PresentationAdam SeidenBarclays Bank PLC, Research Division All right. Great. I think we'll get going today for what is day 3 of the Barclays Industrial Select Conference. My name is Adam Seiden. I lead the U.S. machinery and construction effort at Barclays. Glad to meet you. We're pleased to have at this session the folks from Cummins. We got both Jeff as well as Nick and Colin from the IR team is out in the audience as well. So the format of the session here is going to be fireside chat, myself and the fe ...

Summary of Cummins Conference Call Company Overview - **Company**: Cummins - **Event**: Barclays Industrial Select Conference Key Industry Insights - **AI Boom and Data Center Demand**: Cummins views itself as a low-risk way to capitalize on the AI boom, particularly in data center-driven demand. There is strong ongoing visibility of demand through the decade, with no signals of a slowdown in the next five years [4][5][6] - **Power Generation Capacity**: Cummins has doubled its power generation capacity in recent years and plans to continue evaluating investments in capacity and product offerings while being cautious about overbuilding [7][8] Financial and Operational Strategies - **Pricing and Margin Protection**: Cummins employs inflation and pricing adjusters in contracts to protect margins on backlog orders, which are subject to various market conditions [9][10] - **Customer Concentration**: The backlog is concentrated among large hyperscalers, but Cummins serves a diverse range of customers beyond just a few major players [11][13] Competitive Landscape - **Market Competition**: The diesel standby genset market is seeing new entrants, but Cummins has not experienced significant market share shifts. The company believes its established capabilities and investments in supply chain give it a competitive edge [19][21][22] Product Development and Innovation - **Battery Backup Systems**: While battery energy storage systems (BESS) are being evaluated, diesel standby gensets remain a preferred solution for data centers due to their effectiveness and cost [28][29] - **New Product Launches**: The launch of new platforms like X10 and HELM will initially compress margins due to higher costs and warranty accruals, but long-term margins are expected to stabilize [35][38] Regulatory Environment - **EPA Regulations**: Cummins anticipates regulations targeting 35 mg NOx emissions, with a focus on maintaining a competitive warranty structure. The company is preparing for potential regulatory changes that could impact product development and market dynamics [46][48][50] Market Demand and Trends - **Heavy-Duty Truck Cycle**: The company is seeing early signs of recovery in the heavy-duty truck market, with expectations of reaching replacement demand levels of 220-240 thousand units annually. However, pre-buy activity ahead of regulatory changes is expected to be modest [57][60][61] Accelera Business Unit - **Zero-Emissions Portfolio**: Cummins is resizing its Accelera business, focusing on hydrogen and e-mobility. The company is adjusting its strategy in hydrogen due to lower-than-expected demand while maintaining a strong position in battery technologies [63][64][65] Investment Strategy - **Organic vs. Inorganic Investments**: Cummins emphasizes a disciplined approach to balancing organic and M&A investments, focusing on long-term profitable growth and credible investment theses [80][81][85] Audience Sentiment - **Stock Sentiment**: Audience responses indicated a positive bias towards Cummins stock, with a significant portion favoring share repurchases as a use of excess cash [68][74] This summary encapsulates the key points discussed during the conference call, highlighting Cummins' strategic positioning, market dynamics, and future outlook.

Group 1 - The company has made significant investments in a fuel-agnostic engine platform to align with its Destination Zero strategy and prepare for upcoming EPA regulations [1][2] - The company has launched three new engine platforms simultaneously, which is an unprecedented move in its history, indicating a strong commitment to the diesel engine market [2] - The company believes that diesel engines have a long runway and sees an opportunity to deliver effective technology and gain market share in this space [2]

Summary of Cummins (NYSE:CMI) 2026 Conference Call Company Overview - **Company**: Cummins Inc. (NYSE:CMI) - **Date of Conference**: February 18, 2026 - **Key Participants**: Kyle Menges (Citi), Jeff Wiltrout (Corporate Strategy), Nick Arens (Investor Relations) Key Points Industry and Market Position - Cummins is focusing on a **fuel-agnostic engine platform** to align with the **Destination Zero strategy** and prepare for **EPA 2027 regulations** [1][2] - The company has invested heavily in **next-generation engine technology**, launching three new engine platforms simultaneously, which is unprecedented for Cummins [2][3] Electric Vehicle (EV) Strategy - Cummins acknowledges the **growing trend towards zero-emissions technologies**, including battery electric and E-axles, and has made investments in these areas over the last decade [5][6] - The company views **Tesla** as a significant competitor in the heavy-duty truck market but believes that the economic viability of battery electric trucks will depend on regulatory drivers [6][7] - In **China**, there has been a significant push for battery electric trucks, with over **20% adoption** in the heavy-duty truck market, although Cummins is less exposed to this segment [9][10] EPA 2027 Regulations - The **35 milligram NOx standard** is expected to be implemented, with a potential removal of extended warranty requirements to reduce upfront costs for fleets [15][16] - Cummins is confident in its architecture and technology to meet these regulations, although the timeline for launching three platforms is challenging due to supplier and regulatory coordination [16][19] Financial Outlook and Pricing - The average selling price of trucks is expected to increase by about **$10,000**, primarily driven by the powertrain segment [24][25] - The company anticipates that the new engine platforms will provide margin opportunities over the next few years as production stabilizes [26] Research and Development (R&D) - R&D spending has increased by approximately **$150 million annually** for platform investments, with expectations for a tapering off post-launch in 2027 [27][29] Power Generation and Data Centers - Cummins has seen significant growth in the **power generation** and **data center** markets, driven by increased demand for redundant power solutions [31][32] - The company has doubled its capacity to serve this market and is evaluating further investments for growth [34][36] - The order backlog extends through **2027**, with discussions about orders into **2028** [41][42] Competitive Landscape - Cummins maintains a strong competitive position in the data center backup power market due to its established relationships, reputation, and distribution capabilities [62][63] - The company is aware of increasing competition but believes its unique offerings are difficult to replicate [64] Tariff Impacts - Tariffs are impacting margins, particularly in the engine and distribution segments, with an estimated **50 basis points of dilution** in guidance due to tariff surcharges [73][74] - The company is exploring potential rebates related to tariffs, which could improve margins if successful [76][78] Future Guidance and Investor Day - Cummins plans to update its **2030 financial targets** at the upcoming Investor Day, focusing on engine components, power generation, margin profiles, and capital allocation strategies [99][100][101] Additional Insights - The company is actively engaging with customers to secure favorable payment terms and long-term contracts to support investments in capacity [96][98] - There is a strong demand for backup power solutions, with no visible signs of a slowdown in demand expected through the decade [48][50]

