TTM
32.5%
YoY change
−3.65pp
Trough year (1991)
22.9%
Peak year (2024)
36.0%
Latest annual
32.3%
Gross Margin history chart for Caterpillar (CAT) from 1985 to 2025
Latest: 32.3%
Gross Margin change chart for Caterpillar (CAT) from 1985 to 2025
Latest: −3.65pp
Gross Margin history table for Caterpillar (CAT) from 1985 to 2025
| 2025 | 32.3% | -3.65pp | ||
| 2024 | 36.0% | +1.30pp | ||
| 2023 | 34.7% | +5.22pp | ||
| 2022 | 29.5% | +0.03pp | ||
| 2021 | 29.4% | +0.51pp | ||
| 2020 | 28.9% | -1.58pp | ||
| 2019 | 30.5% | -0.56pp | ||
| 2018 | 31.1% | +1.25pp | ||
| 2017 | 29.8% | +4.14pp | ||
| 2016 | 25.7% | -1.71pp | ||
| 2015 | 27.4% | +2.31pp | ||
| 2014 | 25.1% | -0.43pp | ||
| 2013 | 25.5% | -1.84pp | ||
| 2012 | 27.4% | +1.20pp | ||
| 2011 | 26.2% | -0.39pp | ||
| 2010 | 26.5% | +0.28pp | ||
| 2009 | 26.3% | +1.12pp | ||
| 2008 | 25.2% | -2.28pp | ||
| 2007 | 27.4% | -1.40pp | ||
| 2006 | 28.8% | +1.91pp | ||
| 2005 | 26.9% | +3.61pp | ||
| 2004 | 23.3% | -2.17pp | ||
| 2003 | 25.5% | +0.63pp | ||
| 2002 | 24.8% | -0.74pp | ||
| 2001 | 25.6% | -2.56pp | ||
| 2000 | 28.1% | -3.15pp | ||
| 1999 | 31.3% | -1.17pp | ||
| 1998 | 32.5% | -0.76pp | ||
| 1997 | 33.2% | +0.63pp | ||
| 1996 | 32.6% | +3.02pp | ||
| 1995 | 29.6% | +0.43pp | ||
| 1994 | 29.2% | +1.53pp | ||
| 1993 | 27.6% | +4.04pp | ||
| 1992 | 23.6% | +0.67pp | ||
| 1991 | 22.9% | -1.14pp | ||
| 1990 | 24.1% | -1.74pp | ||
| 1989 | 25.8% | -1.59pp | ||
| 1988 | 27.4% | +2.21pp | ||
| 1987 | 25.2% | +0.53pp | ||
| 1986 | 24.7% | -2.78pp | ||
| 1985 | 27.4% | — |
- 202532.3%-3.65pp
- 202436.0%+1.30pp
- 202334.7%+5.22pp
- 202229.5%+0.03pp
- 202129.4%+0.51pp
- 202028.9%-1.58pp
- 201930.5%-0.56pp
- 201831.1%+1.25pp
- 201729.8%+4.14pp
- 201625.7%-1.71pp
- 201527.4%+2.31pp
- 201425.1%-0.43pp
- 201325.5%-1.84pp
- 201227.4%+1.20pp
- 201126.2%-0.39pp
- 201026.5%+0.28pp
- 200926.3%+1.12pp
- 200825.2%-2.28pp
- 200727.4%-1.40pp
- 200628.8%+1.91pp
- 200526.9%+3.61pp
- 200423.3%-2.17pp
- 200325.5%+0.63pp
- 200224.8%-0.74pp
- 200125.6%-2.56pp
- 200028.1%-3.15pp
- 199931.3%-1.17pp
- 199832.5%-0.76pp
- 199733.2%+0.63pp
- 199632.6%+3.02pp
- 199529.6%+0.43pp
- 199429.2%+1.53pp
- 199327.6%+4.04pp
- 199223.6%+0.67pp
- 199122.9%-1.14pp
- 199024.1%-1.74pp
- 198925.8%-1.59pp
- 198827.4%+2.21pp
- 198725.2%+0.53pp
- 198624.7%-2.78pp
- 198527.4%—
Gross 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 Gross Margin at Caterpillar (CAT)
According to Caterpillar's latest reported financial statements, the company's latest reported gross margin is 32.5%. Gross margin is gross profit divided by revenue, expressed as a percentage. It shows how much of each sales dollar survives the direct cost of goods sold — before operating expenses, interest, and taxes. A higher gross margin generally signals pricing power and production efficiency. Margins are most meaningful compared against sector peers and a company's own history.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
Caterpillar (CAT) most recent annual gross margin stands at 32.34% (2025) – contracted 3.6 percentage points year-over-year.
The record annual gross margin stands at 35.99%, reached in 2024; the historical low of 22.91% was recorded in 1991.
Caterpillar Gross Margin by Year
Caterpillar Gross Margin 2025: 32.3%
In 2025, Caterpillar reported gross margin of 32.34%, contracted 3.6 percentage points from 2024.
Caterpillar Gross Margin 2024: 36.0%
Caterpillar gross margin in 2024 was 35.99%, expanded 1.3 percentage points from 2023. This figure represents the highest annual value in the available history.
Caterpillar Gross Margin 2023: 34.7%
2023's gross margin for Caterpillar came in at 34.69%, expanded 5.2 percentage points from 2022.
Caterpillar Gross Margin 2022: 29.5%
Caterpillar posted gross margin of 29.47% in 2022, expanded 0.0 percentage points from 2021.
Caterpillar Gross Margin 2021: 29.4%
Caterpillar gross margin in 2021 was 29.43%.
See more financial history for Caterpillar (CAT).
Sector peers by Gross Margin
Industrials peers of Caterpillar (CAT), ranked by their latest gross margin
| 45.7% | |
| 36.9% | |
| 36.9% | |
| 35.1% | |
| 34.8% | |
| 20.2% | |
| 9.8% | |
| 4.8% |
- 45.7%
- 35.1%
- 34.8%
- 20.2%
- 4.8%
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