# Who are Caterpillar's customers? Who does Caterpillar earn revenue from?
Canonical: https://valuechain.wiki/caterpillar · Facet: customers · Updated: 2026-10-31T17:23:22.56+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Caterpillar's confirmed revenue counterparties include Halliburton Company, CRH plc, Republic Services, Inc. plus 10 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 13 revenue edges, backed by 22 dated sources, 7 of them primary filings (as of 2026-10-31).

### 데이터센터·광산·건설 (발전·장비) (high)
- metric: Revenue $3.4B · 2026 Q3 · Total Power Generation application sales, not data-center-only revenue
- note: Data centers drove large reciprocating-engine and turbine demand. Q3 2026 Power Generation application sales were $3.421 billion (+30%), including non-data-center uses.
- [confirms] NewsPim (KO, news, published 2026-10-30) https://www.newspim.com/news/view/20261030000023: "The report attributes generation-equipment demand to AI data centers and notes that Power & Energy became Caterpillar's largest segment."
- [confirms] SEC EDGAR (EN, filing, published 2026-10-29) https://www.sec.gov/Archives/edgar/data/18230/000001823026000052/ex991toformcat3q2026earnin.htm: "Q3 2026 Power Generation sales rose 30% to $3.421 billion, led by turbines and large reciprocating engines primarily in data-center applications."
- [confirms] SEC EDGAR (EN, filing, published 2026-08-04) https://www.sec.gov/Archives/edgar/data/18230/000001823026000040/ex991toformcat2q2026earnin.htm: "Power Generation – Sales increased in large reciprocating engines and in turbines and turbine-related services, primarily in data center applications."
- [confirms] Caterpillar official results (EN, filing, published 2026-01-30) https://investors.caterpillar.com/news/news-details/2026/Caterpillar-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx: "FY2025 sales and revenues $67.6bn (+4%)"
- [confirms] TIKR (EN, research, published 2026-01-01) https://www.tikr.com/blog/caterpillar-power-chief-just-revealed-what-the-data-center-boom-really-means-for-cat-stock: "Large reciprocating-engine backlog up 3.5x+."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-29) https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm: "Large reciprocating-engine backlog up 3.5x+."

### 지엔씨에너지 (high)
- metric: procurement value ₩3B · FY2025 · GnCenergy purchases of engines from overseas CATERPILLAR; may differ from Caterpillar consolidated recognized revenue
- note: GnCenergy disclosed KRW 2.954 billion of FY2025 overseas CATERPILLAR engine purchases. This buyer-side procurement is neither Caterpillar consolidated recognized revenue nor data-center-only sales.
- [confirms] Korea Exchange KIND (KO, filing, published 2026-03-18) https://kind.krx.co.kr/external/2026/03/18/001502/20260318006918/11011.htm: "GnCenergy’s supplier table reports KRW 2,954,400 thousand of overseas CATERPILLAR engine purchases in FY2025."
- [confirms] GnCenergy (EN, ir, accessed 2026-11-01) https://gncenergyeng.com/business/major.php?page=2: "The English track record lists three Caterpillar 1,635 kW generator sets in parallel at Kyung Bang Times Square."
- [confirms] GnCenergy (KO, ir, accessed 2026-10-24) https://www.gncenergy.co.kr/business/major.php: "GnCenergy lists 10 CATERPILLAR 3900 kW sets for its CapitaLand-Equinix project."

### Atlas Energy Solutions (high)
- metric: purchase commitment capacity 283 MW · 2026-09-25 agreement · Incremental Caterpillar natural-gas generation equipment committed by Atlas ProjectCo, separate from 328 MW under the existing GFA for 2027 delivery
- note: Atlas ProjectCo committed to buy an additional 283 MW of Caterpillar natural-gas generation equipment outside its existing framework agreement. This is separate from 328 MW for 2027 delivery under that agreement. Capacity is not contract value or recognized Caterpillar revenue. The AI-lab off-taker is unnamed, and a long-term power purchase agreement remains unsigned.
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-09-25) https://www.sec.gov/Archives/edgar/data/1984060/000119312526401582/aesi-20260925.htm: "two purchase commitments for an aggregate of 283 MW of Caterpillar natural gas generation equipment outside of the Global Framework Agreement"
- [confirms] Atlas Energy Solutions (EN, ir, published 2026-09-25) https://ir.atlas.energy/news-events/press-releases/detail/76/atlas-energy-solutions-announces-equipment-purchase: "an incremental 283 megawatts of purchase commitments for Caterpillar power generation equipment"
- [confirms] Maeil Business Newspaper (KO, news, published 2026-09-25) https://www.mk.co.kr/news/stock/12161449: "The second agreement supports an additional 283 MW of Caterpillar generation equipment for a separate data-center project."

### 핼리버튼 (high)  → /halliburton.md
- metric: Count 12 pumps · 2013 dual-fuel fleet project · Halliburton fracturing pumps using Caterpillar dual-fuel engine technology
- note: Caterpillar supplied dual-fuel engine technology for Halliburton's Q-10 hydraulic-fracturing pumps, with public evidence confirming a 2013 project while the scale and continuity of the current supply relationship are not disclosed.
- [mentions] U.S. SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm: "Shortage of raw materials because of high levels of demand or loss of suppliers during market challenges or tariffs can trigger constraints in the supply chain of those raw materials, particularly where we have a relationship with a single supplier for a particular resource."
- [confirms] Halliburton Investor Relations (EN, ir, published 2013-01-11) https://ir.halliburton.com/news-releases/news-release-details/halliburton-uses-clean-burning-us-natural-gas-power-complete: "Halliburton and its supplier, Caterpillar, teamed up to convert the company’s new Q-10 pumps to dual fuel."

