Caterpillar (CAT) Operating Expenses (2009 - 2026)
Caterpillar (CAT) reported Operating Expenses of $16.25 billion for Q2 2026, up 18.5% from $13.71 billion a year earlier and up 13.4% from the prior quarter.
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Analysis
Caterpillar (CAT) Operating Expenses (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Caterpillar's Operating Expenses came in at $61.64 billion, up 19.4% year-over-year; for FY2025, it was $56.44 billion, up 9.1% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 8.7% (FY2020 to FY2025).
- By year, Operating Expenses came in at $51.74 billion in FY2024 (-4.4%), $54.09 billion in FY2023 (+5.0%), $51.52 billion in FY2022 (+16.9%) and $44.09 billion in FY2021 (+18.5%).
- Five-year quarterly Operating Expenses spans a low of $10.73 billion in Q3 2021 and a high of $16.47 billion in Q4 2025.
- Year over year, Operating Expenses has now increased in each of the last five quarters, with growth averaging 8.6% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was Q4 2025 (growth of 23.9%); the low point was Q4 2023 (a decline of 6.6%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $14.33 billion (Q1 2026), $16.47 billion (Q4 2025) and $14.59 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Caterpillar | 351.84 Bn | 323.53 Bn | 7.76 Bn | 16.25 Bn |
| 2 | Amphenol | 209.14 Bn | 203.72 Bn | 3.55 Bn | 963.40 Mn |
| 3 | Deere | 173.99 Bn | 142.08 Bn | 4.66 Bn | 10.73 Bn |
| 4 | Eaton | 165.20 Bn | 162.39 Bn | 2.86 Bn | 1.46 Bn |
| 5 | Parker-Hannifin | 120.55 Bn | 118.67 Bn | 2.25 Bn | 874.00 Mn |
| 6 | Emerson Electric | 90.75 Bn | 83.49 Bn | 2.66 Bn | 1.34 Bn |
| 7 | Vertiv Holdings | 90.61 Bn | 81.23 Bn | 1.23 Bn | 490.50 Mn |
| 8 | 3M | 83.78 Bn | 65.18 Bn | 2.68 Bn | 5.52 Bn |
| 9 | Illinois Tool Works | 75.74 Bn | 72.30 Bn | 1.90 Bn | - |
| 10 | Cummins | 72.28 Bn | 68.36 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();