Jun 2026 (Q2 FY26) — Aug 4, 2026
Cummins Q2 FY26 — Record Sales and Raised Full-Year Outlook Driven by Power Generation and China Demand
Read the full callCummins (CMI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cummins earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,457 | +9.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.5 | −0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
21 of 26 judged targets kept · 46 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Analyst Day | Hold on May 21 | Dec 2025 | In May, we hosted our 2026 Analyst Day, where we raised our 2030 financial targets and reinforced our commitment to returning capital to shareholders. | Achieved |
| Accelera net loss | $325 million to $355 million | Dec 2025 | we now expect net losses in the range of $260 million to $290 million compared to our prior guide of a negative $270 million to $300 million. | Revised Up |
| Availability of current B platform | Available for all of 2027 | Jun 2026 | the current B platform will be available for all of 2027. | New |
5 of CUMMINS INC's 72 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 69 more targets are in the full ledger.
Claimed
- Record second quarter sales of $9.5 billion, an increase of 9% compared to Q2 FY25.
- Record EBITDA of $1.7 billion, or 17.5% of sales.
- Full-year revenue outlook raised to 10%-13% growth (from 8%-11%).
- Full-year EBITDA guidance midpoint raised to 18%-18.5%.
- Quarterly cash dividend increased by 10% for the 17th consecutive year.
Qualified
- EBITDA margin decreased to 17.5% from 18.4% YoY, partially due to higher variable compensation and tariffs.
- Power Systems growth constrained by capacity, despite strong demand.
- Elevated inventory levels in some mining markets expected to moderate demand, lowering FY26 sales guidance to down 5% to up 5%.
- R&D costs expected to remain elevated longer due to the staggered EPA 2027 transition.
Price
$522.13 −1.73% · −$9.2
Performance +26.8% 1Y
1Y: $411.83 on 17 Oct 2025 → $522.13. High $727.59 (25 Jun 2026), low $407.98 (22 Oct 2025).
- Previous close
- $531.33
- 52-week range
- $407.98 – $727.59
- One year
- +26.12%
Overview
- Symbol
- CMI
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 26 judged targets kept · 46 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Analyst Day | Hold on May 21 | Dec 2025 | In May, we hosted our 2026 Analyst Day, where we raised our 2030 financial targets and reinforced our commitment to returning capital to shareholders. | Achieved |
| Accelera net loss | $325 million to $355 million | Dec 2025 | we now expect net losses in the range of $260 million to $290 million compared to our prior guide of a negative $270 million to $300 million. | Revised Up |
| Availability of current B platform | Available for all of 2027 | Jun 2026 | the current B platform will be available for all of 2027. | New |
Claimed
- Record second quarter sales of $9.5 billion, an increase of 9% compared to Q2 FY25.
- Record EBITDA of $1.7 billion, or 17.5% of sales.
- Full-year revenue outlook raised to 10%-13% growth (from 8%-11%).
- Full-year EBITDA guidance midpoint raised to 18%-18.5%.
- Quarterly cash dividend increased by 10% for the 17th consecutive year.
Qualified
- EBITDA margin decreased to 17.5% from 18.4% YoY, partially due to higher variable compensation and tariffs.
- Power Systems growth constrained by capacity, despite strong demand.
- Elevated inventory levels in some mining markets expected to moderate demand, lowering FY26 sales guidance to down 5% to up 5%.
- R&D costs expected to remain elevated longer due to the staggered EPA 2027 transition.
