Data-center generation · large engines and turbines

Caterpillar

Caterpillar posted Q3 2026 sales and revenues of $20.682 billion (+17%) and Power & Energy sales of $8.784 billion (+18%). Power Generation application sales reached $3.421 billion (+30%), supported by data-center demand for large engines and turbines, while segment profit rose 31% to $2.143 billion. The application figure is not data-center-only revenue. Shares were up 10.5% year to date on October 30.

Business categories Data Center On-Site Power · AI Compute Infrastructure · primary

Other companies in the same category

CAT Updated Oct 31, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, Caterpillar is directly linked to 11 companies (1 supply, 10 revenue relationships) and reaches 77 companies within two hops; the links are backed by 23 dated sources, 7 of them primary filings (as of 2026-10-31).

Annual return · 2026-10-30'21+16%'22+18.6%'23+25.9%'24+24.7%'25+60.3%YTD+10.5%
Money in ▸Data centers · mining · construction (power generation · equipment)●Revenue $3.4B지엔씨에너지●procurement value ₩3BAtlas Energy Solutions●purchase commitment capacity 283 MWHalliburton Company●Count 12 pumpsCRH plc●Republic Services, Inc.◐Count 18 bulldozersWaste Management, Inc.◐Count 1 pilot_bulldozerMicrosoft◐Amazon◐Meta Platforms◐Newmont Corporation◐Freeport-McMoRan Inc.◐Martin Marietta Materials, Inc.◐
CaterpillarQ3 2026 total sales and revenues of $20.682bn
▸ Money outNucor Corporation◐Engines · components · manufacturing (undisclosed)○Steel · logistics (undisclosed)○

Financials & Segments

  • Total revenue · Q3 2026 total sales and revenues of $20.682bn (+17%)
  • Customer concentration · Power Generation application sales were $3.421bn (+30%); data-center-only revenue was not disclosed. Power & Energy sales were $8.784bn (+18%) and segment profit was $2.143bn (+31%).
  • Segments · Power & Energy · Construction Industries · Resource Industries

