Caterpillar Outperforms Komatsu with Strong Revenue Growth and Earnings Momentum

Caterpillar and Komatsu are among the world's leading manufacturers of construction and mining equipment. Caterpillar, based in Illinois, has a market capitalization of $375 billion, while Tokyo-based Komatsu has a market capitalization of around $40 billion.

Caterpillar has delivered positive revenue growth over the past four quarters and earnings growth in the past three. In the second quarter of 2026, revenues gained 24% year over year to $20.5 billion, driven by higher sales volumes across its businesses.

Komatsu's revenues in the first quarter of fiscal 2026 increased 14.7% year over year to JPY 1.043 billion ($6.545 billion). However, earnings continue to remain under pressure due to a challenging near-term environment and tariff-related costs.

Caterpillar is expected to deliver mid-to-high teens sales and revenue growth in 2026, while Komatsu expects net sales to increase only 4.1% in fiscal 2026.