CAT Stock Hits Record High on $20 Billion Quarter

Caterpillar's stock surged after the heavy equipment manufacturer posted record-breaking quarterly earnings. The company's fiscal Q2 revenue skyrocketed by 24% year-over-year, reaching a staggering $20 billion.

This marks the first time Caterpillar has reached this milestone in its history. Earnings per share (EPS) also beat expectations at $8.17, compared to the consensus estimate of $6.25. As a result, the stock is up more than 45% since the start of 2026.

The company's strong performance can be attributed to increased equipment sales to end-users, which contributed $3.11 billion in volume growth, as well as favorable price realization adding $595 million. The order backlog nearly doubled to $72 billion, providing a significant boost to future revenue prospects.

Analysts believe that this trend is likely to continue, with the consensus rating on Caterpillar shares remaining at 'Moderate Buy' and a mean price target of $996 indicating potential upside of over 12% in the next 12 months. The options market also suggests further gains, with the put-to-call ratio signaling a bullish skew.