Caterpillar Sees Mid- to High-Teens 2026 Sales Growth, Turbine Orders to 2030

Caterpillar expects 2026 sales growth in the mid- to high-teens range after recording $20.7 billion in third-quarter sales, and said some turbine orders extend into 2030.

The quarter set a sales record. Caterpillar’s backlog stood at $78 billion, with 58% expected to be sold within 12 months. Some engine orders extend into 2029, while turbine orders extend into 2030.

Chairman and CEO Joseph Creed said, “Our third quarter results reflect the durability of our end markets with our highest sales quarter ever, strong order rates and a record backlog.”

Caterpillar expects its adjusted operating profit margin to be near the bottom of its target range, excluding tariff recoveries. Higher freight costs, tariffs and capacity-expansion costs are weighing on margins.

For the fourth quarter, the company expects moderate year-over-year sales growth, strong growth in Resource Industries and Construction Industries sales similar to the year-earlier period. A seasonal reduction of about $1.6 billion in Construction Industries dealer inventory is expected to create about a $1 billion year-over-year sales-volume headwind.

An earlier preview of Caterpillar’s third-quarter results projected more than $20 billion in third-quarter revenue.