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IRVING, Texas, Oct. 29, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced third-quarter 2026 results.
"Our third-quarter results reflect the durability of our end markets, with strong order rates and a record backlog," said Caterpillar Chairman and CEO Joe Creed. "Our team continues to execute our strategic priorities in a dynamic environment, positioning us for a strong year while delivering long-term value for our customers and shareholders."
Sales and revenues for the third quarter of 2026 were $20.7 billion, a 17% increase compared with $17.6 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million.
Operating profit margin was 20.4% for the third quarter of 2026, compared with 17.3% for the third quarter of 2025. Adjusted operating profit margin was 20.6% for the third quarter of 2026, compared with 17.5% for the third quarter of 2025. Third-quarter 2026 profit per share was $7.13, compared with third-quarter 2025 profit per share of $4.88. Adjusted profit per share in the third quarter of 2026 was $7.20, compared with third-quarter 2025 adjusted profit per share of $4.95. For the third quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.
For the third quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the third quarter with $7.9 billion of enterprise cash. In the quarter, the company deployed $1.2 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Third Quarter 2026 vs. Third Quarter 2025
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2026 earnings.
Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17%, compared with $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million. Higher sales volume was mainly driven by higher sales of equipment to end users.
Sales were higher across the three primary segments.
Volume
Realization
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Sales and Revenues by Geographic Region
Consolidated Operating Profit Comparison
Third Quarter 2026 vs. Third Quarter 2025
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2026 earnings.
Operating profit for the third quarter of 2026 was $4.214 billion, an increase of $1.162 billion, or 38%, compared with $3.052 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.
Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries.
Profit (Loss) by Segment
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POWER & ENERGY
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Power & Energy's segment profit was $2.143 billion in the third quarter of 2026, an increase of $510 million, or 31%, compared with $1.633 billion in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume.
CONSTRUCTION INDUSTRIES
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Construction Industries' segment profit was $1.831 billion in the third quarter of 2026, an increase of $454 million, or 33%, compared with $1.377 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $356 million and favorable price realization of $349 million, partially offset by unfavorable manufacturing costs of $252 million. Unfavorable manufacturing costs included the impact of higher freight.
RESOURCE INDUSTRIES
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Quarter 2026
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Resource Industries' segment profit was $622 million in the third quarter of 2026, an increase of $78 million, or 14%, compared with $544 million in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $181 million and favorable price realization of $96 million, partially offset by unfavorable manufacturing costs of $208 million. Unfavorable manufacturing costs primarily reflected higher material costs, including tariffs.
FINANCIAL PRODUCTS SEGMENT
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Financial Products' segment profit was $264 million in the third quarter of 2026, an increase of $23 million, or 10%, compared with $241 million in the third quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $52 million, partially offset by higher provision for credit losses at Cat Financial of $34 million.
At the end of the third quarter of 2026, past dues at Cat Financial were 1.31%, compared with 1.47% at the end of the third quarter of 2025. Write-offs, net of recoveries, were $28 million for the third quarter of 2026 compared with $40 million for the third quarter of 2025. As of September 30, 2026, Cat Financial's allowance for credit losses totaled $332 million, or 0.91% of finance receivables, compared with $294 million, or 0.84% of finance receivables at June 30, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86% of finance receivables.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $453 million in the third quarter of 2026, a decrease of $131 million from the third quarter of 2025. This decrease was primarily due to a favorable change in fair value adjustments related to deferred compensation plans.
Notes
i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii. Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Oct. 29, 2026.
iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.
iv. Some amounts within this report are rounded to the millions or billions and may not add.
v. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Oct. 29, 2026, to discuss its 2026 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at caterpillar.com.
Caterpillar's latest financial results are also available online:
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.
The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2026, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
(Dollars in millions except per share data)
A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:
(Dollars in millions)
The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.
Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.
The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.
Pages 15 to 25 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.
Caterpillar Inc.
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
Condensed Consolidated Statement of Financial Position
(Unaudited)
(Millions of dollars)
Condensed Consolidated Statement of Cash Flow
(Unaudited)
(Millions of dollars)
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2026
(Unaudited)
(Millions of dollars)
Products
Adjustments
Supplemental Data for Results of Operations
For the Three Months Ended September 30, 2025
(Unaudited)
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Products
Adjustments
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2026
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Products
Adjustments
Supplemental Data for Results of Operations
For the Nine Months Ended September 30, 2025
(Unaudited)
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Products
Adjustments
Supplemental Data for Financial Position
At September 30, 2026
(Unaudited)
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Supplemental Data for Financial Position
At December 31, 2025
(Unaudited)
(Millions of dollars)
Products
Adjustments
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2026
(Unaudited)
(Millions of dollars)
Products
Adjustments
Supplemental Data for Cash Flow
For the Nine Months Ended September 30, 2025
(Unaudited)
(Millions of dollars)
Products
Adjustments
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SOURCE Caterpillar Inc.
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