CAT · Industrials

CATERPILLAR INC

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-08

• Guidance / OutlookImportance 79 · Surprise 76
  Caterpillar raised its 2026 revenue-growth outlook to the mid-to-high teens percentage range from previously expected low-double-digit growth. Management cited stronger demand for power-generation and construction…
• Revenue Performance and MixImportance 59 · Surprise 48
  Caterpillar’s second-quarter 2026 sales and revenues increased 24% year over year to $20.5 billion, marking its first quarter above $20 billion. Construction Industries, Resource Industries, and Power & Energy all…
• Capital Return ProgramImportance 52 · Surprise 42
  Caterpillar deployed $2.2 billion of cash for share repurchases and dividends during the second quarter of 2026. The capital return included both common-share repurchases and dividend payments. The distribution…
• Operating Income and MarginsImportance 45 · Surprise 64
  Caterpillar’s second-quarter adjusted operating profit increased 54% year over year. Operating profit margin also improved during the quarter as higher equipment volumes and favorable pricing supported profitability.…

News · 2026-08-07

• AI Infrastructure PartnershipImportance 40 · Surprise 42
  Energy Vault announced a strategic agreement to deploy 1.25 GW of integrated, grid-independent power infrastructure for hyperscaler AI data centers using a partner's Caterpillar gensets. Initial deployments are…

News · 2026-08-06

• Guidance / OutlookImportance 79 · Surprise 76
  Caterpillar raised its 2026 revenue-growth outlook to the mid-to-high teens percentage range from previously expected low-double-digit growth. Management cited stronger demand for power-generation and construction…
• Operating Income and MarginsImportance 45 · Surprise 64
  Caterpillar’s second-quarter adjusted operating profit increased 54% year over year. Operating profit margin also improved during the quarter as higher equipment volumes and favorable pricing supported profitability.…
• Regulatory RiskImportance 44 · Surprise 60
  Caterpillar faces potential regulatory constraints on data-center-related demand after Texas Governor Greg Abbott announced a moratorium on new data-center approvals. The reported rationale centers on data centers'…
• End-Market Demand TrendsImportance 17 · Surprise 24
  Demand is strengthening across Caterpillar’s construction equipment, engines, generators and mining products. AI data-center construction is driving purchases of large engines, turbines and other power-generation…

