Filing Flows › Caterpillar (CAT) › Q2 2026 › vs Q1 2026
Caterpillar (CAT) Q2 2026 vs Q1 2026 (quarter over quarter)
Caterpillar's revenue rose $3.1B (+18%) from $17.4B in Q1 2026 to $20.5B in Q2 2026. The biggest changes: Sales of Machinery, Power & Energy +$3.1B (+19%); Financial Products +$20.0M (+2%). Operating margin 20.9% against 17.7% (+3.2 pts).
Caterpillar, Q2 2026: revenue $20.5B (+24% year over year), operating margin 20.9%, net earnings $3.6B, operating cash flow $4.4B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 20.9% | 17.7% | +3.2 pts |
| Net margin | 17.5% | 14.6% | +2.9 pts |
| Free cash flow margin | 18.4% | 6.6% | +11.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.6B | $16.5B | $3.1B | +19% |
| Financial Products | $962M | $942M | $20.0M | +2% |
| Revenue | $20.5B | $17.4B | $3.1B | +18% |
| Other income, net | $353M | $126M | $227M | +180% |
| Operating profit | $4.3B | $3.1B | $1.2B | +39% |
| Costs & expenses | $16.2B | $14.3B | $1.9B | +13% |
| Pre-tax earnings | $4.6B | $3.2B | $1.4B | +45% |
| Cost of revenue | $12.8B | $11.3B | $1.5B | +13% |
| Research & development | $616M | $537M | $79.0M | +15% |
| SG&A | $2.0B | $1.8B | $202M | +11% |
| Other operating costs | $833M | $671M | $162M | +24% |
| Net earnings | $3.6B | $2.5B | $1.0B | +41% |
| Income tax | $1.1B | $670M | $385M | +57% |
| Depreciation & amortization | $616M | $595M | $21.0M | +4% |
| Share-based compensation | $92.0M | $54.0M | $38.0M | +70% |
| Working capital & other | $70.0M | −$1.3B | $1.4B | — |
| Operating cash flow | $4.4B | $1.9B | $2.5B | +134% |
| Free cash flow (OCF − capex) | $3.8B | $1.1B | $2.6B | +231% |
| Capital expenditures | $587M | $728M | −$141M | -19% |
Questions
How much did Caterpillar's revenue grow quarter over quarter in Q2 2026?
Caterpillar's revenue rose $3.1B (+18%) from $17.4B in Q1 2026 to $20.5B in Q2 2026.
What drove Caterpillar's revenue change in Q2 2026?
Sales of Machinery, Power & Energy +$3.1B (+19%); Financial Products +$20.0M (+2%).