The full ledger
Open CUMMINS INC’s full ledger
A free account opens 5 company ledgers a month. All 72 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Cummins Q1 FY26 — Power Systems record margins and data-center demand offset a North America truck downturn, driving an across-the-board guidance raise
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Cummins Q4 FY25 — Record Profitability Despite Truck Market Downturn
Read the full callEvery analysed call
Cummins earnings calls (CMI)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,456 | 8,447 | 8,174 | 8,643 | 8,317 | 8,536 | 8,398 | 9,457 |
| Operating profit | 1,050 | 732 | 1,134 | 1,226 | 852 | 813 | 949 | 1,279 |
| Operating margin | 12.4% | 8.7% | 13.9% | 14.2% | 10.2% | 9.5% | 11.3% | 13.5% |
| Interest | 83 | 89 | 77 | 87 | 83 | 82 | 76 | 80 |
| Profit before tax | 1,043 | 662 | 1,117 | 1,225 | 830 | 791 | 934 | 1,293 |
| Tax rate | 19.2% | 32.8% | 23.9% | 24.2% | 32.6% | 21.6% | 27.2% | 25.1% |
| EPS ($ per share) | 5.90 | — | 5.99 | 6.46 | 3.88 | — | 4.73 | 6.76 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 12,917 | 14,416 | 15,419 | 16,741 | 18,037 | 17,851 | 20,828 | 22,616 |
| Total liabilities | 10,803 | 11,272 | 13,635 | 14,309 | 20,074 | 22,101 | 20,232 | 20,584 |
| Fixed assets | 4,096 | 4,245 | 4,255 | 4,422 | 5,521 | 6,249 | 6,356 | 6,958 |
| Investments | — | — | 461 | 595 | 472 | 562 | 593 | 764 |
| Total assets | 19,062 | 19,737 | 22,624 | 23,710 | 30,299 | 32,005 | 31,540 | 33,992 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,378 | 3,181 | 2,722 | 2,256 | 1,962 | 3,966 | 1,487 | 3,621 |
| Cash from investing | -974 | -1,150 | -719 | -873 | -4,172 | -1,643 | -1,782 | -1,731 |
| Cash from financing | -1,400 | -2,095 | 280 | -2,227 | 1,669 | -2,177 | -173 | -772 |
| Net cash flow | -66 | -174 | 2,272 | -809 | -491 | 78 | -508 | 1,174 |
| Capital expenditure | -709 | -700 | -528 | -734 | -916 | -1,213 | -1,208 | -1,235 |
| Free cash flow | 1,669 | 2,481 | 2,194 | 1,522 | 1,046 | 2,753 | 279 | 2,386 |
CMI revenue by segment
Distribution shrank from 37% to 35% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Distribution | 35% | 36% | 36% | 35% | 38% | 38% | 37% | 35% | +9.2% |
| Components | 32% | 31% | 33% | 31% | 28% | 29% | 25% | 26% | -10.1% |
| Engine | 34% | 32% | 34% | 34% | 31% | 30% | 23% | 25% | -19.0% |
| Power Systems | 20% | 21% | 20% | 22% | 24% | 23% | 13% | 13% | -35.6% |
| Accelera | 1% | 1% | 1% | 1% | 1% | 2% | 1% | 1% | +33.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CMI operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Engine shipments to Stellantis | 29KWe shipped 29,000 engines to Stellantis for use in their Ram pickups in the first quarter of 2025, down 25% from 2024 level.Source: earnings call transcript | 34KWe shipped 34,000 engines to Stellantis for use in the Ram pickups in the second quarter of 2025, down 18% from 2024 levels.Source: earnings call transcript | 40KWe shipped 40,000 engines to Stellantis for use in their Ram pickups in the third quarter of 2025, up 44% from 2024 levels, driven by a ramp-up of model year '25 product, which was launched earlier this year.Source: earnings call transcript | 30KWe shipped 30,000 engines to Stellantis for use in the RAM pickups in the first quarter of 2026, up 4% from 2025 levels.Source: earnings call transcript | 33KWe shipped 33,000 engines to Stellantis for use in the ramp pickups in the second quarter of 2026, down 2% from a year ago.Source: earnings call transcript | +10% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 56% ↓ 1 pt
- Non Us 28% ↓ 2 pt
- North America 25% ↑ 2 pt
- CN 11% ↑ 3 pt
- IN 5%
- Asia Pacific 3% ↓ 1 pt
- Europe 3%
- Africa and Middle East 1%
- Latin America 1%
As CMI cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
126 filings between Oct 30, 2025 and Aug 24, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$37.76M
57 sales by 12 insiders
30% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 31
- Award — granted as compensation
- 8
- Option exercise — converted options into shares
- 24
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts, 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MILLER WILLIAM I | — | $10.81M | Feb 11, 2026 |
