Caterpillar
Builds heavy equipment and power systems, backed by dealers, services and financing.
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Profile
Builds construction and mining machinery, off-highway engines, turbines, generator sets and rail equipment, supported by parts, services and Cat Financial. Sales flow mainly through independent dealers, and demand follows investment cycles in construction, mining and energy.
Builds construction and mining machinery, off-highway engines, generator sets, industrial gas turbines and rail equipment for customers worldwide. Construction Industries covers excavators, dozers, loaders, graders and paving equipment. Resource Industries combines surface and underground mining systems, autonomous fleet technology and rail products, while Power & Energy supplies engines, turbines and integrated power systems for power generation, oil and gas, industrial and marine uses.
Pairs equipment sales with parts, maintenance, remanufacturing, connected fleet tools, and customer and dealer financing and insurance through Financial Products. A largely independent dealer network provides local sales and service, though turbines and locomotives are often sold directly. Demand remains cyclical and tied to construction investment, mine spending, commodity markets and energy infrastructure.
Company facts
Key statistics
Year to date +33.7% · Average volume (30d) 2.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | D.A. Davidson | Target | $845 | $882 | ||
| Aug 6, 2026 | Barclays | Target | $800 | $900 | ||
| Aug 5, 2026 | Truist Financial | Target | $1,225 | $980 | ||
| Aug 5, 2026 | Bernstein | Reiterate | Market Perform | $769 | $1,002 | |
| Aug 5, 2026 | UBS | Reiterate | Neutral | $900 | $925 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $6.22 | $8.17 | +31.4% | $19.34B | $20.54B | +6.2% | +5.60% |
| Apr 30, 2026Q1 FY26 | $4.65 | $5.54 | +19.1% | $16.53B | $17.42B | +5.4% | −0.05% |
| Jan 29, 2026Q4 FY25 | $4.71 | $5.16 | +9.6% | $17.85B | $19.13B | +7.2% | −1.18% |
| Oct 29, 2025Q3 FY25 | $4.53 | $4.95 | +9.3% | $16.77B | $17.64B | +5.2% | −0.40% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $14.25B | $16.57B | $17.64B | $19.13B | $17.42B | $20.54B | |
| Gross profit | $4.96B | $5.46B | $5.97B | $5.48B | $6.11B | $7.76B | |
| Operating income | $2.58B | $2.92B | $3.05B | $2.66B | $3.09B | $4.30B | |
| Net income | $2.00B | $2.18B | $2.29B | $2.40B | $2.55B | $3.59B | |
| Diluted EPS | $4.20 | $4.62 | $4.89 | $5.12 | $5.47 | $7.77 | |
| Gross margin | 34.8% | 33.0% | 33.8% | 28.6% | 35.1% | 37.8% | |
| Operating margin | 18.1% | 17.6% | 17.3% | 13.9% | 17.7% | 20.9% |
Fiscal years (4-quarter sums)FY21 $50.97B · FY22 $59.43B · FY23 $67.06B · FY24 $64.81B · FY25 $67.59B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $6.71B · Total debt $45.15B · Total assets $102.61B · Shareholders' equity $19.40B
Dividends
Raised for 33 straight years — most recently to $1.63 from $1.51 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 20, 2026 | Jul 20 | Aug 19 | $1.63 | raised from $1.51 |
| Apr 20, 2026 | Apr 20 | May 19 | $1.51 | |
| Jan 20, 2026 | Jan 20 | Feb 19 | $1.51 | |
| Oct 20, 2025 | Oct 20 | Nov 20 | $1.51 | |
| Jul 21, 2025 | Jul 21 | Aug 20 | $1.51 | raised from $1.41 |
| Apr 21, 2025 | Apr 21 | May 20 | $1.41 | |
| Jan 21, 2025 | Jan 21 | Feb 20 | $1.41 | |
| Oct 21, 2024 | Oct 21 | Nov 20 | $1.41 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 460.64M · Float 458.95M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 37.99M | 8.25% | 13F | Aug 7, 2026 |
| State Street Corp | 34.39M | 7.47% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 30.08M | 6.53% | 13F | Aug 13, 2026 |
| State Farm Mutual Automobile Insurance Co | 14.51M | 3.15% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 12.03M | 2.61% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Denise C. Johnson | officer: Group President | −12,605 | $907.91 |
| May 13, 2026 | William E. Schaupp | officer: Chief Accounting Officer | −360 | $906.00 |
| May 13, 2026 | Denise C. Johnson | officer: Group President | −6,196 | $909.79 |
| May 11, 2026 | Anthony D. Fassino | officer: Group President | −16,283 | $916.80 |
| May 6, 2026 | Andrew R. J. Bonfield | officer: CFO Emeritus | −15,674 | $918.71 |
Peers
- Deere & Company
Construction & forestry and surface-mining machinery rival.
- Cummins
Principal global rival in off-highway diesel and gas engines.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Caterpillar | $799.82 | −0.02% | $368.62B | 34.4 | 27.8 | 4.9 | +24.0% |
| Deere & Company | $630.06 | −0.02% | $170.15B | 35.0 | 30.2 | 3.6 | +7.0% |
| Cummins | $564.40 | −0.03% | $77.94B | 28.9 | 17.0 | 2.2 | +9.4% |
| Median | 31.9 | 23.6 | 2.9 | +8.2% |