Caterpillar Q3 adjusted EPS $7.20 vs $4.95 a year ago, estimate $7.10

The quarter itself is a beat on nearly every line, so the negative premarket reaction is the more informative signal: it suggests the bar had moved well beyond the published consensus, or that the quality and durability of the earnings are being questioned rather than the headline numbers. For RWA and tokenization watchers, Caterpillar functions as a read-through on industrial demand and real-economy cash flows, which underpin much of the collateral narrative in that market. Whether the gap between delivered results and market reaction narrows over the session is the open question.