Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Caterpillar Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit Margin
- The gross profit margin demonstrates a consistent upward trend starting from 25.47% in March 2021, gradually increasing to a peak of 34.49% in September 2024. After this peak, a slight decline is observed, reaching 32.64% by June 2025. This suggests an overall improvement in cost control or pricing power over the period, with a minor contraction at the end.
- Operating Profit Margin
- Operating profit margin follows a similar positive trajectory beginning at 11.67% in March 2021, rising steadily to a peak of 21.58% in June 2024. Subsequently, this margin decreases slightly to 19.31% by June 2025. The increase indicates enhanced operational efficiency or favorable operating conditions, although the decrease towards the end could indicate rising expenses or declining revenues relative to costs.
- Net Profit Margin
- The net profit margin shows a notable upward trend from 7.68% in March 2021 to a high of 17.65% in March 2024, with minor fluctuations afterward. The margin slightly decreases to 15.83% by June 2025. This pattern reflects stronger overall profitability and effective control over all expenses, taxes, and financial costs over most periods, with a mild reduction in net profitability toward the latest quarters.
- Return on Equity (ROE)
- Return on equity exhibits significant growth from 19.56% in March 2021 to an impressive peak of 64.26% in September 2024. However, after this peak, the ROE declines to 50.57% by June 2025. This indicates an increasing ability to generate profits from shareholders’ equity over most of the timeline, although the decline suggests either reduced profitability or increased equity base toward the end.
- Return on Assets (ROA)
- Return on assets rises steadily from 3.83% in March 2021, reaching a peak of 13.43% in March 2024. Following this, it slightly decreases to 10.45% by June 2025. The trend reflects improved efficiency in asset utilization to generate profits during the majority of the period, with a modest reversal in the later stages.
- Summary of Trends
- Overall, the company demonstrates marked improvements in profitability and efficiency from early 2021 through mid-2024 across key margin and return metrics. Gross profit, operating profit, and net profit margins all increased substantially, supported by strong returns on both equity and assets. The peak in the 2024 period suggests an optimal phase of financial performance. However, minor declines in these indices starting late 2024 through mid-2025 signal potential emerging challenges or market changes affecting profitability and efficiency. Monitoring these downward adjustments will be critical to sustaining long-term financial health.
Return on Sales
Return on Investment
Gross Profit Margin
Caterpillar Inc., gross profit margin calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| 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) | |||||||
| 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | 26.30% | 27.08% | 26.83% | 25.98% | 25.47% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | 4.84% | -0.25% | -1.35% | -7.82% | -9.78% | — | — | — | |||||||
| Eaton Corp. plc | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | 32.28% | 32.14% | 32.23% | 30.80% | 30.52% | — | — | — | |||||||
| GE Aerospace | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | 24.19% | 24.97% | 22.43% | 18.80% | 17.26% | — | — | — | |||||||
| Honeywell International Inc. | 38.08% | 38.06% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | 31.98% | 32.34% | 32.06% | 31.52% | 32.07% | — | — | — | |||||||
| Lockheed Martin Corp. | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | 13.52% | 13.34% | 13.00% | 13.26% | 13.23% | — | — | — | |||||||
| RTX Corp. | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | 19.40% | 17.59% | 15.79% | 13.98% | 15.08% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Gross profit margin = 100
× (Gross marginQ2 2025
+ Gross marginQ1 2025
+ Gross marginQ4 2024
+ Gross marginQ3 2024)
÷ (Sales of Machinery, Energy & TransportationQ2 2025
+ Sales of Machinery, Energy & TransportationQ1 2025
+ Sales of Machinery, Energy & TransportationQ4 2024
+ Sales of Machinery, Energy & TransportationQ3 2024)
= 100 × (4,867 + 4,413 + 5,011 + 5,165)
÷ (15,674 + 13,378 + 15,332 + 15,231)
= 32.64%
2 Click competitor name to see calculations.
The quarterly financial data reveals several key trends in the company's performance over the analyzed periods.
- Gross Margin
- The gross margin in US$ millions exhibits a general upward trend starting from $2,648 million in March 2020. It declines slightly in the middle of 2020 but then increases steadily through 2021 and peaks in March 2023 at $5,496 million. After this peak, the gross margin shows a gradual decrease over the subsequent quarters, indicating some volatility but maintaining values above $4,000 million towards the end of the period under review.
- Sales of Machinery, Energy & Transportation
- Sales figures in this segment have fluctuated throughout the quarters. Initial sales declined from $9,914 million in March 2020 to a trough around $9,228 million in September 2020. Following this low point, sales rebounded strongly through 2021 and 2022, reaching a peak of $16,545 million in June 2023. From that peak, the sales figures exhibit some volatility and a slight downward adjustment by mid-2025, settling around $13,378 million in June 2025.
