1. Intel for heavy-duty engines and power systems

2. Bosch for commercial vehicle and industrial powertrains

• Engines: Cummins designs, manufactures, and services diesel and natural gas engines for a broad spectrum of industries and vehicle types.
• Electric & Hybrid Powertrains: The company develops electrified power systems, including battery, fuel cell, and hydrogen production technologies.
• Engine Components: Cummins offers various engine-related components such as emission solutions, turbochargers, filtration systems, and electronic controls.
• Power Generation Systems: The company provides complete power generation systems, including standby and prime power generators and control mechanisms.
• Parts & Services: Cummins supplies new and remanufactured parts, along with comprehensive in-shop and field-based repair and maintenance services.

Cummins Inc. (CMI) primarily sells its products to other companies, specifically original equipment manufacturers (OEMs), distributors, and dealers, who then integrate Cummins' engines, powertrains, and components into their finished products or use them in their operations. Its major customers, generally OEMs in heavy-duty industries, include:

• PACCAR Inc. (NYSE: PCAR): A leading manufacturer of heavy-duty trucks under the Peterbilt and Kenworth brands.
• Daimler Truck Holding AG (OTC: DTGFF): The world's largest truck and bus manufacturer, with brands like Freightliner and Western Star in North America.
• Navistar International Corporation: A manufacturer of International brand trucks and buses, now a subsidiary of TRATON SE (a public company listed on the Frankfurt Stock Exchange, but Navistar itself is no