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Caterpillar Inc. (NYSE:CAT)

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Common-Size Income Statement
Quarterly Data

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Caterpillar Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales of Machinery, Power & Energy
Cost of goods sold
Gross margin
Revenues of Financial Products
Selling, general and administrative expenses
Research and development expenses
Interest expense of Financial Products
Goodwill impairment charge
Other operating income (expenses)
Operating profit
Interest expense excluding Financial Products
Other income (expense)
Consolidated profit before taxes
Provision for income taxes
Profit of consolidated companies
Equity in profit of unconsolidated affiliated companies
Profit of consolidated and affiliated companies
(Profit) loss attributable to noncontrolling interests
Profit attributable to common stockholders

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The common-size income statement reveals a significant expansion in profitability and operational efficiency beginning in early 2023. While the period from 2021 through 2022 was characterized by fluctuating margins and higher relative costs, the subsequent quarters demonstrate a sustained increase in both gross and operating margins, despite rising financial costs.

Gross Margin and Production Costs
A marked improvement in cost management is observed starting in the first quarter of 2023. The cost of goods sold decreased from a peak of 76.38% of sales in December 2021 to a low of 64.08% by June 2024. This efficiency gain drove gross margins from a low of 23.62% in late 2021 to a peak of 35.92% in mid-2024. Although a slight contraction occurred in late 2025, margins remained substantially higher than 2021-2022 levels, ending at 34.73% in June 2026.
Operating Expense Trends
Selling, general, and administrative (SG&A) expenses remained relatively stable, typically fluctuating between 9.24% and 11.91% of sales. Research and development (R&D) spending also showed consistency, generally staying within the 2.53% to 3.66% range. Because these overhead costs did not increase proportionally with the expanding gross margins, a greater percentage of revenue was converted into operating profit.
Operating Profitability and Non-Recurring Items
Operating profit saw a structural step-up in 2023, moving from an average of approximately 14% in 2021-2022 to frequently exceeding 20% in 2023-2024. A notable outlier occurred in December 2022, where a goodwill impairment charge of 5.83% of sales significantly suppressed the operating profit for that quarter to 10.59%.
Financial Products and Interest Expenses
Revenues from financial products remained steady, averaging between 4.5% and 6.5% of machinery sales. However, the interest expense associated with these financial products showed a clear upward trend, rising from 0.79% in December 2021 to a peak of 2.44% in March 2025. This suggests an increase in the cost of funding or a higher volume of financing activity over the analyzed period.
Net Income and Bottom-Line Performance
The profit attributable to common stockholders reflects the combined impact of improved gross margins and volatile non-operating items. Net profit margins climbed from a cyclical low of 9.16% in December 2022 to a peak of 19.09% in March 2024. The final observed period in June 2026 shows a strong net profit margin of 18.35%, indicating a more profitable long-term baseline compared to the 2021-2022 period.