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: 2026-03-31), 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 cash flow profile exhibits a general trajectory of increasing operational profitability coupled with an aggressive capital return strategy and expanding capital expenditures. Net cash provided by operating activities demonstrates significant growth, evolving from a range of 1.4 billion to 2.1 billion US dollars per quarter in 2021 to peak levels exceeding 4 billion US dollars in 2023, before stabilizing between 1.2 billion and 3.7 billion US dollars in the subsequent periods.
- Operating Performance and Cash Generation
- Net profit shows a sustained upward trend, moving from approximately 1.4 billion US dollars in early 2021 to consistently exceeding 2.4 billion US dollars by 2024 and 2025. Depreciation and amortization remained relatively stable throughout the period, typically hovering between 520 million and 600 million US dollars. Significant volatility is observed in the reconciliation of profit to operating cash, primarily driven by fluctuating working capital requirements and periodic non-cash charges, such as the 925 million US dollar goodwill impairment charge recorded in December 2022.
- Investing Activity and Capital Allocation
- Capital expenditures for property, plant, and equipment show a clear expansionary trend, increasing from quarterly averages of approximately 250 million US dollars in 2021 to between 600 million and 900 million US dollars by 2024 and 2025. The company maintains a substantial financing portfolio, evidenced by the high volume of additions to and collections of finance receivables, which frequently exceed 3 billion US dollars per quarter. Net cash used in investing activities remains consistently negative, reflecting ongoing investment in infrastructure and the financing of customer equipment.
- Financing and Shareholder Returns
- A primary characteristic of the financing activities is the aggressive return of capital to shareholders. Dividend payments have remained stable and gradually increased, rising from roughly 560 million US dollars per quarter in 2021 to approximately 700 million US dollars by 2026. Share repurchases exhibit extreme volatility and scale, with periodic surges reaching 4.4 billion US dollars in March 2024 and 5.0 billion US dollars in March 2026. Debt management is active, with frequent issuances and repayments of long-term debt used to balance the cash outflows from buybacks and capital investments.
- Working Capital Dynamics
- Significant fluctuations are present in the movement of assets and liabilities. Inventories show a pattern of heavy investment (outflows) followed by periodic liquidations (inflows), most notably the 1.06 billion US dollar inflow in December 2023. Trade receivables and accounts payable also show quarterly volatility, reflecting the cyclical nature of the business. Customer advances have shown a general increase in the later periods, peaking at 1.3 billion US dollars in March 2026, which provides a source of non-dilutive operational funding.
Overall, the financial position is characterized by strong operating cash flow that supports both increasing internal investment and substantial shareholder distributions. The reliance on debt markets and short-term borrowings fluctuates to accommodate the timing of large-scale share repurchase programs.