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Caterpillar Executive Compensation (FY25)

CAT · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 11, 2026
373 figures on this page: 365 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
Joseph Creed was paid $17,008,077 in total compensation as Chief Executive Officer for fiscal 2025, and Creed's total moved 52.8% higher from the $11,130,565 reported for fiscal 2024. The company reported a chief executive pay ratio of 196:1 for fiscal 2025, against median employee compensation of $89,253. For fiscal 2025, shareholders backed the say-on-pay proposal with 94.6% of votes cast including abstentions in favor at the meeting held June 10, 2026. The disclosed peer group includes 3M Company, Archer-Daniels-Midland Company, Cisco Systems, Inc., Cummins Inc. and Deere & Company, among others.
Chief executive, fiscal 2025
◇
Joseph Creed
Median of the other named officers
$7,447,699
5 officers, excluding the chief executive
Latest say-on-pay support
=
June 10, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Joseph Creed: $11,130,565 → $17,008,077 (52.8% higher)
CEO pay ratio: 399:1 → 196:1 (50.9% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Caterpillar's chief executive and what were they paid?
Joseph Creed was paid $17,008,077 in total compensation as Chief Executive Officer for fiscal 2025. Creed's total moved 52.8% higher from the $11,130,565 reported for fiscal 2024.
What was Caterpillar's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.6% of votes cast including abstentions in favor at the meeting held June 10, 2026.
Which companies are in Caterpillar's peer group?
The disclosed peer group includes 3M Company, Archer-Daniels-Midland Company, Cisco Systems, Inc., Cummins Inc. and Deere & Company, among others.
What is Caterpillar's chief executive pay ratio?
The company reported a chief executive pay ratio of 196:1 for fiscal 2025, against median employee compensation of $89,253.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. James Umpleby III
Chairman and CEO
◇—◇◇◇—◇◇
Andrew Bonfield
Chief Financial Officer
◇—◇◇◇—◇◇
Bob De Lange
Group President
◇—◇◇◇—◇◇
Cheryl Johnson
Chief Human Resources Officer
◇—◇◇◇—◇◇
Denise Johnson
Group President
◇—◇◇◇—◇◇
Joseph Creed
Group President
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. James Umpleby III
Chairman and CEO
◇—◇◇◇—◇◇
Andrew Bonfield
Chief Financial Officer
◇—◇◇◇—◇◇
Suzette Long
Chief Legal Officer & General Counsel
◇—◇◇◇—◇◇
Denise Johnson
Group President
◇—◇◇◇—◇◇
Joseph Creed
Chief Operating Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. James Umpleby III
Chairman and CEO
◇—◇◇◇—◇◇
Joseph Creed
Chief Operating Officer
◇—◇◇◇—◇◇
Denise Johnson
Group President
◇—◇◇◇—◇◇
Bob De Lange
Group President
◇—◇◇◇—◇◇
Andrew Bonfield
Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. James Umpleby III
Executive Chairman
◇—◇◇◇—◇◇
Joseph Creed
Chief Executive Officer
◇—◇◇◇—◇◇
Christy Pambianchi
Chief Human Resources Officer
◇◇◇◇◇—◇◇
Andrew R. Bonfield
Chief Financial Officer
◇—◇◇◇—◇◇
Denise Johnson
Group President
◇—◇◇◇—◇◇
Bob De Lange
Group President
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew R. BonfieldPSU◇——◇——◇
Andrew R. BonfieldRSU◇——◇——◇
Andrew R. BonfieldOPTION◇——◇—◇◇
Bob De LangeRSU◇——◇——◇
Bob De LangeOPTION◇——◇—◇◇
Bob De LangePSU◇——◇——◇
Christy PambianchiPSU◇——◇——◇
Christy PambianchiRSU◇——◇——◇
Christy PambianchiOPTION◇——◇—◇◇
D. James Umpleby IIIPSU◇——◇——◇
D. James Umpleby IIIRSU◇——◇——◇
D. James Umpleby IIIOPTION◇——◇—◇◇
Denise JohnsonPSU◇——◇——◇
Denise JohnsonRSU◇——◇——◇
