Cummins Reports Record Second Quarter 2026 Results and Raises Full-Year Guidance

Columbus, Indiana — August 4, 2026 — Cummins Inc. (NYSE: CMI) today announced financial results for the second quarter of 2026. The company's second-quarter revenue reached a new high, and it raised its full-year 2026 revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) guidance.

Second Quarter Key Financial Data

• Revenue: $9.5 billion, up 9% year over year, marking the highest second-quarter revenue in company history.
• North America sales increased 8% year over year; international revenue increased 12% year over year, driven primarily by growth in China.
• Net income attributable to Cummins: $932 million, or 9.9% of sales; compared with $890 million in the same period in 2025.
• Diluted earnings per share: $6.73; compared with $6.43 in the same period in 2025.
• EBITDA: $1.7 billion, or 17.5% of sales; compared with $1.6 billion, or 18.4% of sales, in the same period in 2025.
• Second-quarter tax rate: 25.1%, including an unfavorable discrete tax item of $29 million ($0.21 per share).
• Shareholder returns: Returned $501 million to shareholders through cash dividends and share repurchases in the second quarter.

Management Commentary

Cummins Chairman and CEO Jennifer Rumsey said: “Cummins again delivered record results this quarter, reflecting strong data center backup power orders and continued improvement in the North American truck market. Rising demand and disciplined execution drove our record performance, and we continued to operate steadily in a complex macroeconomic environment. We are raising our full-year outlook and expect second-half performance to be stronger than the first half. With greater clarity in the U.S. on-highway market regulatory environment and continued momentum in key markets, we are well positioned to deliver value to customers and achieve profitable growth.”

Full-Year 2026 Outlook

Based on current forecasts, Cummins is raising its full-year 2026 revenue guidance to year-over-year growth of 10% to 13%, from previously expected year-over-year growth of 8% to 11%, primarily due to stronger-than-expected demand in several markets, including the North American on-highway market, China construction machinery, and power generation.

EBITDA is expected to be in the range of 18.0% to 18.5%, compared with previous guidance of 17.75% to 18.5%; this figure excludes costs related to the sale of the fuel cell business in the first quarter.

The company said it plans to continue generating strong operating cash flow and remains committed to its long-term strategic goal of returning 50% of operating cash flow to shareholders.

Rumsey added: “As demand in several key markets continues to exceed expectations, we are raising our 2026 financial outlook. The North American truck market continues to improve, and data center power generation demand remains strong. Our market-leading position and global workforce enable us to capture these trends, meet customer needs, invest in future growth, and continue delivering solid returns to shareholders.”### Performance by Business Segment (Compared with the Same Period in 2025)

Engine Business Segment

• Sales: $3.1 billion, up 6% year over year.
• Segment EBITDA: $386 million, or 12.5% of sales; compared with $400 million, or 13.8% of sales, in the same period in 2025.
• North America revenue increased 1% year over year, and international sales increased 23% year over year, mainly driven by strengthening demand for construction machinery in China.

Components Business Segment

• Sales: $2.9 billion, up 7% year over year.
• Segment EBITDA: $381 million, or 13.2% of sales; compared with $397 million, or 14.7% of sales, in the same period in 2025.
• North America revenue increased 6% year over year, and international sales increased 8% year over year, mainly driven by improving truck demand in the United States and China.

Distribution Business Segment

• Sales: $3.3 billion, up 9% year over year.
• Segment EBITDA: $451 million, or 13.6% of sales; compared with $445 million, or 14.6% of sales, in the same period in 2025.
• North America revenue increased 13% year over year, and international sales increased 1% year over year, mainly driven by rising demand for power generation products, especially in data center applications.

Power Systems Business Segment

• Sales: $2.3 billion, up 19% year over year.
• Segment EBITDA: $552 million, or 24.5% of sales; compared with $430 million, or 22.8% of sales, in the same period in 2025.
• North America revenue increased 19% year over year, and international sales increased 19% year over year, mainly driven by growing power generation demand, especially in the data center markets in the United States, China, and Asia Pacific.

Accelera Business Segment

• Sales: $145 million, up 38% year over year.
• Segment EBITDA loss: $69 million.
• Revenue growth was mainly driven by rising demand in the electric mobility business. The company said it will continue to advance zero-emissions investments with discipline and focus, concentrating on the most promising technology paths to support the long-term success of its Destination Zero strategy, while slowing the pace of widening EBITDA losses.

