Caterpillar (CAT) Stock at Record Highs: AI Infrastructure Tailwinds, Dividend Strength and 2026 Outlook
Updated: December 11, 2025 – All figures and prices as of mid‑day U.S. trading Caterpillar Inc. (NYSE: CAT) has quietly become one of 2025’s loudest market stories. The heavy‑equipment icon is trading near record highs around $615 per share, giving it a market capitalization close to $280–290 billion, after a year‑to‑date gain of roughly 66% that makes it one of the top performers in the Dow Jones Industrial Average. 24/7 Wall St. The catch: a stock this strong rarely looks cheap. Valuation is stretched, expectations are sky‑high, and the business is marching into some genuinely new territory – from AI