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Caterpillar (CAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Caterpillar (CAT) reported revenue of $16.6B for the second quarter 2025 (Q2 2025), -0.7% from a year earlier and +16% from the quarter before. Operating margin was 17.3%, net earnings $2.2B (13.2% of revenue).
Caterpillar, Q2 2025: revenue $16.6B (-0.7% year over year), operating margin 17.3%, net earnings $2.2B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.6B | +16% | -0.7% |
| Operating profit | $2.9B | +11% | -18% |
| Net earnings | $2.2B | +9% | -19% |
| Operating cash flow | $3.1B | +142% | +3% |
| Free cash flow | $2.6B | +343% | -4% |
What changed
Revenue was $16.6B in Q2 2025, down 1% year over year and up 16% from the previous quarter. Machinery, Energy & Transportation was the largest line at 95% of revenue. Machinery, Energy & Transportation lost $0.17B year over year (down 1%), 138% of the total change.
Operating profit was $2.9B, a 17.3% margin (down 3.6 points year over year). Total costs grew 4% against a revenue fall of 1%. Net earnings were $2.2B, down 19% year over year. The effective tax rate was 22.9%.
Operating cash flow was $3.1B (up 3% year over year), 143% of net earnings. Non-cash charges added back $0.55B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $0.30B. Capital expenditures of $0.56B left free cash flow of $2.6B.
Questions
What was Caterpillar's revenue in the second quarter 2025?
Caterpillar (CAT) reported revenue of $16.6B for the second quarter 2025 (Q2 2025), -0.7% from a year earlier and +16% from the quarter before.
Was Caterpillar profitable in the second quarter 2025?
Operating profit was $2.9B (17.3% of revenue) and net earnings $2.2B.
Source: Caterpillar 10-Q on SEC EDGAR.