• Caterpillar average gross margin for 2023 was 34.21%, a 14.72% increase from 2022.
• Caterpillar average gross margin for 2022 was 29.82%, a 3.28% increase from 2021.
• Caterpillar average gross margin for 2021 was 30.83%, a 0% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.