Cummins (CMI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 sales of $9.5B, up 9% year-over-year, driven by strong global demand in power generation, data centers, and international construction, especially in North America and China.

• Net income attributable to shareholders was $932M ($6.73/diluted share), up from $890M ($6.43) last year.

• EBITDA reached $1.7B (17.5% of sales), slightly down from 18.4% last year due to higher incentive compensation.

• All major segments reported revenue growth, led by Power Systems (+19%) and Accelera (+38%).

• Returned $501M to shareholders via dividends and share repurchases in Q2.

Financial highlights

• Revenue increased to $9.5B from $8.64B in Q2 2025; gross margin was $2.47B (26.1% of sales), up from $2.28B.

• Operating income for Q2 was $1.28B, up from $1.23B year-over-year.

• Operating cash flow hit a Q2 record of $1.5B, up from $785M a year ago.

• Dividend per share increased to $2.20 in July 2026, marking 17 consecutive years of growth.

• Debt to capital ratio at June 30, 2026, was 35.6%, improved from 38.7% year-over-year.

Outlook and guidance

• 2026 revenue growth forecast raised to 10%-13%, with EBITDA margin guidance at 18%-18.5%.

• North America heavy-duty truck forecast midpoint raised to 240,000-250,000 units; medium-duty to 130,000-140,000 units.

• Power generation revenues expected to grow 15%-25% globally, constrained by capacity.

• Capital investments planned at $1.35B-$1.45B for 2026.

• Accelera segment EBITDA loss expected to narrow to ($290M)–($260M) from ($438M) in 2025.