Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Caterpillar Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 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).
Operating cash flow demonstrates a long-term upward trajectory, with net cash provided by operating activities increasing from a range of $1.4 billion to $2.1 billion in 2021 to a peak of $4.37 billion by June 30, 2026. This growth is primarily driven by a substantial increase in the profit of consolidated and affiliated companies, which rose from approximately $1.5 billion per quarter in early 2021 to $3.59 billion by mid-2026.
- Working Capital Dynamics
- Significant volatility is observed in the management of short-term assets and liabilities. Inventories showed heavy cash outflows throughout 2021 and early 2022, followed by periodic recoveries and a sharp increase in outflows reaching $1.5 billion in March 2026. Trade receivables exhibit a similar pattern of volatility, with a notable surge in cash utilization totaling $2.38 billion in June 2026, suggesting a significant expansion in credit terms or a spike in period-end sales.
- Investment and Capital Expenditure Trends
- Capital expenditures for non-leased equipment show a gradual but steady increase, moving from quarterly averages of $250 million in 2021 to peaks of $898 million in late 2025. The company maintains a consistent cycle of additions and collections regarding finance receivables, with additions growing from approximately $3 billion per quarter to nearly $4.7 billion by mid-2026. Net cash used in investing activities remains predominantly negative, reflecting continuous reinvestment into the business and its financing arm.
- Capital Allocation and Shareholder Returns
- A rigorous capital return strategy is evident through dividends and share repurchases. Quarterly dividend payments have grown steadily from approximately $560 million in 2021 to nearly $700 million by 2026. Share buybacks are characterized by extreme volatility and increasing scale; while early repurchases fluctuated between $400 million and $1.4 billion, the company executed massive buyback programs exceeding $4 billion in March 2024 and $5 billion in March 2026.
- Financing and Debt Management
- The company utilizes a revolving strategy of debt issuance and repayment to manage liquidity. Proceeds from debt issuance frequently offset repayments, though the scale of both has increased. Large inflows from debt issuance, often exceeding $3 billion per quarter in later periods, are used to fund the aggressive share repurchase program and capital expenditures, contributing to the high volatility observed in the net change in cash positions.
Overall, the financial profile indicates a period of strong operational growth and expanding profitability, which has enabled a transition toward more aggressive shareholder distributions. The increasing reliance on debt markets to fund share repurchases and the rising volatility in working capital suggest a strategic shift toward maximizing shareholder value while managing a growing balance sheet of finance receivables.