TTM
16.6%
YoY change
−3.58pp
Trough year (1991)
-1.8%
Peak year (2024)
20.2%
Latest annual
16.6%
Operating Margin history chart for Caterpillar (CAT) from 1985 to 2025
Latest: 16.6%
Operating Margin change chart for Caterpillar (CAT) from 1985 to 2025
Latest: −3.58pp
Operating Margin history table for Caterpillar (CAT) from 1985 to 2025
| 2025 | 16.6% | -3.58pp | ||
| 2024 | 20.2% | +0.84pp | ||
| 2023 | 19.3% | +6.03pp | ||
| 2022 | 13.3% | -0.19pp | ||
| 2021 | 13.5% | +2.59pp | ||
| 2020 | 10.9% | -4.50pp | ||
| 2019 | 15.4% | +0.25pp | ||
| 2018 | 15.2% | +5.34pp | ||
| 2017 | 9.8% | +6.80pp | ||
| 2016 | 3.0% | -5.04pp | ||
| 2015 | 8.1% | +2.05pp | ||
| 2014 | 6.0% | -4.11pp | ||
| 2013 | 10.1% | -2.90pp | ||
| 2012 | 13.0% | +1.12pp | ||
| 2011 | 11.9% | +2.59pp | ||
| 2010 | 9.3% | +7.52pp | ||
| 2009 | 1.8% | -6.89pp | ||
| 2008 | 8.7% | -2.28pp | ||
| 2007 | 10.9% | -0.91pp | ||
| 2006 | 11.9% | +1.44pp | ||
| 2005 | 10.4% | +1.56pp | ||
| 2004 | 8.9% | +1.53pp | ||
| 2003 | 7.3% | +0.75pp | ||
| 2002 | 6.6% | +0.16pp | ||
| 2001 | 6.4% | -5.61pp | ||
| 2000 | 12.0% | +1.59pp | ||
| 1999 | 10.4% | -2.65pp | ||
| 1998 | 13.1% | -1.68pp | ||
| 1997 | 14.7% | +0.91pp | ||
| 1996 | 13.8% | +1.56pp | ||
| 1995 | 12.3% | +0.81pp | ||
| 1994 | 11.5% | +4.60pp | ||
| 1993 | 6.9% | +6.57pp | ||
| 1992 | 0.3% | +2.07pp | ||
| 1991 | -1.8% | -6.51pp | ||
| 1990 | 4.7% | -2.68pp | ||
| 1989 | 7.4% | -2.16pp | ||
| 1988 | 9.6% | +3.69pp | ||
| 1987 | 5.9% | +2.49pp | ||
| 1986 | 3.4% | -1.09pp | ||
| 1985 | 4.5% | — |
- 202516.6%-3.58pp
- 202420.2%+0.84pp
- 202319.3%+6.03pp
- 202213.3%-0.19pp
- 202113.5%+2.59pp
- 202010.9%-4.50pp
- 201915.4%+0.25pp
- 201815.2%+5.34pp
- 20179.8%+6.80pp
- 20163.0%-5.04pp
- 20158.1%+2.05pp
- 20146.0%-4.11pp
- 201310.1%-2.90pp
- 201213.0%+1.12pp
- 201111.9%+2.59pp
- 20109.3%+7.52pp
- 20091.8%-6.89pp
- 20088.7%-2.28pp
- 200710.9%-0.91pp
- 200611.9%+1.44pp
- 200510.4%+1.56pp
- 20048.9%+1.53pp
- 20037.3%+0.75pp
- 20026.6%+0.16pp
- 20016.4%-5.61pp
- 200012.0%+1.59pp
- 199910.4%-2.65pp
- 199813.1%-1.68pp
- 199714.7%+0.91pp
- 199613.8%+1.56pp
- 199512.3%+0.81pp
- 199411.5%+4.60pp
- 19936.9%+6.57pp
- 19920.3%+2.07pp
- 1991-1.8%-6.51pp
- 19904.7%-2.68pp
- 19897.4%-2.16pp
- 19889.6%+3.69pp
- 19875.9%+2.49pp
- 19863.4%-1.09pp
- 19854.5%—
Operating 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 Operating Margin at Caterpillar (CAT)
According to Caterpillar's latest reported financial statements, the company's latest reported operating margin is 16.6%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
2025's annual operating margin for Caterpillar (CAT) came in at 16.59% – contracted 3.6 percentage points year-over-year.
The highest annual operating margin of 20.17% was reported in 2024. The lowest in the available history was -1.77% in 1991.
Caterpillar Operating Margin by Year
Caterpillar Operating Margin 2025: 16.6%
Caterpillar operating margin in 2025 was 16.59%, contracted 3.6 percentage points from 2024.
Caterpillar Operating Margin 2024: 20.2%
2024's operating margin for Caterpillar came in at 20.17%, expanded 0.8 percentage points from 2023. This figure represents the highest annual value in the available history.
Caterpillar Operating Margin 2023: 19.3%
Caterpillar posted operating margin of 19.33% in 2023, expanded 6.0 percentage points from 2022.
Caterpillar Operating Margin 2022: 13.3%
In 2022, Caterpillar reported operating margin of 13.30%, contracted 0.2 percentage points from 2021.
Caterpillar Operating Margin 2021: 13.5%
Caterpillar operating margin in 2021 was 13.49%.
See more financial history for Caterpillar (CAT).
Sector peers by Operating Margin
Industrials peers of Caterpillar (CAT), ranked by their latest operating margin
| 40.1% | |
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 14.9% | |
| 10.9% | |
| 9.9% | |
| -5.9% |
- 40.1%
- 18.5%
- 17.9%
- 10.9%
- -5.9%
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