Caterpillar Reports Third-Quarter 2026 Results

Caterpillar Reports Third-Quarter 2026 Results Third Quarter

($ in billions except profit per share)

2026

2025

Sales and Revenues

$20.7

$17.6

Profit Per Share

$7.13

$4.88

Adjusted Profit Per Share

$7.20

$4.95

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

IRVING, Texas, Oct. 29, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced third-quarter 2026 results.

"Our third-quarter results reflect the durability of our end markets, with strong order rates and a record backlog," said Caterpillar Chairman and CEO Joe Creed. "Our team continues to execute our strategic priorities in a dynamic environment, positioning us for a strong year while delivering long-term value for our customers and shareholders."

Sales and revenues for the third quarter of 2026 were $20.7 billion, a 17% increase compared with $17.6 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 million.

Operating profit margin was 20.4% for the third quarter of 2026, compared with 17.3% for the third quarter of 2025. Adjusted operating profit margin was 20.6% for the third quarter of 2026, compared with 17.5% for the third quarter of 2025. Third-quarter 2026 profit per share was $7.13, compared with third-quarter 2025 profit per share of $4.88. Adjusted profit per share in the third quarter of 2026 was $7.20, compared with third-quarter 2025 adjusted profit per share of $4.95. For the third quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the third quarter of 2026, enterprise operating cash flow was $4.4 billion, and the company ended the third quarter with $7.9 billion of enterprise cash. In the quarter, the company deployed $1.2 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

Third Quarter 2026 vs. Third Quarter 2025

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

Total sales and revenues for the third quarter of 2026 were $20.682 billion, an increase of $3.044 billion, or 17%, compared with $17.638 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $2.2 billion and favorable price realization of $663 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)

Third

Quarter

2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment /

Other

Third

Quarter

2026

Change

Power & Energy

$ 7,463

$ 879

$ 216

$ 12

$ 214

$ 8,784

$ 1,321

18 %

Construction Industries

6,760

874

349

(2)

7,983

1,223

18 %

Resource Industries

3,999

478

4,615

616

15 %

All Other Segment

—

(6)

(1)

(1 %)

Corporate Items and Eliminations

(1,569)

(29)

(208)

(1,800)

(231)

Machinery, Power & Energy

16,726

2,207

663

—

19,654

2,928

18 %

Financial Products Segment

1,076

—

101

1,177

101

9 %

Corporate Items and Eliminations

(164)

—

(149)

Financial Products Revenues

912

—

116

1,028

116

13 %

Consolidated Sales and Revenues

$ 17,638

$ 2,207

$ 663

$ 58

$ 116

$ 20,682

$ 3,044

17 %

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

Third Quarter 2026

Power & Energy

$ 4,395

26 %

$ 435

(12 %)

$ 1,580

22 %

$ 878

(4 %)

$ 7,288

18 %

$ 1,496

17 %

$ 8,784

18 %

Construction Industries

4,796

23 %

825

26 %

1,366

12 %

925

2 %

7,912

18 %

(3 %)

7,983

18 %

Resource Industries

2,180

27 %

759

25 %

674

10 %

916

(6 %)

4,529

16 %

2 %

4,615

15 %

All Other Segment

80 %

—

— %

50 %

— %

50 %

(10 %)

(1 %)

Corporate Items and Eliminations

(81)

(4)

(7)

(90)

(1,710)

(1,800)

Machinery, Power & Energy

11,299

25 %

2,021

15 %

3,619

16 %

2,715

(3 %)

19,654

18 %

—

— %

19,654

18 %

Financial Products Segment

780

8 %

132

12 %

142

9 %

123

16 %

1,177

9 %

—

— %

1,177

9 %

Corporate Items and Eliminations

(62)

(29)

(33)

(25)

(149)

—

(149)

Financial Products Revenues

718

15 %

103

12 %

109

2 %

13 %

1,028

13 %

—

— %

1,028

13 %

Consolidated Sales and Revenues

$ 12,017

24 %

$ 2,124

15 %

$ 3,728

15 %

$ 2,813

(2 %)

