Cummins’ second quarter at a glance:
- Cummins announced an increased quarterly dividend to shareholders for 16 consecutive years. The quarterly common stock cash dividend went from $1.82 to $2 per share.
- Cummins launched a new 17-liter engine platform generator.
- Chair and CEO Jennifer Rumsey was named one of Barron's Top CEOs of 2025, recognized for her leadership and commitment to innovation and sustainability.
Cummins Inc. reported second-quarter revenues were down 2% year over year and sales were down 6% in North America. However, international revenues were up 5%, owing to higher demand in Europe and China.
"We delivered strong second quarter results, driven by record profitability in our Power Systems and Distribution segments," says Jennifer Rumsey, chair and CEO. "Our employees' resilience and commitment continue to power our success in a dynamic environment."
[RELATED: Cummins reports record performance in power systems, strong Q1 results]
Net income attributable to Cummins in the second quarter was $890 million, compared to $726 million in 2024. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter were $1.6 billion, compared to $1.3 billion a year ago.
"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," Rumsey says. "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."
Cummins' future outlook
Like other manufacturers, the Cummins is not issuing a full-year outlook for revenue or profitability because of continued economic uncertainty.
[RELATED: Cummins reports increased investment, commitment to Meritor brands, aftermarket]
"Our diversified portfolio, disciplined cost management and strong execution have enabled us to navigate recent industry challenges," Rumsey says. "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."
Engine segment
Cummins' engine segment had sales of $2.9 billion, down 8% from the same period in 2024. The segment EBITDA was $400 million, or 13.8% of sales, compared to 14.1% of sales in 2024. Revenues were down 8% in North America and 7% in international markets, due to lower on-highway demand in the U.S. and Mexico.
Components segment
Sales of Cummins components were down 9% year over year to $2.7 billion. The segment's EBITDA was $397 million or 14.7% of sales. Last year, that was $406 million but 13.6% of sales. Notably, North American revenue was down 15% and international sales were flat, primarily due to lower on-highway demand in the U.S.
Distribution segment
Distribution was a bright spot for Cummins with sales up 7% to $3 billion. The segment EBITDA was $445 million or 14.6% of sales, compared to $314 million or 11.1% of sales in 2024. Revenues in North America increased 9% and international sales were up 4% as demand for power generation products in the U.S. increased.
Power systems segment
Sales in Cummins power systems were up 19% to $1.9 billion. Segment EBITDA was $430 million, which is 22.8% of sales. That's up from last year's $301 million and 18.9% of sales. North American revenue increased even more — 23% — and international sales were up 16%, driven by increased power generation demands.
Accelera segment
Sales in Cummins' Accelera segment were down 5% to $105 million. Segment EBITDA loss was $100 million and revenues were down due to lower electrolyzer installations, Cummins says.
"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," Cummins says. "These continued investments contributed to the EBITDA losses."
