CLAIM #13724 · CAT (CAT) · 2025Q3 earnings call · Oct 29, 2025 · due Oct 29, 2026
“I would expect us to continue to see momentum in there. But we are getting pretty extended on some of our products in E&T, and I'd like to try to at least get that stabilized or brought back in if we can.”
Joe Creed · CEO
How to check this claim
Look at: Energy & Transportation (E&T) segment backlog and lead times, as disclosed in company commentary
It came true if: E&T backlog growth rate in subsequent quarters is flat or lower than the prior quarter's reported sequential increase (i.e., backlog growth decelerates or stabilizes rather than continuing to accelerate)
Where: Caterpillar quarterly earnings release and call commentary on E&T segment backlog
In context
“it well, right? There's a nuance to it. We continue to see significant demand, particularly in E&T. We're seeing more. I think we're at the early stages of the prime power opportunities. So we're excited to have more of those come online. We talk to our large data center customers, both hyperscalers and colos, frequently, monthly, mostly even to manage that forecast. So we have great confidence in the pipeline that's out there, and that's why we're putting the capacity in, and we continue to raise the capacity. So I think it kind of depends on the circumstance. We like the fact that the backlog is going up. I'd like to maybe if the reason the backlog goes up a little less is that I'm able to get out more and more product and keep up, I think that's a good thing. So we think it's positive. I would expect us to continue to see momentum in there. But we are getting pretty extended on some of our products in E&T, and I'd like to try to at least get that stabilized or brought back in if we can. Alex Kapper: Audra, we have time for one more question. Operator: Today's final question comes from the line of Stephen Volkmann with Jefferies. Stephen Volkmann: Great. Joe, you mentioned services a few times with respect to Solar. And I know for most of Cat equipment, a lot of that services revenue accrues to the dealer, but I think Solar is a little bit different. Can you just talk about how that's different and how the services business kind of impacts Cat directly rather than the dealers? Joseph Creed: Yes. It's -- as you stated, Solar is a direct business model for us. So in Cat branded products, obviously, the dealers service the equipment in the field. We sell them parts and support them with some other ancillary services. But when it comes to Solar, we have our own field technici”
Verify independently
SEC filings for CAT ↗ · Claim quote is verbatim from the 2025Q3 earnings call.