Common-Size Income Statement
Quarterly Data
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Caterpillar Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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Caterpillar Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Goods Sold
- The cost of goods sold initially fluctuated between approximately 71.5% and 76.4% of sales from 2020 through early 2022. Starting in 2023, it showed a marked decline, reaching a low around 64.1%, indicating improved cost efficiency or pricing power. However, slight increases were noted near the end of 2024 and into mid-2025, though still remaining below early 2022 levels.
- Gross Margin
- Gross margin showed a moderate upward trend overall, beginning near 23.6% in mid-2020, oscillating in the mid-20s through early 2022, and then increasing substantially in 2023 and early 2024 to peaks above 35%. This suggests enhanced profitability potentially due to better cost control or product mix changes. The margin slightly declined toward the latter periods but remained relatively strong compared to earlier years.
- Revenues of Financial Products
- Revenues from financial products declined steadily from over 7% of sales in early 2020 to a low near 4.57% in late 2022. From 2023 onward, a gradual recovery is observable, reaching about 6.5% in early 2025, reflecting possible expansion or improved performance in the financial services segment.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of sales trended downward from over 12% in early 2020 to a low near 9.3% in late 2022, indicating enhanced operational efficiency. However, starting in 2023, SG&A began increasing again, climbing back to nearly 12% by mid-2025, signaling a potential rise in overhead or increased investment in sales and marketing efforts.
- Research and Development Expenses
- R&D expenses remained relatively stable throughout, hovering around 3.3% of sales, with minor fluctuations. A slight reduction to around 2.5% occurred in late 2022, followed by a gradual return toward previous levels, indicating consistent commitment to innovation without major shifts.
- Interest Expense from Financial Products
- Interest expense related to financial products decreased from 1.77% in early 2020 to around 0.79% by the end of 2021 but then progressively increased, almost doubling by mid-2025 to above 2.1%. This increase may reflect higher borrowing costs or greater debt levels within the financial segment.
- Goodwill Impairment Charge
- A significant goodwill impairment was recorded only once in late 2022 at -5.83%, indicating a one-time write-down impacting profitability during that quarter.
- Other Operating Income (Expenses)
- Other operating expenses showed a general downward trend from about -3.16% in early 2020 to a less negative position near -1.5% in 2021 and fluctuations thereafter. Notably, a sharp decline to -5.8% occurred in late 2022, possibly related to extraordinary events, before stabilizing around -2% in subsequent periods.
- Operating Profit
- Operating profit displayed volatility early on, with values between 8.42% and 16.21%. From 2023, it exhibited strong improvement, peaking at over 23% in early 2024, followed by a slight decrease but maintaining elevated levels above 18% into mid-2025, indicating enhanced operational performance.
- Interest Expense Excluding Financial Products
- Interest expense outside financial products decreased gradually from about 1.14% in early 2020 to near 0.7% by the end of 2024, suggesting more favorable financing conditions or reduced non-financial debt.
- Other Income (Expense)
- Other income experienced notable fluctuations, including negative impacts in late 2020 and a significant positive spike up to 8.12% at the end of 2021. Subsequent values stabilized around 0.5% to 2.8%, reflecting variable non-operating income components.
- Consolidated Profit Before Taxes
- Profit before taxes followed a pattern similar to operating profit, starting from around 7.28% in mid-2020, increasing to peaks above 23% in early 2024, and then a modest decline while remaining strong near 18% by mid-2025. This confirms robust earnings growth trends.
- Provision for Income Taxes
- Tax provisions showed variability, generally around 2% to 5% of sales. After a reduction in 2020-21, the tax expense increased again by 2024, peaking near 5.28%. The fluctuations may reflect changes in tax rate, geographic mix, or profitability levels.
- Profit of Consolidated Companies
- Net profit for consolidated entities rose from below 5% in mid-2020 to above 19% by early 2024, demonstrating strong earnings recovery and growth. Thereafter, the profit slightly receded but remained comfortably above 13% by mid-2025.
- Equity in Profit (Loss) of Unconsolidated Affiliated Companies
- Margins from affiliated companies were minor and slightly positive on average, with small fluctuations between -0.1% and 0.18%. These contributions remained relatively stable and limited in magnitude.
- Profit of Consolidated and Affiliated Companies
- Combined profits from consolidated and affiliated companies mirrored the consolidated companies' profit pattern, ranging from 4.9% to over 19% between 2020 and 2025, confirming overall profitability improvements.
- (Profit) Loss Attributable to Noncontrolling Interests
- Amounts attributed to noncontrolling interests were negligible and inconsistent in sign, indicating minimal impact on consolidated profitability.
- Profit Attributable to Common Stockholders
- Profit attributable to common stockholders followed the trend of consolidated profits, improving steadily from under 5% in mid-2020 to nearly 19% in early 2024, then moderating somewhat but staying above 13% into mid-2025. This denotes strong shareholder value creation over the observed periods.