OpenNashEarnings

Industrials · NYSE: CAT

Caterpillar earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 28 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Caterpillar reported third-quarter 2026 sales and revenues of $20.7 billion, up 17%, with profit per share of $7.13 and adjusted profit per share of $7.20.

Caterpillar had its highest sales quarter ever. Sales and revenues rose 17% to $20.7 billion, helped by higher volume of $2.2 billion and better pricing of $663 million. Operating profit margin was 20.4%, up from 17.3% a year earlier. Profit per share was $7.13 and adjusted profit per share was $7.20. Data center demand lifted Power & Energy, where power generation sales to users rose 75%. Backlog hit a record $78 billion, and the company returned $2.0 billion to shareholders.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$20.7B+17.3% y/yQ3 2026
Q4 2024: $16.2B (worked out from the annual figure)Q4 ’24$16.2BQ1 2025: $14.2BQ1 ’25$14.2BQ2 2025: $16.6BQ2 ’25$16.6BQ3 2025: $17.6BQ3 ’25$17.6BQ4 2025: $19.1B (worked out from the annual figure)Q4 ’25$19.1BQ1 2026: $17.4BQ1 ’26$17.4BQ2 2026: $20.5BQ2 ’26$20.5BQ3 2026: $20.7BQ3 ’26$20.7B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$16.2B *
Q1 2025$14.2B
Q2 2025$16.6B
Q3 2025$17.6B
Q4 2025$19.1B *
Q1 2026$17.4B
Q2 2026$20.5B
Q3 2026$20.7B
Diluted EPS (GAAP)$7.13+46.1% y/yQ3 2026
Q1 2025: $4.20Q1 ’25$4.20Q2 2025: $4.62Q2 ’25$4.62Q3 2025: $4.88Q3 ’25$4.88Q1 2026: $5.47Q1 ’26$5.47Q2 2026: $7.77Q2 ’26$7.77Q3 2026: $7.13Q3 ’26$7.13
Data
Q1 2025$4.20
Q2 2025$4.62
Q3 2025$4.88
Q1 2026$5.47
Q2 2026$7.77
Q3 2026$7.13

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin20.4%+3.1 pts y/yQ3 2026
Q4 2024: 18.0%Q4 ’2418.0%Q1 2025: 18.1%Q1 ’2518.1%Q2 2025: 17.3%Q2 ’2517.3%Q3 2025: 17.3%Q3 ’2517.3%Q4 2025: 13.9%Q4 ’2513.9%Q1 2026: 17.7%Q1 ’2617.7%Q2 2026: 20.9%Q2 ’2620.9%Q3 2026: 20.4%Q3 ’2620.4%
Data
Q4 202418.0%
Q1 202518.1%
Q2 202517.3%
Q3 202517.3%
Q4 202513.9%
Q1 202617.7%
Q2 202620.9%
Q3 202620.4%
Free cash flow$3.7B+18.7% y/yQ3 2026
Q4 2024: $2.7BQ4 ’24$2.7BQ1 2025: $579.0MQ1 ’25$579.0MQ2 2025: $2.6BQ2 ’25$2.6BQ3 2025: $3.1BQ3 ’25$3.1BQ4 2025: $2.7BQ4 ’25$2.7BQ1 2026: $1.1BQ1 ’26$1.1BQ2 2026: $3.8BQ2 ’26$3.8BQ3 2026: $3.7BQ3 ’26$3.7B
Data
Q4 2024$2.7B
Q1 2025$579.0M
Q2 2025$2.6B
Q3 2025$3.1B
Q4 2025$2.7B
Q1 2026$1.1B
Q2 2026$3.8B
Q3 2026$3.7B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$16.2Bd$14.2B$16.6B$17.6B$19.1Bd$17.4B$20.5B$20.7B
Operating income$2.9Bd$2.6B$2.9B$3.1B$2.7Bd$3.1B$4.3B$4.2B
Operating margin18.0%18.1%17.3%17.3%13.9%17.7%20.9%20.4%
Net income$2.8Bd$2.0B$2.2B$2.3B$2.4Bd$2.5B$3.6B$3.3B
Diluted EPS—$4.20$4.62$4.88—$5.47$7.77$7.13
Operating cash flow$3.4Bd$1.3B$3.1Bd$3.7Bd$3.6Bd$1.9B$4.4Bd$4.4Bd
Capital expenditure$703.0Md$710.0M$555.0Md$658.0Md$898.0Md$728.0M$587.0Md$697.0Md
Free cash flow$2.7B$579.0M$2.6B$3.1B$2.7B$1.1B$3.8B$3.7B
R&D expense$519.0Md$480.0M$551.0M$555.0M$562.0Md$537.0M$616.0M$596.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings