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Caterpillar CAT Gross margin

Gross margin at other companies

Cummins logo
CumminsCMI
25.4%+0.1pp
Wabtec logo
WabtecWAB
34.5%+1.6pp
United Rentals logo
United RentalsURI
38.2%-1.3pp
Quanta Services logo
Quanta ServicesPWR
15.1%+0.1pp
IR
Ingersoll RandIR
43.2%-0.6pp
RBC Bearings logo
RBC BearingsRBC
44.4%0.0pp

Other financials

Income statement

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Revenue$17.4B+22.2%
Gross profit$6.1B+15.6%
Operating income$3.1B+19.6%
Net income$2.5B+27.2%
EPS (diluted)$5.47+30.2%

Balance sheet

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Cash & equivalents$4.1B+14.3%
Total assets$95.6B+12.5%

Cash flow

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Operating cash flow$1.9B+45.1%
CapEx$728.0M+2.5%
Free cash flow$1.1B+97.2%

Valuation

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Market cap$440.29B+109%
P/E46.7×+25.5×
P/S6.2×+2.9×

Profitability

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Operating margin16.5%-2.7pp
Net margin13.3%-2.4pp

Returns & leverage

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Return on equity43.5%-11.8pp
Debt / equity1.7×+0.1×
Current ratio1.4×0.0×

Where this comes from

Calculated from Caterpillar’s reported figures.

Based on trailing twelve months.

The official record: Caterpillar’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Caterpillar's gross margin?
Caterpillar (CAT) reported gross margin of 96.6% in Q1 2026.
How has Caterpillar's gross margin changed year-over-year?
Caterpillar's gross margin decreased by 4.4% year-over-year, from 101% to 96.6%.
What is the long-term trend for Caterpillar's gross margin?
Over 4 years (2021 to 2025), Caterpillar's gross margin has grown at a 34.1% compound annual growth rate (CAGR), from 123.3% to 398.5%.
What does gross margin mean?
How much of every sales dollar is left after the direct cost of what was sold.
How do you interpret gross margin?
Higher and stable gross margins indicate pricing power and a durable cost structure. A declining trend signals input-cost pressure, pricing competition, or a shift toward lower-margin products.
How does gross margin compare across companies?
Highly comparable within an industry, less so across industries — software runs 70%+ while distributors run in single digits. Track the trend more than the absolute level across sectors.