10-K · February 13, 2026
Caterpillar reported 2025 sales of $67.589 billion and delivered a Q4 beat with revenue of $19.13 billion (actual $19.133B vs est. $17.835B) and EPS of $5.16 (actual vs est. $4.70). The company introduced a refreshed…
Earnings analysis · 10-Q
CAT earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Caterpillar reported a strong first quarter of 2026 with revenues of $17.415 billion, marking a 22% increase from the previous year, along with an EPS of $5.47, up from $4.20. The company experienced notable sales…
Read full summary
Caterpillar reported a strong first quarter of 2026 with revenues of $17.415 billion, marking a 22% increase from the previous year, along with an EPS of $5.47, up from $4.20. The company experienced notable sales growth across all segments, particularly in Construction Industries, which saw a 38% rise. Despite strong performance, operating margins slightly compressed due to increased manufacturing costs and SG&A expenses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.54
- Operating margin
- 17.7%
What stood out
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Robust Revenue Growth
Caterpillar's revenue increased by $3.166 billion, or 22%, to $17.415 billion compared to $14.249 billion in Q1 2025.
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Earnings Per Share Beat
Diluted EPS for the quarter came in at $5.47, an increase of 30% from $4.20 in Q1 2025.
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Segment Performance
The Construction Industries segment grew by 38%, with revenue rising to $7.161 billion, driven by higher sales volume.
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Strong Cash Flow
Operating cash flow for Q1 2026 was $1.870 billion, up $581 million year-over-year.
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Shareholder Returns
The company repurchased $5.028 billion in stock during the first quarter as part of its capital allocation strategy.
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High Backlog
Caterpillar reported a backlog of approximately $62.7 billion, indicating strong future demand.
What to watch
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Margin Compression
Operating profit margin fell to 17.7% from 18.1% a year ago, affected by increased tariff costs and higher SG&A expenses.
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Global Economic Uncertainty
Management highlighted potential headwinds from geopolitical risks and inflationary pressures that could impact future performance.
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Increased Tariff Costs
The company expects tariff costs of around $700 million in Q2 2026, impacting profitability.
Management's outlook
Management anticipates low double-digit revenue growth for full-year 2026 compared to 2025.
Earlier filings 4
10-Q · August 6, 2025
Caterpillar reported Q2 (three months ended June 30, 2025) revenue of $16,569 million, slightly below prior-year $16,689 million, while diluted EPS fell to $4.62 from $5.48 as gross and operating margins compressed.…
10-Q · May 7, 2025
Caterpillar reported quarter revenue of $14,249 million, down from $15,799 million a year earlier, with diluted EPS of $4.20 versus $5.75 in Q1 2024. ME&T sales declined while Financial Products revenue grew slightly;…
10-K · February 14, 2025
Caterpillar Inc.'s 2024 10-K report highlights a robust revenue of $64.809 billion, supported by strategic focus on operational excellence, expanded offerings, and sustainability initiatives. Growth is driven…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.