Revenue from

  • Data centers · mining · construction (power generation · equipment) High confidence· Revenue $3.4B · 2026 Q3 · Total Power Generation application sales, not data-center-only revenue
    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 KO NewsPim Published Oct 30, 2026: Caterpillar beats Q3 expectations on AI power demand
    Confirms EN SEC EDGAR Published Oct 29, 2026: Caterpillar Q3 2026 Results (8-K Exhibit 99.1)
    Confirms EN SEC EDGAR Published Aug 4, 2026: Caterpillar Q2 2026 Results (8-K)
    Confirms EN Caterpillar official results Published Jan 30, 2026: Caterpillar official results — caterpillar results
    Confirms EN TIKR Published Jan 1, 2026: Caterpillar power chief on the data-center boom
    Confirms EN SEC EDGAR Published Oct 29, 2025: Caterpillar FY2025 Q3 results (8-K)
  • 지엔씨에너지 High confidence· procurement value ₩3B · FY2025 · GnCenergy purchases of engines from overseas CATERPILLAR; may differ from Caterpillar consolidated recognized revenue
    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 KO Korea Exchange KIND Published Mar 18, 2026: GnCenergy FY2025 Business Report
    Confirms EN GnCenergy Accessed Nov 1, 2026: GnCenergy Representative Achievements, page 2
    Confirms KO GnCenergy Accessed Oct 24, 2026: GnCenergy Representative Projects
  • Atlas Energy Solutions High confidence· 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
    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 EN U.S. Securities and Exchange Commission Published Sep 25, 2026: Atlas Energy Solutions Form 8-K, September 25, 2026
    Confirms EN Atlas Energy Solutions Published Sep 25, 2026: Atlas Energy Solutions Announces Equipment Purchase Agreements
    Confirms KO Maeil Business Newspaper Published Sep 25, 2026: Atlas Energy Solutions signs 611 MW of AI data-center power equipment agreements
  • Halliburton Company High confidence· Count 12 pumps · 2013 dual-fuel fleet project · Halliburton fracturing pumps using Caterpillar dual-fuel engine technology
    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 EN U.S. SEC EDGAR Published Feb 6, 2026: HALLIBURTON CO 2025 Form 10-K
    Confirms EN Halliburton Investor Relations Published Jan 11, 2013: Halliburton Uses Clean-Burning U.S. Natural Gas to Power a Complete Hydraulic Fracturing Fleet
  • CRH plc High confidence
    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 EN Caterpillar Inc. Published Jan 8, 2024: Caterpillar Signs Strategic Agreement with CRH for Electric Off-Highway Trucks and Charging Solutions
  • Republic Services, Inc. Medium confidence· Count 18 bulldozers · 2023 · Caterpillar electric-drive bulldozers reported in operation by Republic Services
    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 EN Republic Services Published Jul 24, 2024: Republic Services 2023 Sustainability Report
  • Waste Management, Inc. Medium confidence· Count 1 pilot_bulldozer · late 2025 pilot · Bulldozers operated with Cat Command at the Marana Landfill pilot
    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 EN WM Media Room Published Aug 7, 2026: Driving the Landfill of the Future: Inside WM's Pilot of Cat Command Remote-Controlled Technology
  • Microsoft Medium confidence
    Supplies backup and prime gensets to hyperscaler datacenters.
    Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets
    Confirms EN SEC EDGAR Published Oct 29, 2025: Caterpillar FY2025 Q3 results (8-K)
  • Amazon Medium confidence
    Gensets to AWS datacenters.
    Confirms EN SEC EDGAR Published Oct 29, 2025: Caterpillar FY2025 Q3 results (8-K)
  • Meta Platforms Medium confidence
    Gensets to Meta datacenters.
    Confirms EN SEC EDGAR Published Oct 29, 2025: Caterpillar FY2025 Q3 results (8-K)
  • Newmont Corporation Medium confidence
    Caterpillar supplies electric autonomous haulage equipment and MineStar operating technology to Newmont mines. Revenue from Newmont is not disclosed.
    Confirms EN Newmont Corporation Published Nov 10, 2021: Newmont and Caterpillar Announce Revolutionary Strategic Alliance to Achieve Zero Emissions Mining
  • Freeport-McMoRan Inc. Medium confidence
    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 EN Caterpillar Published Mar 26, 2025: Implementing A Truck Rebuild Program With Freeport
  • Martin Marietta Materials, Inc. Medium confidence
    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 EN Martin Marietta Materials Published May 16, 2026: Martin Marietta 2025 Sustainability Report
    Confirms EN Caterpillar Published Nov 1, 2024: Cat Compact and Small Wheel Loaders

Pays to

  • Nucor Corporation Medium confidence
    Caterpillar recognized Nucor with its 2021 Platinum supplier award based on measures including product quality and delivery performance, but the commercial value was not disclosed.
    Confirms EN Nucor Published May 5, 2022: Nucor 2021 Sustainability Report
  • Engines · components · manufacturing (undisclosed) Low confidence
    Engine/genset parts and manufacturing.
    Confirms EN SEC EDGAR Published Oct 29, 2025: Caterpillar FY2025 Q3 results (8-K)
  • Steel · logistics (undisclosed) Low confidence
    Steel, materials and logistics.
    Confirms EN TIKR Published Jan 1, 2026: Caterpillar power chief on the data-center boom

