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.
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Caterpillar Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Sales and Revenue Trends
- Sales of Machinery, Energy & Transportation exhibited fluctuations with an overall upward trend from March 31, 2020 (US$9,914 million) through December 31, 2023 (peaking at US$16,545 million in September 2023). However, a decline is noted thereafter, with the figure falling to US$13,378 million by March 31, 2025. Revenues of Financial Products showed steady, modest growth throughout the period, rising from US$721 million in March 2020 to a peak of US$883 million in June 2024, slightly decreasing to US$871 million by March 2025.
- Cost of Goods Sold and Profitability
- Cost of goods sold consistently increased alongside sales, ranging from US$7,266 million in March 2020 to a high of US$11,614 million in December 2022, before declining somewhat to US$8,965 million by March 2025. Gross margin grew correspondingly from US$2,648 million in March 2020 to a peak of US$5,480 million in June 2023, with some variation thereafter, closing at US$4,413 million in March 2025.
- Operating Expenses
- Selling, general and administrative expenses exhibited upward pressure overall, increasing from US$1,121 million in March 2020 to a peak of US$1,769 million in December 2024, followed by a slight reduction to US$1,593 million by March 2025. Research and development expenses remained relatively stable with some increases, ranging from US$356 million in March 2020, peaking at US$554 million in September and December 2023, and dropping slightly to US$480 million in March 2025.
- Financial Costs and Income
- Interest expense related to Financial Products showed a consistent increase, rising from US$175 million in March 2020 to a peak of US$338 million in September 2024, before a slight decline to US$326 million by March 2025. Interest expense excluding Financial Products remained relatively stable, fluctuating slightly between US$109 million and US$143 million over the entire period. Other operating income (expenses) displayed volatility, with a notable exceptional charge of US$925 million for goodwill impairment in December 2022 and large negative swings, particularly in early 2023.
- Profitability Metrics
- Operating profit experienced significant growth from US$1,404 million in March 2020 to a peak of US$3,652 million in June 2023, with some volatility thereafter, settling at US$2,579 million by March 2025. Consolidated profit before taxes followed a similar trend, peaking at US$3,652 million in June 2023 and decreasing to US$2,570 million by March 2025. Provision for income taxes generally increased, fluctuating widely but reaching a high of US$836 million in December 2024.
- Net Profit and Earnings Attribution
- Profit of consolidated companies showed a marked increase from US$1,088 million in March 2020 to a high of US$2,900 million in June 2023, followed by a gradual decline to US$1,996 million in March 2025. Profit attributable to common stockholders mirrored this, growing substantially until mid-2023 and decreasing thereafter to US$2,003 million by March 2025. The equity in profit (loss) of unconsolidated affiliated companies had a minor but generally positive contribution, fluctuating modestly throughout the quarters.
- Overall Observations
- The data indicates a recovery and growth phase from 2020 through mid-2023, with increasing sales, expanding gross margins, and rising operating profits. This growth period was followed by a moderate contraction in sales and profits through early 2025. Operating expenses and interest costs have generally trended upward but remained controlled relative to revenue growth. Significant impairments and fluctuations in other operating income suggest occasional non-recurring charges impacting financial results. Profitability remains robust despite some volatility toward the end of the period analyzed.