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CAT · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A record quarter with sales crossing $20 billion for the first time and operating profit up 50% on broad-based volume gains across Construction Industries, Power & Energy and Resource Industries, though GAAP results were flattered by $392 million of IEEPA tariff recoveries and a $139 million divestiture loss that adjusted metrics strip out.
Net Profit
$3,593M
up 64.9% y/y
Total Revenue
$20,543M
up 24.0% y/y
Operating Profit
$4,295M
up 50.2% y/y
Gross Profit
$7,762M
up 35.5% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Power & Energy | $8,238 · +17% |
| Construction Industries | $8,346 · +35% |
| Resource Industries | $4,648 · +20% |
| Financial Products | $962 · +7% |
| Gross Segment Sales & Revenues | $22,194 · +20.9% |
| Corp Items, Eliminations & Other (net) | -$1,651 · n/m |
| Total Revenue | $20,543 · +24.0% |
| Cost of Goods Sold | $12,781 · +18.3% |
| Gross Profit | $7,762 · +35.5% |
| SG&A | $2,018 · +19.1% |
| R&D | $616 · +11.8% |
| Interest Exp. (Fin. Products) + Other Op. Exp. | $833 · +26.7% |
| Operating Profit | $4,295 · +50.2% · 20.9% margin |
| Other Income (Non-Operating) | $263 · +212.9% |
| Profit Before Tax | $4,558 · +61.8% |
| Income Tax | $965 · +49.4% |
| Net Profit | $3,593 · +64.9% · $7.77 diluted EPS |
Verdict: a record quarter with sales crossing $20 billion for the first time and operating profit up 50% on broad-based volume gains across Construction Industries, Power & Energy and Resource Industries, though GAAP results were flattered by $392 million of IEEPA tariff recoveries and a $139 million divestiture loss that adjusted metrics strip out.
Enterprise operating cash flow $4.4B; $1.5B share repurchases + $0.7B dividends ($2.2B total shareholder returns); ended quarter with $6.7B cash.
Source and notation
* marks non-cash / ≈ estimated. Source: Caterpillar Inc. press release / 10-Q (SEC EDGAR).
Open as an image: CAT, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “CAT Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/cat/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/cat/q2-2026"><img src="https://whoreportstoday.com/t/cat/q2-2026/sankey.png" alt="CAT Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cat/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cat/q2-2026">CAT Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating profit included $392M of expected IEEPA tariff recoveries, a favorable timing item embedded in Corporate Items and Eliminations, part of the -$1,651M All Other & Corporate Eliminations offset shown netted against gross segment sales.
- GAAP EPS of $7.77 vs adjusted $8.17 — the gap reflects $139M restructuring cost from divesting non-U.S. entities and $63M other restructuring costs.
- Construction Industries was the standout, sales +35% and segment profit +57% on higher equipment volume to end users, especially North America.
- Power & Energy grew 17% driven by data-center-related demand for reciprocating engines and turbines, but segment profit growth (30%) trailed sales growth due to unfavorable manufacturing costs.
- Financial Products segment profit rose 32% on higher average earning assets and Insurance Services gains, partly offset by higher Cat Financial credit loss provisions.
- Income tax ($965M) and other income ($263M) are shown as filed in the 10-Q; the press release splits these lines differently ($1,055M and $398M, including a $90M equity-method pickup), so the figures differ slightly.
What distorts the picture in this report and what to watch beyond the headlines.
CAT — Caterpillar is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, and industrial turbines.
The company is headquartered in Deer Grove, Illinois, and operates globally.
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