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Caterpillar (CAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Caterpillar (CAT) reported revenue of $19.1B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +8% from the quarter before. Operating margin was 13.9%, net earnings $2.4B (12.5% of revenue).
Caterpillar, Q4 2025: revenue $19.1B (+18% year over year), operating margin 13.9%, net earnings $2.4B, operating cash flow $3.6B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.1B | +8% | +18% |
| Operating profit | $2.7B | -13% | -9% |
| Net earnings | $2.4B | +4% | -14% |
| Operating cash flow | $3.6B | -4% | +6% |
| Free cash flow | $2.7B | -13% | +0.1% |
What changed
Revenue was $19.1B in Q4 2025, up 18% year over year and up 8% from the previous quarter.
Operating profit was $2.7B, a 13.9% margin (down 4.1 points year over year). Operating profit fell $0.26B even though revenue rose $2.9B versus a year earlier, so costs grew faster than sales. Total costs grew 24% against revenue growth of 18%. The fastest-growing cost line was Cost of revenue (+29%). Net earnings were $2.4B, down 14% year over year. The effective tax rate was 22.9%.
Operating cash flow was $3.6B (up 6% year over year), 150% of net earnings. Non-cash charges added back $0.60B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.55B. Capital expenditures of $0.90B left free cash flow of $2.7B.
Questions
What was Caterpillar's revenue in the fourth quarter 2025?
Caterpillar (CAT) reported revenue of $19.1B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +8% from the quarter before.
Was Caterpillar profitable in the fourth quarter 2025?
Operating profit was $2.7B (13.9% of revenue) and net earnings $2.4B.
Source: Caterpillar 10-K on SEC EDGAR.