Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Caterpillar Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Sales of Machinery, Energy & Transportation	61,363)	63,869)	56,574)	48,188)	39,022)
Cost of goods sold	(40,199)	(42,767)	(41,350)	(35,513)	(29,082)
Gross margin	21,164)	21,102)	15,224)	12,675)	9,940)
Revenues of Financial Products	3,446)	3,191)	2,853)	2,783)	2,726)
Selling, general and administrative expenses	(6,667)	(6,371)	(5,651)	(5,365)	(4,642)
Research and development expenses	(2,107)	(2,108)	(1,814)	(1,686)	(1,415)
Interest expense of Financial Products	(1,286)	(1,030)	(565)	(455)	(589)
Goodwill impairment charge	—)	—)	(925)	—)	—)
Other operating income (expenses)	(1,478)	(1,818)	(1,218)	(1,074)	(1,467)
Operating profit	13,072)	12,966)	7,904)	6,878)	4,553)
Interest expense excluding Financial Products	(512)	(511)	(443)	(488)	(514)
Investment and interest income	482)	494)	167)	80)	112)
Foreign exchange gains (losses)	71)	(96)	104)	110)	(193)
License fee income	142)	146)	142)	123)	104)
Gains (losses) on securities	39)	11)	(56)	134)	37)
Net periodic pension and OPEB income (cost), excluding service cost	165)	47)	868)	1,279)	(90)
Miscellaneous income (loss)	(86)	(7)	66)	88)	(14)
Other income (expense)	813)	595)	1,291)	1,814)	(44)
Consolidated profit before taxes	13,373)	13,050)	8,752)	8,204)	3,995)
Provision for income taxes	(2,629)	(2,781)	(2,067)	(1,742)	(1,006)
Profit of consolidated companies	10,744)	10,269)	6,685)	6,462)	2,989)
Equity in profit of unconsolidated affiliated companies	44)	63)	19)	31)	14)
Profit of consolidated and affiliated companies	10,788)	10,332)	6,704)	6,493)	3,003)
(Profit) loss attributable to noncontrolling interests	4)	3)	1)	(4)	(5)
Profit attributable to common stockholders	10,792)	10,335)	6,705)	6,489)	2,998)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Income statement item	Description	The company
Sales of Machinery, Energy & Transportation	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Caterpillar Inc. sales of Machinery, Energy & Transportation increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Caterpillar Inc. operating profit increased from 2022 to 2023 and from 2023 to 2024.
Consolidated profit before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Caterpillar Inc. consolidated profit before taxes increased from 2022 to 2023 and from 2023 to 2024.
Profit attributable to common stockholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Caterpillar Inc. profit attributable to common stockholders increased from 2022 to 2023 and from 2023 to 2024.

Caterpillar Inc. (NYSE:CAT)

Income Statement