Analyst Consensus ?
ConsensusHold51 ratings
Bullish2752.9%
Neutral2345.1%
Bearish12.0%
Cummins Inc. · CMI · FY2026 Q1 · Calendar Q2 2026
Cummins Q1 2026: Data-Center Power Demand Drives Revenue Beat, Guidance Raised
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.
Reported Before market openNYSEIndustrials
$88.53B market cap
90quality score
Company context
Snapshot as of publicationCummins 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$6.15
Consensus $6
EPS surprise
+9.2%
Reported versus consensus
Reported revenue
$8.40B
Consensus $8.37B
Revenue surprise
+0.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$641.6Previous close
$220Low
$559.71Average
$901High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 17, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 14, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 17, 2026 |
| UBS | Buy | Neutral | Upgrade | Jun 8, 2026 |
| Argus Research | Buy | Buy | Maintain | Jun 1, 2026 |
| Raymond James | Outperform | Outperform | Maintain | May 26, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 7, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 6, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 23, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Feb 9, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 26, 2026 |
| Melius Research | Buy | Hold | Upgrade | Sep 3, 2025 |
| Baird | Neutral | Neutral | Maintain | Jul 11, 2025 |
| Goldman Sachs | Buy | Neutral | Upgrade | May 27, 2025 |
| B of A Securities | Neutral | Underperform | Upgrade | Jan 14, 2025 |
| Jefferies | Buy | Buy | Maintain | Dec 6, 2024 |
| TD Cowen | Buy | Buy | Maintain | May 10, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 2023 |
| CFRA | Buy | Strong Buy | Downgrade | May 3, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 12, 2023 |
| Bernstein | Market Perform | Outperform | Downgrade | Jul 20, 2022 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 16, 2021 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 6, 2021 |
| Piper Sandler | Neutral | Overweight | Downgrade | May 12, 2020 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 25, 2019 |
| Loop Capital | Sell | Hold | Downgrade | Jul 2, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 1, 2019 |
| Stifel | Buy | Buy | Maintain | May 1, 2019 |
| Buckingham Research | Neutral | Neutral | Maintain | Apr 16, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Apr 16, 2019 |
| Oppenheimer | Perform | Outperform | Downgrade | Feb 7, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 9, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Oct 4, 2018 |
| Mizuho | Neutral | Neutral | Maintain | Jun 29, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Jun 18, 2018 |
| Argus | Buy | Buy | Maintain | Nov 6, 2017 |
| Longbow Research | Neutral | Buy | Downgrade | Oct 12, 2017 |
| Seaport Global | Neutral | Neutral | Maintain | Apr 6, 2017 |
| CLSA | Outperform | Buy | Maintain | Dec 1, 2016 |
| Avondale Partners | Market Perform | Market Perform | Maintain | May 3, 2016 |
| Macquarie | Neutral | Outperform | Downgrade | Apr 11, 2016 |
| Susquehanna | Neutral | Neutral | Maintain | Feb 5, 2016 |
| BB&T Capital | Hold | Hold | Maintain | Sep 28, 2015 |
| William Blair | Market Perform | Outperform | Downgrade | Sep 25, 2015 |
| FirstEnergy Capital | Market Perform | Outperform | Downgrade | Jan 27, 2015 |
| Standpoint | Buy | Hold | Upgrade | Oct 15, 2014 |
| ISI Group | Buy | Neutral | Upgrade | Feb 24, 2014 |
| S&P Capital IQ | Hold | Strong Buy | Downgrade | Feb 10, 2014 |
| Tigress Financial | Buy | Buy | Maintain | Mar 12, 2013 |
| Sterne Agee | Buy | Buy | Maintain | Jul 11, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $641.6. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $901 | $682.32 | +40.4% | Jul 2, 2026 |
| Wells Fargo | Analyst unavailable | $874 | $699.97 | +36.2% | Jun 17, 2026 |
| UBS | Steven Fisher | $850 | $651.22 | +32.5% | Jun 8, 2026 |
| Argus Research | John Eade | $770 | $637.46 | +20.0% | Jun 1, 2026 |
| Raymond James | Analyst unavailable | $745 | $659.97 | +16.1% | May 26, 2026 |
| Evercore ISI | Analyst unavailable | $845 | $689.5 | +31.7% | May 11, 2026 |
| Truist Financial | Analyst unavailable | $815 | $710.28 | +27.0% | May 6, 2026 |
| Robert W. Baird | Analyst unavailable | $700 | $674.88 | +9.1% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $752 | $674.88 | +17.2% | May 6, 2026 |
| Barclays | Analyst unavailable | $760 | $674.88 | +18.5% | May 6, 2026 |
| Truist Financial | Jamie Cook | $730 | $626.83 | +13.8% | Apr 20, 2026 |
| Argus Research | Bill Selesky | $696 | $587.51 | +8.5% | Feb 10, 2026 |
| Morgan Stanley | Angel Castillo | $675 | $563.41 | +5.2% | Feb 6, 2026 |
| Robert W. Baird | Analyst unavailable | $580 | $570.03 | -9.6% | Feb 6, 2026 |
| Truist Financial | Analyst unavailable | $703 | $566.94 | +9.6% | Feb 6, 2026 |
| Bernstein | Analyst unavailable | $600 | $556.6 | -6.5% | Feb 6, 2026 |
