Caterpillar Inc. Q2 2026 Earnings Recap

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.