Caterpillar reported a stronger third quarter, with sales and revenues rising 17% year over year to $20.7 billion and profit per share increasing to $7.13. The company also reported higher operating margins and returned cash to shareholders through stock buybacks and dividends.
The results cover the quarter ended Sept. 30, 2026. Caterpillar also provided supplemental retail-sales statistics for machines and power systems, including engines and locomotives.
Key details
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Sales growth was driven by volume and pricing. Sales and revenues increased by $3.0 billion from a year earlier. Caterpillar attributed most of the gain to $2.2 billion in higher sales volume and $663 million in favorable price realization.
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Profit per share rose. Reported profit per share was $7.13, compared with $4.88 in the third quarter of 2025. Adjusted profit per share was $7.20, versus $4.95 a year earlier. The adjusted figures exclude restructuring costs.
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Margins improved. The operating profit margin was 20.4%, up from 17.3% a year earlier. On an adjusted basis, the margin was 20.6%, compared with 17.5%.
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Cash generation and shareholder returns remained substantial. Enterprise operating cash flow was $4.4 billion, and Caterpillar ended the quarter with $7.9 billion in enterprise cash. It spent $1.2 billion on share repurchases and $700 million on dividends—about $2.0 billion combined, rounded.
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Management cited strong demand indicators. Chief Executive Joe Creed pointed to strong order rates and a record backlog, and said the company’s results reflected durable end markets.
Plain-English implications
Caterpillar’s year-over-year improvement came with both higher sales volume and better pricing, while margins also expanded. The company returned a significant amount of cash to shareholders during the quarter through buybacks and dividends.