Cummins reported stronger third-quarter 2026 results, with revenue up 13% and record EBITDA margin. Power Systems remained a key source of strength, supported by strong demand for power-generation equipment, while weaker North American pickup-truck demand weighed on the outlook.
The company lowered its full-year revenue-growth forecast to about 10%, from a previous range of 10% to 13%. It kept its EBITDA-margin outlook at about 18.2%, within its prior range.
Key details
- Revenue rose to $9.4 billion, up 13% from a year earlier. North American sales increased 15%; international revenue grew 11%, led by China.
- Net income attributable to Cummins was $1.14 billion, or $8.25 per diluted share, compared with $536 million, or $3.86 per share, a year earlier.
- EBITDA reached a record $1.8 billion, or 18.9% of sales, versus $1.2 billion, or 14.3% of sales, in the year-earlier quarter.
- The earnings comparison includes items that affect year-over-year growth: third-quarter 2025 results included $240 million in non-cash Accelera charges, equal to $1.73 per share. Third-quarter 2026 diluted earnings per share included a favorable $0.54 from discrete tax items.
- Cummins expects full-year revenue growth of approximately 10%, down from its previous 10% to 13% forecast. It cited weaker-than-expected North American pickup-truck demand, which affected the quarter and is expected to continue through year-end.
- The company expects full-year EBITDA margin of approximately 18.2%, unchanged from its prior outlook range of 18% to 18.5%. That outlook excludes charges related to the first-quarter sale of its low-pressure fuel-cell business.
- Cummins returned $661 million to shareholders in the quarter through dividends and share repurchases. It reiterated its goal of returning 50% of operating cash flow to shareholders.
- Management said U.S. medium- and heavy-duty truck markets strengthened, even as pickup-truck orders weakened. It also cited exceptionally strong global demand for power-generation equipment, driven by data-center construction.
The results show strong quarterly profitability alongside a more cautious revenue outlook. The reported year-over-year increase in earnings also reflects the prior-year Accelera charges and the current quarter’s favorable tax items.