Company / Operating Margin
Caterpillar Inc. Operating Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
16.5%
FY2025
5-year range
13.3% / 20.2%
FY2021-FY2025
Trend
-18.2%
vs FY2024
Sector context
#70 of 304
Industrials
What the data says
Caterpillar Inc.'s operating margin of 16.5% is higher than 77% of companies in the Industrials sector (FY2025). Operating Margin has fluctuated over the past 10 years, ranging from 3.0% in FY2018 to 20.2% in FY2024.
Based on SEC 10-K filings.
16.5% in FY2025 with a 5-year CAGR of +5.6%. Top quartile in the Industrials sector.
Declined from 19.3% to 16.5% over the past 2 years.
Industrials sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +3.2pp
- 5-Year Change
- +5.6pp
- 10-Year Change
- -
Sector benchmark
+102.0% above sector average
Key checks
Key Insights
- In FY2025, operating margin decreased 18.2% year-over-year.
- Currently 859.3pp above the Industrials sector average.
- Peak operating margin was recorded in FY2024.
- Lowest operating margin in the period was in FY2018.
Company context
Key Data Points
- High earnings quality (cash-backed earnings)
- Strong return on equity: 44.9%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 16.5% | -18.2% |
| FY2024 | 20.2% | +4.3% |
| FY2023 | 19.3% | +45.3% |
| FY2022 | 13.3% | -1.4% |
| FY2021 | 13.5% | +23.6% |
| FY2020 | 10.9% | +11.2% |
| FY2019 | 9.8% | +224.8% |
| FY2018 | 3.0% | -69.2% |
| FY2017 | 9.8% | +224.8% |
| FY2016 | 3.0% | -62.5% |
As of FY2025 · SEC 10-K · Updated Jul 2, 2026