Caterpillar Reports First-Quarter 2026 Results

Caterpillar Reports First-Quarter 2026 Results First Quarter

($ in billions except profit per share)

2026

2025

Sales and Revenues

$17.4

$14.2

Profit Per Share

$5.47

$4.20

Adjusted Profit Per Share

$5.54

$4.25

Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

IRVING, Texas, April 30, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced first-quarter 2026 results.

"Our team delivered a strong start to the year, driven by resilient end markets and disciplined execution in a dynamic operating environment," said Caterpillar Chairman and CEO Joe Creed. "Solid sales and revenues growth, combined with robust order activity, demonstrate the strength of our business and our focus on solving our customers' toughest challenges. A record backlog provides a strong foundation for continued positive momentum."

Sales and revenues for the first quarter of 2026 were $17.4 billion, a 22% increase compared with $14.2 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million.

Operating profit margin was 17.7% for the first quarter of 2026, compared with 18.1% for the first quarter of 2025. Adjusted operating profit margin was 18.0% for the first quarter of 2026, compared with 18.3% for the first quarter of 2025. First-quarter 2026 profit per share was $5.47, compared with first-quarter 2025 profit per share of $4.20. Adjusted profit per share in the first quarter of 2026 was $5.54, compared with first-quarter 2025 adjusted profit per share of $4.25. For the first quarter of 2026 and 2025, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

For the first quarter of 2026, enterprise operating cash flow was $1.9 billion, and the company ended the first quarter with $4.1 billion of enterprise cash. In the quarter, the company deployed $5.0 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison

First Quarter 2026 vs. First Quarter 2025

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees.

Total sales and revenues for the first quarter of 2026 were $17.415 billion, an increase of $3.166 billion, or 22%, compared with $14.249 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $2.3 billion and favorable price realization of $426 million. Higher sales volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users. Dealer inventory increased more during the first quarter of 2026 than during the first quarter of 2025.

Sales were higher across the three primary segments.

Sales and Revenues by Segment

(Millions of dollars)

First

Quarter

2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment /

Other

First

Quarter

2026

Change

Power & Energy

$ 5,783

$ 840

$ 108

$ 111

$ 189

$ 7,031

$ 1,248

22 %

Construction Industries

5,184

1,459

356

143

7,161

1,977

38 %

Resource Industries

3,661

(39)

3,797

136

4 %

All Other Segment

—

10 %

Corporate Items and Eliminations

(1,320)

(67)

(226)

(1,593)

(273)

Machinery, Power & Energy

13,378

2,318

426

351

—

16,473

3,095

23 %

Financial Products Segment

1,007

—

1,096

9 %

Corporate Items and Eliminations

(136)

—

(18)

(154)

(18)

Financial Products Revenues

871

—

942

8 %

Consolidated Sales and Revenues

$ 14,249

$ 2,318

$ 426

$ 351

$ 71

$ 17,415

$ 3,166

22 %

Sales and Revenues by Geographic Region

North America

Latin America

EAME

Asia/Pacific

External Sales

and Revenues

Inter-Segment

Total Sales

and Revenues

(Millions of dollars)

% Chg

First Quarter 2026

Power & Energy

$ 3,500

33 %

$ 278

(15 %)

$ 1,141

11 %

$ 794

17 %

$ 5,713

23 %

$ 1,318

17 %

$ 7,031

22 %

Construction Industries

4,292

48 %

650

29 %

1,199

38 %

961

11 %

7,102

38 %

48 %

7,161

38 %

Resource Industries

1,836

14 %

572

(6 %)

560

10 %

742

(14 %)

3,710

3 %

16 %

3,797

4 %

All Other Segment

(13 %)

—

— %

200 %

— %

9 %

10 %

Corporate Items and Eliminations

(55)

—

(4)

(5)

(64)

(1,529)

(1,593)

