Caterpillar (CAT) Operating Margin (2009 - 2026)
Caterpillar (CAT) posted Operating Margin of 20.91% for Q2 2026, up 18.02% on a QoQ basis from 17.71% in Q1 2026, and up 365.0% year-over-year from 4.5% in Q2 2025.
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Caterpillar (CAT) Operating Margin (2009 - 2026) Analysis & Trends
Caterpillar has reported Operating Margin for 18 years, with the latest figure at 20.91% in Q2 2026.
- On a quarterly basis, Operating Margin rose 365.0% year-over-year to 20.91% in Q2 2026; TTM through Jun 2026 was 17.52%, a 71.0% decrease from a year earlier, with the FY2025 full-year figure at 16.5%, down 367.0% from the prior year.
- Operating Margin was 20.91% for Q2 2026 at Caterpillar, up from 17.71% in the prior quarter.
- The five-year high for Operating Margin was 22.27% in Q1 2024, with the low at 10.12% in Q4 2022.
- Average Operating Margin over 5 years is 17.59%, with a median of 17.87% recorded in 2024.
- The sharpest annual moves came in 2023 and 2025: Operating Margin jumped 824 bps in 2023, then slumped 417 bps in 2025.
- Over 5 years, Operating Margin stood at 10.12% in 2022, then surged by 81 bps to 18.36% in 2023, then decreased by 2 bps to 18.03% in 2024, then retreated by 23 bps to 13.9% in 2025, then jumped by 50 bps to 20.91% in 2026.
- The last three Operating Margin figures came in at 20.91% (Q2 2026), 17.71% (Q1 2026), and 13.9% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Caterpillar | 371.58 Bn | 364.86 Bn | 7.76 Bn | 20.91% |
| 2 | Amphenol | 204.28 Bn | 198.29 Bn | 3.55 Bn | 29.51% |
| 3 | Deere | 189.58 Bn | 180.70 Bn | 12.32 Bn | 14.72% |
| 4 | Eaton | 171.87 Bn | 171.22 Bn | 2.86 Bn | 16.32% |
| 5 | Parker-Hannifin | 121.60 Bn | 121.11 Bn | 2.25 Bn | 23.86% |
| 6 | Vertiv Holdings | 97.62 Bn | 94.51 Bn | 1.23 Bn | 19.48% |
| 7 | 3M | 87.32 Bn | 84.04 Bn | 2.68 Bn | 15.14% |
| 8 | Emerson Electric | 86.05 Bn | 83.88 Bn | 2.66 Bn | 26.92% |
| 9 | Illinois Tool Works | 77.02 Bn | 76.18 Bn | 1.90 Bn | 26.67% |
| 10 | Cummins | 72.43 Bn | 68.82 Bn | 2.47 Bn | 13.52% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 20.91% |
| Mar 31, 2026 | 17.71% |
| Dec 31, 2025 | 13.90% |
| Sep 30, 2025 | 17.30% |
| Jun 30, 2025 | 17.26% |
| Mar 31, 2025 | 18.10% |
| Dec 31, 2024 | 18.03% |
| Sep 30, 2024 | 19.54% |
| Jun 30, 2024 | 20.86% |
| Mar 31, 2024 | 22.27% |
| Dec 31, 2023 | 18.36% |
| Sep 30, 2023 | 20.52% |
| Jun 30, 2023 | 21.09% |
| Mar 31, 2023 | 17.22% |
| Dec 31, 2022 | 10.12% |
| Sep 30, 2022 | 16.17% |
| Jun 30, 2022 | 13.64% |
| Mar 31, 2022 | 13.65% |
| Dec 31, 2021 | 11.68% |
| Sep 30, 2021 | 13.42% |
API Access
Caterpillar Operating Margin 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-margin&ticker=CAT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=CAT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();