CAT · Earnings call · 2026Q3T · Full report

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CATERPILLAR INC · 2026-10-29 · Importance 21 · Surprise 24

Caterpillar supports construction customers who choose to own, lease, or rent equipment, and management said dealer rental revenue in North America continued to grow, prompting increased investment in dealer fleets. Customer interest was strong in Major Projects, the Cat dealer-owned rental joint venture launched in the prior quarter. Major Projects is intended to serve large-scale North American infrastructure projects, including transportation, energy, manufacturing, and data center construction, where individual dealer rental fleets may not have sufficient scale or equipment capability. Strong rental fleet loading in the third quarter contributed significantly to sales-to-users growth.

Key facts

• Caterpillar said growth in its field population increases the need to support customers in the aftermarket and grow services.