Machinery, Power & Energy

9,580

34 %

1,500

5 %

2,899

21 %

2,494

4 %

16,473

23 %

—

— %

16,473

23 %

Financial Products Segment

741

9 %

111

12 %

133

9 %

111

7 %

1,096

9 %

—

— %

1,096

9 %

Corporate Items and Eliminations

(91)

(19)

(24)

(20)

(154)

—

(154)

Financial Products Revenues

650

8 %

15 %

109

6 %

942

8 %

—

— %

942

8 %

Consolidated Sales and Revenues

$ 10,230

32 %

$ 1,592

5 %

$ 3,008

20 %

$ 2,585

4 %

$ 17,415

22 %

$ —

— %

$ 17,415

22 %

First Quarter 2025

Power & Energy

$ 2,625

$ 326

$ 1,026

$ 677

$ 4,654

$ 1,129

$ 5,783

Construction Industries

2,904

504

867

869

5,144

5,184

Resource Industries

1,610

606

510

860

3,586

3,661

All Other Segment

—

Corporate Items and Eliminations

(11)

(1)

(4)

(17)

(1,303)

(1,320)

Machinery, Power & Energy

7,136

1,435

2,403

2,404

13,378

—

13,378

Financial Products Segment

682

122

104

1,007

—

1,007

Corporate Items and Eliminations

(80)

(19)

(18)

(136)

—

(136)

Financial Products Revenues

602

103

871

—

871

Consolidated Sales and Revenues

$ 7,738

$ 1,515

$ 2,506

$ 2,490

$ 14,249

$ —

$ 14,249

Consolidated Operating Profit

Consolidated Operating Profit Comparison

First Quarter 2026 vs. First Quarter 2025

To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar first-quarter 2026 earnings.

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2025 (at left) and the first quarter of 2026 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Power & Energy's other operating (income) expenses.

Operating profit for the first quarter of 2026 was $3.085 billion, an increase of $506 million, or 20%, compared with $2.579 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.

Profit (Loss) by Segment

(Millions of dollars)

First Quarter

2026

First Quarter

2025

Change

Power & Energy

$ 1,450

$ 1,288

$ 162

13 %

Construction Industries

1,535

1,024

511

50 %

Resource Industries

378

623

(245)

(39 %)

All Other Segment

(43)

(19)

(24)

(126 %)

Corporate Items and Eliminations

(321)

(401)

Machinery, Power & Energy

2,999

2,515

484

19 %

Financial Products Segment

245

215

14 %

Corporate Items and Eliminations

(8)

(14)

Financial Products

237

201

18 %

Consolidating Adjustments

(151)

(137)

(14)

Consolidated Operating Profit

$ 3,085

$ 2,579

$ 506

20 %

Other Profit/Loss and Tax Items

POWER & ENERGY

(Millions of dollars)

Segment Sales

First Quarter

2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

First Quarter

2026

Change

Total Sales

$ 5,783

$ 840

$ 108

$ 111

$ 189

$ 7,031

$ 1,248

22 %

Sales by Application

First Quarter

2026

First Quarter

2025

Change

Power Generation

$ 2,817

$ 1,996

$ 821

41 %

Oil and Gas

1,423

1,258

165

13 %

Industrial

1,473

1,400

5 %

External Sales

5,713

4,654

1,059

23 %

Inter-segment

1,318

1,129

189

17 %

Total Sales

$ 7,031

$ 5,783

$ 1,248

22 %

Segment Profit

First Quarter

2026

First Quarter

2025

Change

Segment Profit

$ 1,450

$ 1,288

$ 162

13 %

Segment Profit Margin

20.6 %

22.3 %

(1.7 pts)

Power & Energy's total sales were $7.031 billion in the first quarter of 2026, an increase of $1.248 billion, or 22%, compared with $5.783 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $840 million and higher inter-segment sales of $189 million.

