CAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

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Price $863.44
Market Cap (MRQ) $396.92B
P/E (TTM) 37.2
EPS (TTM) $23.23
Revenue (TTM) $74.73B
Div Yield 0.68%
ROE (TTM) 57.0%
Debt/Equity 1.7
52W Range $484–$1073

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July 14, 1997 2-for-1 Forward
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July 26, 1976 3-for-2 Forward
July 6, 1964 2-for-1 Forward

About Caterpillar, Inc. Common Stock Company overview from Wikipedia

05 · wikidata

Caterpillar Inc. (often shortened to CAT) is an American construction, mining, and other engineering equipment manufacturer. The company is the world's largest manufacturer of construction equipment.

In 2018, Caterpillar was ranked number 73 on the Fortune 500 list and number 265 on the Global Fortune 500 list. Caterpillar stock is a component of the Dow Jones Industrial Average.

Caterpillar Inc. traces its origins to the 1925 merger of the Holt Manufacturing Company and the C. L. Best Tractor Company, creating a new entity, California-based Caterpillar Tractor Company. In 1986, the company reorganized itself as a Delaware corporation under the current name, Caterpillar Inc. It announced in January 2017 that over the course of that year, it would relocate its headquarters from Peoria, Illinois, to Deerfield, Illinois, scrapping plans from 2015 of building an $800 million new headquarters complex in downtown Peoria. Its headquarters are located in Irving, Texas, since 2022.

The company also licenses and markets a line of clothing and workwear boots under its Cat / Caterpillar name. Additionally, the company licensed the Cat phone brand of toughened mobile phones and rugged smartphones from 2012 to 2024. Caterpillar machinery and other company-branded products are recognizable by their trademark "Caterpillar Yellow" livery and the "CAT" logo.

History

Origins

The company traces its roots to the steam tractor machines manufactured by the Holt Manufacturing Company in 1890. The steam tractors of the 1890s and early 1900s were extremely heavy, sometimes weighing 1,000 pounds (450 kg) per horsepower, and often sank into the earth of the San Joaquin Valley Delta farmland surrounding Stockton, California. Benjamin Holt attempted to fix the problem by increasing the size and width of the wheels up to 7.5 feet (2.3 m) tall and 6 feet (1.8 m) wide, producing a tractor 46 feet (14 m) wide, but this also made the tractors increasingly complex, expensive, and difficult to maintain.

Another solution considered was to lay a temporary plank road ahead of the steam tractor, but this was time-consuming, expensive, and interfered with earthmoving. Holt thought of wrapping the planks around the wheels. He replaced the wheels on a 40 horsepower (30 kW) Holt steamer, No. 77, with a set of wooden tracks bolted to chains. On Thanksgiving Day, November 24, 1904, he successfully tested the updated machine plowing the soggy delta land of Roberts Island.

Contemporaneously, Richard Hornsby & Sons in Grantham, Lincolnshire, England, developed a steel plate-tracked vehicle, which it patented in 1904. This tractor was the first to be steered using differential braking of the tracks, eliminating the forward tiller and steering wheel. Several tractors were made and sold to operate in the Yukon, one example of which was in operation until 1927, and remnants of it still exist. Hornsby found a limited market for their tractor, so they sold their patent to Holt five years after its development.

Company photographer Charles Clements, looking at the machine's upside-down image through his camera lens, commented that the track rising and falling over the carrier rollers looked like a caterpillar, and Holt seized on the metaphor. "Caterpillar it is. That's the name for it!" Some sources, though, attribute this name to British soldiers who had witnessed trials of the Hornsby tractor in July 1907. Two years later, Holt sold his first steam-powered tractor crawlers for US$5,500, about US$185,000 in 2024. Each side featured a track frame measured 30 inches (760 mm) high by 42 inches (1,100 mm) wide and were 9 feet (2.7 m) long. The tracks were 3 inches (76 mm) by 4 inches (100 mm) redwood slats.

Holt received the first patent for a practical continuous track for use with a tractor on December 7, 1907, for his improved "Traction Engine" ("improvement in vehicles, and especially of the traction engine class; and included endless traveling platform supports upon which the engine is carried").

Headquarters locations

On February 2, 1910, Holt opened up a plant in East Peoria, Illinois, led by his nephew Pliny Holt. There, Pliny met farm implement dealer Murray Baker, who knew of an empty factory that had been recently built to manufacture farm implements and steam traction engines. Baker, who later became the first executive vice president of what became Caterpillar Tractor Company, wrote to Holt headquarters in Stockton and described the plant of the bankrupt Colean Manufacturing Co. of East Peoria.

On October 25, 1909, Pliny Holt purchased the factory, and immediately began operations with 12 employees. Holt incorporated it as the Holt Caterpillar Company, although he did not trademark the name Caterpillar until August 2, 1910.

The addition of a plant in the Midwest, despite the hefty capital needed to retool the plant, proved so profitable that only two years later, the company employed 625 people and was exporting tractors to Argentina, Canada, and Mexico. Tractors were built in both Stockton and East Peoria.

On January 31, 2017, the company announced plans to move their headquarters from Peoria to Deerfield, Illinois, by the end of 2017. The new location at 500 Lake Cook Road is the former site of a Fiatallis plant that manufactured wheel loaders for many years.

On June 14, 2022, the company announced plans to move its global headquarters from Deerfield, Illinois, to Irving, Texas, beginning later in the year, citing "the best strategic interest of the company."

Use in World War I

The first tanks used in WWI were manufactured by William Foster & Co., also in Lincolnshire, England, and were introduced to the battlefield in 1916. That company had collaborated with Hornsby in the development of the vehicles demonstrated to the British military in 1907, providing the paraffin (kerosene) engines.

Holt's track-type tractors played a support role in World War I. Even before the U.S. formally entered WWI, Holt had shipped 1,200 tractors to England, France, and Russia for agricultural purposes. These governments, however, sent the tractors directly to the battlefront, where the military put them to work hauling artillery and supplies. When World War I broke out, the British War Office ordered a Holt tractor and put it through trials at Aldershot. The War Office was suitably impressed and chose it as a gun tractor. Over the next four years, the Holt tractor became a major artillery tractor, mainly used to haul medium guns such as the 6-inch howitzer, the 60-pounder, and later the 9.2-inch howitzer.

Holt tractors were also the inspiration for the development of the British tank, which profoundly altered ground warfare tactics. Major Ernest Swinton, sent to France as an army war correspondent, very soon saw the potential of a track-laying tractor. Although the British later chose an English firm to build its first tanks, the Holt tractor became "one of the most important military vehicles of all time."

Postwar challenges

Holt tractors had become well known during World War I. Military contracts formed the major part of the company's production. When the war ended, Holt's planned expansion to meet the military's needs was abruptly terminated. The heavy-duty tractors needed by the military were unsuitable for farmers. The company's situation worsened when artillery tractors were returned from Europe, depressing prices for new equipment and Holt's unsold inventory of military tractors. The company struggled with the transition from wartime boom to peacetime bust. To keep the company afloat, they borrowed heavily.

C. L. Best Gas Tractor Company, formed by Clarence Leo Best in 1910, and Holt's primary competitor, had during the war received government support, enabling it to supply farmers with the smaller agricultural tractors they needed. As a result, Best had gained a considerable market advantage over Holt by war's end. Best also assumed considerable debt to allow it to continue expansion, especially the production of its new Best Model 60 "Tracklayer".

Both companies were adversely impacted by the transition from a wartime to a peacetime economy, which contributed to a nationwide depression, further inhibiting sales. On December 5, 1920, 71-year-old Benjamin Holt died after a month-long illness.

Caterpillar company formed (1925)

The banks and bankers who held the company's large debt forced the Holt board of directors to accept their candidate, Thomas A. Baxter, to succeed Benjamin Holt. Baxter initially cut the large tractors from the company's product line and introduced smaller models focused on the agricultural market. When the Federal Aid Highway Act of 1921 funded a US$1 billion federal highway building program, Baxter began refocusing the company towards building road-construction equipment. Both companies also faced fierce competition from the Fordson company.

Between 1907 and 1918, Best and Holt had spent about US$1.5 million in legal fees fighting each other in a number of contractual, trademark, and patent infringement lawsuits. Harry H. Fair of the bond brokerage house of Pierce, Fair & Company of San Francisco had helped to finance C. L. Best's debt and Holt shareholders approached him about their company's financial difficulty. Fair recommended that the two companies should merge. In April and May 1925, the financially stronger C. L. Best merged with the market leader Holt Caterpillar to form the Caterpillar Tractor Co.

The new company was headquartered in San Leandro until 1930, when under the terms of the merger, it was moved to Peoria. Baxter had been removed as CEO earlier in 1925, and Clarence Leo Best assumed the title of CEO, and remained in that role until October 1951.

The Caterpillar company consolidated its product lines, offering only five track-type tractors: the 2 Ton, 5 Ton, and 10 Ton from the Holt Manufacturing Company's old product line and the Caterpillar 30 and Caterpillar 60 from the C. L. Best Tractor Co.'s former product line. The 10 Ton and 5 Ton models were discontinued in 1926. In 1928, the 2 Ton was discontinued. Sales the first year were US$13 million. By 1929, sales climbed to US$52.8 million, and Caterpillar continued to grow throughout the Great Depression of the 1930s.

Caterpillar adopted the diesel engine to replace gasoline engines. During World War II, Caterpillar products found fame with the Seabees, construction battalions of the United States Navy, which built airfields and other facilities in the Pacific Theater of Operations. Caterpillar ranked 44th among United States corporations in the value of wartime military production contracts. During the postwar construction boom, the company grew at a rapid pace, and launched its first venture outside the U.S. in 1950, marking the beginning of Caterpillar's development into a multinational corporation.

In 2018, Caterpillar was in the process of restructuring, closing a demonstration center in Panama and an engine-manufacturing facility in Illinois.

Expansion in developing markets

Caterpillar built its first Russian facility in the town of Tosno, located near St. Petersburg, Russia. It was completed in 16 months, occupied in November 1999, and began fabricating machine components in 2000. It had the first electrical substation built in the Leningrad Oblast since the Communist government was dissolved on December 26, 1991. The facility was built under harsh winter conditions, where the temperature was below −13 °F (−25 °C). The facility construction was managed by the Lemminkäinen Group in Helsinki, Finland.

In May 2022, production at the Tosno plant was stopped. In November 2023, an agreement was reached on the sale of Caterpillar assets to the Russian company PSK - New Solutions, founded by people from Sberbank. Experts believe that the resumption of Caterpillar production is unlikely and the plant will be repurposed.

The $125 million Caterpillar Suzhou, People's Republic of China facility, manufactures medium-wheel loaders and motor graders, primarily for the Asian market. The first machine was scheduled for production in March 2009. URS Ausino, in San Francisco, California, manages facility construction.

Caterpillar has manufactured in Brazil since 1960. In 2010 the company announced plans to further expand production of backhoe and small wheel loaders with a new factory.

Caterpillar has been manufacturing machines, engines, and generator sets in India, as well. Caterpillar has three facilities in India, which are in Tamil Nadu (Thiruvallur and Hosur) and Maharastra (Aurangabad).

Acquisitions

In addition to increasing sales of its core products, much of Caterpillar's growth has been through acquisitions, including:

Divestitures

Caterpillar occasionally divests assets that do not align with its core competencies.

Finances

Business lines

Through fiscal year 2010, Caterpillar divided its products, services, and technologies into three principal lines of business: machinery, engines, and financial products for sale to private and governmental entities. As of 2022, Caterpillar reports its financials using four business segments: construction industries, resource industries, energy & transportation, and financial products.

Machinery

Caterpillar has a list of some 400 products for purchase through its dealer network. Caterpillar's line of machines range from tracked tractors to hydraulic excavators, backhoe loaders, motor graders, off-highway trucks, wheel loaders, agricultural tractors, and locomotives. Caterpillar machinery is used in the construction, road-building, mining, forestry, energy, transportation, and material-handling industries.

Caterpillar is the world's largest manufacturer of wheel loaders. The small size wheel loaders (SWL) are designed and manufactured at facilities in Clayton, North Carolina. The medium size (MWL) and large size (LWL) are designed at their Aurora, Illinois facility. Medium wheel loaders are manufactured at: Aurora, Illinois; Sagamihara, Kanagawa, Japan; Piracicaba, São Paulo, Brazil; India; and the People's Republic of China. Large wheel loaders are manufactured exclusively in the United States on three separate assembly lines at Aurora, Illinois.

On-road trucks

Caterpillar began selling a line of on-road trucks in 2011, the Cat CT660, a Class 8 vocational truck.

As of March 2016, Caterpillar has ceased production of on-highway vocational trucks. “Remaining a viable competitor in this market would require significant additional investment to develop and launch a complete portfolio of trucks, and upon an updated review, we determined there was not a sufficient market opportunity to justify the investment,” said Ramin Younessi, vice president with responsibility for Caterpillar's Industrial Power Systems Division. “We have not yet started truck production in Victoria, and this decision allows us to exit this business before the transition occurs.”

Engines and gas turbines

A portion of Caterpillar's business is in the manufacturing of diesel and natural gas engines and gas turbines which, in addition to their use in the company's own vehicles, are used as the prime movers in locomotives, semi trucks, marine vessels, and ships, as well as providing the power source for peak-load power plants and emergency generators.

Caterpillar 3116 engine was used up until 1997, when Caterpillar introduced the inline 6 cylinder 7.2 litre Caterpillar 3126 engine as its first electronic diesel engine for light trucks and buses. Caterpillar decreased emissions and noise the next year in the 3126B version of the engine, and improved emissions further in 2002 with the 3126E which had an improved high-pressure oil pump and improved electronics. In 2003 Caterpillar started selling a new version of this engine called the C-7 to meet increased United States emission standards that came into effect in 2004; it had the same overall design as the 3126 version, but with improved fuel injectors and electronics which included its new Advanced Combustion Emissions Reduction Technology (ACERT) system. In 2007, as ultra-low-sulfur diesel became required in North America, Caterpillar updated the C7 to use common rail fuel injectors and improved ACERT electronics.

In 1998 Caterpillar purchased Perkins Engines of Peterborough, England, a maker of small diesel and gasoline engines. Perkins engines are used in various applications. Perkins engine products are dual branded with the Perkins nameplate for both loose and OEM engines, and the CAT nameplate for captive engines within Caterpillar products.

In June 2008, Caterpillar announced it would be exiting the on-highway diesel engine market in the United States before updated 2010 U.S. Environmental Protection Agency (EPA) emission standards took effect, as costly changes to the engines, which only constituted a small percentage of Caterpillar's total engine sales, would be likely.

In October 2010, Caterpillar announced it would buy German engine-manufacturer MWM GmbH from 3i for $810 million.

Caterpillar Defense Products

The Caterpillar Defence Products subsidiary, headquartered in Shrewsbury, United Kingdom, provides diesel engines, automatic transmissions, and other parts for the UK's Titan armored bridge layer, Trojan combat engineering tank, Terrier combat engineering vehicles, and tank transporters; the Romanian MLI-84 armored personnel carrier; and the Swiss Piranha III light armored vehicle, which is currently being developed for use by American light armored formations; large fleets of military trucks in both the U.S. and UK; and the CV90 family of infantry fighting vehicles used by the armies of Sweden, Norway, Finland, Switzerland, the Netherlands, and Denmark.

This division also provides both propulsion engines and power generation systems to the naval shipbuilding industry, such as the Series 3512B turbocharged V-12 diesel engine for American Virginia-class nuclear submarines. Caterpillar diesel engines are also used in San Antonio-class amphibious transport docks, Spanish Álvaro de Bazán-class frigates, British River-class offshore patrol vessels, Mexican Sierra-class patrol boats, and Malaysian Kedah-class MEKO A-100 offshore patrol vessels. The poor network security of the Caterpillar engines put the United States' submarine force at risk for cyberattack. In a 2015 interview on cybersecurity, the United States Navy clarified that Caterpillar actually has some of the most secure control systems. It will be used as a model of how the Navy will design cyber protections into its control systems.

The Israel Defense Forces' use of highly modified Caterpillar D9 bulldozers has led to Caterpillar being criticized by pro-Palestinian activists and some shareholders. In particular, the IDF Caterpillar D9 was involved in an incident in 2003, in which the American activist Rachel Corrie was killed by an Israeli soldier driving a bulldozer to demolish Gaza homes. A lawsuit against Caterpillar by her family and families of Palestinians, who were also killed by Caterpillar equipment, was unsuccessful. A lawsuit against Israel and Israeli Defense Ministry was rejected by an Israeli court, ruling that her death was an accident, caused by restricted field of view from the heavily armored operators' cabin. In 2014 Presbyterian Church (USA) sold its shares in Caterpillar, citing the use of Caterpillar bulldozers involved in demolitions of Palestinian houses and Israeli surveillance activities in the West Bank. In August 2024, San Francisco State University announced that, as part of a deal with student activists, it would divest from four companies that supply weapons for the Israeli army, among them Caterpillar. On August 25, 2025, the Norwegian sovereign wealth fund announced that it was divesting from Caterpillar, selling its $2.4 billion worth of shares. It deplored "There is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law". The fund particularly criticized that the company had "not implemented any measures to prevent such use".

Caterpillar Electronics

The Caterpillar Electronics business unit has formed Caterpillar Trimble Control Technologies LLC (CTCT), a 50:50 joint venture with Trimble Inc. CTCT develops positioning and control products for earthmoving and paving machines in the construction and mining industries, using technologies such as GNSS, optical total stations, lasers, and sonics. The products are used in a range of applications where the operator of the machine benefits from having accurate horizontal and vertical guidance. CTCT is based in Dayton, Ohio, and started its operations on April 1, 2002.

Agriculture products

Caterpillar introduced the Challenger range of agricultural tractors as the result of several development programs over a long period of time. The program started in the 1970s and involved both the D6-based units and the Grader power units. A parallel program was also developing wheeled high hp tractors based on using the articulated loading shovel chassis was later merged with the crawler team. The result was the Challenger Tractor and the "Mobi-Trac" system.

The Challenger has been marketed in Europe as Claas machines since 1997, with Caterpillar marketing the Claas-built Lexion combine range in the USA. Claas and Caterpillar formed a joint venture, Claas Omaha, to build combine harvesters in Omaha, Nebraska, USA under the CAT brand. In 2002, Cat sold its stake to Claas, and licensed the use of CAT and the CAT yellow livery to Claas. They are marketed as Lexion combines now.

Also in 2002, Caterpillar sold the Challenger tracked tractor business to AGCO and licensed the use of the Challenger and CAT names and livery to them. This ended Cat's venture into agriculture.

Financial products and brand licensing

Caterpillar provides financing and insurance services to customers via Cat Financial and Caterpillar Insurance Services, both of which are subsidiaries of Caterpillar, Inc. Cat Financial provides retail and wholesale financing for Caterpillar products and services, in addition to other equipment provided or facilitated by the company. The company also generates income through the licensing of the Caterpillar and CAT trademarks and logos.

Caterpillar sells the right to manufacture, market, and sell products bearing the Cat trademark to licensees worldwide. Wolverine World Wide is one example, a licensee since 1994 and currently the sole company licensed to produce Cat branded footwear. Other licensees sell items including scale models of Cat products, clothing, hats, luggage, watches, flashlights, shovels, knives, fans, gloves, smartphones, and other consumer products.

Operations

Manufacturing

Caterpillar products and components are manufactured in 110 facilities worldwide. 51 of the 110 plants are located in the United States and 59 of the 110 plants are located overseas in Australia (until 2015), Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Indonesia, Italy, Japan, Mexico, the Netherlands, Northern Ireland, Poland, Russia, Singapore, South Africa, and Sweden.

Caterpillar's historical manufacturing home is in Peoria, Illinois, which also has been the location of Caterpillar's world headquarters and core research and development activities. Although Caterpillar has contracted much of its local parts production and warehousing to third parties, Caterpillar still has four major plants in the Peoria area: the Mapleton Foundry, where diesel engine blocks and other large parts are cast; the East Peoria factory, which has assembled Caterpillar tractors for over 70 years; the Mossville engine plant, built after World War II; and the Morton parts facility.

