Caterpillar stock holds firm after Q2 backlog tops $72 billion
Published on 08/13/2026 at 17:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Caterpillar Inc. (US1491231015) is backed by a record $72 billion backlog after its second quarter of 2026, and the shares closed at $855.60 on August 12, 2026, after a 1.45% gain. The latest reported quarter also showed $8.17 in earnings per share, which beat the consensus estimate of $6.22 by $1.95.
Record backlog, stronger outlook
The backlog figure matters because it rose 92% from a year earlier, with about 59% expected to be delivered over the next 12 months. That supports management's 2026 view for mid-to-high teens sales and revenue growth, up from an earlier low-double-digit outlook.
Revenue in the second quarter climbed 23.7% year over year, giving the stock a concrete earnings backdrop while analysts kept a Moderate Buy view and a $995.52 average target. The gap between the August 12 close of $855.60 and that target leaves the market focused on execution more than valuation slogans.
What the tape says
The stock has traded between $405.46 and $1,073.46 over the past 52 weeks, and trading volume on August 12 reached 3.15 million shares. That session's range was $855.25 to $871.20, showing the name is still moving inside a wide 2026 band even after the post-earnings run.
One comparison stands out: Caterpillar started 2026 at $573.03 and is now up 49.6% from that level. Against that backdrop, the current P/E of 36.89 leaves investors weighing backlog strength against a richer multiple.
Power and equipment mix
The company's product mix still centers on construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. In the latest commentary, power generation demand tied to data center build-out and infrastructure spending was a major support for the order book.
That mix gives Caterpillar exposure to both cyclically strong equipment demand and longer-cycle energy and power-system orders. The 2026 story is no longer just about machines; it is also about how much of the backlog can be converted into revenue and cash.
Shares and valuation
Caterpillar shares were last quoted at $855.60 on August 12, 2026, with extended trading at $859.02. The market cap was $394.10 billion, and the 52-week high and low were $1,073.46 and $405.46, respectively.
Go deeper
More on Caterpillar stock
Price and market data matter here because the stock already reflects a strong year-to-date move, while the latest quarter still showed 23.7% revenue growth and an $8.17 EPS print. The next stretch now depends on how quickly the record backlog turns into shipments.
Fact box
Company: Caterpillar Inc.
ISIN: US1491231015
Ticker: CAT
Exchange: NYSE
Price: $855.60 USD (as of August 12, 2026, 3:58 p.m. ET)
Market cap: $394.10 billion (as of August 13, 2026)
Sector / Industry: Industrials / Machinery
Index membership: Dow Jones Industrial Average
Summary: Caterpillar's second quarter brought $8.17 EPS, $20.5 billion in revenue and a $72 billion backlog. The stock closed at $855.60 on August 12, 2026, with a $394.10 billion market cap and a 52-week range of $405.46 to $1,073.46. Analysts currently show a $995.52 average target and a Moderate Buy rating.
