Revenue flow

Margins

Stage	CAT	% of rev	GENC	% of rev	Gap · A − B
Revenue	$20.7B	100.00%	$34M	100.00%	CAT ×611.80
Gross profit	$7.3B	35.54%	$9M	27.91%	CAT +7.6pp
Operating income	$4.2B	20.38%	$6M	17.16%	CAT +3.2pp
Pre-tax income	$4.2B	20.40%	$7M	21.35%	GENC +1.0pp
Net income	$3.3B	15.89%	$6M	16.81%	GENC +0.9pp

Stage	CAT	GENC	Gap · A − B
Revenue	$20.7B100.00%	$34M100.00%	CAT ×611.80
Gross profit	35.54%$7.3B	27.91%$9M	CAT +7.6pp
Operating income	20.38%$4.2B	17.16%$6M	CAT +3.2pp
Pre-tax income	20.40%$4.2B	21.35%$7M	GENC +1.0pp