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Caterpillar vs Douglas Dynamics: revenue, profit, margins and growth compared

Caterpillar brought in $67.6B of revenue in fiscal 2025, Douglas Dynamics $656.1M in fiscal 2025. Revenue changed by +4.3% at Caterpillar and +15.4% at Douglas Dynamics on the year before, so Douglas Dynamics grew faster. Caterpillar kept 13.1% of its revenue as net profit, Douglas Dynamics 7.1%. Free cash flow was $8.9B at Caterpillar and $63.9M at Douglas Dynamics.

Side by side, latest fiscal year

CATPLOW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$67.6B$656.1M
Revenue growth+4.3%+15.4%
Net income$8.9B$46.9M
Net margin13.1%7.1%
Free cash flow$8.9B$63.9M
Free cash flow margin13.2%9.7%
Earnings per share (diluted)$18.81$1.96
Cash$10B$8.3M
Debt$30.7B$144M
Price to earnings43.720.3
Market value$377.7B$917.1M
Dividend yield0.72%2.97%
Rank by revenue in sector#8 of 451 · Industrials#294 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: $67.6BPLOW FY2018: $524.1MPLOW FY2019: $571.7MPLOW FY2020: $480.2MPLOW FY2021: $541.5MPLOW FY2022: $616.1MPLOW FY2023: $568.2MPLOW FY2024: $568.5MPLOW FY2025: $656.1MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $67.6BPLOW $656.1M
Net income
CAT FY2018: $6.1BCAT FY2019: $6.1BCAT FY2020: $3BCAT FY2021: $6.5BCAT FY2022: $6.7BCAT FY2023: $10.3BCAT FY2024: $10.8BCAT FY2025: $8.9BPLOW FY2018: $43.9MPLOW FY2019: $49.2MPLOW FY2020: -$86.6MPLOW FY2021: $30.7MPLOW FY2022: $38.6MPLOW FY2023: $23.7MPLOW FY2024: $56.2MPLOW FY2025: $46.9MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BPLOW $46.9M
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%PLOW FY2018: 8.4%PLOW FY2019: 8.6%PLOW FY2020: -18.0%PLOW FY2021: 5.7%PLOW FY2022: 6.3%PLOW FY2023: 4.2%PLOW FY2024: 9.9%PLOW FY2025: 7.1%FY18FY19FY20FY21FY22FY23FY24FY25
CAT 13.1%PLOW 7.1%
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%PLOW FY2019: +9.1%PLOW FY2020: -16.0%PLOW FY2021: +12.8%PLOW FY2022: +13.8%PLOW FY2023: -7.8%PLOW FY2024: +0.1%PLOW FY2025: +15.4%FY19FY20FY21FY22FY23FY24FY25
CAT +4.3%PLOW +15.4%
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: $8.9BPLOW FY2018: $48.5MPLOW FY2019: $65.8MPLOW FY2020: $38.7MPLOW FY2021: $48.7MPLOW FY2022: $27.6MPLOW FY2023: $2.7MPLOW FY2024: $33.4MPLOW FY2025: $63.9MFY18FY19FY20FY21FY22FY23FY24FY25
CAT $8.9BPLOW $63.9M

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

Questions about Caterpillar and Douglas Dynamics

Which is bigger by revenue, Caterpillar or Douglas Dynamics?

Caterpillar is bigger by revenue: $67.6B in fiscal 2025, against $656.1M for Douglas Dynamics in fiscal 2025.

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

Caterpillar had a net margin of 13.1% in fiscal 2025; Douglas Dynamics had 7.1% in fiscal 2025.

Which grew revenue faster, Caterpillar or Douglas Dynamics?

In their latest fiscal years revenue changed by +4.3% at Caterpillar and +15.4% at Douglas Dynamics.

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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