Double Digit Increases All Around for Caterpillar
Caterpillar Inc. posted $20.682 billion in total sales and revenue in the third quarter compared to $17.638 billion in the third quarter of 2025, a 17.3-percent year-over-year increase. The increase was primarily because of higher sales volume of $2.2 billion and favorable price realization of $663 million. Higher sales volume was mainly driven by higher sales of equipment to end users.
For the first nine months of 2026, Caterpillar totaled $58.640 in total revenue, compared to $48.456 billion in the first nine months of 2025, for an even better 21 percent.
“Our third-quarter results reflect the durability of our end markets, with strong order rates and a record backlog,” said Caterpillar chairman and CEO Joe Creed. “Our team continues to execute our strategic priorities in a dynamic environment, positioning us for a strong year while delivering long-term value for our customers and shareholders.”
Operating profit margin was 20.4 percent for the third quarter of 2026, compared with 17.3 percent for the third quarter of 2025. Adjusted operating profit margin was 20.6 percent for the third quarter of 2026, compared with 17.5 percent for the third quarter of 2025. Third-quarter 2026 profit per share was $7.13, compared with third-quarter 2025 profit per share of $4.88. Adjusted profit per share in the third quarter of 2026 was $7.20, compared with third-quarter 2025 adjusted profit per share of $4.95. For the third quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.
For the third quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the third quarter with $7.9 billion of enterprise cash. In the quarter, the company deployed $1.2 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.
All Segments Up
Sales were higher in all three of Caterpillar’s primary segments:
· Power and Energy increased by 18 percent;
· Construction Industries increased by 18 percent;
· Resource Industries rose by 15 percent.
Also, Financial Products revenues rose by 13 percent.
Operating profit for the third quarter of 2026 was $4.214 billion, an increase of $1.162 billion, or 38 percent, compared with $3.052 billion in the third quarter of 2025. The increase was primarily because of the profit impact of higher sales volume. Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries.
Power & Energy segment posted a profit of 31 percent; Construction Industries by 33 percent; Resource Industries by 14 percent and Financial Products by 29 percent.
Construction Industries increased sales by 23 percent in North America; 26 percent in Latin America, 12 percent in Europe, Africa and Middle East; and 2 percent in Asia/Pacific.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.
