Cummins earnings: guidance and next results
Cummins is expected to report results on November 5, 2026. Watch whether generator equipment is shipped and paid for, while truck growth preserves margins.
What has Cummins guided for 2026?
Management guides to 2026 revenue growth of 10.0%–13.0% and an EBITDA margin of 18.0%–18.5%. Power Systems revenue is guided to grow 14.0%–19.0%. Accelera is guided to lose $260 million–$290 million of EBITDA.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Consolidated Revenue (growth) | Year to Dec 2026 | 10.0% | 13.0% | Aug 4, 2026 |
| EBITDA Margin | Year to Dec 2026 | 18.0% | 18.5% | Aug 4, 2026 |
| Power Systems Segment — Revenue (growth) | Year to Dec 2026 | 14.0% | 19.0% | Aug 4, 2026 |
| Accelera Segment — EBITDA | Year to Dec 2026 | -290 | -260 | Aug 4, 2026 |
What this means. Accelera’s negative earnings before interest, taxes, depreciation, and amortization numbers mean the company expects that segment to lose money before these costs are counted.
Has Cummins kept its past promises?
The committee raised Davis’s annual payout from 80% to 90%, citing slower adoption. It also raised her three-year performance-share payout from 50% to 110%, citing market and policy effects. Shareholders faced those conditions too. Adjusting targets after disappointment can weaken the promise that incentives reward results set in advance.
What do Cummins’s last eight quarters show?
Revenue rose 9.4% from the prior-year quarter, while net income and diluted earnings per share rose more slowly. Gross margin, operating margin and EBITDA margin all declined. Cummins therefore sold more without retaining quite as much of each sales dollar.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,457 | 8,398 | 8,536 | 8,317 | 8,643 | 8,174 | 8,447 | 8,456 |
| Gross margin | 26.1% | 26.7% | 22.9% | 25.6% | 26.4% | 26.4% | 24.1% | 25.7% |
| Operating income | 1,279 | 949 | 813 | 852 | 1,226 | 1,134 | 732 | 1,050 |
| Net income | 932 | 654 | 593 | 536 | 890 | 824 | 418 | 809 |
| EPS, diluted | 6.73 | 4.71 | 4.27 | 3.86 | 6.43 | 5.96 | 3.02 | 5.86 |
What this means. Cash from operations for later quarters is calculated by subtracting earlier accumulated cash, so it may not match the company’s separately reported quarterly amount.
What should you watch in Cummins’s next release?
The nearest test is the November 5, 2026 earnings call. Investors should look for generator equipment shipped and paid for, not merely stronger orders, and for truck growth that preserves margins.
The engine launches provide a second test. Cummins plans limited production of the X10 and X15 in January 2027, followed by full production later in the year. The B platform follows in January 2028. These launches require certification, suppliers, factories and truck makers to move together.