Steve Volkmann

how you're thinking about your longer-term 6% to 8% growth target

where are you relative to capacity and capacity additions for the data center business

the mid-single-digit growth forecast kind of unchanged, but it feels like some of the industry forecasts around things like truck have deteriorated

it looks like margin is also going to be sort of on the upswing here as the year progresses

how the services business kind of impacts Cat directly rather than the dealers

what you're seeing from competitors

are you basically kind of sold out at this point

how are you seeing the data center business now?

The Engine incrementals this year are sort of low teens, I guess, if I'm doing my math right

I'm curious if you think that is sort of the right margin level that we should be thinking about as we start modeling forward?

do you have pricing flexibility in that backlog if you need it? Can you reprice this stuff, if necessary before delivery?

Do you have targets relative to the types of unit volumes you might expect either on the nat gas side or on any of the other

can you just talk a little bit more about the Accelera restructuring? And how have you changed the focus of that business?

how are you thinking about offsetting that and over what period would you think that perhaps you'd be able to kind of recapture that?

Is it your ultimate goal to price so that you protect margin -- or is it your ultimate goal to sort of cover the dollars that tariffs might sort of add

how you're thinking about sort of having confidence in the bottoming process for the end market activity

how do you view that business now? Anything different that you feel like you want to do

are there any changes in kind of product mix or end market mix that we should be aware of relative to how that might impact margins?

It sounds like, from your commentary around end markets, that growth is broadening out. Are you expecting growth to continue to accelerate?

Are there competitors out there that are not raising prices as they should, or is anyone doing anything competitively that is holding this back?

as you look at your e-business, those trends have been decelerating now for a while, and I guess it's been fairly flat as a percent of total. Do you expect that to start to reaccelerate going forward?

I'm curious how you use this data. Is this percentage something that you're trying to manage

anything in October to call out relative to how we should think about top line for the fourth quarter?

Do you try to sort of smooth this out for your customers, or does it just become very

how should we think about operating expenses? I assume you'll have the normal increase in employee costs

Are you seeing competitors do more or less pricing, be able to pass through diesel, or having issues getting anything?

Would you say any of these were specifically benefiting from share gains more than the others, or is it more broad-based?

Any potential that you saw some customers buying a little extra inventory given uncertainty around price and availability?

Do you think your suppliers are kind of where they need to be? Or do you think there's a good chance that we'll see additional sort of pass-throughs

is the message that you've now priced for all the tariff increases that you've seen

I think you also talked about in your private label business, some headwinds, competitive kind of headwinds

was there any aspect of that, that would be -- I think your word was speculative? Did you try to get ahead of any of this

Is there anything qualitative you can say around how that asset specifically is performing

is this all more like what we've seen year-to-date

is there anything that you can see now that would make that different in 2026

does that change anything in terms of how you manage your capital deployment

are you seeing sort of quoting activity? Have you had any kind of orders that you might ascribe to that trend

is there something else going on with footprint or headcount or anything

it also doesn't seem like you're really sort saying the second quarter will be weaker and we'll sort of grow into it

I think you talked, Vik, about like $150 million or something of pricing. Is that pretty much even in the 2 segments

you have sort of two competing targets here relative to margins, especially on PST, but also continuing to drive

I know you talked about incrementals 45%, 50%. Should we think about those pretty similarly, Vik, in both of the segments

it sounded like there was a margin thing that happened in the quarter that was very specific

that QSR comment kind of caught my attention. Do you think that, that market is actually turning

are you seeing suppliers raising prices and you're kind of able to offset that however you choose?

China was obviously really good for you guys this quarter. I'm wondering if you might be able to drill in there

your volumes must be down like low to mid-single digits or something

amazing to see 140 bps of growth on 6% decline in revenue

Just anything on the tax rate? I know that was a little benefit in the first quarter

if there's anything you want to say relative to the second quarter that might be different than normal seasonality

Wondering if there is a segment or maybe just even a couple of very specific projects that you could call out that kinda illustrate the power of WebCVI.

can you just maybe call out where this top and bottom kind of impact would be from enterprise initiatives on the appointment level?

applied and I guess large chiller specifically, I'm guessing things are fairly tight

where are you on sort of utilizing these folks? Is there still upside to that?

I'm just curious if you've changed the way you're thinking about those opportunities given the realities of sort of the world today

you mentioned some spending on ERP and AI targeted. Just any details? Those sound like interesting potential projects

it sounded like from Alok's comments that maybe the mix was negative. So was price like a little stronger and mix perhaps a little bit negative

are there any signs of just kind of price pushback in the sense that affordability is just getting tough for some people, and therefore, they're perhaps looking to trade down

Can you comment about the mix you are seeing relative to vocational versus over-the-road as the second half ramps up

Is there anything on your radar that could actually constrain the second half build

I know you give average prices in the 10-Q. Do you have those available for truck and parts

if the demand were stronger, would you be willing to flex up to meet it

Have you guys communicated to your customers and maybe even if you are willing to us what the price increase associated with that will be

I'm just curious if you can comment on sort of directionally, is that market, do you think a growth market going forward

Assuming nothing changes on 232, they just – that doesn't happen and what's in place today stands

I'm curious how you're thinking about the potential for prebuys. And now it feels like there could be two flavors here

have you guys announced or started telling your customers kind of the order of magnitude of the expected price increase for the 2027 regulations

if you're seeing more inquiries as other manufacturers try to rejigger their supply chains

is the fact that you stepped up on repo, maybe telling us that the M&A is a little maybe further out and we should factor in a little more repo near-term

Is there any more detail relative to the types of products or perhaps the types of competitors where you're seeing this

it sounds like what you're saying is the services kind of recovers in that scenario. And I'm trying to figure out how I should think about that impacting margins?

When should we start to expect sort of more leverage on SG&A?