CMI · 10-Q · 2026Q3 · Full report

Guidance and Outlook

CUMMINS INC · 2026-11-05 · Importance 44 · Surprise 24 · In source text

Management’s 2026 outlook expects strong demand in Power Systems markets, including power generation and industrial, stable aftermarket demand, and continued strong North American medium- and heavy-duty truck demand through the remainder of 2026. It cautions that cost increases, tariffs and other inflationary pressures could reduce earnings, while trade disruptions—including embargoes, sanctions, export controls and the ongoing conflict in Iran—could disrupt production and raise oil and other input prices. Slower adoption of zero-emissions solutions reduced Accelera’s near-term revenue outlook; despite restructuring actions in 2024 and 2025 and a refined investment approach, continued priority-technology investment is expected to cause near-term operating losses.

Key facts

• Slower adoption of zero-emissions solutions reduced Accelera's near-term revenue outlook, prompting significant restructuring in 2024 and 2025 and a refined strategic investment approach; Cummins expects these actions to gradually improve costs but ongoing priority-technology investment to cause continued near-term operating losses. source
• Cummins anticipates making an additional $12 million of defined benefit pension contributions during the remainder of 2026 for its U.S. and U.K. plans. source
• Cummins expects its 2026 annual net periodic pension cost to approximate $75 million. source
• Cummins expects demand in Power Systems markets, including power generation and industrial markets, to remain strong in 2026. source
• Cummins anticipates its aftermarket business will remain stable, driven primarily by demand in its Engine and Power Systems businesses. source
• Cummins expects strong North American medium- and heavy-duty truck demand to continue for the remainder of 2026. source
• Cummins says trade disruptions, including embargoes, sanctions, export controls and the ongoing conflict in Iran, could disrupt production, elevate oil and other input prices, and negatively affect earnings. source
• Cummins says higher costs, tariffs and other inflationary pressures could negatively affect earnings in 2026. source

Impact estimates