Cummins Inc. · CMI · FY2025 Q3 · Calendar Q4 2025

Cummins: Data-center power strength offsets truck-market weakness

The quarter supports a differentiated view of Cummins: demand tied to data-center and power-generation infrastructure is providing meaningful support, but that strength is being offset by weak North American truck volumes and uncertainty around Accelera. The evidence is constructive for the power-systems franchise, while margin durability, tariff recovery, and the electrolyzer review remain unresolved.

Reported Before market openNYSEIndustrials $71.34B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.59 Consensus $4.83
EPS surprise +15.7% Reported versus consensus
Reported revenue $8.32B Consensus $7.99B
Revenue surprise +4.1% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +5.4% Event window
SPY move -1.1% Same window
Abnormal move +6.5% Stock minus SPY
Volume 2.0× Versus trailing sessions
Subsequent drift +10.3% Up to 20 sessions
CMISPY benchmark

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Transcript intelligence

What changed

The current analysis adds record Power Systems and Distribution performance, accelerating data-center backup-power demand, a large-diesel-engine capacity expansion, and a strategic review of Accelera after a non-cash charge. Compared with the prior analysis, tariff recovery remains a focus and North American truck weakness has become more pronounced.

Guidance delta

Management maintained its outlook; the analysis also notes that 2026 guidance is expected to be reinstated in February.

Key takeaways

  • Power Systems and Distribution remained the central sources of strength, supported by data-center backup-power demand.
  • North American truck volumes weakened materially, keeping pressure on the broader sales picture.
  • Management highlighted capacity expansion and record power-systems orders while continuing to address tariff recovery.
  • The Accelera electrolyzer business faces weak demand, a significant non-cash charge, and a strategic review.

Management priorities

  • Expand large-diesel-engine capacity and evaluate further investments for standby and prime-power applications.
  • Continue pricing and operational actions to improve tariff cost recovery.
  • Reduce costs and complete the strategic review of the Accelera electrolyzer business.
  • Develop future emissions-compliant engine platforms and hybrid powertrain offerings.

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Earnings History

Estimate Beat Miss Match
CMI REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $8B Q1 '24 actual $8B, miss Q2 '24 estimate $8B Q2 '24 actual $9B, beat Q3 '24 estimate $8B Q3 '24 actual $8B, beat Q2 '25 estimate $8B Q2 '25 actual $9B, beat Q3 '25 estimate $8B Q3 '25 actual $8B, beat Q4 '25 estimate $8B Q4 '25 actual $9B, beat Q1 '26 estimate $8B Q1 '26 actual $8B, beat Q2 '26 estimate $9B Q2 '26 actual $9B, beat Q3 '26 estimate $10B Q4 '26 estimate $10B Q1 '27 estimate $9B
Show 1 more >

Analyst Consensus ?

ConsensusHold51 ratings
Bullish2752.9%
Neutral2345.1%
Bearish12.0%

Analyst 52W Price Targets

$517Previous close
$220Low
$573.25Average
$894High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 2, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainSep 30, 2026
JP Morgan Neutral NeutralMaintainSep 23, 2026
Evercore ISI Group Outperform OutperformMaintainAug 11, 2026
Morgan Stanley Overweight OverweightMaintainJul 17, 2026
Citigroup Buy BuyMaintainJul 14, 2026
Show 46 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $517. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$741$521.37 +43.3%Sep 30, 2026
BernsteinChad Dillard$700$653.78 +35.4%Aug 5, 2026
UBSSteven Fisher$835$653.64 +61.5%Aug 5, 2026
Truist FinancialAnalyst unavailable$894$658.53 +72.9%Aug 5, 2026
Truist FinancialAnalyst unavailable$901$682.32 +74.3%Jul 2, 2026
See 48 more

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Company context

Snapshot as of publication

Cummins Inc. is a global innovator in power solutions, responsible for the design, manufacturing, distribution, and maintenance of a broad array of diesel and natural gas engines, alongside cutting-edge electric and hybrid powertrains, and associated components. Its operations are strategically divided into five segments: Engine, Distribution, Components, Power Systems, and New Power. The company's extensive engine portfolio, available under the Cummins brand and others, powers a vast range of heavy and medium-duty applications, including commercial trucks, buses, recreational vehicles, light-duty automobiles, construction and mining equipment, marine vessels, railway systems, oil and gas operations, defense, and agriculture. Complementing these engines, Cummins provides both new and remanufactured parts and comprehensive servicing. Beyond its core engine offerings, Cummins delivers sophisticated power generation systems, high-horsepower engines, and specialized application engineering.…

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-10-02T06:56:09.199017+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T06:56:09.196209+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.