Buyback yield (TTM)
1.98%
Shareholder yield (TTM)
2.82%
5Y share count change
-14.5%
Buyback spend (TTM)
$6.49B
Cumulative buybacks
$55.04B
Key takeaways
- Caterpillar (CAT) repurchased about $6.49B of stock over the trailing twelve months.
- Diluted share count is down 14.5% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- TTM buyback ÷ stock-based-comp ratio of 22.09× — repurchases more than cover SBC dilution.
- Cash buyback spend has compounded at +35.6% per year over the latest 5-year window.
- TTM repurchases used about 75% of free cash flow remaining after dividends.
Dividend & buyback yield over time for Caterpillar (CAT)
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Diluted vs basic shares (annual) for Caterpillar (CAT)
Diluted weighted-average shares are the EPS denominator — a falling count means buybacks are outpacing SBC dilution.
Year-over-year change in diluted shares for Caterpillar (CAT)
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Cash buyback spend over time for Caterpillar (CAT)
Latest: $5.19B
Overview
2025's annual buyback spend for Caterpillar (CAT) came in at $5.19B – plunged 32.6% year-over-year.
Through 2020–2025 (5 years), Caterpillar buyback spend delivered a +35.6% annualised rate; with mixed annual results across the window.
Caterpillar buyback spend peaked at $7.70B in 2024; the latest annual figure is $5.19B in 2025 (32.6% below peak).
$7.70B stands as the all-time-high annual buyback spend, posted in 2024, against a low of $0.00 during 1991.
Caterpillar Buyback Spend 2025: $5.19B
Caterpillar posted buyback spend of $5.19B in 2025, plunged 32.6% below 2024.
Caterpillar Buyback Spend 2024: $7.70B
In 2024, Caterpillar reported buyback spend of $7.70B, surged 54.7% from 2023. This figure represents the highest annual value in the available history.
Caterpillar Buyback Spend 2023: $4.97B
Caterpillar buyback spend in 2023 was $4.97B, grew 17.6% from 2022.
Caterpillar Buyback Spend 2022: $4.23B
2022's buyback spend for Caterpillar came in at $4.23B, surged 58.5% from 2021.
Caterpillar Buyback Spend 2021: $2.67B
Caterpillar buyback spend in 2021 was $2.67B.
See more financial history for Caterpillar (CAT).
Buyback, SBC & dilution history
Buyback spend, SBC, net dilution effect, and share count.
| 2025 | $5.19B | $242.00M | $4.95B | 1.94% | 0.47B | -4.2% | |
| 2024 | $7.70B | $223.00M | $7.47B | 4.38% | 0.49B | -4.7% | |
| 2023 | $4.97B | $208.00M | $4.77B | 3.34% | 0.51B | -3.2% | |
| 2022 | $4.23B | $193.00M | $4.04B | 3.41% | 0.53B | -3.3% | |
| 2021 | $2.67B | $200.00M | $2.47B | 2.40% | 0.55B | -0.0% | |
| 2020 | $1.13B | $202.00M | $928.00M | 1.14% | 0.55B | -3.3% | |
| 2019 | $4.05B | $205.00M | $3.84B | 4.98% | 0.57B | -5.3% | |
| 2018 | $3.80B | $198.00M | $3.60B | 5.14% | 0.60B | +0.0% | |
| 2017 | $0.00 | $206.00M | −$206.00M | — | 0.60B | +2.6% | |
| 2016 | $0.00 | $218.00M | −$218.00M | — | 0.58B | -2.8% | |
| 2015 | $2.02B | $283.00M | $1.74B | 5.12% | 0.60B | -4.4% | |
| 2014 | $4.24B | $254.00M | $3.98B | 7.64% | 0.63B | -4.5% | |
| 2013 | $2.00B | $231.00M | $1.77B | 3.46% | 0.66B | -1.6% | |
| 2012 | $0.00 | $245.00M | −$245.00M | — | 0.67B | +0.5% | |
| 2011 | $0.00 | $193.00M | −$193.00M | — | 0.67B | +2.4% | |
| 2010 | $0.00 | $226.00M | −$226.00M | — | 0.65B | +3.9% | |
| 2009 | $0.00 | $0.00 | $0.00 | — | 0.63B | -0.3% | |
| 2008 | $1.80B | $0.00 | $1.80B | 6.69% | 0.63B | -4.8% | |
| 2007 | $2.40B | $0.00 | $2.40B | 5.37% | 0.66B | -3.6% | |
| 2006 | $3.21B | $0.00 | $3.21B | 8.12% | 0.68B | -3.1% | |
| 2005 | $1.68B | $0.00 | $1.68B | 4.34% | 0.71B | +33.8% | |
| 2004 | $539.00M | $0.00 | $539.00M | 3.23% | 0.53B | -24.9% | |
| 2003 | $405.00M | $0.00 | $405.00M | 1.42% | 0.70B | +1.3% | |
| 2002 | $0.00 | $0.00 | $0.00 | — | 0.69B | -0.1% | |
| 2001 | $43.00M | $0.00 | $43.00M | 0.24% | 0.69B | -0.5% | |
| 2000 | $412.00M | $0.00 | $412.00M | — | 0.70B | -3.0% | |
| 1999 | $260.00M | $0.00 | $260.00M | — | 0.72B | -2.4% | |
| 1998 | $567.00M | $0.00 | $567.00M | — | 0.74B | -3.4% | |
| 1997 | $706.00M | $0.00 | $706.00M | — | 0.76B | -2.0% | |
| 1996 | $303.00M | $0.00 | $303.00M | — | 0.78B | — | |
| 1995 | $427.00M | $0.00 | $427.00M | — | — | — | |
| 1994 | $240.00M | $0.00 | $240.00M | — | — | — | |
| 1993 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1992 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1991 | $0.00 | $0.00 | $0.00 | — | — | — | |
| 1990 | $32.00M | $0.00 | $32.00M | — | — | — | |
| 1989 | $9.00M | $0.00 | $9.00M | — | — | — |
- 2025$5.19B
- 2024$7.70B
- 2023$4.97B
- 2022$4.23B
- 2021$2.67B
- 2020$1.13B
- 2019$4.05B
- 2018$3.80B
- 2017$0.00
- 2016$0.00
- 2015$2.02B
- 2014$4.24B
- 2013$2.00B
- 2012$0.00
- 2011$0.00
- 2010$0.00
- 2009$0.00
- 2008$1.80B
- 2007$2.40B
- 2006$3.21B
- 2005$1.68B
- 2004$539.00M
- 2003$405.00M
- 2002$0.00
- 2001$43.00M
- 2000$412.00M
- 1999$260.00M
- 1998$567.00M
- 1997$706.00M
- 1996$303.00M
- 1995$427.00M
- 1994$240.00M
- 1993$0.00
- 1992$0.00
- 1991$0.00
- 1990$32.00M
- 1989$9.00M
Buybacks vs stock-based compensation for Caterpillar (CAT)
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: 22.09×.
Buybacks vs dividends (share of cash returned) for Caterpillar (CAT)
How Caterpillar splits cash returned to shareholders between dividends and buybacks.
Sector peers by buyback spend
Companies in the same sector as Caterpillar, ranked by their latest buyback spend.
| $7.55B | |
| $3.80B | |
| $2.68B | |
| $1.86B | |
| $1.14B | |
| $1.13B | |
| $50.00M | |
| $0.00 |
- $7.55B
- $2.68B
- $1.86B
- $1.14B
- $1.13B
- $50.00M
- $0.00
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $8.67B (TTM FCF − TTM dividends, clamped at zero).
Frequently asked questions
Data & methodology
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation