What was CAT’s profit per share in the third quarter of 2026?

Profit per diluted common share was $7.13, compared with $4.88 in the third quarter of 2025. Adjusted profit per share was $7.20, compared with $4.95; the adjusted measure excluded restructuring costs.

Caterpillar Q3 2026 operating profit rises 38% to $4.21B

Q: What were CAT’s sales and revenues in the third quarter of 2026?

Caterpillar reported $20.682 billion in third-quarter 2026 sales and revenues, up 17% from $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume and favorable price realization.

Q: What drove CAT’s third-quarter 2026 revenue increase?

Caterpillar attributed the increase primarily to $2.2 billion in higher sales volume and $663 million in favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users.

Q: What was Cat Financial’s allowance for credit losses at September 30, 2026?

Cat Financial’s allowance for credit losses was $332 million, or 0.91% of finance receivables, as of September 30, 2026. At June 30, 2026, it was $294 million, or 0.84% of finance receivables.

Caterpillar said higher sales volume of $2.2 billion and favorable price realization of $663 million primarily drove the revenue increase.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

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.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Caterpillar Inc. (CAT) reported third-quarter 2026 sales and revenues of $20.682 billion, up 17% from $17.638 billion a year earlier. Consolidated operating profit increased 38% to $4.214 billion from $3.052 billion, while operating profit margin was 20.4% versus 17.3%. Profit per diluted common share was $7.13, compared with $4.88; adjusted profit per share was $7.20, compared with $4.95. Adjusted profit per share and adjusted operating profit margin excluded restructuring costs.

Enterprise operating cash flow was $4.4 billion, and enterprise cash at quarter-end was $7.9 billion. Caterpillar used $1.2 billion for common-stock repurchases and $0.7 billion for dividends during the quarter. Its supplemental retail-sales statistics are based primarily on unaudited voluntary dealer reports, are not subject to Caterpillar’s internal controls over financial reporting, and are intended solely as an approximate indication of retail-sales trends, direction and magnitude rather than a substitute for audited financial statements.

3 points · 0 major

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.

How the balance works How Sentiment works

0 major · 0 points

How the balance works

Positive

Moderate pointSales and revenues rose 17% to $20.682 billion year over year.
Moderate pointOperating profit increased 38% to $4.214 billion year over year.
Moderate pointProfit per diluted share was $7.13, compared with $4.88 a year earlier.

Negative

None.

Insights

Analyzing...

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Sales and revenues: $20.682 billion Operating profit: $4.214 billion Profit per diluted common share: $7.13 per share +5 more

8 metrics

Sales and revenues $20.682 billion Third quarter 2026; $17.638 billion in third quarter 2025; up 17%

Operating profit $4.214 billion Third quarter 2026; $3.052 billion in third quarter 2025; up 38%

Profit per diluted common share $7.13 per share Third quarter 2026; $4.88 in third quarter 2025

Adjusted profit per share $7.20 per share Third quarter 2026; $4.95 in third quarter 2025; excludes restructuring costs

Operating profit margin 20.4% Third quarter 2026; 17.3% in third quarter 2025

Enterprise operating cash flow $4.4 billion Third quarter 2026

Enterprise cash $7.9 billion At the end of third quarter 2026

Common-stock repurchases $1.2 billion Cash used during third quarter 2026

Key Terms

Adjusted profit per share, Price realization, Past dues, Allowance for credit losses

4 terms

Price realization financial

"favorable price realization of $663 million"

Price realization measures the amount of money a company actually collects per unit sold compared with its stated or list price, after discounts, promotions, rebates and mix effects. Think of it like a store’s sticker price versus what customers actually pay; it shows how much of the intended price a business keeps and therefore affects reported revenue, gross margin and the quality of sales.

Past dues financial

"past dues at Cat Financial were 1.31%"

Amounts labeled as past dues are payments that were scheduled but not made by their due date, such as missed loan installments, overdue invoices, or unpaid bills. For investors, rising past dues are a yellow flag because they signal weaker cash collection, higher credit risk or potential losses for a company or borrower—similar to noticing many overdue library books when judging whether someone reliably returns items on time.

