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Just reported
Q3 2026 results
From Caterpillar's results release of October 29, 2026; its quarterly report has since been filed.
Revenue
Actual
$20.68B
+17% y/y
+0.7% q/qGuided
—
No guide given
EPS, GAAP
Actual
$7.13
+46% y/y
-8.2% q/qGuided
—
No guide given
Operating income, GAAP
Actual
$4.21B
+38% y/y
-1.9% q/qGuided
—
No guide given
Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.
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The themes Caterpillar is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
The theme it is part of
Highest-graded in Farm and Heavy Construction Machinery
Graded A or B and worth $2B or more: A first, then the largest.
All 25 graded companies in its industry
Grade rose recently in Industrials
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
UPSUnited Parcel Service, Inc.Oct 27, 2026CBGraded C, now B
CSXCSX CorporationOct 21, 2026CAGraded C, now A
CPCanadian Pacific Kansas City Ltd.Oct 29, 2026BAGraded B, now A
URIUnited Rentals, Inc.Oct 21, 2026CAGraded C, now A
WCNWaste Connections, Inc.Oct 22, 2026BAGraded B, now A
How it makes money
- Power & Energy: engines, generator sets, turbines, related services, and rail products37%
- Construction Industries: construction machinery, parts, and services37%
- Resource Industries: mining, heavy construction, and quarry equipment and services20%
- Financial Products: customer and dealer financing and insurance5%
Shares of revenue are estimates for six months ended June 30, 2026, not figures from a filing.
Competes with
- DEDeere & Company (through Deere Construction & Forestry)C
- Size
- $186.5B
- Margin
- 10.2%
- KMTUYKomatsu Ltd.
- CMICummins Inc.A
- Size
- $63.5B
- Margin
- 9.6%
- EPOKYEpiroc AB
- WABWabtec CorporationA
- Size
- $51.1B
- Margin
- 11.2%
- VLVLYVolvo Group (through Volvo Construction Equipment)
What it sells6
Construction machinery
Machines such as excavators, wheel loaders, bulldozers, graders, backhoe loaders, compactors, and road-building equipment, plus related parts, work tools, and services.
Mining and quarry equipment
Large mining trucks, shovels, drills, underground mining vehicles, loaders, and other equipment used to extract and move minerals, along with parts, work tools, and fleet technology.
Engines, generator sets, and power systems
Engines and generator sets that supply power for utilities, industrial customers, marine uses, oil and gas operations, and Caterpillar machinery.
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Turbines and compressors
Industrial gas turbines, gas compressors, and related services for power generation and oil and gas customers.
Rail products
Diesel-electric and hybrid locomotives, components, and other rail-related products and services.
Financing and insurance
Loans and leases for customers buying or using equipment, financing for dealer inventories, revolving accounts for parts and services, and insurance services.
Who buys it6
- Construction and infrastructure contractors, who generally buy machines through Caterpillar dealers.
- Equipment rental companies and dealer-owned rental fleets, which buy machines to rent to contractors and other users.
- Mining, quarry, and aggregate operators, who buy machines and related parts, maintenance, and fleet services.
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- Oil and gas companies and service providers, who buy engines, turbines, compressors, parts, and related services.
- Utilities, data center developers, industrial businesses, and marine customers, who buy engines, generator sets, turbines, and power systems.
- Caterpillar dealers and other manufacturers, which buy equipment or engines; dealers can also obtain inventory financing from Cat Financial.
What it stands on, and what could break it
What the business leans on
- 1Most machine sales and much of the product servicing depend on Caterpillar's independent dealer network and dealers' decisions about inventory and rental fleets.
- 2Manufacturing depends on suppliers of steel, castings, forgings, finished parts, and other components; the company reports that supply constraints can affect some products.
- 3Demand depends on construction, mining, oil and gas, power generation, and rail activity, which can vary with regional economic conditions and commodity markets.
- 4Cat Financial depends on equipment sales, customers' willingness and ability to borrow, and access to funding; its financing and insurance activities are also subject to government rules.
What could go wrong
- 1A downturn in regional economies or in construction, mining, oil and gas, or power markets can reduce demand for Caterpillar equipment and services.
- 2Supplier interruptions, shortages of materials or labor, and changes in material costs or trade policies can disrupt production, raise costs, or affect the company's ability to deliver products.
- 3Changing emissions rules can require costly product and manufacturing changes; Cat Financial can also be affected by customer payment problems, interest rates, and funding conditions.
About Caterpillar Inc.
Caterpillar makes construction and mining equipment, engines and power-generation systems, turbines, and diesel-electric locomotives. It sells most machines through independent dealers, who also sell parts and service the equipment; some products are sold directly to customers. Its finance arm provides loans and leases to equipment buyers and dealers. On its latest earnings call, management described a dealer-owned rental joint venture for large construction projects and the acquisition of Skycatch, which adds mining data technology.
- Head office
- Irving, Texas (from outside knowledge; not stated in the supplied filings)
- Founded
- 1925 (high confidence; organized as Caterpillar Tractor Co.)
- Employees
- 118,000 (December 31, 2025, high)
- Listed on
- NYSE
- Financial year ends
- December 31
Built from Caterpillar Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.