CAT · 10-Q · 2026Q3 · Full report

Mining and Rail Demand

CATERPILLAR INC · 2026-11-04 · Importance 38 · Surprise 24

Resource Industries reports continued positive momentum, with robust order rates driving strong backlog growth, high customer product utilization and an elevated fleet age. Most key commodities remain above investment thresholds, and Caterpillar expects strong 2026 equipment sales growth, driven by copper and gold demand, Canadian oil-sands activity, and positive Heavy Construction and Quarry and Aggregates dynamics. Rebuild activity is expected to increase moderately and rail services to grow, while locomotive deliveries are expected to be slightly lower because of delivery timing.

Key facts