Cummins Inc NYSE:CMI Price, Chart, News & Insight

Cummins Rises 2% as Data Center Power Demand Drives a Guidance Upgrade

Tuesday, May 5, 2026

While much of today's earnings landscape is defined by beats-with-disappointing-guides, Cummins offers the cleaner narrative: a solid quarter, a raised outlook, and a stock that actually went up. Shares gained approximately 2% after the Columbus-based engine and power systems maker lifted its full-year revenue and EBITDA guidance on the back of surging demand for data center power generation.

The Numbers

Q1 2026 revenues came in at $8.4 billion, up 3% year-over-year, though the headline earnings figures were depressed by a one-time charge. Net income of $654 million ($4.71 diluted EPS) compared unfavorably to $824 million ($5.96 EPS) in Q1 2025 — but that comparison is misleading. The quarter included $199 million ($1.44 per share) in charges related to Cummins exiting its low-pressure fuel cell business, a deliberate strategic retreat from a market where hydrogen adoption has come in well below earlier expectations. Stripping that out, the underlying operational picture was considerably stronger. EBITDA margins of 15.4% on a reported basis will recover materially in subsequent quarters as those charges don't recur.

The Power Systems Story

The standout of the report is the Power Systems segment, which posted record performance. Sales hit $2.0 billion, up 19% year-over-year, with EBITDA margins expanding to a remarkable 29.5% from 23.6% a year ago — nearly 600 basis points of margin expansion in a single year. CEO Jennifer Rumsey was direct about the driver: "continued strong demand for data center backup power." Both North America and international markets (China, Asia Pacific) contributed equally, each growing 18–19%. The Distribution segment also benefited, with EBITDA improving to 14.2% of sales from 12.9%, driven by the same data center demand wave flowing through aftermarket and service channels.

Offsetting this strength, the Engine and Components segments — both exposed to North American medium- and heavy-duty truck markets — posted revenue declines of 4% and 5% respectively, as that cycle remains in a trough. However, Rumsey noted that "North America truck markets began to improve from a cyclical low," suggesting the drag from these segments may be near its peak.

Guidance Raised Meaningfully

The guidance upgrade is the headline for investors. Full-year 2026 revenue growth is now expected at 8–11%, sharply up from the prior 3–8% range. EBITDA margins are guided to 17.75–18.50%, up from 17.0–18.0%. The company also returned $519 million to shareholders in Q1 and reiterated its long-term commitment to returning 50% of operating cash flow to shareholders.

The Strategic Pivot

Cummins' decision to exit the low-pressure fuel cell business — taking the $199 million hit now — is a candid acknowledgment that green hydrogen timelines have slipped. Rather than burn cash on an uncertain transition, management is channeling resources toward segments where demand is tangible and immediate: diesel and natural gas power generation for data centers, hybrid solutions for mining, and the recovering truck market. It's a pragmatic pivot, and the market is rewarding it.

In a day of earnings-driven volatility, Cummins is one of the cleaner stories: exit what isn't working, double down on what is, raise guidance, and let the results speak.

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Global Finance News 05-05-26

Cummins and Komatsu have signed an MOU to *jointly develop hybrid powertrains for heavy mining haul trucks*, with Komatsu’s drive system supplier Wabtec also involved. The effort builds on their long partnership in diesel engines and aims to cut fuel use, lower costs, and speed decarbonization in mining.

Pilot hybrid retrofit kits are set to deploy this year through Cummins’ First Mode unit, with commercial rollout planned well before 2030. Both companies see hybrids as a *first step toward carbon-neutral mining operations by 2050*, while also delivering productivity gains through faster cycle times and double-digit fuel savings.

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Global Finance News 09-17-25

On June 2, 2025, Cummins Inc. entered into two new unsecured credit agreements with JPMorgan Chase as administrative agent:
• A 5-Year Credit Agreement maturing June 2, 2030, and a 3-Year Credit Agreement maturing June 2, 2028.
• Each facility allows for up to $2 billion in revolving credit, swingline loans, and letters of credit.
• Both agreements replace and expand upon previous credit arrangements that expired or were superseded on the same date.

Cummins may increase each facility by up to an additional $1 billion under certain conditions. Loans will bear interest based on benchmark rates plus a margin determined by Cummins’ credit rating (currently 0.75%). The agreements include financial covenants, such as a debt-to-capitalization ratio not exceeding 0.65:1. Cummins guarantees borrowings by its subsidiaries under both agreements.

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The Investor 06-03-25

The Board of Directors of Cummins Inc. (NYSE: CMI) today declared a quarterly common stock cash dividend of one dollar and eighty-two cents ($1.82) per share. The dividend is payable on June 5, 2025, to shareholders of record on May 23, 2025.

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Global Finance News 05-14-25

Cummins Inc. Issues $2 Billion in Senior Notes Across Three Maturities

On May 9, 2025, Cummins Inc. completed a $2 billion public debt offering, issuing:
• $300 million in 4.250% Senior Notes due 2028
• $700 million in 4.700% Senior Notes due 2031
• $1 billion in 5.300% Senior Notes due 2035

The notes were issued under a base indenture and three supplemental indentures with U.S. Bank Trust Company. Interest will be paid semi-annually, and the company may redeem the notes early, subject to make-whole premiums or par pricing depending on timing. Proceeds will be used for general corporate purposes, including refinancing existing debt. The offering is registered under the company’s shelf registration filed in February 2025.

