Q2 2026 Earnings

Dealer inventory change

$600.0M

Total dealer inventory increased $600 million during the second quarter of 2026, compared with an increase of $100 million during the second quarter of 2025. Construction Industries' dealer inventory increased by $400 million during the second quarter of 2026, compared with a $300 million decrease during the second quarter of 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.

Dealer inventory change — year to date

$2.60B

Dealer inventory increased $2.6 billion during the six months ended June 30, 2026, compared with an increase of $200 million during the six months ended June 30, 2025. Construction Industries' dealer inventory increased $1.9 billion during the six months ended June 30, 2026, compared with a decrease of $400 million during the six months ended June 30, 2025. Dealers are independent, and the reasons for changes in their inventory levels vary, including their expectations of future demand and product delivery times. Dealers’ demand expectations take into account seasonal changes, macroeconomic conditions, machine rentals and other factors. Delivery times can vary based on availability of product from Caterpillar factories and product distribution centers.

Unsatisfied performance obligations — contracts over one year

$44.10B

As of June 30, 2026, we have entered into contracts with dealers and end users for which sales have not been recognized as we have not satisfied our performance obligations and transferred control of the products. The dollar amount of unsatisfied performance obligations for contracts with an original duration greater than one year is $44.1 billion, with about one-third of the amount expected to be completed and revenue recognized in the twelve months following June 30, 2026. We have elected the practical expedient not to disclose unsatisfied performance obligations with an original contract duration of one year or less. Contracts with an original duration of one year or less are primarily sales to dealers for machinery, engines and replacement parts.

Cat Financial past-due rate

1.3%

At the end of the second quarter of 2026, past dues at Cat Financial were 1.31 percent, compared with 1.62 percent at the end of the second quarter of 2025. Write-offs, net of recoveries, were $20 million for the second quarter of 2026 compared with $18 million for the second quarter of 2025. As of June 30, 2026, Cat Financial's allowance for credit losses totaled $294 million, or 0.84 percent of finance receivables, compared with $283 million, or 0.86 percent of finance receivables at March 31, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86 percent of finance receivables.

Cat Financial write-offs, net of recoveries

$20.0M

At the end of the second quarter of 2026, past dues at Cat Financial were 1.31 percent, compared with 1.62 percent at the end of the second quarter of 2025. Write-offs, net of recoveries, were $20 million for the second quarter of 2026 compared with $18 million for the second quarter of 2025. As of June 30, 2026, Cat Financial's allowance for credit losses totaled $294 million, or 0.84 percent of finance receivables, compared with $283 million, or 0.86 percent of finance receivables at March 31, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86 percent of finance receivables.