CATERPILLAR INC (CAT) closed fiscal year 2025 with a gross margin of 33.8 % and a net margin of 13.1 %.
CATERPILLAR INC (CAT) closed fiscal year 2025 with a gross margin of 33.8 % and a net margin of 13.1 %. The same year shows an EBITDA margin of 19.8 % and an EBIT margin of 16.5 %. The free cash flow margin was 13.2 %. Against the previous year the gross margin moved −4.2 pp and the net margin −3.5 pp. Across the period the gross margin ranges between 25.2 % in 2008 and 38.0 % in 2024. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 27.43 % | 25.15 % | 26.27 % | 28.70 % | 27.54 % | 28.57 % | 26.82 % | 26.21 % | 28.64 % | 27.23 % | 31.24 % | 32.39 % | 31.91 % | 30.34 % | 30.33 % | 30.42 % | 36.23 % | 37.97 % | 33.79 % |
| EBITDA margin (%) | 14.94 % | 12.52 % | 8.99 % | 14.70 % | 16.10 % | 17.28 % | 15.66 % | 11.74 % | 14.53 % | 10.89 % | 16.14 % | 20.21 % | 20.20 % | 16.73 % | 18.11 % | 17.03 % | 22.53 % | 23.49 % | 19.84 % |
| EBIT margin (%) | 10.95 % | 8.67 % | 1.78 % | 9.31 % | 11.89 % | 13.01 % | 10.11 % | 6.01 % | 8.05 % | 3.02 % | 9.81 % | 15.15 % | 15.41 % | 10.91 % | 13.49 % | 13.30 % | 19.33 % | 20.17 % | 16.50 % |
| Net margin (%) | 7.88 % | 6.93 % | 2.76 % | 6.34 % | 8.19 % | 8.62 % | 6.81 % | 4.44 % | 5.34 % | -0.17 % | 1.66 % | 11.23 % | 11.33 % | 7.18 % | 12.73 % | 11.28 % | 15.41 % | 16.65 % | 13.14 % |
| FCF margin (%) | 13.91 % | 4.58 % | 15.42 % | 8.06 % | 7.39 % | 2.78 % | 13.78 % | 11.81 % | 11.30 % | 11.75 % | 10.58 % | 9.65 % | 10.88 % | 12.81 % | 11.98 % | 10.89 % | 16.83 % | 15.50 % | 13.19 % |
