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BOK Financial Private Wealth Inc. acquired a new stake in Caterpillar Inc. (NYSE:CAT – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,081 shares of the industrial products company’s stock, valued at approximately $1,151,000.

Several other large investors have also recently added to or reduced their stakes in CAT. Stonebridge Financial Group LLC grew its stake in shares of Caterpillar by 0.7% in the second quarter. Stonebridge Financial Group LLC now owns 1,635 shares of the industrial products company’s stock valued at $1,741,000 after acquiring an additional 11 shares in the last quarter. Inspirion Wealth Advisors LLC raised its stake in Caterpillar by 1.2% in the 2nd quarter. Inspirion Wealth Advisors LLC now owns 944 shares of the industrial products company’s stock worth $936,000 after purchasing an additional 11 shares in the last quarter. Bell Bank boosted its holdings in Caterpillar by 0.6% in the 2nd quarter. Bell Bank now owns 1,865 shares of the industrial products company’s stock valued at $1,986,000 after purchasing an additional 11 shares during the period. Cornerstone Advisory LLC boosted its holdings in Caterpillar by 0.7% in the 1st quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company’s stock valued at $1,288,000 after purchasing an additional 12 shares during the period. Finally, Advisory Resource Group grew its position in shares of Caterpillar by 0.8% during the 4th quarter. Advisory Resource Group now owns 1,632 shares of the industrial products company’s stock worth $935,000 after purchasing an additional 13 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Caterpillar Trading Down 0.3% Shares of CAT opened at $797.72 on Tuesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. Caterpillar Inc. has a 52-week low of $410.52 and a 52-week high of $1,073.46. The firm has a market cap of $366.69 billion, a price-to-earnings ratio of 34.33, a PEG ratio of 1.40 and a beta of 1.60. The business’s fifty day moving average is $889.47 and its 200-day moving average is $838.20.

Caterpillar (NYSE:CAT – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, beating the consensus estimate of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The business had revenue of $20.54 billion for the quarter, compared to analyst estimates of $19.34 billion. During the same period last year, the firm posted $4.72 earnings per share. Caterpillar’s revenue was up 23.7% compared to the same quarter last year. Equities analysts anticipate that Caterpillar Inc. will post 27.14 EPS for the current fiscal year. Caterpillar Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Monday, July 20th were issued a dividend of $1.63 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Monday, July 20th. This represents a $6.52 annualized dividend and a dividend yield of 0.8%. Caterpillar’s payout ratio is presently 28.06%.

Analyst Upgrades and Downgrades CAT has been the subject of a number of analyst reports. DA Davidson lifted their price target on shares of Caterpillar from $845.00 to $882.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Citigroup increased their price target on Caterpillar from $1,020.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Rothschild & Co Redburn lifted their price objective on Caterpillar from $700.00 to $950.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Robert W. Baird set a $970.00 target price on Caterpillar in a research report on Wednesday, August 5th. Finally, Argus increased their target price on Caterpillar from $820.00 to $990.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, Caterpillar has a consensus rating of “Moderate Buy” and an average price target of $995.52.

Check Out Our Latest Research Report on CAT

Caterpillar News Roundup Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: July durable-goods orders rose 1.1%, suggesting a manufacturing rebound that could support demand for Caterpillar’s construction, mining and industrial equipment. CAT was identified as one of several industrial stocks positioned to benefit. 4 Industrial Stocks to Grab on Robust Jump in Durable Goods Orders Positive Sentiment: Erste Group Bank reportedly expects stronger earnings for Caterpillar, adding to the constructive analyst outlook surrounding the company. Erste Group Bank Predicts Stronger Earnings for Caterpillar Positive Sentiment: Caterpillar’s power-generation business is benefiting from rising electricity demand tied to data centers and artificial intelligence. Recent coverage points to a first-ever quarterly sales total above $20 billion and identifies power generation as an increasingly important growth engine. Forget the Industry Labels: Chevron and Caterpillar Are Both Betting on the AI Power Boom Positive Sentiment: The company is applying its autonomous-mining expertise to industrial AI deployment, including field-support tools such as the Cat AI Assistant. Caterpillar also committed $100 million to AI and robotics workforce training, which could improve productivity and strengthen its technology positioning. Caterpillar Commits $100 Million to AI and Robotics Training Neutral Sentiment: Wall Street’s average brokerage recommendation remains bullish, but the coverage notes that sell-side ratings are often overly optimistic and may have limited predictive value for CAT’s performance. Is Caterpillar a Buy as Wall Street Analysts Look Optimistic? Negative Sentiment: At a high earnings multiple, Caterpillar is increasingly being valued like a technology-growth company. That raises the risk of pressure on the stock if AI-related growth, power-equipment demand or earnings forecasts fail to exceed expectations. How AI Power Demand Transformed Caterpillar into a High-Multiple Tech Play Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Recommended Stories Five stocks we like better than Caterpillar Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason

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Foster & Motley Inc. acquired a new stake in shares of Caterpillar Inc. (NYSE:CAT – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,614 shares of the industrial products company’s stock, valued at approximately $13,433,000.

Other hedge funds have also recently bought and sold shares of the company. Axxcess Wealth Management LLC lifted its position in Caterpillar by 2.8% during the fourth quarter. Axxcess Wealth Management LLC now owns 22,420 shares of the industrial products company’s stock valued at $12,844,000 after buying an additional 604 shares in the last quarter. DSG Capital Advisors LLC purchased a new stake in Caterpillar during the first quarter worth approximately $1,226,000. Cornerstone Planning LLC acquired a new stake in shares of Caterpillar in the fourth quarter worth $4,517,000. RiverFront Investment Group LLC raised its stake in shares of Caterpillar by 21.1% in the 4th quarter. RiverFront Investment Group LLC now owns 8,915 shares of the industrial products company’s stock valued at $5,107,000 after acquiring an additional 1,552 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of Caterpillar by 73.6% during the 4th quarter. Larson Financial Group LLC now owns 12,915 shares of the industrial products company’s stock valued at $7,399,000 after acquiring an additional 5,476 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Key Headlines Impacting Caterpillar Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: July durable-goods orders rose 1.1%, suggesting a manufacturing rebound that could support demand for Caterpillar’s construction, mining and industrial equipment. CAT was identified as one of several industrial stocks positioned to benefit. 4 Industrial Stocks to Grab on Robust Jump in Durable Goods Orders Positive Sentiment: Erste Group Bank reportedly expects stronger earnings for Caterpillar, adding to the constructive analyst outlook surrounding the company. Erste Group Bank Predicts Stronger Earnings for Caterpillar Positive Sentiment: Caterpillar’s power-generation business is benefiting from rising electricity demand tied to data centers and artificial intelligence. Recent coverage points to a first-ever quarterly sales total above $20 billion and identifies power generation as an increasingly important growth engine. Forget the Industry Labels: Chevron and Caterpillar Are Both Betting on the AI Power Boom Positive Sentiment: The company is applying its autonomous-mining expertise to industrial AI deployment, including field-support tools such as the Cat AI Assistant. Caterpillar also committed $100 million to AI and robotics workforce training, which could improve productivity and strengthen its technology positioning. Caterpillar Commits $100 Million to AI and Robotics Training Neutral Sentiment: Wall Street’s average brokerage recommendation remains bullish, but the coverage notes that sell-side ratings are often overly optimistic and may have limited predictive value for CAT’s performance. Is Caterpillar a Buy as Wall Street Analysts Look Optimistic? Negative Sentiment: At a high earnings multiple, Caterpillar is increasingly being valued like a technology-growth company. That raises the risk of pressure on the stock if AI-related growth, power-equipment demand or earnings forecasts fail to exceed expectations. How AI Power Demand Transformed Caterpillar into a High-Multiple Tech Play Analyst Upgrades and Downgrades Several brokerages have issued reports on CAT. Zacks Research upgraded Caterpillar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Citigroup boosted their price target on Caterpillar from $1,020.00 to $1,100.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Wells Fargo & Company upped their price target on Caterpillar from $1,050.00 to $1,155.00 and gave the company an “overweight” rating in a research report on Tuesday, June 23rd. Evercore reaffirmed an “outperform” rating and issued a $1,103.00 price objective on shares of Caterpillar in a report on Monday, May 11th. Finally, Truist Financial set a $980.00 target price on shares of Caterpillar in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $995.52. Check Out Our Latest Stock Report on CAT

Caterpillar Stock Down 0.3% NYSE:CAT opened at $797.72 on Tuesday. The firm has a market capitalization of $366.69 billion, a PE ratio of 34.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.60. The stock has a 50 day moving average of $889.47 and a 200-day moving average of $838.20. Caterpillar Inc. has a 52 week low of $410.52 and a 52 week high of $1,073.46. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65.

Caterpillar (NYSE:CAT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The business had revenue of $20.54 billion for the quarter, compared to analysts’ expectations of $19.34 billion. During the same period in the prior year, the firm earned $4.72 EPS. The business’s quarterly revenue was up 23.7% on a year-over-year basis. Analysts predict that Caterpillar Inc. will post 27.14 EPS for the current year.

Caterpillar Increases Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th were given a $1.63 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, July 20th. Caterpillar’s dividend payout ratio is 28.06%.

Caterpillar Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Featured Articles Five stocks we like better than Caterpillar Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

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Cornerstone Advisors LLC acquired a new stake in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 22,557 shares of the industrial products company’s stock, valued at approximately $24,021,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Caterpillar during the 2nd quarter worth approximately $40,457,153,000. Diamant Asset Management Inc. increased its holdings in shares of Caterpillar by 68,427.2% during the 1st quarter. Diamant Asset Management Inc. now owns 3,140,603 shares of the industrial products company’s stock worth $2,224,992,000 after acquiring an additional 3,136,020 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Caterpillar in the 2nd quarter valued at $3,192,710,000. Ascentis Wealth Management LLC lifted its holdings in Caterpillar by 110,539.0% during the 2nd quarter. Ascentis Wealth Management LLC now owns 2,518,143 shares of the industrial products company’s stock valued at $2,711,772,000 after purchasing an additional 2,515,867 shares during the last quarter. Finally, Capital International Investors acquired a new stake in shares of Caterpillar during the 4th quarter worth about $1,225,317,000. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Down 0.0% Shares of NYSE CAT opened at $800.11 on Monday. The business has a 50-day simple moving average of $893.92 and a two-hundred day simple moving average of $837.81. The company has a market cap of $367.79 billion, a P/E ratio of 34.43, a P/E/G ratio of 1.40 and a beta of 1.60. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 1.65. Caterpillar Inc. has a 52 week low of $410.52 and a 52 week high of $1,073.46.

Caterpillar (NYSE:CAT – Get Free Report) last issued its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $1.95. The business had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.Caterpillar’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.72 earnings per share. Research analysts anticipate that Caterpillar Inc. will post 27.14 earnings per share for the current fiscal year. Caterpillar Increases Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th were given a $1.63 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Monday, July 20th. This represents a $6.52 dividend on an annualized basis and a yield of 0.8%. Caterpillar’s payout ratio is presently 28.06%.

Analysts Set New Price Targets Several research firms recently commented on CAT. Argus upped their price target on shares of Caterpillar from $820.00 to $990.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. DA Davidson lifted their price target on shares of Caterpillar from $845.00 to $882.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Royal Bank Of Canada upped their price objective on Caterpillar from $877.00 to $897.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Rothschild & Co Redburn lifted their target price on Caterpillar from $700.00 to $950.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, Barclays upped their price objective on shares of Caterpillar from $800.00 to $900.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Caterpillar currently has an average rating of “Moderate Buy” and an average target price of $995.52.