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The Investor 05-10-25

Cummins Q1 2025 Earnings: Strong Power Systems Performance, Full-Year Guidance Withdrawn

Cummins Inc. reported first quarter 2025 revenue of $8.2 billion, down 3% year-over-year. Net income was $824 million, or $5.96 per diluted share, compared to $1.99 billion ($14.03 per share) in Q1 2024, which included a $1.3 billion gain from the Atmus separation. EBITDA for the quarter was $1.46 billion, or 17.9% of sales. Revenue declined 1% in North America and 5% internationally, with weaker demand in Latin America and Asia Pacific partially offset by growth in China.

Power Systems led segment performance with a 19% sales increase to $1.6 billion and EBITDA margin of 23.6%. The Distribution segment also saw double-digit growth (+15%), while Engine (-5%) and Components (-20%) segments declined, the latter reflecting the Atmus divestiture and weaker on-highway demand.

The company withdrew full-year 2025 guidance due to economic uncertainty, including tariff-related risks. CEO Jennifer Rumsey reaffirmed commitment to Cummins' "Destination Zero" decarbonization strategy.

Key product news included the launch of the new X10 and B7.2 diesel engines and expansion of hydrogen technologies via Accelera™, including a 100MW electrolyzer supply agreement with bp.

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WS Investor 05-05-25

Cummins Inc. (NYSE: CMI) announced today that John Gaidoo has been appointed as Vice President and Chief Legal Officer, effective June 1. He will succeed Nicole Lamb-Hale following her transition to Chief Administrative Officer and Corporate Secretary.

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Global Finance News 04-09-25

Cummins Appoints Nicole Y. Lamb-Hale as Chief Administrative Officer and Corporate Secretary

Cummins Inc. (NYSE: CMI) announced on April 2, 2025, that Nicole Y. Lamb-Hale will assume the role of Chief Administrative Officer and Corporate Secretary, effective June 1, 2025, following the retirement of Sharon Barner on May 31.

Lamb-Hale, who joined Cummins in 2021 as Vice President and Chief Legal Officer, expanded her responsibilities to include Corporate Secretary in 2023. She has played a key role in major transactions, including the acquisition of Meritor, the spin-off of the Filtration business, and the formation of Amplify Cell Technologies.

In her new role, Lamb-Hale will lead a global organization covering risk management, ethics and compliance, product and regulatory affairs, government relations, communications, and corporate responsibility. She will continue to advise the Cummins Board and uphold governance standards.

Before Cummins, Lamb-Hale held leadership roles at Kroll, LLC and Albright Stonebridge Group, and served in the U.S. Department of Commerce under the Obama administration. She is a graduate of the University of Michigan and Harvard Law School, and serves on multiple corporate and non-profit boards, including Federal Realty Investment Trust and the Cummins Foundation.

Jennifer Rumsey, Chair and CEO of Cummins, praised Lamb-Hale as a visionary leader with deep expertise and a commitment to Cummins' values, stating: “She is uniquely qualified to lead this critical organization during an important time in Cummins’ history.”

For more information, visit: www.cummins.com
Read the full release: https://www.businesswire.com/news/home/20250402041669/en/

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The Investor 04-02-25

Accelera and Isuzu to Launch Zero-Emissions Battery Electric Powertrain for F-Series Trucks by 2027

Accelera by Cummins and Isuzu Motors announced they will introduce a fully integrated zero-emissions battery electric powertrain for Isuzu’s F-series medium-duty trucks, with production set for 2027. The collaboration is tailored for the North American market and marks a major step in fleet electrification.

The new electric powertrain will include Accelera’s next-generation technologies:
- Lithium iron phosphate (LFP) tiered platform batteries for longer cycle life, enhanced safety, and cost efficiency
- The 14Xe eAxle with the ELFA motor and inverter, backed by nearly 30 years of road experience
- The PCAS 3.0 system, a compact and modular controls package that is 70% smaller than previous versions and more serviceable

The system will be shown at the ACT Expo in Anaheim, California, from April 28 to May 1.

The powertrain will be available in Class 6 and 7 trucks, designed for a range of applications from urban deliveries to regional hauls. Its integration aims to lower the total cost of ownership and support the transition to electric commercial fleets. Many components will be manufactured or assembled in the United States.

Accelera is Cummins’ zero-emissions business segment, and Isuzu is a global leader in commercial vehicles, including the F-series and D-MAX models.

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WS Investor 03-30-25

Cummins Inc. has announced the retirement of Sharon R. Barner, its Chief Administrative Officer, effective May 31, 2025. The company disclosed this development in a press release issued on March 18, 2025.

Barner has been a key leader at Cummins, and her retirement marks a significant transition for the company. Further details regarding her successor or any structural changes within the company have not yet been disclosed.

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European Investor 03-18-25

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