Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Caterpillar Inc., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating profit1 ÷ Sales of Machinery, Power & Energy1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The operating profit margin exhibited considerable fluctuation between 2005 and 2025. Initial years showed a generally healthy margin, followed by a significant decline, a period of recovery, and then a surge in recent years. A detailed examination reveals distinct phases in the company’s profitability.

Initial Growth and Stability (2005-2007)
From 2005 to 2007, the operating profit margin remained relatively stable, fluctuating between 11.13% and 12.66%. This period indicates a consistent ability to translate sales into operating profit. The margin peaked at 12.66% in 2006, suggesting effective cost management or pricing strategies during that year.
Decline and Recession Impact (2008-2009)
A noticeable decline in the operating profit margin occurred in 2008, falling to 9.26%, and reaching a low of 1.95% in 2009. This downturn likely reflects the impact of the global financial crisis and subsequent economic recession, leading to decreased sales and increased cost pressures. The substantial drop in 2009 indicates significant challenges in maintaining profitability during this period.
Recovery and Moderate Growth (2010-2014)
The period between 2010 and 2014 witnessed a recovery in the operating profit margin, rising from 9.94% to 10.22%. While not reaching the levels of the earlier period, this indicates a successful navigation of the post-recession environment and a gradual improvement in operational efficiency. The margin remained relatively stable within the 10-11% range during these years.
Volatility and Recent Surge (2015-2025)
From 2015 onwards, the operating profit margin experienced increased volatility. It plummeted to 1.39% in 2016, before rebounding significantly to 16.00% in 2018 and peaking at 21.30% in 2022. This recent surge suggests a combination of factors, potentially including increased demand, improved cost controls, or favorable pricing conditions. The margin experienced a slight decrease in 2023 and 2024, settling at 17.43% in 2025, but remained at a historically high level.

Overall, the operating profit margin demonstrates a cyclical pattern influenced by macroeconomic conditions and internal operational factors. The recent performance indicates a strong return to profitability, although continued monitoring is warranted to assess the sustainability of these higher margins.

Comparison to Competitors

Caterpillar Inc., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Caterpillar Inc. Boeing Co. Lockheed Martin Corp. RTX Corp.
Dec 31, 2025
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Dec 31, 2016
Dec 31, 2015
Dec 31, 2014
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Dec 31, 2012
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Dec 31, 2005

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).