What was Caterpillar's revenue in Q1 2026?

Caterpillar's revenue was $16.8 billion in Q1 2026, up 5.7% from the same period last year.

How did Caterpillar's stock react to Q1 results?

Caterpillar shares rose 3.2% in pre-market trading following the earnings release.

What is Caterpillar's backlog value?

Caterpillar's backlog reached $28.5 billion at the end of Q1, the highest since 2023.

Caterpillar Beats Q1 Estimates, Raises Full-Year Guidance

Q: Did Caterpillar raise its full-year guidance after Q1 results?

Yes, Caterpillar raised its 2026 guidance, now expecting revenue between $67 billion and $70 billion and EPS between $22.50 and $23.50.

Caterpillar reported Q1 2026 results that beat analyst expectations, with revenue of $16.8 billion and adjusted EPS of $5.65. The company also raised its full-year guidance, citing strong demand in construction and mining.

Caterpillar Inc. (CAT) reported first-quarter 2026 financial results that surpassed analyst estimates, with revenue reaching $16.8 billion versus expectations of $16.2 billion. Adjusted earnings per share came in at $5.65, above the consensus estimate of $5.20. The stock rose 3.2% in pre-market trading following the announcement.

Key Financial Results

Metric	Q1 2026	Q1 2025	Change
Revenue	$16.8B	$15.9B	+5.7%
Net Income	$2.8B	$2.6B	+7.7%
Adjusted EPS	$5.65	$5.12	+10.4%
Backlog	$28.5B	$26.1B	+9.2%

Highlights from the Release

CEO Jim Umpleby said: "We are seeing strong demand across our key segments, particularly in construction and mining equipment, which is driving revenue and profit growth." The company noted that its backlog rose to $28.5 billion, the highest since 2023, indicating robust demand momentum.

Guidance

Caterpillar raised its full-year 2026 guidance, now expecting revenue between $67 billion and $70 billion (up from $65-$68 billion) and adjusted EPS between $22.50 and $23.50. This reflects confidence in sustained strong demand.

Impact on Stock

Caterpillar shares gained 3.2% in pre-market trading after the release, but the stock still trades at a P/E ratio of 22x, above the sector average of 18x. Some analysts have noted that the premium valuation may limit further upside.

What This Means for Investors

Caterpillar's strong results underscore continued demand in construction and mining, supporting growth. However, investors should weigh these positives against the stock's elevated valuation, which could make it more susceptible to market volatility. Monitoring demand trends in the second half of the year is advisable.