Caterpillar (CAT)
2026-05-01
Recap: Q1 2026
Backlog $63B (+79% YoY), Capacity Raised to 3x 2024 Levels, 2030 LT CAGR Raised to 6–9% — Maintaining Outperform
2026-01-30
Recap: Q4 2025
Record Print, Backlog $51B (+71% YoY), Four Prime-Power Data-Center Orders Greater Than One Gigawatt — Maintaining Outperform
2025-10-30
Recap: Q3 2025
Record Print, Backlog $39.8B All-Time High, Prime Power Data-Center Pipeline Opens — Upgrading to Outperform
2025-08-06
Recap: Q2 2025
Power Gen Secular Story Real but Priced; Tariff Drag and Cyclical Resets Offset — Initiating Coverage at Hold