# Caterpillar Stock Q3 2026: Sales Up 17%, Backlog at $78bn
> Caterpillar stock Q3 2026: sales up 17% to $20.7bn, a 20.4% operating margin, Power Generation sales up 30%, a $78bn backlog and 2026 guidance kept.

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## Facts
- Ticker: CAT
- QSILabs fair value: $319.71 USD
- Price: $622.75 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/caterpillar-stock-q3-2026-earnings-power-generation-backlog/

## Short answer
Caterpillar stock Q3 2026 results, for the July to September quarter, showed a company selling more of almost everything, led by engines and turbines for data centres. Sales and revenues rose 17% to $20.7bn, operating profit rose 38% to $4.2bn and adjusted profit per share rose 45% to $7.20. Power Generation sales grew 30%, and the backlog reached $78bn, about twice its level a year earlier. Our discounted cash flow model puts Caterpillar Inc. at $319.71 per share, about 49% below the $622.75 close on 30 October 2026. The business is strong. The share price implies high margins and growth for much longer than our model assumes.

## Key takeaways
- Valuation: QSILabs values Caterpillar Inc. (NYSE: CAT) at $319.71 per share as of results for the quarter ended 30 September 2026, against a $622.75 close on 30 October 2026, about 49% below the market price. Our sensitivity range is about $278-378 a share.
- Q3 2026 results: sales and revenues were $20,682m in the quarter ended 30 September 2026, up 17% from $17,638m; operating profit was $4,214m, up 38%, a 20.4% margin against 17.3%; diluted profit per share was $7.13 and adjusted profit per share $7.20, up 45%.
- Power: Power & Energy sales rose 18% to $8.8bn and its profit 31% to $2.1bn. Power Generation sales rose 30% to $3.4bn, and Power Generation sales to end users rose 75%.
- Backlog: the backlog was $78bn at the end of the quarter, up about $38bn or 96% from a year earlier, and some large engine and turbine orders now run into 2029 and 2030 (earnings call).
- Outlook kept: Caterpillar still expects 2026 sales and revenues to grow in the mid to high teens, with moderate growth in the fourth quarter, and MP&E free cash flow in the top half of its $6-15bn target range.
- Cash and returns: MP&E free cash flow was $3.8bn in the quarter; Caterpillar spent $1.2bn on buybacks and $0.7bn on dividends. The quarterly dividend of $1.63 is a 1.0% yield at $622.75.

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