Caterpillar Future Growth

Future criteria checks 2/6

Caterpillar is forecast to grow earnings and revenue by 15.4% and 7% per annum respectively. EPS is expected to grow by 16.2% per annum. Return on equity is forecast to be 58% in 3 years.

Key information

15.4%

Earnings growth rate

16.20%

EPS growth rate

Machinery earnings growth	15.2%
Revenue growth rate	7.0%
Future return on equity	57.99%
Analyst coverage	Good
Last updated	26 Mar 2026

Recent future growth updates

Caterpillar Inc. (NYSE:CAT) Just Reported And Analysts Have Been Lifting Their Price Targets

Aug 07

Here's What Analysts Are Forecasting For Caterpillar Inc. (NYSE:CAT) After Its First-Quarter Results

May 02

Recent updates

Caterpillar: Data Center Tailwinds Are Real, But Valuation Assumes Unrealistic Growth

Mar 23

Caterpillar Inc. (CAT): The Industrial Architect – Leveraging the AI Data Center Boom and Infrastructure Supercycle in 2026.

Mar 03Caterpillar (CAT) is currently operating as the engine of the global industrial recovery, trading at $752.18 as of the March 2, 2026, close. Despite a broader market rotation that has punished high-multiple growth stocks, Caterpillar has surged over 120% in the last year , recently hitting an all-time high above $775 on February 11.

Caterpillar Inc. (NYSE:CAT) Just Reported And Analysts Have Been Lifting Their Price Targets

Aug 07

Here's What Analysts Are Forecasting For Caterpillar Inc. (NYSE:CAT) After Its First-Quarter Results

May 02

Caterpillar: This Cat Is Out Of Lives For Now (Rating Downgrade)

Apr 15

Caterpillar Vs. Deere: Which One Is The Better Buy Amidst Tariffs?

Apr 06

Caterpillar: Diversification Without Diworsification; Home Depot Looks Healthy, So Do Others

Mar 12

Caterpillar: Good Long-Term Story, But Near-Term Woes Keep Me On The Sidelines

Mar 06

Caterpillar: Why The Stock Is Close To Fair Value

Feb 27

Caterpillar: Q4 Earnings Report Confirms Negative Macroeconomic Outlook, Indicating Margin Contraction

