Caterpillar, Inc. (CAT) Earnings

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Sep 2026upcoming

Next quarter

Consensus is $6.58 EPS for Sep 2026 across 8 estimates, ranging $6.34 to $6.95.

CAT Jun 2026

Reported Aug 4, 2026

Beat 30.72%

EPS estimate: $6.25
EPS actual: $8.17
Revenue estimate: —
Revenue actual: —
1-day move: —

Highlights

Second-quarter sales and revenues were $20.543 billion, compared with $16.569 billion in the year-earlier quarter; net income was $3.59 billion.
Power & Energy sales and revenues increased to $8.238 billion from $7.037 billion, with segment profit of $2.027 billion versus $1.554 billion; power generation external sales were $3.098 billion.
Construction Industries sales and revenues were $8.346 billion versus $6.190 billion, while segment profit rose to $1.947 billion from $1.244 billion.
Resource Industries sales and revenues reached $4.648 billion versus $3.886 billion, and segment profit increased to $693 million from $563 million; mining, heavy construction and quarry-and-aggregates external sales were $3.685 billion.
Financial Products sales and revenues were $1.145 billion versus $1.042 billion, with segment profit of $328 million versus $248 million; the supplied material gives no forward revenue, earnings, margin, capex or unit guidance.

Analysis

No consensus figures are on file, so the quarter cannot be judged against an external earnings expectation. The reported result was substantially stronger than the year-earlier quarter: sales and revenues reached $20.543 billion versus $16.569 billion, and net income was $3.59 billion. All three machinery segments contributed, led by Construction Industries at $8.346 billion of sales and $1.947 billion of profit, followed by Power & Energy at $8.238 billion and $2.027 billion. Resource Industries also improved, with sales of $4.648 billion and profit of $693 million. Financial Products added $1.145 billion of revenue and $328 million of profit. Costs increased alongside volume: cost of goods sold was $14.679 billion versus $12.061 billion, while SG&A and R&D rose to $2.082 billion from $1.869 billion. The filing does not provide a consolidated operating or net margin, and the supplied material does not state a quarterly revenue growth rate.

Guidance

Management guidance for the periods ahead is not provided in the supplied material. There are no stated ranges for revenue, earnings, margins, segment performance, capex or unit volumes, and therefore no comparison with a prior guide is possible. The filing does describe retrospective adjustment of 2025 segment information to conform to the 2026 presentation, including changes involving locomotives, wear and maintenance components, electronics, control systems, automation and software. That reporting change is a caveat when comparing segment trends, but it is not forward guidance. No assumptions about demand, pricing, currency, production or end markets are supplied.

What drove it

Power & Energy: Sales and revenues were $8.238 billion and segment profit was $2.027 billion, compared with $7.037 billion and $1.554 billion in the year-earlier quarter.
Construction Industries: Sales and revenues reached $8.346 billion and segment profit was $1.947 billion, versus $6.190 billion and $1.244 billion a year earlier.
Resource Industries: Sales and revenues were $4.648 billion and segment profit was $693 million, compared with $3.886 billion and $563 million in the prior-year quarter.
Power generation: Power generation external sales rose to $3.098 billion from $2.407 billion in the year-earlier quarter.
Financial Products: Financial Products generated $1.145 billion of sales and revenues and $328 million of segment profit, compared with $1.042 billion and $248 million.

Watch items

Cost of goods sold increased to $14.679 billion from $12.061 billion, while SG&A and R&D rose to $2.082 billion from $1.869 billion, creating pressure on profitability even as segment profit improved.
The supplied material provides no forward guidance for revenue, earnings, margins, capex or unit volumes, limiting visibility into the periods ahead.
Segment comparability carries a reporting caveat because Caterpillar changed organizational accountabilities in 2026 and retrospectively adjusted 2025 segment information.
Corporate items and eliminations were a negative $1.918 billion in the quarter, compared with a negative $1.671 billion in the year-earlier quarter.

Caterpillar, Inc. Jun 2026 filing

Caterpillar, Inc.