Caterpillar Reports Third-Quarter 2026 Results
Operating profit grew 38% as higher sales volume supported earnings, while consolidated Asia/Pacific revenue fell 2%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Caterpillar (CAT) reported third-quarter 2026 sales and revenues of $20.7 billion, with growth across its three primary segments. Revenue rose 17% from $17.6 billion a year earlier, driven primarily by higher sales volume and favorable pricing. Profit per share increased to $7.13 from $4.88; adjusted profit per share rose to $7.20 from $4.95.
Operating profit increased 38% to $4.214 billion, while operating margin expanded to 20.4% from 17.3%. Power & Energy and Construction Industries sales each rose 18%; Resource Industries sales increased 15%. Consolidated North American revenue grew 24%, but Asia/Pacific revenue declined 2%.
Enterprise operating cash flow was $4.4 billion, and quarter-end enterprise cash totaled $7.9 billion. Caterpillar spent $1.2 billion on share repurchases and $0.7 billion on dividends during the quarter.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter 2026 sales and revenues rose 17% to $20.7 billion from $17.6 billion a year earlier.
- Moderate pointThird-quarter profit per share increased to $7.13 from $4.88 a year earlier.
- Moderate pointThird-quarter operating profit increased 38% to $4.214 billion from $3.052 billion a year earlier.
- Moderate pointThird-quarter operating margin expanded to 20.4% from 17.3% a year earlier.
- Moderate pointEnterprise operating cash flow totaled $4.4 billion in the third quarter of 2026.
18 minor points
- Minor pointThird-quarter adjusted profit per share rose to $7.20 from $4.95 a year earlier.
- Minor pointThird-quarter adjusted operating margin increased to 20.6% from 17.5% a year earlier.
- Minor pointHigher sales volume contributed $2.207 billion to third-quarter year-over-year revenue growth.
- Minor pointFavorable pricing contributed $663 million to third-quarter year-over-year revenue growth.
- Minor pointTariff recoveries contributed $128 million to third-quarter 2026 operating profit.
- Minor pointPower & Energy third-quarter sales increased 18% to $8.784 billion year over year.
- Minor pointConstruction Industries third-quarter sales increased 18% to $7.983 billion year over year.
- Minor pointResource Industries third-quarter sales increased 15% to $4.615 billion year over year.
- Minor pointFinancial Products third-quarter external revenues increased 13% to $1.028 billion year over year.
- Minor pointPower & Energy third-quarter profit increased 31% to $2.143 billion year over year.
- Minor pointConstruction Industries third-quarter profit increased 33% to $1.831 billion year over year.
- Minor pointResource Industries third-quarter profit increased 14% to $622 million year over year.
- Minor pointFinancial Products segment third-quarter profit increased 10% to $264 million year over year.
- Minor pointAll Other Segment's third-quarter loss narrowed to $2 million from $6 million a year earlier.
- Minor pointConsolidated North American third-quarter revenue increased 24% to $12.017 billion year over year.
- Minor pointConsolidated Latin American third-quarter revenue increased 15% to $2.124 billion year over year.
- Minor pointConsolidated Europe, Africa and Middle East third-quarter revenue increased 15% to $3.728 billion year over year.
- Minor pointShare repurchases returned $1.2 billion to shareholders during the third quarter of 2026.
Negative
- Minor pointConsolidated Asia/Pacific third-quarter revenue declined 2% to $2.813 billion year over year.
- Minor pointPower & Energy Latin American third-quarter sales declined 12% to $435 million year over year.
- Minor pointPower & Energy Asia/Pacific third-quarter sales declined 4% to $878 million year over year.
- Minor pointResource Industries Asia/Pacific third-quarter sales declined 6% to $916 million year over year.
- Minor pointAll Other Segment third-quarter sales declined 1% to $72 million year over year.
Details
Market move: CAT -9.10% vs previous close. 3Q26 earnings report
On Oct 29, the day this news came out, the latest delayed price for CAT is 9.10% below the previous close. Our momentum scanner has recorded 19 alerts for this stock so far that day. The latest delayed price is $648.47. Relative volume is exceptionally heavy at 28.4x the average.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Sales and revenues
- $20.7 billion; increased 17%
- Third quarter 2026 versus $17.6 billion in third quarter 2025
- Profit per share
- $7.13
- Third quarter 2026 versus $4.88 in third quarter 2025
- Adjusted profit per share
- $7.20
- Third quarter 2026 versus $4.95 in third quarter 2025
- Operating profit
- $4.214 billion; increased 38%
- Third quarter 2026 versus $3.052 billion in third quarter 2025
- Operating profit margin
- 20.4%
- Third quarter 2026 versus 17.3% in third quarter 2025
- Adjusted operating profit margin
- 20.6%
- Third quarter 2026 versus 17.5% in third quarter 2025; excludes restructuring costs
- Enterprise operating cash flow
- $4.4 billion
- Third quarter 2026
- Cash deployed for repurchases and dividends
- $2.0 billion
- Third quarter 2026
Key Terms
non-gaap financial measures financial
ieepa regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Third-quarter 2026 sales and revenues increased
17% to$20.7 billion - Third-quarter 2026 profit per share of
$7.13 $7.20 - Deployed
$2.0 billion
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Third Quarter |
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($ in billions except profit per share) |
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2026 |
2025 |
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Sales and Revenues |
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Profit Per Share |
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Adjusted Profit Per Share |
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Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13. |
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"Our third-quarter results reflect the durability of our end markets, with strong order rates and a record backlog," said Caterpillar Chairman and CEO Joe Creed. "Our team continues to execute our strategic priorities in a dynamic environment, positioning us for a strong year while delivering long-term value for our customers and shareholders."
Sales and revenues for the third quarter of 2026 were
Operating profit margin was
For the third quarter of 2026, enterprise operating cash flow was
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Third Quarter 2026 vs. Third Quarter 2025
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2026 earnings.
Total sales and revenues for the third quarter of 2026 were
Sales were higher across the three primary segments.
