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Equity · Industrials
Caterpillar Inc. (CAT) perpetual futures
CAT perpetual futures on 11 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade CATUSDT.
Caterpillar manufactures and sells heavy construction and mining equipment, power generation systems, and industrial gas turbines worldwide.
$596.74-0.1%NYSE closed
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venue perp mark · BingX (CATUS-USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
11/11 live markets
Trading data
Perpetual market activity
Venues
11
Live markets
11/11
24h volume
$1.5MCoverage: 9/11 marketsExchange-reported volume: $2.8M
Open interest
$3.2MCoverage: 10/11 markets
Best liquidity
$560.3K
LBank
Tightest spread
+2.5 bps
Bitget
Highest volume
$724.4K
Binance
Settlement mix
USDT · 10/11
Perp/spot vol.
0.00x
Spot volume $1.4B
OI / float
0.00%
Float $272.4B
Spot performance
1D-0.84%
5D+4.57%
1M-18.41%
6M-32.43%
YTD+4.77%
1Y+8.72%
Venue matrix
11 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | CAT/USDT | Trading | $596.74 | 0.0% APR 0.000% every 8h | +11.2 bps | - | $724.4K | $774.5K | USDT | - | |
 Ourbit | Trade | CATSTOCK/USDT | Trading | $596.82 | 0.0% APR 0.000% every 8h | +11.2 bps | $202.3K | $312K | $117.2K | USDT | 20x | |
 LBank | Trade | CATSTOCK/USDT | Trading | $596.74 | 0.0% APR 0.000% every 8h | +11.2 bps | $560.3K | $215.3K | $20K | USDT | 20x | |
 MEXC | Trade | CATSTOCK/USDT | Trading | $595.03 | -15.0% APR -0.014% every 8h | +75.8 bps | $4.1K | $103.4K | $1.3M | USDT | 20x | |
 Bitget | Trade | CAT/USDT | Trading | $598.62 | 0.0% APR 0.000% every 8h | +2.5 bps | $335.4K | $89.5K | $363.4K | USDT | 20x | |
 HTX | Trade | CATSTOCK/USDT | Trading | $596.39 | +11.0% APR +0.010% every 8h | +288.7 bps | $0 | $59.7K | $5.5K | USDT | - | |
 XT.com | Trade | CAT/USDT | Trading | $595.67 | 0.0% APR 0.000% every 8h | +50.4 bps | $160.9K | $17.2K | - | USDT | 25x | |
 Bybit | Trade | CATSTOCK/USDT | Trading | $597.04 | 0.0% APR 0.000% every 8h | +26.3 bps | $13.5K | $4.7K | $276.4K | USDT | 25x | |
 Gate.io | Trade | CAT/USDT | Trading | $598.50 | 0.0% APR 0.000% every 8h | +43.4 bps | $12.6K | $2.4K | $217.4K | USDT | 20x | |
 BingX | Trade | CATUS-USDT | Trading | $596.75 | +5.5% APR +0.00500% every 8h | +11.4 bps | $193.2K | $740.7K⚠ | $5.7K | USDT | - | |
 Variational | Trade | CAT/USDC | Trading | $596.52 | 0.0% APR 0.000% every 8h | +21.8 bps | no public depth feed | $567.5K⚠ | $48.1K | USDC | - |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| CATonOndo GM | $603.35 | +1.11% | $239k | $21k | Ethereum · BNB Smart Chain (BEP20) · Solana |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 8 of 11 venues absorb $10k · Typical cost: +14.5 bps – +64.3 bps
Too thin: MEXC
No fresh book data: Variational, HTX
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
CATTightest spread
CATHighest volume
CATFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-04
Revenue est. $20.8B · Updated 3h ago
Dividend
$1.63
2026-10-26
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid592.5
Ask600.34
Volume2,283,534
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202627.23$79.4B+18%17
FY 202732.20$88.6B+12%19
FY 202838.61$97.8B+10%10
FY 202946.07$107.3B+10%4
FY 203048.77$112.3B+5%4
Q1 20276.54$19.5B+12%10
Source: FMP · Consensus
Company events
62027-02-04EarningsActual - / Estimate 6.49-
2026-10-29Earnings · Before market openActual 7.20 / Estimate 7.06Beat
2026-10-26Dividend$1.63-
2026-10-19Dividend$1.63-
2026-08-04EarningsActual 8.17 / Estimate 6.22Beat
2026-07-20Dividend$1.63-
Peer comparison
Similar listed perpsRevenue mix
Latest annualPower & EnergyProduct$27.1B
Construction IndustriesProduct$24.8B
Resource IndustriesProduct$12.2B
North AmericaGeographic$36.6B
EMEAGeographic$12.8B
Asia PacificGeographic$11.2B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $912.36 |
| 12-month target range (low – high) | $749 – $1,118 |
| Ratings in the provider's consensus | 57 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 15 | 12 | 1 | 0 |
| Oct 2026 | 2 | 15 | 12 | 1 | 1 |
