Caterpillar's order backlog reached a record $63 billion at the end of the first quarter of 2026, marking a $28 billion (79%) increase from Q1 2025. A significant portion of this new demand, including nearly $12 billion added in Q1 alone, is attributed to data centers requiring power generation, indicating strong AI-driven demand. The company's power generation sales, a segment providing large reciprocating engines and gas turbines for data centers, rose 41% year-over-year to $2.8 billion in Q1 2026. Caterpillar is expanding its large reciprocating engine capacity to nearly triple 2024 levels by 2029 to meet this demand. The company is set to report its second-quarter results before market open on Tuesday, August 4.