Caterpillar reports Q3 2026 earnings beat with strong backlog and capacity expansion
Caterpillar Inc. posted third‑quarter 2026 revenue of $20.682 billion, up 17% year over year, and net income of $3.287 billion, up 43% YoY. Adjusted earnings were $7.13 per share, while the earnings call highlighted a record $78 billion backlog and plans to expand manufacturing capacity, including a $1 billion investment in North Carolina. Management kept its full‑year outlook despite $2.2 billion of tariff costs and expects mid‑to‑high‑teens revenue growth for the year.
Why it matters
The earnings beat and record backlog give investors confidence in continued demand and revenue growth, while the disclosed tariff cost and capacity‑expansion spending outline near‑term expense pressures. The company’s reaffirmed outlook supports its current valuation assumptions.
Key facts
- 1Revenue was $20.682 billion, up 17% YoY. tradingview.com
- 2Net income was $3.287 billion, up 43% YoY. tradingview.com
- 3Adjusted earnings were $7.13 per share. tradingview.com
- 4Adjusted earnings were $7.20 per share, beating estimates. theglobeandmail.com
- 5Record backlog stood at $78 billion, up about 96% YoY. theglobeandmail.com
- 6Full‑year tariff costs are projected at approximately $2.2 billion, excluding recoveries. theglobeandmail.com
Open questions
- Adjusted EPS is reported as $7.13 in material 1 and $7.20 in material 2, reflecting different calculations.
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.