Caterpillar reported record quarterly revenue of $20.5 billion in Q2 2026, a 24% increase from $16.6 billion in the same period last year. This performance was primarily driven by a $3.1 billion surge in sales of power generation equipment for data center construction. The company’s order backlog reached a record $62.7 billion at the end of Q1 2026, prompting management to raise its annual revenue growth guidance into the low double-digit range. Caterpillar secured a deal to supply two-gigawatt generators for a multibillion-dollar data center project in West Virginia. The stock gained momentum following the earnings release on August 4, 2026, with the raised guidance and record backlog suggesting this trend extends beyond a single quarter.
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