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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“they both Cat and Cummins have announced expansion plans for capacity in those diesel engine -- in the diesel engine production capacity that will come online in the next several years”
Cummins is one of the dominant large-bore diesel engine manufacturers expanding capacity to serve data center backup power demand, a market Generac is now entering as a competitor.
“We continue to scale private networks, winning work with Xerox, Cummins, Inc., FIFA and, more recently, the U.S. Air Force.”
Verizon named Cummins as a private-networks customer win as it continues scaling its private wireless network business.
“And my second question is on the investments for Amplify. The JV you have with Cummins and Daimler. Do you think you could revisit that -- the whole idea could be rethought at this point given the current administration shift away from BEVs.”
PACCAR's Amplify Cell Technologies battery joint venture includes Cummins and Daimler; management reaffirmed full commitment to the venture despite the new administration's shift away from BEVs.
“we have an important partnership with Eaton, as you noted, in the Eaton Cummins joint venture.”
Cummins reaffirmed its Eaton Cummins automated-transmission JV partnership after Eaton signaled a potential spin-off of that business.
“Additionally, we announced a collaboration with Komatsu to develop hybrid powertrains for surface hauling mining equipment.”
Cummins is collaborating with Komatsu to develop hybrid powertrains for surface mining haul equipment, leveraging Komatsu's global scale.
“We acquired the assets of First Mode, a leader in retrofit hybrid solutions for mining and rail operations.”
Cummins acquired the assets of First Mode to add retrofit hybrid powertrain technology for mining and rail decarbonization.
“We shipped 40,000 engines to Stellantis for use in their Ram pickups in the third quarter of 2025, up 44% from 2024 levels, driven by a ramp-up of model year '25 product, which was launched earlier this year.”
Cummins' engine shipments to Stellantis for Ram pickups rose 44% year over year, a positive read-through on Ram model-year 2025 production volumes at Stellantis.
“In September, we announced a collaboration with Komatsu to develop hybrid powertrains for surface haulage heavy mining equipment.”
Cummins and Komatsu are jointly developing hybrid powertrains for heavy mining equipment, a read-through on Komatsu pursuing decarbonization retrofits for its installed mining fleet.
“We're continuing to move forward with our partners in the Amplify Cell joint venture here in the U.S. with commercial vehicle cell and pacing investments in that together as well.”
Cummins continues pacing investment in the Amplify Cell battery joint venture alongside its partners, even as broader electrification spending slows.
“We shipped 34,000 engines to Stellantis for use in the Ram pickups in the second quarter of 2025, down 18% from 2024 levels.”
Cummins' engine shipments to Stellantis for Ram pickups fell 18% year-over-year, reflecting softer demand at the customer's light-duty truck program.
“Lastly, our Accelera by Cummins segment announced a supply of 100 megawatts proton exchange membrane or PEM electrolyzer system for bp's Lingen green hydrogen project in Germany.”
bp is building out a large green hydrogen project in Germany and turned to Cummins' Accelera unit for its electrolyzer system, a signal of continued capex on bp's hydrogen/decarbonization initiatives.
“We shipped 29,000 engines to Stellantis for use in their ramp pickups in the first quarter of 2025, down 25% from 2024 level.”
Cummins' engine shipments to Stellantis for Ram pickups fell 25% year-over-year in Q1 2025, reflecting the broader North America truck market softness Cummins described.
“Cummins also successfully completed the separation of our Filtration business, Atmus Filtration Technologies. Cummins will continue its focus on advancing innovative power solutions while Atmus is now well positioned to pursue its own plans for profitable growth.”
Cummins completed the tax-free spinoff of its Filtration business as independent public company Atmus Filtration Technologies, generating a $1.3B gain and reducing Cummins shares outstanding by ~5.6 million.
“We're starting to see customers adopt. PACCAR has launched it. Daimler Trucks will launch that 15-liter natural gas this year.”
Daimler Trucks plans to launch Cummins' 15-liter natural gas HELM engine this year, another customer-adoption signal for the platform.
“We're starting to see customers adopt. PACCAR has launched it. Daimler Trucks will launch that 15-liter natural gas this year.”
