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
Based on: 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).
An examination of the provided financial information reveals several trends in liabilities and stockholders’ equity over the observed period. Total liabilities generally remained relatively stable between approximately $64 billion and $68 billion from March 2021 through December 2022, before increasing more substantially to reach approximately $77.3 billion by December 2025. Total shareholders’ equity exhibited a similar pattern, fluctuating between roughly $16.5 billion and $18.2 billion initially, then increasing to approximately $21.3 billion by the end of the period. A notable increase in both total liabilities and total shareholders’ equity is observed in the later periods, particularly from September 2024 onwards.
- Short-term Borrowings
- Short-term borrowings demonstrated considerable volatility. Beginning at $3.625 billion in March 2021, they peaked at $5.957 billion in December 2021 before declining to $3.568 billion in March 2023. A subsequent rise occurred, reaching $5.514 billion by December 2023, followed by a decrease to $4.393 billion in December 2024. The final reported value in December 2025 was $5.514 billion, mirroring the level seen in late 2023.
- Accounts Payable
- Accounts payable consistently increased throughout the period, starting at $6.694 billion in March 2021 and rising to $8.968 billion by December 2023. This upward trend continued, reaching $9.391 billion in December 2025. The increases appear relatively steady, suggesting a potential correlation with revenue growth or increased operational activity.
- Long-term Debt
- Long-term debt, encompassing both current and non-current portions, represents a significant portion of total liabilities. Long-term debt due within one year fluctuated, peaking at $9.166 billion in March 2023, and then decreasing to $7.120 billion by December 2023. Long-term debt due after one year remained relatively stable between approximately $26 billion and $28 billion for much of the period, but increased to $30.696 billion by December 2025. The combined effect of these trends contributed to the overall increase in total liabilities.
- Shareholders’ Equity Components
- Common stock remained relatively constant, while treasury stock exhibited a substantial and consistent decrease throughout the period, indicating share repurchases. Accumulated other comprehensive loss remained negative, fluctuating between -$1.290 billion and -$2.499 billion, and contributing to a reduction in overall equity. Profit employed in the business showed a consistent upward trend, increasing from $36.697 billion in March 2021 to $65.448 billion in December 2025, and driving the overall increase in shareholders’ equity.
- Financial Products
- The values associated with both Machinery, Energy & Transportation and Financial Products under liabilities show fluctuations. Financial Products, in particular, experienced a significant increase from $3.625 billion in March 2021 to $5.514 billion in December 2025. These values are equivalent to the short-term borrowings, suggesting a close relationship between these two items.
Overall, the observed trends suggest a company experiencing growth, as evidenced by the increasing accounts payable and profit employed in the business. The increasing long-term debt indicates a potential reliance on financing to support this growth. The consistent share repurchase program, as indicated by the decreasing treasury stock, suggests a confidence in the company’s future prospects and a desire to return value to shareholders.