CAT · 10-Q · 2026Q3 · Full report

Dealer Inventory Changes

CATERPILLAR INC · 2026-11-04 · Importance 63 · Surprise 64 · In source text

Total dealer inventory increased $800 million in the third quarter of 2026, compared with a $600 million increase in the prior-year quarter; Construction Industries inventory increased $300 million, versus $600 million. Over the first nine months, total dealer inventory increased $3.5 billion, compared with $900 million a year earlier, including a $2.3 billion increase in Construction Industries inventory versus $300 million. Caterpillar expects a roughly $1.6 billion seasonal dealer inventory decrease in Construction Industries in the fourth quarter, but expects year-end 2026 dealer inventories to exceed year-end 2025 levels in anticipation of strong 2027 end-user equipment sales.

Key facts

• Caterpillar expects a roughly $1.6 billion Construction Industries dealer inventory decrease in fourth-quarter 2026, compared with a $600 million decrease in fourth-quarter 2025. source
• Total dealer inventory increased $3.5 billion in the first nine months of 2026, compared with an increase of $900 million in the first nine months of 2025. source
• Caterpillar expects dealer inventories at the end of 2026 to be higher than at the end of 2025, anticipating strong sales of equipment to end users in 2027. source
• Construction Industries dealer inventory increased $2.3 billion in the first nine months of 2026, compared with an increase of $300 million in the first nine months of 2025. source
• Total dealer inventory increased $800 million in third-quarter 2026, compared with an increase of $600 million in third-quarter 2025. source
• Construction Industries dealer inventory increased $300 million in third-quarter 2026, compared with a $600 million increase in third-quarter 2025. source

Impact estimates