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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q1 call day (May 5, 2026) through the next call day (Aug 4, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro Signals
→Trade & Tariffs↑AI & Tech→Enterprise Spending
Cummins reported Q1 revenue of $8.4 billion, up 3% year-over-year, while GAAP EPS of $4.71 was depressed by $1.44/share related to the sale of the low-pressure fuel cell business. Excluding that charge, adjusted EPS reached $6.15, up 3% from the prior year, and EBITDA (ex-charge) was $1.5 billion at 17.7% of sales. The company significantly raised full-year revenue guidance from 3-8% to 8-11% growth driven by Power Systems data center demand, while EBITDA margin guidance was lifted to 17.75-18.5%.
Key Themes7
positive📊 company
Power Systems Record EBITDA On Data Center Demand
Power Systems revenues up 19% with record EBITDA at 29.5% of sales versus 23.6% a year ago, driven by data center demand and positive pricing.
Revenue GrowthMargin
negative📊 company
North America Truck Market Weakness
North America revenues decreased 6%. Industry heavy-duty production down 23% and medium-duty down 20% from 2025 levels, weighing on Engine and Components segments.
DemandRevenue Growth
positive📊 company
Broad-Based Full-Year Guidance Raise
Revenue guidance raised from up 3% to 8% to up 8% to 11%. EBITDA margin guidance raised to 17.75% to 18.5%. Improved outlook across all segments.
Guidance ReliabilityRevenue Growth
mixed📊 company
Accelera Restructuring And Fuel Cell Divestiture
Completed sale of Low-pressure Fuel Cell business with $199 million net charge. Ex-charge Accelera EBITDA loss improved to $78 million from $86 million a year ago. Full-year loss guidance improved.
Capital AllocationCost Pressure
positive🏢 sector
Data Center Power Generation Surge Globally
North America power generation revenue up 23%. China power generation sales up 84%. Global power generation guidance raised to up 15% to 25% from prior 10% to 20%.
Cloud & AIDemand
mixed📊 company
EPA 2027 Regulatory Uncertainty And B Series Delay
Delayed B Series medium-duty engine launch to January 2028 due to late EPA rule changes. X15 and X10 heavy-duty launches still planned for 2027. Working closely with EPA on revised regulation.
Regulation PolicyProduct Launch
positive🌍 macro
China Revenue Acceleration Across End Markets
China revenues including joint ventures were $2.1 billion, up 19% year-over-year. Full-year China outlook improved from down 1% to up 10%, driven by data center demand and strong off-highway exports.
CompanyFiscal year ends DecMost recent earnings call: Aug 4, 2026 (FY2026 Q2)Est. next earnings call: Nov 5, 2026
7/ 10
FY2026 Q1Positive+1.0 vs FY2025 Q4
Calendar quarter Q1 2026Earnings call May 5, 2026
FY2026 Q1 in brief
Cummins reported Q1 revenue of $8.4 billion, up 3% year-over-year, while GAAP EPS of $4.71 was depressed by $1.44/share related to the sale of the low-pressure fuel cell business.
PositivePower Systems Record EBITDA On Data Center Demand
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
6%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Cummins (CMI), FY2026 Q1: 7/10. Scores: Cummins’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CMI daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Op margin
Net margin
FCF
FY2024 Q4
$8.45B
-1.1%
$3.02
+130.0%
24.1%
8.7%
4.9%
$882M
FY2025 Q1
$8.17B
-2.7%
$5.96
-57.5%
26.4%
13.9%
10.1%
$-165M
FY2025 Q2
$8.64B
-1.7%
$6.42
+22.1%
26.4%
14.2%
10.3%
$554M
FY2025 Q3
$8.32B
-1.6%
$3.85
-34.3%
25.6%
12.0%
6.4%
$1.01B
FY2025 Q4
$8.54B
+1.1%
$4.27
+41.4%
22.9%
7.5%
6.9%
$990M
FY2026 Q1Selected
$8.40B
+2.7%
$4.71
-21.0%
26.7%
11.3%
7.8%
$120M
FY2026 Q2
$9.46B
+9.4%
$6.73
+4.8%
26.1%
13.5%
9.9%
$1.25B
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“All-in net earnings for the quarter were $654 million or $4.71 per diluted share, which included $1.44 per diluted share related to the sale of the Low Pressure Cell business. Excluding the sale, net earnings were $853 million or $6.15 per share”
Revenue
“Sales for the first quarter were $8.4 billion, an increase of 3% compared to the first quarter of 2025”
Guidance
“raising our forecast for total company revenues in 2026 to a range of up 8% to 11% compared to our prior guidance of up 3% to 8%”
Key metric
“EBITDA was $1.3 billion or 15.4%, which included a net charge of $199 million related to the sale of our Low-pressure Fuel Cell business. Excluding this net charge, EBITDA was $1.5 billion or 17.7%”
Mentions6
What CMI and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We are really pleased with the engine development programs that are ongoing for us, and we are watching how it is going with our partner Cummins.”
