Caterpillar Q2 FY2026: first $20 billion quarter, EPS $7.77
Caterpillar's second quarter of FY2026 was its first ever above $20 billion in sales and revenues, and profit ran far ahead of what analysts expected: adjusted EPS of $8.17 against a $6.26 consensus estimate. The quality is good but not perfect — margins expanded sharply while inventory and receivables absorbed cash and a $392 million tariff recovery padded operating profit. Read the growth as real, and the cash and working-capital lines as the swing factors to watch.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $7.77 was up 68.2% from $4.62, and adjusted EPS of $8.17 was up 73.1% from $4.72, beating the $6.26 consensus estimate by roughly 30.5% on an adjusted basis. The $0.40 gap between the two reflects $139 million of divestiture-related restructuring with no tax benefit plus $63 million of other restructuring costs. Share count helped too: diluted shares fell to 462.5 million from 471.5 million.
Revenue of $20.54 billion rose 24.0% from $16.57 billion a year earlier, and it was up 18.0% from the $17.42 billion booked in the prior quarter. All three primary segments grew — Construction Industries up 35.0%, Resource Industries up 20.0% and Power & Energy up 17.0% — with North America supplying $12.09 billion of the total. The growth was mostly volume ($3.11 billion) rather than price ($595 million), which is the healthier of the two.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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