Stock Analysis on Net
Stock Analysis on Net

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: 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: 2026-03-31), 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 analysis reveals a period of significant margin expansion and operational optimization between 2021 and 2024, followed by a slight normalization in 2025. Profitability metrics showed substantial volatility in the early part of the period but shifted toward a higher baseline of efficiency in subsequent years.

Gross Margin and Cost of Goods Sold Trends
Gross margins experienced a notable trough in December 2021 at 23.62%, coinciding with a peak in the cost of goods sold at 76.38%. A strong recovery followed, with margins expanding consistently through 2023 and peaking at 35.92% in June 2024. This expansion reflects a period of significantly lower production costs relative to sales, though a gradual decline is observed toward the end of 2025, where margins settled around 31.37%.
Operating Expense Management
Selling, general, and administrative (SG&A) expenses remained relatively stable, generally fluctuating between 9% and 12% of sales. A period of peak efficiency occurred between March 2023 and June 2023, where SG&A dropped to its lowest levels near 9.2%. Research and development (R&D) expenditures demonstrated high consistency, maintaining a tight range between 3.0% and 3.6% across the entire period, suggesting a disciplined and steady investment in innovation regardless of sales fluctuations.
Financial Products and Interest Dynamics
Revenues from financial products remained a steady contributor, typically representing 4.5% to 6.5% of machinery sales. However, the interest expense associated with these financial products showed a clear upward trend, rising from approximately 1.1% in early 2021 to peaks of 2.44% in March 2025. This indicates an increasing cost of funding for the financial services segment over time.
Operating Profit and Extraordinary Items
Operating profit margins shifted from a range of 12% to 16% in 2021-2022 to a higher plateau of 18% to 23% throughout 2023 and early 2024. A significant outlier occurred in December 2022, where a goodwill impairment charge of 5.83% severely compressed the operating profit for that quarter to 10.59%. Despite this one-time event, the overall trajectory of operating profitability remained positive until a slight correction in late 2025.
Consolidated Net Profitability
Profit attributable to common stockholders mirrored the operating trend, moving from a low of 9.16% in December 2022 to a peak of 19.09% in March 2024. The net profit margin exhibits strong correlation with gross margin improvements, while the impact of noncontrolling interests remained negligible, consistently staying around 0.01%.