Caterpillar reported that Power & Energy segment sales surged 37% year-over-year in Q4 and power generation equipment revenue climbed 44%, fueled by large orders tied to artificial intelligence and cloud workloads. Customers are deploying Caterpillar generator sets and gas turbines as primary power plants for hyperscale and enterprise data centers, bypassing grid constraints and ensuring uninterrupted compute performance. The company highlighted multiple orders exceeding 100 MW each, with several deployments scheduled to begin delivering power in late 2026.

Mining and quarry operators scaled autonomous haul trucks from 690 units at the end of 2024 to 827 at year-end 2025, a 20% increase, to improve productivity and safety on repetitive routes. Quarry customers are adopting mixed fleets combining autonomy with human-operated equipment to stabilize output and manage costs in continuous operations. Across all segments, Caterpillar’s connected services revenue reached $24 billion for 2025, supported by a fleet of over 1.6 million connected assets, up 12% versus the prior year, underpinning recurring service contracts and data-driven maintenance offerings.

Caterpillar achieved record fourth-quarter sales of $19.1 billion, an 18% increase from the prior year, and delivered adjusted earnings per share of $5.16, beating consensus estimates. Operating profit margin declined to 13.9% from 18.0% in Q4 2024 due to higher manufacturing costs and $2.6 billion of incremental U.S. tariff-related expenses. The company ended the year with a backlog of $51 billion, up 71% year-over-year, and returned $7.9 billion to shareholders through dividends and share repurchases. Management reiterated guidance for revenue growth near the upper end of its 5–7% long-term CAGR target and plans to increase capital spending in 2026 to expand engine, turbine and large power system capacity.