|
Sales and Revenues by Segment |
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|
(Millions of dollars) |
Third |
|
Sales Volume |
|
Price Realization |
|
Currency |
|
Inter- |
|
Third |
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$ Change |
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% Change |
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Power & Energy |
$ 7,463 |
|
$ 879 |
|
$ 216 |
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$ 12 |
|
$ 214 |
|
$ 8,784 |
|
$ 1,321 |
|
18 % |
|
Construction Industries |
6,760 |
|
874 |
|
349 |
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2 |
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(2) |
|
7,983 |
|
1,223 |
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18 % |
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Resource Industries |
3,999 |
|
478 |
|
96 |
|
40 |
|
2 |
|
4,615 |
|
616 |
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15 % |
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All Other Segment |
73 |
|
5 |
|
— |
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— |
|
(6) |
|
72 |
|
(1) |
|
(1 %) |
|
Corporate Items and Eliminations |
(1,569) |
|
(29) |
|
2 |
|
4 |
|
(208) |
|
(1,800) |
|
(231) |
|
|
|
Machinery, Power & Energy |
16,726 |
|
2,207 |
|
663 |
|
58 |
|
— |
|
19,654 |
|
2,928 |
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18 % |
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Financial Products Segment |
1,076 |
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— |
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— |
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— |
|
101 |
|
1,177 |
|
101 |
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9 % |
|
Corporate Items and Eliminations |
(164) |
|
— |
|
— |
|
— |
|
15 |
|
(149) |
|
15 |
|
|
|
Financial Products Revenues |
912 |
|
— |
|
— |
|
— |
|
116 |
|
1,028 |
|
116 |
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13 % |
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Consolidated Sales and Revenues |
$ 17,638 |
|
$ 2,207 |
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$ 663 |
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$ 58 |
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$ 116 |
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$ 20,682 |
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$ 3,044 |
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17 % |
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Sales and Revenues by Geographic Region |
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EAME |
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External Sales |
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Inter-Segment |
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Total Sales |
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(Millions of dollars) |
$ |
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% Chg |
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$ |
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% Chg |
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$ |
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% Chg |
|
$ |
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% Chg |
|
$ |
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% Chg |
|
$ |
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% Chg |
|
$ |
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% Chg |
|
Third Quarter 2026 |
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Power & Energy |
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26 % |
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$ 435 |
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(12 %) |
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22 % |
|
$ 878 |
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(4 %) |
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|
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18 % |
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17 % |
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18 % |
|
Construction Industries |
4,796 |
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23 % |
|
825 |
|
26 % |
|
1,366 |
|
12 % |
|
925 |
|
2 % |
|
7,912 |
|
18 % |
|
71 |
|
(3 %) |
|
7,983 |
|
18 % |
|
Resource Industries |
2,180 |
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27 % |
|
759 |
|
25 % |
|
674 |
|
10 % |
|
916 |
|
(6 %) |
|
4,529 |
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16 % |
|
86 |
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2 % |
|
4,615 |
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15 % |
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All Other Segment |
9 |
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80 % |
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— |
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— % |
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3 |
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50 % |
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3 |
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— % |
|
15 |
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50 % |
|
57 |
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(10 %) |
|
72 |
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(1 %) |
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Corporate Items and Eliminations |
(81) |
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2 |
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(4) |
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(7) |
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(90) |
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(1,710) |
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(1,800) |
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Machinery, Power & Energy |
11,299 |
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25 % |
|
2,021 |
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15 % |
|
3,619 |
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16 % |
|
2,715 |
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(3 %) |
|
19,654 |
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18 % |
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— |
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— % |
|
19,654 |
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18 % |
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Financial Products Segment |
780 |
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8 % |
|
132 |
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12 % |
|
142 |
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9 % |
|
123 |
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16 % |
|
1,177 |
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9 % |
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— |
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— % |
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1,177 |
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9 % |
|
Corporate Items and Eliminations |
(62) |
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(29) |
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(33) |
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(25) |
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|
(149) |
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— |
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(149) |
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Financial Products Revenues |
718 |
|
15 % |
|
103 |
|
12 % |
|
109 |
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2 % |
|
98 |
|
13 % |
|
1,028 |
|
13 % |
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— |
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— % |
|
1,028 |
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13 % |
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Consolidated Sales and Revenues |
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24 % |
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15 % |
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15 % |
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(2 %) |
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17 % |
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$ — |
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— % |
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17 % |
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Third Quarter 2025 |
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Power & Energy |
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$ 496 |
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|
$ 911 |
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|
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|
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|
Construction Industries |
3,912 |
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|
654 |
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|
|
1,217 |
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|
904 |
|
|
|
6,687 |
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|
73 |
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|
6,760 |
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Resource Industries |
1,721 |
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|
|
605 |
|
|
|
612 |
|
|
|
977 |
|
|
|
3,915 |
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|
84 |
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|
|
3,999 |
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All Other Segment |
5 |
|
|
|
— |
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|
|
2 |
|
|
|
3 |
|
|
|
10 |
|
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|
63 |
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|
73 |
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|
Corporate Items and Eliminations |
(61) |
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|
3 |
|
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|
(3) |
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|
(6) |
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(67) |
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(1,502) |
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(1,569) |
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Machinery, Power & Energy |
9,055 |
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|
1,758 |
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|
3,124 |
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|
2,789 |
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|
16,726 |
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— |
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16,726 |
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Financial Products Segment |
722 |
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|
118 |
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|
130 |
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|
106 |
|
|
|
1,076 |
|
|
|
— |
|
|
|
1,076 |
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|
Corporate Items and Eliminations |
(96) |
|
|
|
(26) |
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|
|
(23) |
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|
|
(19) |
|
|
|
(164) |
|
|
|
— |
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|
(164) |
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Financial Products Revenues |
626 |
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|
|
92 |
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|
107 |
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|
87 |
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|
912 |
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|
— |
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|
912 |
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Consolidated Sales and Revenues |
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$ — |
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Consolidated Operating Profit
Consolidated Operating Profit Comparison
Third Quarter 2026 vs. Third Quarter 2025
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar third-quarter 2026 earnings.
Operating profit for the third quarter of 2026 was
Operating profit in the third quarter of 2026 included
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Profit (Loss) by Segment |
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(Millions of dollars) |
Third Quarter |
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Third Quarter |
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$ Change |
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% Change |
|
Power & Energy |
$ 2,143 |
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$ 1,633 |
|
$ 510 |
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31 % |
|
Construction Industries |
1,831 |
|
1,377 |
|
454 |
|
33 % |
|
Resource Industries |
622 |
|
544 |
|
78 |
|
14 % |
|
All Other Segment |
(2) |
|
(6) |
|
4 |
|
67 % |
|
Corporate Items and Eliminations |
(450) |
|
(546) |
|
96 |
|
|
|
Machinery, Power & Energy |
4,144 |
|
3,002 |
|
1,142 |
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38 % |
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|
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|
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|
Financial Products Segment |
264 |
|
241 |
|
23 |
|
10 % |
|
Corporate Items and Eliminations |
(3) |
|
(38) |
|
35 |
|
|
|
Financial Products |
261 |
|
203 |
|
58 |
|
29 % |
|
|
|
|
|
|
|
|
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|
Consolidating Adjustments |
(191) |
|
(153) |
|
(38) |
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|
|
|
|
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|
|
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Consolidated Operating Profit |
$ 4,214 |
|
$ 3,052 |
|
$ 1,162 |
|
38 % |
|
|
|
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Other Profit/Loss and Tax Items
- Other income (expense) in the third quarter of 2026 was income of
$135 million $208 million
- The effective tax rate for the third quarter of 2026 was
22.9% compared to26.7% for the third quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was23.0% for the third quarter of 2026, compared with24.0% for the third quarter of 2025.
A discrete tax benefit of$3 million $10 million U.S . GAAP compensation expense.
In the third quarter of 2025, the company also recorded a$54 million $41 million
Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.
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POWER & ENERGY |
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(Millions of dollars) |
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Segment Sales |
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Third |
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Sales |
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Price |
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Currency |
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Inter- |
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Third |
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$ Change |
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% Change |
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Total Sales |
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$ 7,463 |
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$ 879 |
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$ 216 |
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$ 12 |
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$ 214 |
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$ 8,784 |
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$ 1,321 |
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18 % |
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Sales by Application |
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Third |
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Third |
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$ Change |
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% Change |
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Power Generation |
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$ 3,421 |
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$ 2,634 |
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$ 787 |
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30 % |
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Oil and Gas |
|
2,236 |
|
1,979 |
|
257 |
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13 % |
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Industrial |
|
1,631 |
|
1,568 |
|
63 |
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4 % |
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External Sales |
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7,288 |
|
6,181 |
|
1,107 |
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18 % |
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Inter-segment |
|
1,496 |
|
1,282 |
|
214 |
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17 % |
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Total Sales |
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$ 8,784 |
|
$ 7,463 |
|
$ 1,321 |
|
18 % |
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Segment Profit |
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Third |
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Third |
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Change |
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% Change |
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Segment Profit |
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$ 2,143 |
|
$ 1,633 |
|
$ 510 |
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31 % |
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Segment Profit Margin |
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24.4 % |
|
21.9 % |
|
2.5 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power & Energy's total sales were
- Power Generation – Sales increased mainly in turbines and turbine-related services and in large reciprocating engines, primarily in data center applications.
- Oil and Gas – Sales increased primarily in reciprocating engine aftermarket parts and in reciprocating engines used in gas compression applications. Sales also increased in turbines and turbine-related services.