Get Our Latest Analysis on Caterpillar

Key Caterpillar News Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Caterpillar’s Construction Industries segment generated 35% revenue growth in the second quarter, supported by stronger demand, higher sales volumes and pricing. Digital technology and connected-equipment services could provide additional long-term growth opportunities. CAT’s Construction Revenues Up 35% in Q2: Can It Maintain This Pace? Positive Sentiment: Analysts point to favorable earnings-estimate revisions and recent price strength as potential catalysts. Caterpillar’s latest quarterly results also showed substantial year-over-year revenue and earnings growth, with results exceeding consensus expectations. Why Caterpillar (CAT) Might be Well Poised for a Surge Positive Sentiment: The company raised its quarterly dividend 8% to $1.63 per share and has now increased its annual dividend for 32 consecutive years, reinforcing Caterpillar’s appeal as an income-growth stock. However, the benefit is partly offset by the stock’s high price and consequently low yield. Caterpillar’s Dividend Case Is Stronger in 2026, But the Yield Is Holding It Back Neutral Sentiment: CEO Joe Creed is scheduled to participate in a Wells Fargo investor discussion on September 10. The event could provide updates on demand, dealer inventories and guidance, but it is not an immediate earnings catalyst. Caterpillar CEO Joe Creed to Participate in Virtual Headquarters Visit with Wells Fargo Negative Sentiment: One analysis questions whether construction demand is being driven by durable end-market activity or dealer-channel ordering. That uncertainty raises concerns about a possible slowdown or inventory adjustment after the recent surge. Is Caterpillar Stock Relying on an Artificial Demand Story? Negative Sentiment: At a valuation above 34 times earnings, Caterpillar leaves less room for disappointment. Investors are also cautious that its data-center-related exposure could face political scrutiny, while the dividend yield remains limited at the current valuation. Caterpillar Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Further Reading Five stocks we like better than Caterpillar Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against? Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

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Focused Alpha LLC acquired a new stake in shares of Caterpillar Inc. (NYSE:CAT – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,133 shares of the industrial products company’s stock, valued at approximately $1,207,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAT. MidFirst Bank purchased a new position in shares of Caterpillar in the 2nd quarter worth about $27,935,000. Paladin Partners LLC purchased a new position in shares of Caterpillar in the second quarter worth about $220,000. BlackRock Inc. purchased a new position in shares of Caterpillar in the second quarter worth about $40,457,153,000. Occidental Asset Management LLC bought a new stake in shares of Caterpillar in the second quarter valued at approximately $10,857,000. Finally, Dunhill Financial LLC purchased a new stake in shares of Caterpillar during the 2nd quarter valued at approximately $311,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar News Summary Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Caterpillar’s Construction Industries segment generated 35% revenue growth in the second quarter, supported by stronger demand, higher sales volumes and pricing. Digital technology and connected-equipment services could provide additional long-term growth opportunities. CAT’s Construction Revenues Up 35% in Q2: Can It Maintain This Pace? Positive Sentiment: Analysts point to favorable earnings-estimate revisions and recent price strength as potential catalysts. Caterpillar’s latest quarterly results also showed substantial year-over-year revenue and earnings growth, with results exceeding consensus expectations. Why Caterpillar (CAT) Might be Well Poised for a Surge Positive Sentiment: The company raised its quarterly dividend 8% to $1.63 per share and has now increased its annual dividend for 32 consecutive years, reinforcing Caterpillar’s appeal as an income-growth stock. However, the benefit is partly offset by the stock’s high price and consequently low yield. Caterpillar’s Dividend Case Is Stronger in 2026, But the Yield Is Holding It Back Neutral Sentiment: CEO Joe Creed is scheduled to participate in a Wells Fargo investor discussion on September 10. The event could provide updates on demand, dealer inventories and guidance, but it is not an immediate earnings catalyst. Caterpillar CEO Joe Creed to Participate in Virtual Headquarters Visit with Wells Fargo Negative Sentiment: One analysis questions whether construction demand is being driven by durable end-market activity or dealer-channel ordering. That uncertainty raises concerns about a possible slowdown or inventory adjustment after the recent surge. Is Caterpillar Stock Relying on an Artificial Demand Story? Negative Sentiment: At a valuation above 34 times earnings, Caterpillar leaves less room for disappointment. Investors are also cautious that its data-center-related exposure could face political scrutiny, while the dividend yield remains limited at the current valuation. Wall Street Analysts Forecast Growth Several research analysts recently commented on CAT shares. Robert W. Baird set a $970.00 price objective on shares of Caterpillar in a report on Wednesday, August 5th. Royal Bank Of Canada upped their price target on shares of Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 5th. Barclays raised their price target on Caterpillar from $800.00 to $900.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Caterpillar from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $995.52. Check Out Our Latest Research Report on CAT

Caterpillar Price Performance Shares of Caterpillar stock opened at $800.11 on Monday. The business has a 50 day moving average of $893.92 and a 200 day moving average of $837.81. Caterpillar Inc. has a 52 week low of $410.52 and a 52 week high of $1,073.46. The company has a market cap of $367.79 billion, a PE ratio of 34.43, a P/E/G ratio of 1.40 and a beta of 1.60. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 1.65.

Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, beating the consensus estimate of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The business had revenue of $20.54 billion for the quarter, compared to analysts’ expectations of $19.34 billion. During the same period in the previous year, the firm posted $4.72 EPS. The business’s revenue was up 23.7% on a year-over-year basis. As a group, equities research analysts forecast that Caterpillar Inc. will post 27.14 earnings per share for the current year.

Caterpillar Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.8%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date was Monday, July 20th. Caterpillar’s dividend payout ratio is currently 28.06%.

About Caterpillar (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

See Also Five stocks we like better than Caterpillar Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?

Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.

Investors mostly know Caterpillar (CAT -2.05%) as a maker of bulldozers and backhoes, and construction equipment is still a huge part of its business, to be sure.

What was only an ancillary part of its business mix, however, is quickly becoming an important profit center for the company. This new center is Caterpillar's power generation unit, which offers conventional combustion-power generators, gas turbines, and even some solar power solutions.

This shift -- or perhaps more precisely, the reason for this shift -- is affecting the stock's valuation in a way the market is likely to support for the foreseeable future.

Image source: Caterpillar Inc.

Another company capitalizing on the AI revolution It's never been a bad company. With only a handful of predictable exceptions, however, the slow-moving, single-digit-growth nature of the construction business has kept Caterpillar shares priced below the S&P 500's modern-era average price/earnings ratio of around 20.

As is the case with plenty of other related companies, though, the advent of artificial intelligence (AI) is changing how investors value this one.

It's true! While the construction of data centers requires heavy-duty bulldozing and the like, Caterpillar's biggest and most unexpected growth engine of late is the aforementioned power-generation equipment. Starved for electricity, data centers are now utilizing this company's conventional combustion-powered generators for auxiliary and even primary power. For customers willing and able to make the larger upfront investment, Caterpillar is even supplying natural gas power turbines.

And this demand is making a measurable impact on its top and bottom lines. Last quarter, Caterpillar's power and energy unit's revenue grew 17% year over year to more than $8.2 billion, nearing company-leading construction-related sales of just over $8.3 billion. Moreover, power and energy's operating profit of a little more than $2 billion eclipsed construction's profit of just under $2 billion, underscoring the power arm's margin-widening pricing power in this environment.

Look for more of the same, too, and for the same reason. The company's order backlog now stands at $72 billion, growing 92% year over year for the three months ending in June.

The thing is, this future growth appears to already be priced into the stock. CAT shares have soared nearly 90% over the past 12 months due to AI-driven growth, pumping the stock up to a frothy forward-looking price/earnings ratio of a little more than 30. For perspective on this figure, that makes Caterpillar shares more expensive than Microsoft's, Alphabet's, and Nvidia's.

Premium Feature

Moneyball Superscore

84/100

Today's Change

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-2.05

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-16.75

Current Price

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800.25

Just get used to it for a while.

Probably not a short-term fluke Only time will tell how long investors are willing to support such a premium valuation. But, given the amount of money already earmarked for investment in AI infrastructure and how quickly that money is intended to be deployed, it's conceivable this could be the new valuation norm for several more years.

Analysts seem to think so anyway. Indeed, most of them are saying Caterpillar shares still aren't fully valued. The analyst community's current consensus price target of $991.21 is more than 20% above the ticker's current price, allowing room for an even richer valuation.

Baxter Bros Inc. acquired a new position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 625 shares of the industrial products company’s stock, valued at approximately $666,000.

A number of other hedge funds have also modified their holdings of the stock. Lam Group Inc. acquired a new position in Caterpillar in the 1st quarter worth approximately $26,000. Torren Management LLC acquired a new stake in Caterpillar during the 4th quarter valued at $27,000. Frazier Financial Advisors LLC lifted its holdings in shares of Caterpillar by 220.0% in the fourth quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 33 shares in the last quarter. Decker Retirement Planning Inc. lifted its holdings in shares of Caterpillar by 440.0% in the second quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 22 shares in the last quarter. Finally, Cornerstone Financial Management LLC acquired a new stake in shares of Caterpillar in the fourth quarter worth $32,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In CAT has been the topic of several recent analyst reports. Wells Fargo & Company upped their price target on Caterpillar from $1,050.00 to $1,155.00 and gave the company an “overweight” rating in a research report on Tuesday, June 23rd. Wall Street Zen upgraded Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Royal Bank Of Canada increased their price target on shares of Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 5th. Zacks Research upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $1,002.00 price objective on shares of Caterpillar in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $995.52.

Read Our Latest Report on CAT Key Caterpillar News Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Caterpillar’s Construction Industries segment generated 35% revenue growth in the second quarter, supported by stronger demand, higher sales volumes and pricing. Digital technology and connected-equipment services could provide additional long-term growth opportunities. CAT’s Construction Revenues Up 35% in Q2: Can It Maintain This Pace? Positive Sentiment: Analysts point to favorable earnings-estimate revisions and recent price strength as potential catalysts. Caterpillar’s latest quarterly results also showed substantial year-over-year revenue and earnings growth, with results exceeding consensus expectations. Why Caterpillar (CAT) Might be Well Poised for a Surge Positive Sentiment: The company raised its quarterly dividend 8% to $1.63 per share and has now increased its annual dividend for 32 consecutive years, reinforcing Caterpillar’s appeal as an income-growth stock. However, the benefit is partly offset by the stock’s high price and consequently low yield. Caterpillar’s Dividend Case Is Stronger in 2026, But the Yield Is Holding It Back Neutral Sentiment: CEO Joe Creed is scheduled to participate in a Wells Fargo investor discussion on September 10. The event could provide updates on demand, dealer inventories and guidance, but it is not an immediate earnings catalyst. Caterpillar CEO Joe Creed to Participate in Virtual Headquarters Visit with Wells Fargo Negative Sentiment: One analysis questions whether construction demand is being driven by durable end-market activity or dealer-channel ordering. That uncertainty raises concerns about a possible slowdown or inventory adjustment after the recent surge. Is Caterpillar Stock Relying on an Artificial Demand Story? Negative Sentiment: At a valuation above 34 times earnings, Caterpillar leaves less room for disappointment. Investors are also cautious that its data-center-related exposure could face political scrutiny, while the dividend yield remains limited at the current valuation. Caterpillar Price Performance Shares of Caterpillar stock opened at $800.11 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65. The firm has a fifty day simple moving average of $893.92 and a 200-day simple moving average of $837.14. The stock has a market capitalization of $367.79 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 1.40 and a beta of 1.60. Caterpillar Inc. has a 1-year low of $410.52 and a 1-year high of $1,073.46.

Caterpillar (NYSE:CAT – Get Free Report) last posted its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $1.95. The business had revenue of $20.54 billion for the quarter, compared to analyst estimates of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. Caterpillar’s revenue was up 23.7% compared to the same quarter last year. During the same period last year, the business posted $4.72 EPS. On average, sell-side analysts expect that Caterpillar Inc. will post 27.14 earnings per share for the current year.

Caterpillar Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Monday, July 20th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $6.52 annualized dividend and a dividend yield of 0.8%. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s payout ratio is presently 28.06%.

Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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Ethic Inc. lifted its holdings in Caterpillar Inc. (NYSE:CAT – Free Report) by 6.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,981 shares of the industrial products company’s stock after buying an additional 3,826 shares during the quarter. Caterpillar comprises 0.8% of Ethic Inc.’s portfolio, making the stock its 18th biggest holding. Ethic Inc.’s holdings in Caterpillar were worth $63,874,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC raised its stake in shares of Caterpillar by 0.7% in the second quarter. Stonebridge Financial Group LLC now owns 1,635 shares of the industrial products company’s stock worth $1,741,000 after acquiring an additional 11 shares during the last quarter. Inspirion Wealth Advisors LLC lifted its position in shares of Caterpillar by 1.2% during the second quarter. Inspirion Wealth Advisors LLC now owns 944 shares of the industrial products company’s stock worth $936,000 after purchasing an additional 11 shares in the last quarter. Bell Bank grew its stake in shares of Caterpillar by 0.6% during the second quarter. Bell Bank now owns 1,865 shares of the industrial products company’s stock valued at $1,986,000 after purchasing an additional 11 shares during the last quarter. Cornerstone Advisory LLC increased its holdings in shares of Caterpillar by 0.7% in the first quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company’s stock valued at $1,288,000 after purchasing an additional 12 shares in the last quarter. Finally, Advisory Resource Group raised its position in Caterpillar by 0.8% in the 4th quarter. Advisory Resource Group now owns 1,632 shares of the industrial products company’s stock worth $935,000 after purchasing an additional 13 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance Shares of CAT stock opened at $828.90 on Monday. The firm’s 50 day moving average price is $908.86 and its two-hundred day moving average price is $834.13. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. Caterpillar Inc. has a 52-week low of $410.52 and a 52-week high of $1,073.46. The stock has a market cap of $381.02 billion, a PE ratio of 35.67, a PEG ratio of 1.45 and a beta of 1.60.

Caterpillar (NYSE:CAT – Get Free Report) last issued its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, beating the consensus estimate of $6.22 by $1.95. The company had revenue of $20.54 billion during the quarter, compared to analysts’ expectations of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.72 EPS. As a group, analysts forecast that Caterpillar Inc. will post 27.14 EPS for the current year. Caterpillar Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Monday, July 20th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Monday, July 20th. Caterpillar’s payout ratio is presently 28.06%.

Wall Street Analyst Weigh In Several research analysts have issued reports on the company. Jefferies Financial Group upped their price objective on Caterpillar from $900.00 to $1,045.00 and gave the stock a “buy” rating in a report on Friday, May 1st. DA Davidson lifted their target price on Caterpillar from $845.00 to $882.00 and gave the company a “neutral” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Rothschild & Co Redburn upped their price target on Caterpillar from $700.00 to $950.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Finally, HSBC raised their price target on Caterpillar from $850.00 to $1,100.00 in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $995.52.

Check Out Our Latest Research Report on Caterpillar

Key Headlines Impacting Caterpillar Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Higher full-year earnings forecasts: Zacks Research raised its FY2026 EPS estimate to $26.55 from $24.51 and its Q2 2027 estimate to $7.90 from $7.17. Zacks maintained a “Strong Buy” rating, signaling confidence in Caterpillar’s earnings trajectory. Zacks Research Forecasts Stronger Earnings for Caterpillar Positive Sentiment: $392 million tariff refund: Caterpillar received a significant refund as duty costs declined. The benefit partially offsets approximately $400 million in tariff expenses incurred during the quarter ended June 30 and could support near-term profitability and cash flow. Caterpillar bags $392M tariff refund as duty costs shrink Positive Sentiment: Constructive market backdrop: Expectations for continued S&P 500 strength, resilient earnings growth and potential AI-related capital spending are supportive for industrial companies such as Caterpillar. 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Neutral Sentiment: High volatility remains a trading risk: Options activity indicates Caterpillar’s stock could experience unusually large moves in either direction, increasing uncertainty despite favorable fundamental projections. Caterpillar Stock Is Priced To Swing Hundreds Of Dollars Either Way Negative Sentiment: AI data-center backlash: Proposed restrictions and political resistance to AI-related power demand in Texas and New York could delay or reduce data-center construction. That creates a risk for Caterpillar’s power-generation and related equipment demand, prompting investors to reassess the company’s growth outlook. What Is Caterpillar Facing As AI Data Center Backlash Grows? Negative Sentiment: Near-term estimate reduction: Zacks lowered its Q4 2026 EPS forecast to $6.47 from $6.61, suggesting some caution around the next quarterly results even though its full-year and longer-term estimates improved. Caterpillar analyst estimates Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

See Also Five stocks we like better than Caterpillar VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

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Atria Investments Inc lifted its stake in Caterpillar Inc. (NYSE:CAT – Free Report) by 17.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,582 shares of the industrial products company’s stock after purchasing an additional 2,908 shares during the quarter. Atria Investments Inc’s holdings in Caterpillar were worth $20,853,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CAT. Decker Retirement Planning Inc. grew its holdings in Caterpillar by 440.0% during the 2nd quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 22 shares during the last quarter. Matrix Trust Co raised its position in Caterpillar by 93.8% in the 2nd quarter. Matrix Trust Co now owns 31 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 15 shares during the last quarter. Lam Group Inc. acquired a new position in Caterpillar during the 1st quarter worth $26,000. Ramsey Quantitative Systems bought a new position in Caterpillar in the 2nd quarter valued at $48,000. Finally, Torren Management LLC acquired a new stake in shares of Caterpillar in the 4th quarter valued at $27,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Stock Performance NYSE CAT opened at $828.90 on Friday. Caterpillar Inc. has a 1 year low of $410.52 and a 1 year high of $1,073.46. The firm has a market capitalization of $381.02 billion, a price-to-earnings ratio of 35.67, a P/E/G ratio of 1.43 and a beta of 1.60. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65. The firm’s 50 day simple moving average is $908.86 and its 200 day simple moving average is $833.13.

Caterpillar (NYSE:CAT – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $1.95. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business had revenue of $20.54 billion during the quarter, compared to analysts’ expectations of $19.34 billion. During the same period in the prior year, the company earned $4.72 EPS. The firm’s quarterly revenue was up 23.7% compared to the same quarter last year. As a group, research analysts expect that Caterpillar Inc. will post 27.14 earnings per share for the current fiscal year. Caterpillar Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Monday, July 20th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s payout ratio is 28.06%.

Analyst Upgrades and Downgrades Several equities analysts have recently issued reports on CAT shares. Argus upped their price target on Caterpillar from $820.00 to $990.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Bank of America lifted their target price on shares of Caterpillar from $930.00 to $989.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Sanford C. Bernstein reissued a “market perform” rating and issued a $1,002.00 price target on shares of Caterpillar in a research note on Wednesday, August 5th. Royal Bank Of Canada lifted their price objective on Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 5th. Finally, DA Davidson boosted their target price on Caterpillar from $845.00 to $882.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Caterpillar presently has an average rating of “Moderate Buy” and an average target price of $995.52.

Read Our Latest Analysis on CAT

Key Headlines Impacting Caterpillar Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Higher full-year earnings forecasts: Zacks Research raised its FY2026 EPS estimate to $26.55 from $24.51 and its Q2 2027 estimate to $7.90 from $7.17. Zacks maintained a “Strong Buy” rating, signaling confidence in Caterpillar’s earnings trajectory. Zacks Research Forecasts Stronger Earnings for Caterpillar Positive Sentiment: $392 million tariff refund: Caterpillar received a significant refund as duty costs declined. The benefit partially offsets approximately $400 million in tariff expenses incurred during the quarter ended June 30 and could support near-term profitability and cash flow. Caterpillar bags $392M tariff refund as duty costs shrink Positive Sentiment: Constructive market backdrop: Expectations for continued S&P 500 strength, resilient earnings growth and potential AI-related capital spending are supportive for industrial companies such as Caterpillar. 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Neutral Sentiment: High volatility remains a trading risk: Options activity indicates Caterpillar’s stock could experience unusually large moves in either direction, increasing uncertainty despite favorable fundamental projections. Caterpillar Stock Is Priced To Swing Hundreds Of Dollars Either Way Negative Sentiment: AI data-center backlash: Proposed restrictions and political resistance to AI-related power demand in Texas and New York could delay or reduce data-center construction. That creates a risk for Caterpillar’s power-generation and related equipment demand, prompting investors to reassess the company’s growth outlook. What Is Caterpillar Facing As AI Data Center Backlash Grows? Negative Sentiment: Near-term estimate reduction: Zacks lowered its Q4 2026 EPS forecast to $6.47 from $6.61, suggesting some caution around the next quarterly results even though its full-year and longer-term estimates improved. Caterpillar analyst estimates Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

See Also Five stocks we like better than Caterpillar Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

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Citizens & Northern Corp reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT – Free Report) by 14.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,846 shares of the industrial products company’s stock after selling 641 shares during the quarter. Caterpillar accounts for about 0.9% of Citizens & Northern Corp’s holdings, making the stock its 23rd biggest position. Citizens & Northern Corp’s holdings in Caterpillar were worth $4,096,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CAT. Lam Group Inc. bought a new position in Caterpillar in the 1st quarter valued at about $26,000. Torren Management LLC bought a new stake in Caterpillar during the 4th quarter worth approximately $27,000. Frazier Financial Advisors LLC raised its stake in shares of Caterpillar by 220.0% in the fourth quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 33 shares during the last quarter. Decker Retirement Planning Inc. raised its stake in shares of Caterpillar by 440.0% in the second quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 22 shares during the last quarter. Finally, Cornerstone Financial Management LLC bought a new position in shares of Caterpillar in the fourth quarter valued at approximately $32,000. 70.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets Several equities research analysts recently issued reports on CAT shares. Wall Street Zen upgraded Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Zacks Research upgraded Caterpillar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 12th. Daiwa Securities Group lifted their price objective on shares of Caterpillar from $790.00 to $900.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Evercore reiterated an “outperform” rating and issued a $1,103.00 target price on shares of Caterpillar in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. increased their target price on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $995.52.

Read Our Latest Stock Analysis on Caterpillar Caterpillar Stock Performance Shares of Caterpillar stock opened at $843.54 on Wednesday. The business’s fifty day simple moving average is $913.03 and its 200 day simple moving average is $830.99. The firm has a market capitalization of $387.76 billion, a P/E ratio of 36.30, a price-to-earnings-growth ratio of 1.53 and a beta of 1.60. Caterpillar Inc. has a 12 month low of $410.52 and a 12 month high of $1,073.46. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65.

Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping the consensus estimate of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The business had revenue of $20.54 billion for the quarter, compared to analysts’ expectations of $19.34 billion. During the same quarter in the previous year, the firm earned $4.72 earnings per share. The business’s revenue was up 23.7% on a year-over-year basis. As a group, analysts anticipate that Caterpillar Inc. will post 26.56 EPS for the current year.

Caterpillar Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Monday, July 20th will be issued a $1.63 dividend. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend is Monday, July 20th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.8%. Caterpillar’s payout ratio is presently 28.06%.

Caterpillar News Roundup Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Analyst commentary highlighted accelerating, volume-driven growth across Caterpillar’s three operating segments and a sharp upgrade to its 2026 sales outlook, supporting the longer-term bullish case. Caterpillar’s Volume Gains Drive Growth: Can Its Uptrend Continue? Positive Sentiment: Caterpillar was included among high-efficiency stocks with key operating ratios above industry averages, reinforcing the view that its strong earnings performance is supported by business quality. 5 Top-Ranked High-Efficiency Stocks Poised for Stronger Returns Positive Sentiment: The company committed up to $3 million in Arkansas as part of its five-year, $100 million workforce initiative. The investment should expand manufacturing talent pipelines, although the near-term earnings impact is likely limited. Caterpillar Expands Workforce Initiative to Arkansas Caterpillar Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Further Reading Five stocks we like better than Caterpillar The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond

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Few large-cap industrials have run harder in the past year than Caterpillar (NYSE:CAT | CAT Price Prediction). Shares are up 118.16% over the last 12 months, powered by a data center capex boom, record backlog, and margin expansion.

