Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Caterpillar Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Sales of Machinery, Energy & Transportation	15,674)	13,378)	15,332)	15,231)	15,840)	14,960)	16,237)	15,988)	16,545)	15,099)	15,871)	14,278)	13,539)	12,886)	13,097)	11,707)	12,193)	11,191)	10,570)	9,228)	9,310)	9,914)
Cost of goods sold	(10,807)	(8,965)	(10,321)	(10,066)	(10,150)	(9,662)	(11,016)	(10,583)	(11,065)	(10,103)	(11,614)	(10,202)	(9,975)	(9,559)	(10,003)	(8,617)	(8,881)	(8,012)	(7,784)	(6,919)	(7,113)	(7,266)
Gross margin	4,867)	4,413)	5,011)	5,165)	5,690)	5,298)	5,221)	5,405)	5,480)	4,996)	4,257)	4,076)	3,564)	3,327)	3,094)	3,090)	3,312)	3,179)	2,786)	2,309)	2,197)	2,648)
Revenues of Financial Products	895)	871)	883)	875)	849)	839)	833)	822)	773)	763)	726)	716)	708)	703)	701)	690)	696)	696)	665)	653)	687)	721)
Selling, general and administrative expenses	(1,694)	(1,593)	(1,769)	(1,669)	(1,652)	(1,577)	(1,756)	(1,624)	(1,528)	(1,463)	(1,479)	(1,401)	(1,425)	(1,346)	(1,422)	(1,340)	(1,364)	(1,239)	(1,216)	(1,126)	(1,179)	(1,121)
Research and development expenses	(551)	(480)	(519)	(533)	(535)	(520)	(554)	(554)	(528)	(472)	(401)	(476)	(480)	(457)	(439)	(427)	(446)	(374)	(374)	(344)	(341)	(356)
Interest expense of Financial Products	(336)	(326)	(338)	(336)	(314)	(298)	(288)	(280)	(245)	(217)	(188)	(151)	(120)	(106)	(103)	(111)	(116)	(125)	(128)	(137)	(149)	(175)
Goodwill impairment charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(925)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other operating income (expenses)	(321)	(306)	(344)	(355)	(556)	(223)	(322)	(320)	(300)	(876)	(310)	(339)	(303)	(266)	(220)	(238)	(293)	(323)	(353)	(370)	(431)	(313)
Operating profit	2,860)	2,579)	2,924)	3,147)	3,482)	3,519)	3,134)	3,449)	3,652)	2,731)	1,680)	2,425)	1,944)	1,855)	1,611)	1,664)	1,789)	1,814)	1,380)	985)	784)	1,404)
Interest expense excluding Financial Products	(126)	(116)	(107)	(125)	(137)	(143)	(126)	(129)	(127)	(129)	(117)	(109)	(108)	(109)	(112)	(114)	(120)	(142)	(130)	(136)	(135)	(113)
Other income (expense)	84)	107)	426)	76)	155)	156)	241)	195)	127)	32)	536)	242)	260)	253)	1,063)	225)	201)	325)	(309)	14)	29)	222)
Consolidated profit before taxes	2,818)	2,570)	3,243)	3,098)	3,500)	3,532)	3,249)	3,515)	3,652)	2,634)	2,099)	2,558)	2,096)	1,999)	2,562)	1,775)	1,870)	1,997)	941)	863)	678)	1,513)
Provision for income taxes	(646)	(574)	(463)	(642)	(836)	(688)	(587)	(734)	(752)	(708)	(644)	(527)	(427)	(469)	(429)	(368)	(470)	(475)	(167)	(187)	(227)	(425)
Profit of consolidated companies	2,172)	1,996)	2,780)	2,456)	2,664)	2,844)	2,662)	2,781)	2,900)	1,926)	1,455)	2,031)	1,669)	1,530)	2,133)	1,407)	1,400)	1,522)	774)	676)	451)	1,088)
Equity in profit (loss) of unconsolidated affiliated companies	7)	7)	10)	7)	17)	10)	11)	12)	24)	16)	(1)	9)	4)	7)	(13)	21)	14)	9)	6)	(5)	8)	5)
Profit of consolidated and affiliated companies	2,179)	2,003)	2,790)	2,463)	2,681)	2,854)	2,673)	2,793)	2,924)	1,942)	1,454)	2,040)	1,673)	1,537)	2,120)	1,428)	1,414)	1,531)	780)	671)	459)	1,093)
(Profit) loss attributable to noncontrolling interests	—)	—)	1)	1)	—)	2)	3)	1)	(2)	1)	—)	1)	—)	—)	—)	(2)	(1)	(1)	—)	(3)	(1)	(1)
Profit attributable to common stockholders	2,179)	2,003)	2,791)	2,464)	2,681)	2,856)	2,676)	2,794)	2,922)	1,943)	1,454)	2,041)	1,673)	1,537)	2,120)	1,426)	1,413)	1,530)	780)	668)	458)	1,092)