Power & Energy's segment profit was $1.450 billion in the first quarter of 2026, an increase of $162 million, or 13%, compared with $1.288 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435 million and favorable price realization of $108 million, partially offset by unfavorable manufacturing costs of $346 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariff costs.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

Segment Sales

First Quarter

2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

First Quarter

2026

Change

Total Sales

$ 5,184

$ 1,459

$ 356

$ 143

$ 19

$ 7,161

$ 1,977

38 %

Sales by Geographic Region

First Quarter

2026

First Quarter

2025

Change

North America

$ 4,292

$ 2,904

$ 1,388

48 %

Latin America

650

504

146

29 %

EAME

1,199

867

332

38 %

Asia/Pacific

961

869

11 %

External Sales

7,102

5,144

1,958

38 %

Inter-segment

48 %

Total Sales

$ 7,161

$ 5,184

$ 1,977

38 %

Segment Profit

First Quarter

2026

First Quarter

2025

Change

Segment Profit

$ 1,535

$ 1,024

$ 511

50 %

Segment Profit Margin

21.4 %

19.8 %

1.6 pts

Construction Industries' total sales were $7.161 billion in the first quarter of 2026, an increase of $1.977 billion, or 38%, compared with $5.184 billion in the first quarter of 2025. The increase in sales was mainly due to higher sales volume of $1.5 billion and favorable price realization of $356 million. Higher sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory increased during the first quarter of 2026, compared with a slight decrease during the first quarter of 2025.

Construction Industries' segment profit was $1.535 billion in the first quarter of 2026, an increase of $511 million, or 50%, compared with $1.024 billion in the first quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $505 million and favorable price realization of $356 million, partially offset by unfavorable manufacturing costs of $362 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

First Quarter

2025

Sales

Volume

Price

Realization

Currency

Inter-

Segment

First Quarter

2026

Change

Total Sales

$ 3,661

$ 85

$ (39)

$ 78

$ 12

$ 3,797

$ 136

4 %

Sales by Industry

First Quarter

2026

First Quarter

2025

Change

Mining, HC and Q&A*

$ 2,954

$ 2,842

$ 112

4 %

Rail

756

744

2 %

External Sales

3,710

3,586

124

3 %

Inter-segment

16 %

Total Sales

$ 3,797

$ 3,661

$ 136

4 %

*Heavy Construction and Quarry & Aggregates (HC and Q&A)

Segment Profit

First Quarter

2026

First Quarter

2025

Change

Segment Profit

$ 378

$ 623

$ (245)

(39 %)

Segment Profit Margin

10.0 %

17.0 %

(7.0 pts)

Resource Industries' total sales were $3.797 billion in the first quarter of 2026, an increase of $136 million, or 4%, compared with $3.661 billion in the first quarter of 2025. The increase was primarily due to higher sales volume of $85 million and favorable currency impacts of $78 million mainly related to the Australian dollar. Higher sales volume was primarily driven by higher sales of equipment to end users.

Resource Industries' segment profit was $378 million in the first quarter of 2026, a decrease of $245 million, or 39%, compared with $623 million in the first quarter of 2025. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

First Quarter

2026

First Quarter

2025

Change

North America

$ 741

$ 682

$ 59

9 %

Latin America

111

12 %

EAME

133

122

9 %

Asia/Pacific

111

104

7 %

Total Revenues

$ 1,096

$ 1,007

$ 89

9 %

Segment Profit

First Quarter

2026

First Quarter

2025

Change

Segment Profit

$ 245

$ 215

$ 30

14 %

Financial Products' segment revenues were $1.096 billion in the first quarter of 2026, an increase of $89 million, or 9%, compared with $1.007 billion in the first quarter of 2025. The increase was primarily due to a favorable impact from higher average earning assets across all regions.

Financial Products' segment profit was $245 million in the first quarter of 2026, an increase of $30 million, or 14%, compared with $215 million in the first quarter of 2025. The increase was mainly due to a favorable impact from higher average earning assets of $40 million and a favorable impact from higher margins at Insurance Services of $9 million, partially offset by higher SG&A expenses of $22 million.

