Cummins raises full-year guidance on record Q2

Cummins Inc. reported second-quarter 2026 revenues of $9.5 billion, a 9% increase from Q2 2025. Sales in North America increased 8% while international revenues, led by growth in China, increased 12%.

Net income attributable in the second quarter was $932 million, compared to $890 million in 2025. EBITDA was $1.7 billion, or 17.5% of sales, compared to $1.6 billion, or 18.4% of sales, a year ago.

Jennifer Rumsey, chair and CEO, Cummins. (Photo: Cummins)

Jennifer Rumsey, chair and CEO of Cummins, said the record second-quarter results reflect “robust customer orders for standby power for data centers and improving North American truck markets,” noting the company continues “to perform well in a complex macroeconomic environment.”

“With greater regulatory clarity in on-highway markets in the U.S. and continued momentum across key markets,” she added, “we are well positioned to deliver for our customers and generate profitable growth.”

Results by business segment

Topping sales for the quarter was the Distribution Segment, which saw sales rise 9% to $3.3 billion. North American revenues were up 13% and international sales inched up 1% based on increased demand for power generation products, particularly for data center applications. Segment EBITDA was $451 million, or 13.6% of sales, compared to $445 million, or 14.6% of sales in the same period last year.

The Engine Segment saw sales increase 6% year-over-year to $3.1 billion, with EBITDA of $386 million, or 12.5% of sales, compared to $400 million, or 13.8% of sales, in Q2 2025. Revenues in North America rose 1% and international sales increased 23% due to stronger construction demand in China.

Sales rose 7% for the Components Segment to $2.9 billion, with EBITDA of $381 million, or 13.2% of sales, compared to $397 million, or 14.7% of sales, in Q2 2025. Revenues in North America increased 6% and international sales rose 8% primarily due to stronger truck demand in the United States and China.

The Power Systems Segment saw sales climb 19% to $2.3 billion for the second quarter. North American and international sales both grew 19%, driven primarily by increased power generation demand, particularly for data center markets in the United States, China and Asia Pacific.

Despite reporting ongoing EBIDTA loss (-$69 million), sales for the Accelera Segment increased substantially (+38%) to $145 million in Q2 – attributed to stronger eMobility demand. The company stated that it “remains committed to pacing and focusing its zero-emissions investments on the most promising paths in order to ensure long-term success as part of Cummins’ Destination Zero strategy, while reducing the rate of ongoing EBITDA losses.”

2026 Outlook

Cummins said it expects the second half of the year to be stronger than the first half, prompting it to raise its full-year 2026 revenue guidance to be up 10% to 13%. It cited stronger demand across several markets, particularly North America on-highway, China construction and power generation.

EBITDA is expected to be in the range of 18.0% to 18.5%, compared to the company’s prior guidance of 17.75% to 18.5%, excluding charges related to the sale of the fuel cell business in the first quarter.

“We’re raising our financial outlook for 2026 as demand continues to outpace expectations across several key markets. North American truck markets continue to improve, while demand for data center power generation remains robust,” said Rumsey. “Our market-leading positions and talented global workforce position us well to capitalize on these trends, meet our customers’ needs, invest in future growth and continue delivering strong returns for shareholders.”