Caterpillar Posts $63B Backlog; Raises 2030 Revenue Target to 6–9%
First-quarter results featured a record $63 billion backlog, up 79% year-over-year, driven by a 32% rise in power and energy sales including a 48% surge in large data–center demand. Caterpillar raised its long-term revenue growth target to 6–9% through 2030, citing robust AI infrastructure orders and engine capacity expansion.
1. Record Q1 Performance
Caterpillar delivered an all-time high backlog of $63 billion, up 79% year-over-year, driven by a 32% rise in power and energy sales including a 48% jump in large data–center demand. Construction Industries posted its fifth straight quarter of growth with a 38% increase in machinery sales.
2. Raised 2030 Revenue Outlook
The company increased its long-term annual sales growth forecast to 6–9% through 2030 from a prior 5–7% range, citing stronger demand and margin outperformance as adjusted earnings per share rose to $5.54, up from $4.25 a year earlier.
3. AI Infrastructure Demand
Hyperscale data center operators are investing in on-site gas-fired power plants to bypass grid delays, fueling record orders for large reciprocating engines and positioning Caterpillar as a key AI infrastructure supplier as the buildout accelerates.
4. Capacity Expansion and Strategic Acquisitions
Caterpillar plans to nearly triple its large engine production capacity by 2029 and acquired RPMGlobal to extend its mining software offerings, while anticipating $2.2–2.4 billion in tariff-related costs this year.