What is Caterpillar's EBITDA margin?

Latest reported EBITDA margin for Caterpillar (CAT) is 21.64% as of the trailing twelve months (TTM) ending March 31, 2026.

How has Caterpillar EBITDA margin changed year-over-year?

Caterpillar (CAT) EBITDA margin changed −2.8 percentage points year-over-year on the latest annual filing.

When did Caterpillar EBITDA margin hit its highest annual value?

Caterpillar EBITDA margin reached its highest annual value of 24.75% in 2024.

What was Caterpillar EBITDA margin in 2024?

Caterpillar (CAT) EBITDA margin in 2024 was 24.75%.

What was Caterpillar EBITDA margin in 2025?

Caterpillar (CAT) EBITDA margin in 2025 was 21.98%.

Caterpillar (CAT) EBITDA Margin — Annual & Quarterly %

TTM

21.6%

YoY change

−2.77pp

Trough year (1991)

4.1%

Peak year (2024)

24.7%

EBITDA Margin history chart for Caterpillar (CAT) from 1985 to 2025

Latest: 22.0%

EBITDA Margin change chart for Caterpillar (CAT) from 1985 to 2025

Latest: −2.77pp

EBITDA Margin history table for Caterpillar (CAT) from 1985 to 2025


2025	22.0%	-2.77pp	Dec 31, 2025	Feb 13, 2026
2024	24.7%	+1.33pp	Dec 31, 2024	Feb 14, 2025
2023	23.4%	+4.21pp	Dec 31, 2023	Feb 16, 2024
2022	19.2%	-2.46pp	Dec 31, 2022	Feb 15, 2023
2021	21.7%	+5.04pp	Dec 31, 2021	Feb 16, 2022
2020	16.6%	-3.47pp	Dec 31, 2020	Feb 17, 2021
2019	20.1%	+0.01pp	Dec 31, 2019	Feb 19, 2020
2018	20.1%	+3.61pp	Dec 31, 2018	Feb 14, 2019
2017	16.5%	+6.93pp	Dec 31, 2017	Feb 15, 2018
2016	9.5%	-5.33pp	Dec 31, 2016	Feb 15, 2017
2015	14.9%	+2.55pp	Dec 31, 2015	Feb 16, 2016
2014	12.3%	-3.28pp	Dec 31, 2014	Feb 17, 2015
2013	15.6%	-1.89pp	Dec 31, 2013	Feb 18, 2014
2012	17.5%	+1.44pp	Dec 31, 2012	Feb 19, 2013
2011	16.0%	+1.04pp	Dec 31, 2011	Feb 21, 2012
2010	15.0%	+1.61pp	Dec 31, 2010	Feb 22, 2011
2009	13.4%	-2.01pp	Dec 31, 2009	Feb 19, 2010
2008	15.4%	-2.85pp	Dec 31, 2008	Feb 20, 2009
2007	18.3%	-0.44pp	Dec 31, 2007	Feb 22, 2008
2006	18.7%	+1.06pp	Dec 31, 2006	Feb 23, 2007
2005	17.6%	+4.16pp	Dec 31, 2005	May 31, 2006
2004	13.5%	-2.07pp	Dec 31, 2004	May 27, 2005
2003	15.5%	-0.01pp	Dec 31, 2003	May 28, 2004
2002	15.6%	+3.42pp	Dec 31, 2002	Mar 31, 2003
2001	12.1%	-4.96pp	Dec 31, 2001	Jan 21, 2003
2000	17.1%	+1.86pp	Dec 31, 2000	Jun 13, 2001
1999	15.2%	-1.97pp	Dec 31, 1999	Mar 30, 2000
1998	17.2%	-1.45pp	Dec 31, 1998	Jun 1, 1999
1997	18.6%	+0.59pp	Dec 31, 1997	Jun 23, 1998
1996	18.1%	+1.53pp	Dec 31, 1996	Jun 30, 1997
1995	16.5%	+0.28pp	Dec 31, 1995	May 28, 1996
1994	16.2%	+3.62pp	Dec 31, 1994	Feb 23, 1995
1993	12.6%	+5.90pp	Dec 31, 1993	Mar 2, 1994
1992	6.7%	+2.58pp	Dec 31, 1992	Dec 31, 1992
1991	4.1%	-5.26pp	Dec 31, 1991	Dec 31, 1991
1990	9.4%	-2.26pp	Dec 31, 1990	Dec 31, 1990
1989	11.7%	-2.08pp	Dec 31, 1989	Dec 31, 1989
1988	13.7%	+2.92pp	Dec 31, 1988	Dec 31, 1988
1987	10.8%	+1.46pp	Dec 31, 1987	Dec 31, 1987
1986	9.4%	-2.21pp	Dec 31, 1986	Dec 31, 1986
1985	11.6%	—	Dec 31, 1985	Dec 31, 1985

