Coverage summary
Aardvark Labs Capital Research has covered Caterpillar (CAT) since August 6, 2025. The company is in the Industrials sector. This page lists 6 reports: 6 earnings recaps.
The latest is the Q3 2026 Earnings Recap, published October 30, 2026. The current rating is Outperform, unchanged since the Q3 2025 Earnings Recap of October 30, 2025. The rating has changed once since coverage began.
Translations: 5 in Chinese.
The Excel model for CAT holds 22 quarters and 5 fiscal years of history and 10 quarters and 5 fiscal years of projections. It was last updated September 26, 2026.
Rating history
All CAT reports
Recap: Q3 2026
Backlog Reaches $78B, but a Flat Fourth Quarter and a Margin Stuck at the Floor Reset the Valuation: Maintaining Outperform
Recap: Q2 2026
First $20B Quarter, Backlog $72B (+92% YoY), and a Tariff Line That Flatters the Beat: Maintaining Outperform
Recap: Q1 2026
Backlog $63B (+79% YoY), Capacity Raised to 3x 2024 Levels, 2030 LT CAGR Raised to 6–9% — Maintaining Outperform
Recap: Q4 2025
Record Print, Backlog $51B (+71% YoY), Four Prime-Power Data-Center Orders Greater Than One Gigawatt — Maintaining Outperform
Recap: Q3 2025
Record Print, Backlog $39.8B All-Time High, Prime Power Data-Center Pipeline Opens — Upgrading to Outperform
Recap: Q2 2025
Power Gen Secular Story Real but Priced; Tariff Drag and Cyclical Resets Offset — Initiating Coverage at Hold