Caterpillar Stock Holds Firm on Record Q2 Backlog
Caterpillar stock is trading at an elevated level in August 2026, with shares around $856 at the latest close as investors digest a record second-quarter backlog and strong earnings momentum.
The company's Q2 2026 results show that it ended the quarter with a record order backlog of $72 billion, which represents a 92 percent increase compared to the prior-year quarter.
This significant growth in orders has given Caterpillar greater visibility on revenues for the coming year, with 59 percent of the $72 billion backlog scheduled to be delivered over the next 12 months.
The company's strong Q2 earnings and margin performance have also surpassed consensus expectations, with revenue reaching $20.54 billion and EPS of $8.17 in the second quarter of 2026.