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Cummins
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Latest analysis
Updated Nov 5, 2026
Cummins delivers record Q3 EBITDA of $1.8B at 18.9% margin on 13% revenue growth, driven by data center power generation surge offsetting pickup truck weakness.
Cummins posted record quarterly EBITDA of $1.8 billion (18.9% margin) in Q3 2026 on revenues of $9.4 billion, up 13% year over year, with Power Systems delivering record segment revenues of $2.3 billion at a 25.4% EBITDA margin. Data center demand is the dominant growth engine, with global power generation orders extending into the second half of 2028 and international data center order intake now on par with North American demand. Full-year revenue guidance was tightened to approximately 10% growth — the lower end of the prior range — primarily due to pickup truck volume shortfalls, while EBITDA margin guidance of approximately 18.2% held within the prior range.
Tone: bullishRevenue
$33.7B
CMI 10-K · FY 2025
Employees
67,400
Revenue FY2024
$34.1B
Founded
1919
Profile
CMI 10-K Item 1 · Feb 10, 2026Cummins Inc. is a global power technology company founded in 1919 that designs, manufactures and distributes diesel, natural gas, electric and hybrid powertrains, power generation systems, and critical drivetrain components across five reportable segments. The company serves OEMs, distributors, dealers and end customers in more than 190 countries through approximately 640 distributor locations and over 13,000 certified dealer locations. Its Destination Zero strategy aligns commercial growth with decarbonization commitments across the energy transition.
Read filing description ↓ Collapse description ↑
We are a global power leader committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five reportable segments - Engine, Components, Distribution, Power Systems and Accelera - offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers' needs, supporting them through the energy transition with our Destination Zero strategy. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 640 wholly-owned, joint venture and independent distributor locations and more than 13,000 Cummins certified dealer locations in approximately 190 countries and territories. The Engine segment manufactures diesel, natural gas and gasoline-powered engines for heavy-duty truck, medium-duty truck and bus, light-duty automotive and off-highway markets. The Components segment designs and manufactures drivetrain systems, aftertreatment, turbochargers, fuel systems, valvetrain technologies, automated transmissions and electronics. The Distribution segment operates as the primary sales, service and support channel globally. The Power Systems segment provides standby and prime power generators, high-horsepower engines for mining, oil and gas, marine, rail and defense, and alternator products. The Accelera segment develops electrified power systems including battery and electric powertrain technologies, though the company has announced it will cease new commercial activity in the electrolyzer space following full impairment of electrolyzer goodwill in 2025.
Primary products
- Diesel engines
- Natural gas engines
- Gasoline-powered engines
- Electric and hybrid powertrains
- Aftertreatment systems
- Turbochargers
Business segments
End markets
Geographies
Named customers
PACCAR is our largest customer, accounting for 13 percent of our consolidated net sales in 2025, 16 percent in 2024 and 16 percent in 2023.
Named competitors
“Our products primarily compete on the basis of performance, price, total cost of ownership, fuel economy, emissions compliance, speed of delivery, quality and customer support.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net sales declined from $34.1 billion in 2024 to $33.7 billion in 2025, driven primarily by lower Engine and Components segment volumes partially offset by strong growth in Distribution and Power Systems.
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