Caterpillar stock pops on record quarterly revenue

What happened: Caterpillar (CAT) stock jumped as much as 10% before trimming gains on Tuesday.

What's behind the move: The heavy equipment maker reported second quarter sales and revenues increased 24% to $20.5 billion.

"This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter," Caterpillar CEO Joe Creed said.

The results were powered by strong order rates and a growing backlog across all three of the company's primary segments.

Caterpillar's backlog rose to $72.1 billion, up 92% from the same time last year.

What else you need to know: Caterpillar has become a winner of the AI trade by providing the massive power infrastructure required to keep data centers running.

Operating profit margin was 20.9% for the second quarter of 2026, compared with 17.3% for the second quarter of 2025.

The stock is up 60% year to date, helping buoy the Dow Jones Industrial Average (^DJI) to record highs.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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