Caterpillar's management has stopped emphasizing profitability metrics just as the company's operating margins have begun to slip, shifting focus to a record $63 billion（約10兆円） backlog driven by data center demand.

What happened

Caterpillar's operating margin has fallen to 16.5%, down from a three-year average of 18.0%, and net margin has slipped to 13.3% from a recent 14.4% average. At the same time, management commentary has shifted away from highlighting operational discipline and profitability to emphasizing the company's record $63 billion（約10兆円） backlog and plans to expand engine production for data centers. The Power & Energy segment, which serves data centers, now accounts for 43% of the business and grew 12% last year.

What to watch

The next quarterly report's adjusted operating profit margin is the critical number to track. If it stabilizes and climbs back toward the 18.0% historical average, it would suggest the company can handle the growth. If it continues to decline, it signals that the new data center revenue comes at a profitability cost.