Cummins Revenues Rises in Almost All Segments in Third Quarter
Cummins posted net sales of $9.438 billion in the third quarter of 2026, compared to $8.317 billion in the third quarter of 2025, a 13.5-percent year-over-year increase. For the first nine months of the year, Cummins’ net sales totaled $27.293 billion, compared to $25.134 billion in the first nine months of 2025, an 8.6-percent year-over-year leap.
Sales in North America grew 15 percent in the third quarter, while international revenues, led by growth in China, increased 11 percent.
EBITDA in the third quarter was a record $1.8 billion, or 18.9 percent of sales, compared to $1.2 billion, or 14.3 percent of sales, a year ago.
“We delivered record EBITDA and earnings per share in the third quarter, led by continued strength in our Power Systems business.” said Jennifer Rumsey, chair and CEO of Cummins. “Global demand for power generation equipment remains exceptionally strong, driven by data center buildout. While the U.S. medium- and heavy-duty truck markets strengthened, customer orders in the pickup truck market have weakened. I’m proud of our employees’ focus on execution and confident our market-leading positions and broad portfolio will enable us to continue to deliver for customers, improve our financial performance cycle-over-cycle and return cash to shareholders.”
2026 Outlook: Based on its current forecast, Cummins expects revenue growth of approximately 10 percent compared to our prior guidance of 10 percent to 13 percent. EBITDA margins are expected to be approximately 18.2 percent, consistent with prior guidance range of 18 percent to 18.5 percemt, and excluding charges related to the sale of the low-pressure fuel cell business in the first quarter. Cummins plans to continue generating strong operating cash flow and returns for shareholders and is 1 committed to its goal of returning 50 percent of operating cash flow back to shareholders.
"We have updated our full-year revenue and profitability guidance primarily due to continued weaker than expected pickup truck demand in North America, which impacted our third quarter and is expected to persist through the end of this year,” said Rumsey. “Global power generation and North America heavy duty truck demand remain strong, and we expect fourth quarter revenues to step up from third quarter levels and set a new record."
In August, Cummins announced that its Power Generation business had been selected to supply battery energy storage systems (BESS) for a large U.S. data center project, supporting utility-defined requirements for managing AI-driven load fluctuations, mitigating load oscillations and enhancing ride-through performance. This announcement marks a significant milestone for Cummins’ BESS business as this project will be the company’s largest BESS deployment to date. It also reflects Cummins’ continued role in supporting the data center market with reliable, sustainable power solutions.
Third quarter 2026 detail (all comparisons to same period in 2025):
Engine Segment:
• Sales: $3.1 billion, up 20%
• Segment EBITDA: $422 million, or 13.5% of sales, compared to $261 million, or 10.0% of sales
• Revenues in North America increased 21% and international sales increased 18% because of stronger North American truck demand and construction demand in China.
Components Segment
• Sales: $2.9 billion, up 23%
• Segment EBITDA: $408 million, or 14.3% of sales, compared to $292 million, or 12.5% of sales
• Revenues in North America increased 35% and international sales increased 8% primarily because of stronger truck demand in the United States.
Distribution Segment
• Sales: $3.3 billion, up 4%
• Segment EBITDA: $461 million, or 13.9% of sales, compared to $492 million, or 15.5% of sales
• Revenues in North America increased 5% and international sales increased 4%, driven by increased demand for power generation products, particularly for data center applications. ower Systems Segment
• Sales: $2.3 billion, up 15%
• Segment EBITDA: $582 million, or 25.4% of sales, compared to $457 million, or 22.9% of sales
• Revenues in North America increased 20% and international sales increased 11% driven primarily by increased power generation demand, particularly for data center markets in the United States, China and Asia Pacific.
Accelera Segment
• Sales: $103 million, down 15%
• Segment EBITDA loss: $56 million
• Revenues decreased primarily because of reduction in electrolyzer sales following the strategic review of this business.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.
