Announcement • May 20
Cummins Inc. Liable for Misappropriation of C3 AI Trade Secrets C3.ai Inc. announced that on May 19, 2026, a jury in the Superior Court of the State of Delaware returned a unanimous verdict in favor of C3 AI in its lawsuit against Cummins Inc., finding that Cummins misappropriated C3 AI’s trade secrets. C3 AI brought the case in November 2023, alleging that its licensee, Columbus, Indiana-based Cummins, misappropriated trade secrets. C3 AI became aware of this scheme when a Cummins employee inadvertently shared internal meeting notes documenting Cummins’ plan with C3 AI. C3 AI made repeated attempts to resolve the matter amicably with Cummins management. C3 AI placed calls that Cummins did not return, sent a formal demand letter, and twice agreed to meet in person. Cummins twice cancelled. This is not an isolated event. In December 2023, the U.S. Department of Justice issued a press release stating: “The Justice Department reached an initial agreement with Cummins Inc. to settle claims that, over the past decade, the company unlawfully altered hundreds of thousands of engines to bypass emissions tests in violation of the Clean Air Act. As part of the agreement, the Justice Department will require Cummins to pay $1.675 billion, the largest civil penalty it ever secured under the Clean Air Act.” This same Cummins now stands unanimously adjudged by a jury in Delaware to have engaged in misappropriation of intellectual property. Declared Dividend • May 15
First quarter dividend of US$2.00 announced Shareholders will receive a dividend of US$2.00. Ex-date: 22nd May 2026 Payment date: 4th June 2026 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Live News • May 15
Cummins Lifts Outlook as Data Center Demand Drives Q1 Earnings Beat and $2.00 Dividend Cummins reported Q1 2026 earnings of $6.15 per share on revenue of $8.4 billion, ahead of analyst expectations, and raised its full-year 2026 revenue growth outlook to a range of 8% to 11% with an EBITDA margin range of 17.75% to 18.5%.
Management cited strong demand from power generation markets, particularly data centers, alongside activity in its Accelera segment and energy transition efforts, including the sale of its low-pressure fuel cell business and deployment of a commercial hybrid-electric ultra-class mining truck.
The company declared a quarterly cash dividend of $2.00 per share, payable on June 4, 2026, and returned a total of $519 million to shareholders in the quarter.
The tighter 2026 guidance range, together with ongoing demand from data center and power markets, provides a clearer view of how management currently sees the balance between growth projects and profitability.
At the same time, Cummins’ focus on dividends and other capital returns sits alongside its Destination Zero investments, so investors may want to monitor how future spending on low-emission technologies affects margins and cash generation. Announcement • May 14
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on June 4, 2026 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $2.00 per share. The dividend is payable on June 4, 2026, to shareholders of record on May 22, 2026. Recent Insider Transactions • May 11
Insider recently sold US$1.7m worth of stock On the 8th of May, Nicole Lamb-Hale sold around 2k shares on-market at roughly US$685 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.3m. Insiders have been net sellers, collectively disposing of US$18m more than they bought in the last 12 months. Announcement • May 07
Cummins Inc. Increases Earnings Guidance for the Full Year of 2026 Cummins Inc. increased earnings guidance for the full year of 2026. For the year, the company raised revenue guidance to be up 8% to 11%, due to stronger demand across several markets, particularly North America on-highway and power generation, an improvement from prior guidance of up 3% to 8%. Price Target Changed • May 06
Price target increased by 7.7% to US$693 Up from US$643, the current price target is an average from 20 analysts. New target price is approximately in line with last closing price of US$716. Stock is up 140% over the past year. The company is forecast to post earnings per share of US$28.14 for next year compared to US$20.62 last year. Announcement • Apr 06
Cummins Inc., Annual General Meeting, May 12, 2026 Cummins Inc., Annual General Meeting, May 12, 2026. Recent Insider Transactions • Mar 06
Insider recently sold US$2.3m worth of stock On the 3rd of March, Amy Davis sold around 4k shares on-market at roughly US$561 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$11m. Insiders have been net sellers, collectively disposing of US$17m more than they bought in the last 12 months. Recent Insider Transactions • Mar 02
Insider recently sold US$1.1m worth of stock On the 23rd of February, Amy Davis sold around 2k shares on-market at roughly US$587 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$11m. Insiders have been net sellers, collectively disposing of US$14m more than they bought in the last 12 months. Buy Or Sell Opportunity • Feb 28
