How did Caterpillar (CAT)'s profit per share change in Q2 2026 versus Q2 2025?

Second-quarter 2026 diluted profit per share was $7.77 , compared with $4.62 a year earlier. Adjusted profit per share was $8.17 , versus $4.72 in second-quarter 2025, excluding restructuring costs such as the divestiture of certain non-U.S. entities.

How is Caterpillar (CAT) using non-GAAP measures like adjusted profit per share?

Caterpillar reports adjusted operating margin and adjusted profit per share to exclude restructuring costs, including a $139 million divestiture-related charge. Management believes these non-GAAP measures help readers assess underlying business performance alongside U.S. GAAP results, with reconciliations provided in the appendix.

Caterpillar (NYSE: CAT) posts Q2 profit per share of $7.77

Q: What were Caterpillar (CAT)'s sales and revenues in the second quarter of 2026?

Caterpillar reported second-quarter 2026 sales and revenues of $20.543 billion , up from $16.569 billion a year earlier. This 24% increase marked the first time in the company’s history that quarterly sales and revenues exceeded $20 billion.

Q: How strong were Caterpillar (CAT)'s margins and operating profit in Q2 2026?

Caterpillar’s operating profit was $4.295 billion in Q2 2026, up from $2.860 billion. The operating margin improved to 20.9% , or 21.9% on an adjusted basis, aided by higher sales volume, favorable price realization and expected IEEPA tariff recoveries.

Q: What cash flow and shareholder returns did Caterpillar (CAT) report for Q2 2026?

Caterpillar generated enterprise operating cash flow of $4.4 billion and ended the quarter with $6.7 billion of enterprise cash. The company returned $2.2 billion to shareholders, consisting of $1.5 billion in share repurchases and $0.7 billion in dividends.

Q: What do Caterpillar (CAT)'s Q2 2026 retail sales statistics indicate about demand?

Combined retail sales were up 25% in Q2 2026 versus the prior-year quarter. Power Generation retail sales rose 72%, Construction Industries world retail sales increased 22%, and Resource Industries total retail sales were up 17%, reflecting broad-based demand across key applications and regions.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Caterpillar Inc. reported second-quarter 2026 sales and revenues of $20.543 billion, up 24% from $16.569 billion a year earlier and its first quarter above $20 billion. Operating profit rose to $4.295 billion, with operating margin improving to 20.9%, or 21.9% on an adjusted basis.

Diluted profit per share increased to $7.77, with adjusted profit per share of $8.17, compared with $4.62 and $4.72 in second-quarter 2025. Power & Energy, Construction Industries and Resource Industries all delivered double-digit sales growth and higher segment profits, supported by higher equipment sales and favorable price realization.

Enterprise operating cash flow was $4.4 billion, and enterprise cash ended the quarter at $6.7 billion. The company returned $2.2 billion to shareholders through $1.5 billion of share repurchases and $0.7 billion of dividends, while also recording restructuring costs related to divesting certain non-U.S. entities.

Positive

Sales and revenues rose 24% to $20.543 billion, with operating margin expanding to 20.9% from 17.3% a year earlier.
Diluted profit per share increased to $7.77 (adjusted $8.17), up from $4.62 ($4.72 adjusted) in second-quarter 2025.
Enterprise operating cash flow reached $4.4 billion, and the company returned $2.2 billion via $1.5 billion of buybacks and $0.7 billion of dividends in the quarter.

Negative

None.

Filing Explained

Dealer-reported retail sales add demand detail, but the data are approximate and unaudited rather than audited company sales.

This Form 8-K, whose purpose is to report specified material events, furnishes Caterpillar’s completed quarter ended June 30, 2026 results and retail statistics.

Exhibit 99.2 adds dealer-reported retail demand detail: second-quarter total combined retail sales rose 25%, including 33% for Power & Energy, 22% worldwide for Construction Industries and 17% for Resource Industries.

These retail figures describe sales to end users and OEMs rather than Caterpillar’s sales to dealers, and the filing says they are approximate, unaudited third-party information that is not a substitute for the company’s financial statements.

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, and exhibit attachments filed with this report.

Key Figures

Total sales and revenues Q2 2026: $20.543 billion Sales and revenues growth: 24% Operating profit Q2 2026: $4.295 billion +5 more

8 metrics

Total sales and revenues Q2 2026 $20.543 billion Second quarter 2026 consolidated sales and revenues

Sales and revenues growth 24% Increase vs $16.569 billion in second quarter 2025

Operating profit Q2 2026 $4.295 billion Consolidated operating profit for the second quarter of 2026

Operating profit margin Q2 2026 20.9% Consolidated operating margin in second quarter 2026

Diluted profit per share Q2 2026 $7.77 Second-quarter 2026 profit per share, diluted

Adjusted diluted profit per share Q2 2026 $8.17 Excludes restructuring costs in second quarter 2026

Enterprise operating cash flow Q2 2026 $4.4 billion Enterprise operating cash flow for the second quarter of 2026

Cash returned to shareholders Q2 2026 $2.2 billion Share repurchases and dividends during the second quarter of 2026

Key Terms

Adjusted profit per share, International Emergency Economic Power Act (IEEPA), allowance for credit losses, Rolling 3 Month Retail Sales Statistics, +1 more

5 terms

International Emergency Economic Power Act (IEEPA) regulatory

"included $392 million of expected International Emergency Economic Power Act (IEEPA) tariff recoveries"

allowance for credit losses financial

"Cat Financial's allowance for credit losses totaled $294 million, or 0.84% of finance receivables"

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.

