Earnings summaries and quarterly performance for CUMMINS.
Executive leadership at CUMMINS.
Jennifer Rumsey
Detailed
Chief Executive Officer
CEO
Amy Davis
Detailed
Vice President and President – Accelera and Components
Jenny Bush
Detailed
Vice President and President – Power Systems
Mark Smith
Detailed
Chief Financial Officer
Srikanth Padmanabhan
Detailed
Executive Vice President and President – Operations
Board of directors at CUMMINS.
Bruno Di Leo
Detailed
Director
Carla Harris
Detailed
Director
Daniel Fisher
Detailed
Director
Gary Belske
Detailed
Director
John Stone
Detailed
Director
Karen Quintos
Detailed
Director
Kimberly Nelson
Detailed
Director
Matthew Tsien
Detailed
Director
Robert Bernhard
Detailed
Director
Thomas Lynch
Detailed
Lead Independent Director
William Miller
Detailed
Director
Research analysts who have asked questions during CUMMINS earnings calls.
Angel Castillo Malpica
Morgan Stanley
7 questions for CMI
Also covers: AGCO, ALSN, CAT +15 more
David Raso
Evercore ISI
7 questions for CMI
Also covers: CAT, CNH, DE +11 more
Jamie Cook
Truist Securities
7 questions for CMI
Also covers: ACM, AGCO, AME +17 more
Kyle Menges
Citigroup
7 questions for CMI
Also covers: AGCO, ALH, ALSN +11 more
Tami Zakaria
JPMorgan Chase & Co.
7 questions for CMI
Also covers: ADM, AGCO, ALSN +23 more
Steven Fisher
UBS
6 questions for CMI
Also covers: ACM, AGCO, BBCP +22 more
Noah Kaye
Oppenheimer & Co. Inc.
5 questions for CMI
Also covers: AAON, AMRC, BWA +16 more
Rob Wertheimer
Melius Research LLC
5 questions for CMI
Also covers: ALSN, AME, CAT +11 more
Chad Dillard
AllianceBernstein
4 questions for CMI
Also covers: CAT, DE, HUBB +6 more
Jerry Revich
Goldman Sachs Group Inc.
3 questions for CMI
Also covers: AGCO, ALSN, ATMU +28 more
Stephen Volkmann
Jefferies
3 questions for CMI
Also covers: AGCO, CARR, CAT +20 more
Timothy Thein
Raymond James
3 questions for CMI
Also covers: AGCO, ALSN, CAT +14 more
Cole Bardawill
Wolfe Research, LLC
2 questions for CMI
Also covers: ELME
Robert Wertheimer
Melius Research
2 questions for CMI
Also covers: ALSN, AME, CAT +12 more
Tim Thein
Raymond James Financial
2 questions for CMI
Also covers: AGCO, ALSN, CNH +9 more
Avinatan Jaroslawicz
UBS
1 question for CMI
Also covers: DY, MTZ, PRIM +1 more
Charles Albert Dillard
Bernstein
1 question for CMI
Also covers: CAT, DE, ETN +6 more
Jeffrey Kauffman
Vertical Research Partners
1 question for CMI
Also covers: ARCB, CHRW, CSX +12 more
Recent press releases and 8-K filings for CMI.
Cummins raises dividend amid Q3 revenue slip and truck order decline
CMI
Earnings
Dividends
Guidance Update
- Q3 2025 revenue of $8.3 billion, a slight year-over-year decline but above Wall Street estimates, driven by strong backup power and data center demand.
- Adjusted EPS of $5.59 vs. consensus $4.81, reflecting resilience despite non-cash impairment charges in the Accelera segment.
- Power Systems revenue up 18%, Distribution 7%, and Accelera 10% year-over-year in the quarter.
- Quarterly dividend raised to $2.00 per share, marking the 16th consecutive annual increase.
- Paused full-year guidance amid regulatory uncertainty, planning an update in February 2026.
Nov 7, 2025, 1:03 AM
Cummins reports Q3 2025 results
CMI
Earnings
Demand Weakening
Guidance Update
- Revenues of $8.3 billion in Q3 2025, down 2% year-over-year; EBITDA of $1.2 billion (14.3% of sales), or $1.4 billion (17.2%) excluding $240 million non-cash Accelera charges
- North America on-highway truck demand remains weak: heavy-duty unit sales down 38% and medium-duty down 55% year-over-year, with Q4 on-highway engine shipments expected to decline a further 15%
- Record power systems revenues of $2.0 billion (+18%) with a 22.9% EBITDA margin, and distribution revenues of $3.2 billion (+7%) with a 15.5% margin
- Strategic actions include a collaboration with Komatsu on hybrid mining powertrains and a review of the electrolyzer business following weaker green hydrogen demand
Nov 6, 2025, 3:00 PM
Cummins reports Q3 2025 earnings call highlights
CMI
Earnings
Guidance Update
New Projects/Investments
- Engine segment faces margin pressure from product changeovers, higher engineering costs, and lower volumes; management expects Q4 performance to be similar to Q3 levels as pressures bottom out.
- Power Systems achieved ~50% incremental margins in Q3 on a $200 million capacity expansion and record orders; further investments planned, but margin improvement will plateau.
