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Excluding IEEPA tariff recoveries of about $520 million, we continue to expect full-year 2026 tariff costs of around $2.2 billion. Our outlook does not include any additional IEEPA tariff recoveries in the fourth quarter of 2026.
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Excluding the expected IEEPA tariff recoveries in the second quarter of 2026, we now expect 2026 tariff costs of around $2.2 billion. Our outlook does not include any additional IEEPA tariff recoveries in the second half of 2026.
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Tariff and trade negotiations remain fluid. We are continuously evaluating options to further reduce the impact of incremental tariffs, and we fully intend to implement longer-term actions once there is sufficient certainty. We remain confident that we will manage the impact of tariffs over time.
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Based on tariffs implemented since the beginning of 2025 and in place over the course of 2026, we expect tariff costs to be around $2.2 billion to $2.4 billion in 2026. We remain confident that we will manage the impact of tariffs over time.
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We expect tariff costs to be around $700 million in the second quarter of 2026. We expect about 50 percent of the tariff costs to be incurred in Construction Industries, and about 25 percent of tariff costs to be incurred in both Power & Energy and Resource Industries.
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On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the IEEPA on goods imported into the United States were unauthorized. During 2025 and until CBP ceased collecting IEEPA tariffs in 2026, the company's total IEEPA tariff costs were approximately $1.0 billion.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
Based on the incremental tariffs announced in 2025 and in place by November 1, 2025, we expect the impact from incremental tariffs for 2025 will be around $1.6 billion to $1.75 billion, net of some mitigating actions and cost controls. This assumes that the net incremental impact of tariffs will be greater in the fourth quarter of 2025 than the third quarter of 2025, primarily due to the timing of tariff rate changes.
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Based on the incremental tariffs announced in 2025 and in place by January 29, 2026, we expect the impact from tariffs to be around $2.6 billion in 2026, which is $800 million higher than incurred in 2025. If we do not take the mitigating actions we plan to take in 2026, the impact from tariffs could be around 20 percent higher. We remain confident that we will manage the impact of tariffs over time.
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On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on goods imported into the United States were unauthorized. During 2025 and until CBP ceased collecting IEEPA tariffs in 2026, the company's total IEEPA tariff costs were approximately $ 1.0 billion.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026, 10-Q of May 6, 2026, 10-Q of May 6, 2026
In the fourth quarter of 2025 as compared to the fourth quarter of 2024, in Construction Industries, excluding the net impact from incremental tariffs, we expect a profit impact of higher sales volume, which we anticipate will include a partial offset from an unfavorable mix of products. We expect about 55 percent of the net incremental tariff impact will be incurred in Construction Industries. In Resource Industries, excluding the net impact from incremental tariffs, we anticipate the profit impact from higher sales volume will be partially offset by unfavorable price realization. We expect about 20 percent of the net incremental tariff impact will be incurred in Resource Industries. In Energy & Transportation, excluding the net impact from incremental tariffs, we anticipate the profit impact from higher sales volume and favorable price realization will be partially offset by unfavorable manufacturing costs. We expect about 25 percent of the fourth quarter net incremental tariff impact will be incurred in Energy & Transportation. We anticipate incremental tariffs to have a minimal impact to Corporate Items and Eliminations in the fourth quarter of 2025 as our current assumptions are based on tariffs announced and in place by November 1, 2025.
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In the third quarter of 2025 as compared to the third quarter of 2024, in Construction Industries, excluding the net impact from incremental tariffs, we expect the profit impact of higher sales volume will be about offset by unfavorable price realization. We expect about 55 percent of the net incremental tariff impact will be incurred in Construction Industries. In Resource Industries, excluding the net impact from incremental tariffs, we expect unfavorable price realization and higher SG&A/R&D expenses. We expect about 20 percent of the net incremental tariff impact will be incurred in Resource Industries. In Energy & Transportation, excluding the net impact from incremental tariffs, we expect profit impact of higher sales volume and favorable price realization, partially offset by higher manufacturing costs. We expect about 25 percent of the net incremental tariff impact will be incurred in Energy & Transportation.