At the end of the first quarter of 2026, past dues at Cat Financial were 1.39%, compared with 1.58% at the end of the first quarter of 2025. Write-offs, net of recoveries, were $29 million for the first quarter of 2026, compared with $20 million for the first quarter of 2025. As of March 31, 2026, Cat Financial's allowance for credit losses totaled $283 million, or 0.86% of finance receivables, compared with $284 million, or 0.86% of finance receivables at December 31, 2025.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $329 million in the first quarter of 2026, a decrease of $86 million from the first quarter of 2025, primarily driven by favorable impacts of segment reporting methodology differences and decreased expenses due to timing differences, partially offset by higher corporate costs and an unfavorable change in fair value adjustments related to deferred compensation plans.

Notes

i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

ii. Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, Apr. 30, 2026.

iii. Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.

iv. Some amounts within this report are rounded to the millions or billions and may not add.

v. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, Apr. 30, 2026, to discuss its 2026 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at caterpillar.com.

Caterpillar's latest financial results are also available online:

https://investors.caterpillar.com/overview/default.aspx

https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. 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.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

(Dollars in millions except per share data)

Operating

Profit

Operating

Profit Margin

Profit Before

Taxes

Provision

(Benefit) for

Income Taxes

Profit

Profit per

Three Months Ended March 31, 2026 - U.S. GAAP

$ 3,085

17.7 %

$ 3,211

$ 670

$ 2,549

$ 5.47

Restructuring costs

0.3 %

0.07

Three Months Ended March 31, 2026 - Adjusted

$ 3,126

18.0 %

$ 3,252

$ 679

$ 2,581

$ 5.54

Three Months Ended March 31, 2025 - U.S. GAAP

$ 2,579

18.1 %

$ 2,570

$ 574

$ 2,003

$ 4.20

Restructuring costs

0.2 %

0.05

Three Months Ended March 31, 2025 - Adjusted

$ 2,611

18.3 %

$ 2,603

$ 582

$ 2,028

$ 4.25

The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended March 31, 2026 and 2025, this item consists of (i) the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:

(Dollars in millions)

Profit Before

Taxes

Provision

(Benefit) for

Income Taxes

Effective Tax

Rate

Three Months Ended March 31, 2026 - U.S. GAAP

$ 3,211

670

20.9 %

Excess stock-based compensation

—

Annual effective tax rate, excluding discrete items

$ 3,211

$ 738

23.0 %

Excess stock-based compensation

—

(68)

Restructuring costs

Three Months Ended March 31, 2026 - Adjusted

$ 3,252

$ 679

Three Months Ended March 31, 2025 - U.S. GAAP

$ 2,570

$ 574

22.3 %

Excess stock-based compensation

—

Annual effective tax rate, excluding discrete items

$ 2,570

$ 591

23.0 %

Excess stock-based compensation

—

(17)

Restructuring costs

Three Months Ended March 31, 2025 - Adjusted

$ 2,603

$ 582

Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Power & Energy (MP&E) – The company defines MP&E as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. MP&E's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between MP&E and Financial Products.

The nature of the MP&E and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 15 to 23 reconcile MP&E and Financial Products to Caterpillar Inc. consolidated financial information.

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)

Three Months Ended March 31,

2026

2025

Sales and revenues:

Sales of Machinery, Power & Energy

$ 16,473

$ 13,378

Revenues of Financial Products

942

871

Total sales and revenues

17,415

14,249

Operating costs:

Cost of goods sold

11,306

8,965

Selling, general and administrative expenses

1,816

1,593

Research and development expenses

537

480

Interest expense of Financial Products

345

326

Other operating (income) expenses

326

306

Total operating costs

14,330

11,670

Operating profit

3,085

2,579

Interest expense excluding Financial Products

134

116

Other income (expense)

260

107

Consolidated profit before taxes

3,211

2,570

Provision (benefit) for income taxes

670

574

Profit of consolidated companies

2,541

1,996

Equity in profit (loss) of unconsolidated affiliated companies

Profit of consolidated and affiliated companies

2,548

2,003

Less: Profit (loss) attributable to noncontrolling interests

(1)

—

Profit 1

$ 2,549

$ 2,003

Profit per common share

$ 5.50

$ 4.22

Profit per common share — diluted 2

$ 5.47

$ 4.20

Weighted-average common shares outstanding (millions)

– Basic

463.4

474.9

– Diluted 2

465.8

477.1

Profit attributable to common shareholders.

Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)

March 31,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

$ 4,072

$ 9,980

Receivables – trade and other

11,447

10,920

Receivables – finance

10,443

10,649

Prepaid expenses and other current assets

2,980

2,801

Inventories

19,626

18,135

Total current assets

48,568

52,485

Property, plant and equipment – net

15,249

15,140

Long-term receivables – trade and other

2,490

2,142

Long-term receivables – finance

14,341

14,272

Noncurrent deferred and refundable income taxes

2,419

2,882

Intangible assets

419

241

Goodwill

5,865

5,321

Other assets

6,199

6,102

Total assets

$ 95,550

$ 98,585

Liabilities

Current liabilities:

Short-term borrowings:

-- Financial Products

$ 4,729

$ 5,514

Accounts payable

9,641

8,968

Accrued expenses

5,454

5,587

Accrued wages, salaries and employee benefits

1,434

2,554

Customer advances

4,382

3,314

Dividends payable

—

703

Other current liabilities

2,567

2,798

Long-term debt due within one year:

-- Machinery, Power & Energy

-- Financial Products

7,660

7,085

Total current liabilities

35,902

36,558

Long-term debt due after one year:

-- Machinery, Power & Energy

10,671

10,678

-- Financial Products

19,971

20,018

Liability for postemployment benefits

3,659

3,838

Other liabilities

6,687

6,175

Total liabilities

76,890

77,267

Shareholders' equity

Common stock

5,852

7,181

Treasury stock

(53,307)

(49,539)

Profit employed in the business

67,997

65,448

Accumulated other comprehensive income (loss)

(1,881)

(1,772)

Noncontrolling interests

(1)

—

Total shareholders' equity

18,660

21,318

Total liabilities and shareholders' equity

$ 95,550

$ 98,585

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)

Three Months Ended March 31,

2026

2025

Cash flow from operating activities:

Profit of consolidated and affiliated companies

$ 2,548

$ 2,003

Adjustments to reconcile profit to net cash provided by operating activities:

Depreciation and amortization

595

540

Provision (benefit) for deferred income taxes

534

(38)

Other

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other

(801)

155

Inventories

(1,501)

(990)

Accounts payable

938

401

Accrued expenses

(202)

(198)

Accrued wages, salaries and employee benefits

(1,123)

(1,144)

Customer advances

1,328

713

Other assets – net

(184)

Other liabilities – net

(330)

(300)

Net cash provided by (used for) operating activities

1,870

1,289

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others

(728)

(710)

Expenditures for equipment leased to others

(323)

(208)

Proceeds from disposals of leased assets and property, plant and equipment

191

149

Additions to finance receivables

(3,890)

(3,209)

Collections of finance receivables

3,876

3,049

Proceeds from sale of finance receivables

Investments and acquisitions (net of cash acquired)

(788)

(2)

Proceeds from sale of businesses and investments (net of cash sold)

—

Proceeds from maturities and sale of securities

361

923

Investments in securities

(467)

(177)

Other – net

(20)

(9)

Net cash provided by (used for) investing activities

(1,775)

(175)

Cash flow from financing activities:

Dividends paid

(703)

(674)

Common stock issued, and other stock compensation transactions, net

(97)

(64)

Payments to purchase common stock

(5,028)

(3,660)

Proceeds from debt issued (original maturities greater than three months)

3,908

2,633

Payments on debt (original maturities greater than three months)

(3,222)

(1,797)

Short-term borrowings – net (original maturities three months or less)

(808)

(934)

Net cash provided by (used for) financing activities

(5,950)

(4,496)

Effect of exchange rate changes on cash

(55)

Increase (decrease) in cash, cash equivalents and restricted cash

(5,910)

(3,328)

