward the end of the observed timeline. This suggests fluctuations in either sales or asset valuation related to this segment during the periods.
Financial Products
Values for financial products exhibit significant volatility. There is a general decline from early 2020 into 2021, then a resurgence with peaks towards late 2022 and mid-2024. This points to fluctuating demand or asset volumes tied to financial products, possibly influenced by market conditions or operational changes.
Short-term Borrowings
Short-term borrowings closely track the financial products values, indicating a parallel movement in liabilities associated with the financial products segment. The borrowing levels peak intermittently, notably in late 2021 and early 2023, aligning with increased financial product activity.
Accounts Payable
Accounts payable generally trend upward through 2020 and peak towards late 2021. Thereafter, a gradual decrease is noticed into 2023, followed by slight increases again, suggesting cyclical vendor payment patterns or operational scaling.
Accrued Expenses and Wages
Accrued expenses maintain an upward trend with a noticeable increase starting mid-2022 through 2025, indicating growing operational liabilities. Accrued wages, salaries, and employee benefits display marked volatility, with periodic sharp increases and decreases, potentially reflecting workforce adjustments or seasonal labor cost fluctuations.
Customer Advances
Customer advances show a steadily increasing pattern overall, with some periods of decline, indicating growing upfront customer payments or deposits, which could be linked to sales cycles or contract structuring.
Dividends Payable
Dividend payables exhibit a consistent presence with minor fluctuations, indicating ongoing distribution policies with periodic adjustments.
Other Current Liabilities
These liabilities display a gradual increase interrupted by occasional declines, implying fluctuating short-term obligations outside typical payables and accruals.
Long-term Debt (Due within One Year and After One Year)
The long-term debt due within one year demonstrates oscillations, with peaks in mid to late 2023 and dips around 2022, suggesting refinancing maneuvers or debt structuring changes. Long-term debt due after one year shows a general downward trend after 2021, reflecting possible repayments or debt maturation.
Current and Noncurrent Liabilities
Current liabilities increase notably by the end of 2021 and peak again in mid-2023. Noncurrent liabilities trend downward from 2021 into 2023, followed by modest recovery. This shift reveals a transition of liabilities possibly from long to short term or repayments reducing long-term obligations.
Total Liabilities
Total liabilities fluctuate moderately but generally trend upward through 2025, indicating growing overall obligations on the balance sheet.
Equity Accounts
- Common stock remains relatively stable with minor variations, suggesting no major issuances or buybacks. - Treasury stock shows a clear increasing negative balance, indicating consistent repurchases or retirements of shares, reaching a significantly higher balance in 2025. - Profit employed in the business steadily increases throughout the periods, highlighting consistent retention of earnings. - Accumulated other comprehensive losses fluctuate but generally remain negative with some volatility, suggesting ongoing net losses or adjustments in other comprehensive income components. - Shareholders’ equity attributable to common shareholders shows a general upward trend with some periodic decreases, indicating profit retention overshadowing treasury stock effects. - Total shareholders’ equity follows a similar pattern to the equity attributable to common shareholders, reflecting stable ownership interest overall with minor fluctuations.
Total Shareholders’ Equity and Liabilities Combined
The aggregate of total liabilities and shareholders’ equity increases over time, supporting asset growth or increased company size.

In summary, the financial position demonstrates increasing liabilities mainly in current obligations, offset by growth in retained earnings and equity. Treasury stock accumulation suggests active share repurchasing activity, impacting equity balances. Financial Products and associated short-term borrowings show considerable volatility, implying sensitivity to market or operational conditions. The overall financial structure reflects evolving debt management strategies with a shifting balance between short and long-term liabilities. Operational liabilities such as accrued expenses and wages display growth consistent with expanding or fluctuating operational activities.