PACCAR continues engine development with supplier/partner Cummins ahead of the 2027 EPA emissions standard, a signal on Cummins' ongoing engine programs.
“And then I think Tesla has taken a few orders for the semi.”
company-level, not the selected quarter
GAAP revenue YoY +2.74% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base5Base 5GAAP revenue YoY +2.74% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion.+EPS0EPS 0GAAP EPS YoY -20.97% vs rev YoY 2.74%, spread -23.71 percentage points. Distorted by $199M ($1.44/share) net charge from Low-pressure Fuel Cell business sale. Management states ex-charge EPS $6.15 vs $5.96, +3.19% YoY. Ex-charge spread: 3.19 - 2.74 = +0.45 percentage points, inside +/-5 percentage points. OI also includes the charge (OI $949M; ex-charge OI $1,148M vs $1,134M = +1.23% YoY, spread -1.51 percentage points, inside +/-5 percentage points). Both ex-charge measures confirm no margin signal -> 0.+Guidance+2Guidance +2Revenue growth guidance raised from 3-8% (mid 5.5%) to 8-11% (mid 9.5%). FY2025 revenue $33,670M; dollar midpoints: prior $33,670M x 1.055 = $35,522M, new $33,670M x 1.095 = $36,868M. Change: (36868 - 35522) / 35522 = 3.79%, >= 3% -> +2. EBITDA margin also raised to 17.75-18.5%.=Final7
How this score was built
Base5Base 5GAAP revenue YoY +2.74% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion.+
727.59
407.98
4
6
7
Oct 25Oct 26
An analyst notes Tesla has taken some Semi orders, framing electric-truck demand context against which Cummins' powertrain demand is discussed.
Alstomnot trackedFY2026 Q1Divestiture
“we completed the sale of the Low-pressure Fuel Cell business to Alstom, representing another step in reducing operating losses in Accelera”
Cummins sold its Low-pressure Fuel Cell business to Alstom, part of restructuring its Accelera zero-emissions segment to cut losses.
Stellantisnot trackedFY2026 Q1Customer
“We shipped 30,000 engines to Stellantis for use in the RAM pickups in the first quarter of 2026, up 4% from 2025 levels.”
Stellantis remains a meaningful Cummins engine customer for RAM pickups, with shipments up 4% year-over-year.
Mack Trucksnot trackedFY2026 Q1Customer
“In March, Mack Trucks announced the integration of the Cummins X10 engine into the Mack Granite Chassis.”
Mack Trucks adopted the Cummins X10 engine for its Granite vocational platform, a customer win expanding Cummins' engine placement in vocational trucks.
Komatsunot trackedFY2026 Q1Partner
“This pilot represents our first retrofit of a 300-ton Komatsu haul truck using First Mode hybrid technology in daily operations.”
Cummins retrofit a Komatsu 300-ton mining haul truck with its hybrid technology, positioning Komatsu equipment as a platform for Cummins decarbonization solutions.
EPS
0
EPS 0GAAP EPS YoY -20.97% vs rev YoY 2.74%, spread -23.71 percentage points. Distorted by $199M ($1.44/share) net charge from Low-pressure Fuel Cell business sale. Management states ex-charge EPS $6.15 vs $5.96, +3.19% YoY. Ex-charge spread: 3.19 - 2.74 = +0.45 percentage points, inside +/-5 percentage points. OI also includes the charge (OI $949M; ex-charge OI $1,148M vs $1,134M = +1.23% YoY, spread -1.51 percentage points, inside +/-5 percentage points). Both ex-charge measures confirm no margin signal -> 0.
+
Guidance+2Guidance +2Revenue growth guidance raised from 3-8% (mid 5.5%) to 8-11% (mid 9.5%). FY2025 revenue $33,670M; dollar midpoints: prior $33,670M x 1.055 = $35,522M, new $33,670M x 1.095 = $36,868M. Change: (36868 - 35522) / 35522 = 3.79%, >= 3% -> +2. EBITDA margin also raised to 17.75-18.5%.
Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio