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Caterpillar (CAT) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Caterpillar (CAT) reported revenue of $20.5B for the second quarter 2026 (Q2 2026), +24% from a year earlier and +18% from the quarter before. Operating margin was 20.9%, net earnings $3.6B (17.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.5B | +18% | +24% |
| Operating profit | $4.3B | +39% | +50% |
| Net earnings | $3.6B | +41% | +65% |
| Operating cash flow | $4.4B | +134% | +40% |
| Free cash flow | $3.8B | +231% | +47% |
What changed
Revenue was $20.5B in Q2 2026, up 24% year over year and up 18% from the previous quarter. Sales of Machinery, Power & Energy was the largest line at 95% of revenue. Sales of Machinery, Power & Energy added $3.9B year over year (up 25%), 98% of the total change.
Operating profit was $4.3B, a 20.9% margin (up 3.6 points year over year). Of the extra revenue versus Q2 2025, 36% reached operating profit, above the 17% margin then. Total costs grew 19% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $3.6B, up 65% year over year. The effective tax rate was 22.7%.
Operating cash flow was $4.4B (up 40% year over year), 122% of net earnings. Non-cash charges added back $0.62B of depreciation and amortization and $0.09B of share-based compensation. Capital expenditures of $0.59B left free cash flow of $3.8B.
Questions
What was Caterpillar's revenue in the second quarter 2026?
Caterpillar (CAT) reported revenue of $20.5B for the second quarter 2026 (Q2 2026), +24% from a year earlier and +18% from the quarter before.
Was Caterpillar profitable in the second quarter 2026?
Operating profit was $4.3B (20.9% of revenue) and net earnings $3.6B.
Source: Caterpillar 10-Q on SEC EDGAR.