| Sep 2026 | 1 | 14 | 12 | 1 | 1 |
| Aug 2026 | 1 | 13 | 12 | 1 | 1 |
| Jul 2026 | 1 | 14 | 12 | 2 | 1 |
| Jun 2026 | 1 | 14 | 11 | 2 | 1 |
| May 2026 | 1 | 14 | 11 | 3 | 0 |
| Apr 2026 | 1 | 14 | 12 | 3 | 0 |
| Mar 2026 | 1 | 14 | 12 | 2 | 0 |
| Feb 2026 | 1 | 14 | 12 | 2 | 0 |
| Jan 2026 | 1 | 13 | 12 | 2 | 0 |
| Dec 2025 | 1 | 13 | 12 | 2 | 0 |
Ownership
Institutional · 2026-Q2Free float99.8%456.5M shares
Shares outstanding457.6M shares
Institutional72.6%4,219 investors
Investor count change+309
Reference market activity
CAT-PERPDay range (Nov 13)$590.26$611.93
52 week$345.85$1.07K
Spot volume2.3M
Average volume-
Price performance
111D-0.8%
5D+4.6%
1M-18.4%
3M-29.9%
6M-32.4%
YTD+4.8%
1Y+8.7%
3Y+139.0%
5Y+189.0%
10Y+535.5%
MAX+37,412.5%
Insider activity
FY2026 Q4Acquisitions6 transactions1,407 shares
Dispositions0 transactions0 shares
Purchases2Ratio 0
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director David MacLennan bought 350 Caterpillar common shares on the open market at $596.10 each, holding 8,773 shares afterward.
Caterpillar director James C. Fish Jr. reported buying 1,000 common shares on the open market at $620.39 each on 2026-11-02, leaving 4,714 shares owned.
Caterpillar officer Derrick Lading York filed an initial Form 3 on 2026-11-02 disclosing holdings of 1,600 common shares, 2,536 phantom stock units, and employee stock options across strike prices of $332.04–$752.18; the filing reports no share acquisitions.
Caterpillar CFO Epley Kyle Joseph received 21 Phantom Stock Units in two A-Award grants on 2026-10-26 at $0.00 per unit; these are compensation awards, not open-market purchases.
Caterpillar CEO Joseph E. Creed received a grant of 23 Phantom Stock Units on 2026-10-26, an award transaction at $0.00, bringing his reported holdings to 11,423 units.
Caterpillar officer Kaiser Jason was granted 13 phantom stock units at $0.00 on 2026-10-26, bringing his holdings to 5,542.
Caterpillar director Lynn J. Good received an award (A) of 30 Phantom Stock Units at $0.00 on 2026-09-30, leaving 30 units owned.
Caterpillar Inc. (CAT) director David MacLennan received an award of 28 phantom stock units at $0.00 on 2026-09-30, an A-Award (compensation, not an open-market purchase), raising his holdings to 505 units. Form 4 filed 2026-10-01.
Caterpillar officer Jason Kaiser received an award of 11 Phantom Stock Units at $0.00, bringing total holdings to 5,449.
Caterpillar CFO Epley Kyle Joseph reported acquiring 18 Phantom Stock Units via two award grants on 2026-09-25, at $0.00 per share; holdings after the awards were 5,839–5,846 units.
Caterpillar CEO Joseph E. Creed received an award of 19 Phantom Stock Units on 2026-09-25, after which he held 11,234. The A-Award is compensation, not an open-market purchase.
Caterpillar CEO Joseph Creed exercised options on 44,403 shares at $219.76, then had 12,002 shares withheld for tax and sold 3,921 shares at $800.19–$805.36; he held 63,035 shares afterward.
Filings
55 · Latest SEC filings2026-11-134Insider transaction report (Form 4)
Director David MacLennan bought 350 Caterpillar common shares on the open market at $596.10 each, holding 8,773 shares afterward.
2026-11-034Insider transaction report (Form 4)
Caterpillar director James C. Fish Jr. reported buying 1,000 common shares on the open market at $620.39 each on 2026-11-02, leaving 4,714 shares owned.
2026-11-023Initial insider ownership statement (Form 3)
Caterpillar officer Derrick Lading York filed an initial Form 3 on 2026-11-02 disclosing holdings of 1,600 common shares, 2,536 phantom stock units, and employee stock options across strike prices of $332.04–$752.18; the filing reports no share acquisitions.
2026-10-274Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed received a grant of 23 Phantom Stock Units on 2026-10-26, an award transaction at $0.00, bringing his reported holdings to 11,423 units.
2026-10-274Insider transaction report (Form 4)
Caterpillar CFO Epley Kyle Joseph received 21 Phantom Stock Units in two A-Award grants on 2026-10-26 at $0.00 per unit; these are compensation awards, not open-market purchases.
