Cummins Posts Record Q3 EPS, Trims 2026 Revenue Outlook

Columbus, Indiana-based Cummins Inc. reported third-quarter net sales of $9.438 billion on Thursday, up 13% from a year earlier, and record diluted earnings of $8.25 a share, while trimming its full-year revenue growth outlook to about 10% because of weaker North American pickup-truck demand, according to its investor release and Form 8-K filed with the Securities and Exchange Commission.

• Net sales: $9.438 billion, up 13%; North America +15%, international +11%
• Net income attributable to Cummins: $1.140 billion, or 12.1% of sales
• Diluted EPS: $8.25, versus $3.86 a year earlier; includes $0.54 of favorable discrete tax items
• EBITDA (non-GAAP): a record $1.786 billion, or 18.9% of sales
• Shareholder returns: $661 million in dividends and share repurchases in the quarter

Chair and Chief Executive Jennifer Rumsey said Power Systems strength and data-center power demand drove record EBITDA and earnings per share, while U.S. medium- and heavy-duty truck markets improved and pickup orders softened. Year-earlier results included $240 million, or $1.73 per diluted share, of Accelera non-cash charges.

Segments and 2026 guidance

Engine segment sales rose 20% to $3.1 billion. Components climbed 23% to $2.9 billion. Power Systems increased 15% to $2.3 billion on power-generation demand in the United States, China and Asia Pacific. Distribution sales were up 4% to $3.3 billion. Accelera sales fell 15% to $103 million with a $56 million EBITDA loss.

Cummins now expects full-year revenue growth of approximately 10%, down from prior guidance of 10% to 13%. EBITDA margins are guided at about 18.2%, within the prior 18% to 18.5% range and excluding first-quarter charges tied to the sale of its low-pressure fuel cell business. Rumsey said fourth-quarter revenues should rise from the third quarter. The company raised its quarterly dividend in July from $2.00 to $2.20 a share.

The industrial earnings slate this week also includes Parker Hannifin’s record fiscal first-quarter sales.

Sources: Cummins IR, Cummins Form 8-K (SEC), Cummins Exhibit 99.1 (SEC)