Our 24/7 Wall St. price target for Caterpillar is $1,026.19, implying 16.39% upside from the current price of $881.65. We rate CAT a buy with high confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $881.65 24/7 Wall St. Price Target $1,026.19 Upside 16.39% Recommendation BUY Confidence Level 90% A Historic Quarter Reset the Story CAT trades 9% below its 52-week high of $1,071.47 after cooling this summer, but momentum remains strong: up 5.26% on the week and 54.85% year to date.

The Q2 2026 report on August 4 was the catalyst. Revenue of $20.54 billion exceeded expectations and grew 24% year over year, the first $20 billion quarter in company history.

EPS of $8.17 exceeded expectations, operating margin expanded to 20.9%, and backlog swelled to $72 billion, up 92% year over year. Management raised full-year guidance to mid- to high-teens revenue growth.

The Case for $1,100 and Higher Our bull case sees CAT at $1,102.40 within 12 months. Power Generation sales grew 72% in Q2 on data center demand, and CEO Joe Creed told investors “no one is slowing down at the moment. In fact, if we can get more units out, they’re asking us to give them more units.”

Turbine capacity is being scaled to 2.5x 2024 levels with lead times extending into 2028 and 2029. PineBridge sees roughly 25% annual growth in data center equipment as effectively locked in (we profiled seven of these AI infrastructure suppliers, from power to cooling, in a free report you can grab here).

Construction Industries North America rose 50% and $6.5 billion in first-half buybacks support outperformance.

What Could Go Wrong Our bear case marks CAT down to $828.18. Full-year tariff costs of roughly $2.2 billion remain a live risk if IEEPA recoveries reverse. Asia Pacific grew just 4% in Q2, and dealer rental fleet loading could unwind if end-user demand softens.

Valuation is stretched at 37 trailing earnings against a 5-year average closer to the low 20s. Bulls fairly note the multiple reflects genuine earnings acceleration, with net income up 64.89% year over year.

How Caterpillar Compares to Deere and Cummins Deere (NYSE:DE) is the closest construction and heavy-equipment comparable. Deere carries a market cap of roughly $162 billion and management has flagged fiscal 2026 as “the bottom of the large ag cycle” with U.S. and Canada large ag industry sales guided down 15% to 20%. Deere’s cyclical trough contrasts sharply with CAT’s cycle high, supporting a premium for Caterpillar’s momentum.

Cummins (NYSE:CMI) is the sharper Power & Energy comp given its data center generator exposure. Cummins posted Q2 2026 revenue of $9.46 billion, up 9.4%, with Power Systems up 19%, and raised full-year revenue guidance to 10% to 13%. CAT’s Power & Energy grew 17% at more than 3x the revenue base, making CAT the scaled play on the same theme.

Caterpillar Price Prediction 2026-2030 The 24/7 Wall St. price target of $1,026.19 is a buy at 90% confidence. Backlog, margin expansion, and locked-in data center demand tip the scale.

The setup would strengthen if Q3 confirms broadening momentum outside power generation. Conviction would weaken if tariff recoveries reverse or dealer inventories build without matching end-user pull.

Year 24/7 Wall St. Price Target 2026 $1,026 2027 $1,130 2028 $1,246 2029 $1,340 2030 $1,432 These projections assume Caterpillar continues executing on backlog conversion and turbine capacity expansion. Significant upside or downside could come from AI-driven data center capex trajectory.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Aug 5th, 2026

BDF Gestion cut its stake in shares of Caterpillar Inc. (NYSE:CAT – Free Report) by 10.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,255 shares of the industrial products company’s stock after selling 816 shares during the quarter. Caterpillar comprises about 1.0% of BDF Gestion’s investment portfolio, making the stock its 18th largest position. BDF Gestion’s holdings in Caterpillar were worth $7,772,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Lam Group Inc. purchased a new stake in Caterpillar during the first quarter worth $26,000. Torren Management LLC purchased a new position in shares of Caterpillar in the fourth quarter valued at $27,000. Frazier Financial Advisors LLC raised its stake in shares of Caterpillar by 220.0% during the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock worth $28,000 after buying an additional 33 shares during the last quarter. Cornerstone Financial Management LLC purchased a new stake in shares of Caterpillar in the 4th quarter worth about $32,000. Finally, Monetary Solutions Ltd purchased a new stake in shares of Caterpillar in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance CAT opened at $879.99 on Wednesday. Caterpillar Inc. has a 1 year low of $405.46 and a 1 year high of $1,073.46. The company’s 50 day simple moving average is $922.93 and its 200 day simple moving average is $815.89. The stock has a market capitalization of $405.31 billion, a PE ratio of 43.80, a P/E/G ratio of 1.62 and a beta of 1.60. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35.

Caterpillar (NYSE:CAT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, topping the consensus estimate of $6.22 by $1.95. The firm had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. Caterpillar’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.72 earnings per share. As a group, sell-side analysts expect that Caterpillar Inc. will post 24.87 EPS for the current year.

Caterpillar Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $6.52 annualized dividend and a dividend yield of 0.7%. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s dividend payout ratio is presently 32.45%.

Insider Transactions at Caterpillar In related news, CAO William E. Schaupp sold 360 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $906.00, for a total value of $326,160.00. Following the transaction, the chief accounting officer directly owned 530 shares of the company’s stock, valued at approximately $480,180. This trade represents a 40.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anthony D. Fassino sold 16,283 shares of Caterpillar stock in a transaction on Monday, May 11th. The shares were sold at an average price of $916.80, for a total value of $14,928,254.40. Following the completion of the transaction, the insider owned 46,041 shares in the company, valued at $42,210,388.80. The trade was a 26.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,444 shares of company stock worth $32,335,679 in the last ninety days. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets Several equities analysts have weighed in on the stock. Jefferies Financial Group raised their target price on shares of Caterpillar from $900.00 to $1,045.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley set a $915.00 price target on shares of Caterpillar and gave the company an “equal weight” rating in a research report on Friday, May 1st. Zacks Research cut shares of Caterpillar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Evercore restated an “outperform” rating and set a $1,103.00 price objective on shares of Caterpillar in a research report on Monday, May 11th. Finally, Bank of America upped their target price on Caterpillar from $930.00 to $989.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $966.90.

View Our Latest Stock Analysis on CAT

Trending Headlines about Caterpillar Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Record quarterly results: Second-quarter sales and revenues rose 24% year over year to $20.5 billion, Caterpillar’s first quarter above $20 billion. Adjusted profit per share was $8.17, well above the roughly $6.22 analyst consensus, while reported profit per share was $7.77 versus $4.62 a year earlier. Caterpillar Reports Second-Quarter 2026 Results Positive Sentiment: AI infrastructure demand remains a major catalyst: Strong orders for power-generation equipment, engines and generators supporting data centers helped drive earnings growth. Construction and mining equipment demand also contributed to higher volume and pricing. Caterpillar lifts 2026 sales growth target on strong data center demand after quarterly profit beat Positive Sentiment: Upgraded outlook and broadening momentum: Management now expects full-year revenue growth in the mid-to-high teens, improving on its previous low-double-digit forecast. The company also highlighted a record order backlog and strength across multiple end markets. Caterpillar Stock Jumps, Lifting Dow, as Company Sees Broadening Momentum Positive Sentiment: Shareholder returns support sentiment: Caterpillar deployed $2.2 billion for dividends and share repurchases during the quarter, underscoring strong cash generation. Neutral Sentiment: Investor considerations: CAT’s valuation is elevated after the rally, and future performance remains exposed to the cyclicality of construction and mining markets as well as the sustainability of AI data-center spending. The earnings call’s emphasis on “broadening momentum” helps offset, but does not eliminate, those risks. Caterpillar Q2 2026 Earnings Call Transcript Caterpillar Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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Caterpillar (CAT +5.60%) reported second-quarter results on Tuesday, and the headline number was a company first. Sales and revenues rose 24% year over year to $20.5 billion -- the first time Caterpillar has cleared $20 billion in a single quarter. Shares were up about 6% in Tuesday trading as of this writing, to around $880.

The more interesting story sits one layer down, in the segment results. Construction industries (the bulldozers, excavators, and loaders most investors picture when they hear the name) produced $8.3 billion of sales. Power and energy, the segment that sells generator engines and turbines, produced $8.2 billion -- with much of that demand now coming from data centers.

In other words, Caterpillar now sells nearly as much power equipment as construction equipment. And on the profit line, the power business has arguably already pulled ahead.

Image source: Getty Images.

The power business has nearly caught construction Power and energy sales grew 17% year over year in the second quarter, driven by data center applications, gas compression, and aftermarket parts. Power generation, the slice of the segment most directly tied to data centers, grew 29% to $3.1 billion. The demand comes from the large engines and turbines that can power artificial intelligence (AI) facilities when the grid can't, or before a grid connection arrives.

And that slice keeps getting bigger. Power generation sales were about $2.4 billion in the second quarter of 2025 and $2.8 billion in this year's first quarter.

Demand looks even stronger than the revenue line shows: power generation sales to users grew 72% during the quarter, up from 48% growth in the first quarter, an acceleration driven by those same large gensets and turbines.

To be fair, construction industries grew faster this quarter. Its sales rose 35% year over year, helped by a 50% jump in North American sales.

So the story isn't that power is overtaking construction. It's that a business many investors never think about now rivals the famous one in size.

The profit comparison is sharper still. Power and energy generated $2.0 billion of segment profit in the quarter at a 24.6% margin, up 2.5 percentage points from a year ago. Construction industries generated $1.9 billion at a 23.3% margin, up 3.2 points. Both improved. But the power business now earns a higher margin than the equipment business -- and this quarter, more total profit, too.

Companywide, the operating margin reached 20.9%, up from 17.3% a year ago. Non-GAAP (adjusted) earnings per share rose 73% to $8.17.

The quarter also produced $4.4 billion of operating cash flow, which helped fund $1.5 billion of share repurchases and $0.7 billion of dividends.

Today's Change

(

5.60

%) $

46.51

Current Price

$

876.54

A $72 billion order book, and a price to match The order backlog ended the quarter at about $72 billion, up from a record $63 billion three months earlier. Management also raised its full-year sales outlook, citing healthy demand across its primary segments. And it trimmed its estimate of this year's tariff costs to about $2.2 billion.

Visibility like that is rare for a cyclical manufacturer. It's also not a guarantee. Orders placed years ahead of delivery can slip, and big projects can be rescheduled. An order in the backlog isn't revenue until Caterpillar delivers it.

After Tuesday's jump, shares trade at about 38 times earnings, with the just-reported quarter folded into the count. That's a premium price for a machinery maker, even one growing this fast.

This is the quarter where Caterpillar's transformation stopped being a story about orders and started being one about delivered profit. I like the business more than I did a week ago. The power franchise is higher-margin than the construction franchise, demand for it is accelerating, and it's arguably still in its early innings given how far out customers are ordering.

Still, at about 38 times earnings, the price treats a cyclical manufacturer as if the power boom comes with a guarantee. It doesn't. Data center projects can pause, and spending that arrives in waves can leave in waves.

If I owned the stock, I'd keep holding it. But I'm not chasing it the day after a 6% pop. The business earned my respect this quarter. At about 38 times earnings, though, I'd be paying today for several more years of quarters like this one. I'd rather wait for a better price.

Second-quarter 2026 sales and revenues increased 24% to $20.5 billion Second-quarter 2026 profit per share of $7.77; adjusted profit per share of $8.17     Deployed $2.2 billion of cash for share repurchases and dividends in the second quarter

Second Quarter

($ in billions except profit per share)

2026

2025

Sales and Revenues

$20.5

$16.6

Profit Per Share

$7.77

$4.62

Adjusted Profit Per Share

$8.17

$4.72

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

, /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced second-quarter 2026 results.