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We anticipate tariff costs, excluding IEEPA tariff recoveries, of around $600 million in the fourth quarter of 2026, similar to the third quarter of 2026 but roughly $200 million lower than the fourth quarter of 2025. We continue to expect about 50 percent of the tariff costs to be incurred in Construction Industries and 25 percent in both Power & Energy and Resource Industries.
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The environment continues to be dynamic. The incremental tariffs announced in 2025 and expected to be in place on August 7 will be a headwind to profitability during the remainder of the year. While we have taken initial mitigating actions to reduce the impact, tariff and trade negotiations continue to be fluid. We will remain flexible, and we intend to implement longer-term actions once there is sufficient certainty. We are considering all options to further reduce the impact from incremental tariffs going forward.
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We anticipate tariff costs of around $600 million in the third quarter of 2026, which is similar to what was incurred in the third quarter of 2025. We expect about 50 percent of the tariff costs to be incurred in Construction Industries and 25 percent in both Power & Energy and Resource Industries.
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We expect the impact from incremental tariffs to be around $800 million in the first quarter of 2026, which is similar to the fourth quarter of 2025. We anticipate around 50 percent of the incremental tariff costs will be in Construction Industries, 20 percent in Resource Industries and 30 percent in Power & Energy.
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Based on the incremental tariffs announced in 2025 and expected to be in place on August 7, we expect the incremental tariff impact for 2025 to be around $1.3 billion to $1.5 billion, net of some mitigating actions and cost controls. This assumes higher net incremental tariff impacts in both the third and fourth quarters compared to the second-quarter level. Due to the timing of recent rate changes, the impact is likely to be larger in the fourth quarter of 2025 as compared to the third quarter of 2025.
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Operating profit in the second quarter of 2026 included $392 million of expected IEEPA tariff recoveries.
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Operating profit for the nine months ended September 30, 2026 included $520 million of IEEPA tariff recoveries.
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Operating profit for the six months ended June 30, 2026 included $392 million of expected IEEPA tariff recoveries.
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In the fourth quarter of 2025, we anticipate a net incremental tariff impact of about $650 million to $800 million.
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Operating profit in the third quarter of 2026 included $128 million of International Emergency Economic Power Act (IEEPA) tariff recoveries.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
Operating profit in the second quarter of 2026 included $392 million of expected International Emergency Economic Power Act (IEEPA) tariff recoveries.
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In the third quarter of 2025 as compared to the third quarter of 2024, excluding the net impact from incremental tariffs, we expect the profit impact of higher sales volume to be about offset by unfavorable price realization and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. In the third quarter of 2025, we expect a net incremental tariff impact of about $400 to $500 million.
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In the first quarter of 2026 as compared to the first quarter of 2025, in Construction Industries, excluding the impact from incremental tariff costs, we anticipate favorable price realization and the profit impact of higher sales volume will be partially offset by higher manufacturing costs. In Resource Industries, excluding the impact from incremental tariff costs, we anticipate the profit impact of higher sales volume will be more than offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. We also anticipate an unfavorable mix of products in Resource Industries. In Power & Energy, excluding the impact from incremental tariff costs, we anticipate the profit impact of higher sales volume and favorable price realization will be partially offset by higher manufacturing costs.
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In the fourth quarter of 2025 as compared to the fourth quarter of 2024, excluding the net impact from incremental tariffs, we expect the profit impact of higher sales volume will be partially offset by unfavorable manufacturing costs.
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Construction Industries’ segment profit was $1.244 billion in the second quarter of 2025, a decrease of $497 million, or 29 percent, compared with $1.741 billion in the second quarter of 2024. The decrease was mainly due to unfavorable price realization. In addition, tariffs were also higher.
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Operating profit for the second quarter of 2025 was $2.860 billion, a decrease of $622 million, or 18%, compared with $3.482 billion in the second quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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7 Construction Industries’ segment profit was $1.244 billion in the second quarter of 2025, a decrease of $497 million, or 29%, compared with $1.741 billion in the second quarter of 2024. The decrease was mainly due to unfavorable price realization. In addition, tariffs were also higher. (more)
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Government policies on international trade and investment such as import quotas, capital controls or tariffs, whether adopted by individual governments or addressed by regional trade blocs, can affect the demand for our products and services, impact the competitive position of our products or prevent us from being able to sell products in certain countries. The implementation of more restrictive trade policies (such as more detailed inspections, higher tariffs or new barriers to entry) in countries where we sell large quantities of products and services could negatively impact our business, results of operations and financial condition. For example, a government’s adoption of “buy national” policies or retaliation by another government against such policies could have a negative impact on our results of operations.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
Operating profit for the second quarter of 2025 was $2.860 billion, a decrease of $622 million, or 18 percent, compared with $3.482 billion in the second quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impacts of higher tariffs.
