Filing Flows › Caterpillar (CAT) › Q3 2026 › vs Q2 2026
Caterpillar (CAT) Q3 2026 vs Q2 2026 (quarter over quarter)
Caterpillar's revenue rose $139M (+0.7%) from $20.5B in Q2 2026 to $20.7B in Q3 2026. The biggest changes: Sales of Machinery, Power & Energy +$73.0M (+0.4%); Financial Products +$66.0M (+7%). Operating margin 20.4% against 20.9% (-0.5 pts).
Caterpillar, Q3 2026: revenue $20.7B (+17% year over year), operating margin 20.4%, net earnings $3.3B, operating cash flow $4.4B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 20.4% | 20.9% | -0.5 pts |
| Net margin | 15.9% | 17.5% | -1.6 pts |
| Free cash flow margin | 17.7% | 18.4% | -0.7 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.7B | $19.6B | $73.0M | +0.4% |
| Financial Products | $1.0B | $962M | $66.0M | +7% |
| Revenue | $20.7B | $20.5B | $139M | +0.7% |
| Operating profit | $4.2B | $4.3B | −$81.0M | -2% |
| Costs & expenses | $16.5B | $16.2B | $220M | +1% |
| Pre-tax earnings | $4.3B | $4.6B | −$394M | -8% |
| Cost of revenue | $13.3B | $12.8B | $551M | +4% |
| Research & development | $596M | $616M | −$20.0M | -3% |
| SG&A | $1.8B | $2.0B | −$221M | -11% |
| Other operating costs | $743M | $833M | −$90.0M | -11% |
| Net earnings | $3.3B | $3.6B | −$307M | -9% |
| Income tax | $968M | $1.1B | −$87.0M | -8% |
| Depreciation & amortization | $615M | $616M | −$1.0M | -0.2% |
| Share-based compensation | $81.0M | $92.0M | −$11.0M | -12% |
| Working capital & other | $370M | $70.0M | $300M | +429% |
| Operating cash flow | $4.4B | $4.4B | −$19.0M | -0.4% |
| Free cash flow (OCF − capex) | $3.7B | $3.8B | −$129M | -3% |
| Capital expenditures | $697M | $587M | $110M | +19% |
Questions
How much did Caterpillar's revenue grow quarter over quarter in Q3 2026?
Caterpillar's revenue rose $139M (+0.7%) from $20.5B in Q2 2026 to $20.7B in Q3 2026.
What drove Caterpillar's revenue change in Q3 2026?
Sales of Machinery, Power & Energy +$73.0M (+0.4%); Financial Products +$66.0M (+7%).