- Industrial – Sales increased mainly in
North America .
Power & Energy's segment profit was
|
CONSTRUCTION INDUSTRIES |
||||||||||||||||
|
(Millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Third |
|
Sales |
|
Price |
|
Currency |
|
Inter- |
|
Third |
|
$ Change |
|
% Change |
|
Total Sales |
|
$ 6,760 |
|
$ 874 |
|
$ 349 |
|
$ 2 |
|
$ (2) |
|
$ 7,983 |
|
$ 1,223 |
|
18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic Region |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third |
|
Third |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
$ 4,796 |
|
$ 3,912 |
|
$ 884 |
|
23 % |
|
|
|
|
|
|
|
|
|
|
|
825 |
|
654 |
|
171 |
|
26 % |
|
|
|
|
|
|
|
|
|
EAME |
|
1,366 |
|
1,217 |
|
149 |
|
12 % |
|
|
|
|
|
|
|
|
|
|
|
925 |
|
904 |
|
21 |
|
2 % |
|
|
|
|
|
|
|
|
|
External Sales |
|
7,912 |
|
6,687 |
|
1,225 |
|
18 % |
|
|
|
|
|
|
|
|
|
Inter-segment |
|
71 |
|
73 |
|
(2) |
|
(3 %) |
|
|
|
|
|
|
|
|
|
Total Sales |
|
$ 7,983 |
|
$ 6,760 |
|
$ 1,223 |
|
18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third |
|
Third |
|
Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Segment Profit |
|
$ 1,831 |
|
$ 1,377 |
|
$ 454 |
|
33 % |
|
|
|
|
|
|
|
|
|
Segment Profit Margin |
|
22.9 % |
|
20.4 % |
|
2.5 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Industries' total sales were
- In
North America , sales increased due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users.
- Sales increased in
Latin America mainly due to higher sales volume. Higher sales volume was primarily driven by the impact from changes in dealer inventories.
- In EAME, sales increased primarily due to favorable price realization and higher sales volume. Higher sales volume was mainly driven by higher sales of equipment to end users.
- Sales increased in
Asia/Pacific due to higher sales volume, partially offset by unfavorable price realization and unfavorable currency impacts primarily related to the Japanese yen. Higher sales volume was mainly driven by the impact from changes in dealer inventories.
Construction Industries' segment profit was
|
RESOURCE INDUSTRIES |
||||||||||||||||
|
(Millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Third |
|
Sales |
|
Price |
|
Currency |
|
Inter- |
|
Third |
|
$ Change |
|
% Change |
|
Total Sales |
|
$ 3,999 |
|
$ 478 |
|
$ 96 |
|
$ 40 |
|
$ 2 |
|
$ 4,615 |
|
$ 616 |
|
15 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Industry |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third Quarter 2026 |
|
Third |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Mining, HC and Q&A* |
|
$ 3,697 |
|
$ 3,036 |
|
$ 661 |
|
22 % |
|
|
|
|
|
|
|
|
|
Rail |
|
832 |
|
879 |
|
(47) |
|
(5 %) |
|
|
|
|
|
|
|
|
|
External Sales |
|
4,529 |
|
3,915 |
|
614 |
|
16 % |
|
|
|
|
|
|
|
|
|
Inter-segment |
|
86 |
|
84 |
|
2 |
|
2 % |
|
|
|
|
|
|
|
|
|
Total Sales |
|
$ 4,615 |
|
$ 3,999 |
|
$ 616 |
|
15 % |
|
|
|
|
|
|
|
|
|
*Heavy Construction and Quarry & Aggregates (HC and Q&A) |
|
|
|
|
|
|
|
|
||||||||
|
Segment Profit |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third |
|
Third |
|
Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Segment Profit |
|
$ 622 |
|
$ 544 |
|
$ 78 |
|
14 % |
|
|
|
|
|
|
|
|
|
Segment Profit Margin |
|
13.5 % |
|
13.6 % |
|
(0.1 pts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Industries' total sales were
- Mining, Heavy Construction and Quarry & Aggregates – Sales increased primarily due to the impact from changes in dealer inventories.
- Rail – Sales decreased primarily due to lower international locomotive deliveries, partially offset by an increase in rail services.
Resource Industries' segment profit was
|
FINANCIAL PRODUCTS SEGMENT |
||||||||||||||||
|
(Millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Geographic Region |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third |
|
Third |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
$ 780 |
|
$ 722 |
|
$ 58 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
132 |
|
118 |
|
14 |
|
12 % |
|
|
|
|
|
|
|
|
|
EAME |
|
142 |
|
130 |
|
12 |
|
9 % |
|
|
|
|
|
|
|
|
|
|
|
123 |
|
106 |
|
17 |
|
16 % |
|
|
|
|
|
|
|
|
|
Total Revenues |
|
$ 1,177 |
|
$ 1,076 |
|
$ 101 |
|
9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit |
|
|
|
|
|
|
|
|
||||||||
|
|
|
Third |
|
Third |
|
Change |
|
% Change |
|
|
|
|
|
|
|
|
|
Segment Profit |
|
$ 264 |
|
$ 241 |
|
$ 23 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Products' segment revenues were
Financial Products' segment profit was
At the end of the third quarter of 2026, past dues at Cat Financial were
Corporate Items and Eliminations
Expense for corporate items and eliminations was
Notes
i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii. Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Oct. 29, 2026.
iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.
iv. Some amounts within this report are rounded to the millions or billions and may not add.
v. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Oct. 29, 2026, to discuss its 2026 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.
About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of
Caterpillar's latest financial results are also available online:
https://investors.caterpillar.com/overview/default.aspx
https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)
Forward-Looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
APPENDIX
NON-GAAP FINANCIAL MEASURES
The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.
The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2026, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
|
(Dollars in millions except per share data) |
|
Operating |
|
Operating |
|
Profit Before |
|
Provision |
|
|
Profit |
|
Profit per |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 - |
|
$ 4,214 |
|
20.4 % |
|
$ 4,220 |
|
$ 968 |
|
|
$ 3,287 |
|
$ 7.13 |
|
Restructuring costs |
|
41 |
|
0.2 % |
|
41 |
|
9 |
|
|
32 |
|
0.07 |
|
Three Months Ended September 30, 2026 - Adjusted |
|
$ 4,255 |
|
20.6 % |
|
$ 4,261 |
|
$ 977 |
|
|
$ 3,319 |
|
$ 7.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 - |
|
$ 3,052 |
|
17.3 % |
|
$ 3,127 |
|
$ 836 |
|
|
$ 2,300 |
|
$ 4.88 |
|
Restructuring costs |
|
37 |
|
0.2 % |
|
37 |
|
9 |
|
|
28 |
|
0.07 |
|
Three Months Ended September 30, 2025 - Adjusted |
|
$ 3,089 |
|
17.5 % |
|
$ 3,164 |
|
$ 845 |
|
|
$ 2,328 |
|
$ 4.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended September 30, 2026 and 2025, these items consist of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative
A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:
|
(Dollars in millions) |
|
Profit Before |
|
Provision |
|
Effective Tax |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 - |
|
$ 4,220 |
|
968 |
|
22.9 % |
|
Excess stock-based compensation |
|
— |
|
3 |
|
|
|
Annual effective tax rate, excluding discrete items |
|
$ 4,220 |
|
$ 971 |
|
23.0 % |
|
Excess stock-based compensation |
|
— |
|
(3) |
|
|
|
Restructuring costs |
|
41 |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 - Adjusted |
|
$ 4,261 |
|
$ 977 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 - |
|
$ 3,127 |
|
$ 836 |
|
26.7 % |
|
Increase in annual effective tax rate |
|
— |
|
(54) |
|
|
|
Changes in estimates related to prior years |
|
— |
|
(41) |
|
|
|
Excess stock-based compensation |
|
— |
|
10 |
|
|
|
Annual effective tax rate, excluding discrete items |
|
$ 3,127 |
|
$ 751 |
|
24.0 % |
|
|
|
|
|
|
|
|
|
Increase in annual effective tax rate |
|
— |
|
54 |
|
|
|
Changes in estimates related to prior years |
|
— |
|
41 |
|
|
|
Excess stock-based compensation |
|
— |
|
(10) |
|
|
|
Restructuring costs |
|
37 |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 - Adjusted |
|
$ 3,164 |
|
$ 845 |
|
|
Supplemental Consolidating Data
The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:
Consolidated – Caterpillar Inc. and its subsidiaries.
