Revenue flow

Margins

Stage	CAT	% of rev	PLOW	% of rev	Gap · A − B
Revenue	$20.7B	100.00%	$218M	100.00%	CAT ×94.87
Gross profit	$7.3B	35.54%	$60M	27.44%	CAT +8.1pp
Operating income	$4.2B	20.38%	$31M	14.35%	CAT +6.0pp
Pre-tax income	$4.2B	20.40%	$28M	13.01%	CAT +7.4pp
Net income	$3.3B	15.89%	$21M	9.70%	CAT +6.2pp

Stage	CAT	PLOW	Gap · A − B
Revenue	$20.7B100.00%	$218M100.00%	CAT ×94.87
Gross profit	35.54%$7.3B	27.44%$60M	CAT +8.1pp
Operating income	20.38%$4.2B	14.35%$31M	CAT +6.0pp
Pre-tax income	20.40%$4.2B	13.01%$28M	CAT +7.4pp