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Caterpillar (CAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Caterpillar (CAT) reported revenue of $14.2B for the first quarter 2025 (Q1 2025), -10% from a year earlier and -12% from the quarter before. Operating margin was 18.1%, net earnings $2.0B (14.1% of revenue).
Caterpillar, Q1 2025: revenue $14.2B (-10% year over year), operating margin 18.1%, net earnings $2.0B, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.2B | -12% | -10% |
| Operating profit | $2.6B | -12% | -27% |
| Net earnings | $2.0B | -28% | -30% |
| Operating cash flow | $1.3B | -62% | -37% |
| Free cash flow | $579M | -78% | -63% |
What changed
Revenue was $14.2B in Q1 2025, down 10% year over year and down 12% from the previous quarter. Machinery, Energy & Transportation was the largest line at 94% of revenue. Machinery, Energy & Transportation lost $1.6B year over year (down 11%), 102% of the total change.
Operating profit was $2.6B, a 18.1% margin (down 4.2 points year over year). Total costs fell 5% while revenue fell 10%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $2.0B, down 30% year over year. The effective tax rate was 22.3%.
Operating cash flow was $1.3B (down 37% year over year), 64% of net earnings. Non-cash charges added back $0.54B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.71B left free cash flow of $0.58B.
Questions
What was Caterpillar's revenue in the first quarter 2025?
Caterpillar (CAT) reported revenue of $14.2B for the first quarter 2025 (Q1 2025), -10% from a year earlier and -12% from the quarter before.
Was Caterpillar profitable in the first quarter 2025?
Operating profit was $2.6B (18.1% of revenue) and net earnings $2.0B.
Source: Caterpillar 10-Q on SEC EDGAR.