# Caterpillar (CAT) Forecast Calculator

Interactive five-year financial forecast and DCF for Caterpillar. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/caterpillar/forecast
- Industry: Industrials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 53800000000 | 5856000000 | 10867000000 | 6094000000 |
| 2022 | 41748000000 | 5349000000 | 6985000000 | 3003000000 |
| 2023 | 50971000000 | 6105000000 | 9230000000 | 6493000000 |
| 2024 | 59427000000 | 6470000000 | 10123000000 | 6704000000 |
| 2025 | 67060000000 | 11288000000 | 15110000000 | 10332000000 |

## Frequently asked questions

### What does Caterpillar Inc. manufacture?

Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates a heavy manufacturing business model supported by a massive, independent global dealer network.

### What are the primary revenue segments for Caterpillar?

Caterpillar's main business segments are Construction Industries (approx. 40% of revenue), Energy & Transportation (approx. 42% of revenue), and Resource Industries (approx. 18% of revenue). The company's revenue is also driven by its high-margin services and aftermarket parts business, which has improved its resilience.

### What is Caterpillar's typical capital expenditure as a percentage of revenue?

Caterpillar's capital expenditure typically ranges from 3.0% to 4.0% of revenue, amounting to approximately $2.0 billion to $2.5 billion annually. This capex is roughly 60% for maintenance and tooling replacement, and 40% for growth and efficiency initiatives like automation and new product lines.

### How does net working capital impact Caterpillar's cash flow?

Net working capital, which is typically 15% to 20% of revenue, is a significant use of cash during cyclical upswings. This occurs as inventory builds to meet increased demand, requiring substantial work-in-process and finished goods.

### What is the primary purpose of the Caterpillar financial model?

The financial model provides a sum-of-the-parts equity valuation and cyclicality analysis for equity research analysts covering Caterpillar. It isolates the core Machinery, Energy & Transportation (ME&T) business cash flows from the highly levered Financial Products division to accurately forecast earnings.

### Can I download an Excel financial model for Caterpillar (CAT)?

Yes, a downloadable Excel financial model for Caterpillar (CAT) is available. This general corporate model provides a forecast horizon from FY2026 to FY2030, offering detailed assumptions for revenue growth, margins, and capital expenditures.