Caterpillar reported record second-quarter sales and revenues of $20.5 billion for Q2 2026, up 24% year-over-year and marking the first time in company history that quarterly revenue surpassed the $20 billion mark. Adjusted earnings per share surged 73% to $8.17, significantly beating analyst estimates.

The construction industries segment led the growth, with revenues rising 35% to $8.3 billion as AI data center construction drove demand for earthmoving and building equipment. The power and energy segment also delivered strong results, up 17% to $8.2 billion, fueled by power generation equipment sales tied directly to data center projects.

The company's order backlog soared 92% year-over-year to a record $72.1 billion, with some customer orders now extending as far as 2030. New orders booked during the quarter reached $9.4 billion. CEO Joe Creed noted that strong order rates and growing backlog reflect broadening momentum across all three core business segments.

Caterpillar has raised its full-year revenue growth guidance to mid-to-high teens, up from its previous low-double-digit forecast, signaling continued confidence in AI-driven infrastructure investment sustaining equipment demand through the remainder of 2026.