$ 20,682

17 %

$ —

— %

$ 20,682

17 %

Third Quarter 2025

Power & Energy

$ 3,478

$ 496

$ 1,296

$ 911

$ 6,181

$ 1,282

$ 7,463

Construction Industries

3,912

654

1,217

904

6,687

6,760

Resource Industries

1,721

605

612

977

3,915

3,999

All Other Segment

—

Corporate Items and Eliminations

(61)

(3)

(6)

(67)

(1,502)

(1,569)

Machinery, Power & Energy

9,055

1,758

3,124

2,789

16,726

—

16,726

Financial Products Segment

722

118

130

106

1,076

—

1,076

Corporate Items and Eliminations

(96)

(26)

(23)

(19)

(164)

—

(164)

Financial Products Revenues

626

107

912

—

912

Consolidated Sales and Revenues

$ 9,681

$ 1,850

$ 3,231

$ 2,876

$ 17,638

$ —

$ 17,638

Consolidated Operating Profit

Consolidated Operating Profit Comparison

Third Quarter 2026 vs. Third Quarter 2025

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

Operating profit for the third quarter of 2026 was $4.214 billion, an increase of $1.162 billion, or 38%, compared with $3.052 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume.

Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries.

Profit (Loss) by Segment

(Millions of dollars)

Third Quarter

2026

Third Quarter

2025

Change

Power & Energy

$ 2,143

$ 1,633

$ 510

31 %

Construction Industries

1,831

1,377

454

33 %

Resource Industries

622

544

14 %

All Other Segment

(2)

(6)

67 %

Corporate Items and Eliminations

(450)

(546)

Machinery, Power & Energy

4,144

3,002

1,142

38 %

Financial Products Segment

264

241

10 %

Corporate Items and Eliminations

(3)

(38)

Financial Products

261

203

29 %

Consolidating Adjustments

(191)

(153)

(38)

Consolidated Operating Profit

$ 4,214

$ 3,052

$ 1,162

38 %

Other Profit/Loss and Tax Items

POWER & ENERGY

(Millions of dollars)

Segment Sales

Third

Quarter 2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

Third

Quarter 2026

Change

Total Sales

$ 7,463

$ 879

$ 216

$ 12

$ 214

$ 8,784

$ 1,321

18 %

Sales by Application

Third

Quarter 2026

Third

Quarter 2025

Change

Power Generation

$ 3,421

$ 2,634

$ 787

30 %

Oil and Gas

2,236

1,979

257

13 %

Industrial

1,631

1,568

4 %

External Sales

7,288

6,181

1,107

18 %

Inter-segment

1,496

1,282

214

17 %

Total Sales

$ 8,784

$ 7,463

$ 1,321

18 %

Segment Profit

Third

Quarter 2026

Third

Quarter 2025

Change

Segment Profit

$ 2,143

$ 1,633

$ 510

31 %

Segment Profit Margin

24.4 %

21.9 %

2.5 pts

Power & Energy's total sales were $8.784 billion in the third quarter of 2026, an increase of $1.321 billion, or 18%, compared with $7.463 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $879 million and favorable price realization of $216 million.

Power & Energy's segment profit was $2.143 billion in the third quarter of 2026, an increase of $510 million, or 31%, compared with $1.633 billion in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

Segment Sales

Third

Quarter 2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

Third

Quarter 2026

Change

Total Sales

$ 6,760

$ 874

$ 349

$ 2

$ (2)

$ 7,983

$ 1,223

18 %

Sales by Geographic Region

Third

Quarter 2026

Third

Quarter 2025

Change

North America

$ 4,796

$ 3,912

$ 884

23 %

Latin America

825

654

171

26 %

EAME

1,366

1,217

149

12 %

Asia/Pacific

925

904

2 %

External Sales

7,912

6,687

1,225

18 %

Inter-segment

(2)

(3 %)

Total Sales

$ 7,983

$ 6,760

$ 1,223

18 %

Segment Profit

Third

Quarter 2026

Third

Quarter 2025

Change

Segment Profit

$ 1,831

$ 1,377

$ 454

33 %

Segment Profit Margin

22.9 %

20.4 %

2.5 pts

Construction Industries' total sales were $7.983 billion in the third quarter of 2026, an increase of $1.223 billion, or 18%, compared with $6.760 billion in the third quarter of 2025. The increase in sales was mainly due to higher sales volume of $874 million and favorable price realization of $349 million. Higher sales volume was primarily driven by higher sales of equipment to end users.