10-Q · 2026-08-05

• Guidance / OutlookImportance 85 · Surprise 76
  Caterpillar now expects 2026 sales and revenues growth in the mid-to-high teens versus 2025, driven primarily by higher sales volume and favorable price realization across its three primary segments. Management expects…
• Acquisition / Partnership / DivestitureImportance 84 · Surprise 100
  MP&E investing cash flow included $802 million of net cash used for investments and acquisitions during the first six months of 2026. The increase from $21 million in the prior-year period was primarily attributable to…
• Capital Return ProgramImportance 73 · Surprise 50
  Caterpillar targets returning substantially all MP&E free cash flow to shareholders over time through dividends and share repurchases while maintaining a mid-A credit rating. In June 2026, the board approved an 8%…
• Dealer Inventory ChangesImportance 69 · Surprise 64
  Total dealer inventory increased $600 million in the second quarter of 2026, compared with a $100 million increase in the second quarter of 2025. Construction Industries dealer inventory increased $400 million in the…
• Distribution ChannelsImportance 69 · Surprise 64
  Caterpillar sells through independent dealers, whose inventory decisions reflect expected demand, seasonal conditions, macroeconomic factors, machine rentals and product delivery times. Total dealer inventory increased…
• Operating Cash Flow TrendsImportance 69 · Surprise 64
  MP&E operating cash flow reached $7.011 billion in the first six months of 2026, compared with $3.862 billion in the prior-year period, a $3.149 billion increase. The improvement reflected higher pretax profit adjusted…
• Order Backlog and Book-to-BillImportance 66 · Surprise 40
  Caterpillar’s firm order backlog reached approximately $72.1 billion at the end of the second quarter of 2026, increasing about $9.4 billion sequentially from the first quarter. Backlog increased across Machinery,…
• End-Market Demand TrendsImportance 65 · Surprise 48
  Caterpillar reported strong demand across its three primary segments, with second-quarter 2026 sales increasing 24% year over year, primarily from $3.1 billion of higher sales volume and higher equipment sales to end…
• Trade Policy and TariffsImportance 65 · Surprise 60
  On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on goods imported into the United States were unauthorized. Caterpillar incurred…
• Operating Income and MarginsImportance 64 · Surprise 56
  Second-quarter 2026 operating profit increased 50% to $4.295 billion, while operating profit margin expanded to 20.9% from 17.3%. Construction Industries profit increased 57% to $1.947 billion and its margin rose to…
• Revenue Performance and MixImportance 59 · Surprise 48
  Second-quarter 2026 sales and revenues increased 24% year over year to $20.543 billion from $16.569 billion, driven by $3.1 billion of higher sales volume and $595 million of favorable price realization. Six-month…
• Capital Expenditure OutlookImportance 59 · Surprise 32
  Caterpillar invested $1.313 billion in capital expenditures during the first six months of 2026, compared with $1.287 billion in the first six months of 2025. MP&E capital expenditures are expected to be approximately…
• Geographic Revenue ShiftImportance 58 · Surprise 56
  North America was the strongest reported region, with second-quarter sales up 39% and six-month sales up 37%, supported by higher equipment sales to end users, favorable price realization and dealer inventory changes.…
• Outstanding IndebtednessImportance 54 · Surprise 14
  Total debt was $45.146 billion at June 30, 2026, up $1.816 billion from year-end 2025. Financial Products debt increased $1.839 billion during the first six months, while MP&E debt decreased $7 million. Consolidated…
• Supply Chain Tariff ImpactImportance 53 · Surprise 60
  Caterpillar recorded $392 million of expected IEEPA tariff recoveries in both the three- and six-month periods ended June 30, 2026, reducing cost of goods sold and increasing operating profit. The company incurred…
• Liquidity and Debt PositionImportance 52 · Surprise 56
  Caterpillar ended the second quarter of 2026 with $6.713 billion of cash, down $3.267 billion from year-end 2025, plus $1.517 billion of highly liquid MP&E debt securities and bank time deposits. Consolidated operating…
• Headcount / RestructuringImportance 46 · Surprise 42
  Caterpillar expects restructuring costs of approximately $300 million to $350 million in 2026, primarily associated with the divestiture of certain non-U.S. entities. The company recorded a $139 million loss in the…
• Manufacturing and CapacityImportance 38 · Surprise 24
  Caterpillar said it was progressing with capacity expansion plans and expected to increase throughput in the second half of 2026. Higher sales volume and demand across Power & Energy, Construction Industries and…
• Strategic Growth PillarsImportance 31 · Surprise 42
  Caterpillar intends to use liquidity and debt capacity to fund initiatives aimed at long-term profitable growth. Its three strategic growth pillars are commercial excellence, advanced technology leadership and…
• Gross Margin DriversImportance 26 · Surprise 24
  Power & Energy’s second-quarter profit benefited from $457 million of higher-volume impact and $212 million of favorable price realization, partly offset by $149 million of unfavorable manufacturing costs. For the six…
• Products and TechnologyImportance 26 · Surprise 24
  Power & Energy sales growth included large reciprocating engines and turbines and turbine-related services used primarily in data-center applications. Oil & Gas growth reflected reciprocating engines for gas…
• Macroeconomic Factors ImpactImportance 17 · Surprise 24
  Caterpillar is monitoring global supply-chain disruptions, inflationary costs, labor pressures, and trade-policy impacts. Management identifies transportation, certain components, and raw materials as areas requiring…
• Income Tax Rate ChangesImportance 16 · Surprise 24
  The second-quarter 2026 effective tax rate was 23.1%, compared with 23.0% in the second quarter of 2025. The six-month effective tax rate declined to 22.2% from 22.6%, aided by a $94 million discrete tax benefit versus…

News · 2026-08-05

• Guidance / OutlookImportance 79 · Surprise 76
  Caterpillar raised its 2026 revenue-growth outlook to the mid-to-high teens percentage range from previously expected low-double-digit growth. Management cited stronger demand for power-generation and construction…
• Revenue Performance and MixImportance 59 · Surprise 48
  Caterpillar’s second-quarter 2026 sales and revenues increased 24% year over year to $20.5 billion, marking its first quarter above $20 billion. Construction Industries, Resource Industries, and Power & Energy all…
• Capital Return ProgramImportance 52 · Surprise 42
  Caterpillar deployed $2.2 billion of cash for share repurchases and dividends during the second quarter of 2026. The capital return included both common-share repurchases and dividend payments. The distribution…

