10-Q · August 4, 2026
Cummins delivered strong Q2 top-line growth, with revenue up 9% to $9.457 billion and diluted EPS up 5% to $6.73, powered by data-center-related power-generation demand and international construction activity. Power…
Earnings analysis · 10-Q
CMI earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Cummins delivered strong year-over-year growth, with revenue of $9.438 billion and diluted EPS of $8.25, while Power Systems demand and a record 18.9% EBITDA margin were positive factors. However, both revenue and EPS…
Read full summary
Cummins delivered strong year-over-year growth, with revenue of $9.438 billion and diluted EPS of $8.25, while Power Systems demand and a record 18.9% EBITDA margin were positive factors. However, both revenue and EPS modestly missed consensus, and full-year revenue growth guidance was lowered to approximately 10% from 10%-13%. The outlook remains mixed because management maintained approximately 18.2% EBITDA margin guidance and expects fourth-quarter revenue to exceed the third-quarter record.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.25
What stood out
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Revenue increased year over year
Third-quarter revenue was $9.438 billion, up from $8.32 billion in the prior-year quarter and slightly below $9.46 billion in the prior quarter. Revenue missed the $9.874 billion consensus estimate.
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EPS more than doubled year over year
Diluted EPS was $8.25 versus $3.86 in the prior-year quarter and $6.73 in the prior quarter, but modestly missed the $8.30 consensus estimate.
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Power Systems led segment growth
Power Systems was identified as the leading source of segment growth, supported by strong demand for power generation tied to data centers; the filing materials do not provide a segment revenue amount in the supplied text.
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Record EBITDA margin
Reported EBITDA margin reached a record 18.9%, above the maintained full-year EBITDA margin outlook of approximately 18.2%.
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Continued shareholder returns
Cummins repurchased $365 million of common stock during the quarter, with $1.4 billion remaining available under the 2021 authorization at September 30, 2026.
What to watch
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Revenue outlook was lowered
Full-year revenue growth guidance was reduced to approximately 10% from the prior 10%-13% range, indicating a narrower growth outlook despite third-quarter revenue of $9.438 billion.
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Quarterly results missed estimates
Third-quarter revenue of $9.438 billion and diluted EPS of $8.25 fell short of consensus estimates of $9.874 billion and $8.30, respectively, creating execution and demand risk entering the fourth quarter.
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Capital allocation reduces flexibility
The company repurchased $365 million of stock during the quarter while $1.4 billion remained authorized, representing a material use of capital that could reduce financial flexibility if operating conditions weaken.
Management's outlook
Management lowered full-year revenue growth guidance to approximately 10% from 10%-13%, while maintaining EBITDA margin guidance at approximately 18.2% versus the prior 18%-18.5% range. Management expects fourth-quarter revenue to exceed third-quarter revenue and set a new record.
Earlier filings 4
10-Q · May 5, 2026
Cummins Inc. reported Q1 2026 revenue of $8.4 billion, a 3% increase year-over-year, but fell short of analysts' EPS estimate with diluted EPS of $4.71. The company is optimistic about revenue growth in the power…
10-K · February 10, 2026
Cummins reports 2025 net sales of $33.67 billion and diluted EPS of $20.50, with operating income of $4.025 billion and strong operating cash flow of $3.621 billion. Results were mixed: Power Systems and Distribution…
10-Q · November 6, 2025
Cummins reported Q3 net sales of $8,317 million and diluted EPS of $3.86. Revenue was down modestly year-over-year while gross margin and operating income declined; cash, marketable securities and operating cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.