Machinery, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.
Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.
Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.
The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.
Pages 15 to 25 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.
|
Caterpillar Inc. Condensed Consolidated Statement of Results of Operations (Unaudited) (Dollars in millions except per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Sales and revenues: |
|
|
|
|
|
|
|
|
Sales of Machinery, Power & Energy |
$ 19,654 |
|
$ 16,726 |
|
$ 55,708 |
|
$ 45,778 |
|
Revenues of Financial Products |
1,028 |
|
912 |
|
2,932 |
|
2,678 |
|
Total sales and revenues |
20,682 |
|
17,638 |
|
58,640 |
|
48,456 |
|
|
|
|
|
|
|
|
|
|
Operating costs: |
|
|
|
|
|
|
|
|
Cost of goods sold |
13,332 |
|
11,673 |
|
37,419 |
|
31,445 |
|
Selling, general and administrative expenses |
1,797 |
|
1,822 |
|
5,631 |
|
5,109 |
|
Research and development expenses |
596 |
|
555 |
|
1,749 |
|
1,586 |
|
Interest expense of Financial Products |
384 |
|
346 |
|
1,091 |
|
1,008 |
|
Other operating (income) expenses |
359 |
|
190 |
|
1,156 |
|
817 |
|
Total operating costs |
16,468 |
|
14,586 |
|
47,046 |
|
39,965 |
|
|
|
|
|
|
|
|
|
|
Operating profit |
4,214 |
|
3,052 |
|
11,594 |
|
8,491 |
|
|
|
|
|
|
|
|
|
|
Interest expense excluding Financial Products |
129 |
|
133 |
|
398 |
|
375 |
|
Other income (expense) |
135 |
|
208 |
|
793 |
|
399 |
|
|
|
|
|
|
|
|
|
|
Consolidated profit before taxes |
4,220 |
|
3,127 |
|
11,989 |
|
8,515 |
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
968 |
|
836 |
|
2,693 |
|
2,056 |
|
Profit of consolidated companies |
3,252 |
|
2,291 |
|
9,296 |
|
6,459 |
|
|
|
|
|
|
|
|
|
|
Equity in profit (loss) of unconsolidated affiliated companies |
34 |
|
8 |
|
131 |
|
22 |
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
3,286 |
|
2,299 |
|
9,427 |
|
6,481 |
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss) attributable to noncontrolling interests |
(1) |
|
(1) |
|
(2) |
|
(1) |
|
|
|
|
|
|
|
|
|
|
Profit 1 |
$ 3,287 |
|
$ 2,300 |
|
$ 9,429 |
|
$ 6,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per common share |
$ 7.16 |
|
$ 4.91 |
|
$ 20.45 |
|
$ 13.76 |
|
Profit per common share — diluted 2 |
$ 7.13 |
|
$ 4.88 |
|
$ 20.36 |
|
$ 13.69 |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding (millions) |
|
|
|
|
|
|
|
|
– Basic |
459.1 |
|
468.6 |
|
461.0 |
|
471.3 |
|
– Diluted 2 |
460.9 |
|
470.8 |
|
463.2 |
|
473.4 |
|
|
|
|
|
|
|
|
|
|
1 |
Profit attributable to common shareholders. |
|
2 |
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. |
|
Caterpillar Inc. Condensed Consolidated Statement of Financial Position (Unaudited) (Millions of dollars) |
|||
|
|
|||
|
|
September 30, |
|
December 31, |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 7,929 |
|
$ 9,980 |
|
Receivables – trade and other |
13,440 |
|
10,920 |
|
Receivables – finance |
11,051 |
|
10,649 |
|
Prepaid expenses and other current assets |
3,200 |
|
2,801 |
|
Inventories |
22,214 |
|
18,135 |
|
Total current assets |
57,834 |
|
52,485 |
|
|
|
|
|
|
Property, plant and equipment – net |
16,011 |
|
15,140 |
|
Long-term receivables – trade and other |
3,348 |
|
2,142 |
|
Long-term receivables – finance |
14,402 |
|
14,272 |
|
Noncurrent deferred and refundable income taxes |
2,235 |
|
2,882 |
|
Intangible assets |
409 |
|
241 |
|
Goodwill |
5,905 |
|
5,321 |
|
Other assets |
6,699 |
|
6,102 |
|
Total assets |
$ 106,843 |
|
$ 98,585 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Short-term borrowings: |
|
|
|
|
-- Financial Products |
$ 4,855 |
|
$ 5,514 |
|
Accounts payable |
10,573 |
|
8,968 |
|
Accrued expenses |
6,038 |
|
5,587 |
|
Accrued wages, salaries and employee benefits |
2,663 |
|
2,554 |
|
Customer advances |
5,329 |
|
3,314 |
|
Dividends payable |
— |
|
703 |
|
Other current liabilities |
3,028 |
|
2,798 |
|
Long-term debt due within one year: |
|
|
|
|
-- Machinery, Power & Energy |
36 |
|
35 |
|
-- Financial Products |
8,144 |
|
7,085 |
|
Total current liabilities |
40,666 |
|
36,558 |
|
|
|
|
|
|
Long-term debt due after one year: |
|
|
|
|
-- Machinery, Power & Energy |
10,614 |
|
10,678 |
|
-- Financial Products |
21,552 |
|
20,018 |
|
Liability for postemployment benefits |
3,610 |
|
3,838 |
|
Other liabilities |
8,919 |
|
6,175 |
|
Total liabilities |
85,361 |
|
77,267 |
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
Common stock |
6,658 |
|
7,181 |
|
Treasury stock |
(56,702) |
|
(49,539) |
|
Profit employed in the business |
73,428 |
|
65,448 |
|
Accumulated other comprehensive income (loss) |
(1,901) |
|
(1,772) |
|
Noncontrolling interests |
(1) |
|
— |
|
Total shareholders' equity |
21,482 |
|
21,318 |
|
Total liabilities and shareholders' equity |
$ 106,843 |
|
$ 98,585 |
|
Caterpillar Inc. Condensed Consolidated Statement of Cash Flow (Unaudited) (Millions of dollars) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2026 |
|
2025 |
|
Cash flow from operating activities: |
|
|
|
|
Profit of consolidated and affiliated companies |
$ 9,427 |
|
$ 6,481 |
|
Adjustments to reconcile profit to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
1,826 |
|
1,664 |
|
Provision (benefit) for deferred income taxes |
630 |
|
300 |
|
(Gain) loss on divestiture |
139 |
|
— |
|
Other |
249 |
|
509 |
|
Changes in assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
Receivables – trade and other |
(3,761) |
|
(788) |
|
Inventories |
(4,118) |
|
(2,015) |
|
Accounts payable |
1,752 |
|
1,086 |
|
Accrued expenses |
354 |
|
51 |
|
Accrued wages, salaries and employee benefits |
107 |
|
(296) |
|
Customer advances |
4,002 |
|
1,649 |
|
Other assets – net |
(251) |
|
(138) |
|
Other liabilities – net |
237 |
|
(355) |
|
Net cash provided by (used for) operating activities |
10,593 |
|
8,148 |
|
Cash flow from investing activities: |
|
|
|
|
Capital expenditures – excluding equipment leased to others |
(2,012) |
|
(1,923) |
|
Expenditures for equipment leased to others |
(1,214) |
|
(1,021) |
|
Proceeds from disposals of leased assets and property, plant and equipment |
773 |
|
544 |
|
Additions to finance receivables |
(13,123) |
|
(10,964) |
|
Collections of finance receivables |
12,149 |
|
9,890 |
|
Proceeds from sale of finance receivables |
56 |
|
26 |
|
Investments and acquisitions (net of cash acquired) |
(893) |
|
(26) |
|
Proceeds from sale of businesses and investments (net of cash sold) |
(92) |
|
12 |
|
Proceeds from maturities and sale of securities |
1,303 |
|
1,945 |
|
Investments in securities |
(1,872) |
|
(1,291) |
|
Other – net |
170 |
|
(19) |
|
Net cash provided by (used for) investing activities |
(4,755) |
|
(2,827) |
|
Cash flow from financing activities: |
|
|
|
|
Dividends paid |
(2,148) |
|
(2,043) |
|
Common stock issued, and other stock compensation transactions, net |
(131) |
|
(39) |
|
Payments to purchase common stock |
(7,745) |
|
(4,850) |
|
Excise tax paid on purchases of common stock |
(49) |
|
(73) |
|
Proceeds from debt issued (original maturities greater than three months) |
10,490 |
|
8,454 |
|
Payments on debt (original maturities greater than three months) |
(7,495) |
|
(6,205) |
|
Short-term borrowings – net (original maturities three months or less) |
(748) |
|
106 |
|
Net cash provided by (used for) financing activities |
(7,826) |
|
(4,650) |
|
Effect of exchange rate changes on cash |
(63) |
|
(23) |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
(2,051) |
|
648 |
|
Cash, cash equivalents and restricted cash at beginning of period |
9,986 |
|
6,896 |
|
Cash, cash equivalents and restricted cash at end of period |
$ 7,935 |
|
$ 7,544 |
|
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less. |
|
Caterpillar Inc. Supplemental Data for Results of Operations For the Three Months Ended September 30, 2026 (Unaudited) (Millions of dollars) |
|
|||||||
|
|
|
|||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Sales and revenues: |
|
|
|
|
|
|
|
|
|
Sales of Machinery, Power & Energy |
$ 19,654 |
|
$ 19,654 |
|
$ — |
|
$ — |
|
|
Revenues of Financial Products |
1,028 |
|
— |
|
1,261 |
|
(233) |
1 |
|
Total sales and revenues |
20,682 |
|
19,654 |
|
1,261 |
|
(233) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs: |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
13,332 |
|
13,332 |
|
— |
|
— |
|
|
Selling, general and administrative expenses |
1,797 |
|
1,571 |
|
245 |
|
(19) |
2 |
|
Research and development expenses |
596 |
|
596 |
|
— |
|
— |
|
|
Interest expense of Financial Products |
384 |
|
— |
|
397 |
|
(13) |
2 |
|
Other operating (income) expenses |
359 |
|
11 |
|
358 |
|
(10) |
2 |
|
Total operating costs |
16,468 |
|
15,510 |
|
1,000 |
|
(42) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
4,214 |
|
4,144 |
|
261 |
|
(191) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense excluding Financial Products |
129 |
|
135 |
|
— |
|
(6) |
3 |
|
Other income (expense) |
135 |
|
(77) |
|
27 |
|
185 |
4 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated profit before taxes |
4,220 |
|
3,932 |
|
288 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
968 |
|
899 |
|
69 |
|
— |
|
|
Profit of consolidated companies |
3,252 |
|
3,033 |
|
219 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit (loss) of unconsolidated affiliated companies |
34 |
|
34 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
3,286 |
|
3,067 |
|
219 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss) attributable to noncontrolling interests |
(1) |
|
(1) |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit 5 |
$ 3,287 |
|
$ 3,068 |
|
$ 219 |
|
$ — |
|
|
1 |
Elimination of Financial Products' revenues earned from MP&E. |
|
2 |
Elimination of net expenses recorded between MP&E and Financial Products. |
|
3 |
Elimination of interest expense recorded between Financial Products and MP&E. |
|
4 |
Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
|
5 |
Profit attributable to common shareholders. |
|
Caterpillar Inc. Supplemental Data for Results of Operations For the Three Months Ended September 30, 2025 (Unaudited) (Millions of dollars) |
||||||||
|
|
||||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Sales and revenues: |
|
|
|
|
|
|
|
|
|
Sales of Machinery, Power & Energy |
$ 16,726 |
|
$ 16,726 |
|
$ — |
|
$ — |
|
|
Revenues of Financial Products |
912 |
|
— |
|
1,115 |
|
(203) |
1 |
|
Total sales and revenues |
17,638 |
|
16,726 |
|
1,115 |
|
(203) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs: |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
11,673 |
|
11,675 |
|
— |
|
(2) |
2 |
|
Selling, general and administrative expenses |
1,822 |
|
1,608 |
|
218 |
|
(4) |
2 |
|
Research and development expenses |
555 |
|
555 |
|
— |
|
— |
|
|
Interest expense of Financial Products |
346 |
|
— |
|
358 |
|
(12) |
|
|
Other operating (income) expenses |
190 |
|
(114) |
|
336 |
|
(32) |
2 |
|
Total operating costs |
14,586 |
|
13,724 |
|
912 |
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
3,052 |
|
3,002 |
|
203 |
|
(153) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense excluding Financial Products |
133 |
|
136 |
|
— |
|
(3) |
|
|
Other income (expense) |
208 |
|
25 |
|
33 |
|
150 |
3 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated profit before taxes |
3,127 |
|
2,891 |
|
236 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
836 |
|
773 |
|
63 |
|
— |
|
|
Profit of consolidated companies |
2,291 |
|
2,118 |
|
173 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit (loss) of unconsolidated affiliated companies |
8 |
|
8 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
2,299 |
|
2,126 |
|
173 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss) attributable to noncontrolling interests |
(1) |
|
(1) |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit 4 |
$ 2,300 |
|
$ 2,127 |
|
$ 173 |
|
$ — |
|
|
1 |
Elimination of Financial Products' revenues earned from MP&E. |
|
2 |
Elimination of net expenses recorded by MP&E paid to Financial Products. |
|
3 |
Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
|
4 |
Profit attributable to common shareholders. |
|
Caterpillar Inc. Supplemental Data for Results of Operations For the Nine Months Ended September 30, 2026 (Unaudited) (Millions of dollars) |
|
|||||||
|
|
|
|||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Sales and revenues: |
|
|
|
|
|
|
|
|
|
Sales of Machinery, Power & Energy |
$ 55,708 |
|
$ 55,708 |
|
$ — |
|
$ — |
|
|
Revenues of Financial Products |
2,932 |
|
— |
|
3,592 |
|
(660) |
1 |
|
Total sales and revenues |
58,640 |
|
55,708 |
|
3,592 |
|
(660) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs: |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
37,419 |
|
37,423 |
|
— |
|
(4) |
2 |
|
Selling, general and administrative expenses |
5,631 |
|
4,980 |
|
690 |
|
(39) |
2 |
|
Research and development expenses |
1,749 |
|
1,749 |
|
— |
|
— |
|
|
Interest expense of Financial Products |
1,091 |
|
— |
|
1,127 |
|
(36) |
2 |
|
Other operating (income) expenses |
1,156 |
|
199 |
|
1,014 |
|
(57) |
2 |
|
Total operating costs |
47,046 |
|
44,351 |
|
2,831 |
|
(136) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
11,594 |
|
11,357 |
|
761 |
|
(524) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense excluding Financial Products |
398 |
|
416 |
|
— |
|
(18) |
3 |
|
Other income (expense) |
793 |
|
185 |
|
102 |
|
506 |
4 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated profit before taxes |
11,989 |
|
11,126 |
|
863 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
2,693 |
|
2,469 |
|
224 |
|
— |
|
|
Profit of consolidated companies |
9,296 |
|
8,657 |
|
639 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit (loss) of unconsolidated affiliated companies |
131 |
|
131 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
9,427 |
|
8,788 |
|
639 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss) attributable to noncontrolling interests |
(2) |
|
(2) |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit 5 |
$ 9,429 |
|
$ 8,790 |
|
$ 639 |
|
$ — |
|
|
1 |
Elimination of Financial Products' revenues earned from MP&E. |
|
2 |
Elimination of net expenses recorded between MP&E and Financial Products. |
|
3 |
Elimination of interest expense recorded between Financial Products and MP&E. |
|
4 |
Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
|
5 |
Profit attributable to common shareholders. |
|
Caterpillar Inc. Supplemental Data for Results of Operations For the Nine Months Ended September 30, 2025 (Unaudited) (Millions of dollars) |
|
|||||||
|
|
|
|||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Sales and revenues: |
|
|
|
|
|
|
|
|
|
Sales of Machinery, Power & Energy |
$ 45,778 |
|
$ 45,778 |
|
$ — |
|
$ — |
|
|
Revenues of Financial Products |
2,678 |
|
— |
|
3,244 |
|
(566) |
1 |
|
Total sales and revenues |
48,456 |
|
45,778 |
|
3,244 |
|
(566) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs: |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
31,445 |
|
31,451 |
|
— |
|
(6) |
2 |
|
Selling, general and administrative expenses |
5,109 |
|
4,513 |
|
623 |
|
(27) |
2 |
|
Research and development expenses |
1,586 |
|
1,586 |
|
— |
|
— |
|
|
Interest expense of Financial Products |
1,008 |
|
— |
|
1,026 |
|
(18) |
|
|
Other operating (income) expenses |
817 |
|
(84) |
|
979 |
|
(78) |
2 |
|
Total operating costs |
39,965 |
|
37,466 |
|
2,628 |
|
(129) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
8,491 |
|
8,312 |
|
616 |
|
(437) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense excluding Financial Products |
375 |
|
385 |
|
— |
|
(10) |
|
|
Other income (expense) |
399 |
|
(121) |
|
93 |
|
427 |
3 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated profit before taxes |
8,515 |
|
7,806 |
|
709 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
2,056 |
|
1,878 |
|
178 |
|
— |
|
|
Profit of consolidated companies |
6,459 |
|
5,928 |
|
531 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit (loss) of unconsolidated affiliated companies |
22 |
|
22 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
6,481 |
|
5,950 |
|
531 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Profit (loss) attributable to noncontrolling interests |
(1) |
|
(2) |
|
1 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Profit 4 |
$ 6,482 |
|
$ 5,952 |
|
$ 530 |
|
$ — |
|
|
1 |
Elimination of Financial Products' revenues earned from MP&E. |
|
2 |
Elimination of net expenses recorded between MP&E and Financial Products. |
|
3 |
Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E. |
|
4 |
Profit attributable to common shareholders. |
|
Caterpillar Inc. Supplemental Data for Financial Position At September 30, 2026 (Unaudited) (Millions of dollars) |
||||||||
|
|
||||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ 7,929 |
|
$ 7,102 |
|
$ 827 |
|
$ — |
|
|
Receivables – trade and other |
13,440 |
|
5,001 |
|
497 |
|
7,942 |
1,2 |
|
Receivables – finance |
11,051 |
|
— |
|
19,679 |
|
(8,628) |
2 |
|
Prepaid expenses and other current assets |
3,200 |
|
2,866 |
|
405 |
|
(71) |
3 |
|
Inventories |
22,214 |
|
22,214 |
|
— |
|
— |
|
|
Total current assets |
57,834 |
|
37,183 |
|
21,408 |
|
(757) |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment – net |
16,011 |
|
11,728 |
|
4,237 |
|
46 |
4 |
|
Long-term receivables – trade and other |
3,348 |
|
2,612 |
|
95 |
|
641 |
1,2 |
|
Long-term receivables – finance |
14,402 |
|
— |
|
16,338 |
|
(1,936) |
2 |
|
Noncurrent deferred and refundable income taxes |
2,235 |
|
2,512 |
|
139 |
|
(416) |
5 |
|
Intangible assets |
409 |
|
409 |
|
— |
|
— |
|
|
Goodwill |
5,905 |
|
5,905 |
|
— |
|
— |
|
|
Other assets |
6,699 |
|
4,975 |
|
2,812 |
|
(1,088) |
6 |
|
Total assets |
$ 106,843 |
|
$ 65,324 |
|
$ 45,029 |
|
$ (3,510) |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ 4,855 |
|
$ — |
|
$ 4,855 |
|
$ — |
|
|
Short-term borrowings with consolidated companies |
— |
|
— |
|
500 |
|
(500) |
9 |
|
Accounts payable |
10,573 |
|
10,489 |
|
266 |
|
(182) |
7 |
|
Accrued expenses |
6,038 |
|
5,322 |
|
716 |
|
— |
|
|
Accrued wages, salaries and employee benefits |
2,663 |
|
2,598 |
|
65 |
|
— |
|
|
Customer advances |
5,329 |
|
5,326 |
|
3 |
|
— |
|
|
Dividends payable |
— |
|
— |
|
— |
|
— |
|
|
Other current liabilities |
3,028 |
|
2,315 |
|
803 |
|
(90) |
5,8,9 |
|
Long-term debt due within one year |
8,180 |
|
36 |
|
8,144 |
|
|
|
|
Total current liabilities |
40,666 |
|
26,086 |
|
15,352 |
|
(772) |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due after one year |
32,166 |
|
10,913 |
|
22,552 |
|
(1,299) |
9 |
|
Liability for postemployment benefits |
3,610 |
|
3,609 |
|
1 |
|
— |
|
|
Other liabilities |
8,919 |
|
7,722 |
|
1,693 |
|
(496) |
5 |
|
Total liabilities |
85,361 |
|
48,330 |
|
39,598 |
|
(2,567) |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
6,658 |
|
6,658 |
|
905 |
|
(905) |
10 |
|
Treasury stock |
(56,702) |
|
(56,702) |
|
— |
|
— |
|
|
Profit employed in the business |
73,428 |
|
67,958 |
|
5,438 |
|
32 |
10 |
|
Accumulated other comprehensive income (loss) |
(1,901) |
|
(921) |
|
(980) |
|
— |
|
|
Noncontrolling interests |
(1) |
|
1 |
|
68 |
|
(70) |
10 |
|
Total shareholders' equity |
21,482 |
|
16,994 |
|
5,431 |
|
(943) |
|
|
Total liabilities and shareholders' equity |
$ 106,843 |
|
$ 65,324 |
|
$ 45,029 |
|
$ (3,510) |
|
|
1 |
Elimination of receivables between MP&E and Financial Products. |
|
2 |
Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables. |
|
3 |
Elimination of MP&E's insurance premiums that are prepaid to Financial Products. |
|
4 |
Reclassification of Financial Products' other assets to property, plant and equipment. |