Now 20% undervalued Over the last 90 days, the stock has risen 17% to US$584. The fair value is estimated to be US$731, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Recent Insider Transactions • Feb 24
Insider recently sold US$1.1m worth of stock On the 23rd of February, Amy Davis sold around 2k shares on-market at roughly US$587 per share. This transaction amounted to 9.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$11m. Insiders have been net sellers, collectively disposing of US$14m more than they bought in the last 12 months. Recent Insider Transactions • Feb 17
Independent Director recently sold US$11m worth of stock On the 11th of February, William Miller sold around 18k shares on-market at roughly US$597 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Declared Dividend • Feb 13
Fourth quarter dividend of US$2.00 announced Shareholders will receive a dividend of US$2.00. Ex-date: 20th February 2026 Payment date: 5th March 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • Feb 12
Independent Director notifies of intention to sell stock William Miller intends to sell 18k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of February. If the sale is conducted around the recent share price of US$586, it would amount to US$11m. Since March 2025, William's direct individual holding has decreased from 58.30k shares to 52.21k. Company insiders have collectively sold US$18m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 11
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on March 5, 2026 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of $2.00 per share. The dividend is payable on March 5, 2026, to shareholders of record on February 20, 2026. Price Target Changed • Feb 10
Price target increased by 8.3% to US$607 Up from US$561, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of US$601. Stock is up 61% over the past year. The company is forecast to post earnings per share of US$26.05 for next year compared to US$20.62 last year. Reported Earnings • Feb 06
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$20.62 (down from US$28.55 in FY 2024). Revenue: US$33.7b (down 1.3% from FY 2024). Net income: US$2.84b (down 28% from FY 2024). Profit margin: 8.4% (down from 12% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 05
Cummins Inc. Provides Earnings Guidance for the Full Year of 2026 Cummins Inc. provided earnings guidance for the full year of 2026. Based on its current forecast, the company projects full-year 2026 revenue to be in the range of up 3% to 8%, and EBITDA to be in the range of 17.0% and 18.0% of sales. The company remains well-positioned to invest in future growth, deliver strong financial results and return cash to shareholders in 2026. Buy Or Sell Opportunity • Dec 31
Now 20% undervalued Over the last 90 days, the stock has risen 18% to US$510. The fair value is estimated to be US$640, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • Dec 14
Now 20% undervalued Over the last 90 days, the stock has risen 23% to US$510. The fair value is estimated to be US$638, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Recent Insider Transactions Derivative • Nov 27
VP & President of Engine Business exercised options and sold US$503k worth of stock On the 25th of November, Brett Merritt exercised 2.40k options at around US$142, then sold 1k of the shares acquired at an average of US$489 per share and kept the remainder. Since December 2024, Brett's direct individual holding has increased from 4.23k shares to 6.17k. Company insiders have collectively sold US$20m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Nov 14
Upcoming dividend of US$2.00 per share Eligible shareholders must have bought the stock before 21 November 2025. Payment date: 04 December 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (1.4%). Price Target Changed • Nov 10
Price target increased by 8.2% to US$481 Up from US$445, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of US$473. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$22.15 for next year compared to US$28.55 last year. New Risk • Nov 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$1.9m sold). Reported Earnings • Nov 07
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$3.88 (down from US$5.90 in 3Q 2024). Revenue: US$8.32b (down 1.6% from 3Q 2024). Net income: US$536.0m (down 34% from 3Q 2024). Profit margin: 6.4% (down from 9.6% in 3Q 2024). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 15
Cummins Inc. Declares Quarterly Common Stock Dividend, Payable on December 4, 2025 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of 2.00 dollars per share. The dividend is payable on December 4, 2025, to shareholders of record on November 21, 2025. Recent Insider Transactions Derivative • Oct 07
