CAT · 10-Q · 2026Q2 · Full report

Guidance / Outlook

CATERPILLAR INC · 2026-08-05 · Importance 85 · Surprise 76 · In source text

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 higher sales and revenues in the second half of 2026 and a more typical Construction Industries dealer-inventory decrease of more than $1.0 billion in the fourth quarter. The company expects 2026 tariff costs of approximately $2.2 billion, excluding expected IEEPA tariff recoveries recorded in the second quarter, and does not include additional IEEPA recoveries in its second-half outlook. Caterpillar continues to forecast 2026 restructuring costs of approximately $300 million to $350 million, capital expenditures of approximately $3.5 billion, and an estimated annual effective tax rate of 23.0 percent excluding discrete items.

Key facts

• Company now anticipates sales and revenues growth in the mid-to-high teens for full-year 2026 versus 2025. source
• Company expects higher sales and revenues in the second half of 2026 compared to the first half of 2025, following typical seasonable trend. source

Impact estimates