Caterpillar Reports Record $63 Billion Order Backlog Driven by Data Center Demand
Caterpillar Inc. reported a record backlog of $63 billion at the end of Q1 2026, up from $35 billion in early 2025 and driven largely by demand for power generation equipment used in data centers. The company's large reciprocating engines and gas turbines are being adopted as backup or primary power sources for hyperscale facilities, with sales rising 41% year-over-year to $2.8 billion in the first quarter. Caterpillar’s stock has nearly doubled from its 52-week low but remains below previous highs. The company is expanding production capacity and expects most of the new investments to come online between 2027 and 2029, with customers committing orders well into 2028. Caterpillar will report Q2 results on August 4. Analysts are watching for signs that order inflow remains strong and whether revenue conversion from the backlog is progressing as expected.
Tickers: $CAT
Topics: Caterpillar Construction Equipment Data Centers Power Generation