Allowance for credit losses financial

"allowance for credit losses totaled $332 million"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Earnings Snapshot

Sales and revenues: $20.682 billion

Third quarter 2026

Sales and revenues $20.682 billion Up 17% from $17.638 billion in third quarter 2025

Operating profit $4.214 billion Increased $1.162 billion, or 38%, compared with third quarter 2025

Profit per diluted common share $7.13 per share Compared with $4.88 in third quarter 2025

Adjusted profit per share $7.20 per share Compared with $4.95 in third quarter 2025; excludes restructuring costs

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CAT’s sales and revenues in the third quarter of 2026?

Caterpillar reported $20.682 billion in third-quarter 2026 sales and revenues, up 17% from $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume and favorable price realization.

What drove CAT’s third-quarter 2026 revenue increase?

Caterpillar attributed the increase primarily to $2.2 billion in higher sales volume and $663 million in favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users.

What was Cat Financial’s allowance for credit losses at September 30, 2026?

Cat Financial’s allowance for credit losses was $332 million, or 0.91% of finance receivables, as of September 30, 2026. At June 30, 2026, it was $294 million, or 0.84% of finance receivables.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/29/2026 - 06:34 AM EDT Accepted by SEC EDGAR 10/29/2026 - 06:33 AM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM

8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 29, 2026

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware

1-768

37-0602744

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S Employer Identification No.)

5205 N. O'Connor Blvd.,

Suite 100,

Irving,

Texas

75039

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(972)

891-7700

Former name or former address, if changed since last report:

N/A

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange which registered

Common Stock ($1.00 par value)

CAT

The New York Stock Exchange

5.3% Debentures due September 15, 2035

CAT35

The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of

1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2026, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.


(d)	Exhibits:
	The following is furnished as an exhibit to this report:
	99.1	Caterpillar Inc. press release dated October 29, 2026
	99.2	Retail Statistics
	104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CATERPILLAR INC.


October 29, 2026	By:	/s/ Derek Owens
		Derek Owens Chief Legal Officer and General Counsel

Exhibit 99.1

Caterpillar Inc.

3Q 2026 Earnings Release

FOR IMMEDIATE RELEASE

Caterpillar Reports Third-Quarter 2026 Results


	Third Quarter
($ in billions except profit per share)	2026	2025
Sales and Revenues	$20.7	$17.6
Profit Per Share	$7.13	$4.88
Adjusted Profit Per Share	$7.20	$4.95

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.


●			Third-quarter 2026 sales and revenues increased 17% to $20.7 billion
●			Third-quarter 2026 profit per share of $7.13; adjusted profit per share of $7.20
●			Deployed $2.0 billion of cash for share repurchases and dividends in the third quarter

IRVING, Texas, Oct. 29, 2026 – Caterpillar Inc. (NYSE: CAT) announced third-quarter 2026 results.

“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 $20.7 billion, a 17% increase compared with $17.6 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million.

Operating profit margin was 20.4% for the third quarter of 2026, compared with 17.3% for the third quarter of 2025. Adjusted operating profit margin was 20.6% for the third quarter of 2026, compared with 17.5% for the third quarter of 2025. Third-quarter 2026 profit per share was $7.13, compared with third-quarter 2025 profit per share of $4.88. Adjusted profit per share in the third quarter of 2026 was $7.20, compared with third-quarter 2025 adjusted profit per share of $4.95. For the third quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the third quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the third quarter with $7.9 billion of enterprise cash. In the quarter, the company deployed $1.2 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

(more)

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2025 (at left) and the third quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees.

Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17%, compared with $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million. Higher sales volume was mainly driven by higher sales of equipment to end users.

Sales were higher across the three primary segments.


