Caterpillar’s Order Backlog Hit a Record $63 Billion.
Will Tuesday’s Report Show AI Power Demand Still Filling It?
Most investors probably still think of Caterpillar (NYSE: CAT) as a construction-equipment company — bulldozers, excavators, mining trucks. But the order book tells a different story. Caterpillar ended the first quarter with a record backlog of $63 billion, up $28 billion, or 79%, from the first quarter of 2025, with all three of its primary segments contributing.
Indeed, almost $12 billion of that arrived in the quarter itself. And a big share of the new demand behind that number has little to do with construction sites. It comes from data centers.