|
5 |
Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. |
|
6 |
Elimination of other intercompany assets and liabilities between MP&E and Financial Products. |
|
7 |
Elimination of payables between MP&E and Financial Products. |
|
8 |
Elimination of prepaid insurance in Financial Products' other liabilities. |
|
9 |
Elimination of debt between MP&E and Financial Products. |
|
10 |
Eliminations associated with MP&E's investments in Financial Products' subsidiaries. |
|
Caterpillar Inc. Supplemental Data for Financial Position At December 31, 2025 (Unaudited) (Millions of dollars) |
|
|||||||
|
|
|
|||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ 9,980 |
|
$ 9,333 |
|
$ 647 |
|
$ — |
|
|
Receivables – trade and other |
10,920 |
|
3,883 |
|
657 |
|
6,380 |
1,2 |
|
Receivables – finance |
10,649 |
|
— |
|
17,325 |
|
(6,676) |
2 |
|
Prepaid expenses and other current assets |
2,801 |
|
2,448 |
|
441 |
|
(88) |
3 |
|
Inventories |
18,135 |
|
18,135 |
|
— |
|
— |
|
|
Total current assets |
52,485 |
|
33,799 |
|
19,070 |
|
(384) |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment – net |
15,140 |
|
10,985 |
|
4,106 |
|
49 |
4 |
|
Long-term receivables – trade and other |
2,142 |
|
1,982 |
|
163 |
|
(3) |
1,2 |
|
Long-term receivables – finance |
14,272 |
|
— |
|
15,538 |
|
(1,266) |
2 |
|
Noncurrent deferred and refundable income taxes |
2,882 |
|
3,208 |
|
133 |
|
(459) |
5 |
|
Intangible assets |
241 |
|
241 |
|
— |
|
— |
|
|
Goodwill |
5,321 |
|
5,321 |
|
— |
|
— |
|
|
Other assets |
6,102 |
|
4,525 |
|
2,651 |
|
(1,074) |
6 |
|
Total assets |
$ 98,585 |
|
$ 60,061 |
|
$ 41,661 |
|
$ (3,137) |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ 5,514 |
|
$ — |
|
$ 5,514 |
|
$ — |
|
|
Accounts payable |
8,968 |
|
8,988 |
|
268 |
|
(288) |
7 |
|
Accrued expenses |
5,587 |
|
4,877 |
|
710 |
|
— |
|
|
Accrued wages, salaries and employee benefits |
2,554 |
|
2,494 |
|
60 |
|
— |
|
|
Customer advances |
3,314 |
|
3,311 |
|
3 |
|
— |
|
|
Dividends payable |
703 |
|
703 |
|
— |
|
— |
|
|
Other current liabilities |
2,798 |
|
2,259 |
|
645 |
|
(106) |
5,8 |
|
Long-term debt due within one year |
7,120 |
|
35 |
|
7,085 |
|
— |
|
|
Total current liabilities |
36,558 |
|
22,667 |
|
14,285 |
|
(394) |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt due after one year |
30,696 |
|
10,955 |
|
21,018 |
|
(1,277) |
9 |
|
Liability for postemployment benefits |
3,838 |
|
3,837 |
|
1 |
|
— |
|
|
Other liabilities |
6,175 |
|
5,162 |
|
1,516 |
|
(503) |
5 |
|
Total liabilities |
77,267 |
|
42,621 |
|
36,820 |
|
(2,174) |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
7,181 |
|
7,181 |
|
905 |
|
(905) |
10 |
|
Treasury stock |
(49,539) |
|
(49,539) |
|
— |
|
— |
|
|
Profit employed in the business |
65,448 |
|
60,639 |
|
4,799 |
|
10 |
10 |
|
Accumulated other comprehensive income (loss) |
(1,772) |
|
(843) |
|
(929) |
|
— |
|
|
Noncontrolling interests |
— |
|
2 |
|
66 |
|
(68) |
10 |
|
Total shareholders' equity |
21,318 |
|
17,440 |
|
4,841 |
|
(963) |
|
|
Total liabilities and shareholders' equity |
$ 98,585 |
|
$ 60,061 |
|
$ 41,661 |
|
$ (3,137) |
|
|
1 |
Elimination of receivables between MP&E and Financial Products. |
|
2 |
Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables. |
|
3 |
Elimination of MP&E's insurance premiums that are prepaid to Financial Products. |
|
4 |
Reclassification of Financial Products' other assets to property, plant and equipment. |
|
5 |
Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction. |
|
6 |
Elimination of other intercompany assets and liabilities between MP&E and Financial Products. |
|
7 |
Elimination of payables between MP&E and Financial Products. |
|
8 |
Elimination of prepaid insurance in Financial Products' other liabilities. |
|
9 |
Elimination of debt between MP&E and Financial Products. |
|
10 |
Eliminations associated with MP&E's investments in Financial Products' subsidiaries. |
|
Caterpillar Inc. Supplemental Data for Cash Flow For the Nine Months Ended September 30, 2026 (Unaudited) (Millions of dollars) |
||||||||
|
|
||||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
$ 9,427 |
|
$ 8,788 |
|
$ 639 |
|
$ — |
|
|
Adjustments to reconcile profit to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,826 |
|
1,225 |
|
601 |
|
— |
|
|
Provision (benefit) for deferred income taxes |
630 |
|
684 |
|
(54) |
|
— |
|
|
(Gain) loss on divestiture |
139 |
|
139 |
|
— |
|
— |
|
|
Other |
249 |
|
158 |
|
(429) |
|
520 |
1 |
|
Changes in assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
|
|
|
|
|
Receivables – trade and other |
(3,761) |
|
(1,146) |
|
113 |
|
(2,728) |
1,2 |
|
Inventories |
(4,118) |
|
(4,114) |
|
— |
|
(4) |
1 |
|
Accounts payable |
1,752 |
|
1,635 |
|
11 |
|
106 |
1 |
|
Accrued expenses |
354 |
|
412 |
|
(58) |
|
— |
|
|
Accrued wages, salaries and employee benefits |
107 |
|
101 |
|
6 |
|
— |
|
|
Customer advances |
4,002 |
|
4,002 |
|
— |
|
— |
|
|
Other assets – net |
(251) |
|
(317) |
|
32 |
|
34 |
1 |
|
Other liabilities – net |
237 |
|
(33) |
|
276 |
|
(6) |
1 |
|
Net cash provided by (used for) operating activities |
10,593 |
|
11,534 |
|
1,137 |
|
(2,078) |
|
|
Cash flow from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures – excluding equipment leased to others |
(2,012) |
|
(1,993) |
|
(22) |
|
3 |
1 |
|
Expenditures for equipment leased to others |
(1,214) |
|
(16) |
|
(1,207) |
|
9 |
1 |
|
Proceeds from disposals of leased assets and property, plant and equipment |
773 |
|
55 |
|
725 |
|
(7) |
1 |
|
Additions to finance receivables |
(13,123) |
|
— |
|
(16,089) |
|
2,966 |
2 |
|
Collections of finance receivables |
12,149 |
|
— |
|
13,841 |
|
(1,692) |
2 |
|
Net intercompany purchased receivables |
— |
|
— |
|
(799) |
|
799 |
2 |
|
Proceeds from sale of finance receivables |
56 |
|
— |
|
56 |
|
— |
|
|
Collections of intercompany receivables (original maturities greater than three months) |
— |
|
— |
|
68 |
|
(68) |
3 |
|
Net intercompany borrowings (original maturities three months or less) |
— |
|
(500) |
|
— |
|
500 |
3 |
|
Investments and acquisitions (net of cash acquired) |
(893) |
|
(893) |
|
— |
|
— |
|
|
Proceeds from sale of businesses and investments (net of cash sold) |
(92) |
|
(92) |
|
— |
|
— |
|
|
Proceeds from maturities and sale of securities |
1,303 |
|
590 |
|
713 |
|
— |
|
|
Investments in securities |
(1,872) |
|
(915) |
|
(957) |
|
— |
|
|
Other – net |
170 |
|
242 |
|
(72) |
|
— |
|
|
Net cash provided by (used for) investing activities |
(4,755) |
|
(3,522) |
|
(3,743) |
|
2,510 |
