CAT Caterpillar (CAT) Q1 FY26 earnings call
Caterpillar opened FY26 with broad-based strength as a data-center-driven power supercycle pulls its energy franchise higher, prompting a raised full-year sales outlook, a step-up in large-engine capacity toward nearly 3x 2024 levels, and lifted 2030 growth ambitions. Management frames the quarter through record orders and backlog rather than margins — which stay tariff- and investment-constrained near the bottom of the progressive range — reaffirming that absolute OPACC dollar growth, not margin percent, is how it defines winning.
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CAT operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $35BOur backlog of $35 billion is a record.Source: earnings call transcript | $37.5BOur backlog is at a record level of $37.5 billion.Source: earnings call transcript | $51BOur backlog grew to a record level of $51 billion, an increase of $21 billion or 71% compared to last year.Source: earnings call transcript | $63BBacklog grew to a record level of $63 billion, an increase of $28 billion or 79% compared to the first quarter last year.Source: earnings call transcript | $72BOur backlog grew sequentially by $9 billion to $72 billion.Source: earnings call transcript | +14.3% |
| Employees United States | 50K+Our largest manufacturing base is in the United States where we employ over 50,000 full-time employees, and we continue to be a net exporter.Source: earnings call transcript | 50K+We have over 50,000 employees in the US We operate out of 65 key locations in 25 different states.Source: earnings call transcript | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.