Caterpillar (CAT) Operating Expenses (2009 - 2026)
Caterpillar (CAT) posted Operating Expenses of $16.2 billion for Q2 2026, up 13.38% on a QoQ basis from $14.3 billion in Q1 2026, and up 18.52% year-over-year from $13.7 billion in Q2 2025.
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Analysis
Caterpillar (CAT) Operating Expenses (2009 - 2026) Analysis & Trends
Caterpillar has reported Operating Expenses for 18 years, with the latest figure at $16.2 billion in Q2 2026.
- On a quarterly basis, Operating Expenses rose 18.52% year-over-year to $16.2 billion in Q2 2026; TTM through Jun 2026 was $61.6 billion, a 19.38% increase from a year earlier, with the FY2025 full-year figure at $56.4 billion, up 9.09% from the prior year.
- Operating Expenses was $16.2 billion for Q2 2026 at Caterpillar, up from $14.3 billion in the prior quarter.
- The five-year high for Operating Expenses was $16.5 billion in Q4 2025, with the low at $11.7 billion in Q1 2025.
- Average Operating Expenses over 5 years is $13.6 billion, with a median of $13.3 billion recorded in 2023.
- The sharpest annual moves came in 2023 and 2025: Operating Expenses declined 6.58% in 2023, then increased 23.94% in 2025.
- Over 5 years, Operating Expenses stood at $14.9 billion in 2022, then fell by 6.58% to $13.9 billion in 2023, then fell by 4.63% to $13.3 billion in 2024, then rose by 23.94% to $16.5 billion in 2025, then decreased by 1.37% to $16.2 billion in 2026.
- The last three Operating Expenses figures came in at $16.2 billion (Q2 2026), $14.3 billion (Q1 2026), and $16.5 billion (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Caterpillar | 371.58 Bn | 364.86 Bn | 7.76 Bn | 16.25 Bn |
| 2 | Amphenol | 204.28 Bn | 198.29 Bn | 3.55 Bn | 963.40 Mn |
| 3 | Deere | 189.58 Bn | 180.70 Bn | 12.32 Bn | 10.73 Bn |
| 4 | Eaton | 171.87 Bn | 171.22 Bn | 2.86 Bn | 1.46 Bn |
| 5 | Parker-Hannifin | 121.60 Bn | 121.11 Bn | 2.25 Bn | 874.00 Mn |
| 6 | Vertiv Holdings | 97.62 Bn | 94.51 Bn | 1.23 Bn | 490.50 Mn |
| 7 | 3M | 87.32 Bn | 84.04 Bn | 2.68 Bn | 5.52 Bn |
| 8 | Emerson Electric | 86.05 Bn | 83.88 Bn | 2.66 Bn | 1.34 Bn |
| 9 | Illinois Tool Works | 77.02 Bn | 76.18 Bn | 1.90 Bn | - |
| 10 | Cummins | 72.43 Bn | 68.82 Bn | 2.47 Bn | 1.28 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 16.25 Bn |
| Mar 31, 2026 | 14.33 Bn |
| Dec 31, 2025 | 16.47 Bn |
| Sep 30, 2025 | 14.59 Bn |
| Jun 30, 2025 | 13.71 Bn |
| Mar 31, 2025 | 11.67 Bn |
| Dec 31, 2024 | 13.29 Bn |
| Sep 30, 2024 | 12.96 Bn |
| Jun 30, 2024 | 13.21 Bn |
| Mar 31, 2024 | 12.28 Bn |
| Dec 31, 2023 | 13.94 Bn |
| Sep 30, 2023 | 13.36 Bn |
| Jun 30, 2023 | 13.67 Bn |
| Mar 31, 2023 | 13.13 Bn |
| Dec 31, 2022 | 14.92 Bn |
| Sep 30, 2022 | 12.57 Bn |
| Jun 30, 2022 | 12.30 Bn |
| Mar 31, 2022 | 11.73 Bn |
| Dec 31, 2021 | 12.19 Bn |
| Sep 30, 2021 | 10.73 Bn |
API Access
Caterpillar Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=CAT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "CAT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=CAT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();