- Gross Profit Margin Percentage
- The gross profit margin percentage starts to be recorded from late 2020 at 25.47%, and displays a consistent upward trajectory over the next periods. It steadily rises, reaching above 34% from early 2024 onwards, peaking around 34.49% before slightly tapering to 32.64% by mid-2025. This improvement in margin percentage indicates enhanced profitability relative to sales, despite some fluctuations in absolute sales and gross margin values.
Overall, the company demonstrates growth in both absolute gross margins and sales up until mid-2023, accompanied by a consistent improvement in profit margins, suggesting increased operational efficiency or favorable pricing. However, the subsequent declines in gross margin and sales in the latter periods suggest potential challenges or market adjustments affecting revenue and profitability. The gross profit margin percentage's resilience towards a high level underlines the company’s ability to maintain profitability relative to sales despite variations in volume or external conditions.
Operating Profit Margin
Caterpillar Inc., operating profit margin calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| 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) | |||||||
| 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | 14.27% | 14.56% | 13.82% | 12.32% | 11.67% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | -4.66% | -10.80% | -12.18% | -20.36% | -21.95% | — | — | — | |||||||
| Eaton Corp. plc | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | 15.69% | 15.50% | 12.54% | 10.81% | 11.45% | — | — | — | |||||||
| GE Aerospace | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | 8.58% | 7.86% | 6.82% | 4.72% | 5.49% | — | — | — | |||||||
| Honeywell International Inc. | 19.22% | 19.26% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | 18.03% | 18.36% | 17.95% | 16.90% | 17.45% | — | — | — | |||||||
| Lockheed Martin Corp. | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | 13.61% | 13.50% | 13.19% | 13.19% | 13.22% | — | — | — | |||||||
| RTX Corp. | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | 7.70% | 5.93% | 4.61% | -3.59% | -3.34% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Operating profit margin = 100
× (Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024)
÷ (Sales of Machinery, Energy & TransportationQ2 2025
+ Sales of Machinery, Energy & TransportationQ1 2025
+ Sales of Machinery, Energy & TransportationQ4 2024
+ Sales of Machinery, Energy & TransportationQ3 2024)
= 100 × (2,860 + 2,579 + 2,924 + 3,147)
÷ (15,674 + 13,378 + 15,332 + 15,231)
= 19.31%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in operating profit, sales of machinery, energy & transportation, and operating profit margin over the period from March 31, 2020, to June 30, 2025.
- Operating Profit
- The operating profit demonstrates significant fluctuation throughout the timeline. Initially, it declined sharply from $1,404 million at the end of Q1 2020 to a low of $784 million in Q2 2020. This was followed by a gradual recovery and subsequent growth, reaching a peak in Q2 2023 at $3,652 million. After this peak, a downward trend is observed with some volatility, descending to $2,860 million by Q2 2025.
- Sales of Machinery, Energy & Transportation
- Sales figures show an overall upward trajectory with intermittent variations. From $9,914 million in Q1 2020, sales fluctuated but generally increased, peaking in Q4 2022 at $15,871 million. After reaching this high, some quarters showed minor decreases or stabilization around the $15,000 million mark. Towards the end of the timeline, sales slightly decreased to $13,378 million in Q1 2025 but recovered to $15,674 million by Q2 2025, indicating a strong underlying demand despite periodic softness.
- Operating Profit Margin
- The operating profit margin was unavailable for the first few quarters but started to be reported from Q1 2021. It exhibits a consistent upward trend over the quarters, moving from 11.67% in Q1 2021 to a peak of 21.58% in Q2 2024. After this peak, there is a slight decline but margins remain elevated above 19% through to Q2 2025. This improvement signifies enhanced operational efficiency or favorable pricing and cost controls during the latter period.
Overall, the financial data describe a recovery phase post early 2020 disruption, followed by strong growth in profitability and sales leading into 2023 and 2024. The company appears to have improved its profit margins substantially, even as sales volume experienced some volatility. The latter quarters suggest a moderation in growth rates but maintenance of healthy profit margins, indicating resilience in operational performance.
