How Caterpillar makes money

Period

FY2025

How does Caterpillar make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Caterpillar Inc. · FY2025 · year ended 2025-12-31

Revenue$67.6BGross profit$22.8B · 34%Cost of revenue$44.8B · 66%Operating income$11.2B · 16%Operating expenses$11.7B · 17%R&D$2.1B · 3%SG&A$7.0B · 10%Other opex$2.6B · 4%Pre-tax income$11.7B · 17%Other income$499M · 1%Net income$8.9B · 13%Income tax$2.8B · 4%Machinery Power Energy$64.0B · 95%Financial Products$3.6B · 5%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.