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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cummins
Cummins (CMI) investor relations material
Cummins Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $9.438B, up 13% YoY; EBITDA reached a record $1.786B, or 18.9% of sales, and diluted EPS was $8.25.
Strong Power Systems demand and improving North American truck markets supported growth, partly offset by weaker pickup demand.
FY26 revenue growth guidance was revised to ~10%, while EBITDA margin guidance remains ~18.2%.
Financial highlights
Sales were $9.438B versus $8.317B a year earlier; North America revenue increased 15% and international revenue rose 11%.
Gross margin rose $486M to $2.615B, or 27.7% of sales; operating income increased 69% to $1.444B.
Net income was $1.140B and diluted EPS was $8.25; Q3 included $75M of favorable discrete tax items, or $0.54 per diluted share.
Operating cash flow was $1.405B versus $1.305B YoY; nine-month operating cash flow was $3.213B versus $2.087B.
Nine-month sales increased 9% to $27.293B; net income attributable to shareholders rose 21% to $2.726B.
Outlook and guidance
FY26 revenue growth is forecast at ~10%, revised from 10%–13%; EBITDA margin remains ~18.2%, within the prior 18%–18.5% range.
FY26 North American heavy-duty truck demand is 240,000–250,000 units; medium-duty outlook is 125,000–130,000, and pickup engine shipments are 118,000–122,000.
FY26 global power-generation revenue growth remains 15%–25%; most Q3 supply-delayed shipments, including ~$200M of revenue, are expected to shift into Q4.
FY26 guidance includes a ~23% effective tax rate excluding discrete items, D&A of $1.1B–$1.2B, and capital expenditures of $1.35B–$1.45B.
Q4 revenue is expected to rise from Q3 and set a new record; strong global power generation and North American heavy-duty truck demand remain supportive, while pickup demand stays weak.
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Latest events from Cummins
- FY16 sales expected down 5%-9%, with $300M in savings cushioning market and FX headwinds.CMI
Q4 2015 - Truck and data center demand remain strong, with regulatory clarity and new tech driving growth.CMIMorgan Stanley's 14th Annual Laguna Conference
- Q2 2026 sales rose 9% to $9.5B, led by Power Systems and strong cash flow.CMIQ2 2026
- New natural gas engine platform and capacity expansion target robust data center growth.CMI16th Annual Wells Fargo Industrials & Materials Conference
- 2030 targets raised: $45–$50B revenue, >20% EBITDA, led by data center and engine growth.CMIInvestor Day 2026
- Shareholders approved all board proposals, rejected both shareholder proposals, and heard strong 2025 results.CMIAGM 2026
- Q1 2026 sales up 3% to $8.4B; guidance raised as Power Systems outperformed.CMIQ1 2026
- Q2 2024 sales up 2% to $8.8B; Atmus gain and $1.9B settlements shape results.CMIQ2 2024
- Record revenue and net income in 2024, with strong cash returns and margin expansion expected in 2025.CMIQ4 2024
Next Cummins earnings date
Q4 20265 Feb, 2027
Cummins
Next Cummins earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
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.