Caterpillar (CAT) Stock at Record Highs: AI Infrastructure Tailwinds, Dividend Strength and 2026 Outlook
Caterpillar shares traded near $615 midday December 11, close to record highs, after a 66% year-to-date gain that pushed its market value to almost $290 billion. Q3 revenue rose 9–10% to $17.6 billion, but operating margin fell to 17.3% as costs increased. The stock’s forward P/E is about 33, more than double its industry average. Energy and transportation now drive most earnings.