Rolling 3 Month Retail Sales Statistics financial

"demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed"

price realization financial

"The increase was primarily due to higher sales volume of $3.1 billion and favorable price realization of $595 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.

Earnings Snapshot

Sales and revenues: $20.543 billion

Three months ended June 30, 2026

Sales and revenues $20.543 billion up from $16.569 billion in second quarter 2025

Operating profit $4.295 billion up from $2.860 billion in second quarter 2025

Diluted profit per share $7.77 up from $4.62 a year earlier

Adjusted diluted profit per share $8.17 up from $4.72 a year earlier

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

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Understanding 8-K Material Events →

Available on EDGAR 08/04/2026 - 06:32 AM Accepted by SEC EDGAR 08/04/2026 - 06:31 AM

FAQ

What were Caterpillar (CAT)'s sales and revenues in the second quarter of 2026?

Caterpillar reported second-quarter 2026 sales and revenues of $20.543 billion, up from $16.569 billion a year earlier. This 24% increase marked the first time in the company’s history that quarterly sales and revenues exceeded $20 billion.

How strong were Caterpillar (CAT)'s margins and operating profit in Q2 2026?

Caterpillar’s operating profit was $4.295 billion in Q2 2026, up from $2.860 billion. The operating margin improved to 20.9%, or 21.9% on an adjusted basis, aided by higher sales volume, favorable price realization and expected IEEPA tariff recoveries.

Which segments drove Caterpillar (CAT)'s Q2 2026 performance?

Power & Energy, Construction Industries and Resource Industries all delivered double-digit sales growth. Power & Energy sales rose 17% to $8.238 billion, Construction Industries grew 35% to $8.346 billion, and Resource Industries increased 20% to $4.648 billion, each with higher segment profits.

What cash flow and shareholder returns did Caterpillar (CAT) report for Q2 2026?

Caterpillar generated enterprise operating cash flow of $4.4 billion and ended the quarter with $6.7 billion of enterprise cash. The company returned $2.2 billion to shareholders, consisting of $1.5 billion in share repurchases and $0.7 billion in dividends.

What do Caterpillar (CAT)'s Q2 2026 retail sales statistics indicate about demand?

Combined retail sales were up 25% in Q2 2026 versus the prior-year quarter. Power Generation retail sales rose 72%, Construction Industries world retail sales increased 22%, and Resource Industries total retail sales were up 17%, reflecting broad-based demand across key applications and regions.

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):

August 4, 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 August 4, 2026, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended June 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 August 4, 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.


August 4, 2026	By:	/s/ Derek Owens
		Derek Owens Chief Legal Officer and General Counsel

Exhibit 99.1

Caterpillar Inc.

2Q 2026 Earnings Release

FOR IMMEDIATE RELEASE

Caterpillar Reports Second-Quarter 2026 Results


	Second Quarter
($ in billions except profit per share)	2026	2025
Sales and Revenues	$20.5	$16.6
Profit Per Share	$7.77	$4.62
Adjusted Profit Per Share	$8.17	$4.72

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


●			Second-quarter 2026 sales and revenues increased 24% to $20.5 billion
●			Second-quarter 2026 profit per share of $7.77; adjusted profit per share of $8.17
●			Deployed $2.2 billion of cash for share repurchases and dividends in the second quarter

IRVING, Texas, Aug. 4, 2026 – Caterpillar Inc. (NYSE: CAT) announced second-quarter 2026 results.

“This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter,” said Caterpillar Chairman and CEO Joe Creed. “This milestone underscores both the essential work our customers do every day and the dedication of Caterpillar employees worldwide to solving our customers’ toughest challenges. Strong order rates and a growing backlog reflect broadening momentum across all three of our primary segments.”

Sales and revenues for the second quarter of 2026 were $20.5 billion, a 24% increase compared with $16.6 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $3.1 billion and favorable price realization of $595 million.

Operating profit margin was 20.9% for the second quarter of 2026, compared with 17.3% for the second quarter of 2025. Adjusted operating profit margin was 21.9% for the second quarter of 2026, compared with 17.6% for the second quarter of 2025. Second-quarter 2026 profit per share was $7.77, compared with second-quarter 2025 profit per share of $4.62. Adjusted profit per share in the second quarter of 2026 was $8.17, compared with second-quarter 2025 adjusted profit per share of $4.72. For the second quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the second quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the second quarter with $6.7 billion of enterprise cash. In the quarter, the company deployed $1.5 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 second quarter of 2025 (at left) and the second 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 second quarter of 2026 were $20.543 billion, an increase of $3.974 billion, or 24%, compared with $16.569 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $3.1 billion and favorable price realization of $595 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)	Second Quarter 2025		Sales Volume		Price Realization		Currency		Inter-Segment / Other		Second Quarter 2026		$ Change		% Change

Power & Energy	$	7,037	$	736	$	212	$	53	$	200	$	8,238	$	1,201	17%
Construction Industries	6,190		1,755		309		74		18		8,346		2,156		35%
Resource Industries	3,886		639		75		65		(17)		4,648		762		20%
All Other Segment	85		1		1		—		(3)		84		(1)		(1%)
Corporate Items and Eliminations	(1,524)		(18)		(2)		7		(198)		(1,735)		(211)
Machinery, Power & Energy	15,674		3,113		595		199		—		19,581		3,907		25%