Net Profit Margin
Caterpillar Inc., net profit margin calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| 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 | 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) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | 13.47% | 11.28% | 10.17% | 8.53% | 7.68% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | -6.75% | -13.50% | -14.30% | -20.87% | -20.42% | — | — | — | |||||||
| Eaton Corp. plc | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | 10.92% | 10.60% | 9.86% | 8.05% | 7.90% | — | — | — | |||||||
| GE Aerospace | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | -9.17% | -0.06% | -3.39% | -4.68% | 7.81% | — | — | — | |||||||
| Honeywell International Inc. | 14.30% | 14.51% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | 16.11% | 15.80% | 14.65% | 14.17% | 14.64% | — | — | — | |||||||
| Lockheed Martin Corp. | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | 9.42% | 9.13% | 10.69% | 10.53% | 10.45% | — | — | — | |||||||
| RTX Corp. | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | 6.00% | 5.20% | 3.51% | -4.44% | -6.22% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net profit margin = 100
× (Profit attributable to common stockholdersQ2 2025
+ Profit attributable to common stockholdersQ1 2025
+ Profit attributable to common stockholdersQ4 2024
+ Profit attributable to common stockholdersQ3 2024)
÷ (Sales of Machinery, Energy & TransportationQ2 2025
+ Sales of Machinery, Energy & TransportationQ1 2025
+ Sales of Machinery, Energy & TransportationQ4 2024
+ Sales of Machinery, Energy & TransportationQ3 2024)
= 100 × (2,179 + 2,003 + 2,791 + 2,464)
÷ (15,674 + 13,378 + 15,332 + 15,231)
= 15.83%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends regarding profitability, sales, and margins over the observed periods.
- Profit attributable to common stockholders
- There is a general upward trend in profit, with fluctuations across quarters. Starting from 1,092 million US dollars in March 2020, profit dipped sharply in the following quarter to 458 million but subsequently showed a recovery and consistent growth, peaking in June 2023 at 2,922 million. Following this peak, profits exhibit some volatility but remain elevated compared to the initial periods, with values around the 2,000–2,800 million US dollar range through to June 2025.
- Sales of Machinery, Energy & Transportation
- Sales figures demonstrate a strong, generally increasing trend over time. Starting with 9,914 million US dollars in March 2020, sales showed moderate fluctuations but increased significantly by the end of 2022, reaching 15,871 million. Sales remained relatively stable around the 15,000–16,500 million range throughout 2023 and into the forecasted periods, with a slight decrease in mid-2025 to 13,378 million, followed by a rebound to 15,674 million. This indicates overall growth in sales with some variability in recent quarters.
- Net profit margin
- The net profit margin shows a clear and sustained improvement throughout the timeline, starting from 7.68% in March 2021 and increasing steadily to peak at 17.65% in June 2024. Margins remain relatively high and stable above 16% in the subsequent quarters, suggesting enhanced profitability efficiency. The slight dip towards the end, settling around 15.83% in June 2025, still reflects strong profit retention relative to sales.
Overall, the data indicates robust financial performance improvement with increased profitability and sales volume over time. Despite some fluctuations in quarterly profits and sales, the upward trajectory in net profit margin suggests enhanced operational efficiency and pricing power. The company appears to have navigated the challenges encountered early in the observed period with solid recovery and sustained growth thereafter.
Return on Equity (ROE)
Caterpillar Inc., ROE calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| 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) | |||||||
| Shareholders’ equity attributable to common shareholders | 18,661) | 18,067) | 19,491) | 19,397) | 17,130) | 17,639) | 19,494) | 20,489) | 18,235) | 18,149) | 15,869) | 15,591) | 15,727) | 17,065) | 16,484) | 16,665) | 16,833) | 16,573) | 15,331) | 14,949) | 13,734) | 14,197) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | 39.37% | 30.90% | 26.09% | 20.73% | 19.56% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Eaton Corp. plc | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | 13.06% | 12.95% | 12.23% | 9.54% | 9.44% | — | — | — | |||||||
| GE Aerospace | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | -16.17% | -0.11% | -7.29% | -9.82% | 16.04% | — | — | — | |||||||
| Honeywell International Inc. | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | 29.85% | 30.67% | 27.73% | 25.71% | 27.23% | — | — | — | |||||||
| Lockheed Martin Corp. | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | 57.62% | 62.90% | 109.51% | 110.16% | 113.60% | — | — | — | |||||||
| RTX Corp. | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | 5.29% | 4.65% | 3.07% | -3.74% | -4.88% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
ROE = 100
× (Profit attributable to common stockholdersQ2 2025
+ Profit attributable to common stockholdersQ1 2025
+ Profit attributable to common stockholdersQ4 2024
+ Profit attributable to common stockholdersQ3 2024)
÷ Shareholders’ equity attributable to common shareholders
= 100 × (2,179 + 2,003 + 2,791 + 2,464)
÷ 18,661 = 50.57%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in key financial metrics. Profit attributable to common stockholders demonstrates fluctuations over the observed period, with notable peaks particularly in the fourth quarters of 2021 and 2023. After an initial dip in mid-2020, profits rebounded strongly in 2021, followed by consistent levels with some quarterly volatility through 2023 and early 2024. A slight downward trend appears in the most recent periods through mid-2025, but profit remains at relatively high levels compared to the initial period.
