Caterpillar Reports First-Quarter 2026 Results

Rhea-AI Summary

Caterpillar (NYSE: CAT) reported first-quarter 2026 results: sales and revenues $17.4B (up 22% vs. Q1 2025) and profit per share $5.47 (adjusted $5.54). Operating profit was $3.085B and operating margin 17.7%. Enterprise operating cash flow was $1.9B; cash ended at $4.1B. The company deployed $5.7B for share repurchases and dividends in Q1.

Sales growth was driven by higher sales volume (+$2.3B) and price realization (+$426M), with substantial increases in Construction Industries and Power & Energy.

Positive

• Sales +22% to $17.4B
• Deployed $5.0B to share repurchases
• Construction Industries sales +38% ($7.161B)
• Operating profit $3.085B (+20%)

Negative

• Operating margin down 40 bps to 17.7%
• Unfavorable manufacturing costs increased by ~$710M
• Enterprise cash ended at $4.1B after heavy buybacks

News Market Reaction – CAT

+9.88% 1.5x vol

81 alerts

+9.88% News Effect

+6.4% Peak in 7 hr 17 min

+$37.53B Valuation Impact

$417.35B Market Cap

1.5x Rel. Volume

On the day this news was published, CAT gained 9.88%, reflecting a notable positive market reaction. Argus tracked a peak move of +6.4% during that session. Our momentum scanner triggered 81 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $37.53B to the company's valuation, bringing the market cap to $417.35B at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Sales & revenues: $17.4 billion Profit per share: $5.47 Adjusted EPS: $5.54 +5 more

8 metrics

Sales & revenues $17.4 billion Q1 2026, up 22% from $14.2 billion in Q1 2025

Profit per share $5.47 Q1 2026 GAAP EPS vs $4.20 in Q1 2025

Adjusted EPS $5.54 Q1 2026 adjusted profit per share vs $4.25 in Q1 2025

Operating margin 17.7% Q1 2026 operating profit margin vs 18.1% in Q1 2025

Adj. operating margin 18.0% Q1 2026 adjusted operating profit margin vs 18.3% in Q1 2025

Operating cash flow $1.9 billion Enterprise operating cash flow in Q1 2026

Capital return $5.7 billion Cash deployed Q1 2026 (5.0B repurchases, 0.7B dividends)

Operating profit $3.085 billion Q1 2026 consolidated operating profit vs $2.579B in Q1 2025

Market Reality Check

Price: $889.67 Vol: Volume 2,546,849 is 1.2x ...

normal vol

$889.67 Last Close

Volume Volume 2,546,849 is 1.2x the 20-day average of 2,130,604, signaling elevated interest ahead of the report. normal

Technical Trading above the 200-day moving average at 586.22, and only 4.17% below the 52-week high of 845.27 despite a -0.96% move pre-release.

Peers on Argus

Momentum data flagged CAT’s move as stock-specific: only peer TEX appeared in th...

1 Down

Momentum data flagged CAT’s move as stock-specific: only peer TEX appeared in the scanner, down 3.03%, while sector peers showed mixed, mostly modest moves outside the scanner.

Historical Context

5 past events · Latest: Apr 16 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 16	Earnings scheduling	Neutral	+0.3%	Set timing and access details for Q1 2026 earnings release and call.
Apr 08	Management change	Neutral	+2.0%	Announced CFO retirement and internal successor with long Caterpillar tenure.
Apr 08	Dividend declaration	Positive	+6.5%	Maintained $1.51 quarterly dividend and highlighted long dividend growth streak.
Apr 01	PPA and guidance	Positive	+3.1%	Highlighted 5‑year 120 MW PPA and updated Q1–Q2 2026 financial guidance.
Mar 20	Thematic article	Neutral	-1.1%	Featured in commentary on companies tied to a U.S. rare‑earth revival.

Pattern Detected

Recent CAT headlines—dividends, leadership changes, and thematic mentions—have mostly seen price moves align with the news tone, with only one notable divergence on a neutral commentary piece.

Recent Company History

Over the past six weeks, CAT has reported several notable developments. An Apr 16 earnings-date notice and an Apr 8 CFO transition update both saw modest positive price reactions, while maintaining a $1.51 quarterly dividend on Apr 8 coincided with a stronger +6.51% move. A power purchase agreement story on Apr 1 and a rare‑earths market commentary on Mar 20 also influenced trading. Against this backdrop, the current strong Q1 2026 results extend a pattern of constructive fundamental news.

Market Pulse Summary

The stock moved +9.9% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +9.9% in the session following this news. A strong positive reaction aligns with the robust Q1 fundamentals: sales and revenues rose 22% to $17.4 billion, while GAAP EPS climbed to $5.47 and adjusted EPS to $5.54. The company also returned $5.7 billion via buybacks and dividends. Historically, CAT’s stock has often responded constructively to shareholder-friendly actions like dividend stability. However, slightly lower operating margins, tariff-driven cost pressure, and recent insider net selling could temper how long such strength persists.