Financial Products Segment	1,042		—		—		—		103		1,145		103		10%
Corporate Items and Eliminations	(147)		—		—		—		(36)		(183)		(36)
Financial Products Revenues	895		—		—		—		67		962		67		7%

Consolidated Sales and Revenues	$	16,569	$	3,113	$	595	$	199	$	67	$	20,543	$	3,974	24%

(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
Second Quarter 2026
Power & Energy	$	4,182	30%	$	373	(16%)	$	1,348	3%	$	892	9%	$	6,795	17%	$	1,443	16%	$	8,238	17%
Construction Industries	5,065		50%	676		25%	1,456		23%	1,064		3%	8,261		35%	85		27%	8,346		35%
Resource Industries	2,230		34%	671		13%	713		22%	954		1%	4,568		21%	80		(18%)	4,648		20%
All Other Segment	9		50%	1		—%	2		100%	3		(50%)	15		15%	69		(4%)	84		(1%)
Corporate Items and Eliminations	(51)			1			(1)			(7)			(58)			(1,677)			(1,735)
Machinery, Power & Energy	11,435		39%	1,722		10%	3,518		15%	2,906		4%	19,581		25%	—		—%	19,581		25%

Financial Products Segment	765		9%	122		16%	137		9%	121		12%	1,145		10%	—		—%	1,145		10%
Corporate Items and Eliminations	(106)			(23)			(30)			(24)			(183)			—			(183)
Financial Products Revenues	659		7%	99		16%	107		(1%)	97		11%	962		7%	—		—%	962		7%

Consolidated Sales and Revenues	$	12,094	37%	$	1,821	10%	$	3,625	14%	$	3,003	4%	$	20,543	24%	$	—	—%	$	20,543	24%

Second Quarter 2025
Power & Energy	$	3,225		$	442		$	1,306		$	821		$	5,794		$	1,243		$	7,037
Construction Industries	3,369			540			1,185			1,029			6,123			67			6,190
Resource Industries	1,668			592			584			945			3,789			97			3,886
All Other Segment	6			—			1			6			13			72			85
Corporate Items and Eliminations	(32)			(3)			(4)			(6)			(45)			(1,479)			(1,524)
Machinery, Power & Energy	8,236			1,571			3,072			2,795			15,674			—			15,674

Financial Products Segment	703			105			126			108			1,042			—			1,042
Corporate Items and Eliminations	(88)			(20)			(18)			(21)			(147)			—			(147)
Financial Products Revenues	615			85			108			87			895			—			895

Consolidated Sales and Revenues	$	8,851		$	1,656		$	3,180		$	2,882		$	16,569		$	—		$	16,569

(more)

Consolidated Operating Profit

The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2025 (at left) and the second 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 second quarter of 2026 was $4.295 billion, an increase of $1.435 billion, or 50%, compared with $2.860 billion in the second quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

Operating profit in the second quarter of 2026 included $392 million of expected International Emergency Economic Power Act (IEEPA) tariff recoveries.


Profit (Loss) by Segment
(Millions of dollars)	Second Quarter 2026		Second Quarter 2025		$ Change		% Change
Power & Energy	$	2,027	$	1,554	$	473	30	%
Construction Industries	1,947		1,244		703		57	%
Resource Industries	693		563		130		23	%
All Other Segment	—		—		—		—	%
Corporate Items and Eliminations	(453)		(566)		113
Machinery, Power & Energy	4,214		2,795		1,419		51	%

Financial Products Segment	328		248		80		32	%
Corporate Items and Eliminations	(65)		(36)		(29)
Financial Products	263		212		51		24	%

Consolidating Adjustments	(182)		(147)		(35)

Consolidated Operating Profit	$	4,295	$	2,860	$	1,435	50	%

(more)

Other Profit/Loss and Tax Items

•Other income (expense) in the second quarter of 2026 was income of $398 million, compared with income of $84 million in the second quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and investment and interest income.

•The effective tax rate for the second quarter of 2026 was 23.1% compared to 23.0% for the second quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was 23.0% for the second quarters of 2026 and 2025.

A discrete tax benefit of $26 million was recorded in the second quarter of 2026, compared with a $1 million benefit in the second 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 addition, the global estimated annual effective tax rate in the second quarter of 2026 excluded the impact of second quarter losses of $139 million for the divestiture of certain non-U.S. entities with no related tax benefit.

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
	Second Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Second Quarter 2026		$ Change		% Change
Total Sales	$	7,037		$	736		$	212		$	53		$	200	$	8,238	$	1,201	17	%

Sales by Application
	Second Quarter 2026			Second Quarter 2025			$ Change			% Change
Power Generation	$	3,098		$	2,407		$	691		29		%
Oil and Gas	2,044			1,867			177			9		%
Industrial	1,653			1,520			133			9		%

External Sales	6,795			5,794			1,001			17		%
Inter-segment	1,443			1,243			200			16		%
Total Sales	$	8,238		$	7,037		$	1,201		17		%

Segment Profit
	Second Quarter 2026			Second Quarter 2025			Change			% Change
Segment Profit	$	2,027		$	1,554		$	473		30		%
Segment Profit Margin	24.6		%	22.1		%	2.5		pts

Power & Energy’s total sales were $8.238 billion in the second quarter of 2026, an increase of $1.201 billion, or 17%, compared with $7.037 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $736 million, favorable price realization of $212 million and higher inter-segment sales of $200 million.

•Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily in data center applications.

•Oil and Gas – Sales increased in reciprocating engines used in gas compression applications and in reciprocating engine aftermarket parts, partially offset by lower sales of reciprocating engines used in well servicing applications. Sales also increased in turbines and turbine-related services.

•Industrial – Sales increased primarily in North America and EAME.

Power & Energy’s segment profit was $2.027 billion in the second quarter of 2026, an increase of $473 million, or 30%, compared with $1.554 billion in the second quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $457 million and favorable price realization of $212 million, partially offset by unfavorable manufacturing costs of $149 million. Unfavorable manufacturing costs largely reflected increased period manufacturing costs.

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CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
	Second Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Second Quarter 2026		$ Change		% Change
Total Sales	$	6,190		$	1,755		$	309		$	74		$	18	$	8,346	$	2,156	35	%

Sales by Geographic Region
	Second Quarter 2026			Second Quarter 2025			$ Change			% Change
North America	$	5,065		$	3,369		$	1,696		50		%
Latin America	676			540			136			25		%
EAME	1,456			1,185			271			23		%
Asia/Pacific	1,064			1,029			35			3		%
External Sales	8,261			6,123			2,138			35		%
Inter-segment	85			67			18			27		%
Total Sales	$	8,346		$	6,190		$	2,156		35		%

Segment Profit
	Second Quarter 2026			Second Quarter 2025			Change			% Change
Segment Profit	$	1,947		$	1,244		$	703		57		%
Segment Profit Margin	23.3		%	20.1		%	3.2		pts

Construction Industries’ total sales were $8.346 billion in the second quarter of 2026, an increase of $2.156 billion, or 35%, compared with $6.190 billion in the second quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.8 billion and favorable price realization of $309 million. Higher sales volume was primarily driven by higher sales of equipment to end users.

•In North America, sales increased primarily due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users and by the impact from changes in dealer inventories.

•Sales increased in Latin America mainly due to higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by higher sales of equipment to end users.

•In EAME, sales increased primarily due to higher sales volume and favorable currency impacts mainly related to the euro. Higher sales volume was primarily driven by higher sales of equipment to end users.

•Sales increased in Asia/Pacific mainly due to higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users.

Construction Industries’ segment profit was $1.947 billion in the second quarter of 2026, an increase of $703 million, or 57%, compared with $1.244 billion in the second quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

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RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
	Second Quarter 2025			Sales Volume			Price Realization			Currency			Inter-Segment		Second Quarter 2026		$ Change		% Change
Total Sales	$	3,886		$	639		$	75		$	65		$	(17)	$	4,648	$	762	20	%

Sales by Industry
	Second Quarter 2026			Second Quarter 2025			$ Change			% Change
Mining, HC and Q&A*	$	3,685		$	3,024		$	661		22		%
Rail	883			765			118			15		%
External Sales	4,568			3,789			779			21		%
Inter-segment	80			97			(17)			(18		%)
Total Sales	$	4,648		$	3,886		$	762		20		%
*Heavy Construction and Quarry & Aggregates (HC and Q&A)
Segment Profit
	Second Quarter 2026			Second Quarter 2025			Change			% Change
Segment Profit	$	693		$	563		$	130		23		%
Segment Profit Margin	14.9		%	14.5		%	0.4		pts

Resource Industries’ total sales were $4.648 billion in the second quarter of 2026, an increase of $762 million, or 20%, compared with $3.886 billion in the second quarter of 2025. The increase was primarily due to higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users.

•Mining, Heavy Construction and Quarry & Aggregates – Sales increased primarily due to higher sales of equipment to end users.

•Rail – Sales increased due to higher international locomotive deliveries. Sales also increased in rail services.

Resource Industries’ segment profit was $693 million in the second quarter of 2026, an increase of $130 million, or 23%, compared with $563 million in the second quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $269 million, partially offset by unfavorable manufacturing costs of $158 million. Unfavorable manufacturing costs primarily reflected increased period manufacturing costs.

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FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
	Second Quarter 2026		Second Quarter 2025		$ Change		% Change
North America	$	765	$	703	$	62	9	%
Latin America	122		105		17		16	%
EAME	137		126		11		9	%
Asia/Pacific	121		108		13		12	%
Total Revenues	$	1,145	$	1,042	$	103	10	%

Segment Profit
	Second Quarter 2026		Second Quarter 2025		Change		% Change
Segment Profit	$	328	$	248	$	80	32	%

Financial Products’ segment revenues were $1.145 billion in the second quarter of 2026, an increase of $103 million, or 10%, compared with $1.042 billion in the second quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets across all regions.

Financial Products’ segment profit was $328 million in the second quarter of 2026, an increase of $80 million, or 32%, compared with $248 million in the second quarter of 2025. The increase was mainly due to favorable impacts from higher average earning assets of $44 million, equity securities at Insurance Services of $22 million and higher margins at Insurance Services of $21 million, partially offset by higher provision for credit losses at Cat Financial of $22 million.

At the end of the second quarter of 2026, past dues at Cat Financial were 1.31%, compared with 1.62% at the end of the second quarter of 2025. Write-offs, net of recoveries, were $20 million for the second quarter of 2026 compared with $18 million for the second quarter of 2025. As of June 30, 2026, Cat Financial's allowance for credit losses totaled $294 million, or 0.84% of finance receivables, compared with $283 million, or 0.86% of finance receivables at March 31, 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 $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.

