Caterpillar, IncNYSE: CAT
Industrials · Construction Machinery & Heavy Transportation Equipment
$890.93
+0.09%
Vol: 5.6M
Research Digest
Friday, May 1, 2026
Caterpillar Q1 2026 earnings beat expectations with $5.54 EPS vs $4.62 estimate; stock rallied 9.9% on record backlog and AI data center demand
Caterpillar reported Q1 2026 revenues of $17.4 billion (up 22% YoY) and EPS of $5.54, beating estimates by 19.91%. Operating margin hit 17.7% with record orders and backlog across segments. The AI infrastructure boom in power generation and construction demand drove strong performance. Company raised long-term revenue targets and capacity commitments. Stock surged on enthusiasm but valuation concerns noted at 38x forward earnings.
Previous Market Intelligence
13 daysApr 30Caterpillar crushes Q1 with 22% revenue surge to $17.4B, raises guidance to 6-9% growth through 2030 on AI data center boomPositive▶
CAT reported Q1 revenue of $17.4B (+22% YoY), EPS $5.54 (+19.3% beat), record $63B backlog (+79% YoY). Raised annual guidance to 6-9% growth (prior 5-7%) driven by power/energy segment capitalizing on data center power equipment demand. Strategic $2.1GW supply agreement with PROPWR. CFO Andrew Bonfield retiring Oct 1; Kyle Epley takes over May 1. BofA raised PT to $930, Wells Fargo to $960. Stock surged 9%+ to $858 ATH. Tariff headwinds of $2.2-2.4B offset sales gains. Risk: tariff escalation, capex cycle slowdown.
Apr 29Caterpillar reports Q1 earnings tomorrow (April 30); consensus expects $4.55 EPS on $16.42B revenue (+15.2%), order backlog hits record $39.8B on data center power demandPositive▶
CAT stock is up 38.5% YTD with favorable analyst revisions. Q1 results expected tomorrow at 7:30am CDT. Consensus: $4.55 EPS, $16.42B revenue (15.2% growth). Order backlog expanded to record $39.8B last quarter, primarily from hyperscaler data center power demand. Stock up 22.9% over past month with average analyst PT of $772.18. Leadership transitions announced: CFO Kyle Epley starts May 1; Construction Industries president Tony Fassino retires May 31. Dividend maintained at $1.51/share. Company highlighted Industrial AI and autonomy at CES 2026.
Apr 16Caterpillar acquires Monarch Tractor and names Kyle Epley as new CFO; stock down 3.4% amid valuation concerns before late-April earningsMixed▶
Caterpillar acquired self-driving electric tractor startup Monarch Tractor on April 14, 2026, signaling expansion into autonomous agricultural equipment. The company announced that CFO Andrew Bonfield will retire effective October 1, 2026, after eight years in the role, with Caterpillar veteran Kyle Epley taking over on May 1, 2026. Bonfield was named 2025 CFO of the Year following record financial performance, with 2025 full-year revenues of $67.589 billion and a Q4 single-quarter record of $19.1 billion. However, the stock fell 3.4% amid valuation concerns, with analysts noting that the 170% one-year rally has priced in most good news.
Apr 15Caterpillar names Kyle Epley as CFO effective May 1; stock up 0.60% on strong $51.2B backlog from data center and infrastructure projectsPositive▶
Caterpillar reported record quarterly and full year revenue with $51.2B order backlog tied to data center and infrastructure projects. CFO Andrew Bonfield retiring; Kyle Epley appointed CFO effective May 1. Stock shows strong momentum with 13.1% gain over past month. Company showcased Cat 972 hybrid electric wheel loader.
Apr 14Caterpillar announces CFO succession with Kyle Epley; maintains $1.51 quarterly dividendPositive▶
CFO Bonfield retiring October 1; Kyle Epley assumes role. Dividend maintained at $1.51. Stock at $790.66 with 173.4% 12-month gains. $51.2B order backlog.
Apr 13Caterpillar strong on data center and infrastructure demand; Q1 earnings April 23Positive▶
Caterpillar riding wave of data center and infrastructure spending with record revenue and $51.2B order backlog. Stock up 13.9% in last month, 170%+ over past year, trading at $790.98. Q1 earnings report scheduled April 23. Analyst consensus bullish with 15 buy/hold ratings; 12-month price target $746.06 (average), range $425-$877.52.
