Cummins Inc (CMI)

Cummins Raises 2030 Financial Targets, Announces Large-engine Capacity and Product InvestmentsMay 21, 2026 11:30 AM
Business Wire Cummins is raising its 2030 financial targets as a result of disciplined investment and execution of its strategy, stronger market positions, and rising demand. Cummins is further expanding capacity and product investments to extend and strengthen positioning in mining and power generation markets. Cummins is positioned to win through its global presence, broad portfolio, trusted partnerships and experienced people. Cummins reaffirms strategy, positioning the company for continued profitable growth and shareholder returns. At a meeting with analysts and shareholders today, members of the leadership team of Cummins Inc. (NYSE: CMI), shared the Company’s plans to raise its long-term financial expectations for growth and profitability, relative to its prior Analyst Day, and deliver increasing returns to shareholders. “Over the past two years, Cummins has navigated significant complexity while continuing to execute with discipline and deliver record performance,” said Jennifer Rumsey, Chair and Chief Executive Officer. “Since our last Analyst Day, we have continued to strengthen our position and execute on both our strategy and financial commitments, even as market conditions shifted. As a result, I am pleased to share we are raising our 2030 financial targets.” “Cummins is able to succeed with our strategy because of our broad portfolio of innovative technologies and capabilities, trusted customer partnerships, global presence, experienced people and financial strength that allows us to invest in our future. All of this positions us to win in key markets.” Brett Merritt, Engine Business President, highlighted the continued momentum of the Engine Business. "Profitable growth will be driven by factors we have visibility to — new product content, customer wins and a growing aftermarket — and the investment to support this growth is now in place. Our foundation is strong: leading products, long-standing customer partnerships, scale and a distribution network no one else can match." Jenny Bush, Power Systems Business President, spoke to the segment’s operational transformation, capacity investments, and expanded portfolio. “Demand for reliable power is accelerating at an unprecedented pace, and we’ve positioned our Power Systems business to lead. Through disciplined investment, expanded capacity, deep vertical integration, and expansion into prime power, we’re scaling to meet that demand while consistently delivering value for our customers and investors.” Lastly, Mark Smith, Chief Financial Officer, summarized the Company’s plans for growth, margin expansion and capital allocation. “Cummins has a proven track record of raising performance cycle over cycle, and we look forward to building upon our market leadership, global presence and financial strength in the coming years. Since our prior Analyst Day, we have continued to deliver top-quartile return on invested capital and generate meaningful returns for our shareholders. We are raising our expectations for revenue growth and margin expansion with significant opportunities ahead of us across businesses and regions.” Webcast information A copy of the presentation used in the meeting and a replay on the webcast is available at investor.cummins.com. About Cummins Inc. Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments—Engine, Components, Distribution, Power Systems and Accelera™ by Cummins—offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero-emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers’ needs, supporting them through the energy transition with our Destination Zero strategy. We create value for customers, investors and employees and strengthen communities through our corporate responsibility global priorities: education, equity and environment. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025. Learn more at www.cummins.com. Forward-looking disclosure statement Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2025 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521125706/en/ Media Contact:
Melinda Koski
External Communications Director
317-476-3293 Original: Cummins Raises 2030 Financial Targets, Announces Large-engine Capacity and Product Investments

Cummins Inc. Declares Quarterly Common Stock DividendMay 12, 2026 4:15 PM
Business Wire The Board of Directors of Cummins Inc. (NYSE: CMI) today declared a quarterly common stock cash dividend of 2.00 dollars per share. The dividend is payable on June 4, 2026, to shareholders of record on May 22, 2026. About Cummins Inc. Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments—Engine, Components, Distribution, Power Systems and Accelera™ by Cummins—offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero-emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers’ needs, supporting them through the energy transition with our Destination Zero strategy. We create value for customers, investors and employees and strengthen communities through our corporate responsibility global priorities: education, equity and environment. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025. Learn more at www.cummins.com. Forward-looking disclosure statement Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2025 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512676416/en/ Melinda Koski
External Communications
812-377-0500
melinda.koski@cummins.com Original: Cummins Inc. Declares Quarterly Common Stock Dividend

