Caterpillar annual gross margin
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2024
2025
Caterpillar Gross Margin Growth & History (CAT)
Caterpillar's gross margin was 33.79% for fiscal 2025.
View full Caterpillar company overviewCaterpillar annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 33.79% | −4.19 pp |
| 2024 | 2024-12-31 | 37.97% | +1.75 pp |
| 2023 | 2023-12-31 | 36.23% | +5.81 pp |
| 2022 | 2022-12-31 | 30.42% | +0.09 pp |
| 2021 | 2021-12-31 | 30.33% | −0.01 pp |
| 2020 | 2020-12-31 | 30.34% | −1.58 pp |
| 2019 | 2019-12-31 | 31.91% | −0.48 pp |
| 2018 | 2018-12-31 | 32.39% | +1.15 pp |
| 2017 | 2017-12-31 | 31.24% | +4.01 pp |
| 2016 | 2016-12-31 | 27.23% | −1.41 pp |
| 2015 | 2015-12-31 | 28.64% | +2.43 pp |
| 2014 | 2014-12-31 | 26.21% | −0.61 pp |
| 2013 | 2013-12-31 | 26.82% | −1.75 pp |
| 2012 | 2012-12-31 | 28.57% | +1.03 pp |
| 2011 | 2011-12-31 | 27.54% | −1.16 pp |
| 2010 | 2010-12-31 | 28.70% | +2.43 pp |
| 2009 | 2009-12-31 | 26.27% | +1.12 pp |
| 2008 | 2008-12-31 | 25.15% | −2.28 pp |
| 2007 | 2007-12-31 | 27.43% | — |
Caterpillar quarterly gross margin
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Q2.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 37.78% | +3.01 pp |
| Q1 2026 | 2026-03-31 | 35.08% | −2.00 pp |
| Q4 2025 | 2025-12-31 | 30.45% | −5.90 pp |
| Q3 2025 | 2025-09-30 | 33.82% | −3.68 pp |
| Q2 2025 | 2025-06-30 | 34.78% | −4.41 pp |
| Q1 2025 | 2025-03-31 | 37.08% | −1.76 pp |
| Q4 2024 | 2024-12-31 | 36.35% | +0.88 pp |
| Q3 2024 | 2024-09-30 | 37.50% | +0.46 pp |
| Q2 2024 | 2024-06-30 | 39.18% | +3.07 pp |
| Q1 2024 | 2024-03-31 | 38.84% | +2.54 pp |
| Q4 2023 | 2023-12-31 | 35.47% | +5.44 pp |
| Q3 2023 | 2023-09-30 | 37.04% | +5.08 pp |
| Q2 2023 | 2023-06-30 | 36.11% | +6.12 pp |
| Q1 2023 | 2023-03-31 | 36.31% | +6.65 pp |
| Q4 2022 | 2022-12-31 | 30.02% | +2.52 pp |
| Q3 2022 | 2022-09-30 | 31.96% | +1.47 pp |
| Q2 2022 | 2022-06-30 | 29.99% | −1.11 pp |
| Q1 2022 | 2022-03-31 | 29.66% | −2.94 pp |
| Q4 2021 | 2021-12-31 | 27.50% | +2.71 pp |
| Q3 2021 | 2021-09-30 | 30.49% | +7.12 pp |
| Q2 2021 | 2021-06-30 | 31.10% | +9.12 pp |
| Q1 2021 | 2021-03-31 | 32.60% | +7.70 pp |
| Q4 2020 | 2020-12-31 | 24.80% | −0.07 pp |
| Q3 2020 | 2020-09-30 | 23.37% | −3.32 pp |
| Q2 2020 | 2020-06-30 | 21.98% | −3.87 pp |
| Q1 2020 | 2020-03-31 | 24.90% | −2.73 pp |
| Q4 2019 | 2019-12-31 | 24.87% | −0.53 pp |
| Q3 2019 | 2019-09-30 | 26.69% | −1.00 pp |
| Q2 2019 | 2019-06-30 | 25.85% | −1.68 pp |
| Q1 2019 | 2019-03-31 | 27.63% | −0.24 pp |
| Q4 2018 | 2018-12-31 | 25.40% | +0.36 pp |
| Q3 2018 | 2018-09-30 | 27.69% | +1.10 pp |
| Q2 2018 | 2018-06-30 | 27.53% | +2.61 pp |
| Q1 2018 | 2018-03-31 | 27.87% | +4.16 pp |
| Q4 2017 | 2017-12-31 | 25.04% | +11.00 pp |
| Q3 2017 | 2017-09-30 | 26.59% | +5.46 pp |
| Q2 2017 | 2017-06-30 | 24.91% | +3.39 pp |
| Q1 2017 | 2017-03-31 | 23.71% | +3.02 pp |
| Q4 2016 | 2016-12-31 | 14.04% | −4.80 pp |
| Q3 2016 | 2016-09-30 | 21.14% | −0.88 pp |
| Q2 2016 | 2016-06-30 | 21.52% | −2.09 pp |
| Q1 2016 | 2016-03-31 | 20.70% | −4.51 pp |
| Q4 2015 | 2015-12-31 | 18.84% | −0.78 pp |
| Q3 2015 | 2015-09-30 | 22.01% | −6.88 pp |
| Q2 2015 | 2015-06-30 | 23.62% | −4.32 pp |
| Q1 2015 | 2015-03-31 | 25.20% | −3.53 pp |
| Q4 2014 | 2014-12-31 | 19.62% | −1.94 pp |
| Q3 2014 | 2014-09-30 | 28.90% | +7.26 pp |
| Q2 2014 | 2014-06-30 | 27.94% | +6.65 pp |
| Q1 2014 | 2014-03-31 | 28.73% | +7.19 pp |
| Q4 2013 | 2013-12-31 | 21.56% | +0.05 pp |
| Q3 2013 | 2013-09-30 | 21.63% | −3.30 pp |
| Q2 2013 | 2013-06-30 | 21.29% | −4.06 pp |
| Q1 2013 | 2013-03-31 | 21.54% | −3.81 pp |
| Q4 2012 | 2012-12-31 | 21.51% | −0.49 pp |
| Q3 2012 | 2012-09-30 | 24.93% | +2.23 pp |
| Q2 2012 | 2012-06-30 | 25.35% | +2.64 pp |
| Q1 2012 | 2012-03-31 | 25.35% | +0.48 pp |
| Q4 2011 | 2011-12-31 | 22.00% | +0.20 pp |
| Q3 2011 | 2011-09-30 | 22.70% | −1.55 pp |
| Q2 2011 | 2011-06-30 | 22.71% | −6.46 pp |
| Q1 2011 | 2011-03-31 | 24.87% | −3.59 pp |
| Q4 2010 | 2010-12-31 | 21.80% | −4.10 pp |
| Q3 2010 | 2010-09-30 | 24.25% | −3.74 pp |
| Q2 2010 | 2010-06-30 | 29.18% | +1.30 pp |
| Q1 2010 | 2010-03-31 | 28.45% | +4.63 pp |
| Q4 2009 | 2009-12-31 | 25.91% | — |
| Q3 2009 | 2009-09-30 | 27.99% | +2.75 pp |
| Q2 2009 | 2009-06-30 | 27.87% | — |
| Q1 2009 | 2009-03-31 | 23.83% | — |
| Q3 2008 | 2008-09-30 | 25.24% | — |
Caterpillar gross margin trends
Over the last five fiscal years, Caterpillar's gross margin increased from 30.34% to 33.79%, a change of +3.45 percentage points. The latest reported quarter, Q2 2026, shows 37.78%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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