CAT Caterpillar margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 78

Gross margin

32.9%

Operating margin

18.3%

EBITDA margin

23.4%

Net margin

15.2%

Using the latest TTM figures, Caterpillar shows a gross margin of 32.9%, an operating margin of 18.3%, an EBITDA margin of 23.4%, and a net margin of 15.2%. EBITDA margin drove the available margin improvements with a 1 percentage-point increase, while gross margin declined by 0.4 percentage points.

CAT margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Caterpillar recorded average margins of 34.11% gross, 18.72% operating, 23.39% EBITDA, and 15.23% net. The latest figures show EBITDA margin is above its three-year average, while gross, operating, and net margins are below their three-year averages.

CAT margin expansion

Year-over-year margin changes in percentage points

Compared with the same period last year, operating margin expanded by 0.6 percentage points, EBITDA margin by 1 percentage point, and net margin by 0.9 percentage points, while gross margin contracted by 0.4 percentage points.

Gross margin expansion

-0.4pp

Operating margin expansion

0.6pp

EBITDA margin expansion

1pp

Net margin expansion

0.9pp

CAT Gross margin

In the last 3 years, Caterpillar had an average gross margin of 34.11%. Against its three-year average, Caterpillar's gross margin is currently 32.9%, 1.2 percentage points below its three-year average. Looking back over the last 3 years, Caterpillar's gross margin reached 36% at its highest point in Dec 2024 and 31.5% at its lowest in Mar 2026.

CAT Operating margin

Over the last 3 years, Caterpillar's operating margin averaged 18.72%. Currently, Caterpillar's current operating margin is 18.3%, which is 0.4 percentage points below its three-year average. During this period, operating margin reached a high of 20.5% in Jun 2024 and a low of 16.5% in Dec 2025.

CAT EBITDA margin

Caterpillar recorded an average EBITDA margin of 23.39% across the last 3 years. Caterpillar currently reports an EBITDA margin of 23.4%, 0 percentage points above its three-year average. Over the last 3 years, Caterpillar's EBITDA margin peaked at 24.9% in Jun 2024 and reached a low of 21.3% in Dec 2025.

CAT Net margin

Over the last 3 years, the average net margin for Caterpillar was 15.23%. The latest net margin for Caterpillar is 15.2%, 0 percentage points below its three-year average. Caterpillar's net margin ranged from a low of 13.1% in Dec 2025 to a high of 16.8% in Mar 2024.

CAT margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 32.9%, CAT ranks higher than the Industrials sector, the industry and its peers average. But in comparison with the Industrials sector average of 32.5%, Caterpillar's gross margin is only 1.2% higher.

CAT margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Caterpillar's gross margin?

For the period ending Sep 30, 2026, CAT recorded a gross margin of 32.9%.

What is Caterpillar's operating margin?

As of Sep 30, 2026, CAT has an operating margin of 18.3%.

What is Caterpillar's EBITDA margin?

As of Sep 30, 2026, CAT has an EBITDA margin of 23.4%.

What is Caterpillar's net margin?

For the period ending Sep 30, 2026, CAT recorded a net margin of 15.2%.

What are the average margins of CAT?

Over the past 3 years, CAT reported average margins of 34.1% gross, 18.7% operating, 23.4% EBITDA, and 15.2% net.

What are the highest historical margins of CAT?

Within the 5-year period, CAT recorded its highest margins at 36% gross in Dec 2024, 20.5% operating in Jun 2024, 24.9% EBITDA in Jun 2024, and 16.8% net in Mar 2024.

What are the lowest historical margins of CAT?

Over this 5-year history, Caterpillar's margins fell as low as 28.6% gross in Jun 2022, 13.1% operating in Mar 2022, 19.2% EBITDA in Dec 2022, and 11.3% net in Dec 2022.