| UBS | Analyst unavailable | $565 | $540.65 | -11.9% | Feb 6, 2026 |
| Wolfe Research | Peer Perform | $540 | $569.99 | -15.8% | Jan 26, 2026 |
| Barclays | Analyst unavailable | $610 | $580.11 | -4.9% | Jan 23, 2026 |
| Wells Fargo | Analyst unavailable | $630 | $583.07 | -1.8% | Jan 23, 2026 |
| Raymond James | Tim Thein | $585 | $506.72 | -8.8% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $546 | $500.61 | -14.9% | Dec 19, 2025 |
| Truist Financial | Analyst unavailable | $653 | $504.17 | +1.8% | Dec 18, 2025 |
| Argus Research | Analyst unavailable | $573 | $487.29 | -10.7% | Nov 25, 2025 |
| UBS | Steven Fisher | $500 | $485.62 | -22.1% | Nov 25, 2025 |
| Truist Financial | Jamie Cook | $628 | $472.51 | -2.1% | Nov 24, 2025 |
| Wells Fargo | Analyst unavailable | $599 | $467.49 | -6.6% | Nov 13, 2025 |
| Barclays | Adam Seiden | $515 | $484.34 | -19.7% | Nov 11, 2025 |
| Bernstein | Chad Dillard | $475 | $473.04 | -26.0% | Nov 7, 2025 |
| Barclays | Analyst unavailable | $430 | $411.83 | -33.0% | Oct 20, 2025 |
| Truist Financial | Jamie Cook | $434 | $432.32 | -32.4% | Oct 8, 2025 |
| Morgan Stanley | Angel Castillo | $350 | $298.34 | -45.4% | May 6, 2025 |
| Evercore ISI | David Raso | $408 | $293.97 | -36.4% | Nov 13, 2024 |
| Robert W. Baird | Luke Junk | $372 | $353.86 | -42.0% | Nov 6, 2024 |
| Barclays | Adam Seiden | $310 | $290.36 | -51.7% | Aug 5, 2024 |
| UBS | Steven Fisher | $321 | $274.84 | -50.0% | Mar 15, 2024 |
| Truist Financial | Jamie Cook | $303 | $262.28 | -52.8% | Mar 14, 2024 |
| Deutsche Bank | Analyst unavailable | $231 | $251.66 | -64.0% | Feb 7, 2023 |
| Credit Suisse | Analyst unavailable | $291 | $250.9 | -54.6% | Feb 7, 2023 |
| Morgan Stanley | Analyst unavailable | $264 | $246.47 | -58.9% | Dec 14, 2022 |
| Credit Suisse | Jamie Cook | $266 | $227.76 | -58.5% | Aug 15, 2022 |
| Credit Suisse | Analyst unavailable | $270 | $201.88 | -57.9% | May 4, 2022 |
| Deutsche Bank | Nicole DeBlase | $233 | $196.71 | -63.7% | Apr 18, 2022 |
| Citigroup | Timothy Thein | $220 | $195.94 | -65.7% | Apr 16, 2022 |
| UBS | Steven Fisher | $214 | $206.15 | -66.6% | Mar 21, 2022 |
| Citigroup | Timothy Thein | $280 | $227.22 | -56.4% | Oct 12, 2021 |
| Goldman Sachs | Jerry Revich | $230 | $233.14 | -64.2% | Aug 24, 2021 |
| BMO Capital | Joel Tiss | $270 | $259.56 | -57.9% | May 6, 2021 |
| Barclays | Adam Seiden | $260 | $254.72 | -59.5% | May 5, 2021 |
Track every rating change on CMI the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.8%
Event window
SPY move
+0.8%
Same window
Abnormal move
+2.0%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+1.1%
Up to 20 sessions
CMISPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 revenue of $8.4B, up 3% YoY, with EPS of $6.15 beating the $5.63 estimate by 9.2%. Full-year guidance raised to 8-11% revenue growth and 17.75-18.5% EBITDA margin. Power-generation revenue in China surged 84% YoY on data-center demand. Low-pressure Fuel Cell business divested to Alstom, triggering a $199M one-time charge. World's first commercial hybrid electric ultra-class mining truck deployed in Chile. North American heavy- and medium-duty truck volume forecasts increased on stronger order trends. Third shift added at Rocky Mount plant to support medium-duty demand.
Guidance delta
Management raised full-year guidance to 8-11% revenue growth and 17.75-18.5% EBITDA margin, up from prior expectations. The increase reflects stronger power-generation demand and an improved North American truck outlook. Capex is increasing, targeted at $1.35-1.45 billion to expand capacity and support growth initiatives.
Key takeaways
- Q1 revenue rose 3% to $8.4 billion with adjusted EBITDA margin of 17.7% after a one-time $199M charge related to the Low-pressure Fuel Cell divestiture
- Full-year guidance raised to 8-11% revenue growth and 17.75-18.5% EBITDA margin
- Power-generation demand, especially from data centers, is a primary growth driver globally and in China, where power-generation revenue surged 84% YoY
- North American heavy- and medium-duty truck volumes remain weak but forecasts were increased on stronger order trends
- Accelera reshaped through the sale of the low-pressure fuel-cell business to Alstom and a focus on battery-electric powertrains
Management priorities
- Launch of the HELM platform and EPA '27 compliant X15 and X10 engines
- Delayed launch of the B series engine to January 2028
- Adding a third shift at the Rocky Mount plant to support medium-duty demand
- Capital investment of $1.35-1.45 billion to expand capacity and support growth initiatives
- Analyst Day on May 21 to detail 2030 profitability targets and further strategic plans
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T05:11:54.965535+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T05:11:54.962851+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 . For educational purposes only; not investment advice.