"This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter," said Caterpillar Chairman and CEO Joe Creed. "This milestone underscores both the essential work our customers do every day and the dedication of Caterpillar employees worldwide to solving our customers' toughest challenges. Strong order rates and a growing backlog reflect broadening momentum across all three of our primary segments."

Sales and revenues for the second quarter of 2026 were $20.5 billion, a 24% increase compared with $16.6 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $3.1 billion and favorable price realization of $595 million.

Operating profit margin was 20.9% for the second quarter of 2026, compared with 17.3% for the second quarter of 2025. Adjusted operating profit margin was 21.9% for the second quarter of 2026, compared with 17.6% for the second quarter of 2025. Second-quarter 2026 profit per share was $7.77, compared with second-quarter 2025 profit per share of $4.62. Adjusted profit per share in the second quarter of 2026 was $8.17, compared with second-quarter 2025 adjusted profit per share of $4.72. For the second quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the second quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the second quarter with $6.7 billion of enterprise cash. In the quarter, the company deployed $1.5 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 
Second Quarter 2026 vs. Second Quarter 2025 

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

Total sales and revenues for the second quarter of 2026 were $20.543 billion, an increase of $3.974 billion, or 24%, compared with $16.569 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $3.1 billion and favorable price realization of $595 million. Higher sales volume was mainly driven by higher sales of equipment to end users.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

Second
Quarter
2025

Sales

Volume

Price

Realization

Currency

Inter-
Segment /
Other

Second
Quarter
2026

$

Change

%

Change

Power & Energy

$     7,037

$       736

$       212

$        53

$       200

$     8,238

$     1,201

17 %

Construction Industries

6,190

1,755

309

74

18

8,346

2,156

35 %

Resource Industries

3,886

639

75

65

(17)

4,648

762

20 %

All Other Segment

85

1

1

—

(3)

84

(1)

(1 %)

Corporate Items and Eliminations

(1,524)

(18)

(2)

7

(198)

(1,735)

(211)

Machinery, Power & Energy

15,674

3,113

595

199

—

19,581

3,907

25 %

Financial Products Segment

1,042

—

—

—

103

1,145

103

10 %

Corporate Items and Eliminations

(147)

—

—

—

(36)

(183)

(36)

Financial Products Revenues

895

—

—

—

67

962

67

7 %

Consolidated Sales and Revenues

$    16,569

$     3,113

$       595

$       199

$        67

$    20,543

$     3,974

24 %

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

Second Quarter 2026

Power & Energy

$ 4,182

30 %

$  373

(16 %)

$ 1,348

3 %

$  892

9 %

$ 6,795

17 %

$ 1,443

16 %

$ 8,238

17 %

Construction Industries

5,065

50 %

676

25 %

1,456

23 %

1,064

3 %

8,261

35 %

85

27 %

8,346

35 %

Resource Industries

2,230

34 %

671

13 %

713

22 %

954

1 %

4,568

21 %

80

(18 %)

4,648

20 %

All Other Segment

9

50 %

1

— %

2

100 %

3

(50 %)

15

15 %

69

(4 %)

84

(1 %)

Corporate Items and Eliminations

(51)

1

(1)

(7)

(58)

(1,677)

(1,735)

Machinery, Power & Energy

11,435

39 %

1,722

10 %

3,518

15 %

2,906

4 %

19,581

25 %

—

— %

19,581

25 %

Financial Products Segment

765

9 %

122

16 %

137

9 %

121

12 %

1,145

10 %

—

— %

1,145

10 %

Corporate Items and Eliminations

(106)

(23)

(30)

(24)

(183)

—

(183)

Financial Products Revenues

659

7 %

99

16 %

107

(1 %)

97

11 %

962

7 %

—

— %

962

7 %

Consolidated Sales and Revenues

$ 12,094

37 %

$ 1,821

10 %

$ 3,625

14 %

$ 3,003

4 %

$ 20,543

24 %

$   —

— %

$ 20,543

24 %

Second Quarter 2025

Power & Energy

$ 3,225

$  442

$ 1,306

$  821

$ 5,794

$ 1,243

$ 7,037

Construction Industries

3,369

540

1,185

1,029

6,123

67

6,190

Resource Industries

1,668

592

584

945

3,789

97

3,886

All Other Segment

6

—

1

6

13

72

85

Corporate Items and Eliminations

(32)

(3)

(4)

(6)

(45)

(1,479)

(1,524)

Machinery, Power & Energy

8,236

1,571

3,072

2,795

15,674

—

15,674

Financial Products Segment

703

105

126

108

1,042

—

1,042

Corporate Items and Eliminations

(88)

(20)

(18)

(21)

(147)

—

(147)

Financial Products Revenues

615

85

108

87

895

—

895

Consolidated Sales and Revenues

$ 8,851

$ 1,656

$ 3,180

$ 2,882

$ 16,569

$   —

$ 16,569

Consolidated Operating Profit

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

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

Operating profit for the second quarter of 2026 was $4.295 billion, an increase of $1.435 billion, or 50%, compared with $2.860 billion in the second quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

Operating profit in the second quarter of 2026 included $392 million of expected International Emergency Economic Power Act (IEEPA) tariff recoveries.

Profit (Loss) by Segment

(Millions of dollars)

Second Quarter
2026

Second Quarter
2025

$

Change

%

 Change

Power & Energy

$           2,027

$           1,554

$            473

30 %

Construction Industries

1,947

1,244

703

57 %

Resource Industries

693

563

130

23 %

All Other Segment

—

—

—

— %

Corporate Items and Eliminations

(453)

(566)

113

Machinery, Power & Energy

4,214

2,795

1,419

51 %

Financial Products Segment

328

248

80

32 %

Corporate Items and Eliminations

(65)

(36)

(29)

Financial Products

263

212

51

24 %

Consolidating Adjustments

(182)

(147)

(35)

Consolidated Operating Profit

$           4,295

$           2,860

$           1,435

50 %

Other Profit/Loss and Tax Items

Other income (expense) in the second quarter of 2026 was income of $398 million, compared with income of $84 million in the second quarter of 2025. The change was primarily driven by favorable impacts from foreign currency, total return swap contracts and investment and interest income.
  The effective tax rate for the second quarter of 2026 was 23.1% compared to 23.0% for the second quarter of 2025. Excluding the discrete items discussed below, the global estimated annual effective tax rate was 23.0% for the second quarters of 2026 and 2025.A discrete tax benefit of $26 million was recorded in the second quarter of 2026, compared with a $1 million benefit in the second quarter of 2025, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

In addition, the global estimated annual effective tax rate in the second quarter of 2026 excluded the impact of second quarter losses of $139 million for the divestiture of certain non-U.S. entities with no related tax benefit.

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

Second
Quarter 2025

Sales
Volume

Price
Realization

Currency

Inter-
Segment

Second
Quarter 2026

$

 Change

%

 Change

Total Sales

$    7,037

$      736

$     212

$       53

$        200

$      8,238

$  1,201

17 %

Sales by Application

Second
Quarter 2026

Second
Quarter 2025

$

Change

%

Change

Power Generation

$    3,098

$    2,407

$     691

29 %

Oil and Gas

2,044

1,867

177

9 %

Industrial

1,653

1,520

133

9 %

External Sales

6,795

5,794

1,001

17 %

Inter-segment

1,443

1,243

200

16 %

Total Sales

$    8,238

$    7,037

$   1,201

17 %

Segment Profit

Second
Quarter 2026

Second
Quarter 2025

Change

%

Change

Segment Profit

$    2,027

$    1,554

$     473

30 %

Segment Profit Margin

24.6 %

22.1 %

       2.5 pts   

Power & Energy's total sales were $8.238 billion in the second quarter of 2026, an increase of $1.201 billion, or 17%, compared with $7.037 billion in the second quarter of 2025. The increase was primarily due to higher sales volume of $736 million, favorable price realization of $212 million and higher inter-segment sales of $200 million.

Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily in data center applications. Oil and Gas – Sales increased in reciprocating engines used in gas compression applications and in reciprocating engine aftermarket parts, partially offset by lower sales of reciprocating engines used in well servicing applications. Sales also increased in turbines and turbine-related services. Industrial – Sales increased primarily in North America and EAME. Power & Energy's segment profit was $2.027 billion in the second quarter of 2026, an increase of $473 million, or 30%, compared with $1.554 billion in the second quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $457 million and favorable price realization of $212 million, partially offset by unfavorable manufacturing costs of $149 million. Unfavorable manufacturing costs largely reflected increased period manufacturing costs.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

Segment Sales

Second
Quarter 2025

Sales
Volume

Price
Realization

Currency

Inter-
Segment

Second
Quarter 2026

$

 Change

%

 Change

Total Sales

$    6,190

$    1,755

$     309

$       74

$         18

$      8,346

$  2,156

35 %

Sales by Geographic Region

Second
Quarter 2026

Second
Quarter 2025

$

Change

%

Change

North America

$    5,065

$    3,369

$   1,696

50 %

Latin America

676

540

136

25 %

EAME

1,456

1,185

271

23 %

Asia/Pacific

1,064

1,029

35

3 %

External Sales

8,261

6,123

2,138

35 %

Inter-segment

85

67

18

27 %

Total Sales

$    8,346

$    6,190

$   2,156

35 %

Segment Profit

Second
Quarter 2026

Second
Quarter 2025

Change

%

Change

Segment Profit

$    1,947

$    1,244

$     703

57 %

Segment Profit Margin

23.3 %

20.1 %

       3.2 pts   

Construction Industries' total sales were $8.346 billion in the second quarter of 2026, an increase of $2.156 billion, or 35%, compared with $6.190 billion in the second quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.8 billion and favorable price realization of $309 million. Higher sales volume was primarily driven by higher sales of equipment to end users.

In North America, sales increased primarily due to higher sales volume and favorable price realization. Higher sales volume was mainly driven by higher sales of equipment to end users and 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 higher sales of equipment to end users. 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 higher sales of equipment to end users. Sales increased in Asia/Pacific mainly due to higher sales volume. Higher sales volume was primarily driven by higher sales of equipment to end users. Construction Industries' segment profit was $1.947 billion in the second quarter of 2026, an increase of $703 million, or 57%, compared with $1.244 billion in the second quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

Second
Quarter 2025

Sales
Volume

Price
Realization

Currency

Inter-
Segment

Second
Quarter 2026

$

 Change

%

 Change

Total Sales

$    3,886

$      639

$      75

$       65

$        (17)

$      4,648

$    762

20 %

Sales by Industry

Second
Quarter 2026

Second
Quarter 2025

$

Change

%

Change

Mining, HC and Q&A*

$    3,685

$    3,024

$     661

22 %

Rail

883

765

118

15 %

External Sales

4,568

3,789

779

21 %

Inter-segment

80

97

(17)

(18 %)

Total Sales

$    4,648

$    3,886

$     762

20 %

*Heavy Construction and Quarry & Aggregates (HC and Q&A)

Segment Profit

Second
Quarter 2026

Second
Quarter 2025

Change

%

Change

Segment Profit

$      693

$      563

$     130

23 %

Segment Profit Margin

14.9 %

14.5 %

       0.4 pts   

Resource Industries' total sales were $4.648 billion in the second quarter of 2026, an increase of $762 million, or 20%, compared with $3.886 billion in the second quarter of 2025. The increase was primarily due to higher sales volume. 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. Rail – Sales increased due to higher international locomotive deliveries. Sales also increased in rail services. Resource Industries' segment profit was $693 million in the second quarter of 2026, an increase of $130 million, or 23%, compared with $563 million in the second quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $269 million, partially offset by unfavorable manufacturing costs of $158 million. Unfavorable manufacturing costs primarily reflected increased period manufacturing costs.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

Second
Quarter 2026

Second
Quarter 2025

$

Change

%

Change

North America

$        765

$        703

$         62

9 %

Latin America

122

105

17

16 %

EAME

137

126

11

9 %

Asia/Pacific

121

108

13

12 %

Total Revenues

$      1,145

$      1,042

$        103

10 %

Segment Profit

Second
Quarter 2026

Second
Quarter 2025

Change

%

Change

Segment Profit

$        328

$        248

$         80

32 %

Financial Products' segment revenues were $1.145 billion in the second quarter of 2026, an increase of $103 million, or 10%, compared with $1.042 billion in the second 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 $328 million in the second quarter of 2026, an increase of $80 million, or 32%, compared with $248 million in the second quarter of 2025. The increase was mainly due to favorable impacts from higher average earning assets of $44 million, equity securities at Insurance Services of $22 million and higher margins at Insurance Services of $21 million, partially offset by higher provision for credit losses at Cat Financial of $22 million.

