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Caterpillar's Order Book Grew 2.4 Times in Three Years.
The Part It Cannot Deliver Within a Year Grew 5.2 Times.
Caterpillar reported its first 20 billion dollar quarter on Tuesday, and 29.2 billion dollars of the record order book behind it will not ship in a year. We read the same disclosure in all fourteen Caterpillar quarterly and annual filings from the first quarter of 2023 to the second quarter of 2026. In every one of them the company reports the dollar amount of backlog it believes to be firm, and then separates out the portion that falls beyond the following twelve months. That second figure is rarely quoted. It has moved a long way.
·14 min readCAT