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:	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	16,473)	18,202)	16,726)	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)
Cost of goods sold	(11,306)	(13,307)	(11,673)	(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)
Gross margin	5,167)	4,895)	5,053)	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)
Revenues of Financial Products	942)	931)	912)	895)	871)	883)	875)	849)	839)	833)	822)	773)	763)	726)	716)	708)	703)	701)	690)	696)	696)
Selling, general and administrative expenses	(1,816)	(1,876)	(1,822)	(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)
Research and development expenses	(537)	(562)	(555)	(551)	(480)	(519)	(533)	(535)	(520)	(554)	(554)	(528)	(472)	(401)	(476)	(480)	(457)	(439)	(427)	(446)	(374)
Interest expense of Financial Products	(345)	(351)	(346)	(336)	(326)	(338)	(336)	(314)	(298)	(288)	(280)	(245)	(217)	(188)	(151)	(120)	(106)	(103)	(111)	(116)	(125)
Goodwill impairment charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(925)	—)	—)	—)	—)	—)	—)	—)
Other operating income (expenses)	(326)	(377)	(190)	(321)	(306)	(344)	(355)	(556)	(223)	(322)	(320)	(300)	(876)	(310)	(339)	(303)	(266)	(220)	(238)	(293)	(323)
Operating profit	3,085)	2,660)	3,052)	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)
Interest expense excluding Financial Products	(134)	(127)	(133)	(126)	(116)	(107)	(125)	(137)	(143)	(126)	(129)	(127)	(129)	(117)	(109)	(108)	(109)	(112)	(114)	(120)	(142)
Other income (expense)	260)	493)	208)	84)	107)	426)	76)	155)	156)	241)	195)	127)	32)	536)	242)	260)	253)	1,063)	225)	201)	325)
Consolidated profit before taxes	3,211)	3,026)	3,127)	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)
Provision for income taxes	(670)	(712)	(836)	(646)	(574)	(463)	(642)	(836)	(688)	(587)	(734)	(752)	(708)	(644)	(527)	(427)	(469)	(429)	(368)	(470)	(475)
Profit of consolidated companies	2,541)	2,314)	2,291)	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)
Equity in profit of unconsolidated affiliated companies	7)	87)	8)	7)	7)	10)	7)	17)	10)	11)	12)	24)	16)	(1)	9)	4)	7)	(13)	21)	14)	9)
Profit of consolidated and affiliated companies	2,548)	2,401)	2,299)	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)
(Profit) loss attributable to noncontrolling interests	1)	1)	1)	—)	—)	1)	1)	—)	2)	3)	1)	(2)	1)	—)	1)	—)	—)	—)	(2)	(1)	(1)
Profit attributable to common stockholders	2,549)	2,402)	2,300)	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)

The financial trajectory from March 2021 through March 2026 is characterized by sustained growth in top-line revenue and a significant expansion in operational profitability, despite periodic volatility and rising financing costs.

Revenue and Gross Profitability: Sales of Machinery, Power and Energy exhibit a strong upward trend, rising from 11,191 million USD in March 2021 to a peak of 18,202 million USD in December 2025. This growth is accompanied by a notable expansion in gross margins, which increased from 3,179 million USD to a peak of 5,690 million USD in June 2024. The ratio of gross margin to sales indicates improved pricing power or cost efficiencies, as the margin percentage grew more rapidly than the revenue growth rate during the 2022-2023 period.
Operating Expense Analysis: Selling, general and administrative (SG&A) expenses and research and development (R&D) costs both show a steady increase over the period. SG&A expenses rose from 1,239 million USD in March 2021 to 1,816 million USD by March 2026. Similarly, R&D spending climbed from 374 million USD to 537 million USD. While these expenses increased in absolute terms, they did so at a slower pace than gross margin growth, resulting in significant operating leverage.
Operating Profit and Special Items: Operating profit demonstrates a general upward trend, starting at 1,814 million USD in March 2021 and reaching 3,085 million USD by March 2026. A significant surge in operating performance is observed between March 2023 and June 2023, where profit jumped from 2,731 million USD to 3,652 million USD. A notable non-recurring event occurred in December 2022, with a goodwill impairment charge of 925 million USD, which temporarily impacted the operating results for that quarter.
Financial Products Performance: The financial products segment shows a divergence between revenue and cost. While revenues from financial products grew modestly from 696 million USD to 942 million USD, the associated interest expenses increased sharply, rising from 125 million USD in March 2021 to 345 million USD by March 2026. This suggests a tightening of margins within the financing arm, likely driven by a rising interest rate environment.
Net Income and Stockholder Returns: Profit attributable to common stockholders followed the overall growth trend, increasing from 1,530 million USD in March 2021 to 2,549 million USD in March 2026. The most significant growth phase occurred between 2022 and 2023, with quarterly profits frequently exceeding 2,600 million USD. Despite the increase in financial interest expenses and periodic tax fluctuations, the bottom line has remained resilient, reflecting the strength of the core machinery and energy business.

AI Ask an analyst for more

Download chart

Caterpillar Inc. (NYSE:CAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data