Sales and Revenues by Segment
(Millions of dollars)	Third Quarter 2025		Sales Volume		Price Realization		Currency		Inter-Segment / Other		Third Quarter 2026		$ Change		% Change

Power & Energy	$	7,463	$	879	$	216	$	12	$	214	$	8,784	$	1,321	18%
Construction Industries	6,760		874		349		2		(2)		7,983		1,223		18%
Resource Industries	3,999		478		96		40		2		4,615		616		15%
All Other Segment	73		5		—		—		(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		18%

Financial Products Segment	1,076		—		—		—		101		1,177		101		9%
Corporate Items and Eliminations	(164)		—		—		—		15		(149)		15
Financial Products Revenues	912		—		—		—		116		1,028		116		13%

Consolidated Sales and Revenues	$	17,638	$	2,207	$	663	$	58	$	116	$	20,682	$	3,044	17%

(more)


Sales and Revenues by Geographic Region
	North America			Latin America			EAME			Asia/Pacific			External Sales and Revenues			Inter-Segment			Total Sales and Revenues
(Millions of dollars)	$		% Chg	$		% Chg	$		% Chg	$		% Chg	$		% Chg	$		% Chg	$		% Chg
Third Quarter 2026
Power & Energy	$	4,395	26%	$	435	(12%)	$	1,580	22%	$	878	(4%)	$	7,288	18%	$	1,496	17%	$	8,784	18%
Construction Industries	4,796		23%	825		26%	1,366		12%	925		2%	7,912		18%	71		(3%)	7,983		18%
Resource Industries	2,180		27%	759		25%	674		10%	916		(6%)	4,529		16%	86		2%	4,615		15%
All Other Segment	9		80%	—		—%	3		50%	3		—%	15		50%	57		(10%)	72		(1%)
Corporate Items and Eliminations	(81)			2			(4)			(7)			(90)			(1,710)			(1,800)
Machinery, Power & Energy	11,299		25%	2,021		15%	3,619		16%	2,715		(3%)	19,654		18%	—		—%	19,654		18%

Financial Products Segment	780		8%	132		12%	142		9%	123		16%	1,177		9%	—		—%	1,177		9%
Corporate Items and Eliminations	(62)			(29)			(33)			(25)			(149)			—			(149)
Financial Products Revenues	718		15%	103		12%	109		2%	98		13%	1,028		13%	—		—%	1,028		13%

Consolidated Sales and Revenues	$	12,017	24%	$	2,124	15%	$	3,728	15%	$	2,813	(2%)	$	20,682	17%	$	—	—%	$	20,682	17%

Third Quarter 2025
Power & Energy	$	3,478		$	496		$	1,296		$	911		$	6,181		$	1,282		$	7,463
Construction Industries	3,912			654			1,217			904			6,687			73			6,760
Resource Industries	1,721			605			612			977			3,915			84			3,999
All Other Segment	5			—			2			3			10			63			73
Corporate Items and Eliminations	(61)			3			(3)			(6)			(67)			(1,502)			(1,569)
Machinery, Power & Energy	9,055			1,758			3,124			2,789			16,726			—			16,726

Financial Products Segment	722			118			130			106			1,076			—			1,076
Corporate Items and Eliminations	(96)			(26)			(23)			(19)			(164)			—			(164)
Financial Products Revenues	626			92			107			87			912			—			912

Consolidated Sales and Revenues	$	9,681		$	1,850		$	3,231		$	2,876		$	17,638		$	—		$	17,638

(more)

Consolidated Operating Profit

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2025 (at left) and the third quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company’s board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy’s other operating (income) expenses.

Operating profit for the third quarter of 2026 was $4.214 billion, an increase of $1.162 billion, or 38%, compared with $3.052 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries.


Profit (Loss) by Segment
(Millions of dollars)	Third Quarter 2026		Third Quarter 2025		$ Change		% Change
Power & Energy	$	2,143	$	1,633	$	510	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		38	%

Financial Products Segment	264		241		23		10	%
Corporate Items and Eliminations	(3)		(38)		35
Financial Products	261		203		58		29	%

Consolidating Adjustments	(191)		(153)		(38)

Consolidated Operating Profit	$	4,214	$	3,052	$	1,162	38	%

(more)

Other Profit/Loss and Tax Items

•Other income (expense) in the third quarter of 2026 was income of $135 million, compared with income of $208 million in the third quarter of 2025. The change was primarily driven by unfavorable impacts from total return swap contracts, partially offset by favorable impacts from commodity hedges.

