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Caterpillar (CAT) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Caterpillar (CAT) reported revenue of $20.7B for the third quarter 2026 (Q3 2026), +17% from a year earlier and +0.7% from the quarter before. Operating margin was 20.4%, net earnings $3.3B (15.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.7B | +0.7% | +17% |
| Operating profit | $4.2B | -2% | +38% |
| Net earnings | $3.3B | -9% | +43% |
| Operating cash flow | $4.4B | -0.4% | +16% |
| Free cash flow | $3.7B | -3% | +19% |
What changed
Revenue was $20.7B in Q3 2026, up 17% year over year and up 1% from the previous quarter. Sales of Machinery, Power & Energy was the largest line at 95% of revenue. Sales of Machinery, Power & Energy added $2.9B year over year (up 18%), 96% of the total change.
Operating profit was $4.2B, a 20.4% margin (up 3.1 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 17% margin then. Total costs grew 13% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+39%). Net earnings were $3.3B, up 43% year over year. The effective tax rate was 22.8%.
Operating cash flow was $4.4B (up 16% year over year), 132% of net earnings. Non-cash charges added back $0.61B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.37B. Capital expenditures of $0.70B left free cash flow of $3.7B.
Questions
What was Caterpillar's revenue in the third quarter 2026?
Caterpillar (CAT) reported revenue of $20.7B for the third quarter 2026 (Q3 2026), +17% from a year earlier and +0.7% from the quarter before.
Was Caterpillar profitable in the third quarter 2026?
Operating profit was $4.2B (20.4% of revenue) and net earnings $3.3B.
Source: Caterpillar 10-Q on SEC EDGAR.