CUMMINS (CMI) Company Report

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

Morningstar

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

Transcript

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

Transcript

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

Transcript

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

8-K

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

Press Release

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

Press Release

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

Press Release

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

8-K

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

8-K

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