The annual revenue for 2025 is 33.7 billion US dollars
The net profit for the whole year was 2.8 billion US dollars
Diluted earnings per share totaled $20.50
Cummins Inc. (NYSE: CMI) recently released its fourth-quarter and full-year results.
Despite the continued weakness in the North American truck market, Cummins still achieved strong operational performance in the fourth quarter and throughout the year. The Distribution Division and the Power Systems Division achieved record highs in both annual sales and profitability, thanks to their high execution efficiency and strong demand for backup power in data centers. In the fourth quarter, we recorded relevant expenses for the electrolyzer business of the Accelera division. This is a strategic move initiated by the company in response to the expected changes in the popularization of hydrogen energy, aiming to simplify operations and reduce costs in the context of a weakened demand outlook.
The year 2025 is a milestone year for Cummins. We have made significant progress in advancing key strategic priorities and have continuously improved business performance throughout the economic cycle. I am proud of the outstanding performance of my employees, who have demonstrated resilience in the face of continuous uncertainty and fulfilled their commitments to customers. It is precisely because of strict cost management, a diversified product matrix and efficient execution that we can still achieve strong performance in a challenging environment.
- Chairman and CEO of Cummins Jennifer Rumsey
Cummins' revenue in the fourth quarter of 2025 was 8.5 billion US dollars, representing a year-on-year growth of 1%. Among them, sales in North America decreased by 2%, while revenue in the international market increased by 5%.
The company's net profit in the fourth quarter was 593 million US dollars, or diluted earnings per share of 4.27 US dollars, compared with 418 million US dollars, or diluted earnings per share of 3.02 US dollars, in the same period of 2024. This quarter's results included a $218 million expense related to the adjustment of the electrolyzer business of the Accelera division, equivalent to a diluted earnings per share of $1.54. The fourth quarter of 2024 included a $312 million expense related to Accelera's restructuring, equivalent to a diluted earnings per share of $2.14, mainly non-cash expenses.
Cummins' EBITDA for the fourth quarter of 2025 was $1.2 billion, with an EBITmargin of 13.5%, compared with $1 billion and an EBITmargin of 12.1% in the same period of the previous year. The EBITDA for both 2025 and the fourth quarter of 2024 includes the above-mentioned related expenses.
Cummins' annual revenue in 2025 was 33.7 billion US dollars, a 1% decrease compared to 2024. Among them, sales in North America decreased by 3%, while international market revenue increased by 2% compared to 2024
The company's full-year net profit for 2025 is expected to be 2.8 billion US dollars, or a diluted earnings per share of 20.50 US dollars, compared with 3.9 billion US dollars in 2024, or a diluted earnings per share of 28.37 US dollars. The 2025 performance includes a $458 million expense related to the electrolyzer business of the Accelera division, equivalent to a diluted earnings per share of $3.28. The 2024 performance includes a net gain of 1.3 billion US dollars (after deducting transaction costs and other expenses) from the divestiture of Ammercel, equivalent to a diluted earnings per share of 9.28 US dollars. The $312 million expense related to the restructuring of Accelera amounts to a diluted earnings per share of $2.12. And the restructuring cost of $29 million in the first quarter, equivalent to diluted earnings per share of $0.16.
In 2025, Cummins' EBITDA was 5.4 billion US dollars, with an EBIT margin of 16.0%, compared with 6.3 billion US dollars and an EBIT margin of 18.6% in the same period of the previous year. The EBITDA for both 2025 and 2024 includes the aforementioned earnings and expenses.
In 2025, Cummins China's consolidated and unconsolidated sales revenue, including the performance of joint ventures, reached 7.2 billion US dollars. In terms of RMB, it amounts to 51.9 billion RMB, reaching a record high.
Outlook for 2026
According to current forecasts, Cummins expects its full-year revenue in 2026 to increase by 3% to 8% year-on-year, and its EBITDA to account for 17.0% to 18.0% of its sales.
Cummins will continue to generate strong operating cash flow and shareholder returns, and is committed to its long-term strategic goal of returning 50% of its operating cash flow to shareholders.
Jennifer Rumsey said, "In 2026, the demand for road trucks in North America will improve slightly, especially in the second half of the year, while the power market for data centers is expected to continue to perform strongly." Cummins remains in a favorable position. We will continue to invest in future growth, achieve strong financial performance in 2026, and return cash to shareholders.