2026-10-274Insider transaction report (Form 4)
Caterpillar officer Kaiser Jason was granted 13 phantom stock units at $0.00 on 2026-10-26, bringing his holdings to 5,542.
2026-10-014Insider transaction report (Form 4)
Caterpillar Inc. (CAT) director David MacLennan received an award of 28 phantom stock units at $0.00 on 2026-09-30, an A-Award (compensation, not an open-market purchase), raising his holdings to 505 units. Form 4 filed 2026-10-01.
2026-10-014Insider transaction report (Form 4)
Caterpillar director Lynn J. Good received an award (A) of 30 Phantom Stock Units at $0.00 on 2026-09-30, leaving 30 units owned.
2026-09-284Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed received an award of 19 Phantom Stock Units on 2026-09-25, after which he held 11,234. The A-Award is compensation, not an open-market purchase.
2026-09-284Insider transaction report (Form 4)
Caterpillar officer Jason Kaiser received an award of 11 Phantom Stock Units at $0.00, bringing total holdings to 5,449.
2026-09-284Insider transaction report (Form 4)
Caterpillar CFO Epley Kyle Joseph reported acquiring 18 Phantom Stock Units via two award grants on 2026-09-25, at $0.00 per share; holdings after the awards were 5,839–5,846 units.
2026-09-014Insider transaction report (Form 4)
Caterpillar CEO Joseph Creed exercised options on 44,403 shares at $219.76, then had 12,002 shares withheld for tax and sold 3,921 shares at $800.19–$805.36; he held 63,035 shares afterward.
2026-08-274Insider transaction report (Form 4)
Caterpillar Group President Jason Kaiser received an award of 11 phantom stock units, now holding 5,476.
2026-08-274Insider transaction report (Form 4)
Epley Kyle Joseph, CFO of Caterpillar Inc., acquired a total of 18 Phantom Stock Units in 2 transactions on August 26, 2026, at $0.00 per unit.
2026-08-274Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed received a grant of 19 phantom stock units with a value of $0.00, increasing his holdings to 11,291 units.
2026-08-053Initial insider ownership statement (Form 3)
This Form 3 filing discloses Lynn J. Good's initial ownership as a new Caterpillar director: 122 shares of common stock, with no shares acquired in this filing.
2026-07-274Insider transaction report (Form 4)
Caterpillar Group President Jason Kaiser was awarded 10 Phantom Stock Units on 2026-07-24 as compensation, bringing his total holding to 5,567 units.
2026-07-274Insider transaction report (Form 4)
CAT CFO Kyle Epley was awarded 12 Phantom Stock Units total (two grants of 7 and 5 units) as compensation, at $0.00. This is not an open-market purchase.
2026-07-274Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed received an award of 18 Phantom Stock Units on 2026-07-24 as compensation, not a market purchase. He now owns 11,483 Phantom Stock Units.
2026-07-014Insider transaction report (Form 4)
CAT director David MacLennan received a grant of 22 phantom stock units, bringing his total holding to 476 units.
2026-06-294Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed was granted 16 Phantom Stock Units as compensation, raising his total holdings to 12,028 units.
2026-06-294Insider transaction report (Form 4)
Caterpillar CFO Kyle Joseph Epley was awarded 6 Phantom Stock Units on 2026-06-26 as compensation, bringing his total holding to 6,242 units. This was a grant, not an open-market purchase.
2026-06-294Insider transaction report (Form 4)
Jason Kaiser, Group President of Caterpillar, was awarded 5 Phantom Stock Units on 2026-06-26, bringing his total holdings to 5,831 units. This was a compensation grant, not an open-market purchase.
2026-06-114Insider transaction report (Form 4)
Director Judith Fran Marks was granted 211 shares of Caterpillar common stock as compensation, bringing her total holdings to 1,938 shares.
2026-06-114Insider transaction report (Form 4)
Director Nazzic S. Keene was awarded 211 shares of Caterpillar common stock (a grant, not a purchase), bringing her total holdings to 728 shares.
2026-06-114Insider transaction report (Form 4)
Gerald Johnson, a director at Caterpillar, received a compensation award of 211 common shares on 2026-06-10, bringing his total holdings to 3,907 shares.
2026-06-114Insider transaction report (Form 4)
Director James C. Fish Jr. was granted 211 shares of Caterpillar common stock as compensation on 2026-06-10, bringing his total ownership to 3,687 shares.
2026-06-114Insider transaction report (Form 4)
Director Rayford Wilkins Jr. received an award/grant of 211 Caterpillar common shares, bringing his total holdings to 8,416 shares.
2026-06-114Insider transaction report (Form 4)
Director Susan C. Schwab was awarded 211 shares of Caterpillar common stock as compensation on 2026-06-10, bringing her total holdings to 6,197 shares.
