Q1 26 EPS
$5.54
Q1 26 Revenue
$17.42B
Did CAT Beat Earnings? Q1 2026 Results
Caterpillar posted a robust first quarter of 2026, with revenue climbing 22% year-over-year to $17.41 billion and earnings per share reaching $5.54, as surging dealer inventory builds and strong end-user demand supercharged results across its major s… Read more Caterpillar posted a robust first quarter of 2026, with revenue climbing 22% year-over-year to $17.41 billion and earnings per share reaching $5.54, as surging dealer inventory builds and strong end-user demand supercharged results across its major segments. The standout driver was Construction Industries, where total sales jumped 38% to $7.16 billion and segment profit margins expanded 1.6 percentage points to 21.4%, reflecting the broad strength in equipment demand that lifted the entire enterprise. Power & Energy contributed meaningfully as well, with Power Generation applications alone rising 41% to $2.82 billion, fueled by large reciprocating engines and turbines serving data center customers. The quarter was not without friction, however; tariff-related manufacturing costs totaled $710 million across the consolidated business, most acutely pressuring Resource Industries, where segment profit fell 39% and margins compressed 7.0 percentage points to 10.0%. Caterpillar also deployed $5.70 billion in shareholder returns during the quarter. Looking ahead, management pointed to a record backlog as the foundation for continued momentum, even as tariff headwinds remain a watch item.
Key Takeaways
- • Higher sales volume of $2.3 billion driven by dealer inventory builds and higher equipment sales to end users
- • Favorable price realization of $426 million across all segments
- • Power Generation sales increased in large reciprocating engines and turbines, primarily for data center applications
- • Construction Industries volume growth driven by dealer inventory builds across all regions
- • Other income increased $153 million due to favorable foreign currency, total return swap contracts and commodity hedges
- • Lower effective tax rate of 20.9% vs 22.3% aided by discrete tax benefit of $68 million
CAT Forward Guidance & Outlook
Caterpillar's CEO cited a record backlog as providing a strong foundation for continued positive momentum. Robust order activity and resilient end markets were highlighted. The company noted higher tariff costs as a significant headwind impacting manufacturing costs across all segments. The company intends to discuss adjusted profit per share for Q4 and full-year 2026, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
CAT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CAT Revenue by Segment
With YoY comparisons, source: SEC Filings
CAT Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our team delivered a strong start to the year, driven by resilient end markets and disciplined execution in a dynamic operating environment.”
— Joe Creed, Q1 2026 Earnings Press Release
CAT Earnings Trends
CAT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAT EPS Trend
Earnings per share: estimate vs actual
CAT Revenue Trend
Quarterly revenue: estimate vs actual
CAT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $5.54 | — | $17.42B | — |
| Q4 25 BEAT FY | $4.71 | $5.16 | +9.55% | $19.13B | +7.41% |
| FY Full Year | $18.70 | $19.06 | +1.92% | $67.59B | +1.99% |
| Q3 25 BEAT | $4.52 | $4.95 | +9.43% | $17.64B | +5.15% |
| Q2 25 MISS | $4.90 | $4.72 | -3.73% | $16.57B | +1.88% |
| Q1 25 MISS | $4.35 | $4.25 | -2.31% | $14.25B | -2.28% |