Yahoo · Sep 18, 2026
Should Caterpillar's Tariff Bill Worry You More Than Its Backlog?
Caterpillar (CAT) delivered the biggest quarter in its history, with a $72 billion order book behind it—59% of which it expects to ship over the next twelve months. The stock has gained 82.8% on a price basis over the past twelve months against 15.6% for the S&P 500, and still sits about 25% below its 52-week high. Neither the record nor the backlog is the number to watch. That would be the roughly $2.2 billion of tariff costs, before the second-quarter recoveries, that Caterpillar expects to ca