2026-06-114Insider transaction report (Form 4)
Director Debra L. Reed was awarded 211 shares of Caterpillar common stock (a grant, not a purchase), bringing her total ownership to 13,204 shares.
2026-06-114Insider transaction report (Form 4)
David MacLennan, a director, was awarded 211 shares of Caterpillar common stock as compensation on 2026-06-10, bringing his total ownership to 8,420 shares.
2026-05-274Insider transaction report (Form 4)
Caterpillar CFO Kyle Joseph Epley received a grant of 6 Phantom Stock Units on 2026-05-26, bringing his total holding to 5,711 units. This was a compensation award, not an open-market purchase.
2026-05-274Insider transaction report (Form 4)
Caterpillar CEO Joseph E. Creed was awarded 18 Phantom Stock Units on 2026-05-26 as compensation (not a purchase), bringing his total holding to 11,001 units.
2026-05-154Insider transaction report (Form 4)
Caterpillar officer Denise C. Johnson exercised 16,078 options into common stock at $196.70, had 3,473 shares withheld for tax at $910.55, and sold 12,605 shares on the open market at $904.70-$911.92. She held 49,825 shares afterward.
2026-05-144Insider transaction report (Form 4)
William E Schaupp, Chief Accounting Officer of Caterpillar, sold 360 shares of common stock at $906 per share, leaving 530 shares owned afterward.
2026-05-144Insider transaction report (Form 4)
Denise Johnson exercised 7,900 stock options at $196.70 for 7,900 common shares, then sold 6,196 shares at $909.46-$910.24 and had 1,704 shares withheld for taxes at $911.61.
2026-05-124Insider transaction report (Form 4)
CAT CFO Kyle Epley was awarded 515 common shares and granted 1,394 employee stock options (exercise price $897.45) on 2026-05-08, as compensation, not open-market purchases.
2026-05-124Insider transaction report (Form 4)
Group President Anthony Fassino exercised options for 21,403 common shares at $219.76, had 5,120 shares withheld for taxes at $918.65, and sold 16,283 shares at $916.75-$917.73.
2026-05-124Insider transaction report (Form 4)
CAT CEO Joseph E. Creed had 574 shares of common stock withheld for taxes at $912.03 per share, leaving 34,507 shares owned.
2026-05-124Insider transaction report (Form 4)
Christine M. Pambianchi (CHRO) had 224 Caterpillar common shares withheld for taxes at $912.03 on 2026-05-11, leaving 3,083 shares owned.
2026-05-074Insider transaction report (Form 4)
Group President Bob De Lange exercised options for 28,105 common shares at $127.60, had 3,883 shares withheld for taxes at $923.38, and sold 24,222 shares at $922.55-$923.47. He now holds 86,029 shares.
2026-05-074Insider transaction report (Form 4)
Anthony Fassino exercised options for 12,000 Caterpillar shares at $219.76, had 2,848 shares withheld for taxes, and sold 9,152 shares on the open market at $926.23-$926.83.
Transcripts
Earnings callsFY2026 Q22026-08-04
Earnings calls
AI summary
positiveCaterpillar reported record second-quarter 2026 sales and revenues of $20.5 billion, up 24% year-over-year, driven by strong demand across all primary segments. Adjusted profit per share was $8.17, up 73%. Backlog grew to $72 billion, up 92% year-over-year, with all segments contributing. Power & Energy sales to users grew 33% on data center demand, while Construction Industries and Resource Industries saw 22% and 17% growth respectively. The company raised its full-year sales growth outlook to mid- to high-teens and expects higher adjusted operating profit margin and free cash flow. Strategic actions include restarting 10-MW gas engine production, launching a dealer rental JV for major projects, and acquiring Skycatch for mining technology.
Key takeaways
- Record Q2 2026 sales and revenues of $20.5 billion, up 24% year-over-year, driven by strong demand in all three primary segments.
- Backlog grew to $72 billion, up 92% year-over-year, with 59% expected to be delivered in the next 12 months.
- Power & Energy sales to users grew 33%, driven by 72% growth in power generation for data centers; oil and gas grew 6%.
- Construction Industries sales to users grew for the sixth consecutive quarter, up 22%, with rental fleet loading a positive contributor.
- Resource Industries sales to users grew 17%, with strong mining and rail demand; backlog growth supported by copper and gold demand.
Financial highlights
- Sales and revenues: $20.5 billion, up 24% year-over-year.
- Adjusted profit per share: $8.17, up 73% year-over-year.
- Adjusted operating profit margin: 21.9%, up 430 basis points year-over-year.
- MP&E free cash flow: record $5.1 billion in Q2, with $2.2 billion returned to shareholders.
Guidance
- Full-year 2026 sales and revenues growth expected in mid- to high-teens, up from prior outlook.
