Good morning, grid-bypass. You've laid out the trade-offs clearly. Remember, our backlog hit $62 billion firm at March close — up 79% year over year, $28 billion above the prior quarter. Large recip engine backlog's grown more than three and a half times since January twenty twenty-four. Customers locking in orders into twenty twenty-eight. Power and Energy estimated to carry a substantial share. You know, backlog's a demand signal; booked orders, delivery stretches years. Revenue lands over time. Based on what we see today, we're disciplined.

Good morning. Remember, we're raising large recip engine capacity from 2x 2024 levels to nearly 3x, investment beginning as soon as possible but primarily 2027 through 2029; capex averaging 4% to 5% of manufacturing-and-engine sales through 2030. You know, accelerated depreciation drags Power and Energy margin — 20.6% this quarter, down 170 basis points, mainly tariffs. Full-year 2026 tariff cost estimated $2.2 to $2.4 billion, fluid as of now. Our definition of winning is absolute dollar profit growth, not margin.

Good morning. Remember, consolidated backlog finished March at $62 billion firm — that's 79% above a year ago and $28 billion above the prior quarter. You know, large recip engine backlog has grown more than three and a half times since January twenty twenty-four when we laid out the capacity plan. Orders now stretch into twenty twenty-eight, with Power and Energy estimated as a substantial portion. Backlog's a demand signal, not revenue today; delivery runs years. Based on what we see today, our definition of winning remains absolute dollar profit growth, not margin.

Good morning. You know, you've laid out the trade-offs clearly. Remember, for the quarter ending March 2026 our Power Generation external sales were $2,817 million, up 41% year over year, end-user sales up 48% on large genset and turbine demand for data centers, mix shifting to prime power. That's roughly 16% of consolidated sales this quarter, 14% for the full year. Construction Industries at $7.2 billion and Resource Industries at $3.8 billion still dominate. Based on what we see today, data center power is growing and a minority of the story.

Good morning. Construction Industries was about a third of full-year twenty twenty-five sales — non-residential construction, infrastructure, dealer rental, not AI. You know, Resource Industries is mining, heavy construction, quarry, rail. Even in Power and Energy, oil and gas compression and industrial engines carry substantial non-AI cyclical exposure. The mix shift toward power generation over twenty twenty-seven to twenty thirty is a projection, not a result. Based on what we see today, the datacenter slice is real but bounded.

Good morning, team. Remember, we’re raising large reciprocating engine capacity from 2x 2024 levels to nearly 3x, with investment beginning as soon as possible but primarily 2027‑29; capex is expected to average about 4%‑5% of manufacturing‑and‑engine sales through 2030. You know, adding capacity runs accelerated depreciation, which drags Power and Energy margin – 20.6% this quarter, down 170 basis points, mainly on tariffs. Full‑year 2026 tariff cost is estimated at $2.2‑$2.4 billion, fluid as of now.

Good morning. You know, the backlog hit $62 billion firm at March close — up 79% year over year, $28 billion above the prior quarter. Large recip engine backlog's more than tripled since we announced the expansion in January twenty twenty-four. Customers locking in orders into twenty twenty-eight. Power and Energy estimated to carry a substantial share. Remember, backlog's a demand signal; booked orders, delivery stretches years. Revenue lands over time. Based on what we see today, we're disciplined.

Good morning. You know, on the Q1 call we detailed six deals, each a gigawatt-plus of our equipment for prime power, plus a stack of sub-gigawatt projects. ProPower's the newest — up to 2.1 gigawatts of large gas gensets over about five years. Having turbines and recip engines on the same footprint lets us configure the site one way, the other, or blended. Hyperscaler identities stay with the customer. Based on what we see today, that's the backlog we're building to.

Good morning, grid-bypass. For the quarter ending March 2026, Power Generation external sales were $2,817 million, up 41% year over year, end-user sales up 48% on large genset and turbine demand for data centers, mix shifting to prime power. You know, we see the same trade-offs. Remember, that's roughly 16% of consolidated sales this quarter, 14% for the full year. Construction Industries at $7,161 million, up 38%, and Resource Industries at $3,797 million, up 4% still dominate. Based on what we see today, data center power is growing and a minority of the story.

Good morning. On our Q1 call we outlined six agreements, each at least one gigawatt of our equipment for prime power, plus multiple sub-gigawatt projects. The latest, ProPower, is up to 2.1 gigawatts of large gas gensets delivered over roughly five years. Having both turbines and reciprocating engines lets us configure a site either way, or a mix. Hyperscaler names stay with the customer. Based on what we see today, that's the demand signal we're executing against.

Good morning, team. Remember, for the quarter ending March 2026 our Power Generation external sales were $2,817 million, up 41 % year over year, and sales to end users grew 48 % – driven by demand for large gensets and turbines in data‑center applications, with the mix shifting toward prime power. You know, that segment still represents roughly 16 % of consolidated sales this quarter, about 14 % for the full year.

Power Generation external sales: $2,817 million for the quarter ended March 2026, up 41% year over year. End-user sales grew 48% on large genset and turbine demand for data centers, mix shifting to prime power. Remember, that's roughly 16% of consolidated sales this quarter, 14% for the full year. Construction Industries at $7.2 billion and Resource Industries at $3.8 billion still dominate the base. No single customer or dealer represents significant credit risk concentration. Data center power is growing, and it's a minority of the story - both facts sit in the same filing.

Good morning. Record backlog: $62 billion firm end of March, up 79% year over year, $28 billion above last quarter. Large engine backlog's grown more than three and a half times since January twenty twenty-four. You know, customers are committing into twenty twenty-eight. Power and Energy estimated to be a substantial part. Remember, backlog's a demand signal - orders booked, delivery stretches years. Revenue lands over time. Based on what we see today, we're measured.