Cummins reports strong 4th Quarter and full-year 2025 results

COLUMBUS, Ind. - “Cummins delivered strong operational results in the fourth quarter and full year 2025 despite continued weakness in North America truck markets. Our Distribution and Power Systems segments achieved record full-year sales and profitability,” said Cummins Chair/CEO Jennifer Rumsey.

She continued, “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. These decisions were aimed at streamlining operations and reducing ongoing costs in light of the weaker outlook for demand.”

“2025 marked a historic year for Cummins as we made significant progress in advancing key strategic priorities while continuing to raise performance cycle over cycle. I am tremendously proud of our employees for their resiliency and commitment to delivering for our customers amid persistent market uncertainty and change,” concluded Rumsey.

In a report released on Thursday, Feb. 5, Cummins said fourth quarter 2025 revenues of $8.5 billion increased 1% from the same quarter in 2024. Sales in North America decreased 2% while international revenues increased by 5%.

Net income attributable to Cummins in the fourth quarter was $593 million, compared to $418 million in 2024. The current quarter results include charges related to the electrolyzer business within Accelera of $218 million, or $1.54 per diluted share. The fourth quarter of 2024 included Accelera reorganization actions of $312 million, or $2.14 per diluted share, which were primarily non-cash charges. 

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the fourth quarter was $1.2 billion, or 13.5% of sales, compared to $1.0 billion, or 12.1% of sales, a year ago. EBITDA for the fourth quarter of 2025 and the fourth quarter of 2024 included the charges noted above.

Full-year 2025 revenues of $33.7 billion decreased 1% from 2024. Sales in North America decreased 3%, while international revenues increased 2% compared to 2024. Net income for the full year 2025 was $2.8 billion, compared to $3.9 billion in 2024. 

EBITDA in 2025 was $5.4 billion, or 16.0% of sales, compared to $6.3 billion, or 18.6% of sales, a year ago. EBITDA for 2025 and 2024 included the gains and charges noted above.

Based on its current forecast, Cummins projects full-year 2026 revenue to be up 3% to 8%, and EBITDA to be in the range of 17% to 18% of sales.