Caterpillar reports record Q2 results as AI data-center demand lifts sales
Revenue hit a company record of $20.5 billion, driven by power equipment orders tied to data-center construction and a backlog that reached $62.7 billion.
Caterpillar posted a record second quarter as demand tied to AI data-center construction pushed revenue to $20.5 billion, up 24% from a year earlier. The biggest lift came from a $3.1 billion increase in sales volume, with CEO Joe Creed pointing to substantial investment in data centers and related infrastructure. Power & Energy, which makes large reciprocating engines and turbines, was the standout segment behind that growth. Caterpillar said its order backlog reached a record $62.7 billion at the end of Q1 2026, prompting management to raise annual revenue growth guidance into the low-double-digit range. The company has also secured a contract to supply two-gigawatt generators for a multibillion-dollar data-center project in West Virginia. The report contained no mention of crypto or digital assets, but the same physical buildout supporting AI infrastructure also underpins crypto mining and related compute networks, making the order flow relevant to digital-asset investors watching industrial demand.
- Backlog: The value of confirmed orders that have not yet been delivered or completed.
- Power & Energy segment: Caterpillar division that makes large engines and turbines used in heavy-duty power applications.
- data centers: Facilities that house computing and networking equipment for digital services and AI workloads.