Construction Industries' segment profit was $1.831 billion in the third quarter of 2026, an increase of $454 million, or 33%, compared with $1.377 billion in the third quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $356 million and favorable price realization of $349 million, partially offset by unfavorable manufacturing costs of $252 million. Unfavorable manufacturing costs included the impact of higher freight.

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

Third

Quarter 2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

Third

Quarter 2026

Change

Total Sales

$ 3,999

$ 478

$ 96

$ 40

$ 2

$ 4,615

$ 616

15 %

Sales by Industry

Third

Quarter 2026

Third

Quarter 2025

Change

Mining, HC and Q&A*

$ 3,697

$ 3,036

$ 661

22 %

Rail

832

879

(47)

(5 %)

External Sales

4,529

3,915

614

16 %

Inter-segment

2 %

Total Sales

$ 4,615

$ 3,999

$ 616

15 %

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

Segment Profit

Third

Quarter 2026

Third

Quarter 2025

Change

Segment Profit

$ 622

$ 544

$ 78

14 %

Segment Profit Margin

13.5 %

13.6 %

(0.1 pts)

Resource Industries' total sales were $4.615 billion in the third quarter of 2026, an increase of $616 million, or 15%, compared with $3.999 billion in the third quarter of 2025. The increase was primarily due to higher sales volume of $478 million and favorable price realization of $96 million.

Resource Industries' segment profit was $622 million in the third quarter of 2026, an increase of $78 million, or 14%, compared with $544 million in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $181 million and favorable price realization of $96 million, partially offset by unfavorable manufacturing costs of $208 million. Unfavorable manufacturing costs primarily reflected higher material costs, including tariffs.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

Third

Quarter 2026

Third

Quarter 2025

Change

North America

$ 780

$ 722

$ 58

8 %

Latin America

132

118

12 %

EAME

142

130

9 %

Asia/Pacific

123

106

16 %

Total Revenues

$ 1,177

$ 1,076

$ 101

9 %

Segment Profit

Third

Quarter 2026

Third

Quarter 2025

Change

Segment Profit

$ 264

$ 241

$ 23

10 %

Financial Products' segment revenues were $1.177 billion in the third quarter of 2026, an increase of $101 million, or 9%, compared with $1.076 billion in the third quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets of $125 million across all regions, partially offset by an unfavorable impact from lower average financing rates of $38 million across all regions except Asia/Pacific.

Financial Products' segment profit was $264 million in the third quarter of 2026, an increase of $23 million, or 10%, compared with $241 million in the third quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $52 million, partially offset by higher provision for credit losses at Cat Financial of $34 million.

At the end of the third quarter of 2026, past dues at Cat Financial were 1.31%, compared with 1.47% at the end of the third quarter of 2025. Write-offs, net of recoveries, were $28 million for the third quarter of 2026 compared with $40 million for the third quarter of 2025. As of September 30, 2026, Cat Financial's allowance for credit losses totaled $332 million, or 0.91% of finance receivables, compared with $294 million, or 0.84% of finance receivables at June 30, 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 $453 million in the third quarter of 2026, a decrease of $131 million from the third quarter of 2025. This decrease was primarily due to a favorable change in fair value adjustments related to deferred compensation plans.

