Filing Flows › Caterpillar (CAT) › Q2 2026 › vs Q2 2025
Caterpillar (CAT) Q2 2026 vs Q2 2025 (year over year)
Caterpillar's revenue rose $4.0B (+24%) from $16.6B in Q2 2025 to $20.5B in Q2 2026. The biggest changes: Sales of Machinery, Power & Energy +$3.9B (+25%); Financial Products +$67.0M (+7%). Operating margin 20.9% against 17.3% (+3.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.9% | 17.3% | +3.6 pts |
| Net margin | 17.5% | 13.2% | +4.3 pts |
| Free cash flow margin | 18.4% | 15.5% | +2.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.6B | $15.7B | $3.9B | +25% |
| Financial Products | $962M | $895M | $67.0M | +7% |
| Revenue | $20.5B | $16.6B | $4.0B | +24% |
| Other income, net | $353M | −$42.0M | $395M | — |
| Operating profit | $4.3B | $2.9B | $1.4B | +50% |
| Costs & expenses | $16.2B | $13.7B | $2.5B | +19% |
| Pre-tax earnings | $4.6B | $2.8B | $1.8B | +65% |
| Cost of revenue | $12.8B | $10.8B | $2.0B | +18% |
| Research & development | $616M | $551M | $65.0M | +12% |
| SG&A | $2.0B | $1.7B | $324M | +19% |
| Other operating costs | $833M | $657M | $176M | +27% |
| Net earnings | $3.6B | $2.2B | $1.4B | +65% |
| Income tax | $1.1B | $646M | $409M | +63% |
| Depreciation & amortization | $616M | $554M | $62.0M | +11% |
| Share-based compensation | $92.0M | $86.0M | $6.0M | +7% |
| Working capital & other | $70.0M | $303M | −$233M | -77% |
| Operating cash flow | $4.4B | $3.1B | $1.2B | +40% |
| Free cash flow (OCF − capex) | $3.8B | $2.6B | $1.2B | +47% |
| Capital expenditures | $587M | $555M | $32.0M | +6% |
Questions
How much did Caterpillar's revenue grow year over year in Q2 2026?
Caterpillar's revenue rose $4.0B (+24%) from $16.6B in Q2 2025 to $20.5B in Q2 2026.
What drove Caterpillar's revenue change in Q2 2026?
Sales of Machinery, Power & Energy +$3.9B (+25%); Financial Products +$67.0M (+7%).