Operating Income
Operating Income
Caterpillar Operating Income decreased by 12.8% to $2.66B in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 9.0%, from $2.92B to $2.66B. Over 4 years (FY 2021 to FY 2025), Operating Income shows an upward trend with a 12.8% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
StatementIncome Statement
SectionOperating Income
CategoryProfitability
SignalHigher is better
VolatilityModerate
First reportedQ4 2013
Last reportedQ4 2025
How to read this metric
Growth in operating income suggests that the core business is becoming more profitable and efficient.
Detailed definition
The profit realized from a business's own operations after deducting operating expenses like wages, depreciation, and co...
Peer comparison
This is a key metric for comparing the fundamental business performance of companies with different tax or debt structures.
Metric ID:
is_operating_incomeHistorical Data
19 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $1.79B | $1.66B | $1.61B | $1.86B | $1.94B | $2.43B | $1.68B | $2.73B | $3.65B | $3.45B | $3.13B | $3.52B | $3.48B | $3.15B | $2.92B | $2.58B | $2.86B | $3.05B | $2.66B |
| QoQ Change | — | -7.0% | -3.2% | +15.1% | +4.8% | +24.7% | -30.7% | +62.6% | +33.7% | -5.6% | -9.1% | +12.3% | -1.1% | -9.6% | -7.1% | -11.8% | +10.9% | +6.7% | -12.8% |
| YoY Change | — | — | — | — | +8.7% | +45.7% | +4.3% | +47.2% | +87.9% | +42.2% | +86.5% | +28.9% | -4.7% | -8.8% | -6.7% | -26.7% | -17.9% | -3.0% | -9.0% |
Range$1.61B – $3.65B
CAGR+9.2%
Avg YoY Growth+18.3%
Median YoY Growth+4.3%
Operating Income at Other Companies
Frequently Asked Questions
- What is Caterpillar's operating income?
- Caterpillar (CAT) reported operating income of $2.66B in Q4 2025.
- How has Caterpillar's operating income changed year-over-year?
- Caterpillar's operating income decreased by 9.0% year-over-year, from $2.92B to $2.66B.
- What is the long-term trend for Caterpillar's operating income?
- Over 4 years (2021 to 2025), Caterpillar's operating income has grown at a 12.8% compound annual growth rate (CAGR), from $6.88B to $11.15B.
- What does operating income mean?
- The profit earned from core business activities, before accounting for interest and taxes.