Slide 1: Financial Review Second Quarter 2026
FINANCIAL REVIEW SECOND QUARTER 2026 August 4, 2026
Slide 2: Forward-Looking Statements
FORWARD -LOOKING STATEMENTS Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “
Slide 3: Financial Results: Second Quarter 2026 vs. Second Quarter 2025
FINANCIAL RESULTS SECOND QUARTER 2026 VS. SECOND QUARTER 2025 2Q 2026 Sales & Revenues $20.5B +24% $20.5B SALES & REVENUES FIRST TIME IN COMPANY HISTORY Operating Profit1 $4.3B +50% OVER $20B IN A SINGLE QUARTER Adjusted Operating Profit1, 2 $4.5B +54% $72B ORDER BACKLOG Profit Per Share3 $7.77 +68%
Slide 4: Segment Highlights
SEGMENT HIGHLIGHTS POWER CONSTRUCTION RESOURCE & ENERGY INDUSTRIES INDUSTRIES G20CM34 Financial Review | Second Quarter 2026 4
Slide 5: Full Year 2026 Outlook
FULL YEAR 2026 OUTLOOK ADJUSTED SALES OPERATING MP&E FREE & REVENUES PROFIT MARGIN1 CASH FLOW3 Mid-to-high teens growth Near the bottom of the Top half of the target range2, excluding target range2 IEEPA tariff recoveries 1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation
Slide 6: Executing Capacity Growth with Discipline and Speed
STR ATEGY HIGHLIGHT EXECUTING CAPACITY GROWTH WITH DISCIPLINE AND SPEED TURBINE CAPACITY1 2.5x Previously announced WAMEGO, KANSAS — PGM130 at Caterpillar’s 2025 Investor Day 250,000 ft2 facility converted in less than 12 months 1 Gas Turbines capacity of 2.5 times 2024 levels. Financial Review | Se
Slide 7: Financial Results Summary
FINANCIAL RESULTS SUMMARY SECOND QUARTER 2026 VS. SECOND QUARTER 2025 SALES & ADJUSTED REVENUES OPERATING PROFIT1,2 USD in billions USD in billions $20.5 $4.5 $16.6 $2.9 2Q 2025 2Q 2026 2Q 2025 2Q 2026 1 Adjusted operating profit is a non-GAAP measure and a reconciliation to the most directly compar
Slide 8: Consolidated Sales & Revenues
CONSOLIDATED SALES & REVENUES SECOND QUARTER 2026 VS. SECOND QUARTER 2025 USD in millions $595 $199 $67 $20,543 20,000 $3,113 SALES & REVENUES INCREASED $3.974B OR 24% $16,569 • Higher sales volume 15,000 • Higher sales of equipment to end users • Favorable price realization 10,000 2Q 2025 2Q 2026 5
Slide 9: Consolidated Operating Profit
CONSOLIDATED OPER ATING PROFIT 1 SECOND QUARTER 2026 VS. SECOND QUARTER 2025 USD in millions 5,000 $595 $34 ($344) $47 $61 ($146) ($58) $4,295 OPERATING PROFIT1 $1,246 4,000 INCREASED $1.435B OR 50% • Favorable impact of higher sales volume 3,000 $2,860 Operating Profit Margin 20.9% Adjusted Operati
Slide 10: Profit Per Share
PROFIT PER SHARE SECOND QUARTER 2026 VS. SECOND QUARTER 2025 PROFIT ADJUSTED PROFIT PER SHARE1 PER SHARE1,2 USD USD $7.77 $8.17 $4.62 $4.72 2Q 2025 2Q 2026 2Q 2025 2Q 2026 1Second–quarter 2026 profit per share and adjusted profit per share included an IEEPA tariff recoveries impact of about $0.65 pe
Slide 11: Power & Energy
POWER & ENERGY SECOND QUARTER 2026 VS. SECOND QUARTER 2025 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $1.201B OR 17% USD in billions USD in millions as a percent of total sales* • Higher sales volume • Favorable price realization $8.2 $2,027 24.6% • Higher inter-segment sales $
Slide 12: Construction Industries
CONSTRUCTION INDUSTRIES SECOND QUARTER 2026 VS. SECOND QUARTER 2025 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $2.156B OR 35% USD in billions USD in millions as a percent of total sales* • Higher sales volume $8.3 • Higher sales of equipment to end users $1,947 23.3% • Favorabl
Slide 13: Resource Industries
RESOURCE INDUSTRIES SECOND QUARTER 2026 VS. SECOND QUARTER 2025 TOTAL SALES* SEGMENT PROFIT SEGMENT PROFIT TOTAL SALES INCREASED $762M OR 20% USD in billions USD in millions as a percent of total sales* • Higher sales volume $4.6 $693 • Higher sales of equipment to end users 14.5% 14.9% $3.9 $563 SE
Slide 14: Financial Products
FINANCIAL PRODUCTS SECOND QUARTER 2026 VS. SECOND QUARTER 2025 TOTAL REVENUES* SEGMENT PROFIT TOTAL REVENUES INCREASED $103M OR 10% USD in millions USD in millions • Higher average earning assets $1,145 $328 SEGMENT PROFIT INCREASED $80M OR 32% $1,042 • Favorable impacts from: $248 • Higher average
Slide 15: MP&E Free Cash Flow and Capital Deployment
MP&E FREE CASH FLOW 1 AND CAPITAL DEPLOYMENT $5.1B $2.2B $6.7B MP&E FREE CASH FLOW1 DEPLOYED TO ENTERPRISE 2Q 2026 SHAREHOLDERS IN 2Q 2026 CASH BALANCE $2.8B increase versus 2Q 2025, Share repurchases accounted for Held additional $1.5B in slightly mainly driven by stronger profit $1.5B, with the re
