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Caterpillar (CAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Caterpillar (CAT) reported revenue of $17.4B for the first quarter 2026 (Q1 2026), +22% from a year earlier and -9% from the quarter before. Operating margin was 17.7%, net earnings $2.5B (14.6% of revenue).
Caterpillar, Q1 2026: revenue $17.4B (+22% year over year), operating margin 17.7%, net earnings $2.5B, operating cash flow $1.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.4B | -9% | +22% |
| Operating profit | $3.1B | +16% | +20% |
| Net earnings | $2.5B | +6% | +27% |
| Operating cash flow | $1.9B | -48% | +45% |
| Free cash flow | $1.1B | -58% | +97% |
What changed
Revenue was $17.4B in Q1 2026, up 22% year over year and down 9% from the previous quarter. Sales of Machinery, Power & Energy was the largest line at 95% of revenue. Sales of Machinery, Power & Energy added $3.1B year over year (up 23%), 98% of the total change.
Operating profit was $3.1B, a 17.7% margin (down 0.4 points year over year). Of the extra revenue versus Q1 2025, 16% reached operating profit, below the 18% margin then. Total costs grew 23% against revenue growth of 22%. The fastest-growing cost line was Cost of revenue (+26%). Net earnings were $2.5B, up 27% year over year. The effective tax rate was 20.9%.
Operating cash flow was $1.9B (up 45% year over year), 73% of net earnings. Non-cash charges added back $0.59B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.73B left free cash flow of $1.1B.
Questions
What was Caterpillar's revenue in the first quarter 2026?
Caterpillar (CAT) reported revenue of $17.4B for the first quarter 2026 (Q1 2026), +22% from a year earlier and -9% from the quarter before.
Was Caterpillar profitable in the first quarter 2026?
Operating profit was $3.1B (17.7% of revenue) and net earnings $2.5B.
Source: Caterpillar 10-Q on SEC EDGAR.