Caterpillar lifts 2026 sales growth forecast as AI buildout powers on; shares surge 12%

In the April-to-June quarter, Caterpillar said it booked orders worth $9.4 billion, taking its order backlog to $72.1 billion.

Overall revenue grew 24% to $20.54 billion in the quarter ending June 30. Core construction segment revenue grew 35% in that period on strong retail sales, particularly in top market North America, where it recorded a 50% jump.

"Non-residential investment in critical infrastructure programs, heavy construction and data centers is contributing to overall construction spending levels," CEO Joe Creed told analysts in an earnings call.

The power and energy arm, meanwhile, posted 17% growth in revenue. The two segments accounted for a combined 81% of Caterpillar's total revenue.

The company builds power generators and backup power equipment under its power & energy segment, while its construction industries segment manufactures excavators and bulldozers.