At the end of the second quarter of 2026, past dues at Cat Financial were 1.31%, compared with 1.62% at the end of the second quarter of 2025. Write-offs, net of recoveries, were $20 million for the second quarter of 2026 compared with $18 million for the second quarter of 2025. As of June 30, 2026, Cat Financial's allowance for credit losses totaled $294 million, or 0.84% of finance receivables, compared with $283 million, or 0.86% of finance receivables at March 31, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86% of finance receivables.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans. 

In the second quarter of 2026, restructuring costs increased primarily due to the divestiture of certain non-U.S. entities.

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 Tuesday, Aug. 4, 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 Tuesday, Aug. 4, 2026, to discuss its 2026 second-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 two significant items in order for the company's results to be meaningful to readers. These items consist of (i) restructuring costs related to the divestiture of certain non-U.S. entities in 2026 and (ii) other 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 June 30, 2026 - U.S. GAAP

$      4,295

20.9 %

$      4,558

$      1,055

$      3,593

$       7.77

Restructuring costs - divestiture of certain non-U.S. entities

139

0.7 %

139

—

139

0.30

Other restructuring costs

63

0.3 %

63

15

48

0.10

Three Months Ended June 30, 2026 - Adjusted

$      4,497

21.9 %

$      4,760

$      1,070

$      3,780

$       8.17

Three Months Ended June 30, 2025 - U.S. GAAP

$      2,860

17.3 %

$      2,818

$        646

$      2,179

$       4.62

Other restructuring costs

56

0.3 %

56

12

47

0.10

Three Months Ended June 30, 2025 - Adjusted

$      2,916

17.6 %

$      2,874

$        658

$      2,226

$       4.72

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 June 30, 2026 and 2025, these items consist of (i) restructuring costs related to the divestiture of certain non-U.S. entities in 2026 and (ii) 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 June 30, 2026 - U.S. GAAP

$      4,558

1,055

23.1 %

Restructuring costs - divestiture of certain non-U.S. entities

139

—

Excess stock-based compensation

—

26

Annual effective tax rate, excluding discrete items

$      4,697

$      1,081

23.0 %

Excess stock-based compensation

—

(26)

Other restructuring costs

63

15

Three Months Ended June 30, 2026 - Adjusted

$      4,760

$      1,070

Three Months Ended June 30, 2025 - U.S. GAAP

$      2,818

$         646

23.0 %

Excess stock-based compensation

—

1

Annual effective tax rate, excluding discrete items

$      2,818

$         647

23.0 %

Excess stock-based compensation

—

(1)

Other restructuring costs

56

12

Three Months Ended June 30, 2025 - Adjusted

$      2,874

$         658

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 25 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
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Sales and revenues:

Sales of Machinery, Power & Energy

$    19,581

$    15,674

$    36,054

$   29,052

Revenues of Financial Products

962

895

1,904

1,766

Total sales and revenues

20,543

16,569

37,958

30,818

Operating costs:

Cost of goods sold

12,781

10,807

24,087

19,772

Selling, general and administrative expenses

2,018

1,694

3,834

3,287

Research and development expenses

616

551

1,153

1,031

Interest expense of Financial Products

362

336

707

662

Other operating (income) expenses

471

321

797

627

Total operating costs

16,248

13,709

30,578

25,379

Operating profit

4,295

2,860

7,380

5,439

Interest expense excluding Financial Products

135

126

269

242

Other income (expense)

398

84

658

191

Consolidated profit before taxes

4,558

2,818

7,769

5,388

Provision (benefit) for income taxes

1,055

646

1,725

1,220

Profit of consolidated companies

3,503

2,172

6,044

4,168

Equity in profit (loss) of unconsolidated affiliated companies

90

7

97

14

Profit of consolidated and affiliated companies

3,593

2,179

6,141

4,182

Less: Profit (loss) attributable to noncontrolling interests

—

—

(1)

—

Profit 1

$     3,593

$     2,179

$     6,142

$    4,182

Profit per common share

$      7.80

$      4.64

$     13.29

$     8.85

Profit per common share — diluted 2

$      7.77

$      4.62

$     13.23

$     8.82

Weighted-average common shares outstanding (millions)

– Basic

460.4

469.7

462.0

472.4

– Diluted 2

462.5

471.5

464.3

474.5

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)

June 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$             6,713

$             9,980

Receivables – trade and other

13,188

10,920

Receivables – finance

10,844

10,649

Prepaid expenses and other current assets

3,078

2,801

Inventories

20,627

18,135

Total current assets

54,450

52,485

Property, plant and equipment – net

15,628

15,140

Long-term receivables – trade and other

3,086

2,142

Long-term receivables – finance

14,364

14,272

Noncurrent deferred and refundable income taxes

2,286

2,882

Intangible assets

420

241

Goodwill

5,859

5,321

Other assets

6,516

6,102

Total assets

$          102,609

$            98,585

Liabilities

Current liabilities:

Short-term borrowings:

-- Financial Products

$             5,046

$             5,514

Accounts payable

10,313

8,968

Accrued expenses

5,825

5,587

Accrued wages, salaries and employee benefits

2,148

2,554

Customer advances

4,777

3,314

Dividends payable

749

703

Other current liabilities

2,871

2,798

Long-term debt due within one year:

-- Machinery, Power & Energy

35

35

-- Financial Products

8,026

7,085

Total current liabilities

39,790

36,558

Long-term debt due after one year:

-- Machinery, Power & Energy

10,655

10,678

-- Financial Products

21,384

20,018

Liability for postemployment benefits

3,744

3,838

Other liabilities

7,642

6,175

Total liabilities

83,215

77,267

Shareholders' equity

Common stock

5,654

7,181

Treasury stock

(54,533)

(49,539)

Profit employed in the business

70,141

65,448

Accumulated other comprehensive income (loss)

(1,867)

(1,772)

Noncontrolling interests

(1)

—

Total shareholders' equity

19,394

21,318

Total liabilities and shareholders' equity

$          102,609

$            98,585

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)

Six Months Ended June 30,

2026

2025

Cash flow from operating activities:

Profit of consolidated and affiliated companies

$         6,141

$        4,182

Adjustments to reconcile profit to net cash provided by operating activities:

Depreciation and amortization

1,211

1,094

Provision (benefit) for deferred income taxes

644

(110)

(Gain) loss on divestiture

139

—

Other

(22)

398

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other

(3,182)

(319)

Inventories

(2,553)

(1,639)

Accounts payable

1,528

973

Accrued expenses

189

(12)

Accrued wages, salaries and employee benefits

(408)

(805)

Customer advances

2,576

1,276

Other assets – net

(93)

(90)

Other liabilities – net

71

(537)

Net cash provided by (used for) operating activities

6,241

4,411

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others

(1,315)

(1,265)

Expenditures for equipment leased to others

(847)

(608)

Proceeds from disposals of leased assets and property, plant and equipment

436

365

Additions to finance receivables

(8,639)

(7,064)

Collections of finance receivables

8,060

6,399

Proceeds from sale of finance receivables

33

18

Investments and acquisitions (net of cash acquired)

(802)

(21)

Proceeds from sale of businesses and investments (net of cash sold)

(92)

12

Proceeds from maturities and sale of securities

734

1,328

Investments in securities

(1,155)

(618)

Other – net

148

(53)

Net cash provided by (used for) investing activities

(3,439)

(1,507)

Cash flow from financing activities:

Dividends paid

(1,399)

(1,336)

Common stock issued, and other stock compensation transactions, net

(121)

(59)

Payments to purchase common stock

(6,522)

(4,488)

Excise tax paid on purchases of common stock

(49)

(73)

Proceeds from debt issued (original maturities greater than three months)

7,363

5,707

Payments on debt (original maturities greater than three months)

(4,763)

(4,168)

Short-term borrowings – net (original maturities three months or less)

(542)

72

Net cash provided by (used for) financing activities

(6,033)

(4,345)

Effect of exchange rate changes on cash

(35)

(7)

Increase (decrease) in cash, cash equivalents and restricted cash

(3,266)

(1,448)

Cash, cash equivalents and restricted cash at beginning of period

9,986

6,896

Cash, cash equivalents and restricted cash at end of period

$         6,720

$        5,448

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 June 30, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power
& Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$      19,581

$          19,581

$          —

$           —

Revenues of Financial Products

962

—

1,188

(226)

1

Total sales and revenues

20,543

19,581

1,188

(226)

Operating costs:

Cost of goods sold

12,781

12,783

—

(2)

2

Selling, general and administrative expenses

2,018

1,800

223

(5)

2

Research and development expenses

616

616

—

—

Interest expense of Financial Products

362

—

374

(12)

2

Other operating (income) expenses

471

168

328

(25)

2

Total operating costs

16,248

15,367

925

(44)

Operating profit

4,295

4,214

263

(182)

Interest expense excluding Financial Products

135

141

—

(6)

3

Other income (expense)

398

163

59

176

4

Consolidated profit before taxes

4,558

4,236

322

—

Provision (benefit) for income taxes

1,055

963

92

—

Profit of consolidated companies

3,503

3,273

230

—

Equity in profit (loss) of unconsolidated affiliated companies

90

90

—

—

Profit of consolidated and affiliated companies

3,593

3,363

230

—

Less: Profit (loss) attributable to noncontrolling interests

—

—

—

—

Profit 5

$        3,593

$           3,363

$         230

$           —

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 June 30, 2025

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power
& Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$      15,674

$        15,674

$          —

$           —

Revenues of Financial Products

895

—

1,081

(186)

1

Total sales and revenues

16,569

15,674

1,081

(186)

Operating costs:

Cost of goods sold

10,807

10,809

—

(2)

2

Selling, general and administrative expenses

1,694

1,497

209

(12)

2

Research and development expenses

551

551

—

—

Interest expense of Financial Products

336

—

342

(6)

Other operating (income) expenses

321

22

318

(19)

2

Total operating costs

13,709

12,879

869

(39)

Operating profit

2,860

2,795

212

(147)

Interest expense excluding Financial Products

126

130

—

(4)

Other income (expense)

84

(101)

42

143

3

Consolidated profit before taxes

2,818

2,564

254

—

Provision (benefit) for income taxes

646

585

61

—

Profit of consolidated companies

2,172

1,979

193

—

Equity in profit (loss) of unconsolidated affiliated companies

7

7

—

—

Profit of consolidated and affiliated companies

2,179

1,986

193

—

Less: Profit (loss) attributable to noncontrolling interests

—

(1)

1

—

Profit 4

$        2,179

$          1,987

$         192

$           —

1

Elimination of Financial Products' revenues earned from MP&E.

