Caterpillar's Record Order Backlog Fuels 24% Quarterly Growth

Caterpillar Inc., the global maker of heavy equipment and power solutions, reported strong second-quarter 2026 sales and revenues, reaching $20.5 billion, a 24% increase from last year.

This marks the first time the company has surpassed $20 billion in a single quarter, driven by higher volumes and better pricing across its businesses.

The key driver of this growth is the record order backlog, which climbed to $72 billion, a 92% increase from the second quarter of 2025 and $9 billion higher than the prior quarter.

About 59% of the backlog is expected to ship within the next 12 months, with some customers booking equipment as far out as 2029 and 2030, according to CEO Joe Creed.