CFO & VP notifies of intention to sell stock Mark Smith intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of October. If the sale is conducted around the recent share price of US$433, it would amount to US$3.5m. Since December 2024, Mark's direct individual holding has increased from 22.18k shares to 27.64k. Company insiders have collectively sold US$17m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Sep 16
CFO & VP notifies of intention to sell stock Mark Smith intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of September. If the sale is conducted around the recent share price of US$410, it would amount to US$3.1m. Since December 2024, Mark's direct individual holding has increased from 22.18k shares to 27.64k. Company insiders have collectively sold US$14m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Aug 18
Insider recently sold US$1.2m worth of stock On the 14th of August, Amy Davis sold around 3k shares on-market at roughly US$403 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.9m more than they bought in the last 12 months. Upcoming Dividend • Aug 15
Upcoming dividend of US$2.00 per share Eligible shareholders must have bought the stock before 22 August 2025. Payment date: 04 September 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (1.5%). Recent Insider Transactions Derivative • Aug 13
CFO & VP notifies of intention to sell stock Mark Smith intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of August. If the sale is conducted around the recent share price of US$388, it would amount to US$2.3m. Since December 2024, Mark's direct individual holding has increased from 22.18k shares to 27.64k. Company insiders have collectively sold US$16m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Aug 06
Price target increased by 7.0% to US$385 Up from US$360, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of US$382. Stock is up 31% over the past year. The company is forecast to post earnings per share of US$22.06 for next year compared to US$28.55 last year. Reported Earnings • Aug 05
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$6.46 (up from US$5.30 in 2Q 2024). Revenue: US$8.64b (down 1.7% from 2Q 2024). Net income: US$890.0m (up 23% from 2Q 2024). Profit margin: 10% (up from 8.3% in 2Q 2024). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 18
First quarter dividend increased to US$2.00 Dividend of US$2.00 is 9.9% higher than last year. Ex-date: 22nd August 2025 Payment date: 4th September 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (dividend approximately 143x free cash flows). The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 16
Cummins Inc. Approves Increase in Quarterly Common Stock Cash Dividend, Payable on September 4, 2025 The Board of Directors of Cummins Inc. approved an increase in the company’s quarterly common stock cash dividend of approximately 10% from $1.82 per share to $2.00 per share. The dividend is payable on September 4, 2025, to shareholders of record on August 22, 2025. Cummins has increased the quarterly common stock dividend to shareholders for 16 consecutive years. Announcement • Jul 15
Cummins Inc. Appoints Matthew Tsien to Its Board of Directors Cummins Inc. announced the election of Matthew Tsien to its Board of Directors. Tsien brings more than four decades of experience in the automotive industry, including senior leadership roles at General Motors (GM). Most recently, he served as the Executive Vice President and Chief Technology Officer, where he led GM's future technology initiatives and accelerated investments in electrification technologies. He also served as President of GM Ventures, overseeing the company's venture capital investments and fostering innovation, and before that served as President of GM China. Tsien currently serves as a board member for AGCO Corporation and Magna International. He holds a bachelor’s degree from Kettering University and master’s degrees from Standford University and Massachusetts Institute of Technology. Declared Dividend • May 16
First quarter dividend of US$1.82 announced Shareholders will receive a dividend of US$1.82. Ex-date: 23rd May 2025 Payment date: 5th June 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (dividend approximately 143x free cash flows). The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Cummins Inc. Declares Quarterly Common Stock Cash Dividend, Payable on June 5, 2025 The Board of Directors of Cummins Inc. declared a quarterly common stock cash dividend of one dollar and eighty-two cents ($1.82) per share. The dividend is payable on June 5, 2025, to shareholders of record on May 23, 2025. Reported Earnings • May 05
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$5.99 (down from US$14.11 in 1Q 2024). Revenue: US$8.17b (down 2.7% from 1Q 2024). Net income: US$824.0m (down 59% from 1Q 2024). Profit margin: 10% (down from 24% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Price Target Changed • Apr 16
Price target decreased by 7.7% to US$349 Down from US$378, the current price target is an average from 19 analysts. New target price is 24% above last closing price of US$281. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of US$21.14 for next year compared to US$28.55 last year. Announcement • Apr 16
Cummins Launches Next-Gen Battery Energy Storage Systems in the UAE Cummins Arabia and Cummins Middle East jointly launched Cummins' new Battery Energy Storage Systems at an exclusive event held in Dubai on April 14. The launch was attended by key customers, consultants, and partners from across diverse sectors including rental, data centers, utilities, commercial properties, healthcare, oil and gas, and manufacturing. The product was officially unveiled at the event by Lucio Kroll, Senior Director - New Energy Solutions, Cummins Power Generation; and Amit Deshpande, Managing Director - Cummins Arabia. Their presence underscores the strategic importance of this launch for both the company and the region. The BESS launch marks a major step forward in Cummins' journey to support energy transition and power resilience across the Middle East. Attendees showed strong interest in the product's ability to address real-world energy needs, including peak shaving, backup power, and grid stability - all with a reduced environmental footprint. Designed to deliver scalable, sustainable, and dependable energy storage, Cummins' BESS solutions are well-suited to the UAE's growing focus on renewable integration and reliable backup systems in critical facilities. Whether for urban commercial properties, remote industrial applications, or healthcare environments, BESS helps customers optimize energy use while meeting their sustainability goals. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$267, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Machinery industry in the US. Total returns to shareholders of 50% over the past three years. Announcement • Mar 29
Cummins Inc. Appoints Karan Bakshi as Director of Talent Acquisition for the India and Pacific Region Cummins Inc. has appointed Karan Bakshi as the director of talent acquisition for the India and Pacific region. With over 15 years of experience in human resources & recruitment, he brings a strong background in building high-performing teams. In his new role, Bakshi will oversee talent acquisition strategies, helping Cummins attract top professionals across the region. His expertise in recruitment, employer branding, and workforce planning is expected to strengthen the company's hiring initiatives and support its growth. Before joining Cummins, Bakshi held the position of regional director of learning & development & talent acquisition at Michelin. He managed hiring across India, the middle east, and Africa, with a focus on diversity, equity, and inclusion. Bakshi also worked at mastercard, where he played a key role in driving talent acquisition and development strategies. At TIBCO Software, Bakshi contributed to enhancing the company's recruitment and workforce strategies. His appointment at Cummins Inc. reflects the company's ongoing commitment to fostering a skilled and diverse workforce, with Bakshi playing a key role in shaping its recruitment practices. Announcement • Mar 27
Accelera by Cummins and Isuzu Motors Limited Announce to Introduce A New Battery Electric Powertrain for the F-Series Medium-Duty Truck At This Year’s Act Expo in Anaheim, California Accelera™ by Cummins, the zero-emissions business segment of Cummins Inc., and Isuzu Motors Limited will introduce a new battery electric powertrain for the F-series medium-duty truck at this year’s ACT Expo in Anaheim, California. Scheduled for production in 2027, the fully integrated powertrain will feature Accelera's next-generation battery, eAxle, accessories and controls, and offer customers an innovative and versatile solution to fleet decarbonization. Accelera, a global leader in zero-emissions powertrain solutions, has partnered with Isuzu to develop the powertrain specifically for the F-series in the North American market. This innovative product will integrate key battery electric powertrain components into a single, optimized solution and will feature next-generation Accelera technologies: Advanced lithium iron phosphate (LFP) tiered platform batteries: Chosen for its cycle-life capability and cost-effectiveness, these batteries offer customizable power, optimized performance and enhanced safety for commercial vehicle applications. 