Caterpillar has increased its dividend for 31 consecutive years, most recently raising its quarterly payout by 7% last June—more than double inflation for that period. Over the past 25 years, its dividend has more than tripled, demonstrating resilience through major downturns. During the 2008–2009 financial crisis and the 2020 pandemic, the company not only maintained its payout but delivered hikes of 16.7% and 7.8%, respectively, underscoring management’s commitment to shareholder returns even as global construction activity slumped.

Caterpillar’s trailing-twelve-month earnings-per-share of $19.48 imply an earnings payout ratio of 30%, while dividends consumed just 37% of free cash flow through the first nine months of 2025. Operating cash flow covered dividends more than four times. The balance sheet carries $41.5 billion of debt against $20.7 billion of equity (2.0× debt-to-equity) and net debt of $34 billion against $14 billion of EBITDA (2.4× leverage), with interest coverage at 8.8×. With $7.5 billion in cash on hand and retained earnings growing from $35.2 billion in 2020 to $64.5 billion in Q3 2025, the dividend is well supported even in a cyclical downturn.

Effective February 1, 2026, Caterpillar will appoint Rod Shurman as group president of Construction Industries, succeeding Tony Fassino, who will retire on May 31 after a 30-year career. Shurman brings experience leading the Building Construction Products division and roles across engineering, service and operations since joining in 1997. He will oversee Earthmoving, Excavation, Compact Machines, Cat Rental & Used, and regional customer-solutions groups. This transition ensures continuity in strategic product launches and global distribution ahead of ongoing infrastructure demand.