Cummins Delivered Strong Operating Results and Returned $519 Million to Shareholders in the First Quarter of 2026; Raises Full-year OutlookMay 5, 2026 7:30 AM
Business Wire First-quarter revenues of $8.4 billion; GAAP1 Net Income of $654 million, or 7.8% of sales EBITDA2 in the first quarter was 15.4% of sales; Diluted EPS of $4.71 First-quarter results include $199 million, or $1.44 per diluted share, of charges related to completing the sale of our low-pressure fuel cell business and related customer obligations for this business Full-year revenues are expected to range from up 8% to up 11%, an improvement from prior guidance of up 3% to 8% EBITDA is now expected to be in the range of 17.75% to 18.50%, an increase from previous guidance of 17.0% to 18.0% Cummins Inc. (NYSE: CMI) today reported results for the first quarter of 2026. “Cummins delivered strong results in the first quarter, led by record performance in our Power Systems segment. Our teams executed with discipline to meet continued strong demand for data center backup power and North America truck markets began to improve from a cyclical low,” said Jennifer Rumsey, Chair and CEO of Cummins. “We also recorded charges related to the sale of our low-pressure fuel cell business, reflecting lower hydrogen adoption expectations and our continued commitment to focusing investments and reducing losses within the Accelera segment.” First-quarter 2026 revenues of $8.4 billion increased 3% from the same quarter in 2025. Sales in North America decreased 6% while international revenues increased 16%, primarily due to stronger demand in China. Net income attributable to Cummins in the first quarter was $654 million, or $4.71 per diluted share, compared to $824 million, or $5.96 per diluted share, in 2025. The current quarter results include charges related to the sale of our low-pressure fuel cell business of $199 million, or $1.44 per diluted share. EBITDA in the first quarter was $1.3 billion, or 15.4% of sales, compared to $1.5 billion, or 17.9% of sales, a year ago. EBITDA for the first quarter of 2026 included the charges noted above. 2026 Outlook: Based on its current forecast, Cummins is raising its full-year 2026 revenue guidance to be up 8% to 11%, due to stronger demand across several markets, particularly North America on-highway and power generation. EBITDA is expected to be in the range of 17.75% to 18.50%, up from our prior guidance of 17.0% to 18.0%, excluding the charges related to the sale of the fuel cell business in the first quarter. Cummins plans to continue generating strong operating cash flow and returns for shareholders and is committed to our long-term strategic goal of returning 50% of operating cash flow back to shareholders. “We raised our 2026 outlook for revenue and profitability as demand strengthens across several key markets. We see North America on-highway markets improving, while demand for data center power generation across a range of our products continues to outpace expectations. Through the remainder of 2026, we are well-positioned to deliver strong financial performance, invest in future growth and return cash to shareholders,” said Rumsey. First Quarter 2026 Highlights: Mack Trucks announced the integration of the Cummins X10 engine into the Mack Granite Chassis. This milestone reflects the strong collaboration between the Mack and Cummins teams and a shared commitment to delivering reliable, high-performing solutions for vocational customers. The X10 is well-suited for demanding work applications, and its integration into the Granite platform will provide customers with a compelling option in the vocational truck segment. In February, Cummins announced the deployment of the world’s first commercial hybrid-electric ultra-class mining truck in production at Caserones, an open pit copper-molybdenum mine in Tierra Amarilla, Chile, owned by Lundin Mining. The pilot marks Cummins’ first deployment of a retrofitted 300-ton Komatsu mining haul truck into daily operation using a retrofit hybrid solution powered by its First Mode technology. The project aligns with Cummins’ Destination Zero strategy to support customers through the energy transition by delivering solutions that improve efficiency and reduce CO2 emissions today. Cummins received several prestigious honors recognizing the company’s commitment to its people, culture and innovation. Of note, Cummins was named to Ethisphere’s 2026 World’s Most Ethical Companies® list and recognized as a platinum employer on the Where you Work Matters list. Heavy Duty Trucking also recognized several Cummins technologies, including its versatile medium-duty engine portfolio and Acumen advanced computing module, in their 2026 Top 20 Products awards, which highlight innovation and real-world business value for fleets. 1 Generally Accepted Accounting Principles in the U.S. 2 Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests First quarter 2026 detail (all comparisons to same period in 2025): Engine Segment Sales - $2.7 billion, down 4% Segment EBITDA - $279 million, or 10.4% of sales, compared to $458 million, or 16.5% of sales Revenues in North America decreased 12% and international sales increased 22% due to lower medium-duty and heavy-duty truck demand in the United States and stronger construction demand in China. Components Segment Sales - $2.5 billion, down 5% Segment EBITDA - $337 million, or 13.3% of sales, compared to $382 million, or 14.3% of sales Revenues in North America decreased 13% and international sales increased 6% primarily due to lower medium-duty and heavy-duty truck demand in the United States and stronger demand in China and Brazil. Distribution Segment Sales - $3.1 billion, up 7% Segment EBITDA - $444 million, or 14.2% of sales, compared to $376 million, or 12.9% of sales Revenues in North America increased 3% and international sales increased 18% driven by increased demand for power generation products, particularly for data center applications. Power Systems Segment Sales - $2.0 billion, up 19% Segment EBITDA - $577 million, or 29.5% of sales, compared to $389 million, or 23.6% of sales Revenues in North America increased 19% and international sales increased 18% driven primarily by increased power generation demand, particularly for data center markets in North America, China and Asia Pacific. Accelera Segment Sales - $101 million, down 2% Segment EBITDA loss - $277 million, which includes $199 million of charges related to the sale of our low-pressure fuel cell business. The company remains committed to pacing and focusing its zero-emissions investments on the most promising paths in order to ensure long-term success as part of Cummins’ Destination Zero strategy, while reducing the rate of ongoing EBITDA losses. About Cummins Inc. Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments—Engine, Components, Distribution, Power Systems and Accelera™ by Cummins—offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero-emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers’ needs, supporting them through the energy transition with our Destination Zero strategy. We create value for customers, investors and employees and strengthen communities through our corporate responsibility global priorities: education, equity and environment. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025. Learn more at www.cummins.com. Forward-looking disclosure statement Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2025 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website. Presentation of Non-GAAP Financial Information EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release, except for forward-looking measures of EBITDA where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash items that are excluded from the non-GAAP outlook measure. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units. Webcast information Cummins management will host a teleconference to discuss these results today at 10 a.m. EDT. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference. CUMMINS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) (a)       Three months ended     March 31, In millions, except per share amounts   2026   2025 NET SALES   $ 8,398     $ 8,174   Cost of sales     6,155       6,019   GROSS MARGIN     2,243       2,155   OPERATING EXPENSES AND INCOME         Selling, general and administrative expenses     845       771   Research, development and engineering expenses     358       344   Equity, royalty and interest income from investees     148       131   Other operating expense, net     239       37   OPERATING INCOME     949       1,134   Interest expense     76       77   Other income, net     61       60   INCOME BEFORE INCOME TAXES     934       1,117   Income tax expense     254       267   CONSOLIDATED NET INCOME     680       850   Less: Net income attributable to noncontrolling interests     26       26   NET INCOME ATTRIBUTABLE TO CUMMINS INC.   $ 654     $ 824             EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CUMMINS INC.         Basic   $ 4.73     $ 5.99   Diluted   $ 4.71     $ 5.96             WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING         Basic     138.3       137.6   Diluted     138.8       138.3             (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. CUMMINS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (a)   In millions, except par value   March 31,
