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Caterpillar

Caterpillar (CAT) Q1 2026 Earnings

Reported Apr 30, 2026 at 6:31 AM ET · SEC Source

Q1 26 EPS

$5.54

BEAT +19.30%

Est. $4.64

Q1 26 Revenue

$17.42B

BEAT +5.94%

Est. $16.44B

vs S&P Since Q1 26

+13.3%

BEATING MARKET

CAT +16.4% vs S&P +3.1%

Market Reaction

Did CAT Beat Earnings? Q1 2026 Results

Caterpillar delivered a blowout first quarter of 2026, posting earnings per share of $5.54 against a consensus estimate of $4.64, a beat of 19.30%, while revenue climbed 22.2% year-over-year to $17.41 billion, clearing the $16.44 billion analyst esti… Read more Caterpillar delivered a blowout first quarter of 2026, posting earnings per share of $5.54 against a consensus estimate of $4.64, a beat of 19.30%, while revenue climbed 22.2% year-over-year to $17.41 billion, clearing the $16.44 billion analyst estimate by nearly 6%. The primary engine behind the topline surge was a combination of dealer inventory builds and stronger end-user equipment demand, with favorable price realization adding another $426 million to the mix. Construction Industries was the standout segment, with sales rising 38% and segment profit expanding margins by 1.6 points to 21.4%, though tariff-driven manufacturing costs weighed on Resource Industries, where segment profit dropped 39% despite modest revenue growth. Power Generation, increasingly tied to AI data center construction, grew 41% within the Energy & Transportation segment, underscoring Caterpillar's emergence as a key beneficiary of AI infrastructure buildout. Management pointed to a record backlog and robust order activity as providing a strong foundation heading into the remainder of 2026, even as tariff headwinds remain a watch item.

Key Takeaways

  • • Higher sales volume of $2.3 billion driven by changes in dealer inventories and higher equipment sales to end users
  • • Favorable price realization of $426 million across segments
  • • Power Generation sales increased in large reciprocating engines and turbines for data center applications
  • • Construction Industries benefited from dealer inventory builds during Q1 2026 versus a decrease in Q1 2025
  • • Favorable other income of $260 million driven by foreign currency, total return swaps, and commodity hedges
  • • Lower effective tax rate of 20.9% compared to 22.3% driven by $68 million discrete stock-based compensation tax benefit

CAT Forward Guidance & Outlook

Management described a record backlog providing a strong foundation for continued positive momentum. Robust order activity was highlighted as demonstrating the strength of the business. The company noted resilient end markets but acknowledged a dynamic operating environment. 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. Key risks include the impact of higher tariff costs on manufacturing expenses, which significantly affected all three primary segments in Q1, particularly Resource Industries.

24/7 Wall St

CAT YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

CAT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 24 Q1 26
24/7 Wall St

CAT Revenue by Geography

With YoY comparisons, source: SEC Filings

Q3 24 Q1 26

“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

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