Caterpillar earnings: third quarter 2026

Caterpillar, the maker of construction and mining machines and of engines and generators, had a very good third quarter of 2026. Profit from running the business rose 38% to $4.2 billion, much faster than sales, and every main business grew. Part of the gain came from $128 million of recovered tariff payments, which may not repeat. The company points to strong orders and a record amount of work still to deliver, but gives no figures for the year ahead. ¹

Against what analysts expected

Caterpillar earned $7.13 per share, or $7.20 on its own adjusted measure, both just above the $7.12 that analysts on average expected, according to Nasdaq's earnings calendar. ¹²

The strong points

• Operating profit, the profit from running the business before interest and tax, rose 38% to $4.2 billion, more than twice as fast as sales. ¹
• All three main businesses grew, with Power & Energy and Construction Industries each up 18%. ¹
• Over nine months the business brought in $10.6 billion of cash from operations, more than its profit. ¹

The weak points

• Dealers' sales to end customers grew 22%, a little slower than the 25% of the quarter before, and rail fell sharply. ¹
• Part of the quarter's operating profit, $128 million, came from recovered tariff payments, and the company does not say whether more will follow. ¹
• Inventory and unpaid customer bills grew, so some of the strong cash came from customer advances rather than goods already delivered. ¹

What the company expects

• Caterpillar says orders were strong and its backlog of work still to deliver is at a record, though it gives no figures. ¹
• The chief executive says the company is set for a strong year, but the release gives no numbers for sales or profit and does not say whether any earlier forecast was raised, kept or cut. ¹

Our verdict on the quarter

A strong report. A quarter with much faster profit growth than sales, growth in every business and a record order backlog, held back only by a slight easing in dealer demand, some help from tariff refunds and no figures for the year ahead.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Caterpillar's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