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Caterpillar cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.7B in Q3 2026 · $11.3B over twelve months

Operating cash flow$4.4B
Capital spending−$697M
Free cash flow+$3.7B
Cash / net income1.3×
Cash conversion cycle135 days

Analysis

In Q3 2026, Caterpillar generated $4.4B of operating cash flow and spent $697M on capital projects, leaving free cash flow of $3.7B. That is $576M more than in Q3 2025 ($3.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $14.2B; the largest uses were buybacks ($8.1B), other investing ($3.7B), capital spending ($2.9B); besides operations, cash came from other financing ($3.7B), asset & business sales ($855M); the cash balance rose by $391M.

Operating cash flow was $4.4B against net income of $3.3B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: inventory −$1.6B, deferred revenue +$1.4B, depreciation & amortization +$615M.

Its cash conversion cycle was 135 days (receivables 59 + inventory 148 − payables 72).

Free cash flow

Caterpillar: free cash flow by quarterCaterpillar: free cash flow by quarter$2.7BQ4 2024$579MQ1 2025$2.6BQ2 2025$3.1BQ3 2025$2.7BQ4 2025$1.1BQ1 2026$3.8BQ2 2026$3.7BQ3 2026
Operating cash flow less capital spending.
Caterpillar: operating cash flow against capital spendingCaterpillar: operating cash flow against capital spendingOperating cash flowCapital spending$3.4B$703MQ4 2024$1.3B$710MQ1 2025$3.1B$555MQ2 2025$3.7B$658MQ3 2025$3.6B$898MQ4 2025$1.9B$728MQ1 2026$4.4B$587MQ2 2026$4.4B$697MQ3 2026
Latest (Q3 2026): Operating cash flow $4.4B, Capital spending $697M.

Capital allocation, year by year

Caterpillar: where the cash came from (up) and went (down), by fiscal yearCaterpillar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.2BFY2021: Net borrowing $3.5BFY2021: Shares issued $135MFY2021: Asset sales $1.3BFY2021: Capital spending −$1.1BFY2021: Acquisitions −$490MFY2021: Buybacks −$2.7BFY2021: Dividends −$2.3B$12.1BFY2021FY2022: Operating cash flow $7.8BFY2022: Net borrowing $402MFY2022: Shares issued $51.0MFY2022: Asset sales $831MFY2022: Capital spending −$1.3BFY2022: Acquisitions −$88.0MFY2022: Buybacks −$4.2BFY2022: Dividends −$2.4B$9.1BFY2022FY2023: Operating cash flow $12.9BFY2023: Net borrowing −$1.3BFY2023: Shares issued $12.0MFY2023: Asset sales $777MFY2023: Capital spending −$1.6BFY2023: Acquisitions −$75.0MFY2023: Buybacks −$5.0BFY2023: Dividends −$2.6B$13.7BFY2023FY2024: Operating cash flow $12.0BFY2024: Net borrowing −$168MFY2024: Shares issued $20.0MFY2024: Asset sales $661MFY2024: Capital spending −$2.0BFY2024: Acquisitions −$34.0MFY2024: Buybacks −$7.7BFY2024: Dividends −$2.6B$12.7BFY2024FY2025: Operating cash flow $11.7BFY2025: Net borrowing $1.1BFY2025: Shares issued −$16.0MFY2025: Asset sales $730MFY2025: Capital spending −$2.8BFY2025: Acquisitions −$47.0MFY2025: Buybacks −$5.2BFY2025: Dividends −$2.7B$13.6BFY2025
Over these 5 years operating cash flow totalled $51.6B; the largest uses were buybacks ($24.8B) and dividends ($12.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.9B
Debt$36.2B
Net debt$28.3B
Due within a year$7.1B

Caterpillar funds itself: free cash flow was $11.3B over the last twelve months, and $7.9B of cash and investments stands against $36.2B of debt ($7.1B due within a year, 1.1× covered by cash).

Caterpillar: debt maturities by year (FY2025)Caterpillar: debt maturities by year (FY2025)$7.1BYear 1$8.9BYear 2$7.7BYear 3$3.1BYear 4$1.3BYear 5
Principal due in each year as disclosed in the annual report, against $7.9B of cash and investments now.

Where the cash came from and went

Caterpillar: sources (+) and uses (−) of cash, Q3 2026Caterpillar: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.4BBuybacks−$1.2BCash drawn (+) / kept (−)−$1.2BOther investing−$865MDividends−$749MCapital spending−$697MOther financing$395MAsset & business sales$337MNet borrowing (+) / repaid (−)−$206MAcquisitions−$91.0MExchange rates−$28.0MShares issued−$10.0M
Caterpillar: sources (+) and uses (−) of cash, TTM to Q3 2026Caterpillar: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$14.2BBuybacks−$8.1BOther financing$3.7BOther investing−$3.7BCapital spending−$2.9BDividends−$2.9BAcquisitions−$914MAsset & business sales$855MCash drawn (+) / kept (−)−$391MNet borrowing (+) / repaid (−)$252MShares issued−$108MExchange rates−$83.0M

From profit to cash

Caterpillar: net income to operating cash flow, Q3 2026Caterpillar: net income to operating cash flow, Q3 2026Net income$3.3BDepreciation & amortization$615MStock-based pay$81.0MDeferred taxes−$14.0MOther non-cash$271MReceivables−$579MInventory−$1.6BPayables$224MAccrued liabilities$165MEmployee-related liabilities$515MDeferred revenue$1.4BPrepaid and other assets−$158MOther liabilities$166MOperating cash flow$4.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265914872135
Q2 20265514371127
Q1 20265815074134
Q4 20255112861118
Q3 20255214868132
Q2 20255215369136
Q1 20255817478155
Q4 20245215269136

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.4B−$697M−$91.0M−$1.2B−$749M−$206M−$10.0M−$1.2B$3.7B
Q2 2026$4.4B−$587M−$14.0M−$1.5B−$696M$266M−$24.0M−$2.6B$3.8B
Q1 2026$1.9B−$728M−$788M−$5.0B−$703M−$808M−$97.0M$5.9B$1.1B
Q4 2025$3.6B−$898M−$21.0M−$340M−$706M$1.0B$23.0M−$2.4B$2.7B
Q3 2025$3.7B−$658M−$5.0M−$362M−$707M$34.0M$20.0M−$2.1B$3.1B
Q2 2025$3.1B−$555M−$19.0M−$828M−$662M$1.0B$5.0M−$1.9B$2.6B
Q1 2025$1.3B−$710M−$2.0M−$3.7B−$674M$1.7B−$64.0M$3.3B$579M
Q4 2024$3.4B−$703M−$2.0M−$640M−$680M$680M$5.0M−$1.3B$2.7B

Caterpillar: income statement and cash flow

Caterpillar, Q3 2026: revenue $20.7B (+17% year over year), operating margin 20.4%. The chart follows the revenue to costs, profit and cash.

Caterpillar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.