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
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
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
Shareholders’ equity attributable to common shareholders
Noncontrolling interests
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 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 balance sheet reflects a general expansion in total liabilities and shareholders' equity, growing from 80.7 billion US dollars in March 2021 to 95.6 billion US dollars by March 2026. This growth is characterized by a simultaneous increase in total liabilities and a strategic redistribution of shareholders' equity through aggressive share repurchases offset by strong internal profit accumulation.

Current Liabilities and Short-Term Obligations
Current liabilities exhibited a steady upward trajectory, rising from 26.6 billion US dollars in March 2021 to 35.9 billion US dollars in March 2026. A notable driver of this increase is the growth in customer advances, which surged from 1.2 billion US dollars to 4.4 billion US dollars over the period, suggesting a significant increase in advance payments for orders. Accounts payable also trended upward, peaking at 9.6 billion US dollars in March 2026. Short-term borrowings remained volatile, fluctuating between 3.4 billion and 5.9 billion US dollars, indicating active short-term liquidity management.
Noncurrent Liabilities and Long-Term Debt
Noncurrent liabilities increased from 37.5 billion US dollars to 41.0 billion US dollars. The long-term debt due after one year showed a general increase, moving from 26.4 billion US dollars in early 2021 to a peak of 30.6 billion US dollars by the end of 2025. This growth in debt was partially offset by a consistent decline in the liability for postemployment benefits, which dropped from 6.7 billion US dollars in March 2021 to 3.7 billion US dollars in March 2026, reflecting a reduction in long-term pension and benefit obligations.
Total Liabilities Trend
Total liabilities rose from 64.1 billion US dollars to 76.9 billion US dollars. The increase is primarily attributable to the growth in both current operational liabilities and long-term debt instruments, though the pace of increase slowed in the final quarter of the analyzed period.
Shareholders' Equity and Capital Structure
The equity structure reveals a strong tension between profit retention and capital return. Profit employed in the business grew substantially, rising from 36.7 billion US dollars in March 2021 to 68.0 billion US dollars in March 2026. However, this accumulation was heavily offset by a massive increase in treasury stock at cost, which expanded from negative 25.0 billion US dollars to negative 53.3 billion US dollars. This indicates an aggressive and sustained share buyback program. Consequently, total shareholders' equity remained relatively stable in comparison to the growth of liabilities, ending at 18.7 billion US dollars in March 2026 compared to 16.6 billion US dollars at the start of the period.