Caterpillar maintains 2026 sales and revenue growth outlook at mid-to-high teens
CAT•Caterpillar maintained its 2026 outlook for mid-to-high teens sales and revenue growth versus 2025. Third-quarter sales and revenue rose 17% to $20.7 billion, while the order backlog increased 96% to $78 billion.
1. Outlook maintained
Caterpillar maintained its 2026 outlook for mid-to-high teens sales and revenue growth versus 2025. Adjusted operating margin is expected to exceed 2025 levels but remain near the bottom of the annual target range, excluding IEEPA tariff recoveries. Tariff costs are forecast at about $2.2 billion, excluding recoveries, while Machinery, Power and Energy free cash flow is expected in the upper half of its annual target range.
2. Quarterly figures
Fourth-quarter sales growth is expected to moderate, with tariff costs projected at about $600 million, roughly $200 million below a year earlier. Third-quarter sales and revenue rose 17% to $20.7 billion, and the order backlog increased 96% to $78 billion.
