Caterpillar Stock Gains Amid Record Backlog and Earnings Growth Projections

Caterpillar stock has gained value as analysts highlight its record backlog and potential for earnings growth in fiscal 2026. As of September 18, 2026, the stock traded around USD 808.99 on the New York Stock Exchange.

Analysts have emphasized that Caterpillar offers notable upside from current levels based on consensus price targets and earnings expectations. The consensus analyst price target stands at USD 975.61, implying about 22 percent upside from the current level of USD 798.51, as reported by Yahoo Finance.

Caterpillar has a record backlog of USD 72 billion, a 92 percent increase compared to the prior-year period, according to Zacks. This is accompanied by an estimated long-term earnings growth rate of 21.1 percent and a current industry average trailing four-quarter earnings surprise of 18.1 percent.

The consensus earnings estimate for Caterpillar has increased by 10 percent over the past 60 days, implying year-over-year earnings growth of 43.6 percent in fiscal 2026, as stated by Zacks. Citi analyst Kyle Menges maintains a Buy rating and sets a price target of USD 1,100 per share, suggesting confidence in potential positive developments.