Caterpillar Inc. (CAT) Earnings
Caterpillar Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $6.19. CAT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +8.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.65 | $5.54 | +19.1% | $17.4B | +5.4% |
| Jan 29, 2026 | $4.71 | $5.16 | +9.6% | $19.1B | +7.2% |
| Oct 29, 2025 | $4.53 | $4.95 | +9.3% | $17.6B | +5.2% |
| Apr 30, 2025 | $4.35 | $4.25 | -2.3% | $14.2B | -3.2% |
| Jan 30, 2025 | $5.06 | $5.14 | +1.6% | $16.2B | -2.4% |
| Oct 30, 2024 | $5.34 | $5.17 | -3.2% | $16.1B | -1.6% |
| Apr 25, 2024 | $5.14 | $5.60 | +8.9% | $15.8B | -1.6% |
| Oct 31, 2023 | $4.79 | $5.52 | +15.2% | $16.8B | +1.7% |
| Aug 1, 2023 | $4.58 | $5.55 | +21.2% | $17.3B | +5.1% |
| Apr 27, 2023 | $3.79 | $4.91 | +29.6% | $15.9B | -1.1% |
| Jan 31, 2023 | $3.95 | $3.86 | -2.3% | $16.6B | +4.9% |
| Oct 27, 2022 | $3.16 | $3.95 | +25.0% | $15.0B | +4.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Joe noted the team delivered a strong start to the year with resilient end markets and disciplined execution. - Announced another opportunity to provide ProPower for prime power generation. - Launched Cat Compact for small contractors. - Completed acquisition of RPM Global. - Andrew provided detailed overview of results including segment performance. - Kyle shared key assumptions looking forward
Guidance
- Anticipate low double-digit growth for full-year 2026 sales and revenues. - Full-year adjusted operating profit margin will be higher than expected in January. - MP&E free cash flow expected to be higher than 2025. - Second quarter expected to have strong sales growth with volume increases and favorable price realization. - Tariff costs anticipated around $700 million in second quarter. - Full-year 2026 tariff costs expected in range of $2.2 to $2.4 billion. - Restructuring costs expected around $300 to $350 million in 2026. - MP&E capex spend to average 4% to 5% of MP&E sales through 2030
Segment performance
Sales and revenues were $17.4 billion, up 22%. Adjusted profit per share was $5.54, up 30%. Backlog grew to $63 billion. Power and energy: Sales of $7.0 billion, up 22%, profit increased 13% to $1.5 billion, margin 20.6% (down 170 basis points). Construction industry: Sales increased 38% to $7.2 billion, profit up 50% to $1.5 billion, margin 21.4% (up 160 basis points). Resource industries: Sales up 4% to $3.8 billion, profit down 39% to $378 million, margin 10.0% (down 700 basis points). Financial products: Revenues up 9% to $1.1 billion, profit up 14% to $245 million
Risks & headwinds
- Geopolitical events and elevated energy prices pose uncertainty. - Tariffs remain a headwind with fluid situation. - Impact of timing of customer deliveries on sales to users in various regions
Analyst Q&A
Q: On large engine capacity expansion, driver and timing.
A: Driven mainly by power generation due to data center CapEx. Timing: Start soon, heavy investment in 2027, still investing in 2028 and 2029.
Q: On Prime Power large resips and architecture developments.
A: Seeing use of resips plus turbines in series, six agreements with at least one gigawatt, but exact gigawatt number not specified.
Q: On long-term targets change.
A: Increase due to significant CapEx in data center industry, growth across all segments.
Q: On margin opportunity unchanged.
A: Progressive margin targets, tariffs and accelerated depreciation cause headwinds.
Q: On capacity addition vs gas turbine.
A: Large part of capacity increase is backup power for data centers, backup demand expected to continue.
Q: On 2030 50 gigawatt number update.
A: Can't equate directly, but estimate additional 15 gigawatts annually.
Q: On margins variability and market share.
A: Margins not expected to narrow, market share opportunities exist.
Q: On helping suppliers ramp power chain capacity and RI backlog drivers.
A: Working with supply base for ramp, RI backlog driven by mining (copper, gold) and North America construction.
Q: On mining margins.
A: Mining margin expected to improve as segment grows and operating leverage is achieved