CATERPILLAR INC (CAT) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	8-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Construction Industries						19,240	15,690	17,906
Energy & Transportation						19,382	16,951	21,396
Resource Industries						7,861	6,010	8,071
Eliminations						3,882	2,902	3,318
Total revenues [+]	59,427	50,971	41,748	53,800	54,722	45,462	38,537	47,011
Financial services								2,864
Revenue growth [+]	16.6%	22.1%	-22.4%	-1.7%	20.4%	18.0%	-18.0%	-14.8%
Construction Industries						22.6%	-12.4%	-13.6%
Energy & Transportation						14.3%	-20.8%	-16.7%
Resource Industries						30.8%	-25.5%	-15.6%
Eliminations						33.8%	-12.5%	-15.7%
Financial & Insurance Services						-9.1%	-3.6%	-4.0%
Cost of goods sold	51,523	35,513	29,082	36,630	36,997	31,260	28,044	33,546
Gross profit	7,904	15,458	12,666	17,170	17,725	14,202	10,493	13,465
Gross margin	13.3%	30.3%	30.3%	31.9%	32.4%	31.2%	27.2%	28.6%
Selling, general and administrative	5,651	5,365	4,642	5,162	5,478	4,999	4,383	4,951
Research and development	1,814	1,686	1,415	1,693	1,850	1,842	1,853	2,119
Equity in earnings		31	14	28	24	16	-6
Other operating expenses	-8,390	1,529	2,056	2,025	2,104	2,901	2,500	2,610
EBITDA [+]	11,048	9,261	6,999	10,895	11,083	7,353	4,785	6,831
EBITDA growth	19.3%	32.3%	-35.8%	-1.7%	50.7%	53.7%	-30.0%	5.3%
EBITDA margin	18.6%	18.2%	16.8%	20.3%	20.3%	16.2%	12.4%	14.5%
Depreciation	2,219	2,050	2,121	2,253	2,435	2,554	2,708	2,709
EBITA	8,829	7,211	4,878	8,642	8,648	4,799	2,077	4,122
EBITA margin	14.9%	14.1%	11.7%	16.1%	15.8%	10.6%	5.4%	8.8%
Amortization of intangibles		302	311	324	331	323	326	337
EBIT [+]	8,829	6,909	4,567	8,318	8,317	4,476	1,751	3,785
EBIT growth	27.8%	51.3%	-45.1%	0.0%	85.8%	155.6%	-53.7%	13.9%
EBIT margin	14.9%	13.6%	10.9%	15.5%	15.2%	9.8%	4.5%	8.1%
Non-recurring items [+]	925						595
Asset impairment	925						595
Interest income		80	112	202	195
Interest income		80	112	202	195
Other income (expense), net	848	1,215	-684	-708	-690	-394	-1,017	-346
Pre-tax income	8,752	8,204	3,995	7,812	7,822	4,082	139	3,439
Income taxes	2,067	1,742	1,006	1,746	1,698	3,339	192	916
Tax rate	23.6%	21.2%	25.2%	22.4%	21.7%	81.8%	138.1%	26.6%
Minority interest		4	5	1	1	5	8	11
Net income	0	6,489	2,998	6,093	6,147	754	-67	2,512
Net margin	0.0%	12.7%	7.2%	11.3%	11.2%	1.7%	-0.2%	5.3%

Basic EPS [+]		$11.93	$5.51	$10.85	$10.39	$1.27	($0.11)	$4.23
Growth		116.5%	-49.2%	4.4%	715.8%	-1211.1%	-102.7%	6.4%
Diluted EPS [+]		$11.83	$5.46	$10.74	$10.26	$1.26	($0.11)	$4.18
Growth		116.5%	-49.1%	4.7%	715.1%	-1197.2%	-102.7%	7.1%

Dividends per share [+]		$4.36	$4.12	$3.95	$3.36	$3.11	$3.08	$3.01
Growth		5.8%	4.3%	17.6%	8.0%	1.0%	2.3%	11.5%

Shares outstanding (basic) [+]		544	544	562	591	592	584	594
Growth		0.0%	-3.1%	-5.0%	-0.1%	1.3%	-1.7%	-3.7%
Shares outstanding (diluted) [+]		549	549	568	599	599	584	601
Growth		0.0%	-3.3%	-5.3%	0.0%	2.6%	-2.8%	-4.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.