Caterpillar Soars on Record Q2 Earnings and AI Data Center Boom

Caterpillar Inc. (CAT) reported record second-quarter results, exceeding expectations and driving its stock up 11% in premarket trading. The industrial giant's adjusted earnings per share soared 73% to $8.17, well above the consensus estimate of $6.20 compiled by LSEG.

The company's revenue surged 24% to an all-time high of $20.54 billion, marking the first time it has surpassed $20 billion in a single quarter. Chairman and CEO Joe Creed attributed this success to strong order rates and a growing backlog, which reflects broadening momentum across all three primary segments.

The company's performance was driven by a nationwide buildout of AI data centers, which has spurred demand for backup power generators, turbines, and construction equipment. Caterpillar booked $9.4 billion in orders during the quarter, pushing its order backlog to a record $72.1 billion.