Operating Income for Caterpillar (CAT)
According to Caterpillar's latest reported financial statements, the company's current operating income (TTM) is $11.21B USD. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
CAT
Currently viewingOperating IncomeSwitch metric
TTM (last 4 quarters)
$11.21B
YoY change
-14.2%
5Y CAGR
+19.7%
Peak year (2024)
$13.07B
Cumulative operating income
$156.81B
Operating Income history chart for Caterpillar (CAT) from 1985 to 2025
Operating Income history table for Caterpillar (CAT) from 1985 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $11.21B | -14.2% | ||
| 2024 | $13.07B | +0.8% | ||
| 2023 | $12.97B | +64.0% | ||
| 2022 | $7.90B | +14.9% | ||
| 2021 | $6.88B | +51.1% | ||
| 2020 | $4.55B | -45.1% | ||
| 2019 | $8.29B | -0.0% | ||
| 2018 | $8.29B | +85.9% | ||
| 2017 | $4.46B | +283.8% | ||
| 2016 | $1.16B | -69.3% | ||
| 2015 | $3.79B | +14.2% | ||
| 2014 | $3.31B | -41.1% | ||
| 2013 | $5.63B | -34.4% | ||
| 2012 | $8.57B | +19.9% | ||
| 2011 | $7.15B | +80.5% | ||
| 2010 | $3.96B | +586.8% | ||
| 2009 | $577.00M | -87.0% | ||
| 2008 | $4.45B | -9.6% | ||
| 2007 | $4.92B | 0.0% | ||
| 2006 | $4.92B | +30.0% | ||
| 2005 | $3.78B | +41.0% | ||
| 2004 | $2.68B | +60.7% | ||
| 2003 | $1.67B | +26.1% | ||
| 2002 | $1.32B | +1.0% | ||
| 2001 | $1.31B | -45.9% | ||
| 2000 | $2.42B | +18.1% | ||
| 1999 | $2.05B | -25.1% | ||
| 1998 | $2.74B | -1.8% | ||
| 1997 | $2.79B | +22.0% | ||
| 1996 | $2.29B | +15.9% | ||
| 1995 | $1.97B | +20.1% | ||
| 1994 | $1.64B | +106.0% | ||
| 1993 | $798.00M | +2474.2% | ||
| 1992 | $31.00M | -117.2% | ||
| 1991 | -$180.00M | -133.2% | ||
| 1990 | $542.00M | -34.4% | ||
| 1989 | $826.00M | -17.4% | ||
| 1988 | $1.00B | +107.5% | ||
| 1987 | $482.00M | +93.6% | ||
| 1986 | $249.00M | -17.5% | ||
| 1985 | $302.00M | — |
Operating Income values are taken from Caterpillar's reported income statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
As of the 2025 fiscal year, Caterpillar (CAT) reported operating income of $11.21B – declined 14.2% year-over-year.
Caterpillar operating income has recorded the values shown across consecutive periods, with a +19.7% compound annual growth rate over 2020–2025 (5 years).
Caterpillar operating income declined from $13.07B in 2024 to $11.21B in 2025, a 14.2% drawdown.
$13.07B stands as the all-time-high annual operating income, posted in 2024, against a low of -$180.00M during 1991.
Within Industrials, Caterpillar (CAT) ranks 1st among 8 peers we track. The peer median for operating income is $7.49B.
Caterpillar Operating Income by Year
Caterpillar Operating Income 2025: $11.21B
Caterpillar operating income in 2025 was $11.21B, declined 14.2% below 2024.
Caterpillar Operating Income 2024: $13.07B
Caterpillar operating income in 2024 was $13.07B, edged up 0.8% from 2023. This figure represents the highest annual value in the available history.
Caterpillar Operating Income 2023: $12.97B
Caterpillar operating income in 2023 was $12.97B, surged 64.0% from 2022.
Caterpillar Operating Income 2022: $7.90B
Caterpillar operating income in 2022 was $7.90B, grew 14.9% from 2021.
Caterpillar Operating Income 2021: $6.88B
Caterpillar operating income in 2021 was $6.88B.
See more financial history for Caterpillar (CAT).
Sector peers — Operating Income
Companies in the same sector as Caterpillar, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| Union Pacific Corporation (UNP) | $9.84B | Industrials |
| RTX Corporation (RTX) | $8.89B | Industrials |
| GE Aerospace (GE) | $8.77B | Industrials |
| Deere & Company (DE) | $8.42B | Industrials |
| Honeywell International Inc. (HON) | $6.57B | Industrials |
| Eaton Corporation plc (ETN) | $5.23B | Industrials |
| Parker-Hannifin Corporation (PH) | $4.06B | Industrials |
| The Boeing Company (BA) | -$5.42B | Industrials |
Frequently asked questions
What is Caterpillar's operating income?
- Latest reported operating income for Caterpillar (CAT) is $11.21B (period ending December 31, 2025).
How has Caterpillar operating income changed year-over-year?
- Caterpillar (CAT) operating income changed -14.2% year-over-year on the latest annual filing.
What is the long-term growth rate of Caterpillar operating income?
- Caterpillar (CAT) operating income compound annual growth rate is +19.7% over the most recent 5 years available.
When did Caterpillar operating income hit its highest annual value?
- Caterpillar operating income reached its highest annual value of $13.07B in 2024.
What was Caterpillar operating income in 2024?
- Caterpillar (CAT) operating income in 2024 was $13.07B.
What was Caterpillar operating income in 2025?
- Caterpillar (CAT) operating income in 2025 was $11.21B.
Metrics overview
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