Heavy equipment dealer inventory change measures the period-to-period movement in inventory held by independent equipment dealers.
Caterpillar reported that total dealer inventory increased by $600M during Q2 2026, compared with an increase of $100M during Q2 2025. Construction Industries dealer inventory increased by $400M in Q2 2026 versus a $300M decrease a year earlier.
Dealer inventory is a channel signal, not end-user demand
Dealers are independent businesses, and their inventory can move because of expected demand, seasonal patterns, product availability, delivery times, rental activity, or stocking decisions. A manufacturer can therefore report stronger sales to dealers even when the same amount of equipment has not yet reached end users.
Read it with Construction Industries total sales and Power & Energy total sales. The distinction helps investors avoid treating every shipment into the channel as final demand.
Primary source: Caterpillar Q2 2026 Form 10-Q filed with the SEC.
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Compare dealer inventory signals
Compare equipment makers while distinguishing dealer stocking from end-user demand and reported manufacturer sales.
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