Caterpillar annual operating margin
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2025
Caterpillar Operating Margin Growth & History (CAT)
Caterpillar's operating margin was 16.50% for fiscal 2025.
View full Caterpillar company overviewCaterpillar annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 16.50% | −3.67 pp |
| 2024 | 2024-12-31 | 20.17% | +0.84 pp |
| 2023 | 2023-12-31 | 19.33% | +6.03 pp |
| 2022 | 2022-12-31 | 13.30% | −0.19 pp |
| 2021 | 2021-12-31 | 13.49% | +2.59 pp |
| 2020 | 2020-12-31 | 10.91% | −4.50 pp |
| 2019 | 2019-12-31 | 15.41% | +0.25 pp |
| 2018 | 2018-12-31 | 15.15% | +5.34 pp |
| 2017 | 2017-12-31 | 9.81% | +6.80 pp |
| 2016 | 2016-12-31 | 3.02% | −5.04 pp |
| 2015 | 2015-12-31 | 8.05% | +2.05 pp |
| 2014 | 2014-12-31 | 6.01% | −4.11 pp |
| 2013 | 2013-12-31 | 10.11% | −2.90 pp |
| 2012 | 2012-12-31 | 13.01% | +1.12 pp |
| 2011 | 2011-12-31 | 11.89% | +2.59 pp |
| 2010 | 2010-12-31 | 9.31% | +7.52 pp |
| 2009 | 2009-12-31 | 1.78% | −6.89 pp |
| 2008 | 2008-12-31 | 8.67% | −2.28 pp |
| 2007 | 2007-12-31 | 10.95% | — |
Caterpillar quarterly operating margin
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Q4.10
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Q1.20
Q2.20
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Q2.21
Q3.21
Q4.21
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Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
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Q1.24
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Q3.24
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Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 20.91% | +3.65 pp |
| Q1 2026 | 2026-03-31 | 17.71% | −0.38 pp |
| Q4 2025 | 2025-12-31 | 13.90% | −4.13 pp |
| Q3 2025 | 2025-09-30 | 17.30% | −2.24 pp |
| Q2 2025 | 2025-06-30 | 17.26% | −3.60 pp |
| Q1 2025 | 2025-03-31 | 18.10% | −4.17 pp |
| Q4 2024 | 2024-12-31 | 18.03% | −0.33 pp |
| Q3 2024 | 2024-09-30 | 19.54% | −0.98 pp |
| Q2 2024 | 2024-06-30 | 20.86% | −0.22 pp |
| Q1 2024 | 2024-03-31 | 22.27% | +5.06 pp |
| Q4 2023 | 2023-12-31 | 18.36% | +8.24 pp |
| Q3 2023 | 2023-09-30 | 20.52% | +4.34 pp |
| Q2 2023 | 2023-06-30 | 21.09% | +7.44 pp |
| Q1 2023 | 2023-03-31 | 17.22% | +3.57 pp |
| Q4 2022 | 2022-12-31 | 10.12% | −1.55 pp |
| Q3 2022 | 2022-09-30 | 16.17% | +2.75 pp |
| Q2 2022 | 2022-06-30 | 13.64% | −0.24 pp |
| Q1 2022 | 2022-03-31 | 13.65% | −1.61 pp |
| Q4 2021 | 2021-12-31 | 11.68% | −0.61 pp |
| Q3 2021 | 2021-09-30 | 13.42% | +3.45 pp |
| Q2 2021 | 2021-06-30 | 13.88% | +6.04 pp |
| Q1 2021 | 2021-03-31 | 15.26% | +2.06 pp |