- Full-year adjusted operating profit margin expected higher than prior outlook; excluding IEEPA tariff recoveries, near bottom of target range.
- Full-year 2026 tariff costs estimated at around $2.2 billion, at low end of prior range; no additional IEEPA recoveries in H2.
- MP&E free cash flow expected in top half of $6 billion to $15 billion target range.
Q&A themes
- Data center demand and capacity expansion: management remains confident in long-term demand, with orders extending to 2029-2030.
- Tariff impact: Q2 tariff costs lower than expected, with ~$400 million in the quarter and ~$600 million expected in Q3.
- Rental fleet loading and Major Projects: national dealer-owned rental JV to support large infrastructure projects, expanding rental presence.
- Construction outlook: strong demand in North America and EAME, with rental loading and major projects driving growth; residential remains soft.
Risks
- Tariffs and geopolitical uncertainty remain fluid, with potential impact on margins.
- Capacity expansion may lead to higher depreciation and manufacturing costs.
- Data center demand could slow in out-years, though current customer plans remain strong.
FY2026 Q12026-04-30
Earnings calls
AI summary
positiveCaterpillar reported first-quarter 2026 sales of $17.4 billion, up 22% year-over-year, with adjusted profit per share of $5.54, up 30%. The company achieved record backlog of $63 billion and record quarterly orders, driven by robust demand across Power and Energy, Construction Industries, and Resource Industries. Management raised full-year 2026 sales guidance to low double-digit growth and announced a significant capacity expansion for large reciprocating engines, increasing capacity from 2x to nearly 3x 2024 levels.
Key takeaways
- Q1 sales of $17.4B (+22% YoY) and adjusted operating profit margin of 18.0%, exceeding expectations driven by favorable manufacturing costs and lower-than-anticipated tariff impacts
- Record backlog reached $63B (+$28B or +79% YoY) with all three segments contributing; record quarterly orders provide strong foundation for continued momentum
- Announced large reciprocating engine capacity expansion from 2x to nearly 3x 2024 levels, primarily driven by data center power generation demand, with incremental units expected in 2027
- Raised 2026 full-year sales guidance to low double-digit growth and increased 2030 enterprise CAGR target to 6%-9% (from prior range) with power generation sales expected to exceed 3x 2024 baseline by 2030
- Deployed $5.7B to shareholders in Q1 through dividends and share repurchases, including $4.5B accelerated share repurchase program
Financial highlights
- Sales and revenues: $17.4 billion, up 22% versus prior year
- Adjusted operating profit: $3.1 billion; adjusted operating profit margin: 18.0%
- Adjusted profit per share: $5.54, up 30% versus prior year
- Record backlog: $63 billion, up $28 billion or 79% compared to Q1 2025
Guidance
- Full-year 2026 sales and revenues expected to grow at low double-digit rate, up from prior quarter expectations
- Full-year adjusted operating profit margin expected near bottom of target range despite higher sales; excluding tariffs, margins expected in top half of target range
- Full-year 2026 tariff costs estimated at $2.2-$2.4 billion, down from prior estimate of $2.6 billion
- MP&E free cash flow expected to be higher than 2025 ($9.5 billion); CapEx forecast for 2026 remains approximately $3.5 billion with large engine capacity CapEx averaging 4%-5% of MP&E sales through 2030
Q&A themes
- Large engine capacity expansion driven primarily by data center power generation demand with prime power and backup power both growing; customer orders extending into 2028
- Power generation product mix shifting toward prime power applications with multiple gigawatt-scale projects announced; behind-the-meter solutions incorporating recips and turbines in various configurations
- Resource Industries backlog strength driven by strong copper and gold mining demand and resilient North American construction; fleet replacement cycle and new technology adoption supporting orders
- Supply chain visibility and performance enabling ahead-of-schedule capacity installation; management confident in achieving positive cash payback on reciprocating engine investments by end of 2030
Risks
- Tariff environment remains fluid with estimated 2026 impact of $2.2-$2.4 billion; management monitoring geopolitical events and acknowledges increased uncertainty despite no material impact to current outlook
- Significant capital expenditure required for large engine capacity expansion ($3.5B 2026 CapEx with higher spend 2027-2029) creates execution risk and near-term margin headwinds from depreciation
- Resource Industries segment margins pressured by tariff costs (~500 basis point impact in Q1) and strategic technology investments in autonomy; pricing realization expected to improve but currently negative
FY2025 Q42026-01-29
Earnings calls
AI summary
positiveCaterpillar achieved record annual sales of $67.6 billion with adjusted operating profit margin of 17.2% and adjusted profit per share of $19.06, while building a record $51 billion backlog. The company generated $9.5 billion in free cash flow and returned $7.9 billion to shareholders. For 2026, management expects sales growth around the top end of the 5-7% CAGR target, driven by all three segments, with margins expected near the bottom of the target range after accounting for approximately $2.6 billion in incremental tariff costs.
