US Market News
1月前
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
US Market News
2月前
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
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