Caterpillar's Record Backlog Surges to $72 Billion

Caterpillar's backlog has reached an all-time high of $72 billion after a record-breaking Q2, where revenue climbed 24% to $20.5 billion and adjusted earnings per share jumped to $8.17.

The company credited broad demand across construction, power, and mining, with its Power and Energy segment growing 17% during the quarter.

Management has raised its full-year outlook, expecting 2026 sales and revenue growth in the mid-to-high teens, up from a low double-digit forecast.

Caterpillar's CEO Joe Creed attributed the results to 'the breadth and duration of our record backlog,' but noted that analysts will now watch whether the company can convert that backlog into deliveries without straining capacity.