Cummins Inc.: EPA 2027 emissions flexibility enabling a measured helm transition

Cummins Inc. 2026 Q2: Financial Performance summary

• All-in net earnings were $932 million, or $6.73 per diluted share, versus $890 million or $6.43 per diluted share a year ago; the quarter included $29 million of unfavorable discrete items.
• Cummins delivered record Q2 2026 sales of $9.5 billion, up 9% year-over-year.
• EBITDA growth was driven by higher volumes, increased joint venture earnings, and positive pricing, partially offset by tariffs and higher variable compensation tied to projections for record full-year earnings.
• EBITDA was a record $1.7 billion, or 17.5% of sales, versus $1.6 billion or 18.4% a year ago.
• Operating cash flow was $1.5 billion, a record for a second quarter, driven primarily by improved working capital; shareholders received $501 million ($225 million repurchases and $276 million cash dividends).
• Q2 gross margin was $2.5 billion or 26.1% of sales, up from $2.3 billion or 26.4% last year; the dollar increase reflected volumes, JV earnings, and pricing, partially offset by tariffs and higher incentive compensation.