202522.0%-2.77pp
202424.7%+1.33pp
202323.4%+4.21pp
202219.2%-2.46pp
202121.7%+5.04pp
202016.6%-3.47pp
201920.1%+0.01pp
201820.1%+3.61pp
201716.5%+6.93pp
20169.5%-5.33pp
201514.9%+2.55pp
201412.3%-3.28pp
201315.6%-1.89pp
201217.5%+1.44pp
201116.0%+1.04pp
201015.0%+1.61pp
200913.4%-2.01pp
200815.4%-2.85pp
200718.3%-0.44pp
200618.7%+1.06pp
200517.6%+4.16pp
200413.5%-2.07pp
200315.5%-0.01pp
200215.6%+3.42pp
200112.1%-4.96pp
200017.1%+1.86pp
199915.2%-1.97pp
199817.2%-1.45pp
199718.6%+0.59pp
199618.1%+1.53pp
199516.5%+0.28pp
199416.2%+3.62pp
199312.6%+5.90pp
19926.7%+2.58pp
19914.1%-5.26pp
19909.4%-2.26pp
198911.7%-2.08pp
198813.7%+2.92pp
198710.8%+1.46pp
19869.4%-2.21pp
198511.6%—

EBITDA Margin values are taken from Caterpillar's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About EBITDA Margin at Caterpillar (CAT)

According to Caterpillar's latest reported financial statements, the company's latest reported EBITDA margin is 21.6%. EBITDA margin is EBITDA divided by revenue — earnings before interest, taxes, depreciation, and amortization as a percentage of sales. By stripping out non-cash charges and capital-structure effects, it approximates operating cash profitability and is widely used to compare companies with different asset bases and leverage.

Headline figure above is from the reporting period ending March 31, 2026 (reported May 6, 2026). Chart and table below cover the full reported history back to 1985.

2025's annual EBITDA margin for Caterpillar (CAT) came in at 21.98% – contracted 2.8 percentage points year-over-year.

Across the available history, EBITDA margin reached its high of 24.75% in 2024 and its low of 4.14% in 1991.

Caterpillar EBITDA Margin by Year

Caterpillar EBITDA Margin 2025: 22.0%

Caterpillar posted EBITDA margin of 21.98% in 2025, contracted 2.8 percentage points from 2024.

Caterpillar EBITDA Margin 2024: 24.7%

In 2024, Caterpillar reported EBITDA margin of 24.75%, expanded 1.3 percentage points from 2023. This figure represents the highest annual value in the available history.

Caterpillar EBITDA Margin 2023: 23.4%

Caterpillar EBITDA margin in 2023 was 23.42%, expanded 4.2 percentage points from 2022.

Caterpillar EBITDA Margin 2022: 19.2%

2022's EBITDA margin for Caterpillar came in at 19.21%, contracted 2.5 percentage points from 2021.

Caterpillar EBITDA Margin 2021: 21.7%

Caterpillar EBITDA margin in 2021 was 21.67%.

See more financial history for Caterpillar (CAT).

Sector peers by EBITDA Margin

Industrials peers of Caterpillar (CAT), ranked by their latest EBITDA margin


Union Pacific (UNP)	52.5%
GE Aerospace (GE)	22.8%
Deere & Company (DE)	22.5%
Eaton Corporation (ETN)	20.7%
Honeywell International (HON)	17.8%
RTX (RTX)	17.1%
Lockheed Martin (LMT)	10.8%
Boeing (BA)	7.9%

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