COLUMBUS, Ind. – Cummins Inc. (NYSE: CMI) today reported results for the third quarter of 2026.
Highlights included:
- Third-quarter revenues of $9.4 billion; GAAP1 Net Income of $1,140 million, or 12.1% of sales
- EBITDA2 in the third quarter was a record 18.9% of sales; Diluted EPS of $8.25
- The company expects full-year revenue growth of approximately 10% and EBITDA of approximately 18.2%
- The company returned $661 million to shareholders in the third quarter in the form of cash dividends and share repurchases
“We delivered record EBITDA and earnings per share in the third quarter, led by continued strength in our Power Systems business,” said Jennifer Rumsey, chair and CEO of Cummins. “Global demand for power generation equipment remains exceptionally strong, driven by data center buildout. While the U.S. medium- and heavy-duty truck markets strengthened, customer orders in the pickup truck market have weakened. I’m proud of our employees’ focus on execution and confident our market-leading positions and broad portfolio will enable us to continue to deliver for customers, improve our financial performance cycle-over-cycle and return cash to shareholders.”
Third-quarter 2026 revenues of $9.4 billion increased 13% from the same quarter in 2025. Sales in North America grew 15% while international revenues, led by growth in China, increased 11%.
Net income attributable to Cummins in the third quarter was $1.14 billion, or $8.25 per diluted share, compared with $536 million, or $3.86 per diluted share, in 2025. Third-quarter 2025 results included $240 million, or $1.73 per diluted share, of Accelera non-cash charges. Third-quarter 2026 diluted EPS included $0.54 per share of favorable discrete tax items.
EBITDA in the third quarter was a record $1.8 billion, or 18.9% of sales, compared to $1.2 billion, or 14.3% of sales, a year ago. EBITDA for the third quarter of 2025 included costs noted above.
2026 Outlook:
Based on its current forecast, Cummins expects revenue growth of approximately 10% compared to our prior guidance of 10% to 13%. EBITDA margins are expected to be approximately 18.2%, consistent with our prior guidance range of 18% to 18.5%, and excluding charges related to the sale of the low-pressure fuel cell business in the first quarter.
Cummins plans to continue generating strong operating cash flow and returns for shareholders and is committed to our goal of returning 50% of operating cash flow back to shareholders.
“We have adjusted our full-year revenue and profitability guidance primarily due to continued weaker than expected pickup truck demand in North America, which impacted our third quarter and is expected to persist through the end of this year,” said Rumsey. “Global power generation and North America heavy duty truck demand remain strong, and we expect fourth quarter revenues to step up from third quarter levels and set a new record.”
Third Quarter 2026 Highlights:
- In July, Cummins increased its quarterly common stock cash dividend from $2.00 to $2.20 per share. The company has increased the quarterly dividend to shareholders for 17 consecutive years.
- In August, Cummins announced that its Power Generation business had been selected to supply battery energy storage systems (BESS) for a large U.S. data center project, supporting utility-defined requirements for managing AI-driven load fluctuations, mitigating load oscillations and enhancing ride-through performance. This announcement marks a significant milestone for Cummins’ BESS business as this project will be the company’s largest BESS deployment to date. It also reflects Cummins’ continued role in supporting the data center market with reliable, sustainable power solutions.
- Cummins made important progress preparing for the launch of its upcoming HELM™ engine platforms. During the quarter, it completed the 2026 Forever Rising Tour, giving more than 500 customers and dealers the opportunity to experience its 2027 X15 engine, alongside the X10 and natural gas X15N engines.
- Cummins was named as a World’s Top Disability Inclusive Business® for the sixth consecutive year, earning a top score of 100 on the Disability Index®.
Third Quarter 2026 Detail (all comparisons to same period in 2025)
Engine Segment
- Sales: $3.1 billion, up 20%
- Segment EBITDA: $422 million, or 13.5% of sales, compared to $261 million, or 10.0% of sales
- Revenues in North America increased 21% and international sales increased 18% due to stronger North American truck demand and construction demand in China.
Components Segment
- Sales: $2.9 billion, up 23%
- Segment EBITDA: $408 million, or 14.3% of sales, compared to $292 million, or 12.5% of sales
- Revenues in North America increased 35% and international sales increased 8% primarily due to stronger truck demand in the United States.
Distribution Segment
- Sales: $3.3 billion, up 4%
- Segment EBITDA: $461 million, or 13.9% of sales, compared to $492 million, or 15.5% of sales
- Revenues in North America increased 5% and international sales increased 4%, driven by increased demand for power generation products, particularly for data center applications.
Power Systems Segment
- Sales: $2.3 billion, up 15%
- Segment EBITDA: $582 million, or 25.4% of sales, compared to $457 million, or 22.9% of sales
- Revenues in North America increased 20% and international sales increased 11% driven primarily by increased power generation demand, particularly for data center markets in the United States, China and Asia Pacific.
Accelera Segment
- Sales: $103 million, down 15%
- Segment EBITDA loss: $56 million
- Revenues decreased primarily due to reduction in electrolyzer sales following the strategic review of this business. The company remains committed to pacing and focusing its zero-emissions investments on the most promising paths in order to ensure long-term success, while reducing the rate of ongoing EBITDA losses.
About Cummins Inc.
Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments — Engine, Components, Distribution, Power Systems and Accelera by Cummins — 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. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025.
Learn more at www.cummins.com.
1 Generally Accepted Accounting Principles in the U.S.
2 Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests
