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Company research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Caterpillar
Caterpillar (CAT) investor relations material
Caterpillar Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 sales and revenues rose 17% YoY to $20.682B; adjusted profit per share increased 45% to $7.20.
Operating profit increased 38% to $4.214B, supported by higher volume and favorable pricing.
Backlog reached a record $78.1B, up $6.0B QoQ and $38.2B YoY, amid strong orders and healthy end markets.
Financial highlights
Sales growth included $2.207B from higher volume and $663M from favorable price realization; equipment sales to end users contributed.
Adjusted operating profit was $4.255B versus $3.089B; adjusted margin was 20.6% versus 17.5%.
Net profit was $3.287B versus $2.300B; diluted EPS was $7.13 versus $4.88, and adjusted EPS was $7.20 versus $4.95.
Q3 MP&E free cash flow was $3.8B, up $600M YoY; MP&E operating cash flow was $4.5B.
Outlook and guidance
FY 2026 sales and revenues growth is expected in the mid-to-high teens; adjusted operating profit margin is expected near the bottom of the target range, excluding IEEPA recoveries.
FY 2026 MP&E free cash flow is expected in the top half of the $6B–$15B target range; capital expenditures are forecast at ~$3.3B.
Q4 sales growth is expected to be moderate YoY and adjusted operating profit margin higher YoY; manufacturing, freight, SG&A and R&D costs partly offset price and volume benefits.
Q4 outlook: moderate Power & Energy growth, Construction Industries sales similar to prior year, and strong Resource Industries growth.
FY 2026 tariff costs are forecast at ~$2.2B, excluding ~$520M of IEEPA recoveries; no additional Q4 recoveries are assumed.
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Latest events from Caterpillar
- Record FY07 sales met rising costs; FY08 growth was expected despite U.S. weakness.CAT
Q4 2007 - Q4 earnings rebounded, but flat 2003 sales and rising benefit costs constrain the outlook.CATQ4 2002
- FY03 profit rose to $1.099B as growth outweighed emissions and retirement costs.CATQ4 2003
- Record demand lifted sales 33%, but cost pressures tempered margins as 2005 growth remained in view.CATQ4 2004
- Record profit and broad-based demand set up another strong year ahead.CATQ4 2005
- Record 2006 results meet a softer 2007 volume outlook.CATQ4 2006
- FY19 margins held firm, while Q4 destocking drove an 8% revenue decline.CATQ4 2019
- Lower Q4 volume cut operating profit 25%, while adjusted EPS reached $2.12.CATQ4 2020
- FY21 growth strengthened profits, while supply-cost pressures weighed on Q4 margins.CATQ4 2021
- Revenue rose 17%; adjusted EPS hit $13.84 as all core segments grew.CATQ4 2022
Next Caterpillar earnings date
Fireside chat17 Nov, 2026
Caterpillar
Next Caterpillar earnings date
Fireside chat17 Nov, 2026
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Frequently asked questions
The world’s largest manufacturer seller of construction equipment
Caterpillar is not only the world's largest manufacturer and seller of construction equipment, but also a producer of mining equipment and generators, turbines, and engines. With hundreds of manufacturing and servicing locations - over 160 locations spread out in more than 193 countries - Caterpillar has helped create our roads, bridges, airports, yeah, simply the entire global infrastructure for almost 100 years. Some of Caterpillar’s main competitors are Deere & Company, Astec Industries, and Colombus McKinnon.
Replacing wheels with tracks
Caterpillar was founded through the merger of the two competitors Holt Manufacturing Company and C. L. Best Tractor Co. and currently has more than 4 million branded products in the iconic Hi-Way Yellow color at work around the world.
Fun fact: when Benjamin Holt replaced the rear wheels from one of his steam tractors with a pair of tracks to better deal with soft soil, the company photographer famously exclaimed that the machine crawled like a big…caterpillar and the company name was born.
More than only construction equipment
In addition to being a leading manufacturer, Caterpillar has branched into several other, maybe unsuspected operations. For example, the company makes durable smartphones for the industrial market and makes money from licensing agreements regarding its trademarked Hi-Yellow colored brand - with products in categories such as apparel, eyewear, games, scale models, toys, knives, and watches. Their brand is truly synonymous with high-performance products built to last.
Caterpillar has ongoing projects to reduce the cyclicality of its business by investing heavily in its services and aftermarket parts operations. Recent supply chain pressures, for example, were overcome by strong growth in services.