CAT Caterpillar (CAT) Q2 FY26 earnings call
Caterpillar achieved record sales and revenues in Q2 FY26, driven by robust demand across all primary segments and strong price realization. The company saw significant backlog growth, particularly in Power and Energy, and is actively expanding capacity to meet customer needs. Strategic investments and tariff impacts are influencing the operating profit margin, but management remains confident in its long-term growth strategy and commitment to shareholder returns.
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CAT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $35BOur backlog of $35 billion is a record.Source: earnings call transcript | $37.5BOur backlog is at a record level of $37.5 billion.Source: earnings call transcript | $51BOur backlog grew to a record level of $51 billion, an increase of $21 billion or 71% compared to last year.Source: earnings call transcript | $63BBacklog grew to a record level of $63 billion, an increase of $28 billion or 79% compared to the first quarter last year.Source: earnings call transcript | $72BOur backlog grew sequentially by $9 billion to $72 billion.Source: earnings call transcript | +14.3% |
| Employees United States | 50K+Our largest manufacturing base is in the United States where we employ over 50,000 full-time employees, and we continue to be a net exporter.Source: earnings call transcript | 50K+We have over 50,000 employees in the US We operate out of 65 key locations in 25 different states.Source: earnings call transcript | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.