Caterpillar Inc (CAT) stock
CATNYSEConstruction Machinery & EquipFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 12/3027% above fair value
$605.28+3.67 (+0.61%)
Close on Nov 12, 2026Market cap $278.23BP/E 23.7Yield 0.98%
Caterpillar operating margin
Operating margin is operating income as a percentage of revenue.
Caterpillar's operating margin for the twelve months ending Sep 30, 2026 was 18.3%. For fiscal 2025 it was 16.5%, against 20.2% the year before. The highest annual figure on record is 20.2% in fiscal 2024.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 16.5% | −3.7 |
| FY2024 | Dec 31, 2024 | 20.2% | +0.8 |
| FY2023 | Dec 31, 2023 | 19.3% | +6.0 |
| FY2022 | Dec 31, 2022 | 13.3% | −0.2 |
| FY2021 | Dec 31, 2021 | 13.5% | +2.6 |
| FY2020 | Dec 31, 2020 | 10.9% | −4.5 |
| FY2019 | Dec 31, 2019 | 15.4% | +0.3 |
| FY2018 | Dec 31, 2018 | 15.2% | +5.3 |
| FY2017 | Dec 31, 2017 | 9.8% | +6.8 |
| FY2016 | Dec 31, 2016 | 3.0% | −5.0 |
| FY2015 | Dec 31, 2015 | 8.1% | +2.0 |
| FY2014 | Dec 31, 2014 | 6.0% | −4.1 |
| FY2013 | Dec 31, 2013 | 10.1% | −2.9 |
| FY2012 | Dec 31, 2012 | 13.0% | +1.1 |
| FY2011 | Dec 31, 2011 | 11.9% | +2.6 |
| FY2010 | Dec 31, 2010 | 9.3% | +7.5 |
| FY2009 | Dec 31, 2009 | 1.8% | −6.9 |
| FY2008 | Dec 31, 2008 | 8.7% | −2.3 |
| FY2007 | Dec 31, 2007 | 10.9% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 20.4% | +3.1 |
| Q2 FY2026 | Jun 30, 2026 | 20.9% | +3.6 |
| Q1 FY2026 | Mar 31, 2026 | 17.7% | −0.4 |
| Q4 FY2025 | Dec 31, 2025 | 13.9% | −4.1 |
| Q3 FY2025 | Sep 30, 2025 | 17.3% | −2.2 |
| Q2 FY2025 | Jun 30, 2025 | 17.3% | −3.6 |
| Q1 FY2025 | Mar 31, 2025 | 18.1% | −4.2 |
| Q4 FY2024 | Dec 31, 2024 | 18.0% | −0.3 |
| Q3 FY2024 | Sep 30, 2024 | 19.5% | −1.0 |
| Q2 FY2024 | Jun 30, 2024 | 20.9% | −0.2 |
| Q1 FY2024 | Mar 31, 2024 | 22.3% | +5.1 |
| Q4 FY2023 | Dec 31, 2023 | 18.4% | +8.2 |
| Q3 FY2023 | Sep 30, 2023 | 20.5% | +4.3 |
| Q2 FY2023 | Jun 30, 2023 | 21.1% | +7.4 |
| Q1 FY2023 | Mar 31, 2023 | 17.2% | +3.6 |
| Q4 FY2022 | Dec 31, 2022 | 10.1% | −1.6 |
| Q3 FY2022 | Sep 30, 2022 | 16.2% | +2.8 |
| Q2 FY2022 | Jun 30, 2022 | 13.6% | −0.2 |
| Q1 FY2022 | Mar 31, 2022 | 13.7% | −1.6 |
| Q4 FY2021 | Dec 31, 2021 | 11.7% | −0.6 |
| Q3 FY2021 | Sep 30, 2021 | 13.4% | +3.5 |
| Q2 FY2021 | Jun 30, 2021 | 13.9% | +6.0 |
| Q1 FY2021 | Mar 31, 2021 | 15.3% | +2.1 |
| Q4 FY2020 | Dec 31, 2020 | 12.3% | −1.8 |
| Q3 FY2020 | Sep 30, 2020 | 10.0% | −5.9 |
| Q2 FY2020 | Jun 30, 2020 | 7.8% | −7.5 |
| Q1 FY2020 | Mar 31, 2020 | 13.2% | −3.2 |
| Q4 FY2019 | Dec 31, 2019 | 14.1% | +0.9 |
| Q3 FY2019 | Sep 30, 2019 | 15.8% | +0.0 |
| Q2 FY2019 | Jun 30, 2019 | 15.3% | −0.1 |
| Q1 FY2019 | Mar 31, 2019 | 16.4% | −0.0 |
| Q4 FY2018 | Dec 31, 2018 | 13.1% | +2.4 |
| Q3 FY2018 | Sep 30, 2018 | 15.8% | +2.6 |
| Q2 FY2018 | Jun 30, 2018 | 15.5% | +5.0 |
| Q1 FY2018 | Mar 31, 2018 | 16.4% | +12.5 |
| Q4 FY2017 | Dec 31, 2017 | 10.8% | +17.0 |
| Q3 FY2017 | Sep 30, 2017 | 13.2% | – |
| Q2 FY2017 | Jun 30, 2017 | 10.4% | – |
| Q1 FY2017 | Mar 31, 2017 | 3.9% | – |
| Q4 FY2016 | Dec 31, 2016 | -6.2% | – |
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