Notes

i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

ii. Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Oct. 29, 2026.

iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.

iv. Some amounts within this report are rounded to the millions or billions and may not add.

v. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Oct. 29, 2026, to discuss its 2026 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

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

Caterpillar's latest financial results are also available online:

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

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

Forward-Looking Statements

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

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

APPENDIX

NON-GAAP FINANCIAL MEASURES

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

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

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

(Dollars in millions except per share data)

Operating

Profit

Operating

Profit Margin

Profit Before

Taxes

Provision

(Benefit) for

Income Taxes

Profit

Profit per

Three Months Ended September 30, 2026 - U.S. GAAP

$ 4,214

20.4 %

$ 4,220

$ 968

$ 3,287

$ 7.13

Restructuring costs

0.2 %

0.07

Three Months Ended September 30, 2026 - Adjusted

$ 4,255

20.6 %

$ 4,261

$ 977

$ 3,319

$ 7.20

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

$ 3,052

17.3 %

$ 3,127

$ 836

$ 2,300

$ 4.88

Restructuring costs

0.2 %

0.07

Three Months Ended September 30, 2025 - Adjusted

$ 3,089

17.5 %

$ 3,164

$ 845

$ 2,328

$ 4.95

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 September 30, 2026 and 2025, these items consist of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense, (ii) the increase in the annual effective tax rate in 2025 and (iii) the impact of changes in estimates related to prior years in 2025. 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 September 30, 2026 - U.S. GAAP

$ 4,220

968

22.9 %

Excess stock-based compensation

—

Annual effective tax rate, excluding discrete items

$ 4,220

$ 971

23.0 %

Excess stock-based compensation

—

(3)

Restructuring costs

Three Months Ended September 30, 2026 - Adjusted

$ 4,261

$ 977

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

$ 3,127

$ 836

26.7 %

Increase in annual effective tax rate

—

(54)

Changes in estimates related to prior years

—

(41)

Excess stock-based compensation

—

Annual effective tax rate, excluding discrete items

$ 3,127

$ 751

24.0 %

Increase in annual effective tax rate

—

Changes in estimates related to prior years

—

Excess stock-based compensation

—

(10)

Restructuring costs

Three Months Ended September 30, 2025 - Adjusted

$ 3,164

$ 845

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

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Sales and revenues:

Sales of Machinery, Power & Energy

$ 19,654

$ 16,726

$ 55,708

$ 45,778

Revenues of Financial Products

1,028

912

2,932

2,678

Total sales and revenues

20,682

17,638

58,640

48,456

Operating costs:

Cost of goods sold

13,332

11,673

37,419

31,445

Selling, general and administrative expenses

1,797

1,822

5,631

5,109

Research and development expenses

596

555

1,749

1,586

Interest expense of Financial Products

384

346

1,091

1,008

Other operating (income) expenses

359

190

1,156

817

Total operating costs

16,468

14,586

47,046

39,965

Operating profit

4,214

3,052

11,594

8,491

Interest expense excluding Financial Products

129

133

398

375

Other income (expense)

135

208

793

399

Consolidated profit before taxes

4,220

3,127

11,989

8,515

Provision (benefit) for income taxes

968

836

2,693

2,056

Profit of consolidated companies

3,252

2,291

9,296

6,459

Equity in profit (loss) of unconsolidated affiliated companies

131

Profit of consolidated and affiliated companies

3,286

2,299

9,427

6,481

Less: Profit (loss) attributable to noncontrolling interests

(1)

(2)

(1)

Profit 1

$ 3,287

$ 2,300

$ 9,429

$ 6,482

Profit per common share

$ 7.16

$ 4.91

$ 20.45

$ 13.76

Profit per common share — diluted 2

$ 7.13

$ 4.88

$ 20.36

$ 13.69

Weighted-average common shares outstanding (millions)

– Basic

459.1

468.6

461.0

471.3

– Diluted 2

460.9

470.8

463.2

473.4

Profit attributable to common shareholders.