Cash, cash equivalents and restricted cash at beginning of period

9,986

6,896

Cash, cash equivalents and restricted cash at end of period

$ 4,076

$ 3,568

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power

& Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$ 16,473

$ —

Revenues of Financial Products

942

—

1,143

(201)

Total sales and revenues

17,415

16,473

1,143

(201)

Operating costs:

Cost of goods sold

11,306

11,308

—

(2)

Selling, general and administrative expenses

1,816

1,609

222

(15)

Research and development expenses

537

—

Interest expense of Financial Products

345

—

356

(11)

Other operating (income) expenses

326

328

(22)

Total operating costs

14,330

13,474

906

(50)

Operating profit

3,085

2,999

237

(151)

Interest expense excluding Financial Products

134

140

—

(6)

Other income (expense)

260

145

Consolidated profit before taxes

3,211

2,958

253

—

Provision (benefit) for income taxes

670

607

—

Profit of consolidated companies

2,541

2,351

190

—

Equity in profit (loss) of unconsolidated affiliated companies

—

Profit of consolidated and affiliated companies

2,548

2,358

190

—

Less: Profit (loss) attributable to noncontrolling interests

(1)

—

Profit 5

$ 2,549

$ 2,359

$ 190

$ —

Elimination of Financial Products' revenues earned from MP&E.

Elimination of net expenses recorded between MP&E and Financial Products.

Elimination of interest expense recorded between Financial Products and MP&E.

Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2025

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery,

Power & Energy

Financial

Products

Consolidating

Adjustments

Sales and revenues:

Sales of Machinery, Power & Energy

$ 13,378

$ —

Revenues of Financial Products

871

—

1,048

(177)

Total sales and revenues

14,249

13,378

1,048

(177)

Operating costs:

Cost of goods sold

8,965

8,967

—

(2)

Selling, general and administrative expenses

1,593

1,408

196

(11)

Research and development expenses

480

—

Interest expense of Financial Products

326

—

326

—

Other operating (income) expenses

306

325

(27)

Total operating costs

11,670

10,863

847

(40)

Operating profit

2,579

2,515

201

(137)

Interest expense excluding Financial Products

116

119

—

(3)

Other income (expense)

107

(45)

134

Consolidated profit before taxes

2,570

2,351

219

—

Provision (benefit) for income taxes

574

520

—

Profit of consolidated companies

1,996

1,831

165

—

Equity in profit (loss) of unconsolidated affiliated companies

—

Profit of consolidated and affiliated companies

2,003

1,838

165

—

Less: Profit (loss) attributable to noncontrolling interests

—

Profit 4

$ 2,003

$ 1,838

$ 165

$ —

Elimination of Financial Products' revenues earned from MP&E.

Elimination of net expenses recorded between MP&E and Financial Products.

Elimination of discount recorded by MP&E on receivables sold to Financial Products and of interest earned between MP&E and Financial Products as well as dividends paid by Financial Products to MP&E.

Profit attributable to common shareholders.

Caterpillar Inc.

Supplemental Data for Financial Position

At March 31, 2026

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power

& Energy

Financial

Products

Consolidating

Adjustments

Assets

Current assets:

Cash and cash equivalents

$ 4,072

$ 3,316

$ 756

$ —

Receivables – trade and other

11,447

4,515

624

6,308

1,2

Receivables – finance

10,443

—

17,014

(6,571)

Prepaid expenses and other current assets

2,980

2,614

446

(80)

Inventories

19,626

—

Total current assets

48,568

30,071

18,840

(343)

Property, plant and equipment – net

15,249

11,078

4,124

Long-term receivables – trade and other

2,490

2,323

117

1,2

Long-term receivables – finance

14,341

—

15,671

(1,330)

Noncurrent deferred and refundable income taxes

2,419

2,728

129

(438)

Intangible assets

419

—

Goodwill

5,865

—

Other assets

6,199

4,562

2,706

(1,069)

Total assets

$ 95,550

$ 57,046

$ 41,587

$ (3,083)

