Jun 2026 (Q2 FY26) — Aug 4, 2026
Caterpillar Q2 FY26 — Record Sales and Strong Backlog Growth
Read the full callCaterpillar (CAT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Caterpillar earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 20,543 | +24.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.9 | +3.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
37 of 46 judged targets kept · 54 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Construction Industries margin | higher margin percentage compared to the prior year | Mar 2026 | The segment's margin of 23.3% and was an increase of 320 basis points versus the prior year, mainly driven by the profit of higher sales volume. | Achieved |
| Incremental tariff costs | around $2.6 billion | Dec 2025 | we now expect full year 2026 tariff costs of around $2.2 billion or at the low end of the range we previously provided. | Diluted |
| 10-megawatt medium-speed gas reciprocating engine shipments | begin in the fourth quarter | Jun 2026 | shipments are expected to begin in the fourth quarter. | New |
9 of CATERPILLAR INC's 100 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 97 more targets are in the full ledger.
Claimed
- Sales and revenues reached a record $20.5 billion, up 24% year-over-year.
- Adjusted profit per share increased 73% year-over-year to $8.17.
- Backlog grew sequentially by $9 billion to $72 billion, up 92% year-over-year.
- MP&A free cash flow was a record $5.1 billion.
- Financial Products past dues reached a record low of 1.31%, down 31 basis points year-over-year.
Qualified
- Tariff costs (excluding IEEPA recoveries) were approximately $400 million in the quarter, impacting segment margins (CI 340 bps, RI 260 bps, P&E 90 bps).
- Industrial sales to users in Power and Energy were down due to a decline in engines sold in marine applications.
- Sales to users in EAME were lower than anticipated due to softness in the Middle East.
- Softer economic conditions are expected in Asia Pacific outside of China.
Price
$725.79 −0.68% · −$4.97
Performance +37.7% 1Y
1Y: $527.08 on 17 Oct 2025 → $725.79. High $1,064.9 (30 Jun 2026), low $513.91 (22 Oct 2025).
- Previous close
- $730.76
- 52-week range
- $513.91 – $1,064.9
- One year
- +36.64%
Overview
- Symbol
- CAT
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
37 of 46 judged targets kept · 54 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Construction Industries margin | higher margin percentage compared to the prior year | Mar 2026 | The segment's margin of 23.3% and was an increase of 320 basis points versus the prior year, mainly driven by the profit of higher sales volume. | Achieved |
| Incremental tariff costs | around $2.6 billion | Dec 2025 | we now expect full year 2026 tariff costs of around $2.2 billion or at the low end of the range we previously provided. | Diluted |
| 10-megawatt medium-speed gas reciprocating engine shipments | begin in the fourth quarter | Jun 2026 | shipments are expected to begin in the fourth quarter. | New |
Claimed
- Sales and revenues reached a record $20.5 billion, up 24% year-over-year.
- Adjusted profit per share increased 73% year-over-year to $8.17.
- Backlog grew sequentially by $9 billion to $72 billion, up 92% year-over-year.
- MP&A free cash flow was a record $5.1 billion.
- Financial Products past dues reached a record low of 1.31%, down 31 basis points year-over-year.
Qualified
- Tariff costs (excluding IEEPA recoveries) were approximately $400 million in the quarter, impacting segment margins (CI 340 bps, RI 260 bps, P&E 90 bps).
- Industrial sales to users in Power and Energy were down due to a decline in engines sold in marine applications.
- Sales to users in EAME were lower than anticipated due to softness in the Middle East.
- Softer economic conditions are expected in Asia Pacific outside of China.
The full ledger
Open CATERPILLAR INC’s full ledger
A free account opens 5 company ledgers a month. All 100 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Caterpillar Q1 FY26 — Record $63B backlog and raised outlook powered by data-center engine demand
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Caterpillar Q4 FY25 — Record Sales and Backlog Drive Strong Outlook
Read the full callEvery analysed call
Caterpillar earnings calls (CAT)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 16,106 | 16,215 | 14,249 | 16,569 | 17,638 | 19,133 | 17,415 | 20,543 |
| Expenses | 12,959 | 13,291 | 11,670 | 13,709 | 14,586 | 16,473 | 14,330 | 16,248 |
| Operating profit | 3,147 | 2,924 | 2,579 | 2,860 | 3,052 | 2,660 | 3,085 | 4,295 |
| Operating margin | 19.5% | 18.0% | 18.1% | 17.3% | 17.3% | 13.9% | 17.7% | 20.9% |
| Profit before tax | 3,098 | 3,243 | 2,570 | 2,818 | 3,127 | 3,026 | 3,211 | 4,558 |
| Tax rate | 20.7% | 14.3% | 22.3% | 22.9% | 26.7% | 23.5% | 20.9% | 23.1% |
| EPS ($ per share) | 5.09 | — | 4.22 | 4.64 | 4.91 | — | 5.50 | 7.80 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5,827 | 5,935 | 6,230 | 6,398 | 6,560 | 6,403 | 6,941 | 7,181 |
| Reserves | 30,427 | 34,437 | 35,167 | 39,282 | 43,514 | 51,250 | 59,352 | 65,448 |
| Total liabilities | 64,429 | 63,824 | 62,946 | 66,277 | 66,052 | 67,973 | 68,270 | 77,267 |
| Fixed assets | 13,574 | 12,904 | 12,401 | 12,090 | 12,028 | 12,680 | 13,361 | 15,140 |
| Total assets | 78,509 | 78,453 | 78,324 | 82,793 | 81,943 | 87,476 | 87,764 | 98,585 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,558 | 6,912 | 6,327 | 7,198 | 7,766 | 12,885 | 12,035 | 11,739 |
| Cash from investing | -3,212 | -1,928 | -1,485 | -3,084 | -2,541 | -5,871 | -2,453 | -4,707 |
| Cash from financing | -3,650 | -4,538 | -3,755 | -4,188 | -7,281 | -6,932 | -9,565 | -3,899 |
| Net cash flow | -430 | 402 | 1,074 | -103 | -2,250 | -28 | -89 | 3,090 |
| Capital expenditure | -1,276 | -1,056 | -978 | -1,093 | -1,296 | -1,597 | -1,988 | -2,821 |
| Free cash flow | 5,282 | 5,856 | 5,349 | 6,105 | 6,470 | 11,288 | 10,047 | 8,918 |
CAT revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Construction Industries | 39% | 37% | 36% | 37% | 38% | 36% | 41% | 40% | +34.9% |
| Power Energy | — | — | — | — | — | — | 33% | 33% | — |
| Resource Industries | 18% | 18% | 20% | 18% | 17% | 17% | 21% | 22% | +52.1% |
| Financial Products | 6% | 6% | 7% | 6% | 6% | 6% | 6% | 6% | +9.9% |
| All Other Segments | <1% | <1% | <1% | <1% | <1% | 0% | <1% | <1% | -54.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CAT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | 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.
Revenue by region
Q2 FY2026 · share of revenue
- North America 59% ↑ 6 pt
- EMEA 18% ↓ 2 pt
- Asia Pacific 15% ↓ 2 pt
- Latin America 9% ↓ 2 pt
As CAT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
206 filings between Nov 5, 2025 and Aug 28, 2026.
Open market
decisions to buy or sellPurchases
$389.9K
2 purchases by 1 insider
Sales
$244.42M
91 sales by 8 insiders
36% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 25
- Option exercise — converted options into shares
- 56
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| De Lange Bob | — | $78.74M | May 6, 2026 |
| Fassino Anthony D. | — | $45.82M | May 11, 2026 |
| Johnson Denise C | — | $43.74M | May 14, 2026 |
| Creed Joseph E | — | $28.01M | Aug 28, 2026 |
| BONFIELD ANDREW R J | — | $25.86M | May 6, 2026 |
| Kaiser Jason | — | $12.33M | May 4, 2026 |
| Shurman Rodney Michael | — | $8.17M | May 5, 2026 |
| Schaupp William E | — | $1.76M | May 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 6,135 | $4.95M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 750 | $602.5K |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 2,639 | $2.13M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 3,382 | $2.73M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 540 | $432.6K |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 280 | $224.6K |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 480 | $384.1K |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 5,035 | $4.08M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 1,351 | $1.09M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Option exercise | 44,403 | $9.76M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Tax withheld | 12,002 | $9.76M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 4,831 | $3.93M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 1,280 | $1.04M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 3,041 | $2.46M |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 520 | $418.0K |
| Aug 28, 2026 | Creed Joseph E Chief Executive Officer | Sale | 2,137 | $1.73M |
| Jun 10, 2026 | SCHWAB SUSAN C Director | Award | 211 | $0 |
| Jun 10, 2026 | KEENE NAZZIC S Director | Award | 211 | $0 |
| Jun 10, 2026 | REED DEBRA L Director | Award | 211 | $0 |
| Jun 10, 2026 | Fish James C Jr Director | Award | 211 | $0 |
| Jun 10, 2026 | Marks Judith Fran Director | Award | 211 | $0 |
| Jun 10, 2026 | MacLennan David Director | Award | 211 | $0 |
| Jun 10, 2026 | Johnson Gerald Director | Award | 211 | $0 |
| Jun 10, 2026 | WILKINS RAYFORD JR Director | Award | 211 | $0 |
| May 14, 2026 | Johnson Denise C Group President | Sale | 1,191 | $1.08M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 1,491 | $1.35M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 2,259 | $2.05M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 1,787 | $1.62M |
| May 14, 2026 | Johnson Denise C Group President | Tax withheld | 3,473 | $3.16M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 2,302 | $2.09M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 1,605 | $1.46M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 1,568 | $1.43M |
| May 14, 2026 | Johnson Denise C Group President | Sale | 402 | $366.1K |
| May 14, 2026 | Johnson Denise C Group President | Option exercise | 16,078 | $3.16M |
| May 13, 2026 | Schaupp William E Chief Accounting Officer | Sale | 360 | $326.2K |
| May 13, 2026 | Johnson Denise C Group President | Sale | 2,650 | $2.41M |
| May 13, 2026 | Johnson Denise C Group President | Sale | 3,546 | $3.22M |
| May 13, 2026 | Johnson Denise C Group President | Tax withheld | 1,704 | $1.55M |
| May 13, 2026 | Johnson Denise C Group President | Option exercise | 7,900 | $1.55M |
| May 11, 2026 | Pambianchi Christine M Chief Human Resources Officer | Tax withheld | 224 | $204.3K |
| May 11, 2026 | Fassino Anthony D. Group President | Sale | 15,440 | $14.15M |
| May 11, 2026 | Fassino Anthony D. Group President | Sale | 843 | $773.6K |
| May 11, 2026 | Creed Joseph E Chief Executive Officer | Tax withheld | 574 | $523.5K |
| May 11, 2026 | Fassino Anthony D. Group President | Tax withheld | 5,120 | $4.70M |
| May 11, 2026 | Fassino Anthony D. Group President | Option exercise | 21,403 | $4.70M |
| May 8, 2026 | Epley Kyle Joseph Chief Financial Officer | Award | 515 | $0 |
| May 6, 2026 | BONFIELD ANDREW R J CFO Emeritus | Option exercise | 11,655 | $2.96M |
| May 6, 2026 | Fassino Anthony D. Group President | Tax withheld | 2,848 | $2.64M |
| May 6, 2026 | De Lange Bob Group President | Option exercise | 28,105 | $3.59M |
| May 6, 2026 | De Lange Bob Group President | Sale | 9,752 | $9.01M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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