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Caterpillar Financial Services cash flow, quarter by quarter

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

Free cash flow$356M in Q3 2026 · $803M over twelve months

Operating cash flow$361M
Capital spending−$5.0M
Free cash flow+$356M
Cash / net income2.5×

Analysis

In Q3 2026, Caterpillar Financial Services generated $361M of operating cash flow and spent $5.0M on capital projects, leaving free cash flow of $356M. That is $132M more than in Q3 2025 ($224M).

Over the twelve months to Sep 30, 2026, operating cash flow was $885M; the largest uses were other investing ($5.7B), other financing ($500M), capital spending ($82.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($4.6B), asset & business sales ($735M); the cash balance fell by $67.0M.

Operating cash flow was $361M against net income of $145M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$189M, prepaid and other assets +$136M, accrued liabilities −$79.0M.

Free cash flow

Caterpillar Financial Services: free cash flow by quarterCaterpillar Financial Services: free cash flow by quarter$369MQ4 2024$232MQ1 2025$235MQ2 2025$224MQ3 2025$52.0MQ4 2025$219MQ1 2026$176MQ2 2026$356MQ3 2026
Operating cash flow less capital spending.
Caterpillar Financial Services: operating cash flow against capital spendingCaterpillar Financial Services: operating cash flow against capital spendingOperating cash flowCapital spending$385M$16.0MQ4 2024$243M$11.0MQ1 2025$246M$11.0MQ2 2025$235M$11.0MQ3 2025$113M$61.0MQ4 2025$229M$10.0MQ1 2026$182M$6.0MQ2 2026$361M$5.0MQ3 2026
Latest (Q3 2026): Operating cash flow $361M, Capital spending $5.0M.

Capital allocation, year by year

Caterpillar Financial Services: where the cash came from (up) and went (down), by fiscal yearCaterpillar Financial Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing $1.1BFY2021: Asset sales $1.0BFY2021: Capital spending −$14.0MFY2021: Dividends −$850M$3.3BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing −$489MFY2022: Asset sales $756MFY2022: Capital spending −$18.0MFY2022: Dividends −$275M$2.0BFY2022FY2023: Operating cash flow $804MFY2023: Net borrowing $704MFY2023: Asset sales $668MFY2023: Capital spending −$20.0MFY2023: Dividends −$425M$2.2BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $1.8BFY2024: Asset sales $476MFY2024: Capital spending −$40.0MFY2024: Dividends −$625M$3.5BFY2024FY2025: Operating cash flow $837MFY2025: Net borrowing $2.2BFY2025: Asset sales $619MFY2025: Capital spending −$94.0MFY2025: Dividends −$500M$3.7BFY2025
Over these 5 years operating cash flow totalled $5.3B; the largest uses were dividends ($2.7B) and net borrowing ($489M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$664M
Debt$32.0B
Net debt$31.3B
Due within a year$7.1B

Caterpillar Financial Services funds itself: free cash flow was $803M over the last twelve months, and $664M of cash and investments stands against $32.0B of debt ($7.1B due within a year, 0.1× covered by cash).

Caterpillar Financial Services: debt maturities by year (FY2025)Caterpillar Financial Services: debt maturities by year (FY2025)$7.1BYear 1$8.9BYear 2$7.5BYear 3$2.6BYear 4$456MYear 5
Principal due in each year as disclosed in the annual report, against $664M of cash and investments now.

Where the cash came from and went

Caterpillar Financial Services: sources (+) and uses (−) of cash, Q3 2026Caterpillar Financial Services: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.3BNet borrowing (+) / repaid (−)$699MOperating cash flow$361MAsset & business sales$202MCapital spending−$5.0MCash drawn (+) / kept (−)−$1.0M
Caterpillar Financial Services: sources (+) and uses (−) of cash, TTM to Q3 2026Caterpillar Financial Services: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$5.7BNet borrowing (+) / repaid (−)$4.6BOperating cash flow$885MAsset & business sales$735MOther financing−$500MCapital spending−$82.0MCash drawn (+) / kept (−)$67.0MExchange rates$9.0M

From profit to cash

Caterpillar Financial Services: net income to operating cash flow, Q3 2026Caterpillar Financial Services: net income to operating cash flow, Q3 2026Net income$145MDepreciation & amortization$189MDeferred taxes−$20.0MOther non-cash$16.0MPayables$58.0MAccrued liabilities−$79.0MPrepaid and other assets$136MOther liabilities$34.0MOperating cash flow$361M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$361M−$5.0M—$699M−$1.0M$356M
Q2 2026$182M−$6.0M—$2.2B−$2.0M$176M
Q1 2026$229M−$10.0M—−$110M−$125M$219M
Q4 2025$113M−$61.0M—$1.8B$195M$52.0M
Q3 2025$235M−$11.0M—$752M$91.0M$224M
Q2 2025$246M−$11.0M—−$269M−$155M$235M
Q1 2025$243M−$11.0M—−$71.0M−$67.0M$232M
Q4 2024$385M−$16.0M−$625M$941M$109M$369M

Caterpillar Financial Services: income statement and cash flow

Caterpillar Financial Services, Q3 2026: revenue $1.0B (+10% year over year), operating margin 19.8%. The chart follows the revenue to costs, profit and cash.

Caterpillar Financial Services: 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.