Analysis of Revenues
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Revenues as Reported
Caterpillar Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
External sales and revenues exhibited a generally positive trajectory between 2021 and 2025, though with some fluctuation. Overall revenue increased from US$50,971 million in 2021 to US$67,589 million in 2025. However, growth was not consistent year-over-year.
- North America
- North America consistently represents the largest revenue contributor. Revenue in this region demonstrated substantial growth from 2021 to 2023, increasing from US$22,023 million to US$34,606 million. A slight decrease was observed in 2024 to US$34,397 million, followed by a modest recovery to US$36,609 million in 2025. This suggests a maturing market or increased competition within the region towards the end of the period.
- Latin America
- Latin America showed steady, albeit moderate, growth throughout the five-year period. Revenue increased from US$5,086 million in 2021 to US$6,988 million in 2025. The rate of increase was slower compared to North America, indicating a potentially different market dynamic or growth potential.
- Europe, Africa, the Middle East and Eurasia (EAME)
- Revenue from the EAME region experienced incremental growth from 2021 to 2023, rising from US$12,137 million to US$13,673 million. A decline was noted in 2024, with revenue falling to US$12,316 million, before a partial recovery to US$12,793 million in 2025. This region’s performance appears more volatile than that of North America or Latin America.
- Asia/Pacific
- The Asia/Pacific region exhibited relatively stable revenue between 2021 and 2023, fluctuating around US$11.7 to US$12.1 billion. A noticeable decrease occurred in 2024, with revenue dropping to US$11,388 million, and this downward trend continued into 2025, reaching US$11,199 million. This represents the only region with a consistent decline in revenue over the latter part of the analyzed period.
The overall increase in external sales and revenues between 2021 and 2025 was primarily driven by growth in North America. While other regions contributed positively, the Asia/Pacific region’s declining performance in the final two years warrants further investigation. The dip in 2024 for overall revenues, despite North American growth, suggests offsetting declines in other geographic areas.