A "cached" page is like a snapshot. The Yahoo! Search engine stores snapshots of the majority of web pages collected during the Web crawling process. These pages are saved or "cached" just in case the original web page is unavailable.

When you click the cached link in a web result, you will see the page as it looked when the search engine added that page to its database.The cached page will display text at the top to remind you that this might not be the most recent version of this page. Also, the words matching your search are highlighted wherever they appear on the page. The highlighted words let you see how this page relates to your search.

If you go to the actual site, you will see the most current version of the page without the highlighting.
Some individual web results don't have cached links. In these cases, either the search engine hasn't stored a copy of the page, or the owners of the site have requested that their content not be cached.
To learn more about search indexing and the Web crawling process, please visit the Indexing and Ranking help pages.