|
|
Cash flow from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid |
(2,148) |
|
(2,148) |
|
— |
|
— |
|
|
Common stock issued, and other stock compensation transactions, net |
(131) |
|
(131) |
|
— |
|
— |
|
|
Payments to purchase common stock |
(7,745) |
|
(7,745) |
|
— |
|
— |
|
|
Excise tax paid on purchases of common stock |
(49) |
|
(49) |
|
— |
|
— |
|
|
Payments on intercompany borrowings (original maturities greater than three months) |
— |
|
(68) |
|
— |
|
68 |
3 |
|
Net intercompany borrowings (original maturities three months or less) |
— |
|
— |
|
500 |
|
(500) |
3 |
|
Proceeds from debt issued (original maturities greater than three months) |
10,490 |
|
— |
|
10,490 |
|
— |
|
|
Payments on debt (original maturities greater than three months) |
(7,495) |
|
(30) |
|
(7,465) |
|
— |
|
|
Short-term borrowings – net (original maturities three months or less) |
(748) |
|
— |
|
(748) |
|
— |
|
|
Net cash provided by (used for) financing activities |
(7,826) |
|
(10,171) |
|
2,777 |
|
(432) |
|
|
Effect of exchange rate changes on cash |
(63) |
|
(71) |
|
8 |
|
— |
|
|
Increase (decrease) in cash, cash equivalents and restricted cash |
(2,051) |
|
(2,230) |
|
179 |
|
— |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
9,986 |
|
9,336 |
|
650 |
|
— |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ 7,935 |
|
$ 7,106 |
|
$ 829 |
|
$ — |
|
|
1 |
Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. |
|
2 |
Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory. |
|
3 |
Elimination of proceeds and payments to/from MP&E and Financial Products. |
|
Caterpillar Inc. Supplemental Data for Cash Flow For the Nine Months Ended September 30, 2025 (Unaudited) (Millions of dollars) |
||||||||
|
|
||||||||
|
|
|
|
Supplemental Consolidating Data |
|
||||
|
|
Consolidated |
|
Machinery, Power |
|
Financial Products |
|
Consolidating Adjustments |
|
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
Profit of consolidated and affiliated companies |
$ 6,481 |
|
$ 5,950 |
|
$ 531 |
|
$ — |
|
|
Adjustments to reconcile profit to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,664 |
|
1,096 |
|
568 |
|
— |
|
|
Provision (benefit) for deferred income taxes |
300 |
|
308 |
|
(8) |
|
— |
|
|
Other |
509 |
|
431 |
|
(412) |
|
490 |
1 |
|
Changes in assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
|
|
|
|
|
Receivables – trade and other |
(788) |
|
89 |
|
102 |
|
(979) |
1,2 |
|
Inventories |
(2,015) |
|
(2,012) |
|
— |
|
(3) |
1 |
|
Accounts payable |
1,086 |
|
1,051 |
|
44 |
|
(9) |
1 |
|
Accrued expenses |
51 |
|
161 |
|
(110) |
|
— |
|
|
Accrued wages, salaries and employee benefits |
(296) |
|
(284) |
|
(12) |
|
— |
|
|
Customer advances |
1,649 |
|
1,649 |
|
— |
|
— |
|
|
Other assets – net |
(138) |
|
(219) |
|
15 |
|
66 |
1 |
|
Other liabilities – net |
(355) |
|
(475) |
|
176 |
|
(56) |
1 |
|
Net cash provided by (used for) operating activities |
8,148 |
|
7,745 |
|
894 |
|
(491) |
|
|
Cash flow from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures – excluding equipment leased to others |
(1,923) |
|
(1,920) |
|
(33) |
|
30 |
1 |
|
Expenditures for equipment leased to others |
(1,021) |
|
(24) |
|
(1,004) |
|
7 |
1 |
|
Proceeds from disposals of leased assets and property, plant and equipment |
544 |
|
54 |
|
524 |
|
(34) |
1 |
|
Additions to finance receivables |
(10,964) |
|
— |
|
(12,668) |
|
1,704 |
2 |
|
Collections of finance receivables |
9,890 |
|
— |
|
11,347 |
|
(1,457) |
2 |
|
Net intercompany purchased receivables |
— |
|
— |
|
(241) |
|
241 |
2 |
|
Proceeds from sale of finance receivables |
26 |
|
— |
|
26 |
|
— |
|
|
Additions to intercompany receivables (original maturities greater than three months) |
— |
|
(1,000) |
|
— |
|
1,000 |
3 |
|
Collections of intercompany receivables (original maturities greater than three months) |
— |
|
— |
|
56 |
|
(56) |
3 |
|
Investments and acquisitions (net of cash acquired) |
(26) |
|
(26) |
|
— |
|
— |
|
|
Proceeds from sale of businesses and investments (net of cash sold) |
12 |
|
12 |
|
— |
|
— |
|
|
Proceeds from maturities and sale of securities |
1,945 |
|
1,259 |
|
686 |
|
— |
|
|
Investments in securities |
(1,291) |
|
(510) |
|
(781) |
|
— |
|
|
Other – net |
(19) |
|
43 |
|
(62) |
|
— |
|
|
Net cash provided by (used for) investing activities |
(2,827) |
|
(2,112) |
|
(2,150) |
|
1,435 |
|
|
Cash flow from financing activities: |
|
|
|
|
|
|
|
|
|
Dividends paid |
(2,043) |
|
(2,043) |
|
— |
|
— |
|
|
Common stock issued, and other stock compensation transactions, net |
(39) |
|
(39) |
|
— |
|
— |
|
|
Payments to purchase common stock |
(4,850) |
|
(4,850) |
|
— |
|
— |
|
|
Excise tax paid on purchases of common stock |
(73) |
|
(73) |
|
— |
|
— |
|
|
Proceeds from intercompany borrowings (original maturities greater than three months) |
— |
|
— |
|
1,000 |
|
(1,000) |
3 |
|
Payments on intercompany borrowings (original maturities greater than three months) |
— |
|
(56) |
|
— |
|
56 |
3 |
|
Proceeds from debt issued (original maturities greater than three months) |
8,454 |
|
1,976 |
|
6,478 |
|
— |
|
|
Payments on debt (original maturities greater than three months) |
(6,205) |
|
(43) |
|
(6,162) |
|
— |
|
|
Short-term borrowings – net (original maturities three months or less) |
106 |
|
— |
|
106 |
|
— |
|
|
Net cash provided by (used for) financing activities |
(4,650) |
|
(5,128) |
|
1,422 |
|
(944) |
|
|
Effect of exchange rate changes on cash |
(23) |
|
(39) |
|
16 |
|
— |
|
|
Increase (decrease) in cash, cash equivalents and restricted cash |
648 |
|
466 |
|
182 |
|
— |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
6,896 |
|
6,170 |
|
726 |
|
— |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ 7,544 |
|
$ 6,636 |
|
$ 908 |
|
$ — |
|
|
1 |
Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting. |
|
2 |
Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory. |
|
3 |
Elimination of proceeds and payments to/from MP&E and Financial Products. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2026-results-302922760.html
SOURCE Caterpillar Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did tariff recoveries affect Caterpillar's third-quarter 2026 operating profit?
Third-quarter 2026 operating profit included $128 million of International Emergency Economic Power Act tariff recoveries.
What adjustments did Caterpillar make to third-quarter 2026 earnings?
Caterpillar excluded restructuring costs from adjusted operating profit margin and adjusted profit per share for both the third quarter of 2026 and the third quarter of 2025.