14Xe eAxle: Equipped with ELFA™ motor and inverter, which have nearly three decades and more than 1 billion miles of on-the-road experience. Power Controls and Accessory Systems (PCAS) 3.0: This system integrates vehicle accessories and controls into a compact design that optimizes packaging flexibility. The modular PCAS 3.0, which is 70% smaller than the previous generation, is more serviceable and durable, and can be customized to meet specific vehicle requirements. The battery electric powertrain will deliver improved performance, reliability and efficiency, positioning the F-series to meet the demanding needs of modern transportation and serviceability. The launch of the fully integrated powertrain is an important step in reducing the total cost of ownership for battery electric vehicles and reaching diesel parity, which will help to advance the adoption of zero-emissions technologies. Available in Class 6 and 7 starting in 2027, the battery electric F-series will feature a newly designed low-cab forward chassis, providing enhanced maneuverability and driver comfort while meeting a wide range of fleet demands, from shorter city and final-mile duty cycles to longer-range regional hauls. The components and integration are suitable for a wide range of applications, from school and transit buses to heavy-duty and vocational vehicles. This adaptability ensures the solutions can meet the diverse needs of various industries, positioning it as an innovative solution for decarbonizing the commercial transportation sector. Additionally, many of the components, including the batteries, eAxles, inverters and PCAS, are manufactured or assembled by Accelera in the U.S. All battery electric powertrain components will be on display at the ACT Expo tradeshow in Anaheim, CA, from April 28 to May 1. Attendees are encouraged to visit and experience Accelera’s latest advancements in zero-emissions components and fully integrated electric powertrain solutions. Announcement • Mar 18
Cummins Announces Retirement of Sharon Barner, Chief Administrative Officer, Effective May 31, 2025 Cummins Inc. announced that Chief Administrative Officer Sharon Barner will be retiring, effective May 31, following an extraordinary career and 13 years of committed service to Cummins. Barner’s career has spanned both the private and public sector. Prior to joining Cummins, Barner spent 27 years at private practice law firms, many of which in leadership positions, where she focused primarily on intellectual property law. Barner then served in the U.S. Department of Commerce as Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the United States Patent and Trademark Office. She joined Cummins in 2012, serving first as Vice President and General Counsel, eventually adding interim Chief Human Resources Officer and Corporate Secretary to her responsibilities, before becoming Chief Administrative Officer in 2021. As Cummins’ Vice President and General Counsel, Barner re-envisioned the Legal function to address external factors, like increased globalization, technological disruption and amplified government oversight. Over nine years in the role, Barner built a globally diverse and talented team of legal experts across 11 countries, skillfully executed multiple large-scale mergers and acquisitions, navigated several complex regulatory matters and continued to protect Cummins’ business interests. Over the last four years as Chief Administrative Officer, Barner has led 12 corporate functions which provide critical services, expertise and support to Cummins’ global businesses. Among her many accomplishments in this role, she helped lead the company through the COVID-19 pandemic, ensuring facilities were compliant with the law and that Cummins was a safe place to work. She also led the functional integration of several large-scale acquisitions – including the acquisition of Meritor, the larger in the company’s history – and served on the Atmus Board of Directors to ensure the successful separation of Cummins’ Filtration business, finalized last year. Barner has consistently been an early and active mentor for rising talent, both at Cummins and in the community. She was among the first sponsors for many of Cummins’ leadership development programs, and she sponsors several recruiting efforts that help Cummins increase the pipeline and pool of diverse talent. In 2024, Barner generously endowed the Barner-McDuffie House at Syracuse University, her alma mater, ensuring that future generations of Black students have a space where they are seen, supported and celebrated. Barner currently serves in leadership positions on several public company and not-for-profit boards, including Howmet Aerospace Inc., Syracuse University and the Eskenazi Health Foundation. She has also served on the boards of Brebeuf Jesuit Preparatory School (Indiana), Indiana Repertory Theatre, Association of Corporate Counsel, Foundation for Advancement of Diversity in IP Law (FADIPL) and the Leadership Council on Legal Diversity. Her replacement will be named in the coming weeks. Announcement • Mar 11
Platform Science and Cummins Inc. Partner to Introduce Vehicle Health Intelligence, the Newest Category in the Growing Virtual Vehicle Marketplace On March 10, 2025 at TMC25, Platform Science and Cummins Inc. announced a partnership to introduce Vehicle Health Intelligence, the newest native Virtual Vehicle integration. Cummins Inc., a global power solutions leader, will transition their Connected Solutions® portal which enables fleets to seamlessly access a range of features and capabilities to the Virtual Vehicle platform. Cummins and Platform Science have developed a new, streamlined experience for registering for Connected Solutions. Users simply complete online registration with Virtual Vehicle, the data that is generated off of them, and the solutions that connect them, and then receive access to insights. Virtual Vehicle is the premier application platform that enables an intuitive application ecosystem including solutions made by telematics providers, third-party developers, Vehicle OEMs, Tier 1 component OEMs, and fleets
themselves. Applications are available through the Virtual Vehicle portal which serves as a central hub where fleets can access real-time vehicle insights and optimize operations with integrated third-party solutions. The Virtual Vehicle portal enables fleets to efficiently deploy, configure, and update software across their vehicles—helping them maximize uptime and adapt to evolving business needs. Announcement • Mar 06
Cummins Inc. Unveils B7.2 Diesel Engine for Medium-Duty Applications Cummins Inc. announced an update to the legendary B-Series engine platform, unveiling the new Cummins B7.2 diesel engine at NTEA Work Truck Week in Indianapolis, IN. The B7.2 diesel is the next engine in the B series Cummins HELM™ platform, following the B6.7 Octane engine, and will bring technology and continue to serve a variety of medium-duty and vocational applications, including bus, pickup & delivery, utility trucks, refuse, towing, and more. The new engine will feature a slightly higher displacement, increasing to 7.2L, and is designed to be a global platform which allows customers to ensure their vehicles are ready for what's to come, without sacrificing performance or durability. A higher displacement also allows for a wider range of torque offerings, creating flexibility for different applications and duty cycles. The B7.2 will improve unrestricted top-end performance ratings, providing 240 to 340 hp and 650 to 1,000 lb.-ft of torque. Additionally, the new engine will be automatic engine shutdown and stop-start capable for improved greenhouse gas emissions and will offer a compression release engine brake and extended oil drain interval pan option. It will also be equipped with Cummins' full suite of digital technologies, which help enhance performance, maximize uptime and reduce total cost of ownership. The B7.2 provides digital connectivity and immediate access to a range of applications and capabilities through Acumen®?, Cummins' smart computing hardware, and OEM first-fit solutions. Customers can utilize digital tools that enhance driver experience, including predictive capabilities (prognostics) and advanced over-the-air features. B7.2 is also Cummins Maintenance Monitor capable, reducing shop visits and minimizing cost of operation. The B7.2 engine will be manufactured at Rocky Mount Engine Plant in North Carolina and will go into full production in North America starting in 2027. Find out more about the B7.2 and Cummins' other mid-range line-up this week at NTEA Work Truck week from March 5 to 7 in the Cummins Booth (#763) at the Indiana Convention Center in Indianapolis. Announcement • Feb 28
Cummins Inc. Introduces the X10: A Durable and Versatile Mid-Bore Workhorse in the Cummins Helm 10-Liter Platform for 2027 Cummins Inc. is introducing the much anticipated X10, the mid-bore workhorse designed to deliver heavy-duty performance in a midsize package. The X10 is a mid-bore heavy-duty engine poised to position customers for success. It replaces both the L9 and X12 engine platforms. This product delivers a new level of performance, durability and efficiency for heavy and medium-duty customers. The X10 is part of the Cummins HELM platforms, an approach that allows customers to choose the fuel type that best suits their needs. Alongside the X15 and B Series, the X10 provides customers with a power solution to meet their unique operational requirements while maintaining the performance and reliability for which Cummins is known. Cummins X10 provides two ratings sets to offer customers flexibility when powering their vehicles. For heavy-duty applications, the X10 delivers up to 450 horsepower and 1,650 lb-ft of torque, providing customers with an optimal balance of power and reliability. For applications requiring a medium-duty package, the X10 delivers ratings up to 380 horsepower and 1,250 lb-ft of torque, ensuring strong performance across a variety of demanding applications. This engine is built to perform in the toughest conditions and environments ensuring it stands up to the demands of the job. It boasts a class-leading power-to-weight ratio, offering customers a combination of exceptional performance and efficiency, designed to enhance productivity without weighing down vehicles. Whether navigating city streets or tackling tough jobs in off-road environments, the X10 brings a sustainable, high-performing solution to each demanding application. For those needing flexibility in how power is used, the X10 provides increased Power Take-Off (PTO) capability of 590 lb-ft continuous and up to 664 lb-ft intermittent, providing vocational truck customers with enhanced power and versatility. This increased PTO output allows for more efficient operation of auxiliary equipment. The X10 will come equipped with Cummins' comprehensive suite of digital technologies, designed to optimize performance, boost uptime and lower total cost of ownership. It features connectivity and instant access to a wide range of features and capabilities through Acumen®?, Cummins' smart computing hardware and OEM first-fit solutions. Customers can leverage digital tools that enhance driver experience, including predictive capabilities (prognostics) and advanced over-the-air updates. The engine pairs with transmission options including fully integrated powertrain offerings from the Eaton Cummins Joint Venture, ensuring smooth shifting and maximum uptime. When combined with Cummins Drivetrain and Braking Systems, including drivelines and axles, the X10 delivers a performance-driven solution, ensuring power is transferred efficiently to the wheels for maximum durability and control across diverse applications. The engine is designed to be an asset to the customers who work the hardest. Cummins will launch the X10 in 2027, following extensive validation to meet customer needs, backed by millions of miles of planned on-road testing in real-world applications. Announcement • Feb 18
Cummins Inc. Announces Leadership Team Changes Cummins Inc. announce two important changes to the Cummins Leadership Team, effective March 15, 2025. Bonnie Fetch, currently Vice President and President – Distribution Business, has been named Executive Vice President and President – Operations. Bonnie will succeed Srikanth Padmanabhan, who announced his retirement in January. Bonnie has extensive experience in a variety of general management, human resources and supply chain leadership roles, including 20 years at Caterpillar before joining Cummins. Since joining Cummins in 2018, Bonnie has demonstrated exceptional business leadership, a people-centered leadership style and extensive strategic and operational expertise across various business and functional roles within the company. In her new role leading Operations for the company, Bonnie will oversee Cummins' New and Recon Parts business and global operating functions, including Supply Chain, IT, Cummins Services, Advanced Analytics and Quality. Bonnie is a graduate of the University of St. Francis with a bachelor’s degree in Applied Organizational Management and completed Executive Programs at both Stanford University and Singularity University. Shon Wright Named Vice President and President – Distribution BusinessShon Wright, currently Vice President – Cummins Components and Software, has been appointed Vice President and President – Distribution Business. Shon has 22 years of diverse experience at Cummins, holding a variety of strategy, purchasing, operations, sales and marketing, and general management roles across Cummins Power Generation, Cummins Filtration and Cummins Turbo Technologies, as well as CTT’s expansion to the Cummins Components and Software Business. In his role leading the Distribution Business, Shon will focus on continuing to deliver excellent sales and service support for Cummins’ global markets, investing in employee development and advancing operational performance. His strategic and business acumen, combined with his commitment to excellence and people-centered leadership, will contribute to the continued growth and success of the Distribution Business. Shon is a graduate of the University of South Carolina with a Bachelor of Science degree in Chemical Engineering, and he received a Master of Business Administration from Harvard Business School. Declared Dividend • Feb 14
Fourth quarter dividend of US$1.82 announced Shareholders will receive a dividend of US$1.82. Ex-date: 21st February 2025 Payment date: 6th March 2025 Dividend yield will be 1.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but not covered by cash flows (359% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 14% over the next 3 years. However, it would need to fall by 73% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions Derivative • Feb 11
CFO & VP notifies of intention to sell stock Mark Smith intends to sell 11k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of February. If the sale is conducted around the recent share price of US$375, it would amount to US$4.3m. Since March 2024, Mark has owned 22.18k shares directly. Company insiders have collectively sold US$20m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$28.55 (up from US$5.19 in FY 2023). Revenue: US$34.1b (flat on FY 2023). Net income: US$3.95b (up 437% from FY 2023). Profit margin: 12% (up from 2.2% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Cummins Inc. Provides Earnings Guidance for the Full Year 2025 Cummins Inc. provided earnings guidance for the full year 2025. Based on its current forecast, the company projects full year 2025 revenue to be in the range of down 2% to up 3%. In 2025, the company anticipates that demand will be slightly weaker in the North America on-highway truck markets, particularly in the first half of the year, but offset by strength in other key markets. Despite a relatively flat revenue forecast and relative weakness in the key North America truck markets, the company expects to improve profitability and cash flow. Announcement • Jan 08