Denise JohnsonOPTION◇——◇—◇◇
Joseph CreedRSU◇——◇——◇
Joseph CreedPSU◇——◇——◇
Joseph CreedRSU◇——◇——◇
Joseph CreedOPTION◇——◇—◇◇
Joseph CreedOPTION◇——◇—◇◇
Joseph CreedPSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Joseph CreedPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇5/9/2035
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇3/3/2035
RSU◇◇——
PSU◇◇——
Option◇—◇3/3/2035
Option◇—◇3/6/2033
Option◇—◇3/4/2034
Option◇—◇3/6/2033
Option◇—◇3/4/2034
PSU◇◇——
Denise JohnsonRSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇3/3/2035
RSU◇◇——
Option◇—◇3/4/2034
PSU◇◇——
RSU◇◇——
Option◇—◇3/6/2033
Bob De LangeOption◇—◇3/4/2034
PSU◇◇——
RSU◇◇——
Option◇—◇3/3/2035
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇3/6/2033
D. James Umpleby IIIPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇3/3/2035
Option◇—◇3/6/2033
Option◇—◇3/4/2034
PSU◇◇——
Christy PambianchiPSU◇◇——
RSU◇◇——
Option◇—◇5/9/2035
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Debra L. Reed-Klages
Lead independent director
◇◇————◇
David W. MacLennan
◇◇———◇◇
Rayford Wilkins Jr
◇◇———◇◇
James C. Fish Jr
◇◇———◇◇
Gerald Johnson
◇◇———◇◇
Judith F. Marks
◇◇———◇◇
Nazzic S. Keene
◇◇————◇
Susan C. Schwab
◇◇————◇
Daniel M. Dickinson
◇————◇◇
Joseph E. Creed, D. James Umpleby III and Lynn J. Good served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 3M Company MMM
  • Archer-Daniels-Midland Company ADM
  • Cisco Systems, Inc. CSCO
  • Cummins Inc. CMI
  • Deere & Company DE
  • Emerson Electric Co. EMR
  • FedEx Corporation FDX
  • Ford Motor Company F
  • GE Vernova Inc. GEV
  • General Electric Company GE
  • General Motors Company GM
  • Halliburton Company HAL
  • Honeywell International Inc. HON
  • Intel Corporation INTC
  • Johnson Controls International plc JCI
  • PACCAR Inc. PCAR
  • RTX Corporation RTX
  • The Boeing Company BA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024June 11, 2025=◇◇◇
2023June 12, 2024=◇◇◇
2022June 14, 2023=◇◇◇
2021June 8, 2022=◇◇◇
2020June 9, 2021=◇◇◇
2019June 10, 2020=◇◇◇
2018June 12, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Caterpillar disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Caterpillar sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
373 figures on this page: 365 cited to the filing that reported them, 8 calculated from figures it prints.
365 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001104659-26-072929
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001308179-26-000358
    2025 SUMMARY COMPENSATION TABLE · CEO PAY RATIO · DIRECTOR COMPENSATION · DIRECTOR COMPENSATION FOR 2025 · and 2 more sections
  3. 0001104659-25-058891
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001308179-25-000529
    2024 SUMMARY COMPENSATION TABLE
  5. 0001104659-24-071748
  6. 0001308179-24-000623
    2023 SUMMARY COMPENSATION TABLE
  7. 0001104659-23-072533
  8. 0001308179-23-000830
    Summary Compensation Table
  9. 0000018230-22-000146
  10. 0000018230-21-000174
  11. 0000018230-20-000171
  12. 0000018230-19-000174
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This page is free to cite. Attribution we ask for:
Velarion, “Caterpillar executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CAT (accessed 2026).
Short form: data: Velarion
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Peers Caterpillar discloses

The companies named in CAT's own disclosed peer group.

3M CompanyCisco Systems, Inc.Honeywell International Inc.Intel CorporationThe Boeing Company

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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