CAT Caterpillar margins

Relative Growth: Rel. Growth: 95

Relative Strength: Rel. Strength: 79

Relative Valuation: Rel. Valuation: 30

Relative Profitability: Rel. Profitability: 74

Gross margin

32.5%

Operating margin

17.5%

EBITDA margin

22.8%

Net margin

14.5%

Using the latest TTM figures, Caterpillar shows a gross margin of 32.5%, an operating margin of 17.5%, an EBITDA margin of 22.8%, and a net margin of 14.5%. The company's available margins all declined, with gross margin recording the strongest contraction of 1.8 percentage points.

CAT margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Caterpillar recorded average margins of 34.16% gross, 18.63% operating, 23.27% EBITDA, and 15.11% net. Compared with their three-year averages, all four current margins are lower.

CAT margin expansion

Year-over-year margin changes in percentage points

All available margins contracted year over year, led by gross margin with a decline of 1.8 percentage points.

Gross margin expansion

-1.8pp

Operating margin expansion

-0.7pp

EBITDA margin expansion

-0.1pp

Net margin expansion

-0.4pp

CAT Gross margin

In the last 3 years, Caterpillar had an average gross margin of 34.16%. Against its three-year average, Caterpillar's gross margin is currently 32.5%, 1.7 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 18.63%. Currently, Caterpillar's current operating margin is 17.5%, which is 1.1 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 23.27% across the last 3 years. Caterpillar currently reports an EBITDA margin of 22.8%, 0.5 percentage points below 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 15.11%. The latest net margin for Caterpillar is 14.5%, 0.6 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 32.5%, CAT ranks higher than the industry and its peers average but lower than the Industrials sector average. But in comparison with the Industrials sector average of 32.9%, Caterpillar's gross margin is only 1.2% lower.

CAT margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Caterpillar's gross margin?

For the period ending Jun 30, 2026, CAT recorded a gross margin of 32.5%.

What is Caterpillar's operating margin?

As of Jun 30, 2026, CAT has an operating margin of 17.5%.

What is Caterpillar's EBITDA margin?

As of Jun 30, 2026, CAT has an EBITDA margin of 22.8%.

What is Caterpillar's net margin?

For the period ending Jun 30, 2026, CAT recorded a net margin of 14.5%.

What are the average margins of CAT?

Over the past 3 years, CAT reported average margins of 34.2% gross, 18.6% operating, 23.3% EBITDA, and 15.1% 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 10.6% net in Sep 2021.