Caterpillar Inc. filed its third-quarter 2026 earnings release on October 29, 2026, reporting a 17% increase in consolidated sales and revenues to $20.682 billion and a profit per share of $7.13.

Key Highlights

  • Sales and revenues: Third-quarter 2026 consolidated sales and revenues were $20.682 billion, up $3.044 billion, or 17%, from $17.638 billion in the third quarter of 2025.
  • Profit per share: Third-quarter 2026 profit per share was $7.13, compared with $4.88 in the third quarter of 2025; adjusted profit per share was $7.20, versus $4.95 a year earlier.
  • Operating profit margin: Operating profit margin was 20.4% for the third quarter of 2026, up from 17.3% for the third quarter of 2025.
  • Cash flow and liquidity: Enterprise operating cash flow was $4.4 billion, and the company ended the quarter with $7.9 billion of enterprise cash.
  • Capital deployment: The company deployed $1.2 billion for share repurchases and $0.7 billion for dividends during the third quarter, totaling $2.0 billion.
  • Record backlog: Chairman and CEO Joe Creed cited "strong order rates and a record backlog" in the company's characterization of third-quarter results.
  • IEEPA tariff recoveries: Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries, according to the filing.

Caterpillar Reports Third-Quarter 2026 Revenue and Profit Growth Across All Primary Segments

According to the filing, the 17% increase in consolidated sales and revenues was primarily driven by higher sales volume of $2.2 billion and favorable price realization of $663 million. Higher sales volume was mainly driven by higher sales of equipment to end users. Sales were higher across all three primary segments: Power and Energy, Construction Industries, and Resource Industries.

The Power and Energy segment reported total sales of $8.784 billion, an increase of $1.321 billion, or 18%, from $7.463 billion in the prior-year quarter. The filing attributed the gain primarily to higher sales volume of $879 million and favorable price realization of $216 million. Power Generation sales increased mainly in turbines and turbine-related services and in large reciprocating engines, primarily in data center applications. The segment's profit was $2.143 billion, up 31%, with a segment profit margin of 24.4% compared with 21.9% in the third quarter of 2025. Construction Industries reported segment sales of $7.983 billion, up 18%, while Resource Industries reported sales of $4.615 billion, up 15%.

Consolidated operating profit for the third quarter of 2026 was $4.214 billion, an increase of $1.162 billion, or 38%, from $3.052 billion in the third quarter of 2025. The effective tax rate for the third quarter of 2026 was 22.9%, compared with 26.7% for the third quarter of 2025. The filing noted that the lower prior-year rate was also affected by a $54 million charge for an increase in the global estimated annual effective tax rate and a $41 million discrete tax charge related to prior-year estimates. Adjusted operating profit margin and adjusted profit per share for both periods excluded restructuring costs, as disclosed in the filing's non-GAAP reconciliation.

What Was Disclosed

Caterpillar disclosed third-quarter 2026 consolidated sales and revenues of $20.682 billion, operating profit of $4.214 billion, profit per share of $7.13, enterprise operating cash flow of $4.4 billion, and $2.0 billion deployed for share repurchases and dividends. Results were reported for NYSE:CAT.