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Cummins

Cummins (CMI) Q4 2025 Earnings

Reported Feb 5, 2026 at 7:54 AM ET · SEC Source

Q4 25 EPS

$4.27

MISS 14.89%

Est. $5.02

Q4 25 Revenue

$8.54B

BEAT +5.35%

Est. $8.10B

vs S&P Since Q4 25

+15.5%

BEATING MARKET

CMI +23.4% vs S&P +8.0%

Full Year 2025 Results

FY 25 EPS

$20.50

FY 25 Revenue

$33.67B

Market Reaction

Did CMI Beat Earnings? Q4 2025 Results

Cummins delivered a split verdict in Q4 2025, posting revenue that cleared Wall Street's bar while earnings fell well short, as steep charges tied to a strategic retreat from the hydrogen electrolyzer market weighed heavily on the bottom line. The Co… Read more Cummins delivered a split verdict in Q4 2025, posting revenue that cleared Wall Street's bar while earnings fell well short, as steep charges tied to a strategic retreat from the hydrogen electrolyzer market weighed heavily on the bottom line. The Columbus-based engine maker reported revenue of $8.54 billion, up 1.1% year-over-year and ahead of the $8.10 billion consensus by 5.35%, but earnings per share of $4.27 missed the $5.02 estimate by 14.89%, dragged down by $218 million in charges within the Accelera segment after the company decided to exit new commercial electrolyzer activity following deteriorating hydrogen adoption expectations. Strength in Distribution and Power Systems, both riding surging data center backup power demand, offset continued softness in the Engine and Components segments, where North American truck markets remained sluggish. GAAP net income improved to $593 million from $418 million a year ago. Looking ahead, Cummins guided 2026 revenue growth of 3% to 8% with EBITDA margins of 17% to 18%, anticipating a modest recovery in North American on-highway truck demand in the second half alongside sustained data center momentum.

Key Takeaways

  • • Robust demand for data center backup power generation driving Distribution and Power Systems growth
  • • Disciplined cost management and diversified portfolio offsetting North America truck market weakness
  • • International revenue growth of 5% in Q4 partially offsetting 2% North America decline
  • • Strong equity income from investees, up to $116 million from $70 million year-over-year in Q4
24/7 Wall St

CMI YoY Financials

Q4 2025 vs Q4 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 operational results in the fourth quarter and full year despite continued weakness in North America truck markets. Our Distribution and Power Systems segments achieved record full-year sales and profitability as a result of disciplined execution and robust demand for data center backup power.”

— Jennifer Rumsey, Q4 2025 Earnings Press Release

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