In the second quarter of 2026, restructuring costs increased primarily due to the divestiture of certain non-U.S. entities.

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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 Tuesday, Aug. 4, 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 Tuesday, Aug. 4, 2026, to discuss its 2026 second-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 two significant items in order for the company’s results to be meaningful to readers. These items consist of (i) restructuring costs related to the divestiture of certain non-U.S. entities in 2026 and (ii) other 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 June 30, 2026 - U.S. GAAP	$	4,295	20.9	%	$	4,558	$	1,055	$	3,593	$	7.77
Restructuring costs - divestiture of certain non-U.S. entities	139		0.7	%	139		—		139		0.30
Other restructuring costs	63		0.3	%	63		15		48		0.10

Three Months Ended June 30, 2026 - Adjusted	$	4,497	21.9	%	$	4,760	$	1,070	$	3,780	$	8.17

Three Months Ended June 30, 2025 - U.S. GAAP	$	2,860	17.3	%	$	2,818	$	646	$	2,179	$	4.62

Other restructuring costs	56		0.3	%	56		12		47		0.10


Three Months Ended June 30, 2025 - Adjusted	$	2,916	17.6	%	$	2,874	$	658	$	2,226	$	4.72

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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 June 30, 2026 and 2025, these items consist of (i) restructuring costs related to the divestiture of certain non-U.S. entities in 2026 and (ii) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. 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 June 30, 2026 - U.S. GAAP	$	4,558	1,055		23.1	%
Restructuring costs - divestiture of certain non-U.S. entities	139		—


Excess stock-based compensation	—		26
Annual effective tax rate, excluding discrete items	$	4,697	$	1,081	23.0	%


Excess stock-based compensation	—		(26)
Other restructuring costs	63		15

Three Months Ended June 30, 2026 - Adjusted	$	4,760	$	1,070


Three Months Ended June 30, 2025 - U.S. GAAP	$	2,818	$	646	23.0	%


Excess stock-based compensation	—		1
Annual effective tax rate, excluding discrete items	$	2,818	$	647	23.0	%



Excess stock-based compensation	—		(1)
Other restructuring costs	56		12

Three Months Ended June 30, 2025 - Adjusted	$	2,874	$	658

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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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Sales and revenues:
Sales of Machinery, Power & Energy	$	19,581	$	15,674	$	36,054	$	29,052
Revenues of Financial Products	962		895		1,904		1,766
Total sales and revenues	20,543		16,569		37,958		30,818

Operating costs:
Cost of goods sold	12,781		10,807		24,087		19,772
Selling, general and administrative expenses	2,018		1,694		3,834		3,287
Research and development expenses	616		551		1,153		1,031
Interest expense of Financial Products	362		336		707		662
Other operating (income) expenses	471		321		797		627
Total operating costs	16,248		13,709		30,578		25,379

Operating profit	4,295		2,860		7,380		5,439

Interest expense excluding Financial Products	135		126		269		242
Other income (expense)	398		84		658		191

Consolidated profit before taxes	4,558		2,818		7,769		5,388

Provision (benefit) for income taxes	1,055		646		1,725		1,220
Profit of consolidated companies	3,503		2,172		6,044		4,168

Equity in profit (loss) of unconsolidated affiliated companies	90		7		97		14

Profit of consolidated and affiliated companies	3,593		2,179		6,141		4,182

Less: Profit (loss) attributable to noncontrolling interests	—		—		(1)		—

Profit 1	$	3,593	$	2,179	$	6,142	$	4,182


Profit per common share	$	7.80	$	4.64	$	13.29	$	8.85
Profit per common share — diluted 2	$	7.77	$	4.62	$	13.23	$	8.82

Weighted-average common shares outstanding (millions)
– Basic	460.4		469.7		462.0		472.4
– Diluted 2	462.5		471.5		464.3		474.5


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)


	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	6,713	$	9,980
Receivables – trade and other	13,188		10,920
Receivables – finance	10,844		10,649
Prepaid expenses and other current assets	3,078		2,801
Inventories	20,627		18,135
Total current assets	54,450		52,485

Property, plant and equipment – net	15,628		15,140
Long-term receivables – trade and other	3,086		2,142
Long-term receivables – finance	14,364		14,272
Noncurrent deferred and refundable income taxes	2,286		2,882
Intangible assets	420		241
Goodwill	5,859		5,321
Other assets	6,516		6,102
Total assets	$	102,609	$	98,585

Liabilities
Current liabilities:
Short-term borrowings:

-- Financial Products	$	5,046	$	5,514
Accounts payable	10,313		8,968
Accrued expenses	5,825		5,587
Accrued wages, salaries and employee benefits	2,148		2,554
Customer advances	4,777		3,314
Dividends payable	749		703
Other current liabilities	2,871		2,798
Long-term debt due within one year:
-- Machinery, Power & Energy	35		35
-- Financial Products	8,026		7,085
Total current liabilities	39,790		36,558

Long-term debt due after one year:
-- Machinery, Power & Energy	10,655		10,678
-- Financial Products	21,384		20,018
Liability for postemployment benefits	3,744		3,838
Other liabilities	7,642		6,175
Total liabilities	83,215		77,267

