Caterpillar Inc. (CAT) Income Statement
CAT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCAT revenue and net income
Where CAT's revenue goes
2025Each bar shows an amount and its share of revenue. CAT kept 13.1% of revenue as net income.
CAT profit margins
CAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.3% | +4.4% | +10.1% | +3.7% |
| Gross profit | −6.3% | +7.7% | +12.6% | +5.4% |
| Operating income | −14.2% | +12.4% | +19.7% | +11.5% |
| Net income | −17.8% | +9.8% | +24.2% | +13.5% |
| EPS (diluted) | −12.9% | +11.2% | +25.7% | +15.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CAT quarterly EPS vs estimates
Caterpillar beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $6.95).
CAT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.59B | $64.81B | $67.06B | $59.43B | $50.97B | $41.75B | $53.80B | $54.72B | $45.46B | $38.54B |
| Cost of revenue | $45.73B | $41.48B | $43.80B | $41.91B | $35.97B | $29.67B | $37.38B | $37.72B | $31.91B | $28.64B |
| Gross profit | $21.86B | $23.32B | $23.26B | $17.51B | $15.00B | $12.08B | $16.42B | $17.00B | $13.56B | $9.90B |
| Research & development | $2.15B | $2.11B | $2.11B | $1.81B | $1.69B | $1.42B | $1.69B | $1.85B | $1.84B | $1.85B |
| Sales, general & admin | $6.99B | $6.67B | $6.37B | $5.65B | $5.37B | $4.64B | $5.16B | $5.48B | $5.18B | $4.69B |
| Total operating expenses | $10.65B | $10.25B | $10.30B | $9.61B | $8.12B | $7.52B | $8.13B | $8.71B | $9.10B | $8.73B |
| Operating income | $11.21B | $13.07B | $12.97B | $7.90B | $6.88B | $4.55B | $8.29B | $8.29B | $4.46B | $1.16B |
| Interest income | $502.0M | $482.0M | $494.0M | $443.0M | $488.0M | $514.0M | $227.0M | $513.0M | $409.0M | $451.0M |
| Interest expense | $1.03B | $512.0M | $511.0M | $443.0M | $485.0M | $510.0M | $417.0M | $401.0M | $522.0M | $499.0M |
| Income before taxes | $11.56B | $13.42B | $13.11B | $8.77B | $8.23B | $4.01B | $7.84B | $7.85B | $4.10B | $133.0M |
| Income taxes | $2.77B | $2.63B | $2.78B | $2.07B | $1.74B | $1.01B | $1.75B | $1.70B | $3.34B | $192.0M |
| Net income | $8.87B | $10.79B | $10.34B | $6.71B | $6.49B | $3.00B | $6.09B | $6.15B | $754.0M | −$67.0M |
| EBITDA | $14.86B | $16.04B | $15.71B | $11.41B | $11.04B | $6.94B | $10.81B | $10.99B | $7.49B | $3.68B |
| EPS (diluted) | $19.08 | $21.90 | $21.21 | $13.87 | $10.82 | $6.09 | $11.06 | $11.20 | $6.88 | $3.44 |
| Gross margin | 32.3% | 36.0% | 34.7% | 29.5% | 29.4% | 28.9% | 30.5% | 31.1% | 29.8% | 25.7% |
| Operating margin | 16.6% | 20.2% | 19.3% | 13.3% | 13.5% | 10.9% | 15.4% | 15.2% | 9.8% | 3.0% |
| Net margin | 13.1% | 16.7% | 15.4% | 11.3% | 12.7% | 7.2% | 11.3% | 11.2% | 1.7% | −0.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.54B | $17.41B | $19.13B | $17.64B | $16.57B | $14.25B | $16.21B | $16.11B | $16.69B | $15.80B | $17.07B | $16.81B |
| Cost of revenue | $12.78B | $11.31B | $13.66B | $11.67B | $11.11B | $9.29B | $10.66B | $10.40B | $10.46B | $9.96B | $11.30B | $10.86B |
| Gross profit | $7.76B | $6.11B | $5.47B | $5.96B | $5.46B | $4.96B | $5.56B | $5.70B | $6.22B | $5.84B | $5.77B | $5.95B |
| Research & development | $616.0M | $537.0M | $562.0M | $555.0M | $551.0M | $480.0M | $519.0M | $533.0M | $535.0M | $520.0M | $554.0M | $554.0M |
| Sales, general & admin | $2.02B | $1.82B | $1.88B | $1.82B | $1.69B | $1.59B | $1.77B | $1.67B | $1.65B | $1.58B | $1.76B | $1.62B |
