CATERPILLAR INC(CAT)Stock Analysis
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Rank #447 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
CAT Stock Analysis & AI Quality Score
AI stock analysis and institutional research for CATERPILLAR INC (CAT), a Industrials sector company. 13F Pro's AI-powered ranking engine scores CAT at 67.8/100 on a 32-signal composite quality model, placing it at rank #447 of 2,879 stocks — the top 25% of the AI-ranked universe. CAT scores in the top quartile across revenue scale (98.1), institutional flow (92.1), balance sheet strength (85.1). Areas of concern include earnings quality (29.4) and revenue growth (32.7), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), CATERPILLAR INC reports quarterly revenue of $17.4B, net income of $2.5B, an operating margin of 17.7%. Top institutional holders of CAT by reported 13-F value include BlackRock,, STATE STREET, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. CAT trades on the NYSE exchange and files with the SEC under CIK 18230. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CAT daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CATERPILLAR INC directly from SEC EDGAR. CATERPILLAR INC's 13F Pro composite quality score has ranged between 48 and 80 since 2021, currently 67.8 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving CAT's Business? Latest 10-Q Breakdown
✓ 26/26 datapoints verifiedAI-extracted from CATERPILLAR INC's 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q1 2026 sales surged 22% YoY to $17.4B, driven by higher volume and pricing, though tariff headwinds pressured margins.
Biggest Revenue Drivers
Total revenue: $17.415B+22% YoY
Higher sales volume of $2.3B and favorable price realization of $426M, driven by higher sales of equipment to end users and dealer inventory increases.
Within Machinery, Power & Energy – Sales of Machinery, Power & Energy
38% increase primarily from dealer inventory changes and favorable pricing; strong demand across North America, Latin America and EAME.
Growth driven by Power Generation (especially data centers), Oil and Gas reciprocating engines, and turbine sales.
Modest growth from higher equipment sales to end users in mining; Rail services also contributed.
Increase from higher average earning assets across all regions.
Largest Expense Items
Higher manufacturing costs, largely from unfavorable tariff impacts of approximately $710M in Q1.
Increase primarily driven by higher compensation expenses across segments.
Reflects normal financial products operations.
Increase primarily due to higher average debt outstanding.
Margins: Operating profit margin declined to 17.7% in Q1 2026 from 18.1% in Q1 2025, despite strong revenue growth, due to unfavorable manufacturing costs driven by tariffs and higher SG&A/R&D expenses. Adjusted operating margin (excluding restructuring) was 18.0%, down from 18.3% YoY.
Watch Items from the Filing
- Tariff costs approximately $1.0B incurred through March 31, 2026 under IEEPA; company estimates full-year 2026 tariff exposure of $2.2B–$2.4B, with Supreme Court ruling in February 2026 making refund recovery deemed improbable.
- Construction Industries dealer inventory increased $1.5B in Q1 2026 vs. a slight decrease in Q1 2025; dealers' future demand expectations will influence near-term sales volume.
- Resource Industries segment profit declined 39% YoY to $378M despite modest sales growth, driven primarily by tariff-related manufacturing cost pressures.
- Company expects restructuring costs of $300M–$350M in full-year 2026, with estimated incremental benefit of $35M compared to 2025 in operating costs.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$17.4B
Net Income
Q1 2026
$2.5B
Free Cash Flow
Q1 2026
$1.1B
Operating Margin
Q1 2026
17.7%
ROIC
Q1 2026
16.5%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+0.8% YoYNet Income
-14.0% YoYOperating Income
-14.0% YoYEPS (Diluted)
-6.5% YoYTotal Assets
+12.7% YoYTotal Debt
+24.4% YoYOp. Cash Flow
-8.9% YoY| Metric | FY 2025 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2016 |
|---|---|---|---|---|---|---|
| Revenue | $67.59B +0.8% | $67.06B +12.8% | $59.43B +16.6% | $50.97B +22.1% | $41.75B +8.3% | $38.54B |
| Net Income | $8.88B -14.0% | $10.34B +54.1% | $6.71B +3.3% | $6.49B | — | — |
| Operating Income | $11.15B -14.0% | $12.97B +64.0% | $7.90B +14.9% | $6.88B +51.1% | $4.55B +291.8% | $1.16B |
| EPS (Diluted) | $18.81 -6.5% | $20.12 +59.2% | $12.64 +6.8% | $11.83 +116.7% | $5.46 +5063.6% | $-0.11 |
| Total Assets | $98.58B +12.7% | $87.48B +6.8% | $81.94B -1.0% | $82.79B +5.7% | $78.32B +4.8% | $74.70B |
| Total Debt | $36.21B +24.4% | $29.11B -8.1% | $31.67B +0.7% | $31.44B +12.2% | $28.01B -7.0% | $30.12B |
| Operating Cash Flow | $11.74B -8.9% | $12.88B +65.9% | $7.77B +7.9% | $7.20B +13.8% | $6.33B | — |
AI Insight: CAT Financial Trends
Revenue growth accelerating into 2025 but operating margin compressed in latest quarter despite higher sales.
• Revenue grew 23% from Q1 2025 ($14.2B) to Q4 2025 ($19.1B), strongest sequential performance in dataset.
• Operating margin contracted to 17.7% in Q1 2026 from 18.6% in Q4 2025, reflecting margin pressure despite $17.4B revenue.
• Operating cash flow remained solid at $3.6B in Q4 2025 but dropped to $1.9B in Q1 2026, lowest since Q1 2025.
• Total debt rose to $36.2B in Q4 2025 from $31.7B in Q4 2024; leverage increased despite equity growth to $21.3B.
⚠ Q1 2026 operating income decline to $3.1B vs. Q4 2025's $2.7B masks seasonal cash flow weakness; monitor Q2 recovery.
⚠ Debt-to-equity ratio approached 1.7x in Q4 2025, up from 1.6x year prior; rising leverage warrants monitoring.
AI Insight: CAT Ratio Trends
Operating margin compressed 310 bps from Q2 2024 to TTM Q1 2026, with Q4 2025 hitting a 5-year low of 13.9%.
• Operating margin fell from 20.9% in Q2 2024 to 17.7% in Q1 2026, a sustained 320 bp deterioration across the period.
• ROIC declined from 81.3% in Q2 2024 to 66.1% in Q1 2026, signaling reduced capital efficiency despite recovery from Q4 2025's 18.5%.
• Leverage ratio D/E rose from 1.63 in Q4 2024 to 1.70 in Q4 2025, indicating increased debt relative to equity.
⚠ Q4 2025 saw OpMargin crash to 13.9% and ROIC collapse to 18.5%—worst quarter on record; monitor if seasonal or structural.
⚠ ROIC volatility (ranging 18.5%–81.3%) suggests earnings or capital base instability; Q1 2026 recovery to 66.1% requires validation.
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Available Research
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Top Institutional Holders of CAT
BlackRock, Inc.
$26.3B37,169,433 shSTATE STREET CORP
$24.7B34,880,604 shVANGUARD CAPITAL MANAGEMENT LLC
$21.4B30,234,453 shSTATE FARM MUTUAL AUTOMOBILE INSURANCE CO
$10.3B14,564,726 shVANGUARD PORTFOLIO MANAGEMENT LLC
$8.3B11,705,890 shGEODE CAPITAL MANAGEMENT, LLC
$7.9B11,127,483 shFisher Asset Management, LLC
$6.9B9,775,952 shMORGAN STANLEY
$5.3B7,499,662 shGATES FOUNDATION TRUST
$4.5B6,353,614 shNORTHERN TRUST CORP
$4.0B5,678,795 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $26.3B | 37,169,433 |
| STATE STREET CORP | $24.7B | 34,880,604 |
| VANGUARD CAPITAL MANAGEMENT LLC | $21.4B | 30,234,453 |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $10.3B | 14,564,726 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $8.3B | 11,705,890 |
| GEODE CAPITAL MANAGEMENT, LLC | $7.9B | 11,127,483 |
| Fisher Asset Management, LLC | $6.9B | 9,775,952 |
| MORGAN STANLEY | $5.3B | 7,499,662 |
| GATES FOUNDATION TRUST | $4.5B | 6,353,614 |
| NORTHERN TRUST CORP | $4.0B | 5,678,795 |
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Popular Research
Is CAT a good stock to buy?
13F Pro's AI-powered analysis of CATERPILLAR INC (CAT) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for CAT are available on the CAT stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own CAT?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling CAT. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of CATERPILLAR INC's investment landscape.