•The effective tax rate for the third quarter of 2026 was 22.9% compared to 26.7% for the third quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was 23.0% for the third quarter of 2026, compared with 24.0% for the third quarter of 2025.

A discrete tax benefit of $3 million was recorded in the third quarter of 2026, compared with a $10 million benefit in the third quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

In the third quarter of 2025, the company also recorded a $54 million charge for an increase in the global estimated annual effective tax rate through the first six months and a discrete tax charge of $41 million to reflect changes in estimates related to prior years.

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

(more)


POWER & ENERGY
(Millions of dollars)
Segment Sales
	Third Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Third Quarter 2026		$ Change		% Change
Total Sales	$	7,463		$	879		$	216		$	12		$	214	$	8,784	$	1,321	18	%

Sales by Application
	Third Quarter 2026			Third Quarter 2025			$ Change			% Change
Power Generation	$	3,421		$	2,634		$	787		30		%
Oil and Gas	2,236			1,979			257			13		%
Industrial	1,631			1,568			63			4		%

External Sales	7,288			6,181			1,107			18		%
Inter-segment	1,496			1,282			214			17		%
Total Sales	$	8,784		$	7,463		$	1,321		18		%

Segment Profit
	Third Quarter 2026			Third Quarter 2025			Change			% Change
Segment Profit	$	2,143		$	1,633		$	510		31		%
Segment Profit Margin	24.4		%	21.9		%	2.5		pts

Power & Energy’s total sales were $8.784 billion in the third quarter of 2026, an increase of $1.321 billion, or 18%, compared with $7.463 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $879 million and favorable price realization of $216 million.

•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 $2.143 billion in the third quarter of 2026, an increase of $510 million, or 31%, compared with $1.633 billion in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume.

(more)


CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
	Third Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Third Quarter 2026		$ Change		% Change
Total Sales	$	6,760		$	874		$	349		$	2		$	(2)	$	7,983	$	1,223	18	%

Sales by Geographic Region
	Third Quarter 2026			Third Quarter 2025			$ Change			% Change
North America	$	4,796		$	3,912		$	884		23		%
Latin America	825			654			171			26		%
EAME	1,366			1,217			149			12		%
Asia/Pacific	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 Quarter 2026			Third Quarter 2025			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 $7.983 billion in the third quarter of 2026, an increase of $1.223 billion, or 18%, compared with $6.760 billion in the third quarter of 2025. The increase in sales was mainly due to higher sales volume of $874 million and favorable price realization of $349 million. Higher sales volume was primarily driven by higher sales of equipment to end users.

•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 $1.831 billion in the third quarter of 2026, an increase of $454 million, or 33%, compared with $1.377 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $356 million and favorable price realization of $349 million, partially offset by unfavorable manufacturing costs of $252 million. Unfavorable manufacturing costs included the impact of higher freight.

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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
	Third Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Third Quarter 2026		$ Change		% Change
Total Sales	$	3,999		$	478		$	96		$	40		$	2	$	4,615	$	616	15	%

Sales by Industry
	Third Quarter 2026			Third Quarter 2025			$ 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 Quarter 2026			Third Quarter 2025			Change			% Change
Segment Profit	$	622		$	544		$	78		14		%
Segment Profit Margin	13.5		%	13.6		%	(0.1		pts)

Resource Industries’ total sales were $4.615 billion in the third quarter of 2026, an increase of $616 million, or 15%, compared with $3.999 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $478 million and favorable price realization of $96 million.

•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 $622 million in the third quarter of 2026, an increase of $78 million, or 14%, compared with $544 million in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $181 million and favorable price realization of $96 million, partially offset by unfavorable manufacturing costs of $208 million. Unfavorable manufacturing costs primarily reflected higher material costs, including tariffs.

