Caterpillar Posts Record Q2 Revenue Above $20B, Raises Full-Year Outlook
CAT has more than doubled off its 52-week low of $405.46 on elevated volume (1.9× avg).
Summary
Caterpillar's Q2 2026 revenue topped $20 billion for the first time, with adjusted EPS of $8.17 nearly doubling year-ago levels. The company raised its full-year revenue outlook and guided for strong Q3 growth, driven by AI data center and mining demand.
Key Events · Earnings and Guidance · CAT
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Record Q2 Revenue and Earnings
Total sales and revenues reached $20.543 billion, up 24% year-over-year. Adjusted profit per share was $8.17, nearly double the $4.72 in Q2 2025, driven by higher sales volume and favorable price realization.
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Full-Year Outlook Raised
Caterpillar now expects full-year 2026 sales and revenues growth in the mid-to-high teens, up from prior guidance, with strong growth across all primary segments.
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Backlog Surges to $72.1 Billion
The order backlog increased by $9.4 billion from Q1 2026 to approximately $72.1 billion, with the largest increase in Power & Energy, signaling sustained future demand.
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$392 Million IEEPA Tariff Recovery
The company recorded $392 million in expected recoveries of previously paid IEEPA tariffs, which boosted operating profit and cost of goods sold in the quarter.
Analysis · CAT · Technology
A blowout second quarter saw revenue surge 24% to $20.5 billion and adjusted earnings nearly double to $8.17 per share. Bolstered by AI data center buildouts and robust mining activity, the company raised its full-year revenue growth forecast to mid-to-high teens. Further underscoring the momentum are a $392 million tariff recovery and a $9.4 billion jump in backlog to $72.1 billion. This report confirms the exceptional demand environment hinted at in the preliminary 8-K two days ago, with management guiding for another strong quarter of growth in Q3.
At the time of this filing, CAT was trading at $875.33 on NYSE in the Technology sector, with a market capitalization of approximately $403.8B. The 52-week trading range was $405.46 to $1,073.46. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.