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Resource Industries’ segment profit was $378 million in the first quarter of 2026, a decrease of $245 million, or 39%, compared with $623 million in the first quarter of 2025. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. (more)
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Resource Industries’ segment profit was $378 million in the first quarter of 2026, a decrease of $245 million, or 39 percent, compared with $623 million in the first quarter of 2025. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.
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Resource Industries’ profit was $1.988 billion in 2025, a decrease of $550 million, or 22 percent, compared with $2.538 billion in 2024. The decrease was mainly due to unfavorable manufacturing costs of $302 million and unfavorable price realization of $272 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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During the three and nine months ended September 30, 2026, the company recorded $128 million and $520 million, respectively, of IEEPA tariff recoveries for claims submitted and accepted through the CAPE system. These recoveries were deemed probable and were recorded in Cost of goods sold within the Consolidated Statement of Results of Operations.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
In the first quarter of 2026 as compared to the first quarter of 2025, excluding the impact from incremental tariff costs, we expect the profit impact of higher sales volume and favorable price realization will be partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research & development (R&D) expenses.
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In the fourth quarter of 2026 as compared to the fourth quarter of 2025, we expect favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs, excluding the impact of lower tariff costs, and higher selling, general & administrative (SG&A) and research and development (R&D) expenses.
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Expense for corporate items and eliminations was $1.300 billion for the nine months ended September 30, 2026, a decrease of $301 million from the nine months ended September 30, 2025, mainly driven by decreased expenses due to timing differences, which included the majority of the IEEPA tariff recoveries recorded in the nine months ended September 30, 2026, partially offset by higher corporate costs.
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Operating profit for the nine months ended September 30, 2025, was $8.491 billion, a decrease of $1.657 billion, or 16 percent, compared with $10.148 billion for the nine months ended September 30, 2024. The decrease was primarily due to unfavorable manufacturing costs of $1.118 billion and unfavorable price realization of $855 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Construction Industries’ profit was $3.645 billion for the nine months ended September 30, 2025, a decrease of $1.346 billion, or 27 percent, compared with $4.991 billion for the nine months ended September 30, 2024. The decrease was mainly due to unfavorable price realization of $1.076 billion and unfavorable manufacturing costs of $251 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Power & Energy’s profit was $6.418 billion in 2025, an increase of $682 million, or 12 percent, compared with $5.736 billion in 2024. The increase was mainly due to the profit impact of higher sales volume of $972 million and favorable price realization of $592 million, partially offset by unfavorable manufacturing costs of $919 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs.
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Operating profit was $11.151 billion in 2025, a decrease of $1.921 billion, or 15 percent, compared with $13.072 billion in 2024. The decrease was primarily due to unfavorable manufacturing costs of $2.148 billion and unfavorable price realization of $817 million, partially offset by the profit impact of higher sales volume of $1.218 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Construction Industries’ profit was $4.675 billion in 2025, a decrease of $1.490 billion, or 24 percent, compared with $6.165 billion in 2024. The decrease was mainly due to unfavorable price realization of $1.136 billion and unfavorable manufacturing costs of $671 million, partially offset by the profit impact of higher sales volume of $315 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Resource Industries’ segment profit was $499 million in the third quarter of 2025, a decrease of $120 million, or 19%, compared with $619 million in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $92 million and unfavorable price realization of $61 million, partially offset by the profit impact of higher sales volume of $49 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Resource Industries’ segment profit was $499 million in the third quarter of 2025, a decrease of $120 million, or 19 percent, compared with $619 million in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $92 million and unfavorable price realization of $61 million, partially offset by the profit impact of higher sales volume of $49 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Resource Industries’ segment profit was $360 million in the fourth quarter of 2025, a decrease of $111 million, or 24%, compared with $471 million in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $204 million and unfavorable price realization of $67 million, partially offset by the profit impact of higher sales volume of $169 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Resource Industries’ segment profit was $622 million in the third quarter of 2026, an increase of $78 million, or 14%, compared with $544 million in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $181 million and favorable price realization of $96 million, partially offset by unfavorable manufacturing costs of $208 million. Unfavorable manufacturing costs primarily reflected higher material costs, including tariffs. (more)
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Resource Industries’ segment profit was $622 million in the third quarter of 2026, an increase of $78 million, or 14 percent, compared with $544 million in the third quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $181 million and favorable price realization of $96 million, partially offset by unfavorable manufacturing costs of $208 million. Unfavorable manufacturing costs primarily reflected higher material costs, including tariffs.