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FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
	Third Quarter 2026		Third Quarter 2025		$ Change		% Change
North America	$	780	$	722	$	58	8	%
Latin America	132		118		14		12	%
EAME	142		130		12		9	%
Asia/Pacific	123		106		17		16	%
Total Revenues	$	1,177	$	1,076	$	101	9	%

Segment Profit
	Third Quarter 2026		Third Quarter 2025		Change		% Change
Segment Profit	$	264	$	241	$	23	10	%

Financial Products’ segment revenues were $1.177 billion in the third quarter of 2026, an increase of $101 million, or 9%, compared with $1.076 billion in the third quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets of $125 million across all regions, partially offset by an unfavorable impact from lower average financing rates of $38 million across all regions except Asia/Pacific.

Financial Products’ segment profit was $264 million in the third quarter of 2026, an increase of $23 million, or 10%, compared with $241 million in the third quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $52 million, partially offset by higher provision for credit losses at Cat Financial of $34 million.

At the end of the third quarter of 2026, past dues at Cat Financial were 1.31%, compared with 1.47% at the end of the third quarter of 2025. Write-offs, net of recoveries, were $28 million for the third quarter of 2026 compared with $40 million for the third quarter of 2025. As of September 30, 2026, Cat Financial's allowance for credit losses totaled $332 million, or 0.91% of finance receivables, compared with $294 million, or 0.84% of finance receivables at June 30, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $453 million in the third quarter of 2026, a decrease of $131 million from the third quarter of 2025. This decrease was primarily due to a favorable change in fair value adjustments related to deferred compensation plans.

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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 $67.6 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company’s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers’ toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at caterpillar.com.

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)

Caterpillar investor relations contact: Alex Kapper, +1 773-250-2227 or Kapper_Alex@cat.com

Caterpillar media contact: Tiffany Heikkila, +1 832-573-0958 or Tiffany.Heikkila@cat.com

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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.

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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 Profit		Operating Profit Margin		Profit Before Taxes		Provision (Benefit) for Income Taxes		Profit		Profit per Share

Three Months Ended September 30, 2026 - U.S. GAAP	$	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 - U.S. GAAP	$	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

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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 U.S. GAAP compensation expense, (ii) the increase in the annual effective tax rate in 2025 and (iii) the impact of changes in estimates related to prior years in 2025. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:


(Dollars in millions)	Profit Before Taxes		Provision (Benefit) for Income Taxes		Effective Tax Rate

Three Months Ended September 30, 2026 - U.S. GAAP	$	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 - U.S. GAAP	$	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

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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.

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Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	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.

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Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)


	September 30, 2026		December 31, 2025
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

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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.

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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 & Energy		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.

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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 & Energy		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.

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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 & Energy		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.

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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 & Energy		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.

(more)

Caterpillar Inc.

Supplemental Data for Financial Position

At September 30, 2026

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		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.

(more)

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2025

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		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.

(more)

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 & Energy		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.

(more)

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 & Energy		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.

EXHIBIT 99.2

Caterpillar Inc. (“Caterpillar”, “we” or “our”) is furnishing supplemental information concerning (i) retail sales of machines (including locomotives) to end users and (ii) retail sales of power systems (including reciprocating and turbine engines) to end users and Original Equipment Manufacturers (“OEMs”). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar’s business and the industries it serves, particularly in light of the time delay between Caterpillar’s sales to dealers and dealers’ sales to end users.

In this report, we are providing retail sales information by major end use for our Power & Energy reportable segment. Power & Energy segment retail sales by end user application previously included the Transportation application, which was comprised of retail sales into marine and rail applications, as well as product support for on-highway engines. As part of the realignment of the Rail division to Resource Industries, retail sales into marine applications and product support for on-highway engines are now reported within the Industrial application. We are providing information by geographic region for retail sales of machines in our Construction Industries reportable segment. We are providing information by industry for retail sales of machines in our Resource Industries reportable segment.

The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar’s internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar’s audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.