2026   December 31,
2025 ASSETS         Current assets         Cash and cash equivalents   $ 2,614     $ 2,845   Marketable securities     568       764   Total cash, cash equivalents and marketable securities     3,182       3,609   Accounts and notes receivable, net     6,528       5,818   Inventories     6,126       5,822   Prepaid expenses and other current assets     1,543       1,676   Total current assets     17,379       16,925   Long-term assets         Property, plant and equipment, net     6,924       6,958   Investments and advances related to equity method investees     2,221       2,133   Goodwill     2,219       2,224   Other intangible assets, net     2,193       2,167   Pension assets     1,001       1,033   Other assets     2,508       2,552   Total assets   $ 34,445     $ 33,992             LIABILITIES         Current liabilities         Accounts payable (principally trade)   $ 4,433     $ 3,800   Loans payable     451       313   Commercial paper     349       353   Current maturities of long-term debt     157       94   Accrued compensation, benefits and retirement costs     597       825   Current portion of accrued product warranty     638       693   Current portion of deferred revenue     1,591       1,606   Other accrued expenses     1,951       1,926   Total current liabilities     10,167       9,610   Long-term liabilities         Long-term debt     6,729       6,792   Deferred revenue     1,053       1,054   Other liabilities     3,124       3,128   Total liabilities   $ 21,073     $ 20,584             EQUITY         Cummins Inc. shareholders’ equity         Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued   $ 2,602     $ 2,673   Retained earnings     22,994       22,616   Treasury stock, at cost, 84.5 and 84.4 shares     (10,868 )     (10,662 ) Accumulated other comprehensive loss     (2,377 )     (2,278 ) Total Cummins Inc. shareholders’ equity     12,351       12,349   Noncontrolling interests     1,021       1,059   Total equity   $ 13,372     $ 13,408   Total liabilities and equity   $ 34,445     $ 33,992             (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. CUMMINS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (a)       Three months ended     March 31, In millions   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES         Consolidated net income   $ 680     $ 850   Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities         Depreciation and amortization     282       269   Deferred income taxes     (12 )     (25 ) Equity in income of investees, net of dividends     (86 )     (70 ) Pension and OPEB expense     19       19   Pension contributions and OPEB payments     (13 )     (13 ) Changes in current assets and liabilities, net of acquisitions and divestiture         Accounts and notes receivable     (678 )     (457 ) Inventories     (333 )     (331 ) Other current assets     (50 )     (36 ) Accounts payable     629       330   Accrued expenses     (167 )     (487 ) Other, net     38       (52 ) Net cash provided by (used in) operating activities     309       (3 )           CASH FLOWS FROM INVESTING ACTIVITIES         Capital expenditures     (189 )     (162 ) Investments in marketable securities—acquisitions     (232 )     (457 ) Investments in marketable securities—liquidations     407       432   Other, net     4       (59 ) Net cash used in investing activities     (10 )     (246 )           CASH FLOWS FROM FINANCING ACTIVITIES         Proceeds from borrowings     213       52   Net (payments) borrowings of commercial paper     (4 )     481   Payments on borrowings and finance lease obligations     (108 )     (144 ) Dividend payments on common stock     (276 )     (251 ) Repurchases of common stock     (243 )     —   Other, net     (99 )     (46 ) Net cash (used in) provided by financing activities     (517 )     92   EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS     (13 )     18   Net decrease in cash and cash equivalents     (231 )     (139 ) Cash and cash equivalents at beginning of year     2,845       1,671   CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 2,614     $ 1,532             (a) Prepared on an unaudited basis in accordance with accounting principles generally accepted in the United States of America. CUMMINS INC. AND SUBSIDIARIES SEGMENT INFORMATION (Unaudited)   In millions   Engine   Components   Distribution   Power Systems   Accelera   Total Segments   Intersegment Eliminations (1)   Total Three months ended March 31, 2026                                 External sales   $ 1,966     $ 2,138     $ 3,109     $ 1,093     $ 92     $ 8,398     $ —     $ 8,398   Intersegment sales     706       392       7       863       9       1,977       (1,977 )     —   Total sales     2,672       2,530       3,116       1,956       101       10,375       (1,977 )     8,398   Research, development and engineering expenses     164       81       15       66       32       358       —       358   Equity, royalty and interest income (loss) from investees     80       10       28       36       (6 )     148       —       148   EBITDA (2)     279       337       444       577       (277 ) (3)   1,360       (70 )     1,290   Depreciation and amortization (4)     72       128       35       36       9       280       —       280                                     EBITDA as a percentage of total sales     10.4 %     13.3 %     14.2 %     29.5 %     NM       13.1 %         15.4 %                                   Three months ended March 31, 2025                                 External sales   $ 2,040     $ 2,270     $ 2,902     $ 872     $ 90     $ 8,174     $ —     $ 8,174   Intersegment sales     731       400       5       777       13       1,926       (1,926 )     —   Total sales     2,771       2,670       2,907       1,649       103       10,100       (1,926 )     8,174   Research, development and engineering expenses     155       75       14       57       43       344       —       344   Equity, royalty and interest income (loss) from investees     73       7       28       29       (6 )     131       —       131   EBITDA (2)     458       382       376       389       (86 )     1,519       (59 )     1,460   Depreciation and amortization (4)     67       122       32       33       12       266       —       266                                     EBITDA as a percentage of total sales     16.5 %     14.3 %     12.9 %     23.6 %     NM       15.0 %         17.9 %                                   “NM” - not meaningful information (1) Included intersegment sales, intersegment profit in inventory and unallocated corporate expenses. There were no significant unallocated corporate expenses for the three months ended March 31, 2026 and 2025. (2) EBITDA is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests. We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. (3) On March 31, 2026, we sold our low pressure fuel cell business to a customer, cancelled future commitments and resolved certain claims against us with that customer resulting in a net payment by us of $175 million. These transactions resulted in a net charge of $199 million which is reflected in other operating expense, net in our Condensed Consolidated Statements of Net Income. (4) Depreciation and amortization, as shown on a segment basis, excluded the amortization of debt discount and deferred costs included in the Condensed Consolidated Statements of Net Income as interest expense. The amortization of debt discount and deferred costs was $2 million and $3 million for the three months ended March 31, 2026 and 2025, respectively. A portion of depreciation expense is included in research, development and engineering expenses. CUMMINS INC. AND SUBSIDIARIES SELECT FOOTNOTE DATA (Unaudited) EQUITY, ROYALTY AND INTEREST INCOME FROM INVESTEES Equity, royalty and interest income from investees included in our Condensed Consolidated Statements of Net Income for the reporting periods was as follows:     Three months ended March 31, In millions   2026   2025 Manufacturing entities         Chongqing Cummins Engine Company, Ltd.   $ 29     $ 23   Dongfeng Cummins Engine Company, Ltd.     23       20   Beijing Foton Cummins Engine Co., Ltd.     21       15   Tata Cummins, Ltd.     12       10   All other manufacturers     16       7   Distribution entities         Komatsu Cummins Chile, Ltda.     14       14   All other distributors     8       8   Cummins share of net income     123       97   Royalty and interest income     25       34   Equity, royalty and interest income from investees   $ 148     $ 131   INCOME TAXES Our effective tax rate for 2026, excluding discrete items, is expected to approximate 23.0 percent. Our effective tax rates for the three months ended March 31, 2026 and 2025, were 27.2 percent and 23.9 percent, respectively. The three months ended March 31, 2026, had an unfavorable discrete tax impact due to the $199 million loss on sale of business and settlement of current and future customer obligations for which no tax benefit was recognized. Other discrete items were net favorable by $7 million, or $0.05 per diluted share. The three months ended March 31, 2025, contained net favorable discrete tax items of $7 million, or $0.05 per diluted share, primarily due to $8 million of favorable share-based compensation tax benefits, partially offset by $1 million of other unfavorable adjustments. Reconciliation of Non GAAP measures - Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests (EBITDA) We believe EBITDA is a useful measure of our operating performance as it assists investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. We believe EBITDA excluding special items, as noted in the table below, is a useful measure of our operating performance. This statement excludes forward looking measures of EBITDA where a reconciliation to the corresponding accounting principles generally accepted in the United States (GAAP) measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non-GAAP outlook measure. EBITDA is not in accordance with, or an alternative for, GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data; however, the amounts included in the EBITDA calculation are derived from amounts included in our Condensed Consolidated Statements of Net Income. Below is a reconciliation of net income attributable to Cummins Inc. to EBITDA for each of the applicable periods:     Three months ended March 31, In millions   2026   2025 Net income attributable to Cummins Inc.   $ 654     $ 824             Net income attributable to Cummins Inc., as a percentage of net sales     7.8 %     10.1 %           Add:         Net income attributable to noncontrolling interests     26       26   Consolidated net income     680       850             Add:         Interest expense     76       77   Income tax expense     254       267   Depreciation and amortization     280       266   EBITDA   $ 1,290     $ 1,460             EBITDA, as a percentage of net sales     15.4 %     17.9 %           Special items:         Loss on sale of business and settlement of current and future customer obligations     199       —   EBITDA, excluding special items   $ 1,489     $ 1,460             EBITDA, excluding special items, as a percentage of net sales     17.7 %     17.9 % CUMMINS INC. AND SUBSIDIARIES SEGMENT SALES DATA (Unaudited) Engine Segment Sales by Market and Unit Shipments by Engine Classification Sales for our Engine segment by market were as follows: 2026                     In millions   Q1   Q2   Q3   Q4   YTD Heavy-duty truck   $ 799   $ —   $ —   $ —   $ 799 Medium-duty truck and bus     871       —       —       —       871   Light-duty automotive     448       —       —       —       448   Off-highway     554       —       —       —       554   Total sales   $ 2,672     $ —     $ —     $ —     $ 2,672                         2025                     In millions   Q1   Q2   Q3   Q4   YTD Heavy-duty truck   $ 921     $ 976     $ 772     $ 820     $ 3,489   Medium-duty truck and bus     986       950       784       893       3,613   Light-duty automotive     421       486       583       440       1,930   Off-highway     443       487       466       447       1,843   Total sales   $ 2,771     $ 2,899     $ 2,605     $ 2,600     $ 10,875   Unit shipments by engine classification (including unit shipments to Power Systems and off-highway engine units included in their respective classification) were as follows: 2026                     Units (1)   Q1   Q2   Q3   Q4   YTD Heavy-duty   24,700   —   —   —   24,700 Medium-duty   79,100     —     —     —     79,100   Light-duty   40,500     —     —     —     40,500   Total units   144,300     —     —     —     144,300                         2025                     Units (1)   Q1   Q2   Q3   Q4   YTD Heavy-duty   26,700     29,600     22,400     23,200     101,900   Medium-duty   75,200     73,400     63,100     68,800     280,500   Light-duty   39,100     44,000     49,600     39,100     171,800   Total units   141,000     147,000     135,100     131,100     554,200                         (1) Unit shipments exclude aftermarket parts. Components Segment Sales by Business Sales for our Components segment by business were as follows: 2026                     In millions   Q1   Q2   Q3   Q4   YTD Drivetrain and braking systems   $ 919   $ —   $ —   $ —   $ 919 Emission solutions     915       —       —       —       915   Components and software     608       —       —       —       608   Automated transmissions     88       —       —       —       88   Total sales   $ 2,530     $ —     $ —     $ —     $ 2,530                         2025                     In millions   Q1   Q2   Q3   Q4   YTD Drivetrain and braking systems   $ 1,056     $ 1,095     $ 917     $ 918     $ 3,986   Emission solutions     902       900       788       867       3,457   Components and software     595       587       537       564       2,283   Automated transmissions     117       123       87       96       423   Total sales   $ 2,670     $ 2,705     $ 2,329     $ 2,445     $ 10,149                         Distribution Segment Sales by Product Line Sales for our Distribution segment by product line were as follows: 2026                     In millions   Q1   Q2   Q3   Q4   YTD Power generation   $ 1,275   $ —   $ —   $ —   $ 1,275 Parts     1,064       —       —       —       1,064   Service     433       —       —       —       433   Engines     344       —       —       —       344   Total sales   $ 3,116     $ —     $ —     $ —     $ 3,116                         2025                     In millions   Q1   Q2   Q3   Q4   YTD Power generation   $ 1,090     $ 1,200     $ 1,247     $ 1,395     $ 4,932   Parts     1,031       1,015       1,013       1,024       4,083   Service     416       439       495       448       1,798   Engines     370       387       417       418       1,592   Total sales   $ 2,907     $ 3,041     $ 3,172     $ 3,285     $ 12,405   Power Systems Segment Sales by Product Line Sales for our Power Systems segment by product line were as follows: 2026                     In millions   Q1   Q2   Q3   Q4   YTD Power generation   $ 1,283   $ —   $ —   $ —   $ 1,283 Industrial     506       —       —       —       506   Generator technologies     167       —       —       —       167   Total sales   $ 1,956     $ —     $ —     $ —     $ 1,956                         2025                     In millions   Q1   Q2   Q3   Q4   YTD Power generation   $ 1,001     $ 1,205     $ 1,280     $ 1,245     $ 4,731   Industrial     498       506       531       528       2,063   Generator technologies     150       178       185       156       669   Total sales   $ 1,649     $ 1,889     $ 1,996     $ 1,929     $ 7,463     View source version on businesswire.com: https://www.businesswire.com/news/home/20260505033681/en/ Melinda Koski
External Communications
812-377-0500
melinda.koski@cummins.com
Original: Cummins Delivered Strong Operating Results and Returned $519 Million to Shareholders in the First Quarter of 2026; Raises Full-year Outlook

