Loading
Sentiment · FY2026 Q2
| 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 Q1 | $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 |
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).
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%.
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 |
| 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 | 13 (8%) |
| Jamie Cook | Truist Securities | 12 (25%) |
| David Raso | Evercore ISI | 12 (8%) |
| Angel Castillo | Morgan Stanley | 12 (0%) |
| Steve Fisher | UBS | 11 (0%) |
| Tim Thein | Raymond James | 10 (10%) |
| Jerry Revich | Wells Fargo | 10 (10%) |
| Tami Zakaria | JPMorgan | 9 (0%) |
| Chad Dillard | Bernstein | 8 (0%) |
| Rob Wertheimer | Melius Research | 8 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Citigroup | 1 | 13 (8%) |
| UBS | 2 | 13 (0%) |
| Morgan Stanley | 1 | 12 (0%) |
| Truist Securities | 1 |
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 read-through on Cummins' ongoing engine programs.
“And then I think Tesla has taken a few orders for the semi.”
| 12 (25%) |
| Evercore ISI | 1 | 12 (8%) |
| Raymond James | 1 | 10 (10%) |
| Wells Fargo | 1 | 10 (10%) |
| JPMorgan | 1 | 9 (0%) |
An analyst notes Tesla has taken some Semi orders, framing electric-truck demand context against which Cummins' powertrain demand is discussed.
“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.
“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.
“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.
“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.
| 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 | +8.8% | |
| 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% |