Cummins stock balances record EBITDA with weaker pickup demand

Cummins reported record third-quarter profitability on Thursday, November 5, 2026, but narrowed its full-year revenue-growth outlook as North American pickup-truck demand weakened. The company's investor-relations release said data-center investment continued to support power-generation demand.

Cummins stock traded at 409.15 euros on Lang & Schwarz at 15:33 CET on Tuesday, November 10, 2026. Compared with the 416.70-euro quote in the company's own report published at 13:12 CET the same day, the stock was 1.81 percent lower.

Record margin, softer truck demand

Revenue for the quarter ended September 30 rose 13 percent year over year to 9.438 billion US dollars. Net income attributable to Cummins increased to 1.14 billion US dollars from 536 million US dollars, while diluted earnings per share reached 8.25 US dollars versus 3.86 US dollars a year earlier.

EBITDA reached a record 1.8 billion US dollars, equal to 18.9 percent of sales, compared with 1.2 billion US dollars and 14.3 percent a year earlier. The comparison benefited from costs tied to Accelera in the prior-year period and a favorable discrete tax item in the latest quarter.

Power Systems offsets pickup weakness

Power Systems was the main growth engine. Segment sales rose 15 percent to 2.3 billion US dollars, while its EBITDA margin expanded to 25.4 percent from 22.9 percent. Cummins linked the increase to stronger power-generation demand, particularly from data-center customers.

Management lowered its North American pickup-engine shipment forecast to 118,000 to 122,000 units from 125,000 to 140,000 previously. Higher diesel prices and interest rates are weighing on that market, while medium- and heavy-duty truck demand has improved.

Lower growth target sets next test

Cummins now expects 2026 revenue growth of approximately 10 percent, compared with its previous range of 10 percent to 13 percent. The projected EBITDA margin remains approximately 18.2 percent, within the prior range of 18 percent to 18.5 percent.

Management expects fourth-quarter revenue to rise from the third-quarter level and reach a new record, supported by power-generation demand and heavy-duty trucks. Investors will focus on delayed shipment recovery, data-center order conversion and the direction of pickup-engine demand.

US equities remain the wider market backdrop for Cummins stock; see Current S&P 500 market coverage.

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