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Caterpillar vs CNH Industrial: revenue, profit, margins and growth compared

Caterpillar brought in $67.6B of revenue in fiscal 2025, CNH Industrial $18.1B in fiscal 2025. Revenue changed by +4.3% at Caterpillar and -8.8% at CNH Industrial on the year before, so Caterpillar grew faster. Caterpillar kept 13.1% of its revenue as net profit, CNH Industrial 2.8%.

Open the CAT pageOpen the CNH page

Side by side, latest fiscal year

CATCNH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$67.6B$18.1B
Revenue growth+4.3%-8.8%
Net income$8.9B$510M
Net margin13.1%2.8%
Free cash flow$8.9Bn/a
Free cash flow margin13.2%n/a
Earnings per share (diluted)$18.81$0.41
Cash$10B$2.6B
Debt$30.7B$26.8B
Price to earnings43.731.9
Market value$377.7B$16.2B
Dividend yield0.72%1.91%
Rank by revenue in sector#8 of 451 · Industrials#34 of 451 · Industrials

Over the years

Revenue
CAT FY2018: $54.7BCAT FY2019: $53.8BCAT FY2020: $41.7BCAT FY2021: $51BCAT FY2022: $59.4BCAT FY2023: $67.1BCAT FY2024: $64.8BCAT FY2025: $67.6BCNH FY2018: $29.7BCNH FY2019: $28.1BCNH FY2020: $14.8BCNH FY2021: $19.5BCNH FY2022: $23.6BCNH FY2023: $24.7BCNH FY2024: $19.8BCNH FY2025: $18.1BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $67.6BCNH $18.1B
Net income
CAT FY2018: $6.1BCAT FY2019: $6.1BCAT FY2020: $3BCAT FY2021: $6.5BCAT FY2022: $6.7BCAT FY2023: $10.3BCAT FY2024: $10.8BCAT FY2025: $8.9BCNH FY2018: $1.1BCNH FY2019: $1.4BCNH FY2020: -$493MCNH FY2021: $1.7BCNH FY2022: $2BCNH FY2023: $2.3BCNH FY2024: $1.2BCNH FY2025: $510MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BCNH $510M
Net margin
CAT FY2018: 11.2%CAT FY2019: 11.3%CAT FY2020: 7.2%CAT FY2021: 12.7%CAT FY2022: 11.3%CAT FY2023: 15.4%CAT FY2024: 16.7%CAT FY2025: 13.1%CNH FY2018: 3.6%CNH FY2019: 5.1%CNH FY2020: -3.3%CNH FY2021: 8.8%CNH FY2022: 8.6%CNH FY2023: 9.2%CNH FY2024: 6.3%CNH FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25
CAT 13.1%CNH 2.8%
Revenue growth
CAT FY2019: -1.7%CAT FY2020: -22.4%CAT FY2021: +22.1%CAT FY2022: +16.6%CAT FY2023: +12.8%CAT FY2024: -3.4%CAT FY2025: +4.3%CNH FY2019: -5.5%CNH FY2020: -47.4%CNH FY2021: +31.9%CNH FY2022: +20.8%CNH FY2023: +4.8%CNH FY2024: -19.7%CNH FY2025: -8.8%FY19FY20FY21FY22FY23FY24FY25
CAT +4.3%CNH -8.8%
Free cash flow
CAT FY2018: $5.3BCAT FY2019: $5.9BCAT FY2020: $5.3BCAT FY2021: $6.1BCAT FY2022: $6.5BCAT FY2023: $11.3BCAT FY2024: $10BCAT FY2025: $8.9BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BCNH

Fiscal years as each company reports them; the two may end in different months.

Questions about Caterpillar and CNH Industrial

Which is bigger by revenue, Caterpillar or CNH Industrial?

Caterpillar is bigger by revenue: $67.6B in fiscal 2025, against $18.1B for CNH Industrial in fiscal 2025.

Which keeps more of its revenue as profit, Caterpillar or CNH Industrial?

Caterpillar had a net margin of 13.1% in fiscal 2025; CNH Industrial had 2.8% in fiscal 2025.

Which grew revenue faster, Caterpillar or CNH Industrial?

In their latest fiscal years revenue changed by +4.3% at Caterpillar and -8.8% at CNH Industrial.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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