CMI
FY2026 Q1 · Calendar Q2 2026
Cummins Inc.
Cummins delivered a Q1 beat driven by power-generation demand from data centers, with China power-generation revenue surging 84% YoY. Management raised full-year guidance to 8-11% revenue growth and 17.75-18.5% EBITDA margin, reflecting confidence that structural demand for power equipment offsets cyclical weakness in North American truck markets. The $199M charge tied to the Low-pressure Fuel Cell divestiture trimmed reported EBITDA margin to 15.4%, but the adjusted 17.7% figure underscores underlying profitability. The reshaping of Accelera -- divesting the fuel-cell business to Alstom while focusing on battery-electric -- narrows segment losses and simplifies the portfolio. With the stock at $641.60 versus a consensus target of $779.70, the data-center tailwind and upcoming EPA '27 platform launches remain the key variables for whether that gap closes.
EPS surprise+9.2%
Market move+2.8%
