Caterpillar

Caterpillar Inc. · Machinery (Power Generation / Data Center Power)

Tue, August 4, 2026·Before Market Open

CaterpillarData Center PowerPower GenerationMachineryEarnings

01Wall Street Consensus

EPS$6.25

Revenue$19.3B

02Earnings Results

EPS$8.17+30.7%

Revenue$20.5B+6.2%

Operating margin20.9

After-Hours ReactionPre-open

Key Takeaways

Revenue $20.5B (+24% YoY) — +6.2% above the $19.3B consensus
Adjusted EPS $8.17 (vs $4.72 a year ago) — +30.7% above the $6.25 consensus (GAAP EPS $7.77)
Operating profit $4.3B (+50% YoY), operating margin 20.9% (adjusted 21.9%, vs 17.6%)
Construction +35%, Resource +20%, Energy & Transportation +17% — growth across all segments
Operating cash flow $4.4B, shareholder returns $2.2B ($1.5B buybacks + $0.7B dividends)
Data-center-driven power generation demand stayed strong — new orders and backlog rose

Key Checkpoints

01Data center power demand — whether Energy & Transportation momentum holds
02Conversion speed of the record backlog into revenue
03Tariff costs — roughly $2.6B full-year headwind on margins

Upside Catalysts

Data center power demand accelerating engine and turbine orders
Record backlog extending revenue visibility

Risk Factors

Tariff costs of roughly $2.6B a year pressure margins
Cyclicality in Construction and Resource segments

1Haelangdal Read

A data center story showed up in a machinery company's results. Power-generation demand in Energy & Transportation stayed strong, and new orders and backlog grew together.

The spread is wide: revenue +24%, operating profit +50%, margin up from 17.6% to 20.9%. The EPS surprise — $8.17 against a $6.25 consensus — is rooted in volume and mix, not price.

The payment-priority claim — that power equipment gets paid first in the AI power bottleneck — was confirmed again, this time on the income statement of a traditional manufacturer outside semiconductors.

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS$8.17+30.7%

Revenue$20.5B+6.2%

Operating margin20.9

After-Hours ReactionPre-open

Key Takeaways

Revenue $20.5B (+24% YoY) — +6.2% above the $19.3B consensus
Adjusted EPS $8.17 (vs $4.72 a year ago) — +30.7% above the $6.25 consensus (GAAP EPS $7.77)
Operating profit $4.3B (+50% YoY), operating margin 20.9% (adjusted 21.9%, vs 17.6%)
Construction +35%, Resource +20%, Energy & Transportation +17% — growth across all segments
Operating cash flow $4.4B, shareholder returns $2.2B ($1.5B buybacks + $0.7B dividends)
Data-center-driven power generation demand stayed strong — new orders and backlog rose

1Haelangdal Read

A data center story showed up in a machinery company's results. Power-generation demand in Energy & Transportation stayed strong, and new orders and backlog grew together.

The spread is wide: revenue +24%, operating profit +50%, margin up from 17.6% to 20.9%. The EPS surprise — $8.17 against a $6.25 consensus — is rooted in volume and mix, not price.