Caterpillar (CAT) investor relations material

Executive summary

• First quarter 2026 sales and revenues rose 22% year-over-year to $17.415 billion, with adjusted profit per share of $5.54, up 30%, and operating profit of $3.085 billion, up 20% from the prior year.

• Record backlog reached $63 billion, up 79% year-over-year, with all primary segments contributing to growth.

• $5.7 billion was returned to shareholders via share repurchases and dividends, including a $4.5 billion accelerated share repurchase.

• Net income attributable to shareholders was $2.549 billion, up 27% from the prior year.

• Strong order activity and resilient end markets provided a solid foundation for continued momentum.

Financial highlights

• Adjusted operating profit was $3.1 billion, with an 18% adjusted operating profit margin.

• MP&E free cash flow was nearly $600 million, up $350 million year-over-year.

• Enterprise cash balance stood at $4.1 billion, with an additional $1.3 billion in marketable securities.

• Cash flow from operations reached $1.87 billion, up $581 million year-over-year.

• Capital expenditures were about $700 million for the quarter.

Outlook and guidance

• Full-year 2026 sales and revenues are expected to grow in the low double digits, with all primary segments contributing.

• Adjusted operating profit margin for the full year is expected to be higher than January's outlook, near the bottom of the target range due to ongoing tariff impacts.

• MP&E free cash flow for 2026 is projected to exceed 2025's $9.5 billion.

• Tariff costs for 2026 are estimated at $2.2–$2.4 billion, down from the previous $2.6 billion estimate.

• Capital expenditures for 2026 anticipated at $3.5 billion; effective tax rate estimated at 23% (excluding discrete items).