Cummins Inc. reported results for the first quarter of 2026.
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.
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.