Jan 31

Caterpillar: Macroeconomic Outlook For 2025 Signals Trouble For Heavy Equipment

Dec 29

Caterpillar Is Good, But Not Quite Great

Dec 02

Earnings and Revenue Growth Forecasts

NYSE:CAT - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	86,199	15,046	13,004	16,771	10
12/31/2027	80,140	12,514	11,065	14,471	19
12/31/2026	73,722	10,657	8,772	13,468	19
12/31/2025	67,589	8,884	7,453	11,739	N/A
9/30/2025	64,671	9,273	7,560	11,541	N/A
6/30/2025	63,139	9,437	7,740	11,373	N/A
3/31/2025	63,259	9,939	7,875	11,272	N/A
12/31/2024	64,809	10,792	8,820	12,035	N/A
9/30/2024	65,664	10,677	9,613	12,645	N/A
6/30/2024	66,368	11,007	10,046	13,136	N/A
3/31/2024	66,997	11,248	10,286	13,364	N/A
12/31/2023	67,060	10,335	9,793	12,885	N/A
9/30/2023	66,587	9,113	8,675	11,621	N/A
6/30/2023	64,771	8,360	7,260	10,042	N/A
3/31/2023	61,700	7,111	6,356	9,026	N/A
12/31/2022	59,427	6,705	5,167	7,766	N/A
9/30/2022	56,628	7,371	3,763	6,439	N/A
6/30/2022	54,031	6,756	3,052	5,698	N/A
3/31/2022	52,673	6,496	2,936	5,583	N/A
12/31/2021	50,971	6,489	4,726	7,198	N/A
9/30/2021	48,408	5,149	5,547	7,858	N/A
6/30/2021	45,892	4,391	5,635	7,852	N/A
3/31/2021	43,000	3,436	5,054	7,125	N/A
12/31/2020	41,748	2,998	4,212	6,327	N/A
9/30/2020	43,657	3,316	4,385	6,689	N/A
6/30/2020	46,534	4,142	3,282	5,724	N/A
3/31/2020	50,969	5,304	4,251	6,921	N/A
12/31/2019	53,800	6,093	4,243	6,912	N/A
9/30/2019	54,998	6,043	N/A	6,561	N/A
6/30/2019	55,750	6,276	N/A	7,184	N/A
3/31/2019	55,329	6,363	N/A	6,744	N/A
12/31/2018	54,722	6,147	N/A	6,558	N/A
9/30/2018	53,276	3,800	N/A	5,016	N/A
6/30/2018	51,179	3,132	N/A	4,865	N/A
3/31/2018	48,499	2,227	N/A	5,099	N/A
12/31/2017	45,462	754	N/A	5,706	N/A
9/30/2017	42,140	882	N/A	6,826	N/A
6/30/2017	39,887	106	N/A	6,756	N/A
3/31/2017	38,898	-146	N/A	6,688	N/A
12/31/2016	38,537	-67	N/A	5,639	N/A
9/30/2016	39,993	1,010	N/A	5,786	N/A
6/30/2016	41,795	1,286	N/A	6,121	N/A
3/31/2016	43,770	1,538	N/A	5,895	N/A
12/31/2015	47,011	2,512	N/A	6,699	N/A
9/30/2015	50,225	3,363	N/A	6,735	N/A
6/30/2015	52,812	3,821	N/A	7,281	N/A
3/31/2015	54,645	4,018	N/A	7,430	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CAT's forecast earnings growth (15.4% per year) is above the savings rate (3.4%).

Earnings vs Market: CAT's earnings (15.4% per year) are forecast to grow slower than the US market (15.5% per year).

High Growth Earnings: CAT's earnings are forecast to grow, but not significantly.

Revenue vs Market: CAT's revenue (7% per year) is forecast to grow slower than the US market (10.3% per year).

High Growth Revenue: CAT's revenue (7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CAT's Return on Equity is forecast to be very high in 3 years time (58%).

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/03/29 23:17
End of Day Share Price	2026/03/27 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Caterpillar Inc. is covered by 60 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
John Eade	Argus Research Company
Mircea Dobre	Baird
Meredith Taylor	Barclays

Caterpillar Future Growth

Future criteria checks 2/6

Key information

Recent future growth updates

Price target increased by 8.0% to US$674

Price target increased by 8.1% to US$539

Caterpillar Inc. Updates Earnings Guidance for the Full Year 2025

Price target increased by 7.7% to US$434

Caterpillar Inc. (NYSE:CAT) Just Reported And Analysts Have Been Lifting Their Price Targets

Here's What Analysts Are Forecasting For Caterpillar Inc. (NYSE:CAT) After Its First-Quarter Results

Recent updates

Caterpillar: Data Center Tailwinds Are Real, But Valuation Assumes Unrealistic Growth

CEO & Director recently sold US$1.8m worth of stock

CEO & Director notifies of intention to sell stock

Caterpillar Inc. (CAT): The Industrial Architect – Leveraging the AI Data Center Boom and Infrastructure Supercycle in 2026.

Caterpillar Transforms the Construction Worksite with Advanced Technology, Services and Solutions At Conexpo-Con/Agg 2026

Insider recently sold US$1.3m worth of stock

Now 24% overvalued after recent price rise

Caterpillar Inc. (NYSE:CAT) completed the acquisition of RPMGlobal Holdings Limited (ASX:RUL).