2

Elimination of net expenses recorded by MP&E paid to 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 Results of Operations

For the Six Months Ended June 30, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power
& Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$      36,054

$          36,054

$          —

$           —

Revenues of Financial Products

1,904

—

2,331

(427)

1

Total sales and revenues

37,958

36,054

2,331

(427)

Operating costs:

Cost of goods sold

24,087

24,091

—

(4)

2

Selling, general and administrative expenses

3,834

3,409

445

(20)

2

Research and development expenses

1,153

1,153

—

—

Interest expense of Financial Products

707

—

730

(23)

2

Other operating (income) expenses

797

188

656

(47)

2

Total operating costs

30,578

28,841

1,831

(94)

Operating profit

7,380

7,213

500

(333)

Interest expense excluding Financial Products

269

281

—

(12)

3

Other income (expense)

658

262

75

321

4

Consolidated profit before taxes

7,769

7,194

575

—

Provision (benefit) for income taxes

1,725

1,570

155

—

Profit of consolidated companies

6,044

5,624

420

—

Equity in profit (loss) of unconsolidated affiliated companies

97

97

—

—

Profit of consolidated and affiliated companies

6,141

5,721

420

—

Less: Profit (loss) attributable to noncontrolling interests

(1)

(1)

—

—

Profit 5

$        6,142

$           5,722

$         420

$           —

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 Six Months Ended June 30, 2025

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power
& Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$      29,052

$          29,052

$          —

$           —

Revenues of Financial Products

1,766

—

2,129

(363)

1

Total sales and revenues

30,818

29,052

2,129

(363)

Operating costs:

Cost of goods sold

19,772

19,776

—

(4)

2

Selling, general and administrative expenses

3,287

2,905

405

(23)

2

Research and development expenses

1,031

1,031

—

—

Interest expense of Financial Products

662

—

668

(6)

Other operating (income) expenses

627

30

643

(46)

2

Total operating costs

25,379

23,742

1,716

(79)

Operating profit

5,439

5,310

413

(284)

Interest expense excluding Financial Products

242

249

—

(7)

Other income (expense)

191

(146)

60

277

3

Consolidated profit before taxes

5,388

4,915

473

—

Provision (benefit) for income taxes

1,220

1,105

115

—

Profit of consolidated companies

4,168

3,810

358

—

Equity in profit (loss) of unconsolidated affiliated companies

14

14

—

—

Profit of consolidated and affiliated companies

4,182

3,824

358

—

Less: Profit (loss) attributable to noncontrolling interests

—

(1)

1

—

Profit 4

$        4,182

$           3,825

$         357

$           —

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 June 30, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power
& Energy

Financial

Products

Consolidating

Adjustments

Assets

Current assets:

Cash and cash equivalents

$        6,713

$           5,945

$          768

$           —

Receivables – trade and other

13,188

4,630

686

7,872

1,2

Receivables – finance

10,844

—

18,938

(8,094)

2

Prepaid expenses and other current assets

3,078

2,683

423

(28)

3

Inventories

20,627

20,627

—

—

Total current assets

54,450

33,885

20,815

(250)

Property, plant and equipment – net

15,628

11,314

4,268

46

4

Long-term receivables – trade and other

3,086

2,721

101

264

1,2

Long-term receivables – finance

14,364

—

15,912

(1,548)

2

Noncurrent deferred and refundable income taxes

2,286

2,596

124

(434)

5

Intangible assets

420

420

—

—

Goodwill

5,859

5,859

—

—

Other assets

6,516

4,826

2,783

(1,093)

6

Total assets

$      102,609

$         61,621

$       44,003

$       (3,015)

Liabilities

Current liabilities:

Short-term borrowings

$        5,046

$             —

$        5,046

$           —

Accounts payable

10,313

10,275

251

(213)

7

Accrued expenses

5,825

5,069

756

—

Accrued wages, salaries and employee benefits

2,148

2,098

50

—

Customer advances

4,777

4,774

3

—

Dividends payable

749

749

—

—

Other current liabilities

2,871

2,212

709

(50)

5,8,9

Long-term debt due within one year

8,061

35

8,026

—

Total current liabilities

39,790

25,212

14,841

(263)

Long-term debt due after one year

32,039

10,948

22,384

(1,293)

9

Liability for postemployment benefits

3,744

3,743

1

—

Other liabilities

7,642

6,607

1,552

(517)

5

Total liabilities

83,215

46,510

38,778

(2,073)

Shareholders' equity

Common stock

5,654

5,654

905

(905)

10

Treasury stock

(54,533)

(54,533)

—

—

Profit employed in the business

70,141

64,890

5,219

32

10

Accumulated other comprehensive income (loss)

(1,867)

(901)

(966)

—

Noncontrolling interests

(1)

1

67

(69)

10

Total shareholders' equity

19,394

15,111

5,225

(942)

Total liabilities and shareholders' equity

$      102,609

$         61,621

$       44,003

$       (3,015)

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 Six Months Ended June 30, 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

$         6,141

$         5,721

$          420

$            —

Adjustments to reconcile profit to net cash provided by operating activities:

Depreciation and amortization

1,211

812

399

—

Provision (benefit) for deferred income taxes

644

666

(22)

—

(Gain) loss on divestiture

139

139

—

—

Other

(22)

(74)

(271)

323

1

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other

(3,182)

(1,356)

(27)

(1,799)

1,2

Inventories

(2,553)

(2,552)

—

(1)

1

Accounts payable

1,528

1,518

(65)

75

1

Accrued expenses

189

183

6

—

Accrued wages, salaries and employee benefits

(408)

(399)

(9)

—

Customer advances

2,576

2,576

—

—

Other assets – net

(93)

(111)

35

(17)

1

Other liabilities – net

71

(112)

148

35

1

Net cash provided by (used for) operating activities

6,241

7,011

614

(1,384)

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others

(1,315)

(1,302)

(16)

3

1

Expenditures for equipment leased to others

(847)

(11)

(840)

4

1

Proceeds from disposals of leased assets and property, plant and equipment

436

35

407

(6)

1

Additions to finance receivables

(8,639)

—

(10,312)

1,673

2

Collections of finance receivables

8,060

—

9,188

(1,128)

2

Net intercompany purchased receivables

—

—

(838)

838

2

Proceeds from sale of finance receivables

33

—

33

—

Collections of intercompany receivables (original maturities greater than three months)

—

—

48

(48)

3

Investments and acquisitions (net of cash acquired)

(802)

(802)

—

—

Proceeds from sale of businesses and investments (net of cash sold)

(92)

(92)

—

—

Proceeds from maturities and sale of securities

734

395

339

—

Investments in securities

(1,155)

(648)

(507)

—

Other – net

148

230

(82)

—

Net cash provided by (used for) investing activities

(3,439)

(2,195)

(2,580)

1,336

Cash flow from financing activities:

Dividends paid

(1,399)

(1,399)

—

—

Common stock issued, and other stock compensation transactions, net

(121)

(121)

—

—

Payments to purchase common stock

(6,522)

(6,522)

—

—

Excise tax paid on purchases of common stock

(49)

(49)

—

—

Payments on intercompany borrowings (original maturities greater than three months)

—

(48)

—

48

3

Proceeds from debt issued (original maturities greater than three months)

7,363

—

7,363

—

Payments on debt (original maturities greater than three months)

(4,763)

(19)

(4,744)

—

Short-term borrowings – net (original maturities three months or less)

(542)

—

(542)

—

Net cash provided by (used for) financing activities

(6,033)

(8,158)

2,077

48

Effect of exchange rate changes on cash

(35)

(44)

9

—

Increase (decrease) in cash, cash equivalents and restricted cash

(3,266)

(3,386)

120

—

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

$         6,720

$         5,950

$          770

$            —

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 Six Months Ended June 30, 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

$         4,182

$         3,824

$          358

$            —

Adjustments to reconcile profit to net cash provided by operating activities:

Depreciation and amortization

1,094

716

378

—

Provision (benefit) for deferred income taxes

(110)

(88)

(22)

—

Other

398

357

(286)

327

1

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other

(319)

90

5

(414)

1,2

Inventories

(1,639)

(1,639)

—

—

Accounts payable

973

930

6

37

1

Accrued expenses

(12)

(64)

52

—

Accrued wages, salaries and employee benefits

(805)

(786)

(19)

—

Customer advances

1,276

1,276

—

—

Other assets – net

(90)

(133)

(3)

46

1

Other liabilities – net

(537)

(621)

128

(44)

1

Net cash provided by (used for) operating activities

4,411

3,862

597

(48)

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others

(1,265)

(1,273)

(22)

30

1

Expenditures for equipment leased to others

(608)

(14)

(597)

3

1

Proceeds from disposals of leased assets and property, plant and equipment

365

36

362

(33)

1

Additions to finance receivables

(7,064)

—

(8,084)

1,020

2

Collections of finance receivables

6,399

—

7,278

(879)

2

Net intercompany purchased receivables

—

—

93

(93)

2

Proceeds from sale of finance receivables

18

—

18

—

Additions to intercompany receivables (original maturities greater than three months)

—

(1,000)

—

1,000

3

Collections of intercompany receivables (original maturities greater than three months)

—

—

35

(35)

3

Investments and acquisitions (net of cash acquired)

(21)

(21)

—

—

Proceeds from sale of businesses and investments (net of cash sold)

12

12

—

—

Proceeds from maturities and sale of securities

1,328

1,026

302

—

Investments in securities

(618)

(278)

(340)

—

Other – net

(53)

(18)

(35)

—

Net cash provided by (used for) investing activities

(1,507)

(1,530)

(990)

1,013

Cash flow from financing activities:

Dividends paid

(1,336)

(1,336)

—

—

Common stock issued, and other stock compensation transactions, net

(59)

(59)

—

—

Payments to purchase common stock

(4,488)

(4,488)

—

—

Excise tax paid on purchases of common stock

(73)

(73)

—

—

Proceeds from intercompany borrowings (original maturities greater than three months)

—

—

1,000

(1,000)

3

Payments on intercompany borrowings (original maturities greater than three months)

—

(35)

—

35

3

Proceeds from debt issued (original maturities greater than three months)

5,707

1,976

3,731

—

Payments on debt (original maturities greater than three months)

(4,168)

(35)

(4,133)

—

Short-term borrowings – net (original maturities three months or less)

72

—

72

—

Net cash provided by (used for) financing activities

(4,345)

(4,050)

670

(965)

Effect of exchange rate changes on cash

(7)

(21)

14

—

Increase (decrease) in cash, cash equivalents and restricted cash

(1,448)

(1,739)

291

—

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

$         5,448

$         4,431

$         1,017

$            —

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.

SOURCE Caterpillar Inc.

The emergence of Caterpillar (CAT +0.70%) as an AI stock caught many investors by surprise. Although Caterpillar doesn't produce exciting chips that enable AI models, humanoid robots, or other innovations, it supplies the necessary energy components.

Caterpillar's power generators provide data centers with a backup energy source in the event of grid or utility downtime. This role has helped Caterpillar outperform the S&P 500, and it suggests that recent gains are just the beginning.

Image source: Getty Images.

Power generators continue to propel the company Caterpillar delivered 22% year-over-year revenue growth in the first quarter, and the company's power and energy segment was a major reason. That part of the business also went up by 22% year over year and represents more than one-third of total sales.

Caterpillar's construction segment also did well as more companies build data centers. The company's equipment is vital for site construction, giving Caterpillar even more exposure to the AI boom.

The International Energy Agency projects data center electricity consumption to increase by 15% per year through 2030. That's more than four times the growth rate of total electricity consumption from all other sectors.

The heightened demand for electricity will simultaneously help Caterpillar's power generators gain market share. Deloitte offers even more ambitious targets, suggesting that power demand from AI data centers in the U.S. can grow more than 30-fold by 2035.

These long-term targets imply that AI expansion will continue for multiple years or decades. Energy is required to enable AI data centers, setting up a massive tailwind for Caterpillar.

Today's Change

(

0.70

%) $

5.67

Current Price

$

814.81

Caterpillar anticipates more growth Connecting the dots suggests Caterpillar can continue to post solid results, but executives opted to provide a clear picture after reporting Q1 results. After touting those earnings as better than expected, the company now anticipates "higher sales and revenue growth in 2026 compared to a quarter ago."

Power generators and North American customers are driving most of the growth and contributed to a $62.7 billion order backlog. That backlog represents an $11.5 billion sequential increase -- a new record for the company. It offers clear revenue visibility that will make it easier for the company to achieve double-digit revenue growth rates.

