Caterpillar beats profit estimates but leaves annual sales forecast unchanged

Caterpillar beat third-quarter profit estimates as demand for equipment used to power AI data centers boosted its business.

The company, known for construction and mining machinery, also reported revenue up 17 per cent to $20.7 billion.

Its order backlog reached a record $78.1 billion, though the increase was slower than earlier in the year.

Caterpillar kept its annual sales forecast unchanged, expecting revenue growth in the mid-to-high teens in 2026.

Investors had hoped for a higher forecast, and the shares fell sharply; the scale of the drop varies across accounts.

The company’s results matter because Caterpillar is a major industrial business whose growth has been tied to the data-center expansion, but investors are questioning how long that demand can last.

The company has not raised its forecast, so its ability to sustain growth from data-center customers remains a key concern.