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)

September 30,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

$ 7,929

$ 9,980

Receivables – trade and other

13,440

10,920

Receivables – finance

11,051

10,649

Prepaid expenses and other current assets

3,200

2,801

Inventories

22,214

18,135

Total current assets

57,834

52,485

Property, plant and equipment – net

16,011

15,140

Long-term receivables – trade and other

3,348

2,142

Long-term receivables – finance

14,402

14,272

Noncurrent deferred and refundable income taxes

2,235

2,882

Intangible assets

409

241

Goodwill

5,905

5,321

Other assets

6,699

6,102

Total assets

$ 106,843

$ 98,585

Liabilities

Current liabilities:

Short-term borrowings:

-- Financial Products

$ 4,855

$ 5,514

Accounts payable

10,573

8,968

Accrued expenses

6,038

5,587

Accrued wages, salaries and employee benefits

2,663

2,554

Customer advances

5,329

3,314

Dividends payable

—

703

Other current liabilities

3,028

2,798

Long-term debt due within one year:

-- Machinery, Power & Energy

-- Financial Products

8,144

7,085

Total current liabilities

40,666

36,558

Long-term debt due after one year:

-- Machinery, Power & Energy

10,614

10,678

-- Financial Products

21,552

20,018

Liability for postemployment benefits

3,610

3,838

Other liabilities

8,919

6,175

Total liabilities

85,361

77,267

Shareholders' equity

Common stock

6,658

7,181

Treasury stock

(56,702)

(49,539)

Profit employed in the business

73,428

65,448

Accumulated other comprehensive income (loss)

(1,901)

(1,772)

Noncontrolling interests

(1)

—

Total shareholders' equity

21,482

21,318

Total liabilities and shareholders' equity

$ 106,843

$ 98,585

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)

Nine Months Ended September 30,

2026

2025

Cash flow from operating activities:

Profit of consolidated and affiliated companies

$ 9,427

$ 6,481

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

Depreciation and amortization

1,826

1,664

Provision (benefit) for deferred income taxes

630

300

(Gain) loss on divestiture

139

—

Other

249

509

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

Receivables – trade and other

(3,761)

(788)

Inventories

(4,118)

(2,015)

Accounts payable

1,752

1,086

Accrued expenses

354

Accrued wages, salaries and employee benefits

107

(296)

Customer advances

4,002

1,649

Other assets – net

(251)

(138)

Other liabilities – net

237

(355)

Net cash provided by (used for) operating activities

10,593

8,148

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others

(2,012)

(1,923)

Expenditures for equipment leased to others

(1,214)

(1,021)

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

773

544

Additions to finance receivables

(13,123)

(10,964)

Collections of finance receivables

12,149

9,890

Proceeds from sale of finance receivables

Investments and acquisitions (net of cash acquired)

(893)

(26)

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

(92)

Proceeds from maturities and sale of securities

1,303

1,945

Investments in securities

(1,872)

(1,291)

Other – net

170

(19)

Net cash provided by (used for) investing activities

(4,755)

(2,827)

Cash flow from financing activities:

Dividends paid

(2,148)

(2,043)

Common stock issued, and other stock compensation transactions, net

(131)

(39)

Payments to purchase common stock

(7,745)

(4,850)

Excise tax paid on purchases of common stock

(49)

(73)

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

10,490

8,454

Payments on debt (original maturities greater than three months)

(7,495)

(6,205)

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

(748)

106

Net cash provided by (used for) financing activities

(7,826)

(4,650)

Effect of exchange rate changes on cash

(63)

(23)

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

(2,051)

648

Cash, cash equivalents and restricted cash at beginning of period

9,986

6,896

Cash, cash equivalents and restricted cash at end of period

$ 7,935

$ 7,544

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 September 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

$ 19,654

$ —

Revenues of Financial Products

1,028

—

1,261

(233)

Total sales and revenues

20,682

19,654

1,261

(233)

Operating costs:

Cost of goods sold

13,332

—

Selling, general and administrative expenses

1,797

1,571

245

(19)

Research and development expenses

596

—

Interest expense of Financial Products

384

—

397

(13)

Other operating (income) expenses

359

358

(10)

Total operating costs

16,468

15,510

1,000

(42)

Operating profit

4,214

4,144

261

(191)

Interest expense excluding Financial Products

129

135

—

(6)

Other income (expense)

135

(77)

185

Consolidated profit before taxes

4,220

3,932

288

—

Provision (benefit) for income taxes

968

899

—

Profit of consolidated companies

3,252

3,033

219

—

Equity in profit (loss) of unconsolidated affiliated companies

—

Profit of consolidated and affiliated companies

3,286

3,067

219

—

Less: Profit (loss) attributable to noncontrolling interests

(1)

—

Profit 5

$ 3,287

$ 3,068

$ 219

$ —

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

Elimination of net expenses recorded between MP&E and Financial Products.

