Caterpillar Inc. (CAT) Earnings Call Transcripts

Caterpillar Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Caterpillar Inc. reported record sales and revenues of $20.5 billion, a 24% increase year-over-year, driven by robust demand across all segments. Adjusted profit per share surged 73% to $8.17, exceeding expectations. The company raised its full-year guidance, now anticipating mid- to high-teens revenue growth, supported by a growing backlog of $72 billion, which reflects strong order rates and favorable market conditions.

Reported metrics

Guidance from management

Caterpillar now expects mid- to high-teens sales and revenue growth for the full year 2026, an increase from previous guidance. They also anticipate higher adjusted operating profit margins and MP&E free cash flow in the top half of the annual target range.

What management said

And David, this is Kyle. Just one reminder on the CI perspective, we kind of had a slow start to the first half of 2025. and then it started picking up in the back half of 2025 into the first half of this year. And so that will be part of your comparison when you start looking at the second half of CI compared to the second half of 2025.

Kristen, just to add some color, it's Kyle, just by region, we talked about North America continues to be strong and Joe talked about it from a construction spend standpoint and non-resi investment. Amy is strong, especially in Africa. So that's been a real positive for us, and we expect that to continue. And even in other parts of the globe in Latin America, has been strong and even in China off low levels, but Chin...

What analysts pressed on

Analysts expressed concerns about the sustainability of demand in the Power and Energy segment, particularly regarding AI and data center growth. There were questions about the potential impact of geopolitical uncertainties on future performance and how inventory dynamics might affect sales in the second half of the year.

Main topics on the call

• Record Revenue Achievement — Caterpillar achieved record sales and revenues of $20.5 billion in Q2 2026, marking the first time the company surpassed $20 billion in a single quarter. CEO Joe Creed stated, "This milestone underscores both the essenti...
• Strong Backlog Growth — The backlog increased by $9 billion sequentially to $72 billion, with all primary segments contributing to this growth. Creed noted, "Strong order rates and a growing backlog reflect broadening momentum across our busine...
• Improved Profit Margins — Caterpillar's adjusted operating profit margin reached 21.9%, benefiting from IEEPA tariff recoveries of $392 million and lower-than-expected tariff costs. Kyle Epley commented, "The margin benefit from better-than-expec...
• Increased Full-Year Guidance — Management raised its full-year sales and revenues growth expectations to mid- to high teens, reflecting strong demand across all segments. Creed stated, "We are also progressing on our capacity expansion plans, and we e...

Read the full Caterpillar Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 77 Caterpillar Inc. earnings call transcripts on record, spanning January 31, 2020 to August 4, 2026. Based on this history, Caterpillar Inc. reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CAT

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Machinery

Calls on record

77

First call

January 31, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly