Sales and revenues for the first quarter of 2026 were $17.4 billion, representing a 22% increase compared with $14.2 billion in the first quarter of 2025. Adjusted profit per share rose 30% to $5.54, up from $4.25 in the first quarter of 2025. This exceptional growth was primarily driven by higher sales volume of $2.3 billion, favorable price realization of $426 million across all three primary segments, and a surging record order backlog that reached $63 billion.
Note: Caterpillar Inc.'s FY 2025 ended on December 31, 2025. Q1 FY 2026 ended on March 31, 2026.
In May 2026, Caterpillar announced a major operational plan to triple its large reciprocating engine production capacity from 2024 levels to address explosive primary and backup power demands from hyperscale data center, oil and gas, and mining customers. This multi-year capital push is backed by massive multi-gigawatt framework agreements, including a strategic alliance with ProPetro's PROPWR division to deliver up to 2.1 gigawatts of high-efficiency gas-to-power generation systems through 2031.
Below are key drivers of Caterpillar Inc.'s value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Caterpillar Inc. at the top of the page.
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates through three primary machinery segments, including Construction Industries, Resource Industries, and Power & Energy, generating revenue through heavy equipment sales, an extensive global independent dealer network, and specialized financial solutions through Cat Financial.
The Power & Energy segment represents a critical long-term driver of enterprise value for Caterpillar because its high-horsepower machinery and large engine sets capture the secular macro demand for robust electrical grid backup and digital artificial intelligence compute campuses.
Caterpillar leverages one of the largest and most deeply integrated independent dealer networks in heavy industry, spanning every continent. This network provides localized product support, rapid aftermarket parts delivery, and specialized field service contracts that insulate the company from macro capital equipment slowdowns and solidify unmatched customer retention.
The company's commercial visibility is supported by an all-time record order backlog of $63 billion as of early 2026, marking a 79% expansion year-over-year. This immense order book provides stable manufacturing throughput, shields factory utilization rates from sudden demand shocks, and secures highly predictable long-term capital distributions.
The global expansion of artificial intelligence, cloud computing, and hyperscale data centers requires highly reliable, on-site backup and continuous power generation microgrids. Caterpillar's strategic focus on tripling its large reciprocating engine capacity directly aligns with this trend, positioning it as an indispensable physical supplier to the digital tech stack.
Heavy equipment operators are rapidly transitioning toward automated construction and mining environments to resolve persistent labor shortages and improve on-site safety. Caterpillar is aggressively deploying its Cat AI Assistant and Level 4 construction autonomy platforms, expanding its collaboration with NVIDIA to integrate advanced edge computing and real-time computer vision into its machine fleets.
