Caterpillar Stock Extends Post-Record Quarter Run on AI-Driven Demand

Caterpillar Inc.'s stock has continued to trade at elevated levels as of August 31, 2026, supported by its record second quarter and expanding order backlog.

The company's latest reported quarter is Q2 2026, where revenue reached $20.54 billion, a 23.7 percent year-over-year increase from the same period in 2025.

This was the first time in Caterpillar's history that quarterly sales and revenues exceeded $20 billion.

Adjusted earnings per share in Q2 2026 reached $8.17, significantly above consensus estimates of $6.20 to $6.22 per share.

The company's order backlog has also seen significant growth, reaching a record $72 billion at the end of the quarter, a 92 percent increase compared to the prior year.

This backlog is driven by demand for power generation equipment, with sales to users growing 72 percent in Q2 2026.