Core Viewpoint - Cummins Inc. has demonstrated strong stock performance, significantly outperforming the broader market and its industrial peers, driven by diversified demand in its Power Systems and Distribution segments, and is projected to see revenue growth in 2026 [2][5]. Financial Performance - For the fourth quarter of 2025, Cummins reported revenue of $8.5 billion, reflecting a year-over-year increase of approximately 1%, with adjusted EPS at $5.81, surpassing consensus estimates [6]. - Analysts forecast a 9.6% year-over-year growth in EPS for the fiscal year ending December 2026, projecting it to reach $26.05 on a diluted basis [6]. Stock Performance - Cummins stock has surged 62.7% over the past 52 weeks, significantly outpacing the S&P 500 Index's increase of 11.8% [2]. - Year-to-date, Cummins is up 17.7%, contrasting with a slight decline in the S&P 500 [2]. Analyst Ratings - Among 21 analysts covering Cummins, the consensus rating is a "Moderate Buy," consisting of nine "Strong Buy" ratings, one "Moderate Buy," and 11 "Holds" [7]. - The sentiment has improved from three months ago when the rating was a "Strong Sell" [8]. Price Targets - Raymond James recently raised its price target for Cummins to $675 from $585, maintaining an "Outperform" rating [8]. - The stock has surpassed its mean price target of $582.39, with a Street-high price target of $703 indicating a potential upside of 17% [8].

股票近期走势 经济观察网康明斯(NYSE:CMI)近期公布了除权除息安排，并发布了2025年第四季度及全年业绩，财报 后股价出现显著波动。 康明斯于2026年2月6日发布了2025年第四季度及全年业绩，全年营收337亿美元(同比下降1%)，净利润 28亿美元。财报后股价出现显著波动，市场持续关注其2026年业绩指引(预计营收同比增长3%至8%)及 业务分化情况，如电力系统业务增长与北美市场疲软的影响。 以上内容基于公开资料整理，不构成投资建议。 公司已宣布将于2026年2月20日进行除权除息，每股派息2美元。这一事件可能影响短期交易情绪和股价 波动。 业绩经营情况 ...

Cummins ( CMI ) has been a ‘trading stock’ of sorts as a cyclical company whose fundamentals I really like longer term. In my last article on the name in December, I downgraded theI'm an insurance Case Manager with a deep interest in investing. My investment philosophy is all about buying high quality stocks and great businesses. My favorite businesses are those led by disciplined capital allocators, earn exceptional returns on capital, and can compound their invested capital over long periods of time.Analy ...

Core Viewpoint - Cummins (CMI) is characterized as a cyclical company with strong long-term fundamentals, making it a 'trading stock' in the market [1]. Group 1: Company Analysis - The company is favored for its high-quality stock and strong business model, particularly those led by disciplined capital allocators [1]. - Cummins is noted for generating exceptional returns on capital and has the potential to compound invested capital over extended periods [1].

经济观察网康明斯于美东时间2026年2月5日发布了2025年第四季度财报。机构预期该季度营收为81.02 亿美元，同比减少4.08%，每股收益为5.02美元，同比增加66.13%。公司通常会在财报发布日或附近日 期举行财报会议，管理层可能对业绩和2026年展望进行讨论。另据2025年11月的公司声明，首席执行官 Jennifer Rumsey表示，康明斯计划在2026年2月提供2026年财务展望，但具体时间未在最新资料中明 确。 业绩经营情况 根据财报数据，公司2025年第四季度营收预期同比有所下滑，但每股收益呈现显著增长。 未来发展 公司计划在近期提供2026年的财务展望，具体细节有待官方进一步披露。 以上内容基于公开资料整理，不构成投资建议。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 Commission File Number 1-4949 CUMMINS INC. Indiana 35-0257090 (State of Incorporation) (IRS Employer Identification No.) 500 Jackson Street Box 3005 Columbus, Indiana 47202-3005 (Address of principal executive offices) Telephone (812) 377-5000 Securities registered pursuant to Section 12(b) of the Ac ...