Filing Flows › Caterpillar (CAT) › Q3 2026 › vs Q3 2025
Caterpillar (CAT) Q3 2026 vs Q3 2025 (year over year)
Caterpillar's revenue rose $3.0B (+17%) from $17.6B in Q3 2025 to $20.7B in Q3 2026. The biggest changes: Sales of Machinery, Power & Energy +$2.9B (+18%); Financial Products +$116M (+13%). Operating margin 20.4% against 17.3% (+3.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.4% | 17.3% | +3.1 pts |
| Net margin | 15.9% | 13.0% | +2.9 pts |
| Free cash flow margin | 17.7% | 17.5% | +0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.7B | $16.7B | $2.9B | +18% |
| Financial Products | $1.0B | $912M | $116M | +13% |
| Revenue | $20.7B | $17.6B | $3.0B | +17% |
| Operating profit | $4.2B | $3.1B | $1.2B | +38% |
| Costs & expenses | $16.5B | $14.6B | $1.9B | +13% |
| Pre-tax earnings | $4.3B | $3.1B | $1.1B | +36% |
| Cost of revenue | $13.3B | $11.7B | $1.7B | +14% |
| Research & development | $596M | $555M | $41.0M | +7% |
| SG&A | $1.8B | $1.8B | −$25.0M | -1% |
| Other operating costs | $743M | $536M | $207M | +39% |
| Net earnings | $3.3B | $2.3B | $987M | +43% |
| Income tax | $968M | $836M | $132M | +16% |
| Depreciation & amortization | $615M | $570M | $45.0M | +8% |
| Share-based compensation | $81.0M | $71.0M | $10.0M | +14% |
| Working capital & other | $370M | $797M | −$427M | -54% |
| Operating cash flow | $4.4B | $3.7B | $615M | +16% |
| Free cash flow (OCF − capex) | $3.7B | $3.1B | $576M | +19% |
| Capital expenditures | $697M | $658M | $39.0M | +6% |
Questions
How much did Caterpillar's revenue grow year over year in Q3 2026?
Caterpillar's revenue rose $3.0B (+17%) from $17.6B in Q3 2025 to $20.7B in Q3 2026.
What drove Caterpillar's revenue change in Q3 2026?
Sales of Machinery, Power & Energy +$2.9B (+18%); Financial Products +$116M (+13%).