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
-12.9%
TRAILING MARKET
CAT -5.4% vs S&P +7.5%
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 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
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $6.20 | $8.17 | +31.83% | $20.54B | +7.00% |
| Q1 26 BEAT | $4.64 | $5.54 | +19.30% | $17.42B | +5.94% |
| Q4 25 BEAT FY | $4.71 | $5.16 | +9.51% | $19.13B | +7.74% |
| FY Full Year | — | $19.06 | — | $67.59B | — |
| 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% |
| Q4 24 BEAT FY | $5.03 | $5.14 | +2.25% | $16.22B | -1.93% |
| FY Full Year | — | $21.90 | — | $64.81B | — |
| Q3 24 MISS | $5.34 | $5.17 | -3.18% | $16.11B | +0.13% |