Caterpillar (CAT) Research & Development (2009 - 2026)
Caterpillar (CAT) posted Research & Development of $616 million for Q2 2026, up 11.8% from $551 million a year earlier and up 14.7% from the prior quarter.
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Analysis
Caterpillar (CAT) Research & Development (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Research & Development at Caterpillar was $2.27 billion, up 9.0% year-over-year; for FY2025, it was $2.15 billion, up 1.9% from FY2024.
- Annual Research & Development shows a five-year compound annual growth rate of 8.7% (FY2020 to FY2025).
- In prior years, Caterpillar's Research & Development was $2.11 billion in FY2024 (unchanged), $2.11 billion in FY2023 (+16.2%), $1.81 billion in FY2022 (+7.6%) and $1.69 billion in FY2021 (+19.2%).
- The Q2 2026 figure stands as the highest quarterly Research & Development since Q4 2014.
- On a year-over-year basis, Research & Development has increased in each of the last five quarters, with growth averaging 2.7% over the last eight quarters.
- The strongest year-over-year quarter for Research & Development in the past five years was Q4 2023, with growth of 38.2%; the weakest was Q4 2022, with a decline of 8.7%.
- According to Business Quant data, Research & Development for the three prior quarters was $537 million (Q1 2026), $562 million (Q4 2025) and $555 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Caterpillar | 351.84 Bn | 323.53 Bn | 7.76 Bn | 616.00 Mn |
| 2 | Amphenol | 209.14 Bn | 203.72 Bn | 3.55 Bn | - |
| 3 | Deere | 173.99 Bn | 142.08 Bn | 4.66 Bn | 567.00 Mn |
| 4 | Eaton | 165.20 Bn | 162.39 Bn | 2.86 Bn | 227.00 Mn |
| 5 | Parker-Hannifin | 120.55 Bn | 118.67 Bn | 2.25 Bn | - |
| 6 | Emerson Electric | 90.75 Bn | 83.49 Bn | 2.66 Bn | - |
| 7 | Vertiv Holdings | 90.61 Bn | 81.23 Bn | 1.23 Bn | - |
| 8 | 3M | 83.78 Bn | 65.18 Bn | 2.68 Bn | 302.00 Mn |
| 9 | Illinois Tool Works | 75.74 Bn | 72.30 Bn | 1.90 Bn | - |
| 10 | Cummins | 72.28 Bn | 68.36 Bn | 2.47 Bn | 385.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 616.00 Mn |
| Mar 31, 2026 | 537.00 Mn |
| Dec 31, 2025 | 562.00 Mn |
| Sep 30, 2025 | 555.00 Mn |
| Jun 30, 2025 | 551.00 Mn |
| Mar 31, 2025 | 480.00 Mn |
| Dec 31, 2024 | 519.00 Mn |
| Sep 30, 2024 | 533.00 Mn |
| Jun 30, 2024 | 535.00 Mn |
| Mar 31, 2024 | 520.00 Mn |
| Dec 31, 2023 | 554.00 Mn |
| Sep 30, 2023 | 554.00 Mn |
| Jun 30, 2023 | 528.00 Mn |
| Mar 31, 2023 | 472.00 Mn |
| Dec 31, 2022 | 401.00 Mn |
| Sep 30, 2022 | 476.00 Mn |
| Jun 30, 2022 | 480.00 Mn |
| Mar 31, 2022 | 457.00 Mn |
| Dec 31, 2021 | 439.00 Mn |
| Sep 30, 2021 | 427.00 Mn |
API Access
Caterpillar Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=CAT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "CAT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=CAT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();