Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Caterpillar Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Caterpillar Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals significant fluctuations over the five-year period. Profit of consolidated and affiliated companies demonstrates a substantial increase from 2021 to 2023, peaking at US$10,332 million, before experiencing a decline in 2025 to US$8,882 million. Comprehensive income mirrors this trend, rising from US$5,828 million in 2021 to US$10,969 million in 2023, and subsequently decreasing to US$9,581 million in 2025. Several other comprehensive income components contribute to these overall trends, exhibiting varying degrees of volatility.
- Profit Trend
- The profit of consolidated and affiliated companies increased steadily between 2021 and 2023, representing a growth of approximately 59%. However, 2024 and 2025 saw a reversal of this trend, with profits decreasing by approximately 3% and 14% respectively. This suggests potential challenges in maintaining profitability in the later years of the period.
- Foreign Currency Translation Impact
- Foreign currency translation generated losses in 2021 and 2022, amounting to US$598 million and US$820 million respectively. A significant gain was recorded in 2023 (US$546 million), followed by a loss in 2024 (US$528 million) and a gain in 2025 (US$557 million). This indicates considerable sensitivity to exchange rate fluctuations, with the impact varying considerably year-to-year.
- Pension and Postretirement Benefits
- The impact of pension and other postretirement benefits on comprehensive income was relatively small, fluctuating between a loss of US$30 million and a gain of US$23 million. The trend is generally negative, with losses or minimal gains observed in all years.
- Derivative Financial Instruments
- The effect of derivative financial instruments on comprehensive income was volatile. Losses were recorded in 2021 and 2024, while gains were observed in 2022, 2023, and 2025. The largest impact, a loss of US$113 million, occurred in 2024, suggesting increased risk or unfavorable market conditions related to derivative positions during that year.
- Available-for-Sale Securities
- Available-for-sale securities experienced a significant loss in 2022 (US$138 million), followed by gains in 2023, 2024, and 2025. The gains in the latter years were substantial, reaching US$66 million in 2025, indicating a recovery in the value of these securities.
- Comprehensive Income Attributable to Stockholders
- Comprehensive income attributable to stockholders closely follows the overall comprehensive income trend, increasing substantially from US$5,824 million in 2021 to US$10,972 million in 2023, and then decreasing to US$9,583 million in 2025. The noncontrolling interests have a minimal impact, with attributable comprehensive income remaining consistently close to the total comprehensive income.
In summary, the period demonstrates strong growth in core profitability up to 2023, followed by a decline in 2024 and 2025. Other comprehensive income components introduce considerable volatility, particularly foreign currency translation and derivative financial instruments, impacting the overall comprehensive income attributable to stockholders. The fluctuations suggest exposure to external factors and potential challenges in sustaining the high levels of profitability achieved in 2023.