Caveat (foaled 1980 in Maryland) was an American thoroughbred stallion racehorse. Bred by Ryehill Farm, he was sired by Kentucky Derby winner Cannonade out of the The Axe mare, Cold Hearted.
Owned by August Belmont IV and trained by Woody Stephens, as a two year old Caveat placed second in the Grade II Lane's End Breeders' Futurity Stakes with Eddie Maple aboard.
At three, he was second in the Arkansas Derby but won the Derby Trial and the Prince John Stakes. Then in May, he was third, behind Sunny's Halo, in the Kentucky Derby. Five weeks later, he won the Belmont Stakes against a record field of 15 horses, straining a ligament in his right foreleg at the top of the stretch while doing it. The injury would be the cause of his eventual retirement.
Caveat was retired in August, 1983, and syndicated as a stallion. Very successful, he sired Arlington Million winner Awad, Timely Warning, Cefis, Warning Glance, Ratings, and Ops Smile.
As a broodmare sire, he sired Beware of the Cat, dam of Belmont Stakes winner Editor's Note.
Caveat died in February, 1995, at Northview Stallion Station, in Maryland.