| Smith Mark Andrew | — | $6.26M | Nov 6, 2025 |
| Bush Jennifer Mary | — | $5.98M | May 12, 2026 |
| Davis Amy Rochelle | — | $3.37M | Mar 3, 2026 |
| Boakye Marvin | — | $2.37M | May 8, 2026 |
| RUMSEY JENNIFER | — | $2.17M | Nov 11, 2025 |
| Lamb-Hale Nicole | — | $1.65M | May 8, 2026 |
| JACKSON DONALD G | — | $1.48M | May 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 24, 2026 | Newsome Earl VP - Chief Information Officer | Sale | 698 | $399.4K |
| May 19, 2026 | Merritt Brett Michael V.P & Pres. - Engine Business | Gift | 218 | $0 |
| May 14, 2026 | JACKSON DONALD G VP - Treasury & Tax | Sale | 160 | $113.9K |
| May 14, 2026 | JACKSON DONALD G VP - Treasury & Tax | Sale | 90 | $64.1K |
| May 14, 2026 | JACKSON DONALD G VP - Treasury & Tax | Sale | 480 | $341.0K |
| May 13, 2026 | Stoner Nathan R VP - China ABO | Gift | 600 | $0 |
| May 13, 2026 | Fetch Bonnie J EVP & President - Operations | Gift | 155 | $0 |
| May 12, 2026 | Tsien Matthew Director | Award | 306 | $0 |
| May 12, 2026 | Belske Gary L Director | Award | 306 | $0 |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 940 | $652.5K |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 1,799 | $1.25M |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 40 | $28.0K |
| May 12, 2026 | Di Leo Allen Bruno V Director | Award | 306 | $0 |
| May 12, 2026 | Stone John H Director | Award | 306 | $0 |
| May 12, 2026 | Harris Carla A Director | Award | 306 | $0 |
| May 12, 2026 | LYNCH THOMAS J Director | Award | 306 | $0 |
| May 12, 2026 | MILLER WILLIAM I Director | Award | 306 | $0 |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 480 | $335.2K |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 583 | $405.9K |
| May 12, 2026 | Fisher Daniel William Director | Award | 306 | $0 |
| May 12, 2026 | Nelson Kimberly A Director | Award | 306 | $0 |
| May 12, 2026 | Bush Jennifer Mary VP & Pres. - Power Systems | Sale | 1,158 | $805.1K |
| May 12, 2026 | Quintos Karen H Director | Award | 306 | $0 |
| May 11, 2026 | Fetch Bonnie J EVP & President - Operations | Sale | 643 | $451.7K |
| May 11, 2026 | Merritt Brett Michael V.P & Pres. - Engine Business | Sale | 701 | $483.2K |
| May 11, 2026 | Boakye Marvin VP - CHRO | Gift | 150 | $0 |
| May 11, 2026 | Fetch Bonnie J EVP & President - Operations | Sale | 652 | $456.5K |
| May 11, 2026 | Stoner Nathan R VP - China ABO | Sale | 607 | $421.3K |
| May 8, 2026 | Boakye Marvin VP - CHRO | Sale | 1,112 | $754.6K |
| May 8, 2026 | Boakye Marvin VP - CHRO | Sale | 1,000 | $680.6K |
| May 8, 2026 | Boakye Marvin VP - CHRO | Sale | 769 | $522.4K |
| May 8, 2026 | Boakye Marvin VP - CHRO | Sale | 360 | $245.3K |
| May 8, 2026 | Boakye Marvin VP - CHRO | Sale | 240 | $163.8K |
| May 8, 2026 | Lamb-Hale Nicole VP, CAO & Corporate Secretary | Sale | 1,181 | $808.2K |
| May 8, 2026 | Lamb-Hale Nicole VP, CAO & Corporate Secretary | Sale | 947 | $650.1K |
| May 8, 2026 | Lamb-Hale Nicole VP, CAO & Corporate Secretary | Sale | 280 | $192.0K |
| Apr 1, 2026 | Lamb-Hale Nicole VP, CLO & Corporate Secretary | Award | 290 | $0 |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 160 | $90.3K |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 120 | $67.9K |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 400 | $225.3K |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 1,694 | $948.6K |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 1,049 | $588.9K |
| Mar 3, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Sale 10b5-1 plan | 631 | $354.7K |
| Mar 1, 2026 | Boakye Marvin VP - Chief Human Resources Off | Tax withheld | 2,735 | $1.60M |
| Mar 1, 2026 | Boakye Marvin VP - Chief Human Resources Off | Award | 7,056 | $0 |
| Mar 1, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Tax withheld | 2,264 | $1.32M |
| Mar 1, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Tax withheld | 883 | $515.6K |
| Mar 1, 2026 | Davis Amy Rochelle VP & Pres. - Accelera and Com | Award | 5,181 | $0 |
| Mar 1, 2026 | Peters Luther E VP - Corporate Controller | Tax withheld | 579 | $338.1K |
| Mar 1, 2026 | Peters Luther E VP - Corporate Controller | Award | 1,888 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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