Shareholders’ equity
Common stock	5,654		7,181
Treasury stock	(54,533)		(49,539)
Profit employed in the business	70,141		65,448
Accumulated other comprehensive income (loss)	(1,867)		(1,772)
Noncontrolling interests	(1)		—
Total shareholders’ equity	19,394		21,318
Total liabilities and shareholders’ equity	$	102,609	$	98,585

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Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)


	Six Months Ended June 30,
	2026		2025
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$	6,141	$	4,182
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	1,211		1,094

Provision (benefit) for deferred income taxes	644		(110)
(Gain) loss on divestiture	139		—


Other	(22)		398
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(3,182)		(319)
Inventories	(2,553)		(1,639)
Accounts payable	1,528		973
Accrued expenses	189		(12)
Accrued wages, salaries and employee benefits	(408)		(805)
Customer advances	2,576		1,276
Other assets – net	(93)		(90)
Other liabilities – net	71		(537)
Net cash provided by (used for) operating activities	6,241		4,411
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,315)		(1,265)
Expenditures for equipment leased to others	(847)		(608)
Proceeds from disposals of leased assets and property, plant and equipment	436		365
Additions to finance receivables	(8,639)		(7,064)
Collections of finance receivables	8,060		6,399
Proceeds from sale of finance receivables	33		18
Investments and acquisitions (net of cash acquired)	(802)		(21)
Proceeds from sale of businesses and investments (net of cash sold)	(92)		12
Proceeds from maturities and sale of securities	734		1,328
Investments in securities	(1,155)		(618)
Other – net	148		(53)
Net cash provided by (used for) investing activities	(3,439)		(1,507)
Cash flow from financing activities:
Dividends paid	(1,399)		(1,336)
Common stock issued, and other stock compensation transactions, net	(121)		(59)
Payments to purchase common stock	(6,522)		(4,488)

Excise tax paid on purchases of common stock	(49)		(73)
Proceeds from debt issued (original maturities greater than three months)	7,363		5,707
Payments on debt (original maturities greater than three months)	(4,763)		(4,168)
Short-term borrowings – net (original maturities three months or less)	(542)		72

Net cash provided by (used for) financing activities	(6,033)		(4,345)
Effect of exchange rate changes on cash	(35)		(7)
Increase (decrease) in cash, cash equivalents and restricted cash	(3,266)		(1,448)
Cash, cash equivalents and restricted cash at beginning of period	9,986		6,896
Cash, cash equivalents and restricted cash at end of period	$	6,720	$	5,448


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 June 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	$	19,581	$	19,581	$	—	$	—
Revenues of Financial Products	962		—		1,188		(226)		1
Total sales and revenues	20,543		19,581		1,188		(226)

Operating costs:
Cost of goods sold	12,781		12,783		—		(2)		2
Selling, general and administrative expenses	2,018		1,800		223		(5)		2
Research and development expenses	616		616		—		—
Interest expense of Financial Products	362		—		374		(12)		2
Other operating (income) expenses	471		168		328		(25)		2
Total operating costs	16,248		15,367		925		(44)

Operating profit	4,295		4,214		263		(182)

Interest expense excluding Financial Products	135		141		—		(6)		3
Other income (expense)	398		163		59		176		4

Consolidated profit before taxes	4,558		4,236		322		—

Provision (benefit) for income taxes	1,055		963		92		—
Profit of consolidated companies	3,503		3,273		230		—

Equity in profit (loss) of unconsolidated affiliated companies	90		90		—		—


Profit of consolidated and affiliated companies	3,593		3,363		230		—

Less: Profit (loss) attributable to noncontrolling interests	—		—		—		—

Profit 5	$	3,593	$	3,363	$	230	$	—


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 June 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	$	15,674	$	15,674	$	—	$	—
Revenues of Financial Products	895		—		1,081		(186)		1
Total sales and revenues	16,569		15,674		1,081		(186)

Operating costs:
Cost of goods sold	10,807		10,809		—		(2)		2
Selling, general and administrative expenses	1,694		1,497		209		(12)		2
Research and development expenses	551		551		—		—
Interest expense of Financial Products	336		—		342		(6)
Other operating (income) expenses	321		22		318		(19)		2
Total operating costs	13,709		12,879		869		(39)

Operating profit	2,860		2,795		212		(147)

Interest expense excluding Financial Products	126		130		—		(4)
Other income (expense)	84		(101)		42		143		3

Consolidated profit before taxes	2,818		2,564		254		—

Provision (benefit) for income taxes	646		585		61		—
Profit of consolidated companies	2,172		1,979		193		—

Equity in profit (loss) of unconsolidated affiliated companies	7		7		—		—


Profit of consolidated and affiliated companies	2,179		1,986		193		—

Less: Profit (loss) attributable to noncontrolling interests	—		(1)		1		—

Profit 4	$	2,179	$	1,987	$	192	$	—


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 Six Months Ended June 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	$	36,054	$	36,054	$	—	$	—
Revenues of Financial Products	1,904		—		2,331		(427)		1
Total sales and revenues	37,958		36,054		2,331		(427)

Operating costs:
Cost of goods sold	24,087		24,091		—		(4)		2
Selling, general and administrative expenses	3,834		3,409		445		(20)		2
Research and development expenses	1,153		1,153		—		—
Interest expense of Financial Products	707		—		730		(23)		2
Other operating (income) expenses	797		188		656		(47)		2
Total operating costs	30,578		28,841		1,831		(94)

Operating profit	7,380		7,213		500		(333)