Key Terms

non-gaap financial measures, operating profit margin, adjusted operating profit margin, enterprise operating cash flow, +4 more

8 terms

non-gaap financial measures financial

"Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

operating profit margin financial

"Operating profit margin was 17.7% for the first quarter of 2026"

Operating profit margin measures the percentage of a company's revenue that remains after paying the regular costs of running the business (like wages, rent, and materials) but before interest and taxes. It shows how efficiently sales are converted into core profit, so investors can compare operational performance across companies or track trends over time; a higher margin generally means more cushion for downturns and more room to reinvest.

adjusted operating profit margin financial

"Adjusted operating profit margin was 18.0% for the first quarter of 2026"

Adjusted operating profit margin measures the share of each dollar of sales a company keeps from its core business after removing the effects of one-time or non-recurring items (for example, unusual charges or gains). It matters to investors because it shows the underlying efficiency and profitability of ongoing operations—like checking a car’s fuel efficiency after excluding rare detours—making results easier to compare across periods and companies.

enterprise operating cash flow financial

"For the first quarter of 2026, enterprise operating cash flow was $1.9 billion"

Cash generated by a company’s core business activities after accounting for everyday operating receipts and payments, measured at the whole-company (enterprise) level rather than for a single division. It shows the real cash a business produces from selling goods or services—like the household cash left after paying monthly bills—and matters to investors because it indicates whether a company can fund operations, pay creditors and dividends, and reinvest without relying on outside financing.

effective tax rate financial

"The effective tax rate for the first quarter of 2026 was 20.9%"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

segment profit margin financial

"Segment Profit Margin | | 20.6 % | | 22.3 %"

Segment profit margin is the share of revenue a specific business unit or product line keeps as profit after the costs directly tied to that unit are paid. Like checking how much each shop in a retail chain earns relative to its sales, it shows which parts of a company are most efficient or costly, helping investors judge where growth, cuts or capital should be focused.

total return swap contracts financial

"driven by favorable impacts from foreign currency, total return swap contracts and commodity hedges"

A total return swap is a contract where one party receives all the economic benefits of an asset (price gains or losses plus income like dividends), while the other party receives a regular financing payment or interest. Think of it like renting the returns of a stock or bond: the receiver gets the upside and downside without owning the asset, and the payer gets steady cash in exchange. Investors care because these swaps let institutions gain or hedge exposure, add leverage, and shift risk and apparent ownership without buying the underlying security directly.

commodity hedges financial

"driven by favorable impacts from foreign currency, total return swap contracts and commodity hedges"

Agreements or financial contracts used by companies to lock in prices for raw materials or fuels they buy or sell, protecting them from sudden swings in commodity costs. For investors, these hedges act like an insurance policy: they reduce earnings volatility and help forecast profitability by smoothing out the impact of unpredictable commodity price moves, though they can also limit upside if market prices move favorably.

AI-generated analysis. Not financial advice.

• First-quarter 2026 sales and revenues increased 22% to $17.4 billion
• First-quarter 2026 profit per share of $5.47; adjusted profit per share of $5.54   
• Deployed $5.7 billion of cash for share repurchases and dividends in the first quarter

		First Quarter
($ in billions except profit per share)		2026	2025
Sales and Revenues		$17.4	$14.2
Profit Per Share		$5.47	$4.20
Adjusted Profit Per Share		$5.54	$4.25

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

  IRVING, Texas, April 30, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced first-quarter 2026 results.

"Our team delivered a strong start to the year, driven by resilient end markets and disciplined execution in a dynamic operating environment," said Caterpillar Chairman and CEO Joe Creed. "Solid sales and revenues growth, combined with robust order activity, demonstrate the strength of our business and our focus on solving our customers' toughest challenges. A record backlog provides a strong foundation for continued positive momentum."

Sales and revenues for the first quarter of 2026 were $17.4 billion, a 22% increase compared with $14.2 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million.

Operating profit margin was 17.7% for the first quarter of 2026, compared with 18.1% for the first quarter of 2025. Adjusted operating profit margin was 18.0% for the first quarter of 2026, compared with 18.3% for the first quarter of 2025. First-quarter 2026 profit per share was $5.47, compared with first-quarter 2025 profit per share of $4.20. Adjusted profit per share in the first quarter of 2026 was $5.54, compared with first-quarter 2025 adjusted profit per share of $4.25. For the first quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the first quarter of 2026, enterprise operating cash flow was $1.9 billion, and the company ended the first quarter with $4.1 billion of enterprise cash. In the quarter, the company deployed $5.0 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison
First Quarter 2026 vs. First Quarter 2025 

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.  

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees.

Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22%, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.

Sales were higher across the three primary segments.

Sales and Revenues by Segment
(Millions of dollars)	First Quarter 2025		Sales Volume		Price Realization		Currency		Inter- Segment / Other		First Quarter 2026		$ Change		% Change
Power & Energy	$     5,783		$       840		$       108		$       111		$       189		$     7,031		$     1,248		22 %
Construction Industries	5,184		1,459		356		143		19		7,161		1,977		38 %
Resource Industries	3,661		85		(39)		78		12		3,797		136		4 %
All Other Segment	70		1		—		—		6		77		7		10 %
Corporate Items and Eliminations	(1,320)		(67)		1		19		(226)		(1,593)		(273)
Machinery, Power & Energy	13,378		2,318		426		351		—		16,473		3,095		23 %
Financial Products Segment	1,007		—		—		—		89		1,096		89		9 %
Corporate Items and Eliminations	(136)		—		—		—		(18)		(154)		(18)
Financial Products Revenues	871		—		—		—		71		942		71		8 %
Consolidated Sales and Revenues	$    14,249		$     2,318		$       426		$       351		$        71		$    17,415		$     3,166		22 %

 

Sales and Revenues by Geographic Region
	North America				Latin America				EAME				Asia/Pacific				External Sales and Revenues				Inter-Segment				Total Sales and Revenues
(Millions of dollars)	$		% Chg		$		% Chg		$		% Chg		$		% Chg		$		% Chg		$		% Chg		$		% Chg
First Quarter 2026
Power & Energy	$ 3,500		33 %		$  278		(15 %)		$ 1,141		11 %		$  794		17 %		$ 5,713		23 %		$ 1,318		17 %		$ 7,031		22 %
Construction Industries	4,292		48 %		650		29 %		1,199		38 %		961		11 %		7,102		38 %		59		48 %		7,161		38 %
Resource Industries	1,836		14 %		572		(6 %)		560		10 %		742		(14 %)		3,710		3 %		87		16 %		3,797		4 %
All Other Segment	7		(13 %)		—		— %		3		200 %		2		— %		12		9 %		65		10 %		77		10 %
Corporate Items and Eliminations	(55)				—				(4)				(5)				(64)				(1,529)				(1,593)
Machinery, Power & Energy	9,580		34 %		1,500		5 %		2,899		21 %		2,494		4 %		16,473		23 %		—		— %		16,473		23 %
Financial Products Segment	741		9 %		111		12 %		133		9 %		111		7 %		1,096		9 %		—		— %		1,096		9 %
Corporate Items and Eliminations	(91)				(19)				(24)				(20)				(154)				—				(154)
Financial Products Revenues	650		8 %		92		15 %		109		6 %		91		6 %		942		8 %		—		— %		942		8 %
Consolidated Sales and Revenues	$ 10,230		32 %		$ 1,592		5 %		$ 3,008		20 %		$ 2,585		4 %		$ 17,415		22 %		$   —		— %		$ 17,415		22 %
First Quarter 2025
Power & Energy	$ 2,625				$  326				$ 1,026				$  677				$ 4,654				$ 1,129				$ 5,783
Construction Industries	2,904				504				867				869				5,144				40				5,184
Resource Industries	1,610				606				510				860				3,586				75				3,661
All Other Segment	8				—				1				2				11				59				70
Corporate Items and Eliminations	(11)				(1)				(1)				(4)				(17)				(1,303)				(1,320)
Machinery, Power & Energy	7,136				1,435				2,403				2,404				13,378				—				13,378
Financial Products Segment	682				99				122				104				1,007				—				1,007
Corporate Items and Eliminations	(80)				(19)				(19)				(18)				(136)				—				(136)
Financial Products Revenues	602				80				103				86				871				—				871
Consolidated Sales and Revenues	$ 7,738				$ 1,515				$ 2,506				$ 2,490				$ 14,249				$   —				$ 14,249

Consolidated Operating Profit

Consolidated Operating Profit Comparison
First Quarter 2026 vs. First Quarter 2025 

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.  

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy's other operating (income) expenses.

Operating profit for the first quarter of 2026 was $3.085 billion, an increase of $506 million, or 20%, compared with $2.579 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.

Profit (Loss) by Segment
(Millions of dollars)	First Quarter 2026		First Quarter 2025		$ Change		%  Change
Power & Energy	$           1,450		$           1,288		$             162		13 %
Construction Industries	1,535		1,024		511		50 %
Resource Industries	378		623		(245)		(39 %)
All Other Segment	(43)		(19)		(24)		(126 %)
Corporate Items and Eliminations	(321)		(401)		80
Machinery, Power & Energy	2,999		2,515		484		19 %
Financial Products Segment	245		215		30		14 %
Corporate Items and Eliminations	(8)		(14)		6
Financial Products	237		201		36		18 %
Consolidating Adjustments	(151)		(137)		(14)
Consolidated Operating Profit	$           3,085		$           2,579		$             506		20 %

Other Profit/Loss and Tax Items

• Other income (expense) in the first quarter of 2026 was income of $260 million, compared with income of $107 million in the first quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and commodity hedges.
  
  
• The effective tax rate for the first quarter of 2026 was 20.9% compared to 22.3% for the first quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was 23.0% for the first quarter of 2026 and 2025.
  
  A discrete tax benefit of $68 million was recorded in the first quarter of 2026, compared with a $17 million benefit in the first quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
  
  Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

POWER & ENERGY
(Millions of dollars)
Segment Sales
		First Quarter 2025		Sales Volume		Price Realization		Currency		Inter- Segment		First Quarter 2026		$  Change		%  Change
Total Sales		$     5,783		$       840		$     108		$       111		$        189		$       7,031		$  1,248		22 %
Sales by Application
		First Quarter 2026		First Quarter 2025		$ Change		% Change
Power Generation		$     2,817		$     1,996		$     821		41 %
Oil and Gas		1,423		1,258		165		13 %
Industrial		1,473		1,400		73		5 %
External Sales		5,713		4,654		1,059		23 %
Inter-segment		1,318		1,129		189		17 %
Total Sales		$     7,031		$     5,783		$   1,248		22 %
Segment Profit
		First Quarter 2026		First Quarter 2025		Change		% Change
Segment Profit		$     1,450		$     1,288		$     162		13 %
Segment Profit Margin		20.6 %		22.3 %		(1.7 pts)

Power & Energy's total sales were $7.031 billion in the first quarter of 2026, an increase of $1.248 billion, or 22%, compared with $5.783 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $840 million and higher inter-segment sales of $189 million.

• Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily data center applications.
• Oil and Gas –  Sales increased in reciprocating engines used in gas compression applications. Sales also increased in turbines and turbine-related services.
• Industrial –  Sales increased primarily in EAME and Asia/Pacific.

Power & Energy's segment profit was $1.450 billion in the first quarter of 2026, an increase of $162 million, or 13%, compared with $1.288 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435 million and favorable price realization of $108 million, partially offset by unfavorable manufacturing costs of $346 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariff costs.

CONSTRUCTION INDUSTRIES
(Millions of dollars)
Segment Sales
		First Quarter 2025		Sales Volume		Price Realization		Currency		Inter- Segment		First Quarter 2026		$  Change		%  Change
Total Sales		$     5,184		$     1,459		$     356		$       143		$          19		$       7,161		$  1,977		38 %
Sales by Geographic Region
		First Quarter 2026		First Quarter 2025		$ Change		% Change
North America		$     4,292		$     2,904		$   1,388		48 %
Latin America		650		504		146		29 %
EAME		1,199		867		332		38 %
Asia/Pacific		961		869		92		11 %
External Sales		7,102		5,144		1,958		38 %
Inter-segment		59		40		19		48 %
Total Sales		$     7,161		$     5,184		$   1,977		38 %
Segment Profit
		First Quarter 2026		First Quarter 2025		Change		% Change
Segment Profit		$     1,535		$     1,024		$     511		50 %
Segment Profit Margin		21.4 %		19.8 %		1.6 pts

Construction Industries' total sales were $7.161 billion in the first quarter of 2026, an increase of $1.977 billion, or 38%, compared with $5.184 billion in the first quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.5 billion and favorable price realization of $356 million. Higher sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the first quarter of 2026, compared with a slight decrease during the first quarter of 2025.

• In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories.
• Sales increased in Latin America mainly due to higher sales volume and favorable currency impacts primarily related to the Brazilian real. Higher sales volume was mainly driven by the impact from changes in dealer inventories.
• In EAME, sales increased primarily due to higher sales volume and favorable currency impacts mainly related to the euro. Higher sales volume was primarily driven by the impact from changes in dealer inventories.
• Sales increased in Asia/Pacific mainly due to favorable price realization and favorable currency impacts primarily related to the Australian dollar. 

Construction Industries' segment profit was $1.535 billion in the first quarter of 2026, an increase of $511 million, or 50%, compared with $1.024 billion in the first quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $505 million and favorable price realization of $356 million, partially offset by unfavorable manufacturing costs of $362 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.

RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
		First Quarter 2025		Sales Volume		Price Realization		Currency		Inter- Segment		First Quarter 2026		$  Change		%  Change
Total Sales		$     3,661		$        85		$     (39)		$        78		$          12		$       3,797		$    136		4 %
Sales by Industry
		First Quarter 2026		First Quarter 2025		$ Change		% Change
Mining, HC and Q&A*		$     2,954		$     2,842		$     112		4 %
Rail		756		744		12		2 %
External Sales		3,710		3,586		124		3 %
Inter-segment		87		75		12		16 %
Total Sales		$     3,797		$     3,661		$     136		4 %
*Heavy Construction and Quarry & Aggregates (HC and Q&A)
Segment Profit
		First Quarter 2026		First Quarter 2025		Change		% Change
Segment Profit		$       378		$       623		$    (245)		(39 %)
Segment Profit Margin		10.0 %		17.0 %		(7.0 pts)

Resource Industries' total sales were $3.797 billion in the first quarter of 2026, an increase of $136 million, or 4%, compared with $3.661 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $85 million and favorable currency impacts of $78 million mainly related to the Australian dollar. Higher sales volume was primarily driven by higher sales of equipment to end users.

• Mining, Heavy Construction and Quarry & Aggregates – Sales increased primarily due to higher sales of equipment to end users in Mining.
• Rail – Sales increased in rail services.

Resource Industries' segment profit was $378 million in the first quarter of 2026, a decrease of $245 million, or 39%, compared with $623 million in the first quarter of 2025. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.

FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
		First Quarter 2026		First Quarter 2025		$ Change		% Change
North America		$        741		$        682		$          59		9 %
Latin America		111		99		12		12 %
EAME		133		122		11		9 %
Asia/Pacific		111		104		7		7 %
Total Revenues		$       1,096		$       1,007		$          89		9 %
Segment Profit
		First Quarter 2026		First Quarter 2025		Change		% Change
Segment Profit		$        245		$        215		$          30		14 %

Financial Products' segment revenues were $1.096 billion in the first quarter of 2026, an increase of $89 million, or 9%, compared with $1.007 billion in the first quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets across all regions.

Financial Products' segment profit was $245 million in the first quarter of 2026, an increase of $30 million, or 14%, compared with $215 million in the first quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $40 million and a favorable impact from higher margins at Insurance Services of $9 million, partially offset by higher SG&A expenses of $22 million.

At the end of the first quarter of 2026, past dues at Cat Financial were 1.39%, compared with 1.58% at the end of the first quarter of 2025. Write-offs, net of recoveries, were $29 million for the first quarter of 2026, compared with $20 million for the first quarter of 2025. As of March 31, 2026, Cat Financial's allowance for credit losses totaled $283 million, or 0.86% of finance receivables, compared with $284 million, or 0.86% of finance receivables at December 31, 2025.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $329 million in the first quarter of 2026, a decrease of $86 million from the first quarter of 2025, primarily driven by favorable impacts of segment reporting methodology differences and decreased expenses due to timing differences, partially offset by higher corporate costs and an unfavorable change in fair value adjustments related to deferred compensation plans.

Notes

i.   Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Apr. 30, 2026.
iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.
iv. Some amounts within this report are rounded to the millions or billions and may not add.
v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Apr. 30, 2026, to discuss its 2026 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx. 

About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at caterpillar.com.

Caterpillar's latest financial results are also available online:

https://investors.caterpillar.com/overview/default.aspx

https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2026, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

(Dollars in millions except per share data)		Operating Profit		Operating Profit Margin		Profit Before Taxes		Provision (Benefit) for Income Taxes			Profit		Profit per Share
Three Months Ended March 31, 2026 - U.S. GAAP		$       3,085		17.7 %		$       3,211		$        670			$       2,549		$        5.47
Restructuring costs		41		0.3 %		41		9			32		0.07
Three Months Ended March 31, 2026 - Adjusted		$       3,126		18.0 %		$       3,252		$        679			$       2,581		$        5.54
Three Months Ended March 31, 2025 - U.S. GAAP		$       2,579		18.1 %		$       2,570		$        574			$       2,003		$        4.20
Restructuring costs		32		0.2 %		33		8			25		0.05
Three Months Ended March 31, 2025 - Adjusted		$       2,611		18.3 %		$       2,603		$        582			$       2,028		$        4.25

The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended March 31, 2026 and 2025, this item consists of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:

(Dollars in millions)		Profit Before Taxes		Provision (Benefit) for Income Taxes		Effective Tax Rate
Three Months Ended March 31, 2026 - U.S. GAAP		$       3,211		670		20.9 %
Excess stock-based compensation		—		68
Annual effective tax rate, excluding discrete items		$       3,211		$        738		23.0 %
Excess stock-based compensation		—		(68)
Restructuring costs		41		9
Three Months Ended March 31, 2026 - Adjusted		$       3,252		$        679
Three Months Ended March 31, 2025 - U.S. GAAP		$       2,570		$        574		22.3 %
Excess stock-based compensation		—		17
Annual effective tax rate, excluding discrete items		$       2,570		$        591		23.0 %
Excess stock-based compensation		—		(17)
Restructuring costs		33		8
Three Months Ended March 31, 2025 - Adjusted		$       2,603		$        582

Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.

The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 15 to 23 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.

Caterpillar Inc. Condensed Consolidated Statement of Results of Operations (Unaudited) (Dollars in millions except per share data)
	Three Months Ended March 31,
	2026		2025
Sales and revenues:
Sales of Machinery, Power & Energy	$    16,473		$   13,378
Revenues of Financial Products	942		871
Total sales and revenues	17,415		14,249
Operating costs:
Cost of goods sold	11,306		8,965
Selling, general and administrative expenses	1,816		1,593
Research and development expenses	537		480
Interest expense of Financial Products	345		326
Other operating (income) expenses	326		306
Total operating costs	14,330		11,670
Operating profit	3,085		2,579
Interest expense excluding Financial Products	134		116
Other income (expense)	260		107
Consolidated profit before taxes	3,211		2,570
Provision (benefit) for income taxes	670		574
Profit of consolidated companies	2,541		1,996
Equity in profit (loss) of unconsolidated affiliated companies	7		7
Profit of consolidated and affiliated companies	2,548		2,003
Less: Profit (loss) attributable to noncontrolling interests	(1)		—
Profit 1	$      2,549		$     2,003
Profit per common share	$       5.50		$      4.22
Profit per common share — diluted 2	$       5.47		$      4.20
Weighted-average common shares outstanding (millions)
– Basic	463.4		474.9
– Diluted 2	465.8		477.1

1	Profit attributable to common shareholders.
2	Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

Caterpillar Inc. Condensed Consolidated Statement of Financial Position (Unaudited) (Millions of dollars)
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$              4,072		$              9,980
Receivables – trade and other	11,447		10,920
Receivables – finance	10,443		10,649
Prepaid expenses and other current assets	2,980		2,801
Inventories	19,626		18,135
Total current assets	48,568		52,485
Property, plant and equipment – net	15,249		15,140
Long-term receivables – trade and other	2,490		2,142
Long-term receivables – finance	14,341		14,272
Noncurrent deferred and refundable income taxes	2,419		2,882
Intangible assets	419		241
Goodwill	5,865		5,321
Other assets	6,199		6,102
Total assets	$            95,550		$            98,585
Liabilities
Current liabilities:
Short-term borrowings:
-- Financial Products	$              4,729		$              5,514
Accounts payable	9,641		8,968
Accrued expenses	5,454		5,587
Accrued wages, salaries and employee benefits	1,434		2,554
Customer advances	4,382		3,314
Dividends payable	—		703
Other current liabilities	2,567		2,798
Long-term debt due within one year:
-- Machinery, Power & Energy	35		35
-- Financial Products	7,660		7,085
Total current liabilities	35,902		36,558
Long-term debt due after one year:
-- Machinery, Power & Energy	10,671		10,678
-- Financial Products	19,971		20,018
Liability for postemployment benefits	3,659		3,838
Other liabilities	6,687		6,175
Total liabilities	76,890		77,267
Shareholders' equity
Common stock	5,852		7,181
Treasury stock	(53,307)		(49,539)
Profit employed in the business	67,997		65,448
Accumulated other comprehensive income (loss)	(1,881)		(1,772)
Noncontrolling interests	(1)		—
Total shareholders' equity	18,660		21,318
Total liabilities and shareholders' equity	$            95,550		$            98,585

 

Caterpillar Inc. Condensed Consolidated Statement of Cash Flow (Unaudited) (Millions of dollars)
	Three Months Ended March 31,
	2026		2025
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$         2,548		$         2,003
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	595		540
Provision (benefit) for deferred income taxes	534		(38)
Other	68		78
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(801)		155
Inventories	(1,501)		(990)
Accounts payable	938		401
Accrued expenses	(202)		(198)
Accrued wages, salaries and employee benefits	(1,123)		(1,144)
Customer advances	1,328		713
Other assets – net	(184)		69
Other liabilities – net	(330)		(300)
Net cash provided by (used for) operating activities	1,870		1,289
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(728)		(710)
Expenditures for equipment leased to others	(323)		(208)
Proceeds from disposals of leased assets and property, plant and equipment	191		149
Additions to finance receivables	(3,890)		(3,209)
Collections of finance receivables	3,876		3,049
Proceeds from sale of finance receivables	13		7
Investments and acquisitions (net of cash acquired)	(788)		(2)
Proceeds from sale of businesses and investments (net of cash sold)	—		12
Proceeds from maturities and sale of securities	361		923
Investments in securities	(467)		(177)
Other – net	(20)		(9)
Net cash provided by (used for) investing activities	(1,775)		(175)
Cash flow from financing activities:
Dividends paid	(703)		(674)
Common stock issued, and other stock compensation transactions, net	(97)		(64)
Payments to purchase common stock	(5,028)		(3,660)
Proceeds from debt issued (original maturities greater than three months)	3,908		2,633
Payments on debt (original maturities greater than three months)	(3,222)		(1,797)
Short-term borrowings – net (original maturities three months or less)	(808)		(934)
Net cash provided by (used for) financing activities	(5,950)		(4,496)
Effect of exchange rate changes on cash	(55)		54
Increase (decrease) in cash, cash equivalents and restricted cash	(5,910)		(3,328)
Cash, cash equivalents and restricted cash at beginning of period	9,986		6,896
Cash, cash equivalents and restricted cash at end of period	$         4,076		$         3,568

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

   

Caterpillar Inc. Supplemental Data for Results of Operations For the Three Months Ended March 31, 2026 (Unaudited) (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$            16,473		$                   16,473		$                   —		$                    —
Revenues of Financial Products	942		—		1,143		(201)	1
Total sales and revenues	17,415		16,473		1,143		(201)
Operating costs:
Cost of goods sold	11,306		11,308		—		(2)	2
Selling, general and administrative expenses	1,816		1,609		222		(15)	2
Research and development expenses	537		537		—		—
Interest expense of Financial Products	345		—		356		(11)	2
Other operating (income) expenses	326		20		328		(22)	2
Total operating costs	14,330		13,474		906		(50)
Operating profit	3,085		2,999		237		(151)
Interest expense excluding Financial Products	134		140		—		(6)	3
Other income (expense)	260		99		16		145	4
Consolidated profit before taxes	3,211		2,958		253		—
Provision (benefit) for income taxes	670		607		63		—
Profit of consolidated companies	2,541		2,351		190		—
Equity in profit (loss) of unconsolidated affiliated companies	7		7		—		—
Profit of consolidated and affiliated companies	2,548		2,358		190		—
Less: Profit (loss) attributable to noncontrolling interests	(1)		(1)		—		—
Profit 5	$              2,549		$                     2,359		$                190		$                    —

1	Elimination of Financial Products' revenues earned from MP&E.
2	Elimination of net expenses recorded between MP&E and Financial Products.
3	Elimination of interest expense recorded between Financial Products and MP&E.
4	Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.
5	Profit attributable to common shareholders.

 

Caterpillar Inc. Supplemental Data for Results of Operations For the Three Months Ended March 31, 2025 (Unaudited) (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Sales and revenues:
Sales of Machinery, Power & Energy	$            13,378		$                   13,378		$                   —		$                    —
Revenues of Financial Products	871		—		1,048		(177)	1
Total sales and revenues	14,249		13,378		1,048		(177)
Operating costs:
Cost of goods sold	8,965		8,967		—		(2)	2
Selling, general and administrative expenses	1,593		1,408		196		(11)	2
Research and development expenses	480		480		—		—
Interest expense of Financial Products	326		—		326		—
Other operating (income) expenses	306		8		325		(27)	2
Total operating costs	11,670		10,863		847		(40)
Operating profit	2,579		2,515		201		(137)
Interest expense excluding Financial Products	116		119		—		(3)
Other income (expense)	107		(45)		18		134	3
Consolidated profit before taxes	2,570		2,351		219		—
Provision (benefit) for income taxes	574		520		54		—
Profit of consolidated companies	1,996		1,831		165		—
Equity in profit (loss) of unconsolidated affiliated companies	7		7		—		—
Profit of consolidated and affiliated companies	2,003		1,838		165		—
Less: Profit (loss) attributable to noncontrolling interests	—		—		—		—
Profit 4	$              2,003		$                     1,838		$                165		$                    —

1	Elimination of Financial Products' revenues earned from MP&E.
2	Elimination of net expenses recorded between MP&E and Financial Products.
3	Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.
4	Profit attributable to common shareholders.

 

Caterpillar Inc. Supplemental Data for Financial Position At March 31, 2026 (Unaudited) (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents	$               4,072		$                   3,316		$                  756		$                    —
Receivables – trade and other	11,447		4,515		624		6,308	1,2
Receivables – finance	10,443		—		17,014		(6,571)	2
Prepaid expenses and other current assets	2,980		2,614		446		(80)	3
Inventories	19,626		19,626		—		—
Total current assets	48,568		30,071		18,840		(343)
Property, plant and equipment – net	15,249		11,078		4,124		47	4
Long-term receivables – trade and other	2,490		2,323		117		50	1,2
Long-term receivables – finance	14,341		—		15,671		(1,330)	2
Noncurrent deferred and refundable income taxes	2,419		2,728		129		(438)	5
Intangible assets	419		419		—		—
Goodwill	5,865		5,865		—		—
Other assets	6,199		4,562		2,706		(1,069)	6
Total assets	$             95,550		$                  57,046		$             41,587		$             (3,083)
Liabilities
Current liabilities:
Short-term borrowings	$               4,729		$                        —		$               4,729		$                    —
Accounts payable	9,641		9,590		310		(259)	7
Accrued expenses	5,454		4,764		690		—
Accrued wages, salaries and employee benefits	1,434		1,399		35		—
Customer advances	4,382		4,379		3		—
Dividends payable	—		—		—		—
Other current liabilities	2,567		2,004		659		(96)	5,8
Long-term debt due within one year	7,695		35		7,660		—
Total current liabilities	35,902		22,171		14,086		(355)
Long-term debt due after one year	30,642		10,956		20,971		(1,285)	9
Liability for postemployment benefits	3,659		3,659		—		—
Other liabilities	6,687		5,662		1,525		(500)	5
Total liabilities	76,890		42,448		36,582		(2,140)
Shareholders' equity
Common stock	5,852		5,852		905		(905)	10
Treasury stock	(53,307)		(53,307)		—		—
Profit employed in the business	67,997		62,977		4,989		31	10
Accumulated other comprehensive income (loss)	(1,881)		(925)		(955)		(1)	10
Noncontrolling interests	(1)		1		66		(68)	10
Total shareholders' equity	18,660		14,598		5,005		(943)
Total liabilities and shareholders' equity	$             95,550		$                  57,046		$             41,587		$             (3,083)

