Key Takeaways for Caterpillar Inc. Stock as of July 2026

• Record Quarter: Caterpillar posted Q1 2026 sales of $17.4B, up 22% YoY, adjusted EPS of $5.54, up 30%, and a record $63B backlog, up 79% YoY.
• Capacity Raise: Caterpillar lifted its large reciprocating engine capacity target to ~3x 2024 levels, up from 2x, and raised its 2030 enterprise sales growth target to a 6% to 9% CAGR.
• Tariff Cut: Full year tariff cost guidance dropped to $2.2B to $2.4B, down from $2.6B.
• Joe Creed on the buildout: Caterpillar’s CEO called the decision a direct response to order strength, saying the company is “increasing our large reciprocating engine capacity from 2x 2024 levels to nearly 3x 2024 levels.”

Caterpillar stock sits…