PACCAR has launched Cummins' new HELM natural gas engine platform, an early customer-adoption signal for the fuel-flexible engine family.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Kyle Menges | Citigroup | 11 (9%) |
| Jamie Cook | Truist Securities | 11 (27%) |
| Dave Raso | Evercore ISI | 10 (10%) |
| Angel Castillo | Morgan Stanley | 10 (0%) |
| Tim Thein | Raymond James | 9 (11%) |
| Tami Zakaria | JPMorgan | 9 (0%) |
| Steve Fisher | UBS | 9 (0%) |
| Jerry Revich | Wells Fargo | 8 (13%) |
| Chad Dillard | Bernstein | 8 (0%) |
| Rob Wertheimer | Melius Research | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 2 | 11 (0%) |
| Citigroup | 1 | 11 (9%) |
| Truist Securities | 1 | 11 (27%) |
| Morgan Stanley | 1 |
| 10 (0%) |
| Evercore ISI | 1 | 10 (10%) |
| Raymond James | 1 | 9 (11%) |
| JPMorgan | 1 | 9 (0%) |
| Bernstein | 1 | 8 (0%) |
Cummins closed FY2025 with Q4 revenue of $8.5 billion, up 1%, and reported adjusted EPS of $5.81 excluding Accelera charges, while data center revenue reached $3.5 billion for the full year. The company reinstated forward guidance for FY2026 at revenue growth of 3-8% with EBITDA margins of 17-18%, having withdrawn guidance three quarters earlier. Power Systems and Distribution delivered record profitability despite the sharp truck downturn, and EPA 2027 NOx rules were confirmed, enabling product launch planning.
Margin | Cloud & AI | Demand | Trade Tariffs | Innovation & R&D | Regulation Policy | Pricing | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 5 | 5 | 1 | 3 | 1 | 2 | 1 |
| 2025Q1 | 4 | 4 | 4 | 9 | 1 | 3 | 3 | 1 |
| 2025Q2 | 8 | 6 | 6 | 3 | 3 | 4 | 4 | 1 |
| 2025Q3 | 6 | 8 | 1 | 5 | 6 | 2 | 1 | |
| 2025Q4 | 5 | 4 | 3 | 5 | 2 | 2 | 2 | 3 |
| 2026Q1 | 6 | 6 | 1 | 1 | 3 | 1 | 5 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 7 | 4 | 8 | 6 | 5 | 6 |
| Cloud & AI | 5 | 4 | 6 | 8 | 4 | |
| Demand | 5 | 4 | 6 | 1 | 3 | 6 |
| Trade Tariffs | 1 | 9 | 3 | 5 | 5 | 1 |
| Innovation & R&D | 3 | 1 | 3 | 6 | 2 | 1 |
| Regulation Policy | 1 | 3 | 4 | 2 | 2 | 3 |
| Pricing | 2 | 3 | 4 | 2 | 1 | |
| Product Launch | 1 | 1 | 1 | 1 | 3 | 5 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CMI Cummins | 7 | +2.7% | |
| AME Ametek | 8 | +11.3% | |
| AOS A. O. Smith | 1 | -1.9% | |
| DOV Dover Corporation | 7 | +10.1% | |
| EMR Emerson Electric | 6 | +2.9% | |
| ETN Eaton Corporation | 8 | +16.8% | |
| GNRC Generac | 9 | +12.4% | |
| HWM Howmet Aerospace | 9 | +19.1% | |
| IEX IDEX Corporation | 8 | +8.9% | |
| IR Ingersoll Rand | 5 | +7.6% | |
| ITW Illinois Tool Works | 7 | +4.6% | |
| NDSN Nordson Corporation | 9 | +8.5% | |
| OTIS Otis Worldwide | 4 | +6.5% | |
| PH Parker Hannifin | 8 | +10.6% | |
| PNR Pentair | 6 | +2.6% | |
| ROK Rockwell Automation | 9 | +11.8% | |
| ROP Roper Technologies | 8 | +11.3% | |
| XYL Xylem Inc. | 5 | +2.7% |