Caterpillar Inc.
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+ FollowMarket Cap$271.44B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Record growth + profitability jump (strong quarter)
- Sales & revenues: $20.7B, +17% YoY (in line with expectations), driven by higher volumes and favorable price realization across all 3 segments.
- Adjusted EPS / profit: Adjusted profit per share $7.20 (+45% YoY).
- Adjusted operating margin: 20.6% (+310 bps YoY); margin benefited from higher volume/price but was partly offset by higher manufacturing costs (notably freight and costs tied to capacity expansions) and tariffs (offset partly by recoveries).
- Cash return: $3.8B MP&E free cash flow in the quarter; $2.0B returned to shareholders ($1.2B buybacks + ~$0.75B dividend).
Backlog strength signals demand durability (but capacity is the pacing factor)
- Backlog: $78B (record), +~$38B (+96%) YoY and 4th consecutive quarter of sequential backlog growth in all 3 primary segments.
- Management highlighted that for Power & Energy, adding production capacity remains the top pacing factor for growth—even though demand is strong.
- Backlog “out-year” visibility: orders extend far (notably large reciprocating engines/turbines into late ’28–’29, turbines also toward ’30), reflecting customers booking based on long project schedules (e.g., data centers / prime power / gas compression).
Segment performance: strong orders/Power & Energy + Construction rental strength; RI softer than expected
- Power & Energy: sales $8.8B (+18% YoY); profit $2.1B (+31%); margin 24.4% (+250 bps). Demand strong for turbines and large reciprocating engines (data centers) and strong oil & gas services.
- Construction Industries: sales $8.0B (+18%), profit $1.8B (+33%); margin 22.9% (+250 bps).
- Rental/fleet loading tailwind was exceptionally strong, supporting sales-to-users growth (and helping relative performance).
- Management emphasized a large $1B investment to expand manufacturing in Sanford, NC to support compact growth (Cat Compact).
- Resource Industries: sales $4.6B (+15%) but +4% sales to users (below expectations) due to shipping/commissioning delays and lower rail deliveries. Margin 13.5% ~flat YoY.
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$197.80
66.5% downside
Current Fair Value
66.5% downsideOvervalued by 66.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $271.44 Billion |
|---|---|
| Enterprise Value | $314.65 Billion |
| Annual dividend | $6.28 |
| Dividend yield | 1.01% |
| Earnings per Share | $18.9 |
| Beta | 1.58 |
| Outstanding Shares | 459,100,000 |
Return
| Return on Equity | 61.00% |
|---|---|
| Return on Assets | 11.53% |
| Return on Invested Capital | 24.88% |
Valuation & Multiples
| P/E Ratio | 24.32 |
|---|---|
| PEG | 55.85 |
| Price to Sales | 3.5 |
| Price to Book Ratio | 14.08 |
| Enterprise Value to Revenue | 4.05 |
| Enterprise Value to EBIT | 20.13 |
| Enterprise Value to Net Income | 26 |
| Total Debt to Enterprise | 0.16 |
| Debt to Equity | 2.57 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$7.03
Consensus analyst estimateRevenue Estimate
$20.76 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$6.64
Consensus analyst estimateRevenue Estimate
$20.83 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 2.85, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 2.8542▲ 164.03% |
|---|---|
| Total Calls | 9,600▼ 99.90% |
| Total Puts | 27,400▼ 99.77% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.61%▼ 68.93% |
|---|---|
| Total Invested | $13.45B▼ 96.21% |
| Investors Holding | 1,783▼ 2424.00% |
About Caterpillar Inc.
102,300 employees
CEO: donald Umpleby
Since 1925, Caterpillar Inc. has been helping our customers build a better world - making sustainable progress possible and driving positive change on every continent. With 2019 sales and revenues of $53.8 billion, Caterpillar is the wor...