Caterpillar Inc. Earnings Recaps
Q2 2026
Aug 7, 2026
Caterpillar shares rose 4.9% following Q2 results driven by stronger-than-expected sales volume growth in Construction Industries and Resource Industries, along with margin upside from tariff recoveries that offset elevated SG&A and R&D expenses.
Key takeaways
- Quarterly sales and revenues reached a record $20.5 billion, up 24% year-over-year, led by broad strength across all three segments.
- Adjusted operating profit margin was 21.9%, supported by $392 million in IEEPA tariff recoveries and lower-than-expected tariff costs, partially offset by higher operating expenses.
- Sales to users grew 22% in Construction Industries, driven by strong rental fleet loading and demand in North America and solid growth in Europe and Africa.
- Resource Industries sales to users rose 17%, with broad gains in mining, heavy construction, quarry, aggregates, and international rail deliveries.
- Power & Energy sales to users increased 33%, powered by a 72% jump in power generation demand, particularly large gensets and turbines for data centers.
Q1 2026
May 1, 2026
Caterpillar shares surged 9.8% post-earnings, as investors responded to a substantial top-line beat, record backlog, and an increased full-year outlook underpinned by exceptional demand across end markets and sustained margin expansion.
Key takeaways
- Revenue for Q1 reached $17.4 billion, up 22% year-over-year, with all three primary segments contributing to backlog growth.
- Adjusted profit per share was $5.54, up 30%, and adjusted operating profit margin reached 18%, both exceeding management’s expectations.
- Backlog hit a record $63 billion, a 79% increase versus the prior year, fueled by all-time high levels of first-quarter orders.
- Power and Energy segment led growth with a 32% increase in sales to users, notably driven by a 48% jump in power generation for large data center projects.
- Management raised the 2026 sales and revenue outlook to low double-digit growth, citing resilient end markets and no material impact anticipated from current geopolitical or energy volatility.
Q3 2025
Oct 29, 2025
Caterpillar delivered strong third-quarter results, with record sales of $17.6 billion and a notable increase in backlog, indicating sustained demand and growth potential across all segments.
Key takeaways
- Sales and revenues rose 10% year-over-year, achieving an all-time quarterly high.
- Backlog increased by $2.4 billion to a record $39.8 billion, fueled by robust orders in the Energy & Transportation segment.
- Adjusted operating profit margin reached 17.5%, slightly above expectations despite headwinds from tariffs.
- Free cash flow generated was $3.2 billion, with $1.1 billion deployed to shareholders through dividends and share repurchases.
- Positive outlook for fourth quarter sales growth, underpinned by strong order rates and market demand across all segments.