Common-Size Income Statement
Quarterly Data
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Caterpillar Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Caterpillar Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 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).
- Cost of Goods Sold and Gross Margin Trends
- The cost of goods sold as a percentage of sales generally decreased over the period observed, starting at approximately -73.29% in early 2020 and reaching a low near -64.08% in mid-2024, indicating improved cost management. However, it slightly increased again toward the end of the period, reaching around -69.79%. Correspondingly, the gross margin showed an overall upward trend, beginning at around 26.71% and peaking above 35% in the first half of 2024, reflecting enhanced profitability from core operations. This margin slightly contracted toward the end of the observation period but remained above earlier levels.
- Revenues of Financial Products
- Revenues from financial products relative to machinery sales slightly decreased from about 7.27% in early 2020 to around 4.57%-5.71% in late 2022 and 2023, with some fluctuations afterward, reaching around 6.51% in mid-2025. This suggests a modest variation in contribution from financial services to overall sales, with a slight rebound in later periods.
- Operating Expenses
- Selling, general and administrative expenses as a percentage of sales declined steadily over time from approximately -11.31% to values close to -10.8%. Research and development expenses exhibited minor fluctuations, generally remaining around -3.5% with a slight improvement in reducing expenses observed briefly in late 2022 around -2.53%. These trends indicate restrained expense management with consistent investment in R&D.
- Interest Expenses
- Interest expenses related to financial products steadily increased relative to sales from -1.77% early in 2020 to above -2.4% by 2025, indicating growing financial costs in this segment. Interest expense excluding financial products remained relatively stable, fluctuating marginally near -0.8% without significant trend direction, reflecting steady non-financial borrowing costs.
- Other Operating Income (Expenses)
- Other operating income and expenses showed volatility, with occasional distinct negative spikes such as a significant goodwill impairment charge of -5.83% in late 2022 and unusually high negative other expenses near -5.8% also during this period. Most other periods show smaller negative impacts, suggesting occasional exceptional charges diminishing operating profitability temporarily.
- Operating Profit and Consolidated Profitability
- Operating profit as a percentage of sales improved significantly, moving from a low of about 8.42% in the middle of 2020 to consistent levels around or above 18% in 2023 and beyond. Consolidated profit before taxes followed a similar trajectory, exhibiting a general upward trend with some variability, reaching approximately 23.61% in early 2024. These patterns reflect strengthened operational efficiency and profitability.
- Provision for Income Taxes
- Tax provisions fluctuated moderately around -3% to -5%, with no strong directional movement but showing periodic increases, especially in mid-2024 and later, implying variable tax burdens relative to sales.
- Net Profitability
- Profit attributable to common stockholders exhibited strong recovery and growth after the 2020 period, rising from a low near 4.92% to a high exceeding 19% in early 2024, before dipping slightly to the mid-teens by mid-2025. This indicates an overall positive profitability trend for shareholders despite some cyclical fluctuations.
- Equity in Profit (Loss) of Affiliated Companies and Noncontrolling Interests
- Equity income from affiliated companies remained marginal, generally near zero to slightly positive, without substantial contribution to total profitability. Profit/loss attributable to noncontrolling interests was negligible and volatile, indicating minimal impact on consolidated profits.