Group President of Resource Industries notifies of intention to sell stock

Price target increased by 8.0% to US$674

Full year 2025 earnings: EPS and revenues exceed analyst expectations

Caterpillar Inc. to Report Q4, 2025 Results on Jan 29, 2026

Caterpillar Inc. Announces Executive Changes of Construction Industries

Upcoming dividend of US$1.51 per share

Caterpillar Inc. Unveils AI-Powered Future and Invests in the Workforce Building It

Caterpillar Inc. Announces Chairman of the Board Changes, Effective April 1, 2026

Chief Financial Officer recently sold US$5.8m worth of stock

Third quarter dividend of US$1.51 announced

Caterpillar Inc. Maintains Quarterly Dividend, Payable on February 19, 2026

Chief Financial Officer recently sold US$5.7m worth of stock

Chief Financial Officer notifies of intention to sell stock

Group President of Services notifies of intention to sell stock

Price target increased by 8.1% to US$539

Third quarter 2025 earnings: EPS and revenues exceed analyst expectations

Caterpillar Inc. Updates Earnings Guidance for the Full Year 2025

Executive Chairman of the Board recently sold US$8.7m worth of stock

Second quarter dividend of US$1.51 announced

Caterpillar Inc. Maintains Quarterly Dividend, Payable on November 20, 2025

Executive Chairman of the Board recently sold US$7.9m worth of stock

Executive Chairman of the Board recently sold US$7.1m worth of stock

Caterpillar Inc. (NYSE:CAT) signed a letter of intent to acquire RPMGlobal Holdings Limited (ASX:RUL) for AUD 1.1 billion.

Caterpillar Inc. to Report Q3, 2025 Results on Oct 29, 2025

Independent Director notifies of intention to sell stock

Now 20% undervalued

Price target increased by 7.7% to US$434

Caterpillar Inc. (NYSE:CAT) Just Reported And Analysts Have Been Lifting Their Price Targets

Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Chief Financial Officer exercised options and sold US$5.0m worth of stock

Caterpillar Inc. to Report Q2, 2025 Results on Aug 05, 2025

Now 20% undervalued

A Look At The Intrinsic Value Of Caterpillar Inc. (NYSE:CAT)

Upcoming dividend of US$1.51 per share

Why Caterpillar Inc. (NYSE:CAT) Could Be Worth Watching

Caterpillar Inc.(NYSE:CAT) dropped from Russell Top 50 Index

The Price Is Right For Caterpillar Inc. (NYSE:CAT)

First quarter dividend increased to US$1.51

Caterpillar Inc. Raises Quarterly Dividend, Payable on August 20, 2025

Is Caterpillar (NYSE:CAT) A Risky Investment?

We Like Caterpillar's (NYSE:CAT) Returns And Here's How They're Trending

Here's What Analysts Are Forecasting For Caterpillar Inc. (NYSE:CAT) After Its First-Quarter Results

First quarter 2025 earnings: EPS and revenues miss analyst expectations

Caterpillar Inc., Annual General Meeting, Jun 11, 2025

Caterpillar Inc. to Report Q1, 2025 Results on Apr 30, 2025

Caterpillar Inc. Announces Chief Executive Officer Changes, Effective May 1 , 2025

Caterpillar: This Cat Is Out Of Lives For Now (Rating Downgrade)

Fourth quarter dividend of US$1.41 announced

Caterpillar Inc. Announces Daniel M. Dickinson Will Not Stand for Re-Election to the Board

Caterpillar Inc. Maintains Quarterly Dividend, Payable on May 20, 2025

Caterpillar Celebrates Centennial Year At Bauma

Investor sentiment deteriorates as stock falls 15%

Caterpillar Vs. Deere: Which One Is The Better Buy Amidst Tariffs?

Now 21% undervalued after recent price drop

Caterpillar Inc. Announces Executive Changes

Caterpillar: Diversification Without Diworsification; Home Depot Looks Healthy, So Do Others

Caterpillar: Good Long-Term Story, But Near-Term Woes Keep Me On The Sidelines

Caterpillar: Why The Stock Is Close To Fair Value

Caterpillar: Q4 Earnings Report Confirms Negative Macroeconomic Outlook, Indicating Margin Contraction

Full year 2024 earnings: EPS exceeds analyst expectations

Chief Financial Officer recently sold US$3.8m worth of stock