Caterpillar Q3 2026 Earnings Call Transcript

Key takeaways

• Caterpillar’s Q3 2026 results show strong revenue growth, healthy margins, and a solid backlog, reinforcing its 2026 sales outlook and ongoing investment in autonomous and engine production.
• Sales and revenues: $20.7 billion (up 17%
  YoY

  Year over year — compared with the same period last year.

  )
• Adjusted profit per share: $7.20 (up 45%
  YoY

  Year over year — compared with the same period last year.

  )
• Adjusted operating profit: $4.3 billion (up 38%
  YoY

  Year over year — compared with the same period last year.

  )

What happened

Caterpillar Inc. (CAT) posted its third‑quarter 2026 results, reporting sales and revenues of $20.7 billion, up 17% year‑over‑year, and an adjusted profit per share of $7.20, a 45% rise. Adjusted operating profit reached $4.3 billion with a margin of 20.6%, and the company generated free cash flow of $3.8 billion. Tariff costs were about $600 million, roughly flat from the prior year, and the company expects full‑year 2026 tariff costs of $2.2 billion. Caterpillar also announced a $3.3 billion…

Why it matters

The results confirm Caterpillar’s strong demand across Power & Energy, Construction Industries, and Resource Industries, with a record $78 billion backlog and robust order rates extending to 2029. The 17% revenue growth and 20.6% operating margin beat prior

Short-term and longer-term

Short-term. Over the next few days, traders should watch for the impact of the $600 million tariff cost on earnings and the $1.6 billion seasonal inventory drawdown, which could pressure Q4 revenue.

Longer-term. For investors, the record $78 billion backlog and strong order rates extending to 2029 reinforce Caterpillar’s long‑term growth prospects.