| Total operating expenses | $3.47B | $3.02B | $2.81B | $2.91B | $2.54B | $2.38B | $2.63B | $2.56B | $2.74B | $2.32B | $2.63B | $2.50B |
| Operating income | $4.29B | $3.08B | $2.66B | $3.05B | $2.92B | $2.58B | $2.92B | $3.15B | $3.48B | $3.52B | $3.13B | $3.45B |
| Interest income | — | — | $127.0M | $31.0M | $142.0M | $32.0M | $120.0M | $108.0M | $118.0M | $136.0M | $170.0M | $129.0M |
| Interest expense | $135.0M | $134.0M | $478.0M | $346.0M | $107.0M | $99.0M | $107.0M | $93.0M | $113.0M | $122.0M | $126.0M | $109.0M |
| Income before taxes | $4.56B | $3.21B | $3.03B | $3.13B | $2.83B | $2.58B | $3.25B | $3.10B | $3.52B | $3.54B | $3.26B | $3.53B |
| Income taxes | $965.0M | $670.0M | $712.0M | $836.0M | $646.0M | $574.0M | $463.0M | $642.0M | $836.0M | $688.0M | $587.0M | $734.0M |
| Net income | $3.59B | $2.55B | $2.40B | $2.29B | $2.18B | $2.00B | $2.79B | $2.46B | $2.68B | $2.86B | $2.68B | $2.79B |
| EBITDA | $5.31B | $3.94B | $4.10B | $4.05B | $3.48B | $3.23B | $3.90B | $3.77B | $4.17B | $4.20B | $3.92B | $4.17B |
| EPS (diluted) | $8.17 | $5.54 | $5.16 | $4.95 | $4.72 | $4.25 | $5.14 | $5.17 | $5.99 | $5.60 | $5.23 | $5.52 |
| Gross margin | 37.8% | 35.1% | 28.6% | 33.8% | 33.0% | 34.8% | 34.3% | 35.4% | 37.3% | 37.0% | 33.8% | 35.4% |
| Operating margin | 20.9% | 17.7% | 13.9% | 17.3% | 17.6% | 18.1% | 18.0% | 19.5% | 20.9% | 22.3% | 18.4% | 20.5% |
| Net margin | 17.5% | 14.6% | 12.5% | 13.0% | 13.2% | 14.1% | 17.2% | 15.3% | 16.1% | 18.1% | 15.7% | 16.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CAT's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CAT financial results
In fiscal year 2025 (ended December 31, 2025), Caterpillar reported revenue of $67.6 billion, up 4.3% from the year before. It had net income of $8.9 billion (down 17.8%), a net profit margin of 13.1%. Diluted earnings per share came to $19.08. Over five years revenue grew at an average rate of 10.1% a year.
See the CAT stock overview for the latest quote and news, or the CAT chart for price history and technical indicators.
CAT income statement FAQ
What is Caterpillar's annual revenue?
Caterpillar reported total revenue of $67.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.3% from $64.8 billion the previous year.
Is Caterpillar profitable?
Yes. Caterpillar reported net income of $8.9 billion in fiscal 2025, a net profit margin of 13.1%; its operating margin was 16.6%.
What is Caterpillar's gross margin?
Caterpillar's gross margin was 32.3% in fiscal 2025: for every $100 of revenue, Caterpillar kept $32 after the direct cost of its products and services.
How much does Caterpillar spend on research and development?
Caterpillar spent $2.1 billion on research and development in fiscal 2025, 3.2% of revenue.
How fast is Caterpillar growing?
Revenue grew 10.1% a year on average over the last five fiscal years, from $41.7 billion to $67.6 billion.
What are Caterpillar's earnings per share?
Caterpillar earned $19.08 per diluted share in fiscal 2025, compared with $21.90 a year earlier.
When will Caterpillar report its next earnings?
Caterpillar is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Caterpillar's fiscal year end?
Caterpillar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.