Cummins reported strong operational results for Q4 and FY2025, driven by disciplined execution and robust demand in its Distribution and Power Systems segments, despite ongoing weakness in North America truck markets. The company recorded significant charges related to its electrolyzer business within Accelera, reflecting a strategic review and shifts in hydrogen adoption expectations.
Full-year 2025 results include $2.8 billion in GAAP Net Income, representing 8.4% of sales.
positiveDistribution and Power Systems segments achieved record full-year sales and profitability.
positiveFourth quarter revenues of $8.5 billion increased 1% year-over-year, with international revenues up 5%.
positiveFull-year 2026 revenue is projected to increase 3% to 8%, with EBITDA expected between 17.0% and 18.0% of sales.
positiveFourth quarter 2025 results include $218 million, or $1.54 per diluted share, of charges related to the electrolyzer business within Accelera, of which $175 million were non-cash charges.
negativeFull-year 2025 results include $458 million, or $3.28 per diluted share, of charges related to the electrolyzer business within Accelera, of which $415 million were non-cash charges.
negativeEngine segment sales decreased 4% in Q4 2025 to $2.6 billion, with segment EBITDA down to 10.1% of sales from 13.5% in Q4 2024.
attentionComponents segment sales decreased 7% in Q4 2025 to $2.4 billion, with segment EBITDA margin slightly down to 13.4% from 13.7% in Q4 2024.
attentionAccelera segment reported an EBITDA loss of $374 million in Q4 2025, significantly wider than the $431 million loss in Q4 2024, despite a 31% revenue increase.
negativeFull-year 2025 revenues of $33.7 billion decreased 1% from 2024, and full-year EBITDA was $5.4 billion (16.0% of sales) compared to $6.3 billion (18.6% of sales) in 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Engine | N/A | — | — | — |
Components | N/A | — | — | — |
Distribution | N/A | — | — | — |
Power Systems | N/A | — | — | — |
Accelera | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Cummins delivered strong operational results in the fourth quarter and full year despite continued weakness in North America truck markets.
Our Distribution and Power Systems segments achieved record full-year sales and profitability as a result of disciplined execution and robust demand for data center backup power.
In the fourth quarter, we recorded charges related to our electrolyzer business within the Accelera segment, reflecting actions taken as part of a strategic review initiated in response to shifts in hydrogen adoption expectations.
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