CAT · News · 20260824N

Operating Margin Drivers

CATERPILLAR INC · 2026-08-24 · Importance 43 · Surprise 32

Caterpillar’s second-quarter 2026 adjusted operating margin expanded 430 basis points year over year to 21.9%. Higher sales volumes and favorable pricing drove the margin improvement. Increased costs and tariffs partially offset those benefits. The company expects full-year 2026 adjusted operating margin to improve meaningfully from 2025.

Key facts

• Caterpillar's Q2 2026 adjusted operating margin expanded 430 basis points year-over-year to 21.9%. source
• Caterpillar said the Q2 2026 margin rebound was driven by higher sales volumes and favorable pricing despite increased costs and tariffs. source