Caterpillar Inc. (CAT) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 17.41B | 19.13B | 17.64B | 16.57B | 14.25B | 16.21B | 16.11B | 16.69B | 15.8B | 17.07B | 16.81B | 17.32B | 15.86B | 16.6B | 14.99B | 14.25B | 13.59B | 13.8B | 12.4B | 12.89B |
| Revenue Growth % | 22.22% | 18% | 9.51% | -0.72% | -9.81% | -5.01% | -4.19% | -3.63% | -0.4% | 2.85% | 12.11% | 21.56% | 16.73% | 20.29% | 20.95% | 10.54% | 14.32% | 22.81% | 25.46% | 28.93% |
| Cost of Goods Sold | 11.31B | 13.66B | 11.67B | 11.11B | 9.29B | 10.66B | 10.4B | 10.46B | 9.96B | 11.3B | 10.86B | 11.31B | 10.32B | 11.8B | 10.35B | 10.1B | 9.66B | 10.11B | 8.73B | 9B |
| COGS % of Revenue | 64.92% | 71.38% | 66.18% | 67.04% | 65.2% | 65.74% | 64.58% | 62.7% | 63.04% | 66.22% | 64.62% | 65.31% | 65.06% | 71.11% | 69.05% | 70.86% | 71.12% | 73.24% | 70.4% | 69.8% |
| Gross Profit | 6.11B | 5.47B | 5.96B | 5.46B | 4.96B | 5.56B | 5.7B | 6.22B | 5.84B | 5.77B | 5.95B | 6.01B | 5.54B | 4.79B | 4.64B | 4.15B | 3.92B | 3.69B | 3.67B | 3.89B |
| Gross Margin % | 35.08% | 28.62% | 33.82% | 32.96% | 34.8% | 34.26% | 35.42% | 37.3% | 36.96% | 33.78% | 35.38% | 34.69% | 34.94% | 28.89% | 30.95% | 29.14% | 28.88% | 26.76% | 29.6% | 30.2% |
| Gross Profit Growth % | 23.21% | -1.46% | 4.58% | -12.27% | -15.09% | -3.64% | -4.09% | 3.61% | 5.36% | 20.25% | 28.14% | 44.7% | 41.23% | 29.88% | 26.49% | 6.68% | 4.64% | 11.1% | 29.88% | 42.3% |
| Operating Expenses | 3.02B | 2.81B | 2.91B | 2.54B | 2.38B | 2.63B | 2.56B | 2.74B | 2.32B | 2.63B | 2.5B | 2.36B | 2.81B | 3.12B | 2.22B | 2.21B | 2.07B | 2.08B | 2B | 2.1B |
| OpEx % of Revenue | 17.36% | 14.71% | 16.52% | 15.34% | 16.7% | 16.23% | 15.88% | 16.44% | 14.68% | 15.42% | 14.86% | 13.6% | 17.72% | 18.77% | 14.78% | 15.5% | 15.23% | 15.08% | 16.17% | 16.32% |
| Selling, General & Admin | 1.82B | 1.88B | 1.82B | 1.69B | 1.59B | 1.77B | 1.67B | 1.65B | 1.58B | 1.76B | 1.62B | 1.53B | 1.46B | 1.48B | 1.4B | 1.43B | 1.35B | 1.42B | 1.34B | 1.36B |
| SG&A % of Revenue | 10.43% | 9.8% | 10.33% | 10.22% | 11.18% | 10.91% | 10.36% | 9.9% | 9.98% | 10.29% | 9.66% | 8.82% | 9.22% | 8.91% | 9.34% | 10% | 9.91% | 10.31% | 10.81% | 10.58% |
| Research & Development | 537M | 562M | 555M | 551M | 480M | 519M | 533M | 535M | 520M | 554M | 554M | 528M | 472M | 401M | 476M | 480M | 457M | 439M | 427M | 446M |
