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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.
Strong orders and end-market demand supported a record $78.1B backlog, up $6.0B QoQ and $38.2B YoY.
Financial highlights
GAAP operating profit rose 38% to $4.214B; adjusted operating profit was $4.255B, with a 20.6% margin versus 17.5%.
Profit attributable to common shareholders was $3.287B versus $2.300B; diluted EPS was $7.13 versus $4.88, and adjusted EPS was $7.20 versus $4.95.
Revenue growth included $2.207B from sales volume and $663M from favorable price realization; higher equipment sales to end users drove much of the volume increase.
MP&E free cash flow was $3.8B, up 19% YoY; MP&E operating cash flow was $4.5B, up 16%.
Nine-month sales and revenues were $58.640B versus $48.456B; operating profit was $11.594B versus $8.491B, and diluted EPS was $20.36 versus $13.69.
Outlook and guidance
FY 2026 sales and revenues growth guidance remained mid-to-high teens; adjusted operating profit margin is expected near the bottom of the annual target range, excluding IEEPA tariff recoveries.
FY 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 and revenues are expected to show moderate YoY growth, with adjusted operating profit margin higher YoY.
FY tariff costs are forecast at ~$2.2B excluding IEEPA recoveries; Q4 tariff costs are expected at ~$600M, with no additional Q4 recoveries assumed.
FY restructuring costs are forecast at ~$300M; the annual effective tax rate is expected at 23.0%, excluding discrete items.
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Latest events from Caterpillar
- Record Q2 sales and EPS lifted FY12 profit guidance despite weaker outlook conditions.CAT
Q2 2012 - Record Q1 EPS of $2.37 lifted FY2012 guidance to ~$9.50.CATQ1 2012
- Cost reductions partly cushioned weak Q2 demand; FY sales guidance was $40.0B–$40.5B.CATQ2 2016
- Sales and adjusted EPS rose as FY17 guidance increased, despite restructuring charges.CATQ1 2017
- FY sales rose 18%; 2018 adjusted EPS guidance is $8.25–$9.25.CATQ4 2017
- Record Q1 profit and stronger demand lifted FY 2018 EPS guidance to $9.75–$10.75.CATQ1 2018
- Record Q2 EPS and higher guidance amid tariff, freight and supply-chain pressures.CATQ2 2018
- Record Q3 EPS and 18% sales growth lifted operating profit 41%.CATQ3 2018
- Record FY 2018 adjusted earnings and $5.8B returned; 2019 EPS guidance is $11.75–$12.75.CATQ4 2018
Next Caterpillar earnings date
Q4 202628 Jan, 2027
Caterpillar
Next Caterpillar earnings date
Q4 202628 Jan, 2027
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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.