1	Elimination of receivables between MP&E and Financial Products.
2	Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.
3	Elimination of MP&E's insurance premiums that are prepaid to Financial Products.
4	Reclassification of Financial Products' other assets to property, plant and equipment.
5	Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
6	Elimination of other intercompany assets and liabilities between MP&E and Financial Products.
7	Elimination of payables between MP&E and Financial Products.
8	Elimination of prepaid insurance in Financial Products' other liabilities.
9	Elimination of debt between MP&E and Financial Products.
10	Eliminations associated with MP&E's investments in Financial Products' subsidiaries.

 

Caterpillar Inc. Supplemental Data for Financial Position At December 31, 2025 (Unaudited) (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Assets
Current assets:
Cash and cash equivalents	$              9,980		$                   9,333		$                 647		$                     —
Receivables – trade and other	10,920		3,883		657		6,380	1,2
Receivables – finance	10,649		—		17,325		(6,676)	2
Prepaid expenses and other current assets	2,801		2,448		441		(88)	3
Inventories	18,135		18,135		—		—
Total current assets	52,485		33,799		19,070		(384)
Property, plant and equipment – net	15,140		10,985		4,106		49	4
Long-term receivables – trade and other	2,142		1,982		163		(3)	1,2
Long-term receivables – finance	14,272		—		15,538		(1,266)	2
Noncurrent deferred and refundable income taxes	2,882		3,208		133		(459)	5
Intangible assets	241		241		—		—
Goodwill	5,321		5,321		—		—
Other assets	6,102		4,525		2,651		(1,074)	6
Total assets	$             98,585		$                  60,061		$            41,661		$               (3,137)
Liabilities
Current liabilities:
Short-term borrowings	$              5,514		$                        —		$              5,514		$                     —
Accounts payable	8,968		8,988		268		(288)	7
Accrued expenses	5,587		4,877		710		—
Accrued wages, salaries and employee benefits	2,554		2,494		60		—
Customer advances	3,314		3,311		3		—
Dividends payable	703		703		—		—
Other current liabilities	2,798		2,259		645		(106)	5,8
Long-term debt due within one year	7,120		35		7,085		—
Total current liabilities	36,558		22,667		14,285		(394)
Long-term debt due after one year	30,696		10,955		21,018		(1,277)	9
Liability for postemployment benefits	3,838		3,837		1		—
Other liabilities	6,175		5,162		1,516		(503)	5
Total liabilities	77,267		42,621		36,820		(2,174)
Shareholders' equity
Common stock	7,181		7,181		905		(905)	10
Treasury stock	(49,539)		(49,539)		—		—
Profit employed in the business	65,448		60,639		4,799		10	10
Accumulated other comprehensive income (loss)	(1,772)		(843)		(929)		—
Noncontrolling interests	—		2		66		(68)	10
Total shareholders' equity	21,318		17,440		4,841		(963)
Total liabilities and shareholders' equity	$             98,585		$                  60,061		$            41,661		$               (3,137)

1	Elimination of receivables between MP&E and Financial Products.
2	Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.
3	Elimination of MP&E's insurance premiums that are prepaid to Financial Products.
4	Reclassification of Financial Products' other assets to property, plant and equipment.
5	Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.
6	Elimination of other intercompany assets and liabilities between MP&E and Financial Products.
7	Elimination of payables between MP&E and Financial Products.
8	Elimination of prepaid insurance in Financial Products' other liabilities.
9	Elimination of debt between MP&E and Financial Products.
10	Eliminations associated with MP&E's investments in Financial Products' subsidiaries.

 

Caterpillar Inc. Supplemental Data for Cash Flow For the Three Months Ended March 31, 2026 (Unaudited) (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$                      2,548		$                      2,358		$                         190		$                            —
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	595		396		199		—
Provision (benefit) for deferred income taxes	534		550		(16)		—
Other	68		4		(96)		160	1
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	(801)		(817)		(2)		18	1,2
Inventories	(1,501)		(1,501)		—		—
Accounts payable	938		864		45		29	1
Accrued expenses	(202)		(183)		(19)		—
Accrued wages, salaries and employee benefits	(1,123)		(1,098)		(25)		—
Customer advances	1,328		1,328		—		—
Other assets – net	(184)		(183)		11		(12)	1
Other liabilities – net	(330)		(416)		59		27	1
Net cash provided by (used for) operating activities	1,870		1,302		346		222
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(728)		(719)		(10)		1	1
Expenditures for equipment leased to others	(323)		(4)		(320)		1	1
Proceeds from disposals of leased assets and property, plant and equipment	191		22		171		(2)	1
Additions to finance receivables	(3,890)		—		(4,452)		562	2
Collections of finance receivables	3,876		—		4,443		(567)	2
Net intercompany purchased receivables	—		—		217		(217)	2
Proceeds from sale of finance receivables	13		—		13		—
Collections of intercompany receivables (original maturities greater than three months)	—		—		26		(26)	3
Investments and acquisitions (net of cash acquired)	(788)		(788)		—		—
Proceeds from maturities and sale of securities	361		219		142		—
Investments in securities	(467)		(213)		(254)		—
Other – net	(20)		91		(111)		—
Net cash provided by (used for) investing activities	(1,775)		(1,392)		(135)		(248)
Cash flow from financing activities:
Dividends paid	(703)		(703)		—		—
Common stock issued, and other stock compensation transactions, net	(97)		(97)		—		—
Payments to purchase common stock	(5,028)		(5,028)		—		—
Payments on intercompany borrowings (original maturities greater than three months)	—		(26)		—		26	3
Proceeds from debt issued (original maturities greater than three months)	3,908		—		3,908		—
Payments on debt (original maturities greater than three months)	(3,222)		(10)		(3,212)		—
Short-term borrowings – net (original maturities three months or less)	(808)		—		(808)		—
Net cash provided by (used for) financing activities	(5,950)		(5,864)		(112)		26
Effect of exchange rate changes on cash	(55)		(64)		9		—
Increase (decrease) in cash, cash equivalents and restricted cash	(5,910)		(6,018)		108		—
Cash, cash equivalents and restricted cash at beginning of period	9,986		9,336		650		—
Cash, cash equivalents and restricted cash at end of period	$                      4,076		$                      3,318		$                         758		$                            —