- Data center business generated $2.6 billion revenue in 2024 (split evenly between PSBU and DBU) and is projected to grow 30–35% in 2025; capacity doubling for large engines is concluding and potential expansions into prime power and natural gas engines are under review.
- Accelera segment recorded non-cash impairment charges in Q3, mainly goodwill write-downs; electrolyzers account for less than half of losses, and cost-reduction measures are underway.
- E-mobility (primarily U.S. bus applications) has transitioned from negative to stable gross margins, while regulatory uncertainty for 2027 product launches persists and discussions with the EPA continue.
Nov 6, 2025, 3:00 PM
Cummins reports Q3 2025 earnings
CMI
Earnings
Demand Weakening
Guidance Update
- Sales of $8.3 B, down 2% YoY, driven by weaker North America truck demand, with EBITDA of $1.2 B (14.3% of sales) and $1.4 B (17.2% excl. $240 M electrolyzer charges)
- Heavy-duty engine sales fell 38% to 16 k units and medium-duty fell 55% to 17 k; North America power generation revenues rose 27% and international revenues increased 2%
- China revenues of $1.7 B, up 16%, and India revenues of $713 M, up 3%, supported by data-center and domestic market strength
- Tariff costs rose in Q3; Cummins is nearing full recovery of earlier tariffs but remains net negative, and expects a further 15% drop in on-highway engine shipments in Q4
- Accelera segment took $240 M non-cash charges on electrolyzer assets amid reduced incentives and slower market development, triggering a strategic review
Nov 6, 2025, 3:00 PM
Cummins announces Q3 2025 operating results
CMI
Earnings
Dividends
Guidance Update
- Third quarter net sales of $8.3 billion, down 2% year-over-year; GAAP net income of $536 million or $3.86 per diluted share.
- EBITDA of $1.2 billion, representing 14.3% of sales, down from 16.4% in Q3 2024.
- Recorded $240 million of non-cash charges ($1.73 per share) in the Accelera segment, driven by weaker electrolyzer demand.
- Quarterly dividend increased to $2.00 per share (from $1.82), marking the 16th consecutive year of dividend raises.
- Withholding financial outlook for the remainder of 2025; guidance will resume in February 2026.
Nov 6, 2025, 12:37 PM
Cummins reports Q3 2025 operating results
CMI
Earnings
Dividends
Accounting Changes
- Third quarter 2025 revenues of $8.3 billion; GAAP net income of $536 million (6.4% margin) and diluted EPS of $3.86
- EBITDA was $1.2 billion, or 14.3% of sales, including $240 million of non-cash Accelera charges ($1.73 per share)
- By segment, sales: Distribution +7% to $3.2 billion; Power Systems +18% to $2.0 billion; Engine −11% to $2.6 billion; Components −15% to $2.3 billion; Accelera sales $121 million with $336 million EBITDA loss
- Quarterly dividend increased from $1.82 to $2.00 per share; no outlook provided for the rest of 2025, guidance to resume in February 2026
Nov 6, 2025, 12:30 PM
Flagship Communities REIT expands presence in key markets
CMI
M&A
Debt Issuance
New Projects/Investments
- Flagship Communities Real Estate Investment Trust agreed to two strategic acquisitions totalling US$79 million, adding manufactured housing communities in Seymour, Indiana, and Greater Cincinnati, Ohio, expected to be immediately accretive to AFFO per unit.
- The Seymour community comprises 744 lots at 91.2% occupancy with room for 85 lot expansions; the Greater Cincinnati portfolio includes 496 lots across three sites at 65.5% occupancy.
- Financing includes US$45 million for Seymour (primarily new debt), US$34 million for Cincinnati (including assumption of US$14.3 million at 2.84% interest), all supported by a US$70 million unsecured term loan.
- These deals align with Flagship’s strategy to acquire under-performing communities with vacancy upside, driving economies of scale, occupancy growth, and lot-expansion opportunities.
Nov 3, 2025, 12:00 PM
Cummins Inc. raises quarterly dividend by 10%
CMI
Dividends
- The Board approved an increase in the quarterly common stock dividend from $1.82 to $2.00 per share, representing approximately a 10% rise, payable September 4, 2025.
- This marks the 16th consecutive year Cummins has raised its quarterly dividend; the record date is August 22, 2025.
Jul 15, 2025, 8:15 PM
Cummins Inc. Announces Senior Notes Debt Offering
CMI
Debt Issuance
- Debt issuance announcement: Cummins Inc. filed an 8‑K on May 9, 2025, to register and offer senior notes in three tranches totaling $2 billion—comprising $300M 4.250% Notes due 2028, $700M 4.700% Notes due 2031, and $1B 5.300% Notes due 2035.
- Indenture amendments: The filing includes supplemental indentures updating the Base Indenture from 2013, with new terms established in the Ninth and Eleventh Supplemental Indentures.
May 9, 2025, 12:00 AM
Cummins Initiates Senior Note Offering
CMI
Debt Issuance
- Cummins Inc. entered into an underwriting agreement to sell $300M of 4.250% Senior Notes due 2028, $700M of 4.700% Senior Notes due 2031, and $1B of 5.300% Senior Notes due 2035 in a public offering.
- The offering is expected to close on May 9, 2025, with the Notes registered under a Form S-3 filed on February 13, 2025.
May 7, 2025, 12:00 AM
Quarterly earnings call transcripts for CUMMINS.
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