Apr 10Caterpillar announces CFO transition with Kyle Epley taking helm May 1 while maintaining $1.51 quarterly dividend.Positive▶
Caterpillar announced Andrew Bonfield retiring as CFO effective October 1. Kyle Epley appointed CFO effective May 1. Board maintained quarterly dividend at $1.51/share payable May 19. Raised annual dividend 32 consecutive years. Stock trading $764.76. Bernstein raised target to $769; Freedom Broker raised to $710.
Apr 9Caterpillar surges 6.28% on CFO transition and strong record resultsPositive▶
Caterpillar stock surged following the announcement of a new CFO effective May 1, 2026, with veteran Kyle Epley bringing nearly three decades of company experience. The company reported record quarterly results with $19.1 billion revenue and record order backlog of $51.2 billion. Board maintained the quarterly dividend at $1.51 per share. Strong financial position and leadership continuity support investor confidence with analysts expecting 19.3% EPS growth for fiscal 2026.
Apr 8Caterpillar surges 22% in 30 days on record Q4 results and $51B backlog, but faces $2.6B tariff headwind.Positive▶
Caterpillar reported record Q4 2025 sales of $19.1B (+18% YoY) with adjusted EPS $5.16 and record backlog of $51B (+71%). Power & Energy segment surged 44% YoY driven by AI data center demand, with 2-gigawatt generator order. Zacks raised Q2 2026 EPS estimates to $5.28. Tariff costs expected to reach $2.6B in 2026. Q1 earnings April 23.
Apr 7Caterpillar achieves all-time highs near $730 on strong infrastructure and data center demand tailwinds.Positive▶
Caterpillar posted record 2025 sales of $67.6 billion (4% increase) and trades at all-time highs of ~$730. YTD gain of 19.8% and 134% over past year with market cap exceeding $340 billion. Company acquired Australian mining software provider and showcases capabilities at CONEXPO-CON/AGG 2026. Caterpillar faces tariff headwinds from Mexico and rising input costs. Consensus Buy from 26 analysts with average price target of $736.21. Stock currently at $717.55 reflects strong positioning in infrastructure and data center power demand sectors.
Apr 6Caterpillar acquires Australian mining software firm; backlog at $50B.Neutral▶
Caterpillar acquired Australian-based mining software company; order backlog $50B supports demand. Q4 revenue +4% to $67.6B but operating income fell 15% with margin compression to 16.5%. Tariff headwinds from Mexico acknowledged.
Apr 3Caterpillar posts record Q4 2025 revenue of $19.1B; analyst outlook strengthens on AI/data center infrastructure demand.Positive▶
Caterpillar reported record-breaking 2025 sales of $67.6B (up 4% YoY) with record Q4 revenue of $19.1B (up 18% YoY) and record backlog of $51.2B. EPS grew 0.4% YoY to $5.16 despite tariff pressures. CAT stock climbed 23.6% YTD and recently broke above its 50-day moving average. Analysts rate CAT as Moderate Buy with median targets around $765. The company is benefiting from strong infrastructure and data center demand.
Apr 1Caterpillar gains 3.44% on March 31 as record $51B Power & Energy backlog offsets $2.6B tariff headwind projection for 2026.Positive▶
Caterpillar is benefiting from strong demand for power generation equipment and data center infrastructure with its Power & Energy segment recording a $51 billion order backlog. The company acquired Australian mining software firm and secured major generator supply deal for Microsoft-backed AI compute campus in West Virginia. However, management warned of $2.6 billion tariff headwind for 2026. Stock is up 11.5% year-to-date. JPMorgan raised price target to $860 with overweight rating.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CATCATERPILLAR | $890.93 | +0.09% | +23.4% | 31.8x | 1.52 | $414.2B |
| CMICUMMINS | $658.12 | -1.92% | +21.6% | 21.3x | 1.14 | $92.8B |
| PCARPACCAR | $116.10 | -2.27% | +0.4% | 17.6x | 1.06 | $62.5B |
| WABWABTEC | $265.35 | -1.68% | +6.2% | 22.3x | 0.99 | $45.8B |
| GEGENERAL | $287.56 | -0.82% | +0.4% | 33.4x | 1.43 | $302.9B |
| GEVGE | $1,064.74 | -1.73% | +20.7% | 44.2x | 1.20 | $291.1B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.