Cummins Inc. Launches Next Generation 6.7L Turbo Diesel Pickup Engine System for 2025 Ram Heavy Duty Trucks Cummins Inc. unveiled the new 2025 6.7-liter Turbo Diesel Pickup engine system for Ram Heavy Duty, their most advanced diesel pickup engine yet. As part of this, Cummins and Stellantis have extended their partnership to supply Ram Brand through 2030, paving the way for continued innovation among the most iconic Pickup brands in the business. Cummins’ 6.7-liter Turbo Diesel advanced engine system and powertrain will be offered in the recently announced 2025 Ram 2500, 3500 Heavy Duty Pickups and Ram 3500, 4500 and 5500 Chassis Cab trucks. The next generation of the Cummins 6.7L Turbo Diesel engine system was designed with steadfast commitment to reliability and durability, living up to the 106-year-old brand customers expect, while setting new benchmarks for performance and efficiency. Cummins’ latest offering delivers enhanced performance alongside High-Output ratings of 430 horsepower and 1,075 lb.-ft. of torque for Pickups, and 360 horsepower and 800 lb.-ft. of torque for Chassis Cab. In close collaboration with Ram and their powertrain providers, the 2025 Cummins 6.7L Turbo Diesel engine is optimized with a brand-new 8-speed transmission, providing the right combinations of power, responsiveness and driveability. All 2025 Ram Heavy Duty truck models powered by Cummins received noticeable gains in acceleration and power, driving home stronger overall truck performance and towing capability. The Ram 2500 gained improvements in towing speeds and responsiveness, with faster 0-60 mph and quarter-mile times, especially when towing heavy loads. These enhancements promise drivers smoother transient responses and greater confidence under towing conditions. Noise, vibration and harshness were also improved using helical valve train synchronizing gears which enable a quieter ride. The latest power offering for Pickups and Chassis Cab from Cummins includes advanced emissions air handling that also introduces a new airflow management design. This accompanies a new high-pressure fuel delivery system that offers top feed dry service injectors and a new fuel pump. Cummins’ newest variable-geometry turbocharger for the new 6.7-liter delivers intelligent condition-based power output that is now faster and more efficient. Cummins has also introduced new features that make it easier to service the engine system and get back on the road. Software updates can now be executed from the comfort and convenience of inside the truck. In addition, the oil filter and dual fuel filter are now thoughtfully positioned to enable serviceability from the top side of the engine, improving the ease of maintenance—resulting in faster and less complex servicing for the 2025 Cummins 6.7-liter Turbo Diesel. Additionally, the Cummins 6.7 Turbo Diesel Pickup and Chassis Cab engine systems offer significantly improved cold-start management with the integration of advanced glow plug technology. By reducing the wait to start time, this enhancement ensures reliable vehicle operation even in the harshest and most extreme weather conditions. Together since 1989, Cummins and Ram set the standard for innovation, power and durability; and the two are marking more than 35 years of partnership that will continue beyond the decade. Built in Columbus, Indiana, the 6.7 Turbo Diesel has evolved from the first generation 5.9-liter, 160-horsepower to today’s 6.7-liter engine up to 430 horsepower. Upcoming Dividend • Nov 15
Upcoming dividend of US$1.82 per share Eligible shareholders must have bought the stock before 22 November 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (1.5%). Recent Insider Transactions • Nov 14
Independent Director recently sold US$1.8m worth of stock On the 12th of November, Bruno V. Di Leo sold around 5k shares on-market at roughly US$359 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.7m more than they bought in the last 12 months. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$5.90 (up from US$4.63 in 3Q 2023). Revenue: US$8.46b (flat on 3Q 2023). Net income: US$809.0m (up 23% from 3Q 2023). Profit margin: 9.6% (up from 7.8% in 3Q 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Nov 05
Cummins Inc. Revises Earnings Guidance for the Year 2024 Cummins Inc. revised earnings guidance for the year 2024. Based on its current forecast, the company is maintaining its full-year 2024 revenue guidance to be in the range of down 3% to flat. 
