Caterpillar's quarterly revenue reaccelerated from $14.2B in 2025Q1 to a record $20.7B in 2026Q3, and operating income climbed from $2.6B to $4.3B in 2026Q2 while SG&A stayed roughly flat, suggesting incremental volume is dropping through to profit at a favorable rate.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue rebounded roughly 46% from $14.2B in 2025Q1 to a record $20.7B in 2026Q3 while gross margin held at 35.5% and operating margin reached 20.4%, though net margin of 15.9% and a negative $277M stock-based compensation swing warrant further investigation.
Caterpillar has a significant backlog of $51.2 billion, representing a 71% year-over-year increase, providing multi-quarter revenue visibility.
The company has made strategic acquisitions, including a self-driving tractor startup, to enhance its technological capabilities in agriculture.
Demand in sectors like data centers could boost the Energy & Transportation segment, driving further growth.
Concerns exist about Caterpillar's valuation, with a P/E ratio significantly higher than its five-year average, suggesting potential overvaluation.
Net profit margins have slipped from 16.7% to 13.1% year-over-year, indicating recent financial softness.
The company's performance is sensitive to economic cycles, with a potential macroeconomic slowdown posing risks to demand.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 29, 2026 | $7.20+2.0% vs $7.06 | $20.7B-0.4% vs $20.8B |
Q3 2026 Aug 4, 2026 | $8.17+31.4% vs $6.22 | $20.5B+6.2% vs $19.3B |
Q2 2026 Apr 30, 2026 | $5.54+19.1% vs $4.65 | $17.4B+5.4% vs $16.5B |
Q1 2026 Jan 29, 2026 | $5.16+9.6% vs $4.71 | $19.1B+7.2% vs $17.9B |
I present 69 Dividend Champions with Dividend Safety scores of 8+ and rank them using my 9F Quality Scores system. Twenty-two featured Dividend Champions are undervalued, while 21 are overvalued. Forty-nine have quality scores ≥ 7.0, indicating high quality. Top candidates by style: BRO and BMI for growth; BRO, BMI, and RGLD (below $262) for total return; CTBI for income; CAT for past performance.
IRVING, Texas, Nov. 6, 2026 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Group President of Construction Industries Rod Shurman is expected to participate in a fireside chat hosted by Chad Dillard of Bernstein in North Carolina on Tuesday, Nov. 17, from 11:15 a.m. to noon ET.
A long dividend streak shows a company's record. Analyst ratings show how Wall Street views what comes next.
Caterpillar Inc. CAT delivered a strong third-quarter 2026 performance, beating the Zacks Consensus Estimates for revenues and earnings while reporting year-over-year growth in both metrics. A record $78.1 billion order backlog, expanding margins and stronger cash flow further underscored the company's operating momentum.
Benchmark CAT against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Caterpillar Inc. (CAT)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $558.63 | $257.33B | 29.67 | 4.29% | 13.13% | 43.48% | 1.05% | |
| $671.65 | $181.3B | 36.31 | -11.59% | 10.22% | 18.07% | 0.94% | |
| $11.56 | $14.33B | 28.20 | -8.78% | 1.71% | 3.97% | 2.3% | |
| $110.44 | $8B | 11.33 | -13.55% | 2.76% | 6.25% | 1.05% | |
| $101.98 | $53.67B | 22.61 | -15.5% | 9.68% | 13.76% | 4.22% | |
| $450.07 | $62.1B | 21.95 | -1.27% | 7.82% | 20.19% | 1.69% |
Caterpillar Inc. (CAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Caterpillar Inc. (CAT) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 29, 2026·SEC
Oct 15, 2026·SEC
Aug 4, 2026·SEC
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Caterpillar Inc. (CAT) stock FAQ — growth, dividends, profitability & financials explained
Caterpillar Inc. (CAT) reported $77.77B in revenue over the trailing twelve months. Revenue was $67.59B in fiscal year 2025. That is 309% more than the $16.52B of fiscal year 1996.
Caterpillar Inc. (CAT) grew revenue by 4.3% in fiscal year 2025, compared with the prior fiscal year.
Yes. Caterpillar Inc. (CAT) earned $11.83B in net income over the trailing twelve months (a 15.2% net margin).
Yes. Caterpillar Inc. (CAT) pays a dividend that yields 1.05% at the current price, a moderate yield.
Caterpillar Inc. (CAT) had a return on equity (ROE) of 43.5% in fiscal year 2025. That is well above the market's typical 10-15%.
Caterpillar Inc. (CAT) generated $13.25B in free cash flow over the trailing twelve months.