Remanufacturing

Major facilities in Latin America:

Mexico: Oradel Industrial Center, Nuevo Laredo, Tamaulipas, México (Since 1988)

Distribution

Caterpillar products are distributed to end-users in nearly 200 countries through Caterpillar's worldwide network of 220 dealers. Caterpillar's dealers are independently owned and operated businesses with exclusive geographical territories. Dealers provide sales, maintenance and repair services, rental equipment, and parts distribution. Finning, a dealer based in Vancouver, Canada, is Caterpillar's largest global distributor. Gmmco Ltd is India's No. 1 Dealer for Caterpillar Machines. United Tractor & Equipment (Pvt) Limited also known as UTE is the sole authorized dealer of Caterpillar machines and heavy equipment in Sri Lanka.

Most dealers use a management system called DBS for their day-to-day operations.

As of the first quarter of 2006, 66% of Caterpillar's sales are made by one of the 63 dealers in the United States, with the remaining 34% sold by one of Caterpillar's 157 overseas dealers.

Management

Caterpillar has a corporate governance structure where the chairman of the board also acts as chief executive officer (CEO). The board of directors is fully independent and is made up of non-employee directors selected from outside the company. Several group presidents report to the CEO, and multiple vice presidents report to each group president.

The board has three committees: audit; compensation and human resources; governance and public policy.

The behavior of all employees is governed by a code of worldwide business conduct, first published in 1974 and last amended in 2005, which sets the corporate standard for honesty and ethical behavior. Management employees are retested on this code annually.

Current board of directors

As of October 2023, the board of directors was composed as follows:

On January 1, 2017, Jim Umpleby succeeded Douglas R. Oberhelman as CEO and Dave Calhoun became non-executive chairman. On December 12, 2018, Umpleby was named chairman of the board as well, reversing Caterpillar's previous decision to split the CEO and chairman position. After eight years as CEO and nearly 45 years of service, Chairman and CEO D. James Umpleby III will become Executive Chairman of the Board effective May 1. Chief Operating Officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, will succeed him as CEO and join the Board of Directors May 1.

Workforce and labor relations

As of December 31, 2009, Caterpillar employed 93,813 persons of whom 50,562 are located outside the United States. Current employment figures represent a decline of 17,900 employees compared the third quarter of 2008. Due to the restructuring of business operations which began in the 1990s, there are 20,000 fewer union jobs in the Peoria, Illinois area while employment outside the U.S. has increased.

In 2020, it was reported that Caterpillar was planning to cut 700 jobs at its Northern Ireland operations.

Labor practices

Caterpillar came close to bankruptcy in the early 1980s, at one point losing almost US$1 million per day due to a sharp downturn in product demand as competition with Japanese rival Komatsu increased. (At the time, Komatsu used the internal slogan "encircle Caterpillar".) Caterpillar suffered further when the United States declared an embargo against the Soviet Union after the Soviet invasion of Afghanistan, causing the company to be unable to sell US$400 million worth of pipelaying machinery that had already been built.

Due to the drastic drop in demand, Caterpillar initiated employee layoffs, which led to strikes, primarily by the members of the United Auto Workers, against Caterpillar facilities in Illinois and Pennsylvania. Several news reports at the time indicated that products were piling up so high in facilities that replacement workers could barely make their way to their work stations.

In 1992, the United Auto Workers conducted a five-month strike against Caterpillar. In response, Caterpillar threatened to replace Caterpillar's entire unionized work force. Over ten thousand UAW members struck again in 1994–1995 for 17 months, a record at that time. The strike ended with the UAW deciding to return to work without a contract despite record revenues and profits by Caterpillar. In 1994, Caterpillar offered a contract to the UAW members that would have raised the salary of top workers from $35,000 to $39,000 per year. However, the UAW was seeking the same top wage of $40,000 that was paid to workers at John Deere & Company in 1994.

During the strikes, Caterpillar used management employees in an attempt to maintain production. It suspended research and development work, sending thousands of engineers and other non-bargained for employees into their manufacturing and assembly facilities to replace striking or locked out union members.

Rather than continuing to fight the United Auto Workers, Caterpillar chose to make itself less vulnerable to the traditional bargaining tactics of organized labor. One way was by outsourcing much of their parts production and warehouse work to outside firms. In another move, according to UAW officials and industry analysts, Caterpillar began to execute a "southern strategy". This involved opening new, smaller plants, termed "focus facilities", in right-to-work states. Caterpillar opened these new facilities in Clayton and Sanford, North Carolina; Fountain Inn, South Carolina; Corinth, Mississippi; Dyersburg, Tennessee; Griffin and LaGrange, Georgia; Seguin, Texas; and North Little Rock, Arkansas.

In 2012, the company locked out workers at a locomotive plant in London, Ontario, Canada and demanded some accept up to a 50% cut in pay, in order to become cost-competitive with comparable Caterpillar manufacturing facilities in the United States. The move created controversy in Canada, with some complaining the plant was acquired under false pretenses. Retail store Mark's Work Wearhouse began pulling Caterpillar boots from its shelves as a result.

On May 1, 2012, 780 members of the International Association of Machinists and Aerospace Workers Local Lodge 851 went on strike. An agreement was reached in August, resulting in a 6-year wage freeze. Striking workers expressed anger about the freeze given the company's record 2011 profits and CEO Oberhelman's 60% salary increase.

Coerced labor in Xinjiang

In June 2020, it was reported that a Caterpillar clothing wholesaler, Summit Resource International, participates in a Chinese government-run labor transfer scheme that uses forced labor of Uyghurs in internment camps.

Environmental record

Environmental stewardship

Caterpillar divisions have won Illinois Governor's Pollution Prevention Awards every year since 1997. Caterpillar was awarded the 2007 Illinois Governor's Pollution Prevention Award for three projects: The Hydraulics and Hydraulic Systems business unit in Joliet implemented a flame sprayed coating for its truck suspension system, replacing a chroming process, reducing hazardous waste by 700,000 pounds (320,000 kg) annually, and saving 14 million US gallons (53,000 m3) of water. Caterpillar's Cast Metals Organization in Mapleton worked with the American Foundry Society to help produce a rule to reduce hazardous waste in scrap metal that meet strict quality requirements, and also allow foundries to continue recycling certain types of scrap and maintain a competitive cost structure. Caterpillar's Mossville Engine Center formed a team to look at used oil reuse and recycle processes that forced MEC to send large amounts of used oil off-site for recycling, and developed an updated system for reclaiming it for reuse on-site. The resulting benefits included a usage reduction of about 208,000 US gallons (790 m3) of oil per year.

In 2004 Caterpillar participated in initiatives such as the United States Environmental Protection Agency's National Clean Diesel Campaign program, which encourages retrofitting fleets of older buses and trucks with newer diesel engines that meet higher emissions standards.

In 2005, Caterpillar donated $12 million to The Nature Conservancy in a joint effort to protect and preserve river systems in Brazil, U.S.A., and China.

Caterpillar has, for many years, been a member of the World Business Council for Sustainable Development based in Geneva, Switzerland and has been listed on the Dow Jones Sustainability World Index each year since 2001.

Clean Air Act violation

In July 1999, Caterpillar and five other diesel engine manufacturers signed a consent decree with the Justice Department and the State of California, after governmental investigations revealed violations of the Clean Air Act. The violation involves over a million diesel engines sold with defeat devices, devices that regulated emissions during pre-sale tests, but that could be disabled in favor of better performance during subsequent highway driving. Consequently, these engines "...emit up to triple the permissible level of smog-forming nitrogen oxides (NOx). In 1998 alone, these violating vehicles emitted 1,300,000 short tons (1,161,000 long tons; 1,179,000 t) of additional NOx – an amount equal to the emissions of 65 million cars." For this reason, Caterpillar was named the "Clean Air Villain of the Month" for August 2000 by the Clean Air Trust. The consent decree provided that $83 million be paid in civil penalties and determined new deadlines for meeting emissions standards. Caterpillar, however, was successful in lobbying for an extension of deadlines they considered too severe. Even so, in October 2002, Caterpillar – the only diesel engine company (of those that signed decrees) to fail to meet the new emissions standards deadline – was forced to pay $128 million in per-engine non-conformance penalties.

Carbon footprint

Caterpillar reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 1,521 Kt (-310 /-16.9% y-o-y). Caterpillar plans to reduce emissions 30% by 2030 from a 2018 base year.

Controversies

Tax deferral techniques

In March 2017, when US federal agents raided Caterpillar's headquarters in Peoria Ill., it was already evident that the company engaged in aggressive measures to control tax costs. Since April 2014, the company's tax policies have been investigated by a senate subcommittee headed by Senator Carl Levin. Those investigations uncovered significant changes in Caterpillar's offshore tax strategy, culminating in the creation of the new Swiss subsidiary Caterpillar SARL (CSARL) in Geneva. In 1999, former Caterpillar executive Daniel Schlicksup accused the company of funneling profits made on replacement parts into Switzerland, even though it had no warehouses or factories there. The Internal Revenue Service found the firm liable for a billion dollars of unpaid taxes for the years 2007 to 2009.

At the same time, the architect of Caterpillar's fiscal strategy, PricewaterhouseCoopers (PWC), came under scrutiny because of PWC's conflict of interest in acting as Caterpillar's controller as well as being its global tax consultant. The Senate uncovered documents from PWC saying the elaborate move was simply a way to evade American taxes. "We are going to have to do some dancing" one said. Another noted, "What the heck, we will all be retired when this comes up on audit."

In January 2023, Caterpillar reached a settlement with the Internal Revenue Service and was not ordered to pay any penalties.

Israel Defense Forces sales

The sale of Caterpillar bulldozers to the Israeli military, and specifically the IDF Caterpillar D9, for use in the occupied Palestinian territories has long drawn criticism from human rights groups, society groups and responsible investment monitors.

Amnesty International released a report in May 2004 on home demolition in Gaza and the west bank that noted the risk of complicity for Caterpillar in human rights violations. The Office of the UN High Commissioner on Human Rights also sent a warning letter to the company the next month about its sales of bulldozers to the Israel Defense Forces and their use to destroy Palestinian farms. Human Rights Watch reported the same year on the systematic use of D9 bulldozers in illegal demolitions throughout the occupied territories and called on Caterpillar to suspend its sales to Israel, citing the company's own code of conduct.

The pro-Palestinian group Jewish Voice for Peace and four Roman Catholic orders of nuns planned to introduce a resolution at a Caterpillar shareholder meeting subsequent to the human rights reports asking for an investigation into whether Israel's use of the company's bulldozer to destroy Palestinian homes conformed with the company's code of business conduct. In response, the pro-Israel advocacy group StandWithUs urged its members to buy Caterpillar stock and to write letters of support to the company.

The US investment indexer MSCI removed Caterpillar from three of its indices for socially responsible investments in 2012, citing the Israeli military's use of its bulldozers in the Palestinian territories. In 2017, documents emerged that showed Caterpillar had hired private investigators to spy on the family of Rachel Corrie, the American human rights activist who was killed by a D9 bulldozer in Rafah in early 2003. In 2022, Stop the Wall called Caterpillar, alongside Hyundai Heavy Industries, JCB and Volvo Group.

In August 2025, the Government Pension Fund of Norway pulled out of Caterpillar over what it says is its involvement in Israeli human rights abuses in Gaza and the occupied West Bank.

Trademark claims

Caterpillar Inc. has sought the revocations of registered trademarks in the United States incorporating the word "Cat" in markets unrelated to its machinery business, such as "Cat & Cloud" (a cafe in Santa Cruz, California), and Keyboard Cat. The company has faced criticism for this perceived bullying, especially in cases where the likelihood of confusion is low.

Defective engines

In 2014, Caterpillar paid $46M to settle claims that one of its engines caused a fiery explosion on a ship owned by Bender Shipbuilding and Repair Company Inc. In 2016 Caterpillar paid $60M to settle claims that its bus engines were prone to breakdowns and fires.

Advocacy, philanthropy, awards, and lobbying efforts

Caterpillar is a member of the U.S. Global Leadership Coalition, a Washington D.C.–based coalition of over 400 major companies and NGOs that advocates for increased funding of American diplomatic and development efforts abroad through the International Affairs Budget. Economic development projects in developing countries (particularly in rural, agricultural regions) serve as new markets for Caterpillar products by improving political and economic stability and raising average incomes.

2011 recipient of the Henry C. Turner Prize for Innovation in Construction Technology from the National Building Museum.

In 2025, Caterpillar was one of the donors who funded the White House's East Wing demolition and planned building of a ballroom.

