# Caterpillar (CAT) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cat/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/18230/000001823026000040/0000018230-26-000040-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Caterpillar reported second-quarter 2026 sales and revenues of $20.5 billion, up 24%, with profit per share of $7.77 and adjusted profit per share of $8.17.

Caterpillar had its biggest quarter ever, with sales and revenues of $20.5 billion, up 24% from $16.6 billion a year earlier. Higher volume added $3.1 billion and better pricing added $595 million. All three main segments grew. Operating profit margin was 20.9%, and profit per share was $7.77 (adjusted $8.17). The company spent $2.2 billion on share repurchases and dividends.
The earnings release gave no financial outlook for coming quarters, and no call transcript was available. Management pointed to strong order rates and a growing backlog. The main tension is quality of earnings: operating profit included $392 million of expected tariff recoveries, and inventories and trade receivables rose sharply in the first half, which absorbed cash even as profit grew.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Sales and revenues | $20.5 billion | up 24% from $16.6 billion a year ago | GAAP |
| Profit | $3,593 | up from $2,179 a year ago | GAAP |
| Profit per share (diluted) | $7.77 | up from $4.62 a year ago | GAAP |
| Adjusted profit per share | $8.17 | up from $4.72 a year ago | non-GAAP |
| Operating profit | $4.295 billion | up 50% from $2.860 billion a year ago | GAAP |
| Operating profit margin | 20.9% | up from 17.3% a year ago | GAAP |
| Adjusted operating profit margin | 21.9% | up from 17.6% a year ago | non-GAAP |
| Enterprise operating cash flow | $4.4 billion |  | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Power & Energy sales | $8.238 billion | up 17% from $7.037 billion |
| Construction Industries sales | $8.346 billion | up 35% from $6.190 billion |
| Resource Industries sales | $4.648 billion | up 20% from $3.886 billion |
| Financial Products segment revenues | $1.145 billion | up 10% from $1.042 billion |
| Total retail sales to end users | UP 25% |  |

## Key takeaways

1. **First-ever $20 billion sales quarter** Sales and revenues rose 24% to $20.5 billion from $16.6 billion, driven by higher sales volume of $3.1 billion and favorable price realization of $595 million.
2. **Profit grew much faster than sales** Operating profit rose 50% to $4.295 billion, and operating profit margin was 20.9% compared with 17.3% a year earlier.
3. **Construction Industries led growth** Construction Industries sales rose 35% to $8.346 billion, with North America up 50%. Segment profit margin was 23.3% compared with 20.1%.
4. **Data centers drove Power & Energy** Power & Energy sales rose 17% to $8.238 billion, with Power Generation up 29% on data center applications. Power generation retail sales were UP 72%.
5. **Tariff recoveries and inventory build matter** Operating profit included $392 million of expected IEEPA tariff recoveries. Inventories were $20,627 million at June 30, 2026, versus $18,135 million at year-end 2025.

## Questions

**What were Caterpillar's second-quarter 2026 results?** Sales and revenues were $20.5 billion, up 24% from $16.6 billion a year earlier. Profit per share was $7.77 and adjusted profit per share was $8.17, compared with $4.62 and $4.72.
**How profitable was Caterpillar in the quarter?** Operating profit margin was 20.9%, compared with 17.3% a year earlier, and adjusted operating profit margin was 21.9%. Operating profit was $4.295 billion, up 50%.
**Which segments grew the most?** Construction Industries sales rose 35% to $8.346 billion, Resource Industries rose 20% to $4.648 billion, and Power & Energy rose 17% to $8.238 billion. Power & Energy growth was driven by Power Generation, primarily data center applications.
**How much cash did Caterpillar return to shareholders?** It deployed $2.2 billion in the quarter: $1.5 billion on share repurchases and $0.7 billion on dividends. Enterprise operating cash flow was $4.4 billion, and the company ended the quarter with $6.7 billion of enterprise cash.
**Did Caterpillar give an outlook for the rest of 2026?** The earnings release contained no numerical outlook. The CEO said strong order rates and a growing backlog reflect broadening momentum across all three primary segments.