Interest expense excluding Financial Products	269		281		—		(12)		3
Other income (expense)	658		262		75		321		4

Consolidated profit before taxes	7,769		7,194		575		—

Provision (benefit) for income taxes	1,725		1,570		155		—
Profit of consolidated companies	6,044		5,624		420		—

Equity in profit (loss) of unconsolidated affiliated companies	97		97		—		—


Profit of consolidated and affiliated companies	6,141		5,721		420		—

Less: Profit (loss) attributable to noncontrolling interests	(1)		(1)		—		—

Profit 5	$	6,142	$	5,722	$	420	$	—


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 Six Months Ended June 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	$	29,052	$	29,052	$	—	$	—
Revenues of Financial Products	1,766		—		2,129		(363)		1
Total sales and revenues	30,818		29,052		2,129		(363)

Operating costs:
Cost of goods sold	19,772		19,776		—		(4)		2
Selling, general and administrative expenses	3,287		2,905		405		(23)		2
Research and development expenses	1,031		1,031		—		—
Interest expense of Financial Products	662		—		668		(6)
Other operating (income) expenses	627		30		643		(46)		2
Total operating costs	25,379		23,742		1,716		(79)

Operating profit	5,439		5,310		413		(284)

Interest expense excluding Financial Products	242		249		—		(7)
Other income (expense)	191		(146)		60		277		3

Consolidated profit before taxes	5,388		4,915		473		—

Provision (benefit) for income taxes	1,220		1,105		115		—
Profit of consolidated companies	4,168		3,810		358		—

Equity in profit (loss) of unconsolidated affiliated companies	14		14		—		—


Profit of consolidated and affiliated companies	4,182		3,824		358		—

Less: Profit (loss) attributable to noncontrolling interests	—		(1)		1		—

Profit 4	$	4,182	$	3,825	$	357	$	—


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 June 30, 2026

(Unaudited)

(Millions of dollars)


			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents	$	6,713	$	5,945	$	768	$	—
Receivables – trade and other	13,188		4,630		686		7,872		1,2
Receivables – finance	10,844		—		18,938		(8,094)		2

Prepaid expenses and other current assets	3,078		2,683		423		(28)		3
Inventories	20,627		20,627		—		—
Total current assets	54,450		33,885		20,815		(250)

Property, plant and equipment – net	15,628		11,314		4,268		46		4
Long-term receivables – trade and other	3,086		2,721		101		264		1,2
Long-term receivables – finance	14,364		—		15,912		(1,548)		2


Noncurrent deferred and refundable income taxes	2,286		2,596		124		(434)		5
Intangible assets	420		420		—		—
Goodwill	5,859		5,859		—		—
Other assets	6,516		4,826		2,783		(1,093)		6
Total assets	$	102,609	$	61,621	$	44,003	$	(3,015)

Liabilities
Current liabilities:
Short-term borrowings	$	5,046	$	—	$	5,046	$	—

Accounts payable	10,313		10,275		251		(213)		7
Accrued expenses	5,825		5,069		756		—
Accrued wages, salaries and employee benefits	2,148		2,098		50		—
Customer advances	4,777		4,774		3		—
Dividends payable	749		749		—		—
Other current liabilities	2,871		2,212		709		(50)		5,8,9
Long-term debt due within one year	8,061		35		8,026		—
Total current liabilities	39,790		25,212		14,841		(263)

Long-term debt due after one year	32,039		10,948		22,384		(1,293)		9
Liability for postemployment benefits	3,744		3,743		1		—
Other liabilities	7,642		6,607		1,552		(517)		5
Total liabilities	83,215		46,510		38,778		(2,073)

Shareholders’ equity
Common stock	5,654		5,654		905		(905)		10
Treasury stock	(54,533)		(54,533)		—		—
Profit employed in the business	70,141		64,890		5,219		32		10
Accumulated other comprehensive income (loss)	(1,867)		(901)		(966)		—
Noncontrolling interests	(1)		1		67		(69)		10
Total shareholders’ equity	19,394		15,111		5,225		(942)
Total liabilities and shareholders’ equity	$	102,609	$	61,621	$	44,003	$	(3,015)


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 Six Months Ended June 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	$	6,141	$	5,721	$	420	$	—
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	1,211		812		399		—


Provision (benefit) for deferred income taxes	644		666		(22)		—

(Gain) loss on divestiture	139		139		—		—
Other	(22)		(74)		(271)		323		1

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(3,182)		(1,356)		(27)		(1,799)		1,2
Inventories	(2,553)		(2,552)		—		(1)		1
Accounts payable	1,528		1,518		(65)		75		1
Accrued expenses	189		183		6		—
Accrued wages, salaries and employee benefits	(408)		(399)		(9)		—
Customer advances	2,576		2,576		—		—
Other assets – net	(93)		(111)		35		(17)		1
Other liabilities – net	71		(112)		148		35		1
Net cash provided by (used for) operating activities	6,241		7,011		614		(1,384)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,315)		(1,302)		(16)		3		1
Expenditures for equipment leased to others	(847)		(11)		(840)		4		1
Proceeds from disposals of leased assets and property, plant and equipment	436		35		407		(6)		1
Additions to finance receivables	(8,639)		—		(10,312)		1,673		2
Collections of finance receivables	8,060		—		9,188		(1,128)		2
Net intercompany purchased receivables	—		—		(838)		838		2
Proceeds from sale of finance receivables	33		—		33		—

