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Caterpillar CAT Net margin

Net margin at other companies

Cummins logo
CumminsCMI
8.2%-0.3pp
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
25.5%+1.0pp
Deere & Company logo
Deere & CompanyDE
10.1%-2.3pp
Wabtec logo
WabtecWAB
10.5%0.0pp
United Rentals logo
United RentalsURI
15.3%-1.1pp
Generac Holdings logo
Generac HoldingsGNRC
7%-0.2pp

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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Gross margin96.6%-4.4pp
Operating margin16.5%-2.7pp

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 net margin?
Caterpillar (CAT) reported net margin of 13.3% in Q1 2026.
How has Caterpillar's net margin changed year-over-year?
Caterpillar's net margin decreased by 15.2% year-over-year, from 15.7% to 13.3%.
What is the long-term trend for Caterpillar's net margin?
Over 4 years (2021 to 2025), Caterpillar's net margin has grown at a 9.1% compound annual growth rate (CAGR), from 41% to 58.1%.
What does net margin mean?
The share of every sales dollar that becomes bottom-line profit.
How do you interpret net margin?
Higher is better, but net margin mixes operating performance with financing and tax effects and one-off items — read it alongside operating margin to separate the operating story from the rest.
How does net margin compare across companies?
Comparable across peers but sensitive to leverage and tax structure; two operationally identical firms can show different net margins purely from financing.