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Operating profit for the six months ended June 30, 2025, was $5.439 billion, a decrease of $1.562 billion, or 22 percent, compared with $7.001 billion for the six months ended June 30, 2024. The decrease was primarily due to unfavorable price realization of $664 million, the profit impact of lower sales volume of $554 million and unfavorable manufacturing costs of $432 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Construction Industries’ segment profit was $1.377 billion in the third quarter of 2025, a decrease of $109 million, or 7%, compared with $1.486 billion in the third quarter of 2024. The decrease was primarily due to unfavorable price realization of $262 million and unfavorable manufacturing costs of $174 million, partially offset by the profit impact of higher sales volume of $313 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Construction Industries’ segment profit was $1.377 billion in the third quarter of 2025, a decrease of $109 million, or 7 percent, compared with $1.486 billion in the third quarter of 2024. The decrease was primarily due to unfavorable price realization of $262 million and unfavorable manufacturing costs of $174 million, partially offset by the profit impact of higher sales volume of $313 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Construction Industries’ segment profit was $1.030 billion in the fourth quarter of 2025, a decrease of $144 million, or 12%, compared with $1.174 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $420 million and unfavorable price realization of $60 million, partially offset by the profit impact of higher sales volume of $322 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Resource Industries’ segment profit was $537 million in the second quarter of 2025, a decrease of $181 million, or 25%, compared with $718 million in the second quarter of 2024. The decrease was mainly due to unfavorable price realization of $94 million, unfavorable manufacturing costs of $44 million and the profit impact of lower sales volume of $31 million, including an unfavorable mix of products. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Energy & Transportation’s segment profit was $1.585 billion in the second quarter of 2025, an increase of $60 million, or 4%, compared with $1.525 billion in the second quarter of 2024. The increase was primarily due to favorable price realization of $139 million and the profit impact of higher sales volume of $63 million, partially offset by unfavorable manufacturing costs of $154 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. (more)
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Resource Industries’ segment profit was $537 million in the second quarter of 2025, a decrease of $181 million, or 25 percent, compared with $718 million in the second quarter of 2024. The decrease was mainly due to unfavorable price realization of $94 million, unfavorable manufacturing costs of $44 million and the profit impact of lower sales volume of $31 million, including an unfavorable mix of products. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Energy & Transportation’s segment profit was $1.585 billion in the second quarter of 2025, an increase of $60 million, or 4 percent, compared with $1.525 billion in the second quarter of 2024. The increase was primarily due to favorable price realization of $139 million and the profit impact of higher sales volume of $63 million, partially offset by unfavorable manufacturing costs of $154 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Energy & Transportation’s segment profit was $1.678 billion in the third quarter of 2025, an increase of $245 million, or 17%, compared with $1.433 billion in the third quarter of 2024. The increase was primarily due to the profit impact of higher sales volume of $357 million and favorable price realization of $132 million, partially offset by unfavorable manufacturing costs of $287 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs. (more)
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Energy & Transportation’s segment profit was $1.678 billion in the third quarter of 2025, an increase of $245 million, or 17 percent, compared with $1.433 billion in the third quarter of 2024. The increase was primarily due to the profit impact of higher sales volume of $357 million and favorable price realization of $132 million, partially offset by unfavorable manufacturing costs of $287 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs.
