Description

Caterpillar: Revenue Up 22% While Operating Margin Sits Near The Bottom Of Target Range!

Caterpillar reported a solid first quarter of 2026, with sales and revenues of $17.4 billion, representing a 22% increase year-over-year, and adjusted profit per share of $5.54, a 30% rise compared to the prior year. The company’s backlog reached a record $63 billion, up 79%, supported by robust order activity across its three primary segments: Power and Energy, Construction Industries, and Resource Industries. The increase in backlog and orders underpins positive momentum going forward. Sales growth was broad-based. Power and Energy sales rose 22%, driven notably by power generation applications including large generators and turbines geared toward data center needs and oil and gas. Construction Industries posted a 38% sales increase, supported by higher dealer inventory builds and a 7% growth in sales to end users, especially in North America.