Cummins (CMI) reported net income of $1.14 billion in the third quarter of 2026, compared with $536 million in the same period of 2025. Diluted earnings per share (EPS) were $8.25, versus $3.86 a year earlier. The 2026 result includes $0.54 per share of favorable tax items, and the 2025 result included $240 million ($1.73 per share) in non-cash write-downs in the Accelera division.
Revenue totaled $9.4 billion, up 13% from 3Q25. North American sales grew 15%, and international sales, led by China, rose 11%. EBITDA (earnings before interest, taxes, depreciation and amortization; a non-GAAP measure) was $1.8 billion, or 18.9% of revenue, compared with 14.3% a year earlier. The company describes it as a "record."
By segment, Engine revenue was $3.1 billion (up 20%), Components was $2.9 billion (23%), Distribution was $3.3 billion (4%) and Power Systems was $2.3 billion (15%). Accelera had sales of $103 million (down 15%) and an EBITDA loss of $56 million. Cummins returned $661 million to shareholders in the quarter, through dividends and share repurchases. In July, the quarterly dividend rose from $2.00 to $2.20 per share.
For 2026, the company expects revenue growth of about 10%, below the previous projection of 10% to 13%, because of weaker-than-expected demand for pickup trucks in North America. The EBITDA margin is expected to be about 18.2%, within the previous range of 18% to 18.5%, excluding charges from the sale of the low-pressure fuel cell business in the first quarter. Cummins expects fourth-quarter revenue to exceed the third quarter and set a new record.
