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Side-by-side financial comparison of Caterpillar Inc. (CAT) and TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (TSM). Click either name above to swap in a different company.
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD is the larger business by last-quarter revenue ($35.5B vs $19.1B, roughly 1.9× Caterpillar Inc.). TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD runs the higher net margin — 50.5% vs 12.5%, a 37.9% gap on every dollar of revenue.
Caterpillar Inc. is an American construction, mining, and other engineering equipment manufacturer. The company is the world's largest manufacturer of construction equipment. In 2018, Caterpillar was ranked number 73 on the Fortune 500 list and number 265 on the Global Fortune 500 list. Caterpillar stock is a component of the Dow Jones Industrial Average.
Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest dedicated independent semiconductor foundry, headquartered in Hsinchu, Taiwan. It manufactures advanced logic chips on contract for fabless customers including Apple, NVIDIA, AMD, Qualcomm, and Broadcom, and leads the industry in leading-edge process nodes (3nm/5nm/7nm).
CAT vs TSM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $19.1B | $35.5B |
| Net Profit | $2.4B | $17.9B |
| Gross Margin | 30.5% | 66.2% |
| Operating Margin | 13.9% | 58.0% |
| Net Margin | 12.5% | 50.5% |
| Revenue YoY | 18.0% | — |
| Net Profit YoY | -13.9% | — |
| EPS (diluted) | $5.11 | $111.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $35.5B | ||
| Q4 25 | $19.1B | $32.7B | ||
| Q3 25 | $17.6B | $30.7B | ||
| Q2 25 | $16.6B | $28.9B | ||
| Q1 25 | $14.2B | $26.0B | ||
| Q4 24 | $16.2B | $88.3B | ||
| Q3 24 | $16.1B | — | ||
| Q2 24 | $16.7B | — |
| Q1 26 | — | $17.9B | ||
| Q4 25 | $2.4B | $15.8B | ||
| Q3 25 | $2.3B | $14.0B | ||
| Q2 25 | $2.2B | $12.3B | ||
| Q1 25 | $2.0B | $11.2B | ||
| Q4 24 | $2.8B | $35.3B | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | — | 66.2% | ||
| Q4 25 | 30.5% | 62.3% | ||
| Q3 25 | 33.8% | 59.5% | ||
| Q2 25 | 34.8% | 58.6% | ||
| Q1 25 | 37.1% | 58.8% | ||
| Q4 24 | 36.3% | 56.1% | ||
| Q3 24 | 37.5% | — | ||
| Q2 24 | 39.2% | — |
| Q1 26 | — | 58.0% | ||
| Q4 25 | 13.9% | 53.9% | ||
| Q3 25 | 17.3% | 50.6% | ||
| Q2 25 | 17.3% | 49.6% | ||
| Q1 25 | 18.1% | 48.5% | ||
| Q4 24 | 18.0% | 45.7% | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 20.9% | — |
| Q1 26 | — | 50.5% | ||
| Q4 25 | 12.5% | 48.3% | ||
| Q3 25 | 13.0% | 45.7% | ||
| Q2 25 | 13.2% | 42.7% | ||
| Q1 25 | 14.1% | 43.1% | ||
| Q4 24 | 17.2% | 40.0% | ||
| Q3 24 | 15.3% | — | ||
| Q2 24 | 16.1% | — |
| Q1 26 | — | $111.55 | ||
| Q4 25 | $5.11 | $98.45 | ||
| Q3 25 | $4.88 | $87.20 | ||
| Q2 25 | $4.62 | $76.80 | ||
| Q1 25 | $4.20 | $69.70 | ||
| Q4 24 | $5.76 | $1.36 | ||
| Q3 24 | $5.06 | — | ||
| Q2 24 | $5.48 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.0B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $21.3B | — |
| Total Assets | $98.6B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.0B | — | ||
| Q3 25 | $7.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $6.9B | $64.9B | ||
| Q3 24 | $5.6B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | $21.3B | — | ||
| Q3 25 | $20.7B | — | ||
| Q2 25 | $18.7B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $19.5B | $130.5B | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $17.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | $98.6B | — | ||
| Q3 25 | $93.7B | — | ||
| Q2 25 | $90.3B | — | ||
| Q1 25 | $85.0B | — | ||
| Q4 24 | $87.8B | $204.1B | ||
| Q3 24 | $86.3B | — | ||
| Q2 24 | $83.3B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.6B | — |
| Free Cash FlowOCF − Capex | $2.7B | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 4.7% | — |
| Cash ConversionOCF / Net Profit | 1.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $8.9B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $3.4B | $55.7B | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $579.0M | — | ||
| Q4 24 | $2.7B | $26.5B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.1% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 16.6% | 30.1% | ||
| Q3 24 | 19.4% | — | ||
| Q2 24 | 16.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 4.3% | 33.0% | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 2.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.43× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.22× | 1.58× | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAT
| Construction Industries | $6.9B | 36% |
| Resource Industries | $3.4B | 18% |
| Powergeneration | $3.2B | 17% |
| Oil And Gas Customer | $2.4B | 13% |
| Financial Products Segment | $1.1B | 6% |
| Industrial | $967.0M | 5% |
| Financial Products | $931.0M | 5% |
| Related Party | $190.0M | 1% |
TSM
Segment breakdown not available.
