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Dec 31, 2025
Cummins Q4 2025 Earnings Report
Cummins delivered strong fourth-quarter results with higher revenue, improved profitability, and solid margins despite market headwinds.
Key Takeaways
In Q4 2025, Cummins generated $8.54 billion in revenue and $593 million in net income, with diluted EPS of $4.27. EBITDA margin improved to 13.5% of sales, reflecting strong execution across key segments despite charges related to the Accelera electrolyzer business.
Fourth-quarter revenue increased to 8536000000, up year over year.
Net income attributable to Cummins reached 593000000 in Q4 2025.
Diluted EPS rose to 4.27 despite electrolyzer-related charges.
EBITDA margin improved to 13.5% of sales in the quarter.
Revenue by Segment
Forward Guidance
For full-year 2026, Cummins expects revenue growth of 3% to 8% and EBITDA margins between 17.0% and 18.0% of sales.
Positive Outlook
- Expected revenue growth in 2026.
- Projected EBITDA margin expansion versus 2025.
- Continued strength in power generation and data center demand.
- Improving North America truck market outlook in the second half of 2026.
- Strong operating cash flow generation expected.
Challenges Ahead
- Ongoing uncertainty in hydrogen and electrolyzer markets.
- Exposure to cyclical truck and industrial markets.
- Macroeconomic and regulatory uncertainties.
- Potential volatility in international demand.
- Execution risk related to portfolio and cost actions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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