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2019 | Annual Report

2019 Performance At-a-Glance

Caterpillar delivered strong operational performance despite a 2% decline in sales and revenues for the year. We remained disciplined and focused on maintaining control of our structural costs, which helped us achieve an operating profit margin of 15.4%. We generated strong operating cash flow and, as a result, were able to return $6.2 billion to shareholders, including $4.0 billion in share repurchases. We also raised the dividend by 20% in 2019 and paid dividends of $2.1 billion, maintaining our status as a Dividend Aristocrat. We achieved our 2019 Investor Day targets for operating margin and returned substantially all Machinery, Energy & Transportation (ME&T) free cash flow to shareholders.

Sales and Revenues
(in billions)

Bar chart showing Caterpillar's sales and revenues (in billions) for 2017 through 2019

Sales by Region
(in billions)

  • North America — $25.8
  • Asia/Pacific — $12.1
  • Europe, Africa, Middle East — $11.2
  • Latin America — $4.7

Operating Profit
(in billions)

Bar chart showing Caterpillar's operating profit (in billions) for 2017 through 2019

Profit Per Share
(in dollars)

Bar chart showing Caterpillar's profit per share (in dollars) for 2017 through 2019

Amounts in U.S. Dollars

Adjusted Profit Per Share
(in dollars)

Bar chart showing Caterpillar's Adjusted profit per share (in dollars) for 2017 through 2019

A reconciliation of adjusted profit per share to U.S. GAAP can be found in our 2019 10-K filing, which is available on our website at www.caterpillar.com/investors.

Dividends Paid
(per share in dollars)

Bar chart showing Caterpillar's dividends paid (per share in dollars) for 2017 through 2019

2019 End Market Highlights

Slide 1 of 3

Construction
Industries



Modest economic expansion and continued growth in construction activity in North America, in particular for road infrastructure, was offset by weaker demand in Asia/Pacific due to continued competitive pressures. Lower sales in 2019 were driven by changes in dealer inventories, partially offset by higher end-user demand.

* Includes inter-segment sales

Resource
Industries



Mining customers increased capital expenditures as commodity prices were generally supportive of investments. Positive global economic growth drove increased sales for equipment supporting nonresidential construction activities, as well as quarry and aggregates activities.

* Includes inter-segment sales

Energy &
Transportation



Declines in North American oil and gas resulted in weaker new equipment demand for well servicing and slowed timing of turbine project delivery of gas compression projects. Both industrial and power generation applications experienced moderate growth from higher end-user demand, while transportation sales were about flat.

* Includes inter-segment sales

Sales and Revenues
(in billions)

2017 2018 2019
$45.5 $54.7 $53.8

Operating Profit
(in billions)

2017 2018 2019
$4.5 $8.3 $8.3

Profit Per Share
(in dollars)

2017 2018 2019
$1.26 $10.26 $10.74

Adjusted Profit Per Share
(in dollars)

2017 2018 2019
$6.88 $11.22 $11.06

Dividends Paid
(per share in dollars)

2017 2018 2019
$3.10 $3.28 $3.78

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