Liabilities

Current liabilities:

Short-term borrowings

$ 4,729

$ —

$ 4,729

$ —

Accounts payable

9,641

9,590

310

(259)

Accrued expenses

5,454

4,764

690

—

Accrued wages, salaries and employee benefits

1,434

1,399

—

Customer advances

4,382

4,379

—

Dividends payable

—

Other current liabilities

2,567

2,004

659

(96)

5,8

Long-term debt due within one year

7,695

7,660

—

Total current liabilities

35,902

22,171

14,086

(355)

Long-term debt due after one year

30,642

10,956

20,971

(1,285)

Liability for postemployment benefits

3,659

—

Other liabilities

6,687

5,662

1,525

(500)

Total liabilities

76,890

42,448

36,582

(2,140)

Shareholders' equity

Common stock

5,852

905

(905)

Treasury stock

(53,307)

—

Profit employed in the business

67,997

62,977

4,989

Accumulated other comprehensive income (loss)

(1,881)

(925)

(955)

(1)

Noncontrolling interests

(1)

(68)

Total shareholders' equity

18,660

14,598

5,005

(943)

Total liabilities and shareholders' equity

$ 95,550

$ 57,046

$ 41,587

$ (3,083)

Elimination of receivables between MP&E and Financial Products.

Reclassification of MP&E's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

Elimination of MP&E's insurance premiums that are prepaid to Financial Products.

Reclassification of Financial Products' other assets to property, plant and equipment.

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

Elimination of other intercompany assets and liabilities between MP&E and Financial Products.

Elimination of payables between MP&E and Financial Products.

Elimination of prepaid insurance in Financial Products' other liabilities.

Elimination of debt between MP&E and Financial Products.

Eliminations associated with MP&E's investments in Financial Products' subsidiaries.

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2025

(Unaudited)

(Millions of dollars)

Supplemental Consolidating Data

Consolidated

Machinery, Power

& Energy

Financial

Products

Consolidating

Adjustments

Assets

Current assets:

Cash and cash equivalents

$ 9,980

$ 9,333

$ 647

$ —

Receivables – trade and other

10,920

3,883

657

6,380

1,2

Receivables – finance

10,649

—

17,325

(6,676)

Prepaid expenses and other current assets

2,801

2,448

441

(88)

Inventories

18,135

—

Total current assets

52,485

33,799

19,070

(384)

Property, plant and equipment – net

15,140

10,985

4,106

Long-term receivables – trade and other

2,142

1,982

163

(3)

1,2

Long-term receivables – finance

14,272

—

15,538

(1,266)

Noncurrent deferred and refundable income taxes

2,882

3,208

133

(459)

Intangible assets

241

—

Goodwill

5,321

—

Other assets

6,102

4,525

2,651

(1,074)

Total assets

$ 98,585

$ 60,061

$ 41,661

$ (3,137)

Liabilities

Current liabilities:

Short-term borrowings

$ 5,514

$ —

$ 5,514

$ —

Accounts payable

8,968

8,988

268

(288)

Accrued expenses

5,587

4,877

710

—

Accrued wages, salaries and employee benefits

2,554

2,494

—

Customer advances

3,314

3,311

—

Dividends payable

703

—

Other current liabilities

2,798

2,259

645

(106)

5,8

Long-term debt due within one year

7,120

7,085

—

Total current liabilities

36,558

22,667

14,285

(394)

Long-term debt due after one year

30,696

10,955

21,018

(1,277)

Liability for postemployment benefits

3,838

3,837

—

Other liabilities

6,175

5,162

1,516

(503)

Total liabilities

77,267

42,621

36,820

(2,174)

Shareholders' equity

Common stock

7,181

905

(905)

Treasury stock

(49,539)

—

Profit employed in the business

65,448

60,639

4,799

Accumulated other comprehensive income (loss)

(1,772)

(843)

(929)

—

Noncontrolling interests

—

(68)

Total shareholders' equity

21,318

17,440

4,841

(963)