{
 "ticker": "CAT",
 "name": "Caterpillar",
 "url": "https://grantbishop.pages.dev/index/CAT",
 "sells": "Caterpillar makes heavy construction and mining machinery, plus the diesel generators that power data centers.",
 "why": "We follow it because its business sits among the companies that build the infrastructure the AI build-out needs.",
 "questions": [
  {
   "slug": "data-centers",
   "question": "Who builds and equips the data centers?",
   "url": "https://grantbishop.pages.dev/index/q/data-centers"
  }
 ],
 "tests": [
  {
   "id": "W-3",
   "claim": "Spare rented computing capacity moves work around; it does not cancel new power and cooling construction, which follows capital spending, not chip scarcity.",
   "url": "https://grantbishop.pages.dev/claims/spare-compute-does-not-stop-power-building"
  },
  {
   "id": "W-2",
   "claim": "The summer sell-offs on beat-and-raise reports are the market paying less for earnings, not the businesses failing. They reverse when the price of money stops rising.",
   "url": "https://grantbishop.pages.dev/claims/market-pays-less-for-earnings"
  }
 ],
 "reports_next": null,
 "latest_disclosed": {
  "form": "10-Q",
  "filed": "2026-08-05",
  "period": "2026-06-30",
  "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/cat-20260630.htm"
 },
 "disclosed": [
  {
   "date": "2026-06-30",
   "figure": "$20.5 billion",
   "what": "Caterpillar sales and revenues, Q2 2026",
   "source": "https://www.caterpillar.com/en/news/corporate-press-releases/h/2q26-results-caterpillar-inc.html"
  },
  {
   "date": "2026-06-30",
   "figure": "24 percent",
   "what": "Caterpillar sales and revenues growth, Q2 2026",
   "source": "https://www.caterpillar.com/en/news/corporate-press-releases/h/2q26-results-caterpillar-inc.html"
  },
  {
   "date": "2026-06-30",
   "figure": "$3.1 billion",
   "what": "Caterpillar revenue increase from higher sales volume, Q2 2026",
   "source": "https://www.caterpillar.com/en/news/corporate-press-releases/h/2q26-results-caterpillar-inc.html"
  },
  {
   "date": "2026-06-30",
   "figure": "$595 million",
   "what": "Caterpillar revenue increase from favorable price realization, Q2 2026",
   "source": "https://www.caterpillar.com/en/news/corporate-press-releases/h/2q26-results-caterpillar-inc.html"
  },
  {
   "date": "2025-06-30",
   "figure": "$16.6 billion",
   "what": "Caterpillar sales and revenues, Q2 2025",
   "source": "https://www.caterpillar.com/en/news/corporate-press-releases/h/2q26-results-caterpillar-inc.html"
  }
 ],
 "check": "Checked against the company's own business description in its latest annual filing.",
 "log": [
  {
   "date": "2026-10-19",
   "note": "Entry rewritten in plain words: what the company sells, and why we follow it."
  },
  {
   "date": "2026-10-12",
   "note": "Verified against the 10-Q filed 2026-08-05 at launch."
  }
 ],
 "living_report": {
  "report": false,
  "last_revised": null,
  "next_disclosure": null,
  "timeline": [
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    "form": "10-Q",
    "filed": "2026-11-04",
    "period": "2026-09-30",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000057/cat-20260930.htm",
    "what_it_said": null,
    "from_piece": null
   },
   {
    "form": "8-K",
    "filed": "2026-10-29",
    "period": "2026-10-29",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000052/cat-20261029.htm",
    "what_it_said": null,
    "from_piece": null
   },
   {
    "form": "8-K",
    "filed": "2026-10-15",
    "period": "2026-10-14",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926116198/tm2627668d1_8k.htm",
    "what_it_said": null,
    "from_piece": null
   },
   {
    "form": "8-K",
    "filed": "2026-09-01",
    "period": "2026-08-27",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000110465926104197/tm2624321d1_8k.htm",
    "what_it_said": null,
    "from_piece": null
   },
   {
    "form": "10-Q",
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    "period": "2026-06-30",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/cat-20260630.htm",
    "what_it_said": null,
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   },
   {
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    "filed": "2026-08-04",
    "period": "2026-08-04",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000040/cat-20260804.htm",
    "what_it_said": "On August 4, 2026, the company reported second-quarter sales and revenues of $20.5 billion, up 24 percent from $16.6 billion.",
    "from_piece": "https://grantbishop.pages.dev/pieces/two-kinds-of-price-rise"
   },
   {
    "form": "8-K",
    "filed": "2026-06-11",
    "period": "2026-06-10",
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   },
   {
    "form": "10-Q",
    "filed": "2026-05-06",
    "period": "2026-03-31",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000021/cat-20260331.htm",
    "what_it_said": null,
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   },
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   },
   {
    "form": "8-K",
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    "period": "2026-04-07",
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    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823024000053/cat-20240930.htm",
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   }
  ],
  "history": []
 },
 "market": {
  "rule": "Each figure is kept only where Massive and Yahoo agree on it to the cent; a figure they do not agree on is null. Dated, not live. The market value and the forward multiple are computed from the close.",
  "last_close": {
   "value": 558.63,
   "currency": "USD",
   "as_of": "2026-11-06",
   "providers": [
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    "Yahoo"
   ]
  },
  "day_range": {
   "low": 554.61,
   "high": 572,
   "currency": "USD",
   "as_of": "2026-11-06",
   "providers": [
    "Massive",
    "Yahoo"
   ]
  },
  "range_52_week": {
   "low": 537.08,
   "low_date": "2025-11-21",
   "high": 1073.46,
   "high_date": "2026-06-30",
   "sessions": 251,
   "currency": "USD",
   "as_of": "2026-11-06",
   "providers": [
    "Massive",
    "Yahoo"
   ]
  },
  "market_value": {
   "value": 255625833422,
   "currency": "USD",
   "as_of": "2026-11-06",
   "computed": "the last close times the shares outstanding on the filing cover",
   "shares": {
    "count": 457594174,
    "as_of": "2026-09-30",
    "form": "10-Q",
    "filed": "2026-11-04",
    "url": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000057/"
   }
  },
  "forward_multiple": null,
  "checked_at": "2026-11-10 00:45:40"
 },
 "exhibits": null,
 "mentions": [
  {
   "date": "2026-10-21",
   "slug": "two-kinds-of-price-rise",
   "headline": "Price rises need more than rising volume to help a company",
   "url": "https://grantbishop.pages.dev/pieces/two-kinds-of-price-rise",
   "line": null,
   "idea": {
    "id": "W-1",
    "text": null,
    "url": "https://grantbishop.pages.dev/claims/inflation-from-broken-supply"
   }
  }
 ],
 "note": "Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.",
 "license": "Free to cite with a link."
}