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Strong top-line growth, higher margins, and substantial buybacks support EPS upgrades and potential multiple expansion; one-off tariff recoveries, while positive, may not persist, so the core earnings power hinges on durable demand and cash flow generation evidenced in backlog growth.
What happened, with direct paths to the underlying reporting
Caterpillar delivered a stronger-than-expected Q3 2026 with a 17% revenue rise to $20.7B and margin gains. The results reflect record backlog, higher volumes, price realization and a $128M tariff recovery, complemented by robust cash generation and substantial capital returns via buybacks and dividends. If end-market demand stays durable, CAT could sustain earnings momentum and potentially re-rate on continued capital returns.
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