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Caterpillar (CAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Caterpillar (CAT) reported revenue of $17.6B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 17.3%, net earnings $2.3B (13.0% of revenue).
Caterpillar, Q3 2025: revenue $17.6B (+10% year over year), operating margin 17.3%, net earnings $2.3B, operating cash flow $3.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.6B | +6% | +10% |
| Operating profit | $3.1B | +7% | -3% |
| Net earnings | $2.3B | +6% | -7% |
| Operating cash flow | $3.7B | +20% | +5% |
| Free cash flow | $3.1B | +20% | -1% |
What changed
Revenue was $17.6B in Q3 2025, up 10% year over year and up 6% from the previous quarter. Machinery, Energy & Transportation was the largest line at 95% of revenue. Machinery, Energy & Transportation added $1.5B year over year (up 10%), 98% of the total change.
Operating profit was $3.1B, a 17.3% margin (down 2.2 points year over year). Operating profit fell $0.10B even though revenue rose $1.5B versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+16%). Net earnings were $2.3B, down 7% year over year. The effective tax rate was 26.7%.
Operating cash flow was $3.7B (up 5% year over year), 163% of net earnings. Non-cash charges added back $0.57B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.80B. Capital expenditures of $0.66B left free cash flow of $3.1B.
Questions
What was Caterpillar's revenue in the third quarter 2025?
Caterpillar (CAT) reported revenue of $17.6B for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before.
Was Caterpillar profitable in the third quarter 2025?
Operating profit was $3.1B (17.3% of revenue) and net earnings $2.3B.
Source: Caterpillar 10-Q on SEC EDGAR.