Cummins Inc. Earnings Recaps
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.