The company's overall and certain segments' EBITDA margins declined year over year, mainly due to higher incentive compensation tied to expected record performance for the full year. The company expects EBITDA margins in the second half of 2026 and for the full year to be higher than the same periods in 2025.

Key Strategic and Business Developments in the Second Quarter

• Increase Quarterly Dividend: The company announced an increase in its quarterly common stock cash dividend from $2.00 per share to $2.20 per share. The company has raised its quarterly dividend for 17 consecutive years.
• 2026 Analyst Day: In May, Cummins hosted its 2026 Analyst Day and raised its 2030 financial targets, reflecting the effectiveness of its strategy, a stronger market position, and rising demand in key markets. The company also announced measured capacity and product investments in mining and power generation to further strengthen the foundation for long-term growth in areas where it already has advantages.
• Data Center Microgrid Collaboration: In June, Cummins announced an agreement with Circe Energy to provide a series of natural gas generator sets for its high-performance computing (HPC) data center in Texas, USA, to support a scalable on-site (behind-the-meter) primary power microgrid solution. Deliveries are planned from 2026 to 2030 and involve Cummins HSK78 and QSK60 generator set platforms. This collaboration reflects Cummins’ expanding role in the North American data center market, using natural gas generator sets and integrated microgrid control solutions to address grid capacity constraints, improve reliability, and enable rapid-start response capabilities amid rapidly growing AI demand.
• 2027 North America On-Highway Product Launch Plan: Following the U.S. Environmental Protection Agency’s (EPA) proposal of upcoming emissions regulatory changes, Cummins announced an updated 2027 model year North America on-highway product launch plan. The company will launch all-new X10 and X15 engines through an orderly production ramp-up, while keeping some existing products available in 2027. The plan is designed to meet the requirements of the proposed regulatory framework, support customer production schedules, and allow more time for a paced ramp-up, helping the industry transition smoothly. Cummins recently showcased these new platforms through its nationwide Forever Rising Tour, providing customers with hands-on experience and direct engagement opportunities with the latest powertrain technologies.

About Cummins Inc.Cummins Inc. is a global power solutions company committed to powering a more prosperous world. Since 1919, the company has continued to provide innovative solutions that power the movement of people, goods, and economic development. Cummins has five business segments: Engine, Components, Distribution, Power Systems, and Accelera by Cummins. Its product portfolio includes advanced diesel, electric, and hybrid powertrains; integrated power generation systems; key components such as aftertreatment, turbochargers, fuel systems, control systems, transmissions, axles, and brakes; and zero-emission technologies such as batteries and electric powertrain systems. With a global footprint, deep technical expertise, and an extensive service network, the company provides customers with reliable, tailored solutions and supports customers through the energy transition with its Destination Zero strategy. Through its global corporate responsibility priorities—education, equity, and the environment—Cummins creates value for customers, investors, and employees and helps communities develop. The company is headquartered in Columbus, Indiana, U.S., with approximately 67,400 employees worldwide and 2025 sales of $33.7 billion and net income of $2.8 billion. For more information, visit www.cummins.com.

Forward-Looking Statements

The content of this press release that is not purely historical information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's forecasts, guidance, preliminary results, expectations, hopes, beliefs, and future strategic intentions. Forward-looking statements include, but are not limited to, statements relating to the company's revenue and EBITDA plans and expectations. Due to a variety of factors, the company's actual future results may differ materially from those projected in the forward-looking statements above. These factors include, but are not limited to: any adverse consequences arising from the company's settlement with the U.S. Environmental Protection Agency, the California Air Resources Board, the U.S. Department of Justice Environment and Natural Resources Division, and the California Attorney General's Office regarding civil regulatory claims related to the certification and compliance processes for emissions for certain engines used primarily in pickup applications in the United States (which settlement became effective and final in April 2024), including required additional emission reduction projects, adverse reputational impacts, and possible legal actions; increased regulatory scrutiny and unpredictability in the adoption, implementation, and enforcement of global emissions standards; the evolution of environmental and climate change legislation and regulatory initiatives; any adverse consequences of tariff changes and other trade disruptions; changes in international, national, and regional trade laws, regulations, and policies; relaxation of emissions regulations; tax changes; global legal and ethical compliance costs and risks; future bans or restrictions on diesel-powered products; price volatility and supply shortages of raw materials, transportation, and labor; matching the company's capacity and production to demand; actions and earnings of joint ventures and other investees; and other factors.

EBITDA Definition: Earnings (loss) before interest, taxes, depreciation and amortization, adjusted for noncontrolling interests.Source: Cummins Inc. Investor Relations page (investor.cummins.com)