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. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Caterpillar Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
- Profit Trends
- The profit shows significant volatility throughout the periods. Starting at 1,093 million USD in March 2020, profit declined sharply in mid-2020 but recovered substantially by the end of 2021, reaching peaks above 2,900 million USD in mid-2023. However, the profit trajectory after that demonstrated fluctuating declines and increases, notably dropping again around early 2025.
- Depreciation and Amortization
- Depreciation and amortization figures remained relatively stable, fluctuating narrowly between 524 million USD and 617 million USD throughout the period, indicating steady asset usage and amortization policies.
- Actuarial Gains and Losses
- The actuarial gains and losses on pension and postretirement benefits were irregular, showing considerable losses in some quarters (notably -833 million USD and -606 million USD), interspersed with smaller gains or near-zero changes. This indicates volatility in pension-related financial impacts.
- Provision for Deferred Income Taxes
- Provision or benefit for deferred income taxes displayed negative and positive swings, with notable large benefits in late 2020 and early 2021, reaching nearly -292 million USD, implying fluctuating tax planning outcomes or impacts from changing tax environments.
- Inventory and Receivables Changes
- Inventory values varied widely, with significant negative values during several quarters in 2021 and 2022, suggesting inventory reductions or write-downs. Receivables also experienced highly variable changes, with substantial decreases and increases that could indicate shifts in credit policies or sales fluctuations.
- Accounts Payable and Accrued Liabilities
- Accounts payable and accrued expenses showed inconsistent movements with no clear trend, reflecting adjustments in payment timing or operational cash management. Both items had quarters showing increases and decreases alternately, signaling working capital management shifts.
- Operating Cash Flows
- Net cash provided by operating activities generally trended upwards to peak in late 2023 at over 4,000 million USD, signaling strong operational cash generation despite periodic downturns. The improvements indicate efficiency or higher profitability being translated into cash inflows.
- Investing Activities
- Net cash used for investing activities was consistently negative in most quarters, reflecting ongoing capital expenditures, acquisitions, and investments. There were occasional positive quarters related to proceeds from disposals or maturities of securities. Capital expenditures were robust, with notable spikes in late 2023 and early 2025.
- Financing Activities
- Net cash used for financing activities mostly reflected outflows, especially large payments for purchasing common stock and debt repayments. Dividends paid were steady, showing a consistent commitment to shareholder returns. Some quarters showed inflows from stock issuance or borrowing but were generally offset by repayments and stock repurchases.
- Debt Dynamics
- Payments on long-term debt consistently exceeded proceeds from new debt issuance in several periods, particularly notable after early 2021, suggesting deleveraging efforts. Short-term borrowings showed irregular activity, with occurrences of both significant increases and repayments, indicating tactical liquidity management.
- Cash and Cash Equivalents Change
- The net increase or decrease in cash presented high variability. Periods of strong cash accumulation were followed by periods of steep cash declines, likely driven by the timing of investing and financing activities. Overall, the company experienced a challenging cash flow environment with significant swings over the quarters.