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Power & Energy’s segment profit was $1.841 billion in the fourth quarter of 2025, an increase of $364 million, or 25%, compared with $1.477 billion in the fourth quarter of 2024. The increase was mainly due to the profit impact of higher sales volume of $666 million and favorable price realization of $166 million, partially offset by unfavorable manufacturing costs of $438 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariffs. (more)
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Construction Industries’ segment profit was $1.535 billion in the first quarter of 2026, an increase of $511 million, or 50%, compared with $1.024 billion in the first quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $505 million and favorable price realization of $356 million, partially offset by unfavorable manufacturing costs of $362 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. (more)
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Construction Industries’ segment profit was $1.535 billion in the first quarter of 2026, an increase of $511 million, or 50 percent, compared with $1.024 billion in the first quarter of 2025. The increase was primarily due to the profit impact of higher sales volume of $505 million and favorable price realization of $356 million, partially offset by unfavorable manufacturing costs of $362 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs.
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Power & Energy’s segment profit was $1.450 billion in the first quarter of 2026, an increase of $162 million, or 13%, compared with $1.288 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435 million and favorable price realization of $108 million, partially offset by unfavorable manufacturing costs of $346 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariff costs. (more)
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Power & Energy’s segment profit was $1.450 billion in the first quarter of 2026, an increase of $162 million, or 13 percent, compared with $1.288 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $435 million and favorable price realization of $108 million, partially offset by unfavorable manufacturing costs of $346 million. Unfavorable manufacturing costs primarily reflected the impact of higher tariff costs.
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Energy & Transportation’s profit was $4.577 billion for the nine months ended September 30, 2025, an increase of $318 million, or 7 percent, compared with $4.259 billion for the nine months ended September 30, 2024. The increase was mainly due to favorable price realization of $426 million and the profit impact of higher sales volume of $306 million, partially offset by unfavorable manufacturing costs of $481 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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Resource Industries’ profit was $1.628 billion for the nine months ended September 30, 2025, a decrease of $439 million, or 21 percent, compared with $2.067 billion for the nine months ended September 30, 2024. The decrease was mainly due to unfavorable price realization of $205 million, the profit impact of lower sales volume of $100 million, including an unfavorable mix of products, and unfavorable manufacturing costs of $98 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
Construction Industries’ profit was $5.313 billion for the nine months ended September 30, 2026, an increase of $1.668 billion, or 46 percent, compared with $3.645 billion for the nine months ended September 30, 2025. The increase was primarily due to the profit impact of higher sales volume of $1.468 billion and favorable price realization of $1.014 billion, partially offset by unfavorable manufacturing costs of $813 million. Unfavorable manufacturing costs mainly reflected higher material costs, including tariffs.
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Expense for corporate items and eliminations was $518 million in the second quarter of 2026, a decrease of $84 million from the second quarter of 2025. This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences. This was partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.
Read in the filing ↗ Also in 10-Q of Aug 5, 2026
Second-quarter 2025 profit per share was $4.62, compared with $5.48 profit per share in the second quarter of 2024. In the second quarter of 2025 and 2024, profit per share included restructuring costs. Profit for the second quarter of 2025 was $2.179 billion, a decrease of $502 million, or 19 percent, compared with $2.681 billion for the second quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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During the second quarter of 2026, CBP launched the CAPE system, which enabled the submission of certain IEEPA refund claims. For both the three and six months ended June 30, 2026, the company recorded $392 million of expected IEEPA tariff recoveries for claims submitted and accepted through the CAPE system. These recoveries were deemed probable and were recorded in Current assets: Receivables - trade and other within the Consolidated Statement of Financial Position and in Cost of goods sold within the Consolidated Statement of Results of Operations.
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Expense for corporate items and eliminations was $847 million for the six months ended June 30, 2026, a decrease of $170 million from the six months ended June 30, 2025, mainly driven by decreased expenses due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the six months ended June 30, 2026, and favorable impacts of segment reporting methodology differences, partially offset by higher corporate costs, higher restructuring costs and an unfavorable change in fair value adjustments related to deferred compensation plans.
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Operating profit for the fourth quarter of 2025 was $2.660 billion, a decrease of $264 million, or 9%, compared with $2.924 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $1.030 billion and higher restructuring costs of $282 million, partially offset by the profit impact of higher sales volume of $1.072 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.