Shareholders’ equity attributable to common shareholders exhibits a relatively stable trajectory with moderate variation. Initially, it increased steadily from early 2020 through 2021 before experiencing some decline and fluctuation from 2022 onward. The equity peaked around early 2023, after which fluctuations continued without a clear sustained upward or downward trend. Despite this variability, equity levels remained within a consistent range, indicating relative stability in the company’s capital base.
The Return on Equity (ROE) metric displayed a highly positive and increasing trend starting from 2020 through 2025. Though the explicit ROE values for early 2020 were not available, from March 2021 forward the ROE rose significantly, reaching values above 50% consistently from late 2023 to mid-2025. This reflects improved profitability relative to shareholders’ equity and suggests enhanced operational efficiency or profitability during this period.
- Profit Attributable to Common Stockholders
- Displayed notable recovery and growth post mid-2020, peaking significantly in Q4 2021 and Q4 2023. The data shows consistency in profits thereafter, though with a slight downward tendency in early 2025.
- Shareholders’ Equity
- Maintained stability with moderate fluctuations. Increased steadily until early 2023 and then showed variable movement without notable long-term increase or decline.
- Return on Equity (ROE)
- Exhibited a marked upward trend beginning in 2021, surpassing 50% from late 2023 onwards, highlighting improved returns on shareholders’ investments over time.
Return on Assets (ROA)
Caterpillar Inc., ROA calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| 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) | |||||||
| Total assets | 90,325) | 84,974) | 87,764) | 86,273) | 83,336) | 83,741) | 87,476) | 86,791) | 85,427) | 83,649) | 81,943) | 80,907) | 81,107) | 82,276) | 82,793) | 80,784) | 81,697) | 80,729) | 78,324) | 76,741) | 76,566) | 75,894) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | 7.84% | 6.37% | 5.37% | 4.26% | 3.83% | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | -3.03% | -5.77% | -5.92% | -7.85% | -7.80% | — | — | — | |||||||
| Eaton Corp. plc | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | 6.30% | 6.06% | 5.12% | 4.20% | 4.43% | — | — | — | |||||||
| GE Aerospace | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | -3.28% | -0.02% | -1.03% | -1.34% | 2.25% | — | — | — | |||||||
| Honeywell International Inc. | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | 8.60% | 8.53% | 7.78% | 7.28% | 7.40% | — | — | — | |||||||
| Lockheed Martin Corp. | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | 12.41% | 11.69% | 13.71% | 13.52% | 13.47% | — | — | — | |||||||
| RTX Corp. | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | 2.39% | 2.09% | 1.37% | -1.67% | -2.17% | — | — | — | |||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
ROA = 100
× (Profit attributable to common stockholdersQ2 2025
+ Profit attributable to common stockholdersQ1 2025
+ Profit attributable to common stockholdersQ4 2024
+ Profit attributable to common stockholdersQ3 2024)
÷ Total assets
= 100 × (2,179 + 2,003 + 2,791 + 2,464)
÷ 90,325 = 10.45%
2 Click competitor name to see calculations.
- Profit attributable to common stockholders
- The profit figures demonstrate considerable volatility but generally show an upward trend over the examined periods. Starting from a lower point of 458 million USD in the second quarter of 2020, profits peaked at 2922 million USD in the second quarter of 2023. Although some quarters experienced declines, such as the drop from 2041 million USD in Q3 2022 to 1454 million USD in Q4 2022, the overall trajectory indicates growth. The data from 2023 and early 2024 reveals increased profitability compared to earlier years, with profits mostly staying above 2000 million USD. However, a slight decline is observed towards the later periods in 2024 and early 2025, finishing at 2179 million USD in Q2 2025.
- Total assets
- Total assets show moderate fluctuations without a clear upward or downward trend. Asset levels started approximately at 75,894 million USD in Q1 2020 and reached a peak of 90,325 million USD in Q2 2025. Despite some decreases in several quarters, such as the decrease from 87,476 million USD in Q4 2021 to 83,336 million USD in Q2 2024, the asset base has generally increased over the five-year period. The variations suggest adjustments or revaluations, but the overall asset size has grown by roughly 15% from the start to the end of the timeframe.
- Return on Assets (ROA)
- ROA exhibits a pronounced upward trend, starting at 3.83% in Q3 2020 and climbing steadily to peak at 13.43% in Q2 2024. Following this peak, a slight decline is noticeable, tapering to 10.45% in Q2 2025. The improvement in ROA indicates enhanced efficiency in generating profit from its asset base over the observed period, reflecting stronger profitability and possibly improved operational management. The peak in 2024 correlates with high profit levels despite relatively stable asset values.