Cummins Inc. Q1 2026 Earnings Recap

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.