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Cummins (CMI) investor relations material
Cummins Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved strong financial performance in 2025, with record adjusted EBITDA and EPS (excluding one-time items), driven by robust Distribution and Power Systems segments despite North America truck market weakness and tariff volatility.
Advanced strategic priorities, including new product launches, capacity expansions, and disciplined execution, while completing a strategic review of the Accelera Electrolyzer business due to weaker hydrogen adoption.
Achieved 2030 financial commitments ahead of schedule, reflecting strong strategy and execution.
Continued disciplined cost management, portfolio diversification, and execution amid market uncertainty.
2025 results include $458M in Accelera charges, primarily related to electric powertrain and fuel cell development.
Financial highlights
Full-year 2025 revenues: $33.7B, down 1% year-over-year; adjusted EBITDA: $5.84B (17.4% margin); adjusted net income: $3.3B; adjusted diluted EPS: $23.78.
Q4 2025 revenues: $8.54B, up 1% year-over-year; adjusted EBITDA: $1.37B (16.0% margin); adjusted net income: $808M; adjusted EPS: $5.81.
GAAP net income for 2025: $2.8B (8.4% of sales); diluted EPS: $20.50.
Operating cash flow for Q4 2025: $1.53B; full-year: $3.62B.
Dividend per share increased to $7.64 in 2025; $1.1B returned to shareholders via dividends.
Outlook and guidance
2026 consolidated revenue is expected to grow 3%-8% year-over-year; EBITDA margin guidance is 17%-18%.
North America heavy-duty truck production projected flat to up 10% (220,000-240,000 units); medium-duty flat to up 10%.
Power Systems segment revenue forecasted to grow 12%-17% in 2026, driven by data center demand.
Capital expenditures for 2026 projected at $1.35B-$1.45B.
Effective tax rate for 2026 expected at ~24%.
Accelera's path to profitability?
Impact of NA truck market recovery on 2026 outlook?
First Mode acquisition: decarbonization impact?
Accelera's path post-electrolyzer restructuring
Power Systems capacity expansion plans?
2026 tariff impact on margins: cadence?
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Next Cummins earnings date
Q1 20264 May, 2026
Cummins
Next Cummins earnings date
Q1 20264 May, 2026
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Frequently asked questions
Engines and Related Products
Cummins Inc. is an American company with global operations that specializes in designing, manufacturing, and distributing engines, filtration, and power generation products. Cummins is known for its diesel and natural gas engines, which are used in a wide variety of applications including trucks, buses, RVs, and industrial uses. Additionally, the company offers new parts and remanufacturing services as part of its distribution segment. The company is headquartered in Columbus, Indiana, and its shares are traded on the NYSE.
The H Series Engine
Cummins Engine Company was established in Columbus, Indiana, on February 3, 1919, by mechanic Clessie Cummins and banker William Glanton Irwin. The company initially focused on refining and advancing the diesel engine, which had been invented two decades earlier. Despite conducting several notable endurance trials, it wasn't until 1933 that Cummins achieved significant success with their Model H engine, which was utilized in small railroad switchers. Post-World War II, the Cummins N Series engines gained substantial traction in the United States' road-building boom, dominating over half of the heavy-duty truck market from 1952 to 1959. The company has expanded internationally, and today supplies engines and parts to customers all over the world. Today, the company competes in engines against companies such as Volvo and Caterpillar.
The Engines
The company is most known for its production of engines, used in a wide array of different vehicles. The company builds and sells engines used in mid and heavy-duty vehicles, such as trucks and buses, as well as for industrial use in sectors such as mining, railroad, marine, military, and similar fields. One of the company’s most successful products is the Cummins series B engine, which has been in production in various iterations since the mid-1980s. These engines saw extensive use in various mass-transit buses and the Dodge/RAM series of pickup trucks (owned by Stellantis).
Associated Products and Services
Cummins Inc. is not just limited to engines; it offers a diverse range of products and services beyond its core engine business. The company is a major player in the production of power generation systems, including generators and alternators, built for various industrial, commercial, and residential uses. Cummins also develops and supplies advanced filtration and exhaust systems for use in vehicles.
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