10-Q · May 6, 2026
Caterpillar reported a strong first quarter of 2026 with revenues of $17.415 billion, marking a 22% increase from the previous year, along with an EPS of $5.47, up from $4.20. The company experienced notable sales…
Earnings analysis · 10-Q
CAT earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Caterpillar delivered strong year-over-year growth, with revenue of $20.682 billion, diluted EPS of $7.20 and operating margin of 20.4%. Revenue and EPS increased materially versus Q3 2025, although operating margin and…
Read full summary
Caterpillar delivered strong year-over-year growth, with revenue of $20.682 billion, diluted EPS of $7.20 and operating margin of 20.4%. Revenue and EPS increased materially versus Q3 2025, although operating margin and EPS declined sequentially from Q2 2026. The 10-Q provides no quantitative guidance and reports no material changes to previously disclosed risk factors; continued share repurchases totaled 2,174,443 shares during the quarter.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $7.2
- Operating margin
- 20.4%
What stood out
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Revenue reached $20.682 billion
Third-quarter revenue was $20.682 billion, up approximately 17.3% from $17.64 billion in Q3 2025 and approximately 0.7% from $20.54 billion in Q2 2026.
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EPS rose sharply year over year
Diluted EPS was $7.20, up approximately 47.5% from $4.88 in Q3 2025, but down approximately 7.3% from $7.77 in Q2 2026.
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Operating margin remained above 20%
Operating margin was 20.4%, up 10 basis points from 20.3% in Q3 2025 but down 230 basis points from 22.7% in Q2 2026.
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Aggressive share repurchases continued
Caterpillar repurchased 2,174,443 shares during the quarter at an average price of $832.64 per share; approximately $7.192 billion remained available under the repurchase authorization as of September 30, 2026.
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Internal controls remained effective
Management concluded that disclosure controls and procedures were effective as of the end of the period, and reported no change in internal control that materially affected or was reasonably likely to materially affect reporting.
What to watch
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Large ongoing capital deployment
The company repurchased 2,174,443 shares at an average price of $832.64, representing substantial capital deployment while approximately $7.192 billion remained available under the authorization; continued repurchases may compete with other uses of cash.
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No change to existing risk framework
The filing states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K, so previously disclosed macroeconomic, tariff, manufacturing and restructuring risks remain applicable; the filing provides no quantified mitigation or outlook update.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance, nor disclose a change versus prior outlook.
Earlier filings 4
10-K · February 13, 2026
Caterpillar reported 2025 sales of $67.589 billion and delivered a Q4 beat with revenue of $19.13 billion (actual $19.133B vs est. $17.835B) and EPS of $5.16 (actual vs est. $4.70). The company introduced a refreshed…
10-Q · August 6, 2025
Caterpillar reported Q2 (three months ended June 30, 2025) revenue of $16,569 million, slightly below prior-year $16,689 million, while diluted EPS fell to $4.62 from $5.48 as gross and operating margins compressed.…
10-Q · May 7, 2025
Caterpillar reported quarter revenue of $14,249 million, down from $15,799 million a year earlier, with diluted EPS of $4.20 versus $5.75 in Q1 2024. ME&T sales declined while Financial Products revenue grew slightly;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.