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Caterpillar (CAT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Caterpillar (CAT) Q3 2026 earnings results →

Q3 2026 Revenue up 17% year over year to $20.7B · 16¢ of every $1 of revenue kept as net profit · operating margin 20.4%

Caterpillar made $20.7B in Q3 2026 (+17% Y/Y): Sales of Machinery, Power & Energy $19.7B, Financial Products $1.0B. Operating margin 20.4%, net earnings $3.3B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$20.7B
Year over year+17%
Operating margin20.4%
Net earnings$3.3B
Operating cash flow$4.4B

Drawing the Sankey…

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Caterpillar Q3 2026 revenue breakdown: Sankey diagram of revenue (Sales of Machinery, Power & Energy, Financial Products), costs, profit and cash flow
Caterpillar Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $20.7B in Q3 2026, up 17% year over year and up 1% from the previous quarter. Sales of Machinery, Power & Energy was the largest line at 95% of revenue. Sales of Machinery, Power & Energy added $2.9B year over year (up 18%), 96% of the total change.

Operating profit was $4.2B, a 20.4% margin (up 3.1 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 17% margin then. Total costs grew 13% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+39%). Net earnings were $3.3B, up 43% year over year. The effective tax rate was 22.8%.

Operating cash flow was $4.4B (up 16% year over year), 132% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.37B. Capital expenditures of $0.70B left free cash flow of $3.7B.

Quarterly history

Caterpillar revenue by quarterCaterpillar revenue by quarter$14.2BQ1 2025$16.6BQ2 2025$17.6BQ3 2025$19.1BQ4 2025$17.4BQ1 2026$20.5BQ2 2026$20.7BQ3 2026
Caterpillar net earnings by quarterCaterpillar net earnings by quarter$2.0BQ1 2025$2.2BQ2 2025$2.3BQ3 2025$2.4BQ4 2025$2.5BQ1 2026$3.6BQ2 2026$3.3BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$20.7B+17%20.4%$3.3B$4.4B
Q2 202610-QAug 5, 2026$20.5B+24%20.9%$3.6B$4.4B
Q1 202610-QMay 6, 2026$17.4B+22%17.7%$2.5B$1.9B
Q4 202510-KFeb 13, 2026$19.1B+18%13.9%$2.4B$3.6B
Q3 202510-QNov 3, 2025$17.6B+10%17.3%$2.3B$3.7B
Q2 202510-QAug 6, 2025$16.6B-0.7%17.3%$2.2B$3.1B
Q1 202510-QMay 7, 2025$14.2B-10%18.1%$2.0B$1.3B

Charts

Caterpillar: revenue growth, year over year and quarter over quarterCaterpillar: revenue growth, year over year and quarter over quarterY/YQ/Q-10%Q1 2025-1%+16%Q2 2025+10%+6%Q3 2025+18%+8%Q4 2025+22%-9%Q1 2026+24%+18%Q2 2026+17%+1%Q3 2026
Latest (Q3 2026): Y/Y +17%, Q/Q +1%.
Caterpillar: where the cash came from (+) and went (−), TTM to Q3 2026Caterpillar: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$14.2BBuybacks−$8.1BOther financing$3.7BOther investing−$3.7BCapital spending−$2.9BDividends−$2.9BAcquisitions−$914MAsset & business sales$855MCash drawn (+) / kept (−)−$391MNet borrowing (+) / repaid (−)$252MShares issued−$108MExchange rates−$83.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Caterpillar: profit against cash, quarter by quarterCaterpillar: profit against cash, quarter by quarterNet incomeOperating cash flow$2.8B$3.4BQ4 2024$2.0B$1.3BQ1 2025$2.2B$3.1BQ2 2025$2.3B$3.7BQ3 2025$2.4B$3.6BQ4 2025$2.5B$1.9BQ1 2026$3.6B$4.4BQ2 2026$3.3B$4.4BQ3 2026
Latest (Q3 2026): Net income $3.3B, Operating cash flow $4.4B.
Caterpillar: diluted shares by fiscal yearCaterpillar: diluted shares by fiscal year549MFY2020548MFY2021530MFY2022514MFY2023489MFY2024472MFY2025
-13.9% since FY2020: buybacks shrank the count.
Caterpillar: long-term debt falling due (FY2025)Caterpillar: long-term debt falling due (FY2025)$7.1B2026$8.9B2027$7.7B2028$3.1B2029$1.3B2030
Cash $10.0B, short-term investments —, long-term debt — at 2025-12-31.
Caterpillar in its industry: growth against margin (8 companies, SIC 3531)Caterpillar in its industry: growth against margin (8 companies, SIC 3531)revenue growth, year over year →↑ operating marginmedian +25%median 6%CNHMTWCMCOAEBIASTEPLOWGENCCAT (+17%, 20%)
Construction Machinery & Equip; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Power & cooling

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Customers and suppliers named in filings

Sells to

About Caterpillar

Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. As used herein, the term “Caterpillar,” “we,” “us,” “our” or “the company” refers to Caterpillar Inc. and its subsidiaries unless designated or identified otherwise. With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.

In its own words, from its 10-K, filed Feb 13, 2026.

Caterpillar against its Construction Machinery & Equip peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +25%. Operating margin: 20.4% against the peers' median 6.5%.

CompanyQuarterRevenueY/YOp. margin
CAT CaterpillarQ3 2026$20.7B+17%20.4%
CNH CNH Industrial N.V.Q2 2026$4.8B+2%3.8%
MTW ManitowocQ3 2026$614M+11%5.2%
CMCO Columbus McKinnonQ2 FY27$539M+107%6.5%
AEBI Aebi Schmidt Holding AGQ2 2026$496M+79%5.4%
ASTE Astec IndustriesQ3 2026$352M+0.7%-0.9%
PLOW Douglas DynamicsQ3 2026$218M+34%14.3%
GENC Gencor IndustriesQ3 FY26$33.8M+25%17.2%

Source: Caterpillar 10-Q on SEC EDGAR · CIK 18230 · Construction Machinery & Equip

Guidance and outlook

Caterpillar: what its forward-looking statements are about (10-Q filed 2026-11-04)Caterpillar: what its forward-looking statements are about (10-Q filed 2026-11-04)Demand20Costs10Other9The economy3Financing2Buybacks & dividends2AI1Tax1Supply chain1Capital spending1
50 statements; tone +0.50 (−1 all cautious, +1 all confident); 2 hedged.
Caterpillar: outlook statements against the filing beforeCaterpillar: outlook statements against the filing beforeNew17Updated5Dropped19Confident31Cautious6

13F: who owns CAT and who is buying

Largest holders of CAT (13F)Largest holders of CAT (13F)BlackRock$40.5BState Street$36.6BVanguard Capital Management LLC$32.0BVanguard Group$26.6BState Farm Mutual Automobile Insu…$15.5BVanguard Portfolio Management LLC$12.8BGeode Capital Management, LLC$11.9BFisher Asset Management, LLC$10.6BMorgan Stanley$8.0BGates Foundation Trust$6.8B
Funds' net buying of CAT by quarter (13F)Funds' net buying of CAT by quarter (13F)−$8.3M2024-09−$127M2024-12−$2.8B2025-03$576M2025-06$3.0B2025-09−$635M2025-12−$240M2026-03−$5.6B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CAT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：卡特彼勒（CAT）财报

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