Cummins Inc. Declares Quarterly Common Stock DividendFebruary 10, 2026 4:15 PM
Business Wire
The Board of Directors of Cummins Inc. (NYSE: CMI) today declared a quarterly common stock cash dividend of 2.00 dollars per share. The dividend is payable on March 5, 2026, to shareholders of record on February 20, 2026.


About Cummins Inc.


Cummins Inc., a global power leader, is committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five business segments—Engine, Components, Distribution, Power Systems and Accelera™ by Cummins—offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero-emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers’ needs, supporting them through the energy transition with our Destination Zero strategy. We create value for customers, investors and employees and strengthen communities through our corporate responsibility global priorities: education, equity and environment. Headquartered in Columbus, Indiana, Cummins employs approximately 67,400 people worldwide and earned $2.8 billion on $33.7 billion in sales in 2025. Learn more at www.cummins.com.


Forward-looking disclosure statement


Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2025 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260210886193/en/
Melinda Koski

External Communications

812-377-0500

melinda.koski@cummins.com


Original: Cummins Inc. Declares Quarterly Common Stock Dividend

Amazing how much this has ran and continues yet no one cares. Let's go baby, earnings coming up this week too.

Crazy! I'd say the amount of posting on IHUB is in inverse order to stock picking. No posts here for 6 months on a stock that everyone should own.

CMI, 10Q due Monday 5/5

Ok, didn't have a chance to investigate so thought you or someone on this board might have heard.

Don’t have a clue you can call investor relations for the data

Would you happen to know how many X15N engine were sold in this latest Q?

CMI 10Q 11/5

CMI new 52+week high

CMI new 52 week high

CMI new 52 week high

CMI new 52 week high

NOTICE TO LONG-TERM SHAREHOLDERS OF CUMMINS INC. (NYSE: CMI): GRABAR LAW OFFICE IS INVESTIGATING CLAIMS ON YOUR BEHALF

Current Cummins Inc. (NYSE: CMI) shareholders who have held Cummins shares since prior to April 30, 2019, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. To participate or learn more at no cost to you visit: https://grabarlaw.com/the-latest/cummins-shareholder-investigation/

Grabar Law Office is investigating claims on behalf of Cummins shareholders. The investigation concerns whether certain officers and directors of Cummins have breached their fiduciary duties owed to the company.

