Cummins Inc. Earnings Recaps
Q2 2026
Aug 6, 2026
Cummins' stock was essentially unchanged following second quarter results, reflecting mixed performance with growth in sales offset by margin pressures and cautious execution risks amid regulatory transitions.
Key takeaways
- Q2 sales reached a record $9.5 billion, up 9% year-over-year, driven by higher global demand in power generation and international construction markets.
- EBITDA grew to $1.7 billion but margins contracted to 17.5% from 18.4% a year ago, impacted by tariffs and increased variable compensation expenses.
- North American revenues increased 8%, despite a 4% decline in heavy-duty truck industry production; Cummins’ heavy-duty unit sales rose slightly by 2%.
- Power generation sales in North America surged 19%, supported by expanding data center demand and recently added manufacturing capacity.
- International revenue increased 12%, with China delivering a strong 30% sales growth fueled by data center expansion and robust truck markets.
Q1 2026
May 6, 2026
Cummins shares rose 9.0% following better-than-expected demand in power generation and international markets alongside an upward revision to full-year revenue and truck market guidance.
Key takeaways
- Q1 sales grew 3% year-over-year to $8.4 billion, led by strong power generation market demand, particularly from data centers.
- North America heavy- and medium-duty truck volumes declined significantly (down 16% and 19%, respectively), partially offset by favorable pricing and joint venture income.
- First quarter EBITDA was $1.3 billion (15.4%), including a $199 million charge related to the Low-pressure Fuel Cell business sale; adjusted EBITDA margin held near prior-year levels at 17.7%.
- International revenues rose 16%, with China sales up 19% driven by data center demand and OEM off-highway exports, alongside solid growth in India’s truck market aided by tax incentives.
- The company raised its 2026 sales outlook to 8-11% revenue growth (from 3-8%) and increased unit forecasts for North America heavy- and medium-duty trucks, citing stronger first half orders and improving market conditions.
Q3 2025
Nov 6, 2025
Cummins Inc. reported Q3 2025 sales of $8.3 billion, reflecting a 2% year-over-year decline primarily due to lower demand in North American heavy-duty trucks, yet offset by strength in power generation and light-duty markets.
Key takeaways
- EBITDA of $1.2 billion (14.3% margin) decreased from $1.4 billion (16.4% margin) a year ago, impacted by $240 million in noncash charges related to the electrolyzer business.
- Significant growth in North American power generation equipment revenue, up 27%, driven by strong data center demand.
- Strong international performance, particularly in China, where total revenues reached $1.7 billion, a 16% increase due to rising demand for medium- and heavy-duty trucks and power generation equipment.
- The company is enhancing its recovery strategy for tariff costs, though overall tariff impacts remain a negative factor year-over-year.
- Highlighted joint development of hybrid powertrains with Komatsu, aiming to accelerate decarbonization in mining operations.