Caterpillar reported a 4.3% annual revenue increase but saw net margins decline to 13.1% in FY 2025.
Caterpillar reported FY 2025 revenue of $67.6 billion, up 4.3% from the prior year, driven by global infrastructure demand and a vast dealer network. The company’s net income reached $8.9 billion, though net margins narrowed to 13.1% from 16.7% in FY 2024.
The industrial giant’s debt-to-equity ratio stood at 2.0x as of December 2025, reflecting its leverage amid strategic investments. Recent acquisitions, including Skycatch, aim to integrate automation and spatial data into its core offerings.
Caterpillar’s performance contrasts with peers like Oshkosh, which focuses on defense and specialized vehicles, highlighting divergent growth pathways in the industrial sector.