Caterpillar power gen sales up 72% on data-center demand

Caterpillar has long been known for its yellow tractors, harvesters, and construction equipment. But its latest quarterly results point to a different growth engine: power generation equipment for data centers. In Q2, total revenue grew 24% year over year and earnings per share soared 73%, while retail sales of power generation equipment climbed 72%.

The surge reflects the power needs of AI data centers. In 2025, data centers consumed about 4.9% of the U.S. electricity supply; in some states, that was more than 10%, and in data-center-heavy Virginia, more than one-quarter. Electricity consumption by U.S. data centers is projected to more than double by 2030. Customers are now placing orders for Caterpillar's power and energy equipment through 2030, and the company's backlog has reached a record $72 billion, up 92% over the past year.