Cummins stock posts record EBITDA as 2026 outlook narrows

Cummins reported record third-quarter EBITDA on November 5, while weaker North American pickup-truck demand led the company to narrow its full-year revenue outlook. The company said in its earnings release that revenue increased 13 percent from the year-earlier quarter to 9.4 billion US dollars.

Net income attributable to Cummins reached 1.14 billion US dollars, or 8.25 US dollars per diluted share, compared with 536 million US dollars, or 3.86 US dollars per share, a year earlier. The prior-year quarter included 240 million US dollars of non-cash Accelera charges, while the latest diluted EPS included 0.54 US dollars of favorable discrete tax items.

Power demand offsets truck weakness

EBITDA rose to a record 1.8 billion US dollars, equal to 18.9 percent of sales, from 1.2 billion US dollars, or 14.3 percent, in the third quarter of 2025. Cummins said stronger volumes and demand in power generation supported profitability, although the comparison was helped by charges recorded in the prior-year period.

Power Systems was the strongest reported segment. Sales rose 15 percent to 2.3 billion US dollars, while segment EBITDA increased to 582 million US dollars and the margin expanded to 25.4 percent from 22.9 percent. Cummins linked the demand to power-generation projects, including data-center applications in the United States, China and Asia-Pacific.

The Engine segment generated sales of 3.1 billion US dollars, up 20 percent, and Components sales rose 23 percent to 2.9 billion US dollars. Distribution sales increased 4 percent to 3.3 billion US dollars, but its EBITDA margin declined to 13.9 percent from 15.5 percent. Accelera sales fell 15 percent to 103 million US dollars as electrolyzer sales declined after a strategic review.

Guidance moves to lower end

Cummins now expects full-year 2026 revenue growth of approximately 10 percent, compared with its previous range of 10 percent to 13 percent. The expected EBITDA margin is approximately 18.2 percent, still within the earlier 18 percent to 18.5 percent range and excluding charges related to the sale of the low-pressure fuel-cell business in the first quarter.

Chief Executive Jennifer Rumsey said weaker-than-expected pickup demand in North America affected the quarter and is expected to persist through year-end. She also said global power generation and North American heavy-duty truck demand remain strong, with fourth-quarter revenue expected to increase from the third quarter and reach a new record.

The real-time quote of Cummins stock traded at 406.05 euros on Lang & Schwarz at 13:22 CET on Monday, November 9, 2026.

Broader market sentiment remains an additional factor for industrial and power-equipment shares; see current market reports.

The next shareholder-related date is December 3, when Cummins plans to pay its quarterly dividend of 2.20 US dollars per share to shareholders of record on November 20. More news and analyses on Cummins stock are available in the company topic.