Sales of Machinery, Energy & Transportation: The sales figures show an overall upward trend from March 2020 to June 2025, with some fluctuations. Initial sales started at $9,914 million in March 2020 and reached peak values around $16,545 million in September 2023. However, there is a notable dip after March 2024 where the sales dropped sharply to $13,378 million in March 2025 before recovering to $15,674 million in June 2025, suggesting seasonal or market-related volatility.
Cost of Goods Sold (COGS): COGS generally increased over the periods, starting at $7,266 million in March 2020 and fluctuating upward to $11,614 million by December 2022, with some decreases afterward. Despite declining somewhat after December 2022, high costs continued into 2025 with $10,807 million reported in June 2025. This pattern indicates increasing production and operational costs consistent with rising sales volume.
Gross Margin: Gross margin displays overall growth from $2,648 million in March 2020 to a maximum of $5,480 million in June 2023. Subsequent quarters show some decline but maintain relatively strong levels above $4,000 million. This indicates improved profitability in core operations initially, with some margin pressure in later periods.
Revenues of Financial Products: This revenue line remains relatively stable with slow but consistent growth from $721 million in March 2020 to $895 million in June 2025, suggesting steady performance from financial products without significant volatility.
Selling, General and Administrative Expenses (SG&A): SG&A expenses gradually increased from $1,121 million in March 2020 to a peak near $1,756 million in December 2021 and $1,694 million in June 2025. The general upward trend reflects increased overhead costs associated with expanding business operations.
Research and Development Expenses: R&D expenses rose from $356 million in March 2020 with peaks particularly around 2023, reaching $554 million multiple times. This emphasizes sustained investment in innovation and product development throughout the period with moderate fluctuations reflecting budget adjustments.
Interest Expense of Financial Products: The interest expense associated with financial products exhibits a rising trend, increasing from $175 million in March 2020 to a high of $338 million in December 2024 and June 2025, indicating increased borrowing costs or higher debt levels related to financial product operations.
Goodwill Impairment Charge: A significant one-time charge of $925 million was recorded in December 2022. This likely reflects impairment related to acquisitions or asset revaluations and impacts profitability for that quarter markedly.
Other Operating Income (Expenses): These figures fluctuate considerably, with a significant negative spike of $876 million in December 2022, coinciding with the goodwill impairment. Otherwise, values show variable moderate losses or gains, indicating episodic non-recurring items or operational adjustments.
Operating Profit: Operating profit shows substantial improvement from $1,404 million in March 2020 to a peak of $3,652 million in June 2023. However, some decreases occur afterward, settling around $2,860 million by June 2025. The general pattern reflects strengthening operating efficiency albeit with some volatility.
Interest Expense Excluding Financial Products: Non-financial product interest expenses remain relatively stable, fluctuating between $107 million and $143 million, indicating consistent traditional financing costs with no major changes.
Other Income (Expense): Other income exhibits significant variability; periods with strong positive contributions include December 2021 ($1,063 million) and December 2022 ($536 million), likely reflecting gains or recoveries against prior losses. Some quarters show minimal or negative results, indicating occasional irregular financial impacts.
Consolidated Profit Before Taxes: Profit before taxes increased from $1,513 million in March 2020 to a broad peak of $3,532 million in December 2023. Despite some volatility, profitability before tax status is generally strong, although it declines somewhat after mid-2023.
Provision for Income Taxes: Tax provisions increased over time, ranging between $167 million and $836 million, with notable increases in later periods, reflecting higher profitability and corresponding tax obligations.
Profit of Consolidated Companies: Net profit attributable to consolidated companies follows the upward trend in operating performance, rising from $1,088 million in March 2020 to a peak near $2,900 million in June 2023, then stabilizing in the $2,400 million to $2,800 million range through mid-2025. This corroborates improved earnings capabilities.
Equity in Profit (Loss) of Unconsolidated Affiliated Companies: This line fluctuates modestly around small positive and negative values, with no clear trend, indicating minor contributions from affiliate equity interests.
Profit of Consolidated and Affiliated Companies: The combined profit measure parallels consolidated profit trends, reaching a maximum of $2,924 million in June 2023, with fluctuations thereafter, confirming overall growth in comprehensive profitability inclusive of affiliated interests.
(Profit) Loss Attributable to Noncontrolling Interests: Values are negligible with irregular small positive or negative amounts, suggesting minimal impact on overall profitability from noncontrolling interests.
Profit Attributable to Common Stockholders: Profit attributable to common stockholders shows consistent growth from $1,092 million in March 2020 to a high of $2,922 million in June 2023, followed by stabilization in the $2,400 million to $2,800 million range through June 2025, reflecting solid earnings available to shareholders despite some periodic variability.

Download chart

Caterpillar Inc. (NYSE:CAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data