$CMI · CUMMINS INC
Cummins reported Q3 2026 results: revenue of $9.4B, up 13% YoY; GAAP net income of $1,140M (12.1% of sales); diluted EPS of $8.25 versus $3.86 in Q3 2025. EBITDA was a record $1.8B, or 18.9% of sales, up from $1.2B (14.3%) a year ago. The company returned $661M to shareholders via dividends and buybacks and raised its quarterly dividend to $2.20 per share. FY2026 guidance was updated to ~10% revenue growth (from 10%-13%) and ~18.2% EBITDA margin, citing weaker-than-expected North American pickup truck demand.
- Q3 revenue $9.4B, up 13% YoY; North America +15%, international +11%
- Diluted EPS $8.25 vs $3.86 a year ago; net income $1,140M
- Record EBITDA $1.8B, 18.9% of sales, vs $1.2B (14.3%) prior year
- FY revenue growth guidance trimmed to ~10% from 10%-13% on weak pickup demand
- Returned $661M to shareholders; dividend raised to $2.20/share, 17th straight annual increase
Extended-hours last trade $449.00, down 4.84% vs the $471.84 regular close, signaling the guidance cut on pickup demand outweighed the record EPS/EBITDA beat.
A record earnings quarter was overshadowed by a guidance trim, and the stock fell ~4.8% after hours as investors weighed data-center strength against softening pickup demand.
Power Systems (data center) strength drove the beat, with segment EBITDA margin of 25.4%, while Accelera zero-emissions sales fell 15% amid the strategic review.
Weaker-than-expected North American pickup truck demand is expected to persist through year-end, driving the revenue guidance cut. Accelera continues to post EBITDA losses ($56M in Q3) as electrolyzer sales decline.