Cummins Inc. (CMI) Earnings Call Transcripts

Cummins Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Cummins Inc. reported record sales of $9.5 billion, reflecting a 9% year-over-year increase, driven by strong demand in power generation and construction markets. EBITDA reached $1.7 billion, or 17.5% of sales, slightly down from 18.4% a year ago. Management raised their full-year revenue growth outlook to 10%-13%, up from 8%-11%, indicating robust demand across key markets, particularly in North America and China.

Reported metrics

Guidance from management

Management raised their full-year revenue growth guidance to 10%-13% and the midpoint of their EBITDA guidance to 18%-18.5%. They expect continued strength in North America and China markets, with power generation revenues projected to grow 15%-25%.

What management said

Thank you, Mark. Out of consideration to others on the call, I would ask that you limit yourself to 1 question and a related follow-up. If you have an additional question, please rejoin the queue. Operator, we are ready for our first question.

Just to try and bring clarity because, obviously, that's created little bit of, I would say, distortion is a wrong word, but we have to top it in the second quarter. For the second half, it will be about $25 million a quarter lower in Q3 and Q4 than the Q2 expense.

What analysts pressed on

Analysts expressed concerns regarding the potential impact of increased variable compensation on margins and the implications of the EPA's proposed regulations on future demand. There were questions about the sustainability of current demand trends and the ability to manage costs effectively during the transition to new engine platforms.

Main topics on the call

• Revenue Growth Acceleration — Cummins achieved record quarterly sales of $9.5 billion, a 9% increase year-over-year, driven by higher demand in power generation and construction markets. Management stated, "This reflects that our strategy is working....
• Increased Full-Year Guidance — Management raised their full-year revenue growth outlook to 10%-13%, up from 8%-11%, citing stronger-than-expected demand in North America and China. They noted, "We now expect total company revenues to increase 10% to 1...
• Power Generation Demand — Power generation revenues surged by 19% year-over-year, attributed to strong demand from data centers. Management highlighted, "We continue to expect global power generation revenues to increase 15% to 25% in 2026," desp...
• Regulatory Clarity and Transition Strategy — The EPA's proposed rule on emissions regulations provides clarity for Cummins' transition to new engine platforms. Management stated, "We plan to begin limited production of the model year 2027 X15 engine in January 2027...

Read the full Cummins Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 86 Cummins Inc. earnings call transcripts on record, spanning February 4, 2020 to August 4, 2026. Based on this history, Cummins Inc. reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CMI

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Machinery

Calls on record

86

First call

February 4, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly