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Cummins

Cummins (CMI) Q3 2025 Earnings

Reported Nov 6, 2025 at 7:37 AM ET · SEC Source

Q3 25 EPS

$3.86

MISS 19.04%

Est. $4.77

Q3 25 Revenue

$8.32B

BEAT +4.10%

Est. $7.99B

vs S&P Since Q3 25

+36.3%

BEATING MARKET

CMI +47.4% vs S&P +11.1%

Market Reaction

Did CMI Beat Earnings? Q3 2025 Results

Cummins posted a deeply split quarter in Q3 2025, delivering a revenue beat alongside a significant earnings miss that laid bare the cost of turbulence within its Accelera segment. The company reported revenue of $8.32 billion, down 1.6% year-over-ye… Read more Cummins posted a deeply split quarter in Q3 2025, delivering a revenue beat alongside a significant earnings miss that laid bare the cost of turbulence within its Accelera segment. The company reported revenue of $8.32 billion, down 1.6% year-over-year but ahead of the $7.99 billion consensus by 4.10%, while diluted EPS of $3.86 fell well short of the $4.77 analyst estimate, a miss of 19.04%. The shortfall traced largely to $240 million in non-cash charges in the Accelera segment, including a $210 million goodwill impairment tied to the electrolyzer business, compounded by $36 million in tax costs from new federal legislation that pushed the effective tax rate to 32.7% from 19.2% a year earlier. Beneath those charges, underlying performance was notably resilient, with Power Systems surging on data center demand and adjusted EBITDA margins expanding to 17.2% from 16.4%. Morgan Stanley raised its price target on the stock to $600, citing strong execution in power generation. With end-market visibility still clouded, Cummins withdrew its full-year 2025 outlook, planning to reinstate guidance alongside its 2026 forecast in February.

Key Takeaways

  • • Rising demand for backup power for data centers drove Power Systems and Distribution growth
  • • Effective cost management across the company offset North American truck market decline
  • • Power generation demand increased in North America, India, and China
  • • Sharp decline in North American medium-duty and heavy-duty truck demand pressured Engine and Components segments
  • • International revenues increased 2% due to higher demand in China and Europe
  • • North America sales declined 4%
24/7 Wall St

CMI YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

CMI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Cummins delivered strong operating results in the third quarter, driven by profitable growth in our Power Systems and Distribution segments, due in part to continued rising demand for backup power for datacenters. Effective cost management across the company helped navigate through the anticipated sharp decline in the North American truck market.”

— Jennifer Rumsey, Q3 2025 Earnings Press Release

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