| R&D % of Revenue | 3.08% | 2.94% | 3.15% | 3.33% | 3.37% | 3.2% | 3.31% | 3.21% | 3.29% | 3.25% | 3.3% | 3.05% | 2.98% | 2.42% | 3.17% | 3.37% | 3.36% | 3.18% | 3.44% | 3.46% |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 3.08B | 2.66B | 3.05B | 2.92B | 2.58B | 2.92B | 3.15B | 3.48B | 3.52B | 3.13B | 3.45B | 3.65B | 2.73B | 1.68B | 2.42B | 1.94B | 1.85B | 1.61B | 1.66B | 1.79B |
| Operating Margin % | 17.71% | 13.9% | 17.3% | 17.62% | 18.1% | 18.03% | 19.54% | 20.86% | 22.27% | 18.36% | 20.52% | 21.09% | 17.22% | 10.12% | 16.17% | 13.64% | 13.65% | 11.68% | 13.42% | 13.88% |
| Operating Income Growth % | 19.62% | -9.03% | -3.02% | -16.17% | -26.71% | -6.7% | -8.76% | -4.66% | 28.85% | 86.55% | 42.23% | 87.86% | 47.22% | 4.28% | 45.73% | 8.66% | 2.26% | 16.74% | 68.93% | 128.19% |
| EBITDA | 3.68B | 3.26B | 3.62B | 3.47B | 3.12B | 3.48B | 3.69B | 4.01B | 4.04B | 3.68B | 3.97B | 4.19B | 3.26B | 2.24B | 2.98B | 2.5B | 2.41B | 2.2B | 2.26B | 2.38B |
| EBITDA Margin % | 21.13% | 17.03% | 20.54% | 20.96% | 21.89% | 21.46% | 22.91% | 24.05% | 25.59% | 21.55% | 23.64% | 24.22% | 20.57% | 13.48% | 19.85% | 17.53% | 17.75% | 15.92% | 18.21% | 18.43% |
| EBITDA Growth % | 17.99% | -6.35% | -1.84% | -13.46% | -22.85% | -5.44% | -7.15% | -4.32% | 23.9% | 64.39% | 33.53% | 67.96% | 35.28% | 1.87% | 31.86% | 5.09% | 0.5% | 10.02% | 43.03% | 70.69% |
| D&A (Non-Cash Add-back) | 595M | 598M | 570M | 554M | 540M | 555M | 543M | 531M | 524M | 545M | 525M | 542M | 532M | 558M | 551M | 553M | 557M | 586M | 593M | 587M |
| EBIT | 3.08B | 3.5B | 3.48B | 2.92B | 2.69B | 3.35B | 3.22B | 3.64B | 3.67B | 3.38B | 3.64B | 3.78B | 2.76B | 2.22B | 2.67B | 2.2B | 2.11B | 2.67B | 1.89B | 1.99B |
| Net Interest Income | -479M | -351M | -166M | -26M | 0 | 13M | 15M | 5M | 14M | 44M | 26M | -11M | -22M | -48M | -57M | -83M | -88M | -95M | -94M | -98M |
| Interest Income | 0 | 127M | 180M | 81M | 99M | 120M | 108M | 118M | 136M | 170M | 135M | 96M | 93M | 69M | 52M | 25M | 21M | 16M | 20M | 21M |
| Interest Expense | 479M | 478M | 346M | 107M | 99M | 107M | 93M | 113M | 122M | 126M | 109M | 107M | 115M | 117M | 109M | 108M | 109M | 111M | 114M | 119M |
| Other Income/Expense | 126M | 366M | 83M | -94M | -2M | 329M | -42M | 35M | 23M | 126M | 78M | 24M | -81M | 418M | 142M | 156M | 151M | 938M | 132M | 95M |
| Pretax Income | 3.21B | 3.03B | 3.13B | 2.83B | 2.58B | 3.25B | 3.1B | 3.52B | 3.54B | 3.26B | 3.53B | 3.68B | 2.65B | 2.1B | 2.57B | 2.1B | 2.01B | 2.55B | 1.8B | 1.88B |
| Pretax Margin % | 18.44% | 15.82% | 17.77% | 17.05% | 18.09% | 20.06% | 19.28% | 21.07% | 22.42% | 19.1% | 20.98% | 21.23% | 16.71% | 12.64% | 17.12% | 14.74% | 14.76% | 18.47% | 14.49% | 14.62% |
