Caterpillar's second-quarter revenue rose 24% from a year earlier and earnings per share jumped 73%, with the power and energy segment growing fastest. Retail sales of power generation equipment climbed 72%, which CEO Joseph Creed attributed to very strong demand for large generator sets and turbines used in data centers. Data centers consumed about 4.9% of U.S. electricity supply in 2025, and their consumption is projected to more than double by 2030. The company's backlog reached a record $72 billion, up 92% over the past year. Wall Street expects third-quarter revenue growth of 17% and earnings of $7.03 per share, up 42%, and the author says he wouldn't be surprised if the company beats those estimates.
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