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Caterpillar vs Manitowoc: revenue, profit, margins and growth compared

Caterpillar brought in $67.6B of revenue in fiscal 2025, Manitowoc $2.2B in fiscal 2025. Revenue changed by +4.3% at Caterpillar and +2.9% at Manitowoc on the year before, so Caterpillar grew faster. Caterpillar kept 13.1% of its revenue as net profit, Manitowoc 0.3%. Free cash flow was $8.9B at Caterpillar and -$15.3M at Manitowoc.

Side by side, latest fiscal year

CATMTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$67.6B$2.2B
Revenue growth+4.3%+2.9%
Net income$8.9B$7.2M
Net margin13.1%0.3%
Free cash flow$8.9B-$15.3M
Free cash flow margin13.2%-0.7%
Earnings per share (diluted)$18.81$0.20
Cash$10B$77.3M
Debt$30.7B$465.2M
Price to earnings43.7110.7
Market value$377.7B$798.4M
Dividend yield0.72%n/a
Rank by revenue in sector#8 of 451 · Industrials#211 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: $67.6BMTW FY2018: $1.8BMTW FY2019: $1.8BMTW FY2020: $1.4BMTW FY2021: $1.7BMTW FY2022: $2BMTW FY2023: $2.2BMTW FY2024: $2.2BMTW FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
CAT $67.6BMTW $2.2B
Net income
CAT FY2018: $6.1BCAT FY2019: $6.1BCAT FY2020: $3BCAT FY2021: $6.5BCAT FY2022: $6.7BCAT FY2023: $10.3BCAT FY2024: $10.8BCAT FY2025: $8.9BMTW FY2018: -$67.1MMTW FY2019: $46.6MMTW FY2020: -$19.1MMTW FY2021: $11MMTW FY2022: -$123.6MMTW FY2023: $39.2MMTW FY2024: $55.8MMTW FY2025: $7.2MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BMTW $7.2M
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%MTW FY2018: -3.6%MTW FY2019: 2.5%MTW FY2020: -1.3%MTW FY2021: 0.6%MTW FY2022: -6.1%MTW FY2023: 1.8%MTW FY2024: 2.6%MTW FY2025: 0.3%FY18FY19FY20FY21FY22FY23FY24FY25
CAT 13.1%MTW 0.3%
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%MTW FY2019: -0.7%MTW FY2020: -21.3%MTW FY2021: +19.2%MTW FY2022: +18.2%MTW FY2023: +9.6%MTW FY2024: -2.2%MTW FY2025: +2.9%FY19FY20FY21FY22FY23FY24FY25
CAT +4.3%MTW +2.9%
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: $8.9BMTW FY2018: -$544.7MMTW FY2019: -$88.4MMTW FY2020: -$61.4MMTW FY2021: $35.8MMTW FY2022: $15.1MMTW FY2023: -$14.4MMTW FY2024: $3.5MMTW FY2025: -$15.3MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BMTW -$15.3M

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

Questions about Caterpillar and Manitowoc

Which is bigger by revenue, Caterpillar or Manitowoc?

Caterpillar is bigger by revenue: $67.6B in fiscal 2025, against $2.2B for Manitowoc in fiscal 2025.

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

Caterpillar had a net margin of 13.1% in fiscal 2025; Manitowoc had 0.3% in fiscal 2025.

Which grew revenue faster, Caterpillar or Manitowoc?

In their latest fiscal years revenue changed by +4.3% at Caterpillar and +2.9% at Manitowoc.

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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