Cummins Inc. reported results for the second quarter of 2026.
“Cummins delivered record second-quarter results, reflecting robust customer orders for standby power for data centers and improving North American truck markets,” said Jennifer Rumsey, chair and CEO of Cummins. “Rising demand and disciplined execution drove record performance as we continue to perform well in a complex macroeconomic environment. We are raising our expectations for full year performance and expect the second half of the year to be stronger than the first half. With greater regulatory clarity in on-highway markets in the U.S. and continued momentum across key markets, we are well positioned to deliver for our customers and generate profitable growth.”
Second-quarter 2026 revenues of $9.5 billion increased 9% from the same quarter in 2025. Sales in North America increased 8% while international revenues, led by growth in China, increased 12%.
Net income attributable to Cummins in the second quarter was $932 million, or $6.73 per diluted share, compared to $890 million, or $6.43 per diluted share, in 2025. The tax rate in the second quarter was 25.1% including $29 million, or $0.21 per diluted share, of unfavorable discrete tax items.
EBITDA in the second quarter was $1.7 billion, or 17.5% of sales, compared to $1.6 billion, or 18.4% of sales, a year ago.
2026 Outlook
Based on its current forecast, Cummins is raising its full-year 2026 revenue guidance to be up 10% to 13%, due to stronger demand across several markets, particularly North America on-highway, China construction and power generation. EBITDA is expected to be in the range of 18.0% to 18.5%, compared to our prior guidance of 17.75% to 18.5%, 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’re raising our financial outlook for 2026 as demand continues to outpace expectations across several key markets,” said Rumsey. “North American truck markets continue to improve, while demand for data center power generation remains robust. Our market-leading positions and talented global workforce position us well to capitalize on these trends, meet our customers’ needs, invest in future growth and continue delivering strong returns for shareholders.”
Second Quarter 2026 Highlights
- Cummins announced an increase in the quarterly common stock cash dividend from $2.00 to $2.20 per share. The company has increased the quarterly dividend to shareholders for 17 consecutive years.
- In May, Cummins hosted its 2026 Analyst Day and raised its 2030 financial targets, reflecting the strength of its strategy, stronger market positions and rising demand across key markets. The company also announced disciplined capacity and product investments to further strengthen its position in mining and power generation, building on areas where Cummins is already well positioned to deliver long-term growth.
- In June, Cummins announced an agreement with Circe Energy to provide a series of natural gas generator sets to support a scalable, behind-the-meter, prime power microgrid solution for their High-Performance Computing (HPC) data center in Texas. Deliveries are scheduled from 2026 through 2030 and will include Cummins’ HSK78 and QSK60 generator set platforms. The announcement reflects Cummins’ expanding role in supporting the North American data center market with natural gas-fueled generator sets and integrated microgrid controls designed to address power grid constraints, improve reliability and enable fast-start response capabilities in an era of unprecedented AI demand.
- Cummins announced updated Model Year 2027 North American on-highway product launch plans following the EPA’s proposed changes to upcoming emissions regulations. The company will introduce its new X10 and X15 engines through a measured production ramp while maintaining select legacy product availability in 2027. The approach is designed to satisfy the proposed regulatory framework, support customer production schedules and provide additional time to ramp production in a disciplined manner that helps position the industry for a successful transition. Cummins recently showcased these new platforms through the nationwide Forever Rising Tour, providing customers with hands-on experience and direct engagement with the company’s latest powertrain technologies.
¹ Generally Accepted Accounting Principles in the U.S.
² Earnings or losses before interest expense, income taxes, depreciation and amortization and noncontrolling interests
Second quarter 2026 detail (all comparisons to same period in 2025):
EBITDA percentage for the company and some of the individual segments declined year-over-year. This was primarily due to higher incentive compensation, tied to expected record full-year results. EBITDA percentage for the company is expected to be higher in the second half and full year 2026 compared to the same periods in 2025.
Engine Segment
- Sales – $3.1 billion, up 6%
- Segment EBITDA – $386 million, or 12.5% of sales, compared to $400 million, or 13.8% of sales
- Revenues in North America increased 1% and international sales increased 23% due to stronger construction demand in China.
Components Segment
- Sales – $2.9 billion, up 7%
- Segment EBITDA – $381 million, or 13.2% of sales, compared to $397 million, or 14.7% of sales
- Revenues in North America increased 6% and international sales increased 8% primarily due to stronger truck demand in the United States and China.
Distribution Segment
- Sales – $3.3 billion, up 9%
- Segment EBITDA – $451 million, or 13.6% of sales, compared to $445 million, or 14.6% of sales
- Revenues in North America increased 13% and international sales increased 1% driven by increased demand for power generation products, particularly for data center applications.
Power Systems Segment
- Sales – $2.3 billion, up 19%
- Segment EBITDA – $552 million, or 24.5% of sales, compared to $430 million, or 22.8% of sales
- Revenues in North America increased 19% and international sales increased 19% driven primarily by increased power generation demand, particularly for data center markets in the United States, China and Asia Pacific.
Accelera Segment
- Sales – $145 million, up 38%
- Segment EBITDA loss – $69 million
- Revenues increased due to stronger eMobility demand. 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.