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During the second quarter of 2026, CBP launched the Consolidated Administration and Processing of Entries (CAPE) system, which enabled the submission of certain IEEPA refund claims. For both the three and six months ended June 30, 2026, the company recorded $ 392 million of expected IEEPA tariff recoveries for claims submitted and accepted through the CAPE system. These recoveries were deemed probable and were recorded in Current assets: Receivables - trade and other within the Consolidated Statement of Financial Position and in Cost of goods sold within the Consolidated Statement of Results of Operations.
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In the fourth quarter of 2026 as compared to the fourth quarter of 2025, in Power & Energy, we anticipate favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs. In Construction Industries, we anticipate favorable price realization to be partially offset by the profit impact of lower sales volume, unfavorable manufacturing costs, excluding the impact of lower tariff costs, and higher SG&A/R&D expenses. In Resource Industries, we anticipate favorable price realization and the profit impact of higher sales volume to be partially offset by unfavorable manufacturing costs.
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Operating profit for the first quarter of 2026 was $3.085 billion, an increase of $506 million, or 20 percent, compared with $2.579 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher SG&A/R&D expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.
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Resource Industries’ profit was $1.071 billion for the six months ended June 30, 2026, a decrease of $115 million, or 10 percent, compared with $1.186 billion for the six months ended June 30, 2025. The decrease was mainly due to unfavorable manufacturing costs of $376 million and higher SG&A/R&D expenses of $113 million, partially offset by the profit impact of higher sales volume of $333 million and favorable price realization of $36 million. Unfavorable manufacturing costs largely reflected higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.
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Operating profit for the first quarter of 2026 was $3.085 billion, an increase of $506 million, or 20%, compared with $2.579 billion in the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume of $940 million and favorable price realization of $426 million. This was partially offset by unfavorable manufacturing costs of $710 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $225 million. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.
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Total sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024. The increase reflected higher sales volume, partially offset by unfavorable price realization. Higher sales volume was primarily driven by higher sales of equipment to end users. Profit per share was $18.81 in 2025, compared with profit per share of $22.05 in 2024. Profit was $8.884 billion in 2025, compared with $10.792 billion in 2024. The decrease was mainly due to unfavorable manufacturing costs and unfavorable price realization, partially offset by the profit impact of higher sales volume. Unfavorable manufacturing costs largely reflected the impact of higher tariffs.
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First-quarter 2026 profit per share was $5.47, compared with $4.20 profit per share in the first quarter of 2025. In the first quarter of 2026 and 2025, profit per share included restructuring costs. Profit for the first quarter of 2026 was $2.549 billion, an increase of $546 million, or 27 percent, compared with $2.003 billion for the first quarter of 2025. The increase was mainly due to the profit impact of higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected the impact of higher tariff costs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses.
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Operating profit for the third quarter of 2025 was $3.052 billion, a decrease of $95 million, or 3 percent, compared with $3.147 billion in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $686 million, unfavorable price realization of $191 million and higher SG&A/R&D expenses of $129 million. This was partially offset by the profit impact of higher sales volume of $700 million, favorable other operating income/expense of $180 million and lower restructuring costs of $33 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses, including higher short-term incentive compensation expense. Favorable other operating income/expense included proceeds from an insurance claim.
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Operating profit for the third quarter of 2025 was $3.052 billion, a decrease of $95 million, or 3%, compared with $3.147 billion in the third quarter of 2024. The decrease was mainly due to unfavorable manufacturing costs of $686 million, unfavorable price realization of $191 million and higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $129 million. This was partially offset by the profit impact of higher sales volume of $700 million, favorable other operating income/expense of $180 million and lower restructuring costs of $33 million. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. The increase in SG&A/R&D expenses was primarily driven by higher compensation expenses, including higher short-term incentive compensation expense. Favorable other operating income/expense included proceeds from an insurance claim.
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… the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we …
Read in the filing ↗ Also in 8-K of Oct 11, 2024, 8-K of Oct 30, 2024, 8-K of Jan 30, 2025, 8-K of Apr 30, 2025, 8-K of Aug 5, 2025, 8-K of Oct 29, 2025, 8-K of Jan 29, 2026, 8-K of Mar 26, 2026, 8-K of Apr 30, 2026, 8-K of Aug 4, 2026, 8-K of Oct 29, 2026