Key takeaways
- Record full-year sales of $67.6 billion with Q4 sales of $19.1 billion, both all-time highs
- Backlog grew 71% year-over-year to record $51 billion, with strong order activity across all three segments
- Power and Energy achieved $10+ billion in power generation sales with 30%+ year-over-year growth and multiple gigawatt-scale prime power orders for data center applications
- Approximately 62% of 2026 backlog expected to deliver within twelve months, lower than historical average due to extended delivery schedules
- Capital expenditures expected at $3.5 billion in 2026 driven by capacity expansion; MP&E free cash flow expected slightly lower than 2025
Financial highlights
- Full-year 2025 sales and revenues: $67.6 billion, 4% year-over-year growth
- Full-year adjusted operating profit margin: 17.2%, within target range
- Full-year adjusted profit per share: $19.06
- MP&E free cash flow 2025: $9.5 billion; deployed $7.9 billion to shareholders via $5.2 billion repurchases and $2.7 billion dividends
Guidance
- 2026 sales and revenues expected to grow around the top of the 5-7% CAGR target, driven by volume growth and approximately 2% favorable price realization across all segments
- Adjusted operating profit margin expected to exceed 2025 levels but remain near the bottom of target range, with approximately $2.6 billion incremental tariff costs (vs. $1.7 billion in 2025)
- First quarter 2026 expected to have incremental tariff costs of approximately $800 million; run rate improving in second half of year
- Capital expenditures expected at approximately $3.5 billion in 2026; MP&E free cash flow expected slightly lower than 2025
Q&A themes
- Power and Energy capacity expansion phasing between 2026 and 2030 includes large engine and industrial gas turbine capacity increases; first significant step-up expected late 2026 into 2027
- Prime power applications showing strong growth with four orders exceeding 1 gigawatt for data center customers; backlog includes frame agreements with inflationary indices and escalators for extended delivery periods
- Tariff mitigation includes sourcing changes reducing absolute tariff exposure; 2026 tariff bill would be approximately 20% higher without planned mitigating actions
- Construction Industries benefiting from return to normal seasonal patterns, IIJA funding support, data center construction activity, and strength in Middle East and above 10-ton excavator sales in China
Risks
- Incremental tariff costs expected to increase to approximately $2.6 billion in 2026 versus $1.7 billion in 2025, creating significant margin headwind despite planned mitigation actions
- Power and Energy growth constrained by capacity availability; ability to exceed guidance depends on successfully bringing capacity online faster than currently planned, which involves supplier coordination
- Approximately $20 billion of backlog extending beyond 12 months creates long-term pricing and cost inflation risk; frame agreements mitigate some risk but require careful management of escalators and inflationary indices
FY2025 Q32025-10-29
Earnings calls
AI summary
positiveCaterpillar delivered Q3 2025 sales of $17.6 billion, an all-time record, with 10% year-over-year growth driven by higher sales volumes across all three segments. The company's backlog grew $2.4 billion sequentially to $39.8 billion, also a record, supported by robust demand in power generation for data center applications. Despite tariffs impacting margins by approximately $500-600 million in Q3, the company raised full-year 2025 sales guidance to modest growth and expects adjusted operating profit margin to remain near the bottom of its target range.
Key takeaways
- Record Q3 revenue of $17.6 billion (up 10% YoY) and record backlog of $39.8 billion with strong sequential growth of $2.4 billion
- Energy & Transportation segment surged 25% in sales to users, driven by 33% power generation growth from data center demand for reciprocating engines
- Adjusted operating profit margin of 17.5% slightly exceeded expectations despite tariffs at near top-end of $500-600 million range; margin would have been higher excluding tariff impact
- Full-year 2025 tariff impact revised to $1.6-1.75 billion; Q4 tariff headwind expected to be larger at $650-800 million, representing approximately peak impact
Financial highlights
- Q3 sales and revenues: $17.6 billion, up 10% YoY; adjusted operating profit: $3.1 billion; adjusted profit per share: $4.95
- Q3 ME&T free cash flow: $3.2 billion, approximately $500 million higher than prior year; returned $1.1 billion to shareholders via dividends and repurchases
- Full-year 2025 adjusted operating profit margin expected near bottom of target range including tariffs; top half of target range excluding tariffs
- ME&T free cash flow expected above midpoint of $5-10 billion target range; enterprise cash balance ended Q3 at $7.5 billion
Guidance
- Q4 2025 expected to show strong sales growth versus prior year across all three segments with higher sales volumes
- Full-year 2025 sales and revenues now expected to increase modestly versus 2024, upgraded from prior quarter expectations
