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Cummins (CMI) investor relations material
Cummins Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 sales were $8.3 billion, down 2% year-over-year, with net income of $536 million and diluted EPS of $3.86, impacted by a $240 million non-cash charge in the Accelera segment and higher tax expense from new legislation.
EBITDA was $1.2 billion (14.3% margin), or $1.4 billion (17.2% margin) excluding Accelera charges; adjusted net income was $776 million.
Power Systems and Distribution segments delivered record results, offsetting sharp declines in North America heavy and medium-duty truck demand.
Strategic collaboration with Komatsu on hybrid mining equipment and strong adoption of new engine technologies highlighted operational progress.
For the nine months ended September 30, 2025, net sales were $25.1 billion, with net income of $2.25 billion, reflecting continued market softness.
Financial highlights
North America sales fell 4%, while international revenues rose 2% year-over-year.
Adjusted EBITDA margin rose to 17.2% from 16.4% year-over-year; adjusted diluted EPS was $5.59.
Gross margin for Q3 2025 was $2.13 billion (25.6% of sales), nearly flat year-over-year; operating cash flow reached $1.3 billion, doubling from $640 million a year ago.
Dividend per share increased to $2.00, marking 15+ consecutive years of increases.
Debt to capital ratio was 36.8% at quarter end.
Outlook and guidance
North America on-highway truck market weakness expected to persist through year-end, with Q4 engine shipments projected to decline 15% sequentially.
Power generation demand remains robust, especially for data centers and industrial markets.
Management is reviewing the electrolyzer business in Accelera due to weak demand and may record additional charges.
Guidance for 2026 will be reinstated in February, pending regulatory and trade policy clarity.
Regulatory changes could impact the value of emission compliance credits and future earnings.
Accelera electrolyzer business strategic review
One Big Beautiful Bill Act tax impact
Quantify data center demand's impact on growth?
Accelera electrolyzer business path forward?
Future power gen capacity investment plans?
2027 EPA regulations impact on market recovery?
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Q4 20255 Feb, 2026
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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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