Caterpillar's $72B backlog may boost stock after 15% drop ahead of Q3 earnings on Oct 29.

Caterpillar reports Q3 results on October 29 amid a 15.4% stock drop over the past month despite a record $72 billion backlog. Last quarter, the company posted $20.54 billion in revenue, a 24% increase year-over-year, and raised its 2026 sales growth outlook to mid- to high-teens. Power generation sales surged 72%, driven by AI data center demand, while tariffs remain a cost challenge. Investors will watch how quickly the backlog converts to sales and how management addresses tariff impacts and production capacity in the upcoming report.

Caterpillar shares trade at USD 687.00 on Pluang as of Oct 25, 2026 22:31 WIB, down 2.42% in one day despite a strong market cap of $315.80 billion. The stock remains well below its 52-week high of $1.06K, indicating ongoing investor caution. This price movement occurs while the company prepares to report Q3 results amid a significant $72 billion backlog, highlighting the market's focus on how this order book will impact future sales and earnings.