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How Caterpillar (CAT) makes money
Caterpillar (CAT) made $20.7B of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Sales of Machinery, Power & Energy brought in $19.7B (95%); Financial Products brought in $1.0B (5%). Of every dollar of revenue, 20¢ was left as operating profit, 16¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.7B | 95.0% | +0.4% | +18% |
| Financial Products | $1.0B | 5.0% | +7% | +13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $20.7B | 100.0% |
| Operating profit | $4.2B | 20.4% |
| Income tax | $968M | 4.7% |
| Net earnings | $3.3B | 15.9% |
| Operating cash flow | $4.4B | 21.0% |
| Free cash flow | $3.7B | 17.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $20.7B | +17% |
| Q2 2026 | $20.5B | +24% |
| Q1 2026 | $17.4B | +22% |
| Q4 2025 | $19.1B | +18% |
| Q3 2025 | $17.6B | +10% |
| Q2 2025 | $16.6B | -0.7% |
| Q1 2025 | $14.2B | -10% |
From Caterpillar's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Caterpillar make money?
Caterpillar (CAT) made $20.7B of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Sales of Machinery, Power & Energy brought in $19.7B (95%); Financial Products brought in $1.0B (5%). Of every dollar of revenue, 20¢ was left as operating profit, 16¢ was left as net earnings.
What is Caterpillar's biggest business?
Sales of Machinery, Power & Energy: $19.7B in the third quarter 2026, 95% of revenue, +18% from a year earlier.
What is Caterpillar's profit margin?
Net earnings were $3.3B, 15.9% of revenue, in the third quarter 2026; the operating margin was 20.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.