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
CrowdStrikelead2-3.3-48.6+142.5+34+37+134.7
Palo Alto Networkslead2+56.7-24.8+111.3+23.4+1.2+127.4
Datadoglead2+80.9-58.7+65.1+17.7-4.8+115.6
Snowflakelead2+20.4-57.6+38.6-22.4+42.1+68.2
Illuminalead2+2.8-46.9-31.1-1.3-1.8+66.4
Schrodingerlead2-56-46.3+91.5-46.1-7.3+52.6
Schlumbergerlead2+39.6+81.2-0.8-24.5+3.3+52.3
ConocoPhillipslead2+86.6+71.7+2-12.2-2.3+46.4
Airbnb Inclead2·-48.6+59.2-3.5+3.3+34.1
Starbucks Corplead2+11.1-13.2-1.2-2.5-5.3+26.3
Labcorp Holdings Inc.lead2+54.4-24.4+13.8+2.2+10.6+25.3
Becton, Dickinson and Companylead2+1.9+5.1-2.7-5.4-12.6+22.8
Union Pacific Corporationlead2+23.3-15.9+21.6-5.1+3.9+22.1
Live Nation Entertainment, Inc.lead2+62.9-41.7+34.2+38.4+10+21.8
Johnson Controlslead2+77.4-19.3-7.6+39.8+53+21.7
Carrier Global Corporationlead2+45.3-22.7+41.5+20.3-21.8+14.3
Waters Corporationlead2+50.6-8.1-3.9+12.7+2.4+14.2
JPMorgan Chaselead2+27.7-12.6+30.6+44.3+37.3+12.9
Kenvue Inc.lead2···+3.1-15.9+12.4
Rockwell Automation, Inc.lead2+41.2-24.8+22.6-6.2+38.4+12.3
Agilent Technologies, Inc.lead2+35.5-5.5-6.4-2.7+1.9+11.5
Mitsubishi Materialslead2-4.9+13.4+25.7-6.5+88.5+11.1
Illinois Tool Works Inc.lead2+23.6-8.5+21.6-1-0.4+11
Costco Wholesalelead2+51.8-19+49+39.6-5.4+10.3
Parker-Hannifin Corporationlead2+18.3-6.9+60.8+39.6+39.5+10.2
Automatic Data Processing, Inc.lead2+42.6-1.3-0.2+28.4-10.2+9.6
Sumitomo Metal Mininglead2+20.5+5.4-19.4-10.2+168.7+9.5
Hilton Worldwide Holdings Inc.lead2+40.2-18.7+44.7+36.1+16.5+8.5
3M Companylead2+4.9-29.6-3.3+46.1+26.4+6.8
The Kraft Heinz Companylead2+8+18.2-5-13-16.3+6.1
Expedia Group, Inc.lead2+36.5-51.5+73.3+22.8+53.3+5.8
Hubbell Incorporatedlead2+35.6+15.1+42.4+28.9+7.4+4.7
Procter & Gamblelead2+20.5-5-0.9+17.3-12.3+4.5
Omnicom Group Inc.lead2+21.9+15.7+9.6+2.5-2.6+4.4
Walmart Inclead2+2-0.5+12.9+74+24.5+0.6
Ralph Lauren Corporationlead2+16.7-8.4+39.8+62.9+55-0.2
Dover Corporationlead2+45.7-24.3+15.2+23.3+5.2-0.5
MercadoLibre, Inc.lead2-19.5-37.2+85.7+8.2+18.5-1.8
Veralto Corporationlead2···+24.3-1.6-3.2
DoorDash, Inc.lead2·-67.2+102.6+69.6+35-6.5
The Walt Disney Companylead2-14.5-43.9+4.3+24.4+3.3-6.7
Uberlead2-17.8-41+149-2+35.5-7.3
Roper Technologieslead2+14.7-11.6+26.9-4.1-13.8-7.9
ServiceNowlead2+17.9-40.2+82+50.1-27.7-8
Workday, Inc.lead2+14-38.7+65-6.5-16.8-8.8
Axon Enterprise, Inc.lead2+28.1+5.7+55.7+130.1-4.4-9.2
Constellation Brands, Inc.lead2+16.1-6.4+5.8-7.1-36-9.2
Salesforce, Inc.lead2+14.2-47.8+98.5+27.8-20.2-12.9
GE HealthCare Technologies Inc.lead2···+1.3+5.1-15.9
Netflixlead2+11.4-51.1+65.1+83.1+5.2-16.5
Take-Two Interactive Software, Inc.lead2-14.5-41.4+54.6+14.4+39.1-16.6
Lowe's Companies, Inc.lead2+63.3-21.5+14+13-0.3-17.2
Stryker Corporationlead2+10.2-7.4+23.8+21.3-1.5-20.4
IDEXX Laboratories, Inc.lead2+31.7-38+36.1-25.5+63.6-20.9
Fiservlead2-8.8-2.6+31.4+54.6-67.3-21.1
Comcast Corporationlead2-2.2-28.7+29.1-11.8-17.3-22.3
Cognizant Technology Solutions Corporationlead2+9.6-34.5+34.4+3.5+9.7-23.6
Adobe Inc.lead2+13.4-40.7+77.3-25.5-21.3-23.9
Autodesk, Inc.lead2-7.9-33.5+30.3+21.4+0.1-26.4
Coupanglead2·-49.9+10.1+35.8+7.3-35.2
Fair Isaac Corporationlead2-15.1+38+94.5+71-15.1-44.9
Boston Scientific Corporationlead2+18.2+8.9+24.9+54.5+6.8-55.2
Corteva, Inc.lead2+23.6+25.6-17.5+20.2+18.9-80.1
Freeport-McMoRan Inc.lead1+61.4-7.3+13.7-9.4+35.4+46.1
Newmont Corporationlead1+7.4-20.8-8.8-7.8+172.8+18.8
Halliburton Companylead1+22+74.5-6.5-23.2+7+16.8
Amazonlead1+2.4-49.6+80.9+44.4+5.2+12
Microsoftlead1+52.5-28+58.2+12.9+15.6+4
Republic Services, Inc.lead1+47-6.2+29.6+23+6.4+3.6
Waste Management, Inc.lead1+43.8-4.5+16.2+14.3+10.5+0.5
Meta Platformslead1+23.1-64.2+194.1+66+13.1-6.4
Martin Marietta Materials, Inc.lead1+56.1-22.7+48.6+4.1+21.3-17
CRH plclead1+27.1-20.5+81.3+35.9+35.9-23.6
Caterpillarnode+16+18.6+25.9+24.7+60.3+10.5
Nucor Corporationbenef1+118.4+17.4+33.8-32+42+54.7
NuScale Powerbenef2··-67.9+445-21-49.2

