Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Sales of Machinery, Energy & Transportation	18,202)	16,726)	15,674)	13,378)	15,332)	15,231)	15,840)	14,960)	16,237)	15,988)	16,545)	15,099)	15,871)	14,278)	13,539)	12,886)	13,097)	11,707)	12,193)	11,191)
Cost of goods sold	(13,307)	(11,673)	(10,807)	(8,965)	(10,321)	(10,066)	(10,150)	(9,662)	(11,016)	(10,583)	(11,065)	(10,103)	(11,614)	(10,202)	(9,975)	(9,559)	(10,003)	(8,617)	(8,881)	(8,012)
Gross margin	4,895)	5,053)	4,867)	4,413)	5,011)	5,165)	5,690)	5,298)	5,221)	5,405)	5,480)	4,996)	4,257)	4,076)	3,564)	3,327)	3,094)	3,090)	3,312)	3,179)
Revenues of Financial Products	931)	912)	895)	871)	883)	875)	849)	839)	833)	822)	773)	763)	726)	716)	708)	703)	701)	690)	696)	696)
Selling, general and administrative expenses	(1,876)	(1,822)	(1,694)	(1,593)	(1,769)	(1,669)	(1,652)	(1,577)	(1,756)	(1,624)	(1,528)	(1,463)	(1,479)	(1,401)	(1,425)	(1,346)	(1,422)	(1,340)	(1,364)	(1,239)
Research and development expenses	(562)	(555)	(551)	(480)	(519)	(533)	(535)	(520)	(554)	(554)	(528)	(472)	(401)	(476)	(480)	(457)	(439)	(427)	(446)	(374)
Interest expense of Financial Products	(351)	(346)	(336)	(326)	(338)	(336)	(314)	(298)	(288)	(280)	(245)	(217)	(188)	(151)	(120)	(106)	(103)	(111)	(116)	(125)
Goodwill impairment charge	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(925)	—)	—)	—)	—)	—)	—)	—)
Other operating income (expenses)	(377)	(190)	(321)	(306)	(344)	(355)	(556)	(223)	(322)	(320)	(300)	(876)	(310)	(339)	(303)	(266)	(220)	(238)	(293)	(323)
Operating profit	2,660)	3,052)	2,860)	2,579)	2,924)	3,147)	3,482)	3,519)	3,134)	3,449)	3,652)	2,731)	1,680)	2,425)	1,944)	1,855)	1,611)	1,664)	1,789)	1,814)
Interest expense excluding Financial Products	(127)	(133)	(126)	(116)	(107)	(125)	(137)	(143)	(126)	(129)	(127)	(129)	(117)	(109)	(108)	(109)	(112)	(114)	(120)	(142)
Other income (expense)	493)	208)	84)	107)	426)	76)	155)	156)	241)	195)	127)	32)	536)	242)	260)	253)	1,063)	225)	201)	325)
Consolidated profit before taxes	3,026)	3,127)	2,818)	2,570)	3,243)	3,098)	3,500)	3,532)	3,249)	3,515)	3,652)	2,634)	2,099)	2,558)	2,096)	1,999)	2,562)	1,775)	1,870)	1,997)
Provision for income taxes	(712)	(836)	(646)	(574)	(463)	(642)	(836)	(688)	(587)	(734)	(752)	(708)	(644)	(527)	(427)	(469)	(429)	(368)	(470)	(475)
Profit of consolidated companies	2,314)	2,291)	2,172)	1,996)	2,780)	2,456)	2,664)	2,844)	2,662)	2,781)	2,900)	1,926)	1,455)	2,031)	1,669)	1,530)	2,133)	1,407)	1,400)	1,522)
Equity in profit of unconsolidated affiliated companies	87)	8)	7)	7)	10)	7)	17)	10)	11)	12)	24)	16)	(1)	9)	4)	7)	(13)	21)	14)	9)
Profit of consolidated and affiliated companies	2,401)	2,299)	2,179)	2,003)	2,790)	2,463)	2,681)	2,854)	2,673)	2,793)	2,924)	1,942)	1,454)	2,040)	1,673)	1,537)	2,120)	1,428)	1,414)	1,531)
(Profit) loss attributable to noncontrolling interests	1)	1)	—)	—)	1)	1)	—)	2)	3)	1)	(2)	1)	—)	1)	—)	—)	—)	(2)	(1)	(1)
Profit attributable to common stockholders	2,402)	2,300)	2,179)	2,003)	2,791)	2,464)	2,681)	2,856)	2,676)	2,794)	2,922)	1,943)	1,454)	2,041)	1,673)	1,537)	2,120)	1,426)	1,413)	1,530)

The financial performance indicators reveal a generally positive trend in revenues and profitability over the observed period, though with some fluctuations. Sales of Machinery, Energy & Transportation demonstrate an overall increase from 2021 to 2025, with a noticeable surge in the latter half of 2021 and continuing into 2022. While growth slowed in 2023, it resumed in 2024 and 2025, reaching a peak in the final quarter of 2025.

Cost of goods sold generally tracked with sales, increasing over time. However, the rate of increase in cost of goods sold appears to have accelerated in 2022 and 2023, impacting gross margin. Gross margin experienced a dip in 2021, followed by consistent growth through 2023, before stabilizing and showing a slight decline in late 2024 and early 2025.

Revenue Diversification: Revenues of Financial Products show a steady, albeit slower, growth trajectory throughout the period. This indicates a consistent contribution from the financial products segment, providing some diversification to the overall revenue stream.

Operating expenses, including selling, general and administrative expenses, and research and development expenses, have consistently increased. The increase in selling, general and administrative expenses appears to be relatively consistent, while research and development expenses saw a notable increase in 2023 and 2025. Interest expense related to financial products also increased, particularly from 2022 onwards. A significant goodwill impairment charge was recorded in the fourth quarter of 2022, negatively impacting operating profit for that period.

Operating Profit: Operating profit demonstrates a fluctuating pattern. It peaked in 2022, experienced a significant decline in late 2022 due to the goodwill impairment, and then recovered strongly in 2023. Growth slowed in 2024, but resumed in 2025, reaching a high point in the final quarter.

Other income and expense items show considerable variability. A large positive impact from other income was observed in 2021 and 2022, but this was not sustained in subsequent periods. Provision for income taxes generally increased with profitability, though the effective tax rate appears to fluctuate.

Net Profit: Profit attributable to common stockholders generally follows the trend of operating profit, with a substantial increase in 2021 and 2022, a dip in late 2022, and a recovery in 2023. Profitability remained strong through 2025, with a peak in the final quarter.

Equity in profit of unconsolidated affiliated companies remained relatively stable, with a notable increase in the final quarter of 2025. Profit attributable to noncontrolling interests was minimal throughout the period. Overall, the company demonstrates a capacity for revenue growth and profitability, though subject to fluctuations influenced by factors such as cost management, impairment charges, and other income/expense items.

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Caterpillar Inc. (NYSE:CAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data