Why: On January 10, 2024, the Department of Justice and State of California announced that diesel engine manufacturer Cummins agreed to pay a record $1.675 billion civil penalty for vehicle emissions test cheating.
In addition, a securities fraud class action complaint has been filed that further alleges that Cummins, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (1) Contrary to its post-April 2019 Announcement assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023; (2) accordingly, Cummins understated its legal and regulatory risk, and overstated its commitment to environmental protection; and (3) as a result, Cummins’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

CMI new 52 hi

CMI new 52 hi

Cummins Announces Final Results of Exchange Offer and Finalizes Separation of Atmus Filtration Technologies Inc. (3/18/24)

Today, Cummins Inc. (NYSE: CMI) (“Cummins”) announced the final results of its previously announced offer to its shareholders to exchange their shares of Cummins common stock for shares of Atmus Filtration Technologies Inc. (NYSE: ATMU) (“Atmus”) common stock owned by Cummins. The exchange offer expired at 12:00 midnight, New York City time, at the end of the day on March 13, 2024.

Pursuant to the exchange offer, Cummins has accepted 5,574,051 shares of Cummins common stock in exchange for 67,054,719 shares of Atmus common stock.

Because the exchange offer was oversubscribed, Cummins accepted only a portion of the shares of its common stock that were validly tendered and not properly withdrawn, on a pro rata basis in proportion to the number of shares tendered. Shareholders who owned fewer than 100 shares of Cummins common stock, or an “odd-lot,” who validly tendered all of their shares, were not subject to proration, in accordance with the terms of the exchange offer. All shares validly tendered by eligible “odd-lot” shareholders were accepted. The final proration factor of 6.99255200% was applied to all other validly tendered shares of Cummins common stock that were subject to proration to determine the number of such shares that were accepted.

Following completion of the exchange offer, Cummins did not retain any outstanding shares of Atmus common stock.

“Through this final separation, we are pleased to bring the greatest value to both Cummins and Atmus shareholders,” said Jennifer Rumsey, Chair and Chief Executive Officer of Cummins. “Cummins will continue its focus on advancing innovative power solutions, while Atmus is now well positioned to advance its filtration technologies, grow into new markets, and help both existing and new customers be successful. We are proud of our employees’ hard work and all who were involved to ensure a successful separation, and we are excited to see what the future holds for both Cummins and Atmus.”

Based on the final count by the exchange agent, Broadridge Corporate Issuer Solutions, LLC, the final results of the exchange offer are as follows:

Total number of shares of Cummins common stock validly tendered and not validly withdrawn: 65,176,180
Shares tendered that were subject to proration: 64,081,568
“Odd-lot” shares tendered that were not subject to proration: 1,094,612
Total number of shares of Cummins common stock accepted: 5,574,051
Shares of Cummins common stock tendered but not accepted for exchange will be returned to the tendering shareholders in book-entry form promptly. In addition, the exchange agent will promptly credit shares of Atmus common stock for distribution in the exchange offer in book-entry form to accounts maintained by the Atmus transfer agent for tendering shareholders whose shares of Cummins common stock were accepted in the exchange offer. Cash in lieu of fractional shares of Atmus common stock will be delivered after the exchange agent has aggregated all fractional shares and sold them in the open market.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as dealer managers for the exchange offer.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in Columbus, Indiana, Cummins employs approximately 75,500 people committed to powering a more prosperous world. It operates a robust distribution and support network in more than 190 countries and territories. Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023.

https://www.businesswire.com/news/home/20240318925736/en/

Cummins Announces Final Exchange Ratio of 12.0298 in Split-Off of Atmus Filtration Technologies Inc. (3/11/24)

Today, Cummins Inc. (NYSE: CMI) (“Cummins”) announced the final exchange ratio for its previously announced split-off exchange offer to Cummins shareholders to exchange their shares of common stock of Cummins for shares of common stock of Atmus Filtration Technologies Inc. (NYSE: ATMU) (“Atmus”) currently held by Cummins.

For each share of Cummins common stock that is validly tendered and not properly withdrawn by shareholders and that is accepted by Cummins pursuant to the exchange offer, Cummins will deliver 12.0298 shares of Atmus common stock to or at the direction of any such tendering shareholder.

Based on the final exchange ratio, Cummins currently expects to accept for exchange approximately 5,574,051 shares of Cummins common stock if the exchange offer is fully subscribed. Because the exchange offer will be subject to proration if the exchange offer is oversubscribed, the number of shares of Cummins common stock that Cummins accepts in the exchange offer may be less than the number of shares validly tendered by Cummins shareholders.

The exchange offer is currently scheduled to expire at 12:00 midnight, New York City time, at the end of the day on March 13, 2024, unless terminated or extended.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the dealer managers for the exchange offer.

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in Columbus, Indiana, Cummins employs approximately 75,500 people committed to powering a more prosperous world. It operates a robust distribution and support network in more than 190 countries and territories. Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023.

https://www.businesswire.com/news/home/20240311061899/en/

Retail Investors Could Make $2,000 on Cummins Exchange Offer. Here’s How. (3/08/24)

Story by Andrew Bary

An exchange offer by Cummins, the diesel engine maker, for shares in Atmus Filtration Technologies allows small investors to fully participate and potentially make about $2,000 on the trade in the next week or so.

