Caterpillar stock holds firm after a $20.54 billion quarter

Caterpillar stock is supported by a second quarter 2026 sales print of $20.54 billion, adjusted EPS of $8.17, and a market cap of $381.02 billion as of August 23, 2026.

Caterpillar Inc. (US1491231015) stock opened at $828.90 on August 22, 2026, with a market cap of $381.02 billion and a 12-month range of $410.52 to $1,073.46. The latest reported quarter delivered $20.54 billion in revenue and $8.17 in adjusted EPS, both figures still anchoring the move.

Record quarter numbers

Quarterly revenue rose 23.7% year over year to $20.54 billion in the second quarter of 2026, while adjusted EPS climbed to $8.17 from $4.72 a year earlier. That means earnings per share more than doubled on a year-over-year basis, and sales crossed the $20 billion mark for the first time in company history.

Operating profit reached $4.29 billion, and net margin was 14.51% in the same quarter. Analysts have kept a Moderate Buy view in recent coverage, with a consensus target price of $995.52 against the $828.90 opening level.

Valuation and consensus

The gap between the opening price and the consensus target leaves room for the stock to move, but the more immediate takeaway is how much the second quarter reset the earnings base. A current year estimate of $27.14 EPS frames Caterpillar as a high-expectations industrial name after a quarter that beat consensus EPS by $1.95.

Cash returns also stayed large, with $2.2 billion deployed through share repurchases and dividends in the quarter. For investors, that mix of higher earnings, strong capital return, and a $381.02 billion market value keeps the debate centered on durability rather than the quarter alone.

What drives demand

Heavy machinery demand still matters most, and the second quarter showed how well Caterpillar can convert that demand into profit when pricing and volumes cooperate. The same report showed revenue up 23.7% and operating profit at $4.29 billion, a combination that matters more than any single product line.

Product line pressure

Caterpillar's power and energy franchises remain an important swing factor for the industrial group, especially where long lead times and backlog support visibility. That is why the second quarter's revenue scale matters: it gives the company more room to absorb shifts in construction and mining demand.

Stock level

Caterpillar shares were last quoted at $828.90 on August 22, 2026, against a 12-month high of $1,073.46 and a low of $410.52. The stock is trading from a much higher base after the second quarter rebound in revenue and EPS.

Company

Company: Caterpillar Inc.
ISIN: US1491231015
Ticker: CAT
Exchange: NYSE
Price (as of August 22, 2026, 9:30 a.m. ET): $828.90 USD
Market cap: $381.02 billion (as of August 23, 2026)
Sector / Industry: Industrials / Construction Machinery
Index membership: Dow Jones Industrial Average
Next earnings date: October 28, 2026