Caterpillar Stock Rises as AI-Driven Demand Fuels Earnings Growth
Caterpillar Inc.'s stock is trading in the mid-$850s on August 14, 2026, having gained modestly from its previous close. The shares are near record territory as investors weigh strong AI-driven demand against a premium valuation.
The company delivered adjusted earnings per share of $8.17 in Q2 2026, beating analysts' estimates and growing 73.1% year-over-year due to strong demand from AI-related projects. Total revenue climbed 24% to $20.54 billion compared with the prior-year quarter, with construction-related revenue rising 35% and the Power and Energy segment expanding 17%.
Caterpillar's order intake in Q2 2026 reached $9.4 billion, and its backlog increased to $72.1 billion, providing substantial visibility into future activity. Analysts expect adjusted EPS to reach $26.56 for the full fiscal year ending December 2026, representing projected year-over-year growth of 39.4%.