CAT · 10-Q · 2026Q3 · Full report

Outstanding Indebtedness

CATERPILLAR INC · 2026-11-04 · Importance 47 · Surprise 22 · From source text

Total debt at September 30, 2026 was $45.201 billion, an increase of $1.871 billion from year-end 2025. MP&E debt decreased $41 million during the first nine months of 2026, while Financial Products debt increased $2.434 billion. Caterpillar’s consolidated net worth was $21.551 billion, above the $9.000 billion credit-facility covenant; Cat Financial’s interest coverage ratio was 1.53 to 1 against a 1.15 minimum, and its leverage ratio was 8.01 to 1 against a 10-to-1 maximum.

Key facts

• Total debt as of September 30, 2026 was $45.201 billion, up $1.871 billion from year-end 2025. source
• Financial Products net cash provided by financing activities was $2.777 billion in the first nine months of 2026, compared with $1.422 billion in the same period of 2025, driven by increased external borrowing partly offset by decreased intercompany borrowings from MP&E. source
• If Caterpillar or Cat Financial fails to meet applicable Credit Facility financial covenants and cannot obtain consent or a waiver, banks may terminate commitments allocated to the noncompliant party; certain Cat Financial lenders may also pursue remedies, including accelerating outstanding borrowings. source
• MP&E debt decreased $41 million and Financial Products debt increased $2.434 billion in the first nine months of 2026. source
• Fitch and Moody's maintained a "high-A" debt rating for Caterpillar, while S&P maintained a "mid-A" rating; a downgrade could increase borrowing costs and make access to certain credit markets more difficult. source
• Caterpillar had no borrowings under the Credit Facility at September 30, 2026. source

Impact estimates