Caterpillar Inc. (CAT)
Caterpillar is the world's largest maker of construction and mining equipment, and it also builds engines and power systems. Its order book is a widely followed gauge of global infrastructure and resource investment.
Industrials stock comparison
CAT vs UNP: how the two businesses compare
- Bigger business: CAT, with $67.6B of yearly revenue, about 2.8× UNP's $24.5B.
- More profitable: UNP keeps 29 cents of each sales dollar as profit, against 13 cents at CAT.
- More cash from each sale: UNP turns 38 cents of each sales dollar into operating cash flow, against 17 cents at CAT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 2.8× UNP's $24.5B (fiscal year ended Dec 2025). CAT's net margin was 13.1% and UNP's 29.1%. The SEC classifies them differently (Construction Machinery & Equip; Railroads, Line-Haul Operating); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Industrials
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 13, 2026
CAT vs UNP: quick comparison
| Company fact | CAT | UNP |
|---|---|---|
| Company | Caterpillar Inc. | Union Pacific Corporation |
| Exchange | NYSE | NYSE |
| Headquarters | Irving, Texas | Omaha, Nebraska |
| Founded | 1925 | 1862 |
| SEC industry | Construction Machinery & Equip | Railroads, Line-Haul Operating |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-13 | 10-K · 2026-02-06 |
CAT vs UNP: audited financials
- Scale: CAT's $67.6B of revenue is about 2.8× UNP's $24.5B.
- Net margin: UNP kept 29.1% of revenue as net income versus 13.1% at CAT.
- Cash conversion: operating cash flow equalled CAT 17.4% of revenue, or 1.32× net income; UNP 37.9% of revenue, or 1.30× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CAT | UNP |
|---|---|---|
| Revenue | $67.6B2025-01-01 to 2025-12-31 · SEC filing | $24.5B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $8.9B2025-01-01 to 2025-12-31 · SEC filing | $7.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $11.7B2025-01-01 to 2025-12-31 · SEC filing | $9.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $18.812025-01-01 to 2025-12-31 · SEC filing | $11.982025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 13.1%2025-01-01 to 2025-12-31 · SEC filing | 29.1%2025-01-01 to 2025-12-31 · SEC filing |
CAT: FY ending 2025-12-31 · UNP: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CAT and UNP overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: CAT files as Construction Machinery & Equip; UNP as Railroads, Line-Haul Operating.
- Only CAT maps to Tariffs & trade.
- Scale: CAT reported about 2.8× the annual revenue of UNP.
- Profitability: net margin of 13.1% for CAT versus 29.1% for UNP.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Union Pacific Corporation (UNP)
Union Pacific operates one of the largest freight-rail networks in the western United States, hauling goods ranging from grain to industrial products. Rail volumes make it a useful read on the broader goods economy.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CAT
We have not yet published a company-specific driver list for CAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
What moves UNP
We have not yet published a company-specific driver list for UNP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-06.
The investment question
You now know CAT reports about 2.8× UNP's revenue, and UNP keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 22 matched transaction rows for CAT and 28 matched transaction rows for UNP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CAT primary filings
UNP primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CAT or UNP
CAT vs UNP FAQs
Are CAT and UNP direct competitors?
Not necessarily. Caterpillar files as Construction Machinery & Equip and Union Pacific as Railroads, Line-Haul Operating. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is CAT or UNP the bigger company by revenue?
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 2.8× UNP's $24.5B (fiscal year ended Dec 2025). CAT's net margin was 13.1% and UNP's 29.1%. The SEC classifies them differently (Construction Machinery & Equip; Railroads, Line-Haul Operating); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CAT or UNP?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CAT vs UNP comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Caterpillar Inc. and Union Pacific Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CAT vs UNP compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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