Elimination of interest expense recorded between Financial Products and MP&E.

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.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended September 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

$ 16,726

$ —

Revenues of Financial Products

912

—

1,115

(203)

Total sales and revenues

17,638

16,726

1,115

(203)

Operating costs:

Cost of goods sold

11,673

11,675

—

(2)

Selling, general and administrative expenses

1,822

1,608

218

(4)

Research and development expenses

555

—

Interest expense of Financial Products

346

—

358

(12)

Other operating (income) expenses

190

(114)

336

(32)

Total operating costs

14,586

13,724

912

(50)

Operating profit

3,052

3,002

203

(153)

Interest expense excluding Financial Products

133

136

—

(3)

Other income (expense)

208

150

Consolidated profit before taxes

3,127

2,891

236

—

Provision (benefit) for income taxes

836

773

—

Profit of consolidated companies

2,291

2,118

173

—

Equity in profit (loss) of unconsolidated affiliated companies

—

Profit of consolidated and affiliated companies

2,299

2,126

173

—

Less: Profit (loss) attributable to noncontrolling interests

(1)

—

Profit 4

$ 2,300

$ 2,127

$ 173

$ —

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

Elimination of net expenses recorded by MP&E paid to Financial Products.

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.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 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

$ 55,708

$ —

Revenues of Financial Products

2,932

—

3,592

(660)

Total sales and revenues

58,640

55,708

3,592

(660)

Operating costs:

Cost of goods sold

37,419

37,423

—

(4)

Selling, general and administrative expenses

5,631

4,980

690

(39)

Research and development expenses

1,749

—

Interest expense of Financial Products

1,091

—

1,127

(36)

Other operating (income) expenses

1,156

199

1,014

(57)

Total operating costs

47,046

44,351

2,831

(136)

Operating profit

11,594

11,357

761

(524)

Interest expense excluding Financial Products

398

416

—

(18)

Other income (expense)

793

185

102

506

Consolidated profit before taxes

11,989

11,126

863

—

Provision (benefit) for income taxes

2,693

2,469

224

—

Profit of consolidated companies

9,296

8,657

639

—

Equity in profit (loss) of unconsolidated affiliated companies

131

—

Profit of consolidated and affiliated companies

9,427

8,788

639

—

Less: Profit (loss) attributable to noncontrolling interests

(2)

—

Profit 5

$ 9,429

$ 8,790

$ 639

$ —

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

Elimination of net expenses recorded between MP&E and Financial Products.

Elimination of interest expense recorded between Financial Products and MP&E.

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.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Nine Months Ended September 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

$ 45,778

$ —

Revenues of Financial Products

2,678

—

3,244

(566)

Total sales and revenues

48,456

45,778

3,244

(566)

Operating costs:

Cost of goods sold

31,445

31,451

—

(6)

Selling, general and administrative expenses

5,109

4,513

623

(27)

Research and development expenses

1,586

—

Interest expense of Financial Products

1,008

—

1,026

(18)

Other operating (income) expenses

817

(84)

979

(78)

Total operating costs

39,965

37,466

2,628

(129)

Operating profit

8,491

8,312

616

(437)

Interest expense excluding Financial Products

375

385

—

(10)

Other income (expense)

399

(121)

427

Consolidated profit before taxes

8,515

7,806

709

—

Provision (benefit) for income taxes

2,056

1,878

178

—

Profit of consolidated companies

6,459

5,928

531

—

Equity in profit (loss) of unconsolidated affiliated companies

—

Profit of consolidated and affiliated companies

6,481

5,950

531

—

Less: Profit (loss) attributable to noncontrolling interests

(1)

(2)

—

Profit 4

$ 6,482

$ 5,952

$ 530

$ —

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

Elimination of net expenses recorded between MP&E and Financial Products.