YTD as of 2026-10-30 · source: Yahoo Finance

Caterpillar returned +24.7% in 2024, +60.3% in 2025 and +10.5% through October 30, 2026. Q3 Power Generation application sales rose 30% to $3.421 billion, led by large reciprocating engines and turbines for data centers. Total Power & Energy sales reached $8.784 billion (+18%) and segment profit $2.143 billion (+31%), but the application figure includes non-data-center demand. Cummins was down 0.1% over the same year-to-date window after posting Q2 Power Systems sales of $2.3 billion (+19%). Generation demand reached both suppliers, while their stocks diverged with different degrees of 2024-2025 anticipation and post-earnings repricing. Caterpillar backlog conversion and Cummins' November 5 results are the next checks. In Korea, GnCenergy disclosed KRW 2.9544 billion of Caterpillar engine purchases for 2025 and separate references for ten-set and three-set projects; buyer procurement and installed units are not converted into Caterpillar consolidated revenue.

Analysis generated from returns as of 2026-10-30

Analyst ratings

Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $1,009 · Price $632.52 (10-30) · Upside +60%

BrokerRatingTargetPublished
Truist Financial · Jamie CookBuy$1,218Jul 2, 2026Report ↗
JPMorgan Chase · Tami ZakariaOverweight$1,165Jun 17, 2026Report ↗
UBS GroupNeutral$900Jun 2, 2026Report ↗
DA Davidson · Michael ShliskyNeutral$845May 5, 2026Report ↗
Morgan Stanley · Angel CastilloEqual Weight$915May 1, 2026Report ↗

Reiterated Buy at $1,218 on datacenter power-generation and backup demand plus a record backlog.

Analyses covering this node

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