Leadership

President

Raymond C. Force, 1925–1930

Byron Claude Heacock, 1930–1941

Louis Bontz Neumiller, 1941–1954

Harmon Sewell Eberhard, 1954–1962

William A. Blackie, 1962–1966

William Henry Franklin, 1966–1972

Lee L. Morgan, 1972–1977

Robert E. Gilmore, 1977–1985

Peter Paul Donis, 1985–1989

Donald Vester Fites, 1989–1990office abolished July 1, 1990

Chairman of the Board

Louis B. Neumiller, 1954–1962

Harmon S. Eberhard, 1962–1966

William A. Blackie, 1966–1972

W. H. Franklin, 1972–1975

W. L. Naumann, 1975–1977

Lee L. Morgan, 1977–1985

George Anthony Schaefer, 1985–1990

Donald Vester Fites, 1990–1999

Glen A. Barton, 1999–2004

James W. Owens, 2004–2010

Douglas Ray Oberhelman, 2010–2016

David L. Calhoun, 2016–2018

Donald James Umpleby III, 2018–2026

Joseph Edward Creed, 2026–present

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorIndustrials industryMachinery employees118,000 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$67.59B
2016-12-31 → 2025-12-31
EPS$18.81
2016-12-31 → 2025-12-31
Free Cash Flow$8.92B
2016-12-31 → 2025-12-31
Net margin14.5%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend CAT 5Y avg Peer Median Verdict
P/E (TTM) 37.25Y avg ≈19.6 ≈19.6 27.7 Overvalued
P/S (TTM) 5.35Y avg ≈2.6 ≈2.6 2.2 Overvalued
P/B (MRQ) 20.55Y avg ≈8.7 ≈8.7 4.4 Overvalued
EV / EBITDA 31.95Y avg ≈15.0 ≈15.0 12.2 Overvalued
Price / FCF (TTM) 37.15Y avg ≈19.5 ≈19.5 · ·
Price / Cash Flow (TTM) 29.35Y avg ≈16.0 ≈16.0 15.5 Overvalued
EV / Revenue 6.35Y avg ≈3.0 ≈3.0 · ·
EV / FCF 48.05Y avg ≈22.5 ≈22.5 · ·
Price / Tangible Book (MRQ) 20.95Y avg ≈13.0 ≈13.0 · ·
PEG Ratio ≈1.3 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Dividend Yield0.68%
Payout Ratio30.9%
Annualized Payout≈$6.52Paid quarterly
5Y Div CAGR≈7.2%Per share, split-adjusted
Growth Streak≈32Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Jul 20, 2026$1.63USD≈0.71%
Apr 20, 2026$1.51USD≈0.76%
Jan 20, 2026$1.51USD≈0.94%
Oct 20, 2025$1.51USD≈1.1%
Jul 21, 2025$1.51USD≈1.4%
Apr 21, 2025$1.41USD≈2.0%
Jan 21, 2025$1.41USD≈1.4%
Oct 21, 2024$1.41USD≈1.4%
Jul 22, 2024$1.41USD≈1.5%
Apr 19, 2024$1.30USD≈1.5%
Jan 19, 2024$1.30USD≈1.8%
Oct 20, 2023$1.30USD≈2.0%
Jul 19, 2023$1.30USD≈1.9%
Apr 21, 2023$1.20USD≈2.2%
Jan 19, 2023$1.20USD≈1.9%
Oct 21, 2022$1.20USD≈2.4%
Jul 19, 2022$1.20USD≈2.5%
Apr 22, 2022$1.11USD≈2.1%
Jan 19, 2022$1.11USD≈2.0%
Oct 22, 2021$1.11USD≈2.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 9.9%
Next Report Oct 27, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 3, 2026 $8.17 $6.26 30.5%
March 31, 2026 $5.54 $4.66 18.8%
Dec. 31, 2025 $5.16 $4.72 9.3%
Sept. 30, 2025 $4.95 $4.57 8.3%
June 30, 2025 $4.72 $4.95 -4.6%
March 31, 2025 $4.25 $4.39 -3.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 15
Metric Trend 2025202420232022202120202019201820172016
Revenue $67.59B$64.81B$67.06B$59.43B$50.97B$41.75B$53.80B··$38.54B
Cost of Revenue $49M$33M$160M$413M$35.51B$29.08B$36.63B··$28.04B
R&D Expense $2.15B$2.11B$2.11B$1.81B$1.69B$1.42B$1.69B··$1.85B
SG&A Expense $6.99B$6.67B$6.37B$5.65B$5.37B$4.64B$5.16B··$4.38B
Operating Expenses $56.44B$51.74B$54.09B$51.52B$44.09B$37.20B$45.51B··$37.38B
Operating Income $11.15B$13.07B$12.97B$7.90B$6.88B$4.55B$8.29B··$1.16B
Other Non-op $892M$813M$595M$1.29B$1.81B$-44M$-57M··$-518M
Pretax Income $11.54B$13.37B$13.05B$8.75B$8.20B$4.00B$7.81B··$139M
Income Tax $2.77B$2.63B$2.78B$2.07B$1.74B$1.01B$1.75B··$192M
Net Income $8.88B$10.79B$10.33B$6.70B$6.49B$3.00B$6.09B··$-59M
EPS (Basic) $18.90$22.17$20.24$12.72$11.93$5.51$10.85··$-0.11
EPS (Diluted) $18.81$22.05$20.12$12.64$11.83$5.46$10.74··$-0.11
Shares (Basic) 470,000,000486,700,000510,600,000526,900,000544,000,000544,100,000561,600,000··584,300,000
Shares (Diluted) 472,300,000489,400,000513,600,000530,400,000548,500,000548,600,000567,500,000··584,300,000
EBITDA $13.41B$15.22B$15.11B$10.12B$9.23B$6.99B$10.87B··$3.53B
Balance Sheet 27
Metric Trend 2025202420232022202120202019201820172016
Cash & Equivalents $9.98B$6.89B$6.98B$7.00B$9.25B$9.35B$8.28B··$7.17B
Receivables $10.92B$9.28B$9.31B$8.86B$8.48B$7.32B$8.57B·$7.37B$5.98B
Inventory $18.14B$16.83B$16.57B$16.27B$14.04B$11.40B$11.27B·$10.02B$8.61B
Prepaid Expense $2.80B$3.12B$4.59B$2.64B$2.79B$1.93B$1.74B$1.75B$2.10B$1.68B
Current Assets $52.48B$45.68B$46.95B$43.78B$43.45B$39.46B$39.19B··$31.97B
PP&E (Net) $15.14B$13.36B$12.68B$12.03B$12.09B$12.40B$12.90B$13.55B$13.96B$15.32B
PP&E (Gross) $31.91B$29.48B$28.62B$28.06B$28.87B$29.27B$29.22B··$31.94B
Accum. Depreciation $16.77B$16.12B$15.94B$16.04B$16.78B$16.87B$16.31B··$16.62B
Goodwill $5.32B$5.24B$5.31B$5.29B$6.32B$6.39B$6.20B··$6.02B
Intangibles $241M$399M$564M$758M$1.04B$1.31B$1.56B··$2.35B
Other Non-current Assets $6.10B$5.30B$5.26B$4.59B$4.13B$3.83B$3.34B$3.04B·$1.67B
Total Assets $98.58B$87.76B$87.48B$81.94B$82.79B$78.32B$78.45B··$74.70B
Accounts Payable $8.97B$7.67B$7.91B$8.69B$8.15B$6.13B$5.96B··$4.61B
Accrued Liabilities $5.59B$5.24B$4.96B$4.08B$3.76B$3.64B$3.75B$3.55B$3.45B$3.00B
Short-term Debt $5.51B$4.39B$4.64B$5.96B$5.40B$2.02B$5.17B··$7.30B
Current Liabilities $36.56B$32.27B$34.73B$31.53B$29.85B$25.72B$26.62B··$26.13B
Capital Leases $570M$459M$427M$428M$484M$457M····
Deferred Tax $494M$432M$454M$471M$412M$418M$414M··$237M
Other Non-current Liabilities $6.17B$4.89B$4.67B$4.60B$4.80B$4.36B$4.32B$4.29B$3.89B$3.18B
Total Liabilities $77.27B$68.27B$67.97B$66.05B$66.28B$62.95B$63.82B··$61.49B
Total Debt $36.21B$31.74B$29.11B$31.67B$31.44B$28.01B$31.45B··$30.12B
Retained Earnings $65.45B$59.35B$51.25B$43.51B$39.28B$35.17B$34.44B$30.66B$26.29B$27.38B
Treasury Stock $49.54B$44.33B$36.34B$31.75B$27.64B$25.18B$24.22B··$17.48B
AOCI $-1.77B$-2.47B$-1.82B$-2.46B$-1.55B$-888M$-1.57B$-1.58B$-1.20B$-2.04B
Stockholders' Equity $21.32B$19.49B$19.50B$15.89B$16.52B$15.38B$14.63B$14.31B$13.72B$13.23B
Liabilities + Equity $98.58B$87.76B$87.48B$81.94B$82.79B$78.32B$78.45B··$74.70B
Shares Outstanding 465,300,000477,900,000499,400,000516,300,000535,900,000545,300,000550,100,000··586,500,000
Cash Flow 15
Metric Trend 2025202420232022202120202019201820172016
D&A $2.26B$2.15B$2.14B$2.22B$2.35B$2.43B$2.58B··$3.03B
Deferred Tax $465M$-621M$-592M$-377M$-383M$-74M$28M··$-431M
Amort. of Intangibles $169M$176M$218M$284M$302M$311M$324M··$326M
Restructuring $448M$359M$780M$299M$90M$354M$236M··$1.02B
Other Non-cash $130M$-285M$1.00B$-780M$-1.26B$966M$-1.79B··$3.06B
Operating Cash Flow $11.74B$12.04B$12.88B$7.77B$7.20B$6.33B$6.91B··$5.64B
CapEx $2.82B$1.99B$1.60B$1.30B$1.09B$978M$1.06B··$1.11B
Investing Cash Flow $-4.71B$-2.45B$-5.87B$-2.54B$-3.08B$-1.49B$-1.93B···
Stock Repurchased $5.19B$7.70B$4.97B$4.23B$2.67B$1.13B$4.05B··$0
Net Stock Activity $-5.19B$-7.70B$-4.97B$-4.23B$-2.67B$-1.13B$-4.05B··$0
Dividends Paid $2.75B$2.65B$2.56B$2.44B$2.33B$2.24B$2.13B··$1.80B
Financing Cash Flow $-3.90B$-9.56B$-6.93B$-7.28B$-4.19B$-3.75B$-4.54B···
Net Change in Cash $3.09B$-89M$-28M$-2.25B$-103M$1.07B$402M··$688M
Taxes Paid $2.21B·········
Free Cash Flow $8.92B$10.05B$11.29B$6.47B$6.11B$5.35B$5.86B··$4.50B
Profitability 7
Metric Trend 2025202420232022202120202019201820172016
Operating Margin 16.5%20.2%19.3%13.3%13.5%10.9%15.4%··1.3%
Net Margin 13.1%16.7%15.4%11.3%12.7%7.2%11.3%··-0.15%
Pretax Margin 17.1%20.6%19.5%14.7%16.1%9.6%14.5%··0.36%
EBITDA Margin 19.8%23.5%22.5%17.0%18.1%16.7%20.2%··9.2%
ROA 9.5%12.3%12.2%8.1%8.1%3.8%7.8%··-0.08%
ROE 44.4%55.5%51.6%42.5%39.1%19.8%41.1%··-0.41%
ROIC 14.7%20.5%21.0%12.7%11.3%7.8%14.0%··-0.44%
Liquidity & Solvency 4
Metric Trend 2025202420232022202120202019201820172016
Current Ratio 1.41.41.41.41.51.51.5··1.2
Quick Ratio 0.60.50.50.50.60.60.6··0.5
Debt / Equity 1.71.61.52.01.91.82.1··2.3
LT Debt / Equity 1.41.41.31.61.61.71.8··1.7
Efficiency 3
Metric Trend 2025202420232022202120202019201820172016
Asset Turnover 0.70.70.80.70.60.50.7··0.5
Inventory Turnover 0.00.02.62.72.82.63.2··3.1
Receivables Turnover 6.77.07.46.96.55.36.2··6.1
Per Share 6
Metric Trend 2025202420232022202120202019201820172016
Book Value / Share $45.82$40.79$39.05$30.78$30.82$28.20$26.59··$22.53
Revenue / Share $143.11$132.43$130.57$112.04$92.93$76.10$94.80··$65.95
Cash Flow / Share $24.86$24.59$25.09$14.64$13.12$11.53$12.18··$9.60
Cash / Share $21.45$14.42$13.97$13.57$17.27$17.15$15.06··$12.22
Dividend / Share $5.94$5.53$5.10$4.71$4.36$4.12$3.95··$3.08
EPS (TTM) $18.81$22.05$20.12$12.64$11.83$5.46$10.74··$-0.11
Growth Rates 10
Metric Trend 2025202420232022202120202019201820172016
Revenue YoY 4.3%-3.4%12.8%16.6%22.1%·····
Revenue CAGR 3Y 4.4%8.3%17.1%·······
Revenue CAGR 5Y 10.1%·········
EPS YoY -14.7%9.6%59.2%6.9%116.7%·····
EPS CAGR 3Y 14.2%23.1%54.5%·······
EPS CAGR 5Y 28.1%·········
Net Income YoY -17.7%4.4%54.1%3.2%116.2%·····
Net Income CAGR 3Y 9.8%18.4%51.0%·······
Net Income CAGR 5Y 24.2%·········
Dividends Paid CAGR 5Y 4.2%·········
Valuation (TTM) 17
Metric Trend 2025202420232022202120202019201820172016
Revenue TTM $67.59B$64.81B$67.06B$59.43B$50.97B$41.75B$53.80B··$38.54B
Net Income TTM $8.88B$10.79B$10.33B$6.70B$6.49B$3.00B$6.09B··$-59M
Market Cap $266.56B$173.36B$147.66B$123.68B$110.79B$99.26B$81.24B··$54.39B
Enterprise Value $292.79B$198.22B$169.79B$148.35B$132.97B$117.92B$104.40B··$77.35B
P/E 30.516.514.719.017.533.313.8··-843.1
P/S 3.92.72.22.12.22.41.5··1.4
P/B 12.58.97.67.86.76.55.6··4.1
P / Tangible Book 16.912.510.812.612.112.9····
P / Cash Flow 22.714.411.515.915.415.711.8··9.7
P / FCF 29.917.313.119.118.118.613.9··12.1
EV / EBITDA 21.813.011.214.714.416.99.6··21.9
EV / FCF 32.819.715.022.921.822.017.8··17.2
EV / Revenue 4.33.12.52.52.62.81.9··2.0
Dividend Yield 1.0%1.5%1.7%2.0%2.1%2.3%2.6%··3.3%
Earnings Yield 3.3%6.1%6.8%5.3%5.7%3.0%7.3%··-0.12%
Payout Ratio 30.9%24.5%24.8%36.4%35.9%74.7%35.0%··-3049.1%
Annual Payout $2.75B$2.65B$2.56B$2.44B$2.33B$2.24B$2.13B··$1.80B

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $67.59B $64.81B $67.06B $59.43B $50.97B
Operating Margin % 16.5% 20.2% 19.3% 13.3% 13.5%
Net Income $8.88B $10.79B $10.33B $6.70B $6.49B
Diluted EPS $18.81 $22.05 $20.12 $12.64 $11.83