1	Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2	Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3	Elimination of proceeds and payments to/from MP&E and Financial Products.

 

Caterpillar Inc. Supplemental Data for Cash Flow For the Three Months Ended March 31, 2025 (Unaudited)  (Millions of dollars)
			Supplemental Consolidating Data
	Consolidated		Machinery, Power & Energy		Financial Products		Consolidating Adjustments
Cash flow from operating activities:
Profit of consolidated and affiliated companies	$                2,003		$                1,838		$                   165		$                     —
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	540		351		189		—
Provision (benefit) for deferred income taxes	(38)		(34)		(4)		—
Other	78		76		(123)		125	1
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables – trade and other	155		215		(19)		(41)	1,2
Inventories	(990)		(990)		—		—
Accounts payable	401		343		60		(2)	1
Accrued expenses	(198)		(211)		13		—
Accrued wages, salaries and employee benefits	(1,144)		(1,117)		(27)		—
Customer advances	713		713		—		—
Other assets – net	69		224		(12)		(143)	1
Other liabilities – net	(300)		(482)		55		127	1
Net cash provided by (used for) operating activities	1,289		926		297		66
Cash flow from investing activities:
Capital expenditures – excluding equipment leased to others	(710)		(700)		(11)		1	1
Expenditures for equipment leased to others	(208)		(4)		(205)		1	1
Proceeds from disposals of leased assets and property, plant and equipment	149		14		137		(2)	1
Additions to finance receivables	(3,209)		—		(3,549)		340	2
Collections of finance receivables	3,049		—		3,458		(409)	2
Net intercompany purchased receivables	—		—		(3)		3	2
Proceeds from sale of finance receivables	7		—		7		—
Collections of intercompany receivables (original maturities greater than three months)	—		—		7		(7)	3
Investments and acquisitions (net of cash acquired)	(2)		(2)		—		—
Proceeds from sale of businesses and investments (net of cash sold)	12		12		—		—
Proceeds from maturities and sale of securities	923		782		141		—
Investments in securities	(177)		(28)		(149)		—
Other – net	(9)		(44)		35		—
Net cash provided by (used for) investing activities	(175)		30		(132)		(73)
Cash flow from financing activities:
Dividends paid	(674)		(674)		—		—
Common stock issued, including treasury shares reissued	(64)		(64)		—		—
Payments to purchase common stock	(3,660)		(3,660)		—		—
Payments on intercompany borrowings (original maturities greater than three months)	—		(7)		—		7	3
Proceeds from debt issued (original maturities greater than three months)	2,633		—		2,633		—
Payments on debt (original maturities greater than three months)	(1,797)		(27)		(1,770)		—
Short-term borrowings – net (original maturities three months or less)	(934)		—		(934)		—
Net cash provided by (used for) financing activities	(4,496)		(4,432)		(71)		7
Effect of exchange rate changes on cash	54		49		5		—
Increase (decrease) in cash, cash equivalents and restricted cash	(3,328)		(3,427)		99		—
Cash, cash equivalents and restricted cash at beginning of period	6,896		6,170		726		—
Cash, cash equivalents and restricted cash at end of period	$                3,568		$                2,743		$                   825		$                     —

1	Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.
2	Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.
3	Elimination of proceeds and payments to/from MP&E and Financial Products.

 

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SOURCE Caterpillar Inc.

FAQ

What were Caterpillar's (CAT) sales and revenues in Q1 2026?

Caterpillar reported $17.4 billion in sales and revenues for Q1 2026. According to the company, this was a 22% increase versus Q1 2025, driven mainly by higher sales volume (+$2.3B) and price realization (+$426M).

How much did Caterpillar (CAT) return to shareholders in Q1 2026?

Caterpillar deployed $5.7 billion for buybacks and dividends in Q1 2026. According to the company, that includes $5.0 billion for repurchases and $0.7 billion in dividends during the quarter.

What was Caterpillar's (CAT) profit per share and operating profit in Q1 2026?

Profit per share was $5.47 and adjusted profit per share was $5.54 in Q1 2026. According to the company, consolidated operating profit was $3.085 billion, a 20% increase year-over-year.

Which Caterpillar (CAT) segments drove Q1 2026 growth?

Growth was led by Construction Industries and Power & Energy in Q1 2026. According to the company, Construction Industries sales rose 38% to $7.161B and Power & Energy sales rose 22% to $7.031B.

Did Caterpillar (CAT) report any margin or cost headwinds in Q1 2026?

Yes. Operating margin fell to 17.7% and manufacturing costs were unfavorable by about $710M. According to the company, higher tariff and compensation costs contributed to the margin pressures.