Caterpillar Inc.
Quarterly Retail Sales Statistics

Total Combined

3rd Quarter 2026

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

Total

UP 22%

UP 25%

UP 14%

UP 15%

UP 12%

Power & Energy (P&E)

3rd Quarter 2026

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

Power Generation

UP 75%

UP 72%

UP 48%

UP 44%

UP 33%

Oil & Gas

UP 5%

UP 6%

UP 16%

UP 36%

UP 19%

Industrial

DOWN 3%

DOWN 8%

UP 3%

UP 14%

UP 9%

Total

UP 36%

UP 33%

UP 32%

UP 37%

UP 23%

Reported in dollars based on reporting from dealers and direct sales.

Construction Industries (CI)

3rd Quarter 2026

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

North America

UP 27%

UP 12%

UP 18%

UP 11%

Latin America

UP 13%

UP 24%

UP 4%

UP 6%

UP 2%

EAME

UP 16%

UP 13%

DOWN 2%

DOWN 1%

UP 7%

Asia/Pacific

DOWN 2%

UP 8%

UNCHANGED

DOWN 2%

DOWN 9%

World

UP 20%

UP 22%

UP 7%

UP 11%

UP 7%

Reported in price neutral dollars and based on unit sales as reported by dealers.

Resource Industries (RI)

3rd Quarter 2026

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

Mining, HC and Q&A

UP 8%

UP 15%

UP 6%

DOWN 7%

UP 6%

Rail

DOWN 70%

UP 272%

DOWN 4%

UP 26%

UP 114%

Total

UP 4%

UP 17%

UP 6%

DOWN 5%

UP 8%

Mining, Heavy Construction and Quarry & Aggregates (HC and Q&A) reported in price neutral dollars and based on unit sales as reported primarily by dealers.

Rail is reported in dollars based on direct sales.

Glossary of Terms

Construction Industries: A segment primarily responsible for supporting customers using machinery in infrastructure and building construction applications. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes asphalt pavers; backhoe loaders; cold planers; compactors; compact track loaders; forestry machines; material handlers; motor graders; pipelayers; road reclaimers; skid steer loaders; telehandlers; track-type loaders; track-type tractors (small, medium); track excavators (mini, small, medium, large); wheel excavators; wheel loaders (compact, small, medium); and related parts and work tools.

EAME: A geographic region including Europe, Africa, the Middle East and Eurasia.

Power & Energy: A segment primarily responsible for supporting customers using reciprocating engines, turbines and related services across industries serving Power Generation, Oil and Gas and Industrial applications, including marine applications and product support of on-highway engines. Responsibilities include business strategy, product design, product management, development and testing, manufacturing, marketing and sales and product support. The product and services portfolio includes turbines, centrifugal gas compressors, and turbine-related services; reciprocating engine-powered generator sets; integrated systems and solutions used in the electric power generation industry; reciprocating engines, drivetrain and integrated systems and solutions for the oil and gas industry; reciprocating engines, drivetrain and integrated systems and solutions supplied to the industrial industry as well as Caterpillar machines; and electrified powertrain and zero-emission power sources and service solutions. Responsibilities also include the remanufacturing of Caterpillar reciprocating engines and engine and machine components.

Resource Industries: A segment primarily responsible for supporting customers using machinery in mining, heavy construction and quarry and aggregates as well as customers using locomotives and rail-related products and services. Responsibilities include business strategy, product design, product management and development, manufacturing, marketing and sales and product support. The product portfolio includes large track-type tractors; large mining trucks; hard rock vehicles; electric rope shovels; draglines; hydraulic shovels; rotary drills; large wheel loaders; off-highway trucks; articulated trucks; wheel tractor scrapers; wheel dozers; landfill compactors; soil compactors; wide-body trucks; select work tools; machinery components; wear and maintenance components and related parts; diesel-electric, hybrid and battery-electric locomotives and components and other rail-related products and services, including remanufacturing and leasing. In addition, Resource Industries sells technology products and services to provide customers fleet management, equipment management analytics, autonomous machine capabilities, safety services and mining performance solutions. Resource Industries also manages areas that provide services to other parts of the company, including strategic procurement, lean center of excellence, integrated component design and manufacturing and research and development for hydraulic systems and cabs.

FORWARD-LOOKING STATEMENTS

Certain statements in this report 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.

Source: View Original Filing on SEC EDGAR

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