CAT · 10-Q · 2026Q2 · Full report
Operating Income and Margins
CATERPILLAR INC · 2026-08-05 · Importance 64 · Surprise 56 · No source text
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 23.3% from 20.1%, primarily because of higher sales volume. Power & Energy profit increased 30% to $2.027 billion and its margin rose to 24.6% from 22.1%, while Resource Industries profit increased 23% to $693 million and its margin improved to 14.9% from 14.5%. For the six months, Resource Industries was a negative outlier, with profit declining 10% to $1.071 billion and margin falling to 12.7% from 15.7%.
Key facts
- Increase in consolidated operating profit for Q2 2026: operating profit $4.295 billion, up $1.435 billion or 50% vs $2.860 billion in Q2 2025. source
- Operating profit for the six months ended June 30, 2026: $7.380 billion, an increase of $1.941 billion, or 36%, compared with $5.439 billion for the six months ended June 30, 2025. source
- Construction Industries segment profit in Q2 2026: $1.947 billion, an increase of $703 million, or 57%, compared with $1.244 billion in Q2 2025. source
- Power & Energy segment profit in Q2 2026: $2.027 billion, an increase of $473 million, or 30%, compared with $1.554 billion in Q2 2025. source
- Six months ended June 30, 2026 U.S. GAAP operating profit was $7,380 million with operating profit margin 19.4%, and adjusted operating profit was $7,623 million with adjusted margin 20.1%. source
- In the three months ended June 30, 2026, U.S. GAAP operating profit was $4,295 million and operating profit margin was 20.9%, with adjusted operating profit $4,497 million and adjusted operating profit margin 21.9%. source
- Operating profit margin for the second quarter of 2026: 20.9%, compared with 17.3% for the second quarter of 2025. source
- Adjusted operating profit margin for the second quarter of 2026: 21.9%, compared with 17.6% for the second quarter of 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +9.4% | Operating profit for the six months ended June 30, 2026: $7.380 billion, an increase of $1.941 billion, or 36%, compared with $5.439… |
| operating_income | positive | realized | +7.0% | Increase in consolidated operating profit for Q2 2026: operating profit $4.295 billion, up $1.435 billion or 50% vs $2.860 billion in Q2… |
| margin | positive | realized | +4.3% | Adjusted operating profit margin for the second quarter of 2026: 21.9%, compared with 17.6% for the second quarter of 2025. |
| margin | positive | realized | +3.6% | Operating profit margin for the second quarter of 2026: 20.9%, compared with 17.3% for the second quarter of 2025. |
| operating_income | positive | realized | +3.4% | Construction Industries segment profit in Q2 2026: $1.947 billion, an increase of $703 million, or 57%, compared with $1.244 billion in Q2… |
| operating_income | positive | realized | +2.3% | Power & Energy segment profit in Q2 2026: $2.027 billion, an increase of $473 million, or 30%, compared with $1.554 billion in Q2 2025. |
| operating_income | positive | realized | +0.6% | Resource Industries segment profit in Q2 2026: $693 million, an increase of $130 million, or 23%, compared with $563 million in Q2 2025. |
| operating_income | positive | realized | +0.4% | Financial Products segment profit in Q2 2026: $328 million, an increase of $80 million, or 32%, compared with $248 million in Q2 2025. |
| operating_income | positive | realized | — | In the three months ended June 30, 2026, U.S. GAAP operating profit was $4,295 million and operating profit margin was 20.9%, with… |
| operating_income | positive | realized | — | In the three months ended June 30, 2026, U.S. GAAP operating profit was $4,295 million and operating profit margin was 20.9%, with… |