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Cummins (CMI) investor relations material
Cummins Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Q2 2025 revenue was $8.6B, down 2% year-over-year, with net income of $890M and diluted EPS of $6.43, reflecting improved profitability in Power Systems and Distribution despite lower North America truck demand.
EBITDA margin rose to 18.4% from 15.3% a year ago, and gross margin improved to 26.4%, driven by power generation demand and operational efficiencies.
Operating cash flow rebounded to $785M from a negative $851M in Q2 2024.
Dividend per share increased to $2.00, marking 16 consecutive years of increases.
Financial highlights
Q2 2025 revenue: $8.6B, down 2% year-over-year; North America sales down 6%, international up 5%.
EBITDA: $1.6B (18.4% of sales), up from $1.3B (15.3%) a year ago.
Net income: $890M ($6.43/diluted share) vs. $726M ($5.26) last year.
Gross margin: $2.28B (26.4% of sales), up from $2.19B (24.9%).
Adjusted ROIC for the last twelve months was 18%, up from 17% a year ago.
Outlook and guidance
North America heavy and medium duty truck volumes expected to decline 25–30% sequentially in H2 2025.
No formal full-year guidance reinstated due to ongoing economic, tariff, and regulatory uncertainty.
Power generation and aftermarket/industrial businesses expected to remain strong and stable.
Margins in Engine and Components segments to come under pressure in the second half.
Effective tax rate for 2025 expected to approximate 24.5%.
Why no full-year outlook for revenue/profit?
Explain the revenue decrease in Accelera.
Detail power systems' demand drivers.
Assess Power Systems margin sustainability.
Quantify potential tax benefits impact.
How will EPA '27 impact truck demand?
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Next Cummins earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Engines and Related Products
Cummins Inc. is an American company with global operations that specializes in designing, manufacturing, and distributing engines, filtration, and power generation products. Cummins is known for its diesel and natural gas engines, which are used in a wide variety of applications including trucks, buses, RVs, and industrial uses. Additionally, the company offers new parts and remanufacturing services as part of its distribution segment. The company is headquartered in Columbus, Indiana, and its shares are traded on the NYSE.
The H Series Engine
Cummins Engine Company was established in Columbus, Indiana, on February 3, 1919, by mechanic Clessie Cummins and banker William Glanton Irwin. The company initially focused on refining and advancing the diesel engine, which had been invented two decades earlier. Despite conducting several notable endurance trials, it wasn't until 1933 that Cummins achieved significant success with their Model H engine, which was utilized in small railroad switchers. Post-World War II, the Cummins N Series engines gained substantial traction in the United States' road-building boom, dominating over half of the heavy-duty truck market from 1952 to 1959. The company has expanded internationally, and today supplies engines and parts to customers all over the world. Today, the company competes in engines against companies such as Volvo and Caterpillar.
The Engines
The company is most known for its production of engines, used in a wide array of different vehicles. The company builds and sells engines used in mid and heavy-duty vehicles, such as trucks and buses, as well as for industrial use in sectors such as mining, railroad, marine, military, and similar fields. One of the company’s most successful products is the Cummins series B engine, which has been in production in various iterations since the mid-1980s. These engines saw extensive use in various mass-transit buses and the Dodge/RAM series of pickup trucks (owned by Stellantis).
Associated Products and Services
Cummins Inc. is not just limited to engines; it offers a diverse range of products and services beyond its core engine business. The company is a major player in the production of power generation systems, including generators and alternators, built for various industrial, commercial, and residential uses. Cummins also develops and supplies advanced filtration and exhaust systems for use in vehicles.
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