Cummins Inc (CMI) · Nov 5, 2026 · Earnings

Cummins earnings beat on EPS, but revenue misses and guidance bottoms

Miss — Diluted EPS $8.25 vs ~$8.2 consensus; revenue $9.44B vs ~$9.9B consensus

Cummins earnings show data-center power demand driving record profitability, but a revenue miss and weaker pickup trucks limit the upside.

Cummins entered this quarter with its story increasingly split between a data-center-led power-generation boom and recovering North American truck demand, after raising its 2026 revenue outlook to 10%-13% growth and EBITDA-margin guidance to 18.0%-18.5% in August.

The quarter was operationally strong, but not cleanly ahead of the market. Revenue rose 13.5% year over year to $9.44 billion, but landed below the published consensus near $9.9 billion, while diluted EPS of $8.25 was roughly around the ~$8.2 consensus. That makes this a revenue miss rather than a convincing earnings beat. Net income also benefited from $75 million, or $0.54 per share, of favorable discrete tax items.

Q3 2026Q3 2025Consensus
Revenue (Income Statement)$9.44B (+13.5%)$8.32B~$9.9B
Diluted EPS (Income Statement)$8.25 (+113.7%)$3.86~$8.2
EBITDA margin (EBITDA reconciliation)18.9% (+4.6 pts)14.3%
Operating cash flow (Cash Flow statement)$1.41B (+7.7%)$1.31B

Power Systems is now the clear engine of the business. Its quarterly sales rose to $2.29 billion from $2.00 billion, with EBITDA climbing to $582 million and margin expanding to 25.4%. Cummins said North American revenue increased 20%, driven primarily by power-generation demand tied to data centers, confirming that the AI infrastructure buildout is translating into current-period sales rather than just future opportunity. 〔0〕

The truck recovery is real, but uneven. Heavy-duty and medium-duty truck sales improved sharply year over year, while pickup-related demand weakened; Engine segment sales grew about 22%, but the company specifically blamed weaker pickup demand for the guidance reset. This matters because the power-generation upside is offsetting, not eliminating, weakness in an important on-highway market. 〔1〕

The full-year revenue outlook moved from a range to its floor. Cummins now expects approximately 10% revenue growth, down from the prior 10%-13% range, while holding EBITDA margin guidance at approximately 18.2% inside the previous 18%-18.5% range. The message is that profitability is holding up, but volume expectations have deteriorated enough that the company no longer underwrites the upper end of its outlook. 〔2〕

Accelera remains the weak spot rather than the growth driver. The segment posted a $56 million EBITDA loss versus a $336 million loss a year earlier, showing meaningful improvement, but revenue fell as electrolyzer sales declined after the strategic review. Cummins is reducing the pace of zero-emissions investment and losses, which helps near-term earnings quality but also signals that this part of the energy-transition strategy is being narrowed. 〔3〕

Bottom line: Cummins is executing well where data-center power demand is strongest, and margins are better than expected operationally. But the revenue miss and retreat to the low end of full-year growth guidance leave the overall update slightly behind expectations rather than a clean continuation of the prior momentum.

What to watch next

Q4 results and whether revenue sets a new record

Original filing on SEC EDGAR

More Cummins Inc news

Cummins earnings beat on EPS, but revenue misses and guidance bottoms | CMI Stock News
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