Collections of intercompany receivables (original maturities greater than three months)	—		—		48		(48)		3

Investments and acquisitions (net of cash acquired)	(802)		(802)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	(92)		(92)		—		—
Proceeds from maturities and sale of securities	734		395		339		—
Investments in securities	(1,155)		(648)		(507)		—
Other – net	148		230		(82)		—
Net cash provided by (used for) investing activities	(3,439)		(2,195)		(2,580)		1,336
Cash flow from financing activities:
Dividends paid	(1,399)		(1,399)		—		—
Common stock issued, and other stock compensation transactions, net	(121)		(121)		—		—
Payments to purchase common stock	(6,522)		(6,522)		—		—

Excise tax paid on purchases of common stock	(49)		(49)		—		—

Payments on intercompany borrowings (original maturities greater than three months)	—		(48)		—		48		3

Proceeds from debt issued (original maturities greater than three months)	7,363		—		7,363		—
Payments on debt (original maturities greater than three months)	(4,763)		(19)		(4,744)		—
Short-term borrowings – net (original maturities three months or less)	(542)		—		(542)		—

Net cash provided by (used for) financing activities	(6,033)		(8,158)		2,077		48
Effect of exchange rate changes on cash	(35)		(44)		9		—
Increase (decrease) in cash, cash equivalents and restricted cash	(3,266)		(3,386)		120		—
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	$	6,720	$	5,950	$	770	$	—


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 Six Months Ended June 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	$	4,182	$	3,824	$	358	$	—
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	1,094		716		378		—


Provision (benefit) for deferred income taxes	(110)		(88)		(22)		—




Other	398		357		(286)		327		1

Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(319)		90		5		(414)		1,2
Inventories	(1,639)		(1,639)		—		—
Accounts payable	973		930		6		37		1
Accrued expenses	(12)		(64)		52		—
Accrued wages, salaries and employee benefits	(805)		(786)		(19)		—
Customer advances	1,276		1,276		—		—
Other assets – net	(90)		(133)		(3)		46		1
Other liabilities – net	(537)		(621)		128		(44)		1
Net cash provided by (used for) operating activities	4,411		3,862		597		(48)
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(1,265)		(1,273)		(22)		30		1
Expenditures for equipment leased to others	(608)		(14)		(597)		3		1
Proceeds from disposals of leased assets and property, plant and equipment	365		36		362		(33)		1
Additions to finance receivables	(7,064)		—		(8,084)		1,020		2
Collections of finance receivables	6,399		—		7,278		(879)		2
Net intercompany purchased receivables	—		—		93		(93)		2
Proceeds from sale of finance receivables	18		—		18		—
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)	—		—		35		(35)		3

Investments and acquisitions (net of cash acquired)	(21)		(21)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	12		12		—		—
Proceeds from maturities and sale of securities	1,328		1,026		302		—
Investments in securities	(618)		(278)		(340)		—
Other – net	(53)		(18)		(35)		—
Net cash provided by (used for) investing activities	(1,507)		(1,530)		(990)		1,013
Cash flow from financing activities:
Dividends paid	(1,336)		(1,336)		—		—


Common stock issued, and other stock compensation transactions, net	(59)		(59)		—		—
Payments to purchase common stock	(4,488)		(4,488)		—		—
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)	—		(35)		—		35		3

Proceeds from debt issued (original maturities greater than three months)	5,707		1,976		3,731		—
Payments on debt (original maturities greater than three months)	(4,168)		(35)		(4,133)		—
Short-term borrowings – net (original maturities three months or less)	72		—		72		—

Net cash provided by (used for) financing activities	(4,345)		(4,050)		670		(965)
Effect of exchange rate changes on cash	(7)		(21)		14		—
Increase (decrease) in cash, cash equivalents and restricted cash	(1,448)		(1,739)		291		—
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	$	5,448	$	4,431	$	1,017	$	—


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

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

Total

UP 25%

UP 14%

UP 15%

UP 12%

UP 3%

Power & Energy (P&E)

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

Power Generation

UP 72%

UP 48%

UP 44%

UP 33%

UP 19%

Oil & Gas

UP 6%

UP 16%

UP 36%

UP 19%

UP 4%

Industrial

DOWN 8%

UP 3%

UP 14%

UP 9%

UP 6%

Total

UP 33%

UP 32%

UP 37%

UP 23%

UP 10%

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

Construction Industries (CI)

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

North America

UP 27%

UP 12%

UP 18%

UP 11%

UP 3%

Latin America

UP 24%

UP 4%

UP 6%

UP 2%

DOWN 7%

EAME

UP 13%

DOWN 2%

DOWN 1%

UP 7%

UP 5%

Asia/Pacific

UP 8%

UNCHANGED

DOWN 2%

DOWN 9%

DOWN 2%

World

UP 22%

UP 7%

UP 11%

UP 7%

UP 2%

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

Resource Industries (RI)

2nd Quarter 2026

1st Quarter 2026

4th Quarter 2025

3rd Quarter 2025

2nd Quarter 2025

Mining, HC and Q&A

UP 15%

UP 6%

DOWN 7%

UP 6%

DOWN 3%

Rail

UP 272%

DOWN 4%

UP 26%

UP 114%

DOWN 66%

Total

UP 17%

UP 6%

DOWN 5%

UP 8%

DOWN 5%

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 and remanufacturing services for other companies.

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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