$CAT · CATERPILLAR INC
Caterpillar's 10-Q for the quarter ended September 30, 2026 shows total sales and revenues of $20.68B, up 17.3% from $17.64B a year earlier. Operating profit rose to $4.21B from $3.05B, and net income attributable to shareholders climbed to $3.29B from $2.30B. Diluted EPS was $7.13 versus $4.88, with operating margin at 20.4%.
- Total sales and revenues rose 17.3% to $20.68B in Q3 FY2026.
- Diluted EPS jumped 46% to $7.13 from $4.88 a year earlier.
- Operating profit climbed to $4.21B from $3.05B, a 38% increase.
- Inventories grew to $22.21B from $18.14B at year-end 2025.
- Nine-month operating cash flow reached $10.59B, up from $8.15B.
Shares fell 6.01% to $586.41 on the day, despite the strong results, suggesting the market had priced in even stronger performance or is reacting to broader concerns. The stock is up 0.56% from its filing-time level of $583.15.
Caterpillar delivered its strongest year-over-year revenue and EPS growth in recent quarters, yet the stock sold off, highlighting valuation and demand-sustainability concerns.
Caterpillar's 17.3% revenue growth and 20.4% operating margin reflect robust demand across machinery, power, and energy, outpacing typical industrial-sector growth rates.
Inventories rose sharply to $22.21B from $18.14B, and customer advances jumped to $5.33B from $3.31B, signaling potential demand pull-forward or supply-chain buildup that could reverse.