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Side-by-side financial comparison of Caterpillar Inc. (CAT) and Valero Energy (VLO). Click either name above to swap in a different company.
Valero Energy is the larger business by last-quarter revenue ($30.4B vs $19.1B, roughly 1.6× Caterpillar Inc.). Caterpillar Inc. runs the higher net margin — 12.5% vs 3.7%, a 8.8% gap on every dollar of revenue. On growth, Caterpillar Inc. posted the faster year-over-year revenue change (18.0% vs -1.2%). Over the past eight quarters, Caterpillar Inc.'s revenue compounded faster (10.0% CAGR vs -2.2%).
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.
Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.
CAT vs VLO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $19.1B | $30.4B |
| Net Profit | $2.4B | $1.1B |
| Gross Margin | 30.5% | 6.3% |
| Operating Margin | 13.9% | 5.2% |
| Net Margin | 12.5% | 3.7% |
| Revenue YoY | 18.0% | -1.2% |
| Net Profit YoY | -13.9% | 303.6% |
| EPS (diluted) | $5.11 | $3.66 |
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.
| Q4 25 | $19.1B | $30.4B | ||
| Q3 25 | $17.6B | $32.2B | ||
| Q2 25 | $16.6B | $29.9B | ||
| Q1 25 | $14.2B | $30.3B | ||
| Q4 24 | $16.2B | $30.8B | ||
| Q3 24 | $16.1B | $32.9B | ||
| Q2 24 | $16.7B | $34.5B | ||
| Q1 24 | $15.8B | $31.8B |
| Q4 25 | $2.4B | $1.1B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $2.2B | $714.0M | ||
| Q1 25 | $2.0B | $-595.0M | ||
| Q4 24 | $2.8B | $281.0M | ||
| Q3 24 | $2.5B | $364.0M | ||
| Q2 24 | $2.7B | $880.0M | ||
| Q1 24 | $2.9B | $1.2B |
| Q4 25 | 30.5% | 6.3% | ||
| Q3 25 | 33.8% | 5.5% | ||
| Q2 25 | 34.8% | 4.2% | ||
| Q1 25 | 37.1% | 1.7% | ||
| Q4 24 | 36.3% | 2.0% | ||
| Q3 24 | 37.5% | 2.3% | ||
| Q2 24 | 39.2% | 4.2% | ||
| Q1 24 | 38.8% | 6.2% |
| Q4 25 | 13.9% | 5.2% | ||
| Q3 25 | 17.3% | 4.7% | ||
| Q2 25 | 17.3% | 3.3% | ||
| Q1 25 | 18.1% | -3.0% | ||
| Q4 24 | 18.0% | 1.1% | ||
| Q3 24 | 19.5% | 1.5% | ||
| Q2 24 | 20.9% | 3.5% | ||
| Q1 24 | 22.3% | 5.3% |
| Q4 25 | 12.5% | 3.7% | ||
| Q3 25 | 13.0% | 3.4% | ||
| Q2 25 | 13.2% | 2.4% | ||
| Q1 25 | 14.1% | -2.0% | ||
| Q4 24 | 17.2% | 0.9% | ||
| Q3 24 | 15.3% | 1.1% | ||
| Q2 24 | 16.1% | 2.6% | ||
| Q1 24 | 18.1% | 3.9% |
| Q4 25 | $5.11 | $3.66 | ||
| Q3 25 | $4.88 | $3.53 | ||
| Q2 25 | $4.62 | $2.28 | ||
| Q1 25 | $4.20 | $-1.90 | ||
| Q4 24 | $5.76 | $0.98 | ||
| Q3 24 | $5.06 | $1.14 | ||
| Q2 24 | $5.48 | $2.71 | ||
| Q1 24 | $5.75 | $3.75 |
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 | $4.7B |
| Total DebtLower is stronger | — | $9.7B |
| Stockholders' EquityBook value | $21.3B | $23.7B |
| Total Assets | $98.6B | $58.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.0B | $4.7B | ||
| Q3 25 | $7.5B | $4.8B | ||
| Q2 25 | $5.4B | $4.5B | ||
| Q1 25 | $3.6B | $4.6B | ||
| Q4 24 | $6.9B | $4.7B | ||
| Q3 24 | $5.6B | $5.2B | ||
| Q2 24 | $4.3B | $5.2B | ||
| Q1 24 | $5.0B | $4.9B |
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.7B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $10.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | — | $10.0B |
| Q4 25 | $21.3B | $23.7B | ||
| Q3 25 | $20.7B | $23.8B | ||
| Q2 25 | $18.7B | $24.1B | ||
| Q1 25 | $18.1B | $23.5B | ||
| Q4 24 | $19.5B | $24.5B | ||
| Q3 24 | $19.4B | $25.3B | ||
| Q2 24 | $17.1B | $25.4B | ||
| Q1 24 | $17.6B | $26.1B |
| Q4 25 | $98.6B | $58.0B | ||
| Q3 25 | $93.7B | $58.6B | ||
| Q2 25 | $90.3B | $59.4B | ||
| Q1 25 | $85.0B | $59.2B | ||
| Q4 24 | $87.8B | $60.1B | ||
| Q3 24 | $86.3B | $60.4B | ||
| Q2 24 | $83.3B | $63.6B | ||
| Q1 24 | $83.7B | $62.6B |
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.39× |
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 | $2.1B |
| Free Cash FlowOCF − Capex | $2.7B | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 4.7% | — |
| Cash ConversionOCF / Net Profit | 1.50× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | $8.9B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $2.1B | ||
| Q3 25 | $3.7B | $1.9B | ||
| Q2 25 | $3.1B | $936.0M | ||
| Q1 25 | $1.3B | $952.0M | ||
| Q4 24 | $3.4B | $1.1B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.0B | $2.5B | ||
| Q1 24 | $2.1B | $1.8B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $2.6B | $529.0M | ||
| Q1 25 | $579.0M | $293.0M | ||
| Q4 24 | $2.7B | $523.0M | ||
| Q3 24 | $3.1B | $866.0M | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $1.6B | $1.2B |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 17.5% | 4.6% | ||
| Q2 25 | 15.5% | 1.8% | ||
| Q1 25 | 4.1% | 1.0% | ||
| Q4 24 | 16.6% | 1.7% | ||
| Q3 24 | 19.4% | 2.6% | ||
| Q2 24 | 16.1% | 5.9% | ||
| Q1 24 | 9.8% | 3.7% |
| Q4 25 | 4.7% | — | ||
| Q3 25 | 3.7% | 1.3% | ||
| Q2 25 | 3.3% | 1.4% | ||
| Q1 25 | 5.0% | 2.2% | ||
| Q4 24 | 4.3% | 1.8% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 2.0% | 1.2% | ||
| Q1 24 | 3.2% | 2.1% |
| Q4 25 | 1.50× | 1.81× | ||
| Q3 25 | 1.63× | 1.72× | ||
| Q2 25 | 1.43× | 1.31× | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.22× | 3.81× | ||
| Q3 24 | 1.45× | 3.56× | ||
| Q2 24 | 1.13× | 2.81× | ||
| Q1 24 | 0.72× | 1.48× |
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% |
VLO
| Distillates | $14.3B | 47% |
| Gasoline And Blendstocks | $12.5B | 41% |
| Manufactured Product Other | $1.8B | 6% |
| Ethanol Product | $784.0M | 3% |
| Renewable Diesel Product | $589.0M | 2% |
| Distillers Grains | $194.0M | 1% |
| Neat SAF | $118.0M | 0% |
| Renewable Naphtha Product | $24.0M | 0% |
