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Caterpillar
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Latest analysis
Updated Nov 4, 2026
Caterpillar Q3 2026: Record $78.1B backlog and 20.4% operating margin signal sustained supercycle across all three segments
Caterpillar's Q3 2026 results mark a decisive acceleration: total sales of $20.682 billion rose 17% year-over-year, operating margin expanded 310 basis points to 20.4%, and the order backlog reached $78.1 billion — up $6.0 billion sequentially — with the largest increment in Power & Energy driven by data center and AI infrastructure demand. Power Generation sales surged 30% year-over-year in Q3, explicitly attributed to data center applications, while Resource Industries faces the only margin pressure point with tariff-driven manufacturing cost headwinds compressing segment margin to 13.5%. Full-year 2026 guidance for mid-to-high teens revenue growth is maintained, with $2.2 billion in tariff costs partially offset by $520 million in IEEPA recoveries already booked.
Tone: bullishRevenue
$67.6B
CAT 10-K · FY 2025
Employees
118,000
Revenue FY2024
$64.8B
Founded
1925
Profile
CAT 10-K Item 1 · Feb 13, 2026Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates through four reportable segments — Construction Industries, Resource Industries, Power & Energy, and Financial Products — supported by one of the largest independent global dealer networks. Cat Financial provides retail and wholesale financing and insurance services to customers and dealers worldwide.
Read filing description ↓ Collapse description ↑
With 2025 sales and revenues of $67.589 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. In 2025, the company introduced a revised strategy anchored by a new mission statement: Solving our customers' toughest challenges. The refreshed strategy establishes three profitable growth pillars: Commercial Excellence, Advanced Technology Leader, and Transform How We Work, built upon a foundation of Operational Excellence and guided by the Operating & Execution model. Construction Industries supports customers in infrastructure and building construction; Resource Industries serves mining, heavy construction, and quarry and aggregates customers; Power & Energy supports oil and gas, power generation, marine, rail and industrial applications. Financial Products, primarily conducted through Cat Financial and Caterpillar Insurance Holdings Inc., provides retail and wholesale financing alternatives to customers and dealers worldwide for Caterpillar products and services, as well as financing for power generation facilities that incorporate Caterpillar products.
Primary products
- asphalt pavers
- backhoe loaders
- cold planers
- compactors
- compact track loaders
- forestry machines
Business segments
End markets
Geographies
Named competitors
“Caterpillar products and services are sold worldwide into a variety of highly competitive markets. In all markets, we compete on the basis of product performance, customer service, quality and price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024, driven by higher sales volume partially offset by unfavorable price realization.
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