| Income Tax | 670M | 712M | 836M | 646M | 574M | 463M | 642M | 836M | 688M | 587M | 734M | 752M | 708M | 644M | 527M | 427M | 469M | 429M | 368M | 470M |
| Effective Tax Rate % | 20.87% | 23.53% | 26.67% | 22.87% | 22.27% | 14.23% | 20.68% | 23.77% | 19.42% | 18.01% | 20.81% | 20.46% | 26.72% | 30.7% | 20.53% | 20.33% | 23.38% | 16.83% | 20.49% | 24.95% |
| Net Income | 2.55B | 2.4B | 2.29B | 2.18B | 2B | 2.79B | 2.46B | 2.68B | 2.86B | 2.68B | 2.79B | 2.92B | 1.94B | 1.45B | 2.04B | 1.67B | 1.54B | 2.12B | 1.43B | 1.41B |
| Net Margin % | 14.64% | 12.55% | 12.98% | 13.15% | 14.06% | 17.21% | 15.3% | 16.06% | 18.08% | 15.68% | 16.62% | 16.87% | 12.25% | 8.76% | 13.61% | 11.74% | 11.31% | 15.36% | 11.5% | 10.96% |
| Net Income Growth % | 27.26% | -13.97% | -7.06% | -18.72% | -29.87% | 4.3% | -11.81% | -8.25% | 46.99% | 84.04% | 36.89% | 74.66% | 26.42% | -31.42% | 43.13% | 18.4% | 0.46% | 171.79% | 113.47% | 208.52% |
| Net Income (Continuing) | 2.54B | 2.31B | 2.3B | 2.18B | 2B | 2.79B | 2.46B | 2.68B | 2.85B | 2.67B | 2.79B | 2.92B | 1.94B | 1.45B | 2.04B | 1.67B | 1.54B | 2.12B | 1.43B | 1.41B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1M | 0 | 1M | 2M | 3M | 3M | 6M | 6M | 6M | 9M | 18M | 21M | 21M | 22M | 31M | 32M | 32M | 32M | 30M | 47M |
| EPS (Diluted) | 5.47 | 5.12 | 4.89 | 4.62 | 4.20 | 5.78 | 5.06 | 5.48 | 5.75 | 5.28 | 5.45 | 5.67 | 3.74 | 2.79 | 3.87 | 3.13 | 2.86 | 3.91 | 2.60 | 2.56 |
| EPS Growth % | 30.24% | -11.42% | -3.36% | -15.69% | -26.96% | 9.47% | -7.16% | -3.35% | 53.74% | 89.25% | 40.83% | 81.15% | 30.77% | -28.64% | 48.85% | 22.27% | 3.25% | 175.35% | 113.11% | 204.76% |
| EPS (Basic) | 5.50 | 5.15 | 4.89 | 4.64 | 4.22 | 5.81 | 5.09 | 5.50 | 5.78 | 5.31 | 5.48 | 5.70 | 3.76 | 2.81 | 3.89 | 3.15 | 2.88 | 3.94 | 2.62 | 2.58 |
| Diluted Shares Outstanding | 465.8M | 469M | 470.8M | 471.5M | 477.1M | 486.7M | 486.7M | 489.5M | 496.9M | 507M | 512.6M | 515M | 519.4M | 520.9M | 527.6M | 534.1M | 538.3M | 542.6M | 547.6M | 552.1M |
| Basic Shares Outstanding | 463.4M | 466.5M | 468.6M | 469.7M | 474.9M | 484.2M | 484.2M | 487.2M | 493.9M | 504.4M | 509.8M | 512.9M | 516.2M | 517.4M | 525M | 531M | 534.5M | 538.7M | 544M | 547.9M |
| Dividend Payout Ratio | 27.58% | 29.4% | 30.87% | 30.38% | 33.65% | 24.36% | 27.72% | 23.69% | 22.69% | 24.74% | 23.73% | 21.15% | 31.91% | 42.64% | 31.01% | 35.39% | 38.71% | 28.25% | 42.57% | 39.92% |