Institutional owners (13F) 4,343 filers · $389.3B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 4,343
Value held $389.3B
New positions 420
Exited positions 90
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
420 (-30 vs prior Q) 90 (-24 vs prior Q) 1,456 (+160 vs prior Q) 1,613 (+37 vs prior Q) +5.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BlackRock, Inc. $40,457,153,173 37,991,505 10.39% Shares
STATE STREET CORP $36,624,377,308 34,392,316 9.41% Shares
VANGUARD CAPITAL MANAGEMENT LLC $32,029,810,884 30,077,764 8.23% Shares
VANGUARD GROUP INC $26,572,680,931 46,385,185 6.83% Shares
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO $15,450,957,830 14,509,304 3.97% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $12,806,747,236 12,026,244 3.29% Shares
GEODE CAPITAL MANAGEMENT, LLC $11,916,757,022 11,175,493 3.06% Shares
Fisher Asset Management, LLC $10,587,791,364 9,942,521 2.72% Shares
MORGAN STANLEY $7,991,466,469 7,504,426 2.05% Shares
JPMORGAN CHASE & CO $7,568,875,009 7,325,731 1.94% Shares
GATES FOUNDATION TRUST $6,765,963,549 6,353,614 1.74% Shares
FMR LLC $6,157,218,434 5,781,969 1.58% Shares
NORTHERN TRUST CORP $6,031,758,660 5,664,155 1.55% Shares
BANK OF AMERICA CORP /DE/ $5,818,149,989 5,463,565 1.49% Shares
GOLDMAN SACHS GROUP INC $3,802,217,827 3,570,493 0.98% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $3,534,636,603 3,322,782 0.91% Shares
Invesco Ltd. $3,497,230,434 3,284,093 0.90% Shares
Capital World Investors $3,256,656,964 3,060,432 0.84% Shares
Bank of New York Mellon Corp $3,192,710,156 2,998,131 0.82% Shares
JANE STREET GROUP, LLC $3,004,082,900 2,821,000 0.77% Put option
DIMENSIONAL FUND ADVISORS LP $2,919,766,070 2,742,185 0.75% Shares
CITADEL ADVISORS LLC $2,908,561,370 2,731,300 0.75% Put option
VANGUARD FIDUCIARY TRUST CO $2,816,913,946 2,645,238 0.72% Shares
Legal & General Group Plc $2,783,450,525 2,613,814 0.72% Shares
Nuveen, LLC $2,769,122,088 2,600,359 0.71% Shares
JANE STREET GROUP, LLC $2,699,202,030 2,534,700 0.69% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2,688,978,990 2,525,100 0.69% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $2,549,796,560 2,394,400 0.66% Put option
ROYAL BANK OF CANADA $2,398,437,000 2,252,264 0.62% Shares
Capital Research Global Investors $2,341,412,147 2,198,729 0.60% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $2,314,916,429 3,267,533 0.59% Shares
CITADEL ADVISORS LLC $2,296,776,320 2,156,800 0.59% Call option
WELLS FARGO & COMPANY/MN $2,256,193,611 2,118,690 0.58% Shares
Amundi $2,196,191,065 2,062,345 0.56% Shares
BARCLAYS PLC $1,890,836,440 1,775,600 0.49% Put option
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $1,883,622,361 1,748,257 0.48% Shares
UBS Group AG $1,810,558,954 1,700,215 0.47% Shares
Capital International Investors $1,544,895,147 1,450,769 0.40% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,467,386,409 1,377,957 0.38% Shares
VOYA INVESTMENT MANAGEMENT LLC $1,466,413,348 1,377,043 0.38% Shares
PeakShares LLC $1,453,589,000 1,365 0.37% Shares
DEUTSCHE BANK AG\ $1,452,538,509 1,364,014 0.37% Shares
Swiss National Bank $1,397,553,462 1,312,380 0.36% Shares
Sumitomo Mitsui Trust Group, Inc. $1,392,814,657 1,307,930 0.36% Shares
CITIGROUP INC $1,284,199,342 1,205,934 0.33% Shares
Capital Wealth Planning, LLC $1,275,597,304 1,197,856 0.33% Shares
LPL Financial LLC $1,258,871,819 1,182,150 0.32% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,219,097,521 1,144,800 0.31% Shares
RAYMOND JAMES FINANCIAL INC $1,124,215,588 1,055,701 0.29% Shares
National Pension Service $1,075,678,918 1,010,122 0.28% Shares

