Comparing SG&A Expenses: Caterpillar Inc. vs CNH Industrial N.V. Trends and Insights

SG&A Expenses: A Tale of Two Giants

In the competitive landscape of heavy machinery, Caterpillar Inc. and CNH Industrial N.V. have long been industry titans. Over the past decade, their Selling, General, and Administrative (SG&A) expenses reveal intriguing trends. From 2014 to 2023, Caterpillar consistently outspent CNH Industrial, with its SG&A expenses peaking at approximately 6.4 billion in 2023, marking a 12% increase from 2014. In contrast, CNH Industrial's expenses saw a significant decline, dropping by nearly 36% from their 2014 high of 2.9 billion. This divergence highlights Caterpillar's aggressive investment in administrative capabilities, while CNH Industrial appears to have streamlined its operations. These trends offer insights into each company's strategic priorities and operational efficiencies, providing a window into their future trajectories in the global market.