The $1.5 billion exchange offer, which expires on March 13, is appealing because Cummins investors will be able to swap their shares for Atmus at a 7% discount, subject to certain conditions. That means a Cummins holder would get $107.53 of Atmus stock for every $100 of Cummins stock tendered, according to Cummins.

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Cummins shares were up 1.8% to $271.02 Friday, while Atmus was down 2.2% to $23.60. The S&P 500 was down 0.5%.

The offer is expected to be oversubscribed, resulting in a proration, meaning participating Cummins holders likely will get just a fraction of their shares exchanged for Atmus stock. The proration is expected to be about 10%, meaning a Cummins holder who wants to swap 1,000 shares may get only 10% of that stake, or 100 shares, exchanged for Atmus.

There is, however, a so-called odd-lot exception to the proration. Small investors who hold less than 100 shares of Cummins and tender their entire investments won’t be subject to proration. This is similar to what occurred in Johnson & Johnson’s exchange offer for Kenvue last summer.

This can allow investors to buy 99 shares of Cummins and fully participate in the tender.

Here is some rough potential math. An investor could buy 99 shares of Cummins for about $26,700 and then participate in the tender. The holder stands to get $107.53 for every $100 of Cummins stock tendered, or about $28,700. That is a profit of around $2,000.

Related video: Retail investors buy the dip: Here's what you need to know (CNBC)

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Retail investors buy the dip: Here's what you need to know
However, an S-4 filing states that those who hold less than 100 shares, but don’t fully tender all their stock, will be subject to proration.

What are the risks? Atmus stock could fall between the time the investor buys the Cummins stock and when the investor gets the Atmus shares, which should occur in the next two weeks or so. There also is a cap of about 13.4 on the number of Atmus shares that Cummins will pay out. The current ratio is below that cap at around 12.

The ratio will be set based on volume weighted average price of Cummins and Atmus stock on March 7, 8, and 11. The pricing information is updated daily on a website.

While the tender deadline is March 13, individual brokerage firms have their own deadlines for retail clients. For Schwab (and TD Ameritrade) customers, the deadline is March 11. Schwab customers could purchase the stock Friday (for settlement Tuesday) and be able to participate in the tender process.

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For clients of Fidelity Investments, the deadline is March 12, with Fidelity handling tenders on March 13 on a best-efforts basis by 2 p.m. Eastern.

Atmus makes filters for trucks, heavy equipment, trains, and other applications. It was taken public in May 2023, when 19.5% of the company, or 16.2 million shares, were issued at $19.50 a share and Cummins retained 80.5%, or 67 million shares. Those 67 million shares will be swapped in the exchange offer.

Atmus is an inexpensive stock relative to other filtration companies such as Donaldson. Its stock trades for about 10 times projected 2024 earnings, based on the company’s guidance of $2.10 to $2.35 in profit this year.

https://www.msn.com/en-us/money/markets/retail-investors-could-make-2-000-on-cummins-exchange-offer-here-s-how/ar-BB1jzErP

CMI new 52 week high

https://www.benzinga.com/trading-ideas/long-ideas/21/09/23120672/plug-powers-stock-climbs-as-tesla-fuelcell-energy-push-the-ev-sector

I'm somewhat surprised no one posted the news on the new 15 liter engine cummins just announced.

As a former logistic manager who ran a fleet of trucks I agree with what Cummins is saying about THIS GAME CHANGER ENGINE. Yes it has the potential to be a game changer. And yes just in time for the infrastructure that will hav e numerous companies buying heavy duty dump trucks, cement mixers, and heavy duty equipment. The biggest advantage I can see in this new engine is the weight reduction. 500# is a big deal in many of these trucks, hauling cement, gravel, for road construction and just all around use. top it all off its NatGas power.

Good call. I hope you hung on to your buy.
I bought more recently but still a steady climb.

I don't know why CMI likes to give the impression future business looks slim, but they do. I know they like to under promise then over deliver. I've seen this behavior for years with this company.

Engine sales will continue to grow. NatGas engine sales are very good. Green energy is on fire which is going to mean hydrogen is looking more promising.

Whats not to like. Is someone trying to accumulate shares?

News: $CMI Why Cummins Stock Jumped 11.5% in July Despite Dismal Earnings

Shares of Cummins (NYSE: CMI) rallied 11.5% higher in July, according to data provided by  S&P Global Market Intelligence , despite the engine maker delivering a dud quarter at the end of July. Cummins shares, though, held up strong through the month. Investors clearly believe Cumm...

Find out more CMI - Why Cummins Stock Jumped 11.5% in July Despite Dismal Earnings

Buying here

https://www.dailymail.co.uk/news/article-7592485/Father-eight-invents-electric-car-battery-drivers-1-500-miles-without-charging-it.html

https://beta.companieshouse.gov.uk/company/12219849/filing-history

https://www.metalectrique.com/

News: $CMI Siemens Mobility's Locomotive Success is Good News for Cummins' QSK95 Engine System and the Environment

2018 was a great year for Siemens Mobility’s popular Charger locomotives, which means Cummins Inc. (NYSE: CMI) employees will be keeping busy over the next few years. That’s because the locomotives will continue to use Cummins’ QSK95 Tier 4 engine systems to help deliver...