Show all 4,343 institutional owners →

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Caterpillar Inc. FEIN March 24, 2004 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 96 insiders · 59 officers · 32 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Joseph E Creed Chief Executive Officer Sept. 25, 2026 A 34,555 0 19 $-28,009,079
Glen A Barton Chairman of the Board/CEO Dec. 12, 2003 F 138,435 0 0 $0
Kyle Joseph Epley Chief Financial Officer Sept. 25, 2026 A 17,705 0 0 $0
Andrew R J Bonfield CFO Emeritus May 6, 2026 M 52,935 0 15 $-25,864,897
Bradley M Halverson Group President & CFO Feb. 13, 2018 F 14,285 0 0 $0
David B Burritt V.P./Chief Financial Officer May 28, 2010 A 25,562 0 0 $0
Lynn F Mcpheeters V.P./Chief Financial Officer Dec. 15, 2004 M 47,696 0 0 $0
Jason Kaiser Group President Sept. 25, 2026 A 9,300 0 15 $-12,329,169
Denise C Johnson Group President May 14, 2026 M 49,825 0 18 $-43,737,210
Anthony D. Fassino Group President May 11, 2026 M 46,041 0 8 $-45,820,016
Bob De Lange Group President May 6, 2026 M 86,029 0 9 $-78,736,427
Rodney Michael Shurman Group President May 5, 2026 M 2,546 0 4 $-8,170,018
Ramin Younessi Group President Nov. 2, 2020 M 16,177 0 0 $0
Thomas A Pellette Group President Feb. 12, 2019 F 10,661 0 0 $0
Robert B Charter Group President March 5, 2018 A 31,900 0 0 $0
Edward J Rapp Group President March 7, 2016 A 70,315 0 0 $0
Stuart L Levenick Group President Jan. 5, 2015 A 255,968 0 0 $0
Steven H Wunning Group President Jan. 5, 2015 A 136,136 0 0 $0
Gerard R Vittecoq Group President March 1, 2013 M 128,883 0 0 $0
Richard P Lavin Group President Dec. 17, 2012 S 82,609 0 0 $0
Gerald L Shaheen Group President July 25, 2007 M 216,616 0 0 $0
William E Schaupp Chief Accounting Officer May 13, 2026 S 530 0 3 $-1,755,626
Christine M Pambianchi Chief Human Resources Officer May 11, 2026 F 3,083 0 0 $0
Derek Owens Chief Legal Officer March 4, 2026 F 8,203 0 0 $0
Iii Donald J Umpleby Executive Chairman March 4, 2026 F 464,199 0 1 $-8,673,808
Cheryl H Johnson Chief Human Resources Officer March 4, 2025 F 15,255 0 0 $0
Suzette M Long CLO/General Counsel June 7, 2023 M 13,890 0 0 $0
Gary Michael Marvel Chief Accounting Officer Feb. 16, 2022 S 0 0 0 $0
William P Ainsworth Group Pres. thru 12/31/2020 Jan. 21, 2021 G 63,501 0 0 $0
Jananne A. Copeland Chief Accounting Officer Feb. 12, 2019 F 4,449 0 0 $0
Douglas R Oberhelman Chairman of the Board March 31, 2017 A 209,523 0 0 $0
David P Bozeman Senior Vice President Sept. 30, 2016 A 24,260 0 0 $0
Kent M Adams Vice President Feb. 3, 2006 S 17,430 0 0 $0
Christopher C Curfman Vice President Feb. 3, 2006 M 21,474 0 0 $0
John S Heller Vice President Feb. 3, 2006 M 25,210 0 0 $0
William D Mayo Vice President Feb. 2, 2006 M 12,488 0 0 $0
Rodney L Bussell Vice President Feb. 1, 2006 M 40,720 0 0 $0
Steven L Fisher Vice President Jan. 31, 2006 M 15,390 0 0 $0
Mary H Bell Vice President Jan. 31, 2006 M 12,235 0 0 $0
Mark R Pflederer Vice President Jan. 31, 2006 M 12,563 0 0 $0
Christiano V Schena Vice President Jan. 31, 2006 M 44,349 0 0 $0
James J Parker Vice President Jan. 31, 2006 A 20,478 0 0 $0
Ali M Bahaj Vice President Jan. 31, 2006 A 43,481 0 0 $0
Daniel M Murphy Vice President Jan. 31, 2006 M 36,571 0 0 $0
Gerald Palmer Vice President Jan. 26, 2006 S 19,342 0 0 $0
Gary A Stroup Vice President Jan. 26, 2006 M 85,592 0 0 $0
Donald G Western Vice President Dec. 15, 2005 G 45,247 0 0 $0
Sidney C Banwart Vice President Dec. 13, 2005 G 65,458 0 0 $0
William F Springer Vice President Dec. 7, 2005 G 26,014 0 0 $0
Thomas A Gales Vice President Nov. 30, 2005 G 36,318 0 0 $0
William J Rohner Vice President Nov. 22, 2005 G 15,006 0 0 $0
Hans A Haefeli Vice President Nov. 1, 2005 M 13,541 0 0 $0
Stephen A Gosselin Vice President Oct. 31, 2005 M 17,135 0 0 $0
Rodney C Beeler Vice President July 27, 2005 M 13,510 0 0 $0
Kevin E Colgan Treasurer June 6, 2005 M 32,080 0 0 $0
Michael J Baunton Vice President Feb. 18, 2005 J 18,490 0 0 $0
James S Beard Vice President Feb. 1, 2005 M 39,426 0 0 $0
Richard A Benson Vice President Jan. 12, 2005 M 63,123 0 0 $0
Sherril K West Vice President Jan. 20, 2004 F 22,494 0 0 $0
David Maclennan Director Sept. 30, 2026 A 8,420 2 0 $389,868
Lynn J Good Director Sept. 30, 2026 A · 0 0 $0
Gerald Johnson Director June 10, 2026 A 3,907 0 0 $0
Judith Fran Marks Director June 10, 2026 A 1,938 0 0 $0
Nazzic S Keene Director June 10, 2026 A 728 0 0 $0
James C Fish Jr Director June 10, 2026 A 3,687 0 0 $0
Debra L Reed Director June 10, 2026 A 13,204 0 0 $0
Susan C Schwab Director June 10, 2026 A 6,197 0 0 $0
Rayford Wilkins JR Director June 10, 2026 A 8,416 0 0 $0
Daniel M Dickinson Director Dec. 5, 2024 G 4,728 0 0 $0
David L Calhoun Director March 28, 2024 A 49,815 0 0 $0
Kelly Ayotte Director June 14, 2023 A 6,113 0 0 $0
Edward B Rust JR Director June 8, 2022 A 47,382 0 0 $0
Miles D White Director March 1, 2022 F 8,382 0 0 $0
Juan Gallardo Director March 31, 2021 A 276,550 0 0 $0
William A Osborn Director March 1, 2021 A 54,199 0 0 $0
Dennis A Muilenburg Director March 4, 2019 A 12,966 0 0 $0
Jon M Huntsman Jr Director March 6, 2017 A 6,898 0 0 $0
GREENE JESSE J JR Director March 6, 2017 A 14,948 0 0 $0
Peter A Magowan Director Dec. 31, 2014 A 315,608 0 0 $0
Charles D Powell Director Dec. 31, 2013 A 17,691 0 0 $0
David R Goode Director Dec. 31, 2013 A 17,526 0 0 $0
Joshua T Smith Director March 4, 2013 A 15,957 0 0 $0
Eugene V Fife Director Dec. 31, 2012 A 37,784 0 0 $0
John R Brazil Director May 4, 2011 S 6,080 0 0 $0
John T Dillon Director Dec. 31, 2010 A 31,429 0 0 $0
James W Owens Director Sept. 30, 2010 A 257,945 0 0 $0
BLOUNT W FRANK Director Feb. 3, 2010 M 18,033 0 0 $0
Gail D Fosler Director Aug. 5, 2009 M 8,515 0 0 $0
Gordon R Parker Director June 14, 2006 A 27,866 0 0 $0
CATERPILLAR INC 10% owner Jan. 22, 2004 H 3,140,069 0 0 $0
James B Buda · May 1, 2017 F 43,290 0 0 $0
Robert T Williams · Feb. 2, 2006 M 49,915 0 0 $0
Paolo Fellin · Feb. 1, 2006 M 24,174 0 0 $0
Robert R Macier · Nov. 14, 2005 S 76,394 0 0 $0
Richard L Thompson · March 31, 2004 A 132,439 0 0 $0
Donald M Ings · Jan. 20, 2004 F 54,886 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 193 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
DJIA · Global X Funds 9.34% 21,103 NS July 31, 2026 N-PORT
DYLG · Global X Funds 9.28% 704 NS July 31, 2026 N-PORT
VIS · VANGUARD WORLD FUND 6.63% 565,011 SH Aug. 19, 2026 Daily
TEXN · iShares Trust 6.07% 1,417 SH Sept. 11, 2026 Daily
FIDU · FIDELITY COVINGTON TRUST 5.40% 152,519 NS July 31, 2026 N-PORT
QUSA · Tidal Trust III 4.94% 1,301 NS July 31, 2026 N-PORT
DUSL · Direxion Shares ETF Trust 4.91% 3,403 NS July 31, 2026 N-PORT
IYJ · iShares Trust 4.58% 107,906 SH Sept. 11, 2026 Daily
ULTY · Tidal Trust II 4.29% 39,000 NS July 31, 2026 N-PORT
AMOM · Exchange Listed Funds Trust 4.05% 1,188 NS July 31, 2026 N-PORT
MADE · iShares Trust 3.84% 2,826 SH Sept. 11, 2026 Daily
EXI · iShares Trust 3.75% 66,205 SH Sept. 11, 2026 Daily
GARP · iShares Trust 3.65% 138,608 SH Sept. 11, 2026 Daily
PWB · Invesco Exchange-Traded Fund Trust 3.26% 107,130 SH Oct. 5, 2026 Daily
ELCV · Strategy Shares 2.58% 7,957 NS July 31, 2026 N-PORT
BIGY · Tidal Trust II 2.43% 1,618 NS July 31, 2026 N-PORT
SUPP · TCW ETF Trust 2.33% 341 NS July 31, 2026 N-PORT
MGV · VANGUARD WORLD FUND 2.31% 289,500 SH Aug. 19, 2026 Daily
DUHP · Dimensional ETF Trust 2.31% 347,603 NS July 31, 2026 N-PORT
NULG · Nushares ETF Trust 2.27% 74,190 NS July 31, 2026 N-PORT
MTUM · iShares Trust 2.14% 648,287 SH Sept. 11, 2026 Daily
VIG · VANGUARD SPECIALIZED FUNDS 2.14% 2,602,110 SH Aug. 19, 2026 Daily
BOBP · EXCHANGE TRADED CONCEPTS TRUST 2.09% 15 NS July 31, 2026 N-PORT
SPMO · Invesco Exchange-Traded Fund Trust … 2.07% 573,393 SH Oct. 5, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 2.01% 1,813,422 SH Aug. 19, 2026 Daily
PWRD · TCW ETF Trust 1.91% 34,097 NS July 31, 2026 N-PORT
VTV · VANGUARD INDEX FUNDS 1.84% 4,379,605 SH Aug. 19, 2026 Daily
DJD · Invesco Exchange-Traded Fund Trust 1.81% 10,440 SH Oct. 5, 2026 Daily
ARKQ · ARK ETF Trust 1.80% 40,904 NS July 31, 2026 N-PORT
DYNF · BlackRock ETF Trust 1.65% 848,547 SH Sept. 11, 2026 Daily
ESLG · Strategy Shares 1.64% 468 NS July 31, 2026 N-PORT
FMAG · FIDELITY COVINGTON TRUST 1.57% 4,738 NS July 31, 2026 N-PORT
YOKE · EA Series Trust 1.45% 4,161 NS July 31, 2026 N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS 1.43% 719,122 SH Aug. 19, 2026 Daily
PFM · Invesco Exchange-Traded Fund Trust 1.43% 13,085 SH Oct. 5, 2026 Daily
DFVX · Dimensional ETF Trust 1.41% 9,146 NS July 31, 2026 N-PORT
VOOG · VANGUARD ADMIRAL FUNDS 1.38% 342,258 SH Aug. 19, 2026 Daily
PWS · Pacer Funds Trust 1.35% 399 NS July 31, 2026 N-PORT
KNG · First Trust Exchange-Traded Fund IV 1.35% 58,507 NS July 31, 2026 N-PORT
IWY · iShares Trust 1.29% 249,568 SH Sept. 11, 2026 Daily
BSCT · Invesco Exchange-Traded Self-Indexe… 1.28% 38,614,000 Oct. 5, 2026 Daily
RSPN · Invesco Exchange-Traded Fund Trust 1.26% 10,788 SH Oct. 5, 2026 Daily
EGUS · iShares Trust 1.24% 426 SH Sept. 11, 2026 Daily
IWLG · New York Life Investments Active ET… 1.21% 4,615 NS July 31, 2026 N-PORT
RPG · Invesco Exchange-Traded Fund Trust 1.14% 26,437 SH Oct. 5, 2026 Daily
FDRR · FIDELITY COVINGTON TRUST 1.13% 10,206 NS July 31, 2026 N-PORT
BSCR · Invesco Exchange-Traded Self-Indexe… 1.13% 50,902,000 Oct. 5, 2026 Daily
HAPI · Harbor ETF Trust 1.12% 6,747 NS July 31, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 1.12% 34,251 NS July 31, 2026 N-PORT
IWF · iShares Trust 1.11% 1,707,121 SH Sept. 11, 2026 Daily
SUSL · iShares Trust 1.09% 16,256 SH Sept. 11, 2026 Daily
AQLT · iShares Trust 1.08% 4,360 SH Sept. 11, 2026 Daily
ESG · FlexShares Trust 1.06% 1,710 NS July 31, 2026 N-PORT
EQWL · Invesco Exchange-Traded Fund Trust 1.05% 34,568 SH Oct. 5, 2026 Daily
DSI · iShares Trust 1.05% 70,397 SH Sept. 11, 2026 Daily
IVW · iShares Trust 1.04% 982,333 SH Sept. 11, 2026 Daily
OEI · Listed Funds Trust 1.03% 587 NS July 31, 2026 N-PORT
FVAL · FIDELITY COVINGTON TRUST 1.00% 16,392 NS July 31, 2026 N-PORT
ADME · ETF Series Solutions 1.00% 3,609 NS July 31, 2026 N-PORT
ACIO · ETF Series Solutions 1.00% 28,947 NS July 31, 2026 N-PORT
IUSG · iShares Trust 0.99% 405,525 SH Sept. 11, 2026 Daily
FQAL · FIDELITY COVINGTON TRUST 0.97% 16,864 NS July 31, 2026 N-PORT
MPLY · Strategy Shares 0.96% 188 NS July 31, 2026 N-PORT
MGC · VANGUARD WORLD FUND 0.93% 92,084 SH Aug. 19, 2026 Daily
ACVF · ETF Opportunities Trust 0.92% 1,718 NS July 31, 2026 N-PORT
PEVC · Pacer Funds Trust 0.92% 27 NS July 31, 2026 N-PORT
ESUM · Strategy Shares 0.91% 2,041 NS July 31, 2026 N-PORT
XLG · Invesco Exchange-Traded Fund Trust 0.91% 127,043 SH Oct. 5, 2026 Daily
IOO · iShares Trust 0.90% 100,780 SH Sept. 11, 2026 Daily
GSY · Invesco Actively Managed Exchange-T… 0.87% 33,479,000 Oct. 5, 2026 Daily
FDMO · FIDELITY COVINGTON TRUST 0.87% 9,626 NS July 31, 2026 N-PORT
FXR · First Trust Exchange-Traded AlphaDE… 0.86% 7,802 NS July 31, 2026 N-PORT
EGLE · Global X Funds 0.86% 23 NS July 31, 2026 N-PORT
ESLV · Strategy Shares 0.85% 149 NS July 31, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 0.84% 9,949 SH Oct. 5, 2026 Daily
FEUS · FlexShares Trust 0.84% 1,155 NS July 31, 2026 N-PORT
VFMO · VANGUARD WELLINGTON FUND 0.82% 15,435 SH Aug. 19, 2026 Daily
OEF · iShares Trust 0.78% 194,728 SH Sept. 11, 2026 Daily
VV · VANGUARD INDEX FUNDS 0.77% 537,920 SH Aug. 19, 2026 Daily
AAAA · EA Series Trust 0.77% 2,621 NS July 31, 2026 N-PORT
VOO · VANGUARD INDEX FUNDS 0.76% 11,962,226 SH Aug. 19, 2026 Daily
ALTL · Pacer Funds Trust 0.76% 858 NS July 31, 2026 N-PORT
FCPI · FIDELITY COVINGTON TRUST 0.75% 2,485 NS July 31, 2026 N-PORT
FTC · First Trust Exchange-Traded AlphaDE… 0.75% 12,067 NS July 31, 2026 N-PORT
CATH · Global X Funds 0.74% 11,820 NS July 31, 2026 N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS 0.70% 75,114 SH Aug. 19, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 0.70% 24,567,000 Oct. 5, 2026 Daily
TOPC · iShares Trust 0.69% 280 SH Sept. 11, 2026 Daily
QLC · FlexShares Trust 0.68% 8,512 NS July 31, 2026 N-PORT
GTOS · Invesco Actively Managed Exchange-T… 0.68% 797,000 Oct. 5, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.67% 14,624,551 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.67% 38,244 SH Aug. 19, 2026 Daily
QVML · Invesco Exchange-Traded Fund Trust … 0.65% 13,074 SH Oct. 5, 2026 Daily
CHRI · Global X Funds 0.65% 64 NS July 31, 2026 N-PORT
IWL · iShares Trust 0.65% 17,649 SH Sept. 11, 2026 Daily
ILCG · iShares Trust 0.64% 24,514 SH Sept. 11, 2026 Daily
XVV · iShares Trust 0.63% 5,301 SH Sept. 11, 2026 Daily
IIGD · Invesco Exchange-Traded Self-Indexe… 0.62% 165,000 Oct. 5, 2026 Daily
ESGU · iShares Trust 0.62% 136,689 SH Sept. 11, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.59% 2,733 SH Oct. 5, 2026 Daily
XRMI · Global X Funds 0.59% 360 NS July 31, 2026 N-PORT
BKLC · BNY Mellon ETF Trust 0.59% 39,419 NS July 31, 2026 N-PORT
XYLD · Global X Funds 0.59% 23,341 NS July 31, 2026 N-PORT
PBUS · Invesco Exchange-Traded Fund Trust … 0.59% 74,208 SH Oct. 5, 2026 Daily
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.58% 63,534 NS July 31, 2026 N-PORT
XYLG · Global X Funds 0.58% 458 NS July 31, 2026 N-PORT
PTLC · Pacer Funds Trust 0.58% 23,297 NS July 31, 2026 N-PORT
TOV · EA Series Trust 0.58% 1,869 NS July 31, 2026 N-PORT
VOTE · TCW ETF Trust 0.58% 7,793 NS July 31, 2026 N-PORT
XTR · Global X Funds 0.58% 34 NS July 31, 2026 N-PORT
XCLR · Global X Funds 0.57% 25 NS July 31, 2026 N-PORT
IVV · iShares Trust 0.57% 5,805,320 SH Sept. 11, 2026 Daily
ILCB · iShares Trust 0.56% 8,954 SH Sept. 11, 2026 Daily
VOXP · Advisors Series Trust 0.55% 39 NS July 31, 2026 N-PORT
NULC · Nushares ETF Trust 0.55% 474 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.54% 139,049 NS July 31, 2026 N-PORT
SPUU · Direxion Shares ETF Trust 0.54% 1,738 NS July 31, 2026 N-PORT
DGRO · iShares Trust 0.53% 282,522 SH Sept. 11, 2026 Daily
IYY · iShares Trust 0.53% 19,755 SH Sept. 11, 2026 Daily
QDPL · Pacer Funds Trust 0.53% 11,071 NS July 31, 2026 N-PORT
IWB · iShares Trust 0.52% 314,435 SH Sept. 11, 2026 Daily
USCL · iShares Trust 0.52% 18,283 SH Sept. 11, 2026 Daily
VMAX · Lattice Strategies Trust 0.51% 310 NS July 31, 2026 N-PORT
HIBL · Direxion Shares ETF Trust 0.51% 471 NS July 31, 2026 N-PORT
SUSA · iShares Trust 0.51% 25,241 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.50% 599,654 SH Sept. 11, 2026 Daily
DFSU · Dimensional ETF Trust 0.50% 14,004 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.50% 125,094 SH Sept. 11, 2026 Daily
PHDG · Invesco Actively Managed Exchange-T… 0.49% 362 SH Oct. 5, 2026 Daily
ILCV · iShares Trust 0.49% 8,149 SH Sept. 11, 2026 Daily
LGDX · Tidal Trust III 0.49% 849 NS July 31, 2026 N-PORT
LRGF · iShares Trust 0.48% 21,716 SH Sept. 11, 2026 Daily
HCMT · Direxion Shares ETF Trust 0.46% 3,202 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.45% 69,175 NS July 31, 2026 N-PORT
FYEE · Fidelity Greenwood Street Trust 0.45% 1,204 NS July 31, 2026 N-PORT
SPXL · Direxion Shares ETF Trust 0.44% 36,011 NS July 31, 2026 N-PORT
TOK · iShares Trust 0.43% 1,276 SH Sept. 11, 2026 Daily
DFAC · Dimensional ETF Trust 0.43% 253,126 NS July 31, 2026 N-PORT
LSVD · ADVISORS' INNER CIRCLE FUND 0.42% 3,317 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.41% 16,814 NS July 31, 2026 N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.41% 566,721 SH Aug. 19, 2026 Daily
URTH · iShares, Inc. 0.41% 41,542 SH Sept. 11, 2026 Daily
FDVV · FIDELITY COVINGTON TRUST 0.40% 50,039 NS July 31, 2026 N-PORT
RWL · Invesco Exchange-Traded Fund Trust … 0.40% 45,723 SH Oct. 5, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.39% 45,720 SH Oct. 5, 2026 Daily
TILT · FlexShares Trust 0.39% 10,428 NS July 31, 2026 N-PORT
IUS · Invesco Exchange-Traded Self-Indexe… 0.38% 4,385 SH Oct. 5, 2026 Daily
FBUF · Fidelity Greenwood Street Trust 0.38% 111 NS July 31, 2026 N-PORT
NUGO · Nushares ETF Trust 0.38% 11,282 NS July 31, 2026 N-PORT
BSCQ · Invesco Exchange-Traded Self-Indexe… 0.37% 11,791,000 Oct. 5, 2026 Daily
FAD · First Trust Exchange-Traded AlphaDE… 0.37% 2,624 NS July 31, 2026 N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe… 0.36% 20,369 SH Oct. 5, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.36% 485,000 Oct. 5, 2026 Daily
ACWI · iShares Trust 0.36% 147,484 SH Sept. 11, 2026 Daily
DXUV · Dimensional ETF Trust 0.35% 2,388 NS July 31, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.35% 1,983 NS July 31, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.34% 6,616 NS July 31, 2026 N-PORT
FHEQ · Fidelity Greenwood Street Trust 0.33% 3,818 NS July 31, 2026 N-PORT
FBCG · FIDELITY COVINGTON TRUST 0.29% 24,885 NS July 31, 2026 N-PORT
HDUS · Lattice Strategies Trust 0.25% 624 NS July 31, 2026 N-PORT
INFO · Harbor ETF Trust 0.23% 2,394 NS July 31, 2026 N-PORT
RSP · Invesco Exchange-Traded Fund Trust 0.21% 238,624 SH Oct. 5, 2026 Daily
ROUS · Lattice Strategies Trust 0.21% 1,792 NS July 31, 2026 N-PORT
EUSA · iShares, Inc. 0.20% 4,780 SH Sept. 11, 2026 Daily
GLOF · iShares Trust 0.18% 456 SH Sept. 11, 2026 Daily
SIZE · iShares Trust 0.16% 860 SH Sept. 11, 2026 Daily
VFQY · VANGUARD WELLINGTON FUND 0.16% 730 SH Aug. 19, 2026 Daily
CRBN · iShares Trust 0.14% 2,035 SH Sept. 11, 2026 Daily
GTO · Invesco Actively Managed Exchange-T… 0.10% 3,008,000 Oct. 5, 2026 Daily
QDEF · FlexShares Trust 0.07% 492 NS July 31, 2026 N-PORT
QDF · FlexShares Trust 0.07% 1,954 NS July 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.05% 437 SH Oct. 5, 2026 Daily
GGME · Invesco Exchange-Traded Fund Trust 0.02% 4,434 SH Oct. 5, 2026 Daily
SCZ · iShares Trust 0.01% 878,542 SH Sept. 11, 2026 Daily
VSS · VANGUARD INTERNATIONAL EQUITY INDEX… 0.01% 949,486 SH Aug. 19, 2026 Daily
IPAC · iShares Trust 0.01% 68,820 SH Sept. 11, 2026 Daily
WSML · iShares Trust 0.00% 13,839 SH Sept. 11, 2026 Daily
IEFA · iShares Trust 0.00% 1,636,702 SH Sept. 11, 2026 Daily
IXUS · iShares Trust 0.00% 47,811 SH Sept. 11, 2026 Daily
VXUS · VANGUARD STAR FUNDS 0.00% 3,521,247 SH Aug. 19, 2026 Daily
VPL · VANGUARD INTERNATIONAL EQUITY INDEX… 0.00% 258,966 SH Aug. 19, 2026 Daily
VEA · VANGUARD TAX-MANAGED FUNDS 0.00% 2,340,559 SH Aug. 19, 2026 Daily
VSGX · VANGUARD WORLD FUND 0.00% 46,320 SH Aug. 19, 2026 Daily
BLV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VUSB · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCIT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCLT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VTC · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDW · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
IFRA · iShares Trust · 193,696 SH Sept. 11, 2026 Daily

CAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 34 analysts BUY
Median target $980.50 +13.6%
7 20.6% Strong Buy
11 32.4% Buy
15 44.1% Hold
1 2.9% Sell
0 0.0% Strong Sell

12-Month Price Target

26 analysts · 2026-10-03

Mean target $975.61 +13.0%

Now Current price $863.44
Low$575.00 Mean$975.61 High$1225.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CAT $266.56B 30.5 4.3% 13.1% 44.4% ·
CMI · 24.9 -1.3% 8.8% 26.2% 25.3%
PCAR · 24.3 -15.5% 8.3% 12.9% ·
WAB $36.41B 31.3 7.5% 10.5% 11.0% 34.1%
ALSN · 13.4 -6.7% 20.7% 34.4% 48.6%
OSK $7.86B · -2.9% 6.2% 14.9% 17.4%
FSS $6.61B 27.1 17.1% 11.3% 18.6% 28.9%
TEX $3.46B 16.0 5.7% 4.1% 10.9% 19.4%
ATMU · 20.8 5.7% 11.8% 59.7% 28.2%
TRN · 8.7 -29.9% 11.7% 23.7% ·
BLBD $1.85B 14.9 9.9% 8.6% 61.6% 20.5%

Latest News Recent headlines mentioning this company

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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

No open signal right now — no card is filled, and that's honest.

My Metrics Your personal watchlist — selected rows from Full Fundamentals

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Source: SEC 10-Q filed Aug 5, 2026