Caterpillar Q1 sales jump 22% to $17.4B; $2.2-2.4B tariff headwind looms for 2026

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~1 min read

Key Changes

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  Q1 2026 sales rose 22% to $17.4B (vs. 10% decline in Q1 2025), driven by dealer inventory builds ($2.0B increase) and favorable pricing. EPS climbed 30% to $5.47 from $4.20.

  MD&A: Q1 sales and revenues verify on EDGAR →
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  Company incurred ~$1B in tariff costs Q1 2026; expects $2.2-2.4B full-year impact. Supreme Court ruled Feb 2026 tariffs unauthorized, but Caterpillar deems refund recovery 'not probable.'

  MD&A: tariff costs and Supreme Court ruling verify on EDGAR →
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  Backlog surged to $62.7B (up $11.5B sequentially, nearly double Q1 2025's $35B), led by Power & Energy demand from data centers and turbines. Supports low-double-digit 2026 sales growth outlook.

  MD&A: order backlog verify on EDGAR →