Cummins (CMI) Q2 2025 Earnings
Reported Aug 5, 2025 at 7:39 AM ET · SEC Source
Q2 25 EPS
$6.43
BEAT +23.53%
Est. $5.21
Q2 25 Revenue
$8.64B
BEAT +2.20%
Est. $8.46B
vs S&P Since Q2 25
+67.1%
BEATING MARKET
CMI +85.8% vs S&P +18.8%
Market Reaction
Did CMI Beat Earnings? Q2 2025 Results
Cummins delivered a blowout second quarter, posting earnings of $6.43 per diluted share against a consensus estimate of $5.21, a beat of 23.53% that reflected the company's sharpest segment divergence in recent memory. Revenue came in at $8.64 billio… Read more Cummins delivered a blowout second quarter, posting earnings of $6.43 per diluted share against a consensus estimate of $5.21, a beat of 23.53% that reflected the company's sharpest segment divergence in recent memory. Revenue came in at $8.64 billion, edging past estimates by 2.20% even as the top line slipped 1.7% year over year, underscoring a business being pulled in two directions at once. The driving force behind the earnings strength was a surge in power generation demand, particularly for data center and mission-critical applications, which pushed Power Systems revenue up 19% to $1.89 billion and lifted companywide EBITDA margins to 18.4% from 15.3% a year ago. That momentum more than offset deepening weakness in on-highway markets, where Engine segment revenue fell 8% on softer truck demand across North America and Mexico. CEO Jennifer Rumsey cautioned that North America truck build rates are expected to decline sharply beginning in the third quarter, and the company declined to reinstate a full-year financial outlook, citing persistent economic and regulatory uncertainty.
Key Takeaways
- • Record profitability in Power Systems and Distribution segments
- • Strong power generation demand driven by data center and mission critical markets
- • International revenue growth of 5% driven by higher demand in Europe and China
- • Disciplined cost management with SG&A expenses declining from $828M to $779M year-over-year
- • Gross margin expansion to 26.4% from 24.9% in Q2 2024
CMI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments. Our employees' resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined. This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter. Aftermarket demand for parts and service remains stable.”
— Jennifer Rumsey, Q2 2025 Earnings Press Release
CMI Earnings Trends
CMI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CMI EPS Trend
Earnings per share: estimate vs actual
CMI Revenue Trend
Quarterly revenue: estimate vs actual
CMI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $5.55 | $4.71 | -15.12% | $8.40B | +0.38% |
| Q4 25 MISS FY | $5.02 | $4.27 | -14.89% | $8.54B | +5.35% |
| FY Full Year | — | $20.50 | — | $33.67B | — |
| Q3 25 MISS | $4.77 | $3.86 | -19.04% | $8.32B | +4.10% |
| Q2 25 BEAT | $5.21 | $6.43 | +23.53% | $8.64B | +2.20% |