Caterpillar tops quarterly profit view, but unchanged growth target dents shares
CAT•Caterpillar narrowly beat third-quarter profit estimates, with adjusted earnings of $7.20 per share and revenue up 17% to $20.7 billion. Its 2026 revenue growth outlook remained at mid-to-high teens, and shares opened 10% lower.
1. Quarterly results
Caterpillar reported adjusted third-quarter earnings of $7.20 per share, up from $4.95 a year earlier and above analysts’ average estimate of $7.08. Revenue rose 17% to $20.7 billion, compared with an analyst estimate of $20.55 billion.
2. Backlog and outlook
The company’s order backlog reached a record $78.1 billion, up $6 billion from the previous quarter, though the increase slowed from earlier this year. Caterpillar maintained its 2026 revenue growth outlook at mid-to-high teens, while analysts expect growth of roughly 18%, and kept its annual tariff-cost forecast at about $2.2 billion.
3. Shares fall
Caterpillar shares opened 10% lower. The company has benefited from AI-related data-center demand for power-generation equipment, but the article noted that investor sentiment has weakened amid opposition to data centers and calls to slow AI development.