8-K · 2026-08-04

• Power Generation and Data CentersImportance 65 · Surprise 48
  Power & Energy sales increased 17% to $8.238 billion, with higher volume contributing $736 million. Power Generation sales increased 29% to $3.098 billion. Growth was driven by large reciprocating engines, turbines and…
• Geographic Revenue PerformanceImportance 64 · Surprise 56
  Consolidated sales and revenues increased across all major regions, with North America rising 37% to $12.094 billion. North America represented approximately 59% of consolidated second-quarter 2026 sales and revenues,…
• Operating Margin DriversImportance 64 · Surprise 56
  Second-quarter 2026 operating profit increased 50% to $4.295 billion from $2.860 billion, while operating margin expanded to 20.9% from 17.3%. Adjusted operating margin increased to 21.9% from 17.6%, excluding $202…
• Construction End-Market DemandImportance 64 · Surprise 56
  Construction Industries sales increased 35% to $8.346 billion, primarily due to $1.8 billion of higher sales volume and $309 million of favorable price realization. Higher equipment sales to end users drove volume…
• Revenue Performance and MixImportance 59 · Surprise 48
  Second-quarter 2026 sales and revenues increased 24% year over year to $20.543 billion from $16.569 billion, driven by $3.1 billion of higher sales volume and $595 million of favorable price realization. Machinery,…
• Acquisition / Partnership / DivestitureImportance 59 · Surprise 82
  Caterpillar recorded a $139 million loss in the first six months of 2026 for the divestiture of certain non-U.S. entities. The divestiture-related loss was recorded as a restructuring cost and excluded from adjusted…
• Mining and Rail DemandImportance 59 · Surprise 48
  Resource Industries sales increased 20% to $4.648 billion, primarily because of higher equipment sales to end users. Mining, Heavy Construction and Quarry & Aggregates sales increased 22% to $3.685 billion. Rail sales…
• Trade Policy and TariffsImportance 53 · Surprise 60
  Caterpillar recorded $392 million of expected recoveries under the International Emergency Economic Power Act (IEEPA) tariff regime in second-quarter 2026 operating profit. The recoveries were primarily recorded in the…
• Liquidity and Cash PositionImportance 44 · Surprise 24
  Enterprise operating cash flow was $4.4 billion in the second quarter of 2026, and enterprise cash ended the quarter at $6.7 billion. Consolidated cash and cash equivalents declined to $6.713 billion at June 30, 2026…
• Operating Expense TrendsImportance 41 · Surprise 22
  Selling, general and administrative expenses increased 19% year over year to $2.018 billion in the second quarter of 2026 from $1.694 billion. Research and development expenses increased 12% to $616 million from $551…
• Headcount / RestructuringImportance 40 · Surprise 42
  Second-quarter 2026 restructuring costs totaled $202 million, including $139 million related to the divestiture of certain non-U.S. entities and $63 million of other restructuring costs. Restructuring costs increased…
• Capital Return ProgramImportance 37 · Surprise 6
  Caterpillar deployed $2.2 billion of cash for share repurchases and dividends during the second quarter of 2026. Share repurchases totaled $1.5 billion in the quarter, while dividends totaled $0.7 billion. For the six…
• Finance Receivables ActivityImportance 37 · Surprise 6
  Financial Products added $8,084 million of finance receivables and collected $7,278 million during the six months ended June 30, 2025. Consolidated additions to finance receivables were $7,064 million and collections…
• Operating Cash Flow TrendsImportance 33 · Surprise 6
  Net cash provided by operating activities was $4,411 million for the six months ended June 30, 2025, including $3,862 million from Machinery, Power & Energy and $597 million from Financial Products. Operating cash flow…
• Order Backlog and Book-to-BillImportance 32 · Surprise 48
  Caterpillar reported strong order rates and a growing backlog across Power & Energy, Construction Industries and Resource Industries. Consolidated sales and revenues increased 24% year over year to $20.543 billion,…
• Capital ExpendituresImportance 31 · Surprise 6
  Capital expenditures excluding equipment leased to others totaled $1,265 million for the six months ended June 30, 2025, consisting of $1,273 million in Machinery, Power & Energy and a $22 million Financial Products…
• Outstanding IndebtednessImportance 31 · Surprise 6
  Caterpillar received $5,707 million from debt issued with original maturities greater than three months during the six months ended June 30, 2025. The company made $4,168 million of payments on debt with original…
• Working Capital ChangesImportance 31 · Surprise 6
  For the six months ended June 30, 2025, Caterpillar’s Machinery, Power & Energy operations used $1.639 billion of cash through an increase in inventories. Customer advances provided $1.276 billion of cash, indicating…
• Dealer Distribution and InventoriesImportance 17 · Surprise 24
  Caterpillar attributed part of North American Construction Industries volume growth to changes in dealer inventories. The company stated that higher equipment sales to end users were the primary volume driver in North…

News · 2026-08-04

• Revenue Performance and MixImportance 59 · Surprise 48
  Caterpillar’s second-quarter 2026 sales and revenues increased 24% year over year to $20.5 billion, marking its first quarter above $20 billion. Construction Industries, Resource Industries, and Power & Energy all…
• Capital Return ProgramImportance 52 · Surprise 42
  Caterpillar deployed $2.2 billion of cash for share repurchases and dividends during the second quarter of 2026. The capital return included both common-share repurchases and dividend payments. The distribution…
• Operating Income and MarginsImportance 45 · Surprise 64
  Caterpillar’s second-quarter adjusted operating profit increased 54% year over year. Operating profit margin also improved during the quarter as higher equipment volumes and favorable pricing supported profitability.…
• Regulatory RiskImportance 44 · Surprise 60
  Caterpillar faces potential regulatory constraints on data-center-related demand after Texas Governor Greg Abbott announced a moratorium on new data-center approvals. The reported rationale centers on data centers'…
• End-Market Demand TrendsImportance 17 · Surprise 24
  Demand is strengthening across Caterpillar’s construction equipment, engines, generators and mining products. AI data-center construction is driving purchases of large engines, turbines and other power-generation…
• Geographic Market CommentaryImportance 17 · Surprise 24
  Caterpillar’s construction business showed some weakness in the Middle East. The softer Middle East construction sales contrasted with stronger demand in data-center-related power generation and broader construction…