- Full-year services revenues expected to remain flat versus 2024
- Full-year 2025 tariff impact estimated at $1.6-1.75 billion net of mitigating actions already implemented
Q&A themes
- Data center prime power applications represent emerging opportunity with healthy ordering activity; Solar turbines seeing extended lead times but capacity appears adequate to meet current demand
- Energy & Transportation pricing remains favorable due to strong demand and capacity constraints; Construction Industries operating in unconstrained, more competitive environment with flat Q4 pricing expected
- Construction Industries strong performance attributed to merchandising programs and dealer incentives rather than broad end-market improvement; dealer inventory well-positioned heading into year-end
- Mining sector orders concentrated in large mining trucks and gold/copper driven by strong commodity prices; coal weakness in Indonesia adding headwind; autonomy adoption by customers increasing
Risks
- Incremental tariffs representing significant headwind with full-year impact of $1.6-1.75 billion and Q4 impact potentially $650-800 million; longer-term mitigation actions requiring certainty and investment
- Asia Pacific sales to users declined below expectations in Q3 with ongoing softness expected in subregions outside China; Latin America construction activity remaining weak with full-year sales expected flat
- Resource Industries facing headwinds from customers' continued capital discipline and declining coal prices increasing parked truck count, expected to result in lower sales and slightly lower rebuild activity versus 2024
FY2025 Q22025-08-05
Earnings calls
AI summary
mixedCaterpillar delivered solid Q2 operational performance with sales down 1% to $16.6 billion but adjusted operating profit margin of 17.6% exceeding expectations, driven by strong order rates and backlog growth across all three segments reaching a record $37.5 billion. The company raised its full-year 2025 sales outlook to slight growth versus 2024 and anticipates strong second-half performance, though tariff headwinds estimated at $1.3-1.5 billion for the full year are expected to pressure margins into the bottom half of the target range. Management emphasized that excluding tariff impacts, underlying operational performance is strong with positive momentum in demand signals.
Key takeaways
- Q2 adjusted operating profit margin of 17.6% exceeded expectations despite tariffs near top end of $250-350 million quarterly range
- Record backlog of $37.5 billion grew $2.5 billion sequentially with increases across all three primary segments
- Full-year 2025 sales outlook raised to slight growth versus 2024, representing improvement from prior guidance; second half expected stronger than typical seasonality
- Full-year tariff impact estimated at $1.3-1.5 billion net of mitigating actions; tariff headwinds expected larger in Q4 versus Q3
- Management implementing no-regrets mitigation actions including cost controls and supply chain optimization; longer-term actions deferred pending clarity on tariff environment
Financial highlights
- Q2 sales and revenues: $16.6 billion, down 1% versus prior year
- Q2 adjusted operating profit: $2.9 billion with margin of 17.6%, down 480 basis points year-over-year
- Q2 adjusted profit per share: $4.72 versus $5.99 prior year
- ME&T free cash flow: $2.4 billion in Q2; full year expected around $7.5 billion (middle of $5-10 billion target range)
Guidance
- Full-year 2025 sales and revenues expected to increase slightly versus 2024
- Excluding tariff impact, full-year adjusted operating profit margin expected in top half of target range; including tariffs, bottom half of target range
- Q3 2025 sales expected to grow moderately versus prior year with higher volumes across all segments; enterprise adjusted operating profit margin lower versus prior year including tariff impact of $400-500 million
- Full-year 2025 restructuring costs expected approximately $300-350 million; ME&T free cash flow expected around middle of $5-10 billion target range
Q&A themes
- Tariff mitigation strategy remains flexible with all options on table (sourcing changes, pricing, cost controls); management waiting for more certainty before implementing long-term actions
- Backlog provides pricing flexibility and strong demand visibility into 2026, though no definitive pricing decisions made yet; merchandising programs driving incremental volume and net positive impact expected in second half
- Energy & Transportation capacity investments ongoing with incremental capacity coming online end of 2026 into 2027; company taking orders extending several years out for data center power generation applications
- Construction Industries expected to show strong Q4 performance with absence of prior year's $1.6 billion dealer inventory destocking; rental fleet loading expected to normalize in second half
Risks
- Tariff environment remains highly fluid with $1.3-1.5 billion full-year impact estimate subject to change based on ongoing trade negotiations and potential additional country agreements or 232/302 investigations
