CAT · 10-Q · 2026Q2

CATERPILLAR INC

Filed 2026-08-05 · Industrials · View original filing on EDGAR

Ranked Events

• Guidance / OutlookImportance 85 · Surprise 76
  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…
• Acquisition / Partnership / DivestitureImportance 84 · Surprise 100
  MP&E investing cash flow included $802 million of net cash used for investments and acquisitions during the first six months of 2026. The increase from $21 million in the prior-year period was primarily attributable to…
• Capital Return ProgramImportance 73 · Surprise 50
  Caterpillar targets returning substantially all MP&E free cash flow to shareholders over time through dividends and share repurchases while maintaining a mid-A credit rating. In June 2026, the board approved an 8%…
• Operating Cash Flow TrendsImportance 69 · Surprise 64
  MP&E operating cash flow reached $7.011 billion in the first six months of 2026, compared with $3.862 billion in the prior-year period, a $3.149 billion increase. The improvement reflected higher pretax profit adjusted…
• Distribution ChannelsImportance 69 · Surprise 64
  Caterpillar sells through independent dealers, whose inventory decisions reflect expected demand, seasonal conditions, macroeconomic factors, machine rentals and product delivery times. Total dealer inventory increased…
• Dealer Inventory ChangesImportance 69 · Surprise 64
  Total dealer inventory increased $600 million in the second quarter of 2026, compared with a $100 million increase in the second quarter of 2025. Construction Industries dealer inventory increased $400 million in the…
• Order Backlog and Book-to-BillImportance 66 · Surprise 40
  Caterpillar’s firm order backlog reached approximately $72.1 billion at the end of the second quarter of 2026, increasing about $9.4 billion sequentially from the first quarter. Backlog increased across Machinery,…
• Trade Policy and TariffsImportance 65 · Surprise 60
  On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on goods imported into the United States were unauthorized. Caterpillar incurred…
• End-Market Demand TrendsImportance 65 · Surprise 48
  Caterpillar reported strong demand across its three primary segments, with second-quarter 2026 sales increasing 24% year over year, primarily from $3.1 billion of higher sales volume and higher equipment sales to end…
• Operating Income and MarginsImportance 64 · Surprise 56
  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…
• Capital Expenditure OutlookImportance 59 · Surprise 32
  Caterpillar invested $1.313 billion in capital expenditures during the first six months of 2026, compared with $1.287 billion in the first six months of 2025. MP&E capital expenditures are expected to be approximately…
• Revenue Performance and MixImportance 59 · Surprise 48
  Second-quarter 2026 sales and revenues increased 24% year over year to $20.543 billion from $16.569 billion, driven by $3.1 billion of higher sales volume and $595 million of favorable price realization. Six-month…
• Geographic Revenue ShiftImportance 58 · Surprise 56
  North America was the strongest reported region, with second-quarter sales up 39% and six-month sales up 37%, supported by higher equipment sales to end users, favorable price realization and dealer inventory changes.…
• Outstanding IndebtednessImportance 54 · Surprise 14
  Total debt was $45.146 billion at June 30, 2026, up $1.816 billion from year-end 2025. Financial Products debt increased $1.839 billion during the first six months, while MP&E debt decreased $7 million. Consolidated…
• Supply Chain Tariff ImpactImportance 53 · Surprise 60
  Caterpillar recorded $392 million of expected IEEPA tariff recoveries in both the three- and six-month periods ended June 30, 2026, reducing cost of goods sold and increasing operating profit. The company incurred…
• Liquidity and Debt PositionImportance 52 · Surprise 56
  Caterpillar ended the second quarter of 2026 with $6.713 billion of cash, down $3.267 billion from year-end 2025, plus $1.517 billion of highly liquid MP&E debt securities and bank time deposits. Consolidated operating…
• Headcount / RestructuringImportance 46 · Surprise 42
  Caterpillar expects restructuring costs of approximately $300 million to $350 million in 2026, primarily associated with the divestiture of certain non-U.S. entities. The company recorded a $139 million loss in the…
• Manufacturing and CapacityImportance 38 · Surprise 24
  Caterpillar said it was progressing with capacity expansion plans and expected to increase throughput in the second half of 2026. Higher sales volume and demand across Power & Energy, Construction Industries and…
• Strategic Growth PillarsImportance 31 · Surprise 42
  Caterpillar intends to use liquidity and debt capacity to fund initiatives aimed at long-term profitable growth. Its three strategic growth pillars are commercial excellence, advanced technology leadership and…
• Products and TechnologyImportance 26 · Surprise 24
  Power & Energy sales growth included large reciprocating engines and turbines and turbine-related services used primarily in data-center applications. Oil & Gas growth reflected reciprocating engines for gas…

Revenue by Product (in millions)

Revenue by Geography (in millions)