Cat Financial Q3 Revenue Rises 10% to $1.02 Billion as Profit Climbs 8%

Cat Financial reported third-quarter 2026 revenues of $1.02 billion, an increase of $95 million, or 10%, compared with $926 million in the third quarter of 2025, according to the earnings release the Caterpillar Inc. (CAT ) financing subsidiary published on October 29, 2026. Third-quarter profit was $145 million, an increase of $11 million, or 8%, compared with $134 million in the same quarter of 2025.

Caterpillar Financial Services Corporation issued the results as Exhibit 99.1 to a Form 8-K, and the document is marked for immediate release. The reported profit figure excludes profit attributable to noncontrolling interests, as presented in the release’s summary table.

Caterpillar Inc. separately reported its own third-quarter 2026 results on the same date, according to the company’s newsroom.

The company attributed the revenue increase primarily to a favorable impact from higher average earning assets of $125 million, partially offset by an unfavorable impact from lower average financing rates of $38 million.

Third-quarter 2026 profit before income taxes was $194 million, an increase of $10 million, or 5%, compared with $184 million in the prior-year quarter. Cat Financial said the increase was mainly driven by a favorable impact from higher average earning assets of $52 million and a favorable impact from returned or repossessed equipment of $8 million, partially offset by a higher provision for credit losses of $34 million and an unfavorable impact from margin of $19 million.

The estimated annual tax rate was 29 percent as of September 30, 2026, compared with 24 percent as of September 30, 2025. The company attributed the increase in the estimated annual tax rate primarily to changes in the geographic mix of profits.

Retail new business volume was $3.85 billion during the third quarter of 2026, an increase of $221 million, or 6%, compared with $3.63 billion in the third quarter of 2025. The company reported higher volume across all segments with the exception of Asia-Pacific.

Portfolio Quality and Balance Sheet

Past dues were 1.31% at the end of the third quarter of 2026, compared with 1.47% at the end of the third quarter of 2025. Write-offs, net of recoveries, were $28 million for the third quarter of 2026, compared with $40 million for the third quarter of 2025.

As of September 30, 2026, the allowance for credit losses totaled $332 million, or 0.91% of finance receivables, compared with $294 million, or 0.84% of finance receivables, at June 30, 2026. The allowance for credit losses at year-end 2025 was $284 million, or 0.86% of finance receivables.

Total assets stood at $41,361 million at September 30, 2026, compared with $38,313 million at December 31, 2025, an increase of 8% as presented in the release’s comparison table. The quarterly table lists revenues of $1,021 million and retail new business volume of $3,851 million for the 2026 period, against $926 million and $3,630 million, respectively, for the 2025 period. The third-quarter comparison covers periods ended September 30, with total assets compared against December 31.

Nine-Month Results

For the nine months ended September 30, 2026, Cat Financial reported revenues of $2,959 million, compared with $2,685 million in the same period of 2025, an increase of 10%. Profit before income taxes for the nine-month period was $595 million, compared with $541 million a year earlier, an increase of 10%. Profit excluding profit attributable to noncontrolling interests was $434 million, compared with $401 million in the prior-year period, an increase of 8%. Retail new business volume for the first nine months of 2026 was $10,957 million, compared with $10,193 million in the prior-year period, an increase of 7%.

“Cat Financial delivered another quarter of strong results. Our portfolio continues to perform well with past dues remaining at historical lows,” said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. “The Cat Financial team remains focused on executing our strategy and providing financial services solutions to support Caterpillar customers and dealers.”

Cat Financial provides financing solutions to customers and Cat dealers for machines, engines, Solar turbines, genuine Cat parts and services, and is headquartered in Nashville, Tennessee.