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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Sales of Machinery, Energy & Transportation	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)	10,570)	9,228)	9,310)	9,914)
Cost of goods sold	(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)	(7,784)	(6,919)	(7,113)	(7,266)
Gross margin	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)	2,786)	2,309)	2,197)	2,648)
Revenues of Financial Products	912)	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	(1,822)	(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)	(1,216)	(1,126)	(1,179)	(1,121)
Research and development expenses	(555)	(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	(346)	(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)	(190)	(321)	(306)	(344)	(355)	(556)	(223)	(322)	(320)	(300)	(876)	(310)	(339)	(303)	(266)	(220)	(238)	(293)	(323)	(353)	(370)	(431)	(313)
Operating profit	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)	1,380)	985)	784)	1,404)
Interest expense excluding Financial Products	(133)	(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)	208)	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	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)	941)	863)	678)	1,513)
Provision for income taxes	(836)	(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	2,291)	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)	774)	676)	451)	1,088)
Equity in profit (loss) of unconsolidated affiliated companies	8)	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	2,299)	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)	780)	671)	459)	1,093)
(Profit) loss attributable to noncontrolling interests	1)	—)	—)	1)	1)	—)	2)	3)	1)	(2)	1)	—)	1)	—)	—)	—)	(2)	(1)	(1)	—)	(3)	(1)	(1)
Profit attributable to common stockholders	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)	780)	668)	458)	1,092)

Sales of Machinery, Energy & Transportation: Sales revealed an overall upward trend from early 2020 through late 2025. Initial declines in early 2020 were followed by consistent growth, peaking notably in late 2022 and sustaining elevated levels through 2024 and 2025.
Cost of Goods Sold: The cost of goods sold (COGS) increased over the period with some fluctuations, generally mirroring sales trends but growing at a significant pace especially from 2021 onward. This led to pressures on margins in certain quarters despite sales growth.
Gross Margin: Gross margin improved substantially overall, reflecting increased sales and potentially enhanced efficiencies or pricing power. Margins peaked in the late 2022 to 2023 period before showing slight variability but remaining robust through the end of 2025.
Revenues of Financial Products: Revenues from financial products demonstrated stable and gradual growth across the timeline, indicating steady performance and consistent contribution to total revenue streams.
Selling, General and Administrative Expenses: SG&A expenses showed a consistent upward pattern, increasing nearly every quarter. This suggests rising costs related to marketing, administration, and sales support, which may require monitoring for potential impact on profitability.
Research and Development Expenses: R&D spending remained relatively steady with moderate fluctuations. The highest levels were observed around 2023, after which expenses stabilized but remained at elevated levels, indicating ongoing investment in innovation and product development.
Interest Expense of Financial Products: Interest expense related to financial products increased steadily over the period, signaling potentially increased financial leverage or rising interest rates impacting these obligations.
Goodwill Impairment Charge: A significant goodwill impairment charge occurred in late 2022, indicating a one-time reduction in asset value reflecting possible strategic re-evaluations or changes in asset recoverability.
Other Operating Income (Expenses): Other operating income and expenses fluctuated notably, with a substantial negative impact in late 2022 linked with the impairment charge. Apart from this, variations suggest operational factors and miscellaneous items affecting operating results irregularly.
Operating Profit: Operating profit displayed a strong recovery post mid-2020 low points, peaking significantly in 2023 and remaining relatively high through 2025, even with some volatility. This improvement underscores effective operational management despite increased expenses and costs.
Interest Expense Excluding Financial Products: Interest expense exclusive of financial products remained fairly stable with slight increases, indicating consistent underlying debt cost management.
Other Income (Expense): Other income and expense figures showed high variability, including marked gains in late 2021 and fluctuating contributions thereafter. This reflects the influence of non-operational factors on consolidated profitability.
Consolidated Profit Before Taxes: The consolidated profit before taxes demonstrated marked growth from 2020 into 2023, with some fluctuations but generally sustaining strong profitability through 2025, reflecting improved operational and financial performance.
Provision for Income Taxes: Tax provisions increased in tandem with pre-tax profits, exhibiting higher absolute values from 2021 onward and reflecting the company’s growing earnings base and possibly changes in tax strategies or rates.
Profit of Consolidated Companies: Profit attributed to consolidated companies rose markedly post-2020, peaking in 2023, and although some variability exists, profits remained strong through the end of the period.
Equity in Profit (Loss) of Unconsolidated Affiliated Companies: Equity income from affiliated companies showed small but generally positive contributions, fluctuating over the period but adding modestly to overall profitability.
Profit of Consolidated and Affiliated Companies: Combined profit from consolidated and affiliated entities followed a positive trajectory similar to consolidated profits, indicating healthy overall earnings from core and affiliated operations.
Profit (Loss) Attributable to Noncontrolling Interests: Noncontrolling interests contributed minimal and irregular impacts, generally small in size and not materially affecting net profitability.
Profit Attributable to Common Stockholders: Profit attributable to common stockholders tracked closely with consolidated and combined profits, exhibiting significant growth through 2023 and maintaining elevated levels through 2025, confirming sustained shareholder returns over the analyzed timeframe.

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Caterpillar Inc. (NYSE:CAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data