Caterpillar is expected to report Q3 2026 revenue of $20.58 billion and adjusted EPS of $7.12, with the current stock price of $713.31 trading well below the average analyst price target of $947.42. The primary narrative for this report is the durability of the AI-driven data center buildout, which has fueled unprecedented demand for Caterpillar’s heavy power-generation equipment.
Investors are also closely monitoring the company's record $72 billion order backlog to assess revenue visibility amid cooling construction activity in certain non-U.S. markets. Additionally, analysts will look for management commentary regarding potential tariff-related cost pressures and the progress of dealer inventory destocking, which remain critical factors for maintaining record profit margins into fiscal 2027.