Caterpillar annual debt-to-equity ratio
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2025
Caterpillar Debt-to-Equity Ratio Growth & History (CAT)
Caterpillar's debt-to-equity ratio was 1.73 for fiscal 2025.
View full Caterpillar company overviewCaterpillar annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.73 | 0.07 | +4.43% |
| 2024 | 2024-12-31 | 1.66 | 0.14 | +9.00% |
| 2023 | 2023-12-31 | 1.52 | −0.51 | −24.99% |
| 2022 | 2022-12-31 | 2.03 | 0.09 | +4.49% |
| 2021 | 2021-12-31 | 1.94 | 0.08 | +4.31% |
| 2020 | 2020-12-31 | 1.86 | −0.33 | −15.09% |
| 2019 | 2019-12-31 | 2.19 | 0.01 | +0.50% |
| 2018 | 2018-12-31 | 2.18 | 0.10 | +4.72% |
| 2017 | 2017-12-31 | 2.08 | −0.19 | −8.49% |
| 2016 | 2016-12-31 | 2.28 | 0.12 | +5.47% |
| 2015 | 2015-12-31 | 2.16 | 0.23 | +11.80% |
| 2014 | 2014-12-31 | 1.93 | 0.48 | +32.63% |
| 2013 | 2013-12-31 | 1.46 | −0.42 | −22.52% |
| 2012 | 2012-12-31 | 1.88 | −0.36 | −16.03% |
| 2011 | 2011-12-31 | 2.24 | −0.02 | −0.74% |
| 2010 | 2010-12-31 | 2.25 | −0.69 | −23.31% |
| 2009 | 2009-12-31 | 2.94 | −1.91 | −39.43% |
| 2008 | 2008-12-31 | 4.85 | — | — |
Caterpillar quarterly debt-to-equity ratio
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Q4.10
Q4.11
Q4.12
Q4.13
Q4.14
Q4.15
Q4.16
Q4.17
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q4.20
Q4.21
Q4.22
Q4.23
Q4.24
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 2.33 | 0.14 | +6.62% |
| Q1 2026 | 2026-03-31 | 2.31 | — | — |
| Q4 2025 | 2025-12-31 | 1.73 | 0.07 | +4.43% |
| Q3 2025 | 2025-09-30 | 2.01 | — | — |
| Q2 2025 | 2025-06-30 | 2.18 | — | — |
| Q4 2024 | 2024-12-31 | 1.66 | 0.14 | +9.00% |
| Q4 2023 | 2023-12-31 | 1.52 | −0.51 | −24.99% |
| Q4 2022 | 2022-12-31 | 2.03 | 0.09 | +4.49% |
| Q4 2021 | 2021-12-31 | 1.94 | 0.08 | +4.31% |
| Q4 2020 | 2020-12-31 | 1.86 | −0.33 | −15.09% |
| Q4 2019 | 2019-12-31 | 2.19 | 0.01 | +0.50% |
| Q3 2019 | 2019-09-30 | 0.04 | — | — |
| Q2 2019 | 2019-06-30 | 0.04 | — | — |
| Q1 2019 | 2019-03-31 | 0.05 | — | — |
| Q4 2018 | 2018-12-31 | 2.18 | 0.10 | +4.72% |
| Q4 2017 | 2017-12-31 | 2.08 | −0.19 | −8.49% |
| Q4 2016 | 2016-12-31 | 2.28 | 0.12 | +5.47% |
| Q4 2015 | 2015-12-31 | 2.16 | 0.23 | +11.80% |
| Q4 2014 | 2014-12-31 | 1.93 | 0.48 | +32.63% |
| Q4 2013 | 2013-12-31 | 1.46 | −0.42 | −22.52% |
| Q4 2012 | 2012-12-31 | 1.88 | −0.36 | −16.03% |
| Q4 2011 | 2011-12-31 | 2.24 | −0.02 | −0.74% |
| Q4 2010 | 2010-12-31 | 2.25 | −0.69 | −23.31% |
| Q4 2009 | 2009-12-31 | 2.94 | — | — |
Caterpillar debt-to-equity ratio trends
Over the last five fiscal years, Caterpillar's debt-to-equity ratio decreased from 1.86 to 1.73, a change of −0.13. The latest reported quarter, Q2 2026, shows 2.33.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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