- Price realization headwind from merchandising programs expected to persist into 2026, though magnitude diminishing; competitive dynamics and customer pricing sensitivity require ongoing monitoring
- Capacity investments at E&T factories not yet operating at full efficiency while supporting demand; operational efficiency expected to improve as new capacity comes online
FY2025 Q12025-04-30
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 15, 2026, 02:23 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Industrials
- Industry
- Agricultural - Machinery
- Chief executive
- Joseph E. Creed
- Employees
- 118,000
- IPO date
- Dec 2, 1929
- Country
- US
- Exchange
- New York Stock Exchange
Altman Z-scorei4.3
Piotroski scorei8/9
Overall ratingiB
Owner earningsi$3.97B$8.61 per share
ESG risk ratingiB-Industry rank: 18/18
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 1/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Caterpillar Inc. - CATPRNewsWireCaterpillar Group President of Construction Industries Rod Shurman to Participate in Fireside Chat Hosted by Chad Dillard of BernsteinPRNewsWireCaterpillar Inc. Acquires Fabick Cat DealershipPRNewsWireCaterpillar Reports Third-Quarter 2026 ResultsPRNewsWireCaterpillar Invests in North Carolina's Future Manufacturing WorkforcePRNewsWireCaterpillar Announces Leadership Transition in Resource IndustriesPRNewsWire
Congressional disclosures
Senate
John BoozmanPurchase · $1,001 - $15,000Disclosed: Feb 15, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Jan 16, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Jan 16, 2026Markwayne MullinPurchase · $1,001 - $15,000Disclosed: Nov 1, 2023Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Oct 12, 2023
House
Lisa McClainPurchase · $1,001 - $15,000Disclosed: Oct 12, 2026Jared MoskowitzSale (Partial) · $1,001 - $15,000Disclosed: May 1, 2026Jared MoskowitzSale · $1,001 - $15,000Disclosed: May 1, 2026Jared MoskowitzSale (Partial) · $1,001 - $15,000Disclosed: May 1, 2026Gilbert CisnerosPurchase · $1,001 - $15,000Disclosed: Dec 15, 2025
Market cap history
$275.55B-30.1%Aug 2026 – Nov 2026
Latest: $275.55B · 2026-11-13High: $405.91B · 2026-08-17Low: $274.95B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.51% | 14.6M |
| VSCA.S | 0.41% | 12.5M |
| VOO | 0.57% | 12.1M |
| FXAIX | 0.57% | 8.1M |
| 1655.T | 0.41% | 6.2M |
| 1657.T | 0.32% | 6.2M |
| XAW.TO | 0.24% | 6.2M |
| IVV | 0.42% | 6.2M |
| SPY | 0.41% | 5.6M |
| VCPA.S | 0.11% | 5.2M |
| DIA | 6.65% | 5.2M |
| VTV | 1.41% | 4.4M |
Analyst track record
How the analysts covering CAT have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 158 | 386 |
| Analysts | 24 | 36 |
| Buy / hold / sell | 96 / 57 / 5 | 206 / 150 / 30 |
| Upgrades / downgrades / initiations | 3 / 2 / 2 | 14 / 10 / 8 |
| Price targets hit / missed | 9 / 140 (6%) | 206 / 149 (58%) |
| Avg. return after a rating (TipRanks) | -24.7% | +23.5% |
| Best / worst call | +53.2% / -50.6% | +189.6% / -50.6% |
After buy calls on this stock: median 21-day move +4.8% vs S&P 500 +1.8% (n = 204)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Michael FenigerBank of America Securities100% hit rate on this stock · 21 targets measuredBuytarget $746Nov 11, 2026
- Jamie CookTruist Financial100% hit rate on this stock · 15 targets measuredBuytarget $1,027Oct 30, 2026
- Kyle MengesCiti100% hit rate on this stock · 15 targets measuredBuytarget $800Oct 30, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Chad DillardBernsteinNov 11, 2026 | HoldMaintained | $664↗ | article ↗ |
| Nov 11, 2026 | Michael FenigerBank of America SecuritiesNov 11, 2026 | BuyMaintained | $746 | |
| Nov 10, 2026 | David RasoEvercore ISINov 10, 2026 | BuyMaintained | $833↗ | article ↗ |
| Nov 4, 2026 | Chad DillardBernsteinNov 4, 2026 | HoldMaintained | $664↗ | article ↗ |
| Nov 2, 2026 | Michael ShliskyD.A. DavidsonNov 2, 2026 | HoldMaintained | $685↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 158 ratings
Frequently asked questions
Where can I trade CAT perpetual futures?
Caterpillar Inc. (CAT) perpetual futures trade on 11 crypto venues, including BingX, Binance, Variational. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade CAT around the clock?
Yes. Unlike the underlying stock, CAT perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on CAT perpetuals?
Right now the CAT perp funding rate is 0.0% annualized (venue median), ranging from -15.0% to +11.0% across 11 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the CAT perp price compare to the Caterpillar Inc. stock?
The venue-median CAT perp mark is $596.7 versus a reference stock price of $596.7, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a CAT perpetual future?
A CAT perpetual is a derivative that tracks the price of Caterpillar Inc. with no expiry date. It lets you take long or short exposure to Caterpillar Inc. on crypto venues, around the clock.
What is CATUSDT perpetual?
CATUSDT is the symbol most crypto exchanges use for the Caterpillar Inc. perpetual settled in USDT (Tether). It tracks the CAT share price through an index, trades 24/7 with leverage and never expires.
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