Cummins (CMI) Q1 2026 Earnings
Reported May 5, 2026 at 7:40 AM ET · SEC Source
Q1 26 EPS
$4.71
MISS 15.12%
Est. $5.55
Q1 26 Revenue
$8.40B
BEAT +0.38%
Est. $8.37B
vs S&P Since Q1 26
+0.6%
BEATING MARKET
CMI +3.6% vs S&P +3.0%
Market Reaction
Did CMI Beat Earnings? Q1 2026 Results
Cummins delivered a mixed first quarter for 2026, with a steep earnings miss overshadowing a modest revenue beat as a one-time charge weighed heavily on the bottom line. The engine and power systems maker posted revenue of $8.40 billion, up 2.7% year… Read more Cummins delivered a mixed first quarter for 2026, with a steep earnings miss overshadowing a modest revenue beat as a one-time charge weighed heavily on the bottom line. The engine and power systems maker posted revenue of $8.40 billion, up 2.7% year-over-year and fractionally ahead of the $8.37 billion consensus, but diluted EPS of $4.71 fell well short of the $5.55 analyst estimate, a 15.12% miss, after a $199 million charge tied to the sale of its low-pressure fuel cell business and associated customer obligations dragged net income to $654 million from $824 million a year ago. The quarter's clearest bright spot was Power Systems, where surging data center backup power demand lifted segment sales 19% year-over-year to $1.96 billion at a 29.5% EBITDA margin, more than offsetting softness in North American truck markets. That data center momentum has proven durable enough that management raised its full-year revenue growth outlook to 8% to 11% and lifted EBITDA margin guidance to 17.75% to 18.50%, signaling growing confidence in the power generation cycle.
Key Takeaways
- • Strong demand for data center backup power generation across North America, China, and Asia Pacific
- • International revenue growth of 16%, primarily from stronger demand in China
- • Power Systems segment delivered 29.5% EBITDA margin on 19% revenue growth
- • Distribution segment EBITDA margin expanded to 14.2% from 12.9% driven by power generation demand
- • North America truck markets beginning to improve from cyclical low
CMI Forward Guidance & Outlook
Cummins raised its full-year 2026 revenue guidance to up 8% to 11% (from prior guidance of up 3% to 8%), driven by stronger demand across several markets, particularly North America on-highway and power generation. EBITDA margin is now expected to be 17.75% to 18.50% (up from 17.0% to 18.0%), excluding the Q1 fuel cell business charges. The effective tax rate for 2026 excluding discrete items is expected to approximate 23.0%. The company is committed to its long-term strategic goal of returning 50% of operating cash flow to shareholders.
CMI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CMI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Cummins delivered strong results in the first quarter, led by record performance in our Power Systems segment. Our teams executed with discipline to meet continued strong demand for data center backup power and North America truck markets began to improve from a cyclical low. We also recorded charges related to the sale of our low-pressure fuel cell business, reflecting lower hydrogen adoption expectations and our continued commitment to focusing investments and reducing losses within the Accelera segment.”
— Jennifer Rumsey, Q1 2026 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% |