Find out more https://marketwirenews.com/news-releases/siemens-mobility-s-locomotive-success-is-good-news-for-cummins-qsk95-engine-system-and-the-environment-7552482.html

News: $CMI Lightest and Most Productive Class 8 Engine is Available in Western Star® 4700

Cummins Inc. (NYSE: CMI) announced today that the Cummins X12 engine is available in Western Star 4700 trucks and tractors. “Cummins is excited about the positive impact our X12 will have in weight-sensitive markets,” said Brett Merritt, Vice President − Cummins On-H...

Got this from https://marketwirenews.com/news-releases/lightest-and-most-productive-class-8-engine-is-available-in-western-star-xae-4700-7439164.html

Yeah, I've seen a few downgrades the last few days for CMI. The stock goes down, and then the analysts pile on the downgrades.

Gives a meaning to analysts "following" the market...

This doesn't seem like much of a reason to downgrade CMI? Sales are the best they've been in years

Buckingham cashes in some chips on Cummins

May 2, 2018 11:09 AM ET|About: Cummins Inc. (CMI)|By: Yoel Minkoff, SA News Editor
With the company warning of additional charges yesterday amid "ongoing uncertainty related to a product campaign," Buckingham has downgraded Cummins (CMI -2.2%) to Neutral from Buy.

The $160 price target (lowered from $205) only suggests another 6%+ upside.

I see absolutely nothing in the Q1 results that explains a 5% drop. Some one time charges, but for the most part it was a great report!?

the question that I have been asking is HOW MANY WILL CUMMINS SELL THIS YEAR? With an engine that is this zero free, would think many would want it. Tesla way to unpredictable in my book. Weight and cost also be a deal breaker. The ISX12N is available for order right this minute.

Cummins Westport ISX12N Natural Gas Engine Certified for 2018

https://cumminsengines.com/showcase-item.aspx?id=392&title=ISX12N+(2018)#overview

and if you have goobs of time
http://www.cumminswestport.com/press-releases/2017/cummins-westport OR

https://search.tb.ask.com/search/GGmain.jhtml?searchfor=Cummins+Westport+ISX12N+Natural+Gas+Engine+Certified+for+2018&n=78489531&p2=%5EAYZ%5Exdm236%5ETTAB02%5Eus&ptb=536FCAEF-FF20-4F1B-8218-BF80528EAF03&qs=&si=&ss=sub&st=sb&tpr=sbt&ts=1522454126279

Interesting isn't it. 300,000 class 8 tractors will be sold in 2018. I suspect the majority will have CMI power. Maybe a fair percentage will have the NatGas engine.
the stock drops because of a Tesla introduction that no one knows if it will actually be able to do the job and is twice as expensive then any internal combustion engine.

My God, pie-in-the-sky, super hype crap. Unbelievable!!

Cummins Inc (NYSE:CMI) Tanks After Tesla Semi Debut

Today, most of the leading truck engine manufacturers are coming under heavy selling pressure after electric vehicle maker, Tesla Inc (NASDAQ:TSLA), announced that they are now making electric trucks. Truck engine stocks such as Cummins Inc (NYSE:CMI), Paccar Inc (NASDAQ:PCAR) and Navistar International Corp (NYSE:NAV) are plunging lower on the news.

Cummins Inc (NYSE:CMI) is trading lower by $6.82 to $160.32 a share. Traders should note that CMI stock is now testing its daily chart 200-day moving average. At this time, this important moving average is holding up as support, but a close below this critical moving average would be negative for the stock. The next major support level for CMI stock would be around the $150.00 area. This is where CMI was defended in August 2017 and should serve as a major support when initially retested. Keep this level on the radar for CMI stock as a major bounce level.



Nicholas Santiago
InTheMoneyStocks

I see a whole new wave of engine buying taking place. What say you

5yr DCF valuation analyses implies Cummins $CMI is highly undervalued... earnings Thursday:

Full DCF Analysis

Check out this latest news

The Obama administration is expected to issue final rules today reducing greenhouse gas emissions from trucks over the next decade, likely one of the last major climate-related rules President Obama will issue before he leaves office.The final regulations, which aim to cut 1B metric tons of emissions, will be a game-changer for tractor-trailers, buses and other large vehicles with model years 2021 through 2027.

CMI already has a complaint engine for this new regulation. I feel this could be a gold mine for CLNE, WPRT, and CMI.

Then it wouldn't work, they've never sold a single working unit, lol.

Add a Coates CSRV rotary valve system and then you will really have something.

The Cummins Engine – Best Add-On To Dodge Rams
https://mentertained.com/hummer-h1-vs-new-dodge-ram-part-2/?v=2

I own shares of Cummins and will stick with them also. Pays a good dividend. Their shares will pop as soon as Coates makes their mega orders. Stick with Cummins and Coates.

$CMI Daily and Weekly Charts

CÔTE unloads massive dumplings of diluted converted shares routinely! All behind their good ole gagged transfer agent.

Cummins is real, stick there IMO.

Cummins is so real they are interested in the Coates technology. Look for Cummins to get a lot more real if they establish a joint venture with Coates.

Coates has not made a public offering to sell stock in over seven years. When stock is sold on the open market, the seller receives the funds, not Coates. Thousands of people invest in Coates on the open market. (Over 65% of all outstanding shares according to the latest information available.)

http://www.otcmarkets.com/stock/COTE/profile

It is the nature of pink sheet stocks that all funds invested can be lost. Before you invest in any pink sheet stock, do your own DD and decide for yourself if this company is right for you.

Coates is a scam stinky pink desperately trying to find new bag holders here. Cummins is real.