### CRH (high)  → /crh.md
- note: Caterpillar is an equipment partner deploying 70-to-100-ton battery-electric off-highway trucks and charging solutions at a CRH site in North America, with CRH participating as Caterpillar's first aggregates-industry customer under the program, but payments were not disclosed.
- [confirms] Caterpillar Inc. (EN, ir, published 2024-01-08) https://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-crh-agreement.html: "CRH, as our first aggregates industry customer"

### 리퍼블릭 서비스 (mid)  → /republic-services.md
- metric: Count 18 bulldozers · 2023 · Caterpillar electric-drive bulldozers reported in operation by Republic Services
- note: Caterpillar provides heavy equipment, condition monitoring, and oil-analysis services across Republic Services' landfills, transfer stations, and recycling facilities, with Republic Services' 2023 sustainability report stating that 18 Caterpillar electric-drive bulldozers were in operation.
- [confirms] Republic Services (EN, ir, published 2024-07-24) https://investor.republicservices.com/static-files/2023-Republic-Services-Sustainability-Report.pdf: "In 2023, we launched an innovative maintenance partnership with Caterpillar (CAT)."

### 웨이스트 매니지먼트 (mid)  → /waste-management.md
- metric: Count 1 pilot_bulldozer · late 2025 pilot · Bulldozers operated with Cat Command at the Marana Landfill pilot
- note: Caterpillar provides Cat Command remote-control technology for a bulldozer that WM operates at its Marana Landfill in Arizona and expanded its collaboration with WM into autonomous-equipment testing after field evaluation began in late 2025, but commercial terms were not disclosed.
- [confirms] WM Media Room (EN, ir, published 2026-08-07) https://mediaroom.wm.com/Driving-the-Landfill-of-the-Future-Inside-WMs-Pilot-of-Cat-R-Command-Remote-Controlled-Technology: "WM is using Caterpillar's Cat Command remote-controlled technology at its Marana Landfill."

### 마이크로소프트 (mid)  → /microsoft.md
- note: Supplies backup and prime gensets to hyperscaler datacenters.
- [confirms] Manufacturing Dive (EN, news, published 2026-04-30) https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026-earnings/819078/: "Supplies backup and prime gensets to hyperscaler datacenters."
- [confirms] SEC EDGAR (EN, filing, published 2025-10-29) https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm: "Supplies backup and prime gensets to hyperscaler datacenters."

### 아마존 (mid)  → /amazon.md
- note: Gensets to AWS datacenters.
- [confirms] SEC EDGAR (EN, filing, published 2025-10-29) https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm: "Gensets to AWS datacenters."

### 메타 플랫폼스 (mid)  → /meta.md
- note: Gensets to Meta datacenters.
- [confirms] SEC EDGAR (EN, filing, published 2025-10-29) https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm: "Gensets to Meta datacenters."

### 뉴몬트 (mid)  → /newmont.md
- note: Caterpillar supplies electric autonomous haulage equipment and MineStar operating technology to Newmont mines. Revenue from Newmont is not disclosed.
- [confirms] Newmont Corporation (EN, ir, published 2021-11-10) https://newmont.com/investors/news-release/news-details/2021/Newmont-and-Caterpillar-Announce-Revolutionary-Strategic-Alliance-to-Achieve-Zero-Emissions-Mining/default.aspx: "Caterpillar will develop its first battery electric zero-emissions underground truck to be deployed at Tanami."

### 프리포트맥모란 (mid)  → /freeport-mcmoran.md
- note: Caterpillar operates a certified rebuild program with Freeport-McMoRan to maintain Cat mining-truck fleets across its operations, but the value of the underlying equipment and service contracts is not disclosed.
- [confirms] Caterpillar (EN, ir, published 2025-03-26) https://www.cat.com/en_US/blog/mining/articles/truck-rebuild-program-freeport.html: "Freeport adopted a rebuild program with Caterpillar to support its global Cat truck fleets."

### 마틴 마리에타 머티리얼스 (mid)  → /martin-marietta-materials.md
- note: Caterpillar is an aggregates-business partner providing Martin Marietta with mobile quarry equipment and related services, and Martin Marietta's report and a Caterpillar customer story confirm the equipment relationship, but spending is undisclosed.
- [confirms] Martin Marietta Materials (EN, ir, published 2026-05-16) https://mcdn.martinmarietta.com/assets/sustainability/2025sustainabilityreport.pdf: "work with Caterpillar, Komatsu, John Deere and other partners"
- [confirms] Caterpillar (EN, ir, published 2024-11-01) https://www.cat.com/en_US/by-industry/construction-industry-resources/compact-and-small-wheel-loaders.html: "Cat 938M Aggregate Handler Customer Story: Martin Marietta"

Reverse side: https://valuechain.wiki/caterpillar/suppliers.md · Ripple: https://valuechain.wiki/caterpillar/ripple.md

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