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.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Financial Position

At September 30, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power

& Energy

Financial

Products

Consolidating

Adjustments

Assets

Current assets:

Cash and cash equivalents

$ 7,929

$ 7,102

$ 827

$ —

Receivables – trade and other

13,440

5,001

497

7,942

1,2

Receivables – finance

11,051

—

19,679

(8,628)

Prepaid expenses and other current assets

3,200

2,866

405

(71)

Inventories

22,214

—

Total current assets

57,834

37,183

21,408

(757)

Property, plant and equipment – net

16,011

11,728

4,237

Long-term receivables – trade and other

3,348

2,612

641

1,2

Long-term receivables – finance

14,402

—

16,338

(1,936)

Noncurrent deferred and refundable income taxes

2,235

2,512

139

(416)

Intangible assets

409

—

Goodwill

5,905

—

Other assets

6,699

4,975

2,812

(1,088)

Total assets

$ 106,843

$ 65,324

$ 45,029

$ (3,510)

Liabilities

Current liabilities:

Short-term borrowings

$ 4,855

$ —

$ 4,855

$ —

Short-term borrowings with consolidated companies

—

500

(500)

Accounts payable

10,573

10,489

266

(182)

Accrued expenses

6,038

5,322

716

—

Accrued wages, salaries and employee benefits

2,663

2,598

—

Customer advances

5,329

5,326

—

Dividends payable

—

Other current liabilities

3,028

2,315

803

(90)

5,8,9

Long-term debt due within one year

8,180

8,144

Total current liabilities

40,666

26,086

15,352

(772)

Long-term debt due after one year

32,166

10,913

22,552

(1,299)

Liability for postemployment benefits

3,610

3,609

—

Other liabilities

8,919

7,722

1,693

(496)

Total liabilities

85,361

48,330

39,598

(2,567)

Shareholders' equity

Common stock

6,658

905

(905)

Treasury stock

(56,702)

—

Profit employed in the business

73,428

67,958

5,438

Accumulated other comprehensive income (loss)

(1,901)

(921)

(980)

—

Noncontrolling interests

(1)

(70)

Total shareholders' equity

21,482

16,994

5,431

(943)

Total liabilities and shareholders' equity

$ 106,843

$ 65,324

$ 45,029

$ (3,510)

Elimination of receivables between MP&E and Financial Products.

Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

Elimination of MP&E's insurance premiums that are prepaid to Financial Products.

Reclassification of Financial Products' other assets to property, plant and equipment.

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

Elimination of other intercompany assets and liabilities between MP&E and Financial Products.

Elimination of payables between MP&E and Financial Products.

Elimination of prepaid insurance in Financial Products' other liabilities.

Elimination of debt between MP&E and Financial Products.

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)

Prepaid expenses and other current assets

2,801

2,448

441

(88)

Inventories

18,135

—

Total current assets

52,485

33,799

19,070

(384)

Property, plant and equipment – net

15,140

10,985

4,106

Long-term receivables – trade and other

2,142

1,982

163

(3)

1,2

Long-term receivables – finance

14,272

—

15,538

(1,266)

Noncurrent deferred and refundable income taxes

2,882

3,208

133

(459)

Intangible assets

241

—

Goodwill

5,321

—

Other assets

6,102

4,525

2,651

(1,074)

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)

Accrued expenses

5,587

4,877

710

—

Accrued wages, salaries and employee benefits

2,554

2,494

—

Customer advances

3,314

3,311

—

Dividends payable

703

—

Other current liabilities

2,798

2,259

645

(106)

5,8

Long-term debt due within one year

7,120

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)

Liability for postemployment benefits

3,838

3,837

—

Other liabilities

6,175

5,162

1,516

(503)

Total liabilities

77,267

42,621

36,820

(2,174)

Shareholders' equity

Common stock

7,181

905

(905)

Treasury stock

(49,539)

—

Profit employed in the business

65,448

60,639

4,799

Accumulated other comprehensive income (loss)

(1,772)

(843)

(929)

—

Noncontrolling interests

—

(68)

Total shareholders' equity

21,318

17,440

4,841

(963)