COLUMBUS, Ind. — Cummins Inc. (NYSE: CMI) today reported results for the second quarter of 2025.
“We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments,” said Jennifer Rumsey, Chair and CEO. “Our employees’ resilience and commitment continue to power our success in a dynamic environment. We see a contrast across our markets with robust demand for power generation equipment supported by clear secular drivers, and our more economically sensitive markets, such as truck, where end-user confidence has declined. This contrast will become even more pronounced in the second half of the year as North America truck build rates decline sharply, starting in the third quarter. Aftermarket demand for parts and service remains stable.”
Second quarter revenues of $8.6 billion decreased 2 percent from the same quarter in 2024. Sales in North America declined 6 percent, and international revenues increased 5 pecent due to higher demand in Europe and China.
Net income attributable to Cummins in the second quarter was $890 million, or $6.43 per diluted share, compared to $726 million, or $5.26 per diluted share, in 2024.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were $1.6 billion, or 18.4 percent of sales, compared to $1.3 billion, or 15.3 percent of sales, a year ago.
2025 Outlook
Due to continued economic uncertainty, the company will not be reinstating a full-year outlook for revenue or profitability at this time.
“Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges,” said Rumsey. “However, persistent economic and regulatory uncertainty continues to impact a number of our key markets and cloud our near-term outlook for both business and market performance. We remain focused on delivering for our customers and look forward to providing additional clarity as this uncertainty subsides.”
Second Quarter 2025 Highlights
Cummins announced an increase in the quarterly common stock cash dividend from $1.82 to $2.00 per share. The company has increased the quarterly dividend to shareholders for 16 consecutive years.
Cummins launched the new 17-liter engine platform generator, expanding on the success of the acclaimed Centum Series generator sets. Producing up to 1 megawatt of power, the S17 Centum genset was developed to produce a large power output within a compact footprint to meet the growing demands of power in urban environments. The new genset is designed to support a wide range of critical market segments such as commercial properties, healthcare facilities and water treatment plants.
Jennifer Rumsey was named one of Barron’s Top CEOs of 2025. Jennifer was recognized for her visionary leadership and commitment to innovation and sustainability. The annual list features 26 leaders whose deft guidance has put their companies in a stronger competitive position.
Second Quarter 2025 Detail (all comparisons to same period in 2024):
Engine Segment
- Sales – $2.9 billion, down 8 percent
- Segment EBITDA – $400 million, or 13.8 percent of sales, compared to $445 million, or 14.1 percent of sales
Revenues decreased 8 percent in North America and 7 percent in international markets due to lower on-highway demand in the United States and Mexico.
Components Segment
- Sales – $2.7 billion, down 9 percent
- Segment EBITDA – $397 million, or 14.7 percent of sales, compared to $406 million, or 13.6 percent of sales
Revenues in North America decreased by 15% and international sales were flat primarily due to lower on-highway demand in the United States.
Distribution Segment
- Sales – $3.0 billion, up 7 percent
- Segment EBITDA – $445 million, or 14.6 percent of sales, compared to $314 million, or 11.1 percent of sales
Revenues in North America increased 9 percent and international sales increased by 4% primarily due to increased demand for power generation products in the United States.
Power Systems Segment
- Sales – $1.9 billion, up 19%
- Segment EBITDA – $430 million, or 22.8% of sales, compared to $301 million, or 18.9% of sales
Revenues in North America increased 23% and international sales increased 16% driven primarily by increased power generation demand, particularly for the data center and mission critical markets.
Accelera Segment
- Sales – $105 million, down 5 percent
- Segment EBITDA loss – $100 million, compared to $117 million
Revenues decreased due to lower electrolyzer installations. The company remains committed to pacing and focusing our zero emissions investments on the most promising paths in order to ensure we are set up for long-term success as part of our Destination Zero strategy. These continued investments contributed to the EBITDA losses.
About Cummins Inc.
Cummins Inc., a global power solutions leader, is comprised of five business segments – Engine, Components, Distribution, Power Systems and Accelera by Cummins – supported by our global manufacturing and extensive service and support network, skilled workforce and vast technological expertise. Cummins is committed to its Destination Zero strategy, which is grounded in the company’s commitment to sustainability and helping its customers successfully navigate the energy transition with its broad portfolio of products. The products range from advanced diesel, natural gas, electric and hybrid powertrains and powertrain-related components including aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, electrified power systems with innovative components and subsystems, including battery, fuel cell and electric power technologies and hydrogen production technologies. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 69,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $3.9 billion on sales of $34.1 billion in 2024. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com.
