Cummins(NYSE) CMI

Cummins makes engines and power systems that move heavy trucks, buses, and industrial equipment. It helps businesses transport goods and generate electricity across the globe. These products keep essential supply chains and power grids running reliably.

What Cummins Builds

• Distribution Segment: Sells and services the full range of products through a global network; accounted for 30% of net sales in 2025.
• Engine Segment: Designs and makes diesel and natural gas engines for trucks, buses, and construction equipment; represented 26% of net sales in 2025.
• Components Segment: Produces parts like turbochargers, fuel systems, and automated transmissions for commercial vehicles; contributed 25% of net sales in 2025.
• Power Systems Segment: Provides backup generators and high-speed engines for data centers and mining; accounts for 18% of net sales in 2025.
• Accelera Segment: Develops zero-emission technologies including batteries and electric powertrain systems for the energy transition.

Strategic Moves and Shifts

• Completed the divestiture of its remaining interest in Atmus Filtration Technologies on March 18, 2024, through a tax-free split-off.
• Formed the Amplify Cell Technologies joint venture in May 2024 with Daimler Truck and PACCAR to manufacture battery cells.
• Settled regulatory civil claims regarding emissions compliance in April 2024, involving a $1.9 billion payment to U.S. government agencies.
• Announced plans in late 2025 to stop new commercial activity in the electrolyzer market due to hydrogen market deterioration.

A Global Service Powerhouse

Cummins maintains a presence in approximately 190 countries through a network of 640 distributor locations and 13,000 certified dealers. This extensive support infrastructure allows the company to provide repair services and aftermarket parts for diverse industrial and transport applications worldwide.

Key Financial Facts

• Revenue reached $8.5 billion in Q4 2025, a 1.1% increase over Q4 2024.
• Net income rose to $593 million in Q4 2025, up 41.9% from $418 million in the same period last year.
• Free cash flow hit $990 million in Q4 2025, representing a 12.2% increase year-over-year.
• Operating income was $640 million in Q4 2025, down 12.6% from $732 million in Q4 2024.
• The company reported a market capitalization of $86.7 billion as of early 2026.

Bottom Line

Cummins has transitioned from a traditional engine manufacturer to a diversified power leader balancing internal combustion and zero-emission technologies. Its steady expansion into components and distribution networks provides a platform for navigating the global shift in energy standards.