That growth also comes with a rising dividend and plenty of stock buybacks. Caterpillar returned $5.7 billion to shareholders in Q1, demonstrating it can increase capital expenditures while rewarding long-term investors.

Caterpillar even delivered rising profits, with adjusted operating profits increasing from $2.6 billion in Q1 2025 to $3.1 billion in Q1 of this year. The AI boom needs power, and Caterpillar is built to supply it for years to come.

The upcoming report from Caterpillar (CAT - Free Report) is expected to reveal quarterly earnings of $6.25 per share, indicating an increase of 32.4% compared to the year-ago period. Analysts forecast revenues of $19.31 billion, representing an increase of 16.6% year over year.

Over the last 30 days, there has been an upward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

In light of this perspective, let's dive into the average estimates of certain Caterpillar metrics that are commonly tracked and forecasted by Wall Street analysts.

Analysts expect 'Total sales and revenues- Machinery, Power & Energy- All Other Segments' to come in at $90.65 million. The estimate indicates a year-over-year change of -12.8%.

The consensus estimate for 'Total sales and revenues- Machinery, Power & Energy- Construction Industries' stands at $7.52 billion. The estimate points to a change of +21.5% from the year-ago quarter.

The consensus among analysts is that 'Inter-segment sales and revenue- Machinery, Power & Energy- Energy & Transportation' will reach $1.38 billion. The estimate indicates a year-over-year change of +8.4%.

Analysts' assessment points toward 'Total sales and revenues- Machinery, Power & Energy- Power & Energy' reaching $8.12 billion. The estimate points to a change of +3.7% from the year-ago quarter.

Analysts forecast 'Sales and Revenues- Asia/Pacific- Machinery, Power & Energy- Total' to reach $3.13 billion. The estimate indicates a year-over-year change of +12.1%.

Analysts predict that the 'Sales and Revenues- Asia/Pacific- Machinery, Power & Energy- All Other Segments' will reach $11.01 million. The estimate indicates a change of -35.2% from the prior-year quarter.

The collective assessment of analysts points to an estimated 'Sales and Revenues- Latin America- Machinery, Power & Energy- Total' of $1.79 billion. The estimate indicates a change of +13.8% from the prior-year quarter.

According to the collective judgment of analysts, 'Sales and Revenues- North America- Machinery, Power & Energy- Total' should come in at $9.59 billion. The estimate points to a change of +16.5% from the year-ago quarter.

It is projected by analysts that the 'Price Realization - Machinery, Power & Energy - Power & Energy' will reach $121.49 million. The estimate is in contrast to the year-ago figure of $139.00 million.

The average prediction of analysts places 'Sales Volume - Machinery, Power & Energy - Power & Energy' at $848.22 million. Compared to the current estimate, the company reported $326.00 million in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Sales Volume - Machinery, Power & Energy - All Other Segment' should arrive at $2.38 million. The estimate compares to the year-ago value of $5.00 million.

The combined assessment of analysts suggests that 'Sales Volume - Machinery, Power & Energy - Total' will likely reach $2.02 billion. Compared to the current estimate, the company reported $237.00 million in the same quarter of the previous year.

View all Key Company Metrics for Caterpillar here>>>

Shares of Caterpillar have experienced a change of -21.1% in the past month compared to the -1.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), CAT is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Wall Street expects a year-over-year increase in earnings on higher revenues when Caterpillar (CAT - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis construction equipment company is expected to post quarterly earnings of $6.25 per share in its upcoming report, which represents a year-over-year change of +32.4%.

Revenues are expected to be $19.31 billion, up 16.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.19% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Caterpillar?For Caterpillar, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +4.96%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that Caterpillar will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Caterpillar would post earnings of $4.55 per share when it actually produced earnings of $5.54, delivering a surprise of +21.76%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Caterpillar appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerTerex (TEX - Free Report) , another stock in the Zacks Manufacturing - Construction and Mining industry, is expected to report earnings per share of $1.25 for the quarter ended June 2026. This estimate points to a year-over-year change of -16.1%. Revenues for the quarter are expected to be $2.14 billion, up 43.7% from the year-ago quarter.

The consensus EPS estimate for Terex has been revised 1.7% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +0.83%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Terex will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Caterpillar (CAT -0.60%) is an industrial giant. You probably know its yellow construction equipment and iconic logo. It also makes generators capable of providing power in remote locations. The company's stock has risen more than 100% over the past year, easily besting the roughly 18% return of the S&P 500 index (^GSPC +0.05%). And artificial intelligence is a key source of Wall Street's enthusiasm. Here's what you need to know.

Caterpillar's products are vital to the AI build-out Worldwide spending on artificial intelligence could be as high as $2.59 trillion in 2026, according to Gartner Research. That figure would be up 47% year over year. That spending covers a lot of ground, including the construction of chip factories and AI data centers. You can't build massive facilities like these without the earth-moving equipment that Cat makes.

Image source: Getty Images.

Meanwhile, AI data centers have faced significant backlash over the electricity they consume. Getting a grid attachment was already difficult and time-consuming, so the negative views of data centers from local residents and regulators aren't helping. But, again, Cat is there to lend a hand with its power systems.

Pretty simply, Caterpillar looks like it is in the right place at the right time. This helps explain why the company's backlog at the end of the first quarter stood at record levels. The $63 billion backlog represents future revenues, and the figure was up a huge 79% year over year. The rise in Caterpillar's stock price is simply a reflection of investor enthusiasm for the company's success.

Today's Change

(

-0.60

%) $

-5.37

Current Price

$

889.17

Cat: There's a problem for investors to consider You should be happy if you purchased Caterpillar stock a year ago. However, the company's price advance has dramatically changed the valuation math if you're considering buying the stock today. Simply put, after such a large run, the stock looks expensive.

The 5.8x price-to-sales ratio is more than twice the five-year average of 2.6x. The 43x price-to-earnings ratio is more than twice the five-year average of 19x. Even if you are looking to the future, given the strong backlog, the stock still looks pricy. Caterpillar's forward P/E ratio is 36x compared to a five-year average of 17x. The 0.7% dividend yield is historically low for the stock and is even less than the 1% you'd get from an S&P 500 index fund. The data center math has fueled Cat's rally, but it also appears to have led Wall Street to place a steep premium on the shares.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Caterpillar. The Motley Fool has a disclosure policy.

Caterpillar (CAT +0.59%) is known for its dependable dividend, having raised its payout for more than 30 years. The renowned income investment recently approved another substantial increase. So why is Caterpillar's dividend yield the lowest in its history?

Today's Change

(

0.59

%) $

5.23

Current Price

$

894.54

The construction and heavy machinery manufacturer has seen its stock surge faster than its dividend growth, resulting in a lower yield. Shares of Caterpillar have skyrocketed more than 55% so far this year, and over 110% in the past 12 months as of this writing.

As AI infrastructure build-outs accelerate, so does the demand for construction equipment. The increase in Caterpillar's share price has now left potential investors with a conundrum. The stock is trading at a hefty premium, particularly compared to its historical averages. The 0.75% yield means new investors aren't necessarily buying for the high income as much as for the potential of continued growth.

Image source: Getty Images.

Caterpillar currently pays a quarterly dividend of $1.51 per share. The stock's forward price-to-earnings (P/E) ratio is in the mid-30s, while the trailing P/E sits above 40. New investors will need to be patient over a longer period of time to justify paying a higher price. With that said, Caterpillar is in excellent shape to keep the dividend raises coming for the foreseeable future.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Caterpillar. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Jul 22nd, 2026

Arvest Bank Trust Division grew its position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) by 254.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,897 shares of the industrial products company’s stock after buying an additional 4,951 shares during the quarter. Arvest Bank Trust Division’s holdings in Caterpillar were worth $4,886,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lam Group Inc. purchased a new position in shares of Caterpillar in the first quarter worth $26,000. Torren Management LLC purchased a new stake in shares of Caterpillar during the fourth quarter valued at $27,000. Frazier Financial Advisors LLC increased its holdings in Caterpillar by 220.0% in the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock worth $28,000 after buying an additional 33 shares in the last quarter. IFS Advisors LLC purchased a new position in Caterpillar in the 4th quarter worth about $31,000. Finally, Rialto Wealth Management LLC lifted its stake in Caterpillar by 47.4% during the 4th quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 18 shares during the period. Institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance NYSE CAT opened at $889.40 on Wednesday. The company has a market capitalization of $409.65 billion, a PE ratio of 44.27, a price-to-earnings-growth ratio of 1.69 and a beta of 1.57. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35. The business’s fifty day moving average is $929.62 and its 200 day moving average is $799.21. Caterpillar Inc. has a fifty-two week low of $405.46 and a fifty-two week high of $1,073.46.

Caterpillar (NYSE:CAT – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, topping analysts’ consensus estimates of $4.65 by $0.89. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The business had revenue of $17.41 billion during the quarter, compared to analysts’ expectations of $16.53 billion. During the same quarter in the prior year, the business posted $4.25 earnings per share. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Sell-side analysts predict that Caterpillar Inc. will post 24.87 earnings per share for the current year.

Caterpillar Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Monday, July 20th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $6.52 annualized dividend and a yield of 0.7%. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s payout ratio is currently 32.45%.

Analyst Ratings Changes A number of research analysts recently weighed in on CAT shares. DA Davidson increased their price objective on shares of Caterpillar from $650.00 to $845.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. HSBC lifted their target price on shares of Caterpillar from $850.00 to $1,100.00 in a research report on Tuesday, May 5th. Morgan Stanley set a $915.00 price target on Caterpillar and gave the company an “equal weight” rating in a report on Friday, May 1st. Evercore reaffirmed an “outperform” rating and issued a $1,103.00 price objective on shares of Caterpillar in a report on Monday, May 11th. Finally, Truist Financial upped their price objective on Caterpillar from $1,043.00 to $1,218.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Fifteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Caterpillar currently has an average rating of “Moderate Buy” and an average target price of $980.57.

Check Out Our Latest Report on Caterpillar

Insider Buying and Selling In other Caterpillar news, insider Anthony D. Fassino sold 16,283 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $916.80, for a total transaction of $14,928,254.40. Following the completion of the sale, the insider directly owned 46,041 shares of the company’s stock, valued at $42,210,388.80. This trade represents a 26.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Kaiser sold 5,642 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $883.03, for a total transaction of $4,982,055.26. Following the completion of the transaction, the insider directly owned 9,594 shares in the company, valued at $8,471,789.82. This trade represents a 37.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,773 shares of company stock worth $87,642,635 in the last three months. Corporate insiders own 0.33% of the company’s stock.

More Caterpillar News Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: Wall Street sentiment remains constructive, with Caterpillar’s average brokerage recommendation still equivalent to a Buy, supporting investor confidence in the stock. Is It Worth Investing in Caterpillar (CAT) Based on Wall Street’s Bullish Views? Positive Sentiment: Analysts lifted Caterpillar’s modeled fair value estimate from $913.29 to $970.37, suggesting higher expectations for the stock’s intrinsic value. Caterpillar (CAT) Stock Fair Value Edges Higher After Analysts Lift Targets Positive Sentiment: Market coverage noted Caterpillar was among the Dow’s stronger performers, reflecting broader momentum in the shares during Tuesday’s session. Dow Rises 500 Points. It’s Not a Broad Rally. Neutral Sentiment: Caterpillar announced it will release second-quarter 2026 financial results on August 4, which puts investors on watch for a potentially important catalyst but does not provide new operating results yet. Caterpillar Inc. to Announce Second-Quarter 2026 Financial Results on August 4 Neutral Sentiment: Zacks highlighted Caterpillar as one of several dividend-paying industrial names benefiting from AI-related infrastructure spending, a supportive but indirect theme for the stock. These Stocks Offer AI Exposure and Dividend Payouts Neutral Sentiment: A local article said Caterpillar began renovations after buying property in Texas, which is operationally interesting but unlikely to move the stock on its own. Caterpillar embarks on renovations after purchasing property in Texas Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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