Analysis indicates that the demand drivers for Caterpillar's construction business have shifted from "marketing programs" in 2025 to "rental fleet loading" and "major projects." The company's construction business sales grew by 22% year-over-year in the June 2026 quarter, marking its sixth consecutive quarter of growth, with revenue reaching $8.3 billion, a 35% increase year-over-year. Caterpillar raised its full-year sales and revenue outlook for fiscal year 2026 to mid-to-high double-digit growth, and its backlog increased by $9 billion to $72 billion in the June 2026 quarter.