| Q4 2020 | 2020-12-31 | 12.28% | −1.79 pp |
| Q3 2020 | 2020-09-30 | 9.97% | −5.86 pp |
| Q2 2020 | 2020-06-30 | 7.84% | −7.49 pp |
| Q1 2020 | 2020-03-31 | 13.20% | −3.19 pp |
| Q4 2019 | 2019-12-31 | 14.07% | +0.95 pp |
| Q3 2019 | 2019-09-30 | 15.83% | +0.03 pp |
| Q2 2019 | 2019-06-30 | 15.33% | −0.13 pp |
| Q1 2019 | 2019-03-31 | 16.39% | −0.00 pp |
| Q4 2018 | 2018-12-31 | 13.13% | +2.37 pp |
| Q3 2018 | 2018-09-30 | 15.80% | +2.58 pp |
| Q2 2018 | 2018-06-30 | 15.47% | +5.02 pp |
| Q1 2018 | 2018-03-31 | 16.39% | +12.52 pp |
| Q4 2017 | 2017-12-31 | 10.76% | +17.00 pp |
| Q3 2017 | 2017-09-30 | 13.22% | +7.97 pp |
| Q2 2017 | 2017-06-30 | 10.45% | +2.86 pp |
| Q1 2017 | 2017-03-31 | 3.87% | −1.35 pp |
| Q4 2016 | 2016-12-31 | −6.25% | −4.66 pp |
| Q3 2016 | 2016-09-30 | 5.25% | −3.19 pp |
| Q2 2016 | 2016-06-30 | 7.59% | −3.23 pp |
| Q1 2016 | 2016-03-31 | 5.22% | −8.18 pp |
| Q4 2015 | 2015-12-31 | −1.59% | +5.09 pp |
| Q3 2015 | 2015-09-30 | 8.44% | −1.84 pp |
| Q2 2015 | 2015-06-30 | 10.82% | +0.40 pp |
| Q1 2015 | 2015-03-31 | 13.40% | +2.84 pp |
| Q4 2014 | 2014-12-31 | −6.68% | −16.76 pp |
| Q3 2014 | 2014-09-30 | 10.27% | −0.16 pp |
| Q2 2014 | 2014-06-30 | 10.42% | −0.23 pp |
| Q1 2014 | 2014-03-31 | 10.56% | +1.34 pp |
| Q4 2013 | 2013-12-31 | 10.08% | +3.62 pp |
| Q3 2013 | 2013-09-30 | 10.44% | −5.35 pp |
| Q2 2013 | 2013-06-30 | 10.65% | −4.41 pp |
| Q1 2013 | 2013-03-31 | 9.22% | −5.32 pp |
| Q4 2012 | 2012-12-31 | 6.46% | −4.91 pp |
| Q3 2012 | 2012-09-30 | 15.79% | +4.59 pp |
| Q2 2012 | 2012-06-30 | 15.06% | +3.81 pp |
| Q1 2012 | 2012-03-31 | 14.54% | +0.38 pp |
| Q4 2011 | 2011-12-31 | 11.37% | +1.29 pp |
| Q3 2011 | 2011-09-30 | 11.19% | +0.53 pp |
| Q2 2011 | 2011-06-30 | 11.25% | +1.86 pp |
| Q1 2011 | 2011-03-31 | 14.16% | +7.99 pp |
| Q4 2010 | 2010-12-31 | 10.08% | +8.46 pp |
| Q3 2010 | 2010-09-30 | 10.66% | +6.87 pp |
| Q2 2010 | 2010-06-30 | 9.39% | +5.04 pp |
| Q1 2010 | 2010-03-31 | 6.17% | +8.06 pp |
| Q4 2009 | 2009-12-31 | 1.62% | −7.42 pp |
| Q3 2009 | 2009-09-30 | 3.80% | −7.40 pp |
| Q2 2009 | 2009-06-30 | 4.35% | — |
| Q1 2009 | 2009-03-31 | −1.90% | — |
| Q3 2008 | 2008-09-30 | 9.04% | — |
| Q2 2008 | 2008-06-30 | 11.19% | — |
Caterpillar operating margin trends
Over the last five reported fiscal years, Caterpillar's operating margin increased from 10.91% to 16.50%, a change of +5.59 percentage points. The latest reported quarter, Q2 2026, shows 20.91%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income 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.
Review Caterpillar filings at SEC.gov ↗