Caterpillar (CAT) Operating Margin (2009 - 2026)

Caterpillar's Operating Margin history runs 18 years deep, the most recent figure standing at 17.71% for Q1 2026.

• In Q1 2026, Operating Margin fell 38.0% year-over-year to 17.71%; the TTM figure through Mar 2026 stood at 16.48% (down 270.0% YoY), while the FY2025 annual figure was 16.5%, down 367.0% from the prior year.
• Operating Margin was 17.71% for Q1 2026 at Caterpillar, up from 13.9% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 22.27% in Q1 2024 to a low of 10.12% in Q4 2022.
• Historically, Operating Margin has averaged 17.4% across 5 years, with a median of 17.71% in 2026.
• The sharpest annual moves came in 2023 and 2025: Operating Margin soared 824 bps in 2023, then tumbled 417 bps in 2025.
• A 5-year view of Operating Margin shows it stood at 10.12% in 2022, then jumped by 81 bps to 18.36% in 2023, then retreated by 2 bps to 18.03% in 2024, then fell by 23 bps to 13.9% in 2025, then gained by 27 bps to 17.71% in 2026.
• The last three Operating Margin figures came in at 17.71% (Q1 2026), 13.9% (Q4 2025), and 17.3% (Q3 2025), per Business Quant data.