Caterpillar Sales Hit $20B as IEEPA Tariff Recoveries Boost Margins
Caterpillar posted record revenue above $20 billion for the first time, with profit per share rising 73% year over year. Adjusted operating margin was 21.9% as the company recognized $392 million of IEEPA tariff recoveries and saw lower ongoing tariff costs, lifting margins by 430 basis points. Power & Energy led, with sales to end users up 33% and power generation up 72%, tied to demand for large generators and turbines for data centers.