Caterpillar (CAT) and Eaton (ETN) reported record-breaking quarterly results in 2026, driven by escalating demand for power solutions linked to artificial intelligence (AI). Caterpillar’s sales reached $19.1 billion, a quarterly record, with a backlog of $51 billion increasing 70% year-over-year. Additionally, its Power & Energy segment contributed $9.4 billion in sales, reflecting a 23% year-over-year growth.
Eaton posted all-time high sales of $7.1 billion, up 13% year-over-year, alongside an adjusted EPS of $3.33. Both companies are benefiting from the growing data center market, with Eaton reporting a free cash flow increase of 17% to $1.6 billion. Caterpillar also returned $7.9 billion to shareholders in FY25 through cash repurchases and dividends.
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