Slide 16: Expectations as We Look Ahead: Third Quarter 2026
EXPECTATIONS AS WE LOOK AHEAD THIRD QUARTER 2026 Sales Adjusted Operating & Revenues Profit Margin1 Tariff2 Costs Strong growth Higher Similar to 3Q 2025 as compared to as compared to 3Q 2025 3Q 2025 1 Adjusted operating profit margin is a non-GAAP measure and a reconciliation to the most directly c
Slide 17: Expectations as We Look Ahead: Full Year 2026
EXPECTATIONS AS WE LOOK AHEAD FULL YEAR 2026 Sales Adjusted Operating MP&E & Revenues Profit Margin1 Tariff2 Costs Free Cash Flow3 Mid-to-high Near the bottom Around $2.2B, Top half of the teens growth of the annual target excluding IEEPA annual target range4 as compared to range4, excluding tariff
Slide 18: Key Takeaways
KEY TAKEAWAYS CONTINUE TO EXECUTE OUR STRATEGIC PLAN FOR PROFITABLE GROWTH STRONG SALES OPERATIONAL PERFORMANCE & REVENUES EXCELLENCE Better than expected Now anticipate Remain disciplined Sales & Revenues and mid-to-high teens and committed to return Earnings growth in 2026 substantially all MP&E F
Slide 19: Q&A
Q&A © 2026 Caterpillar. All Rights Reserved. CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow”, the “Power Edge” and Cat “Modern Hex” trade dress as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without
Slide 20: Appendix
APPENDIX © 2026 Caterpillar. All Rights Reserved. CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow”, the “Power Edge” and Cat “Modern Hex” trade dress as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used wi
Slide 21: Retail Statistics
RETAIL STATISTICS SECOND QUARTER 2026 VS. SECOND QUARTER 2025 POWER CONSTRUCTION RESOURCE & ENERGY INDUSTRIES INDUSTRIES TOTAL +33% TOTAL +22% TOTAL +17% Power Generation +72% North America +27% Mining, HC and Q&A +15% Oil & Gas +6% Latin America +24% Rail +272% Industrial (8%) Europe, Africa, Middl
Slide 22: Caterpillar Earnings Release Call Schedule 3Q 2026
CATERPILLAR EARNINGS RELEASE CALL SCHEDULE 3Q 2026 OCTOBER 29, 2026 Thursday, 8:30 a.m. Eastern Financial Review | Second Quarter 2026 22
Slide 23: Dealer Inventory Changes
DEALER INVENTORY 1 CHANGES Increase/(Decrease) 2025 2026 2Q YOY Full 1Q 2Q 3Q 4Q 1Q 2Q Change3 (USD in billions) Year2 Construction Industries Dealer Inventory 1 ($0.0) ($0.3) $0.6 ($0.6) ($0.3) $1.5 $0.4 $0.7 Total Dealer Inventory1 $0.1 $0.1 $0.6 ($0.0) $0.9 $2.0 $0.6 $0.5 1 Dealers are independen
Slide 24: Order Backlog
ORDER BACKLOG ORDER BACKLOG INCREASED INCREASED $72.1B $9.4B $34.6B 2Q 2026 2Q 2026 2Q 2026 RECORD LEVEL vs. 1Q 2026 vs. 2Q 2025 Financial Review | Second Quarter 2026 24
Slide 25: Additional Expectations as We Look Ahead
ADDITIONAL EXPECTATIONS AS WE LOOK AHEAD FULL YEAR 2026 Restructuring MP&E Capital Global Annual Costs Expenditures Effective Tax Rate Approximately Approximately 23.0% excluding $300M to $350M $3.5B in 2026 discrete items in 2026 Financial Review | Second Quarter 2026 25
Slide 26: Adjusted Operating Profit Margin Target Range
ADJUSTED OPER ATING PROFIT MARGIN 1 TARGET R ANGE 25% • Progressive adjusted operating Adjusted Operating Profit Margin1 profit margin1 target range 22% • Adjusted operating profit margin1 19% target range: 21% • 15-19% at $60B 18% of sales and revenues 15% • 18-22% at $72B of sales and revenues • 2
Slide 27: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Provision Operating Operating Profit Before (Benefit) for Profit per (Dollars in millions except per share data) Profit Profit Margin Taxes Income Taxes Profit Share Three Months Ended June 30, 2026 - U.S. GAAP $ 4,295 20.9% $ 4,558 $ 1,055 $ 3,593 $ 7.77 Restructuring co
Slide 28: Estimated Annual Tax Rate Reconciliation
ESTIMATED ANNUAL TAX R ATE RECONCILIATION Provision Profit Before (Benefit) for Effective Tax (Dollars in millions) Taxes Income Taxes Rate Three Months Ended June 30, 2026 - U.S. GAAP $ 4,558 $ 1,055 23.1% Restructuring costs - divestiture of certain non-U.S. entities 139 - Excess stock-based compe
Slide 29: Reconciliation to U.S. GAAP
RECONCILIATION TO U.S. GAAP RECONCILIATION OF MP&E CASH FLOW FROM OPERATIONS TO MP&E FREE CASH FLOW Jun YTD Jun YTD (USD in billions) 2Q 2025 2Q 2026 2025 2026 MP&E cash flow from operations $ 2.9 $ 5.7 $ 3.9 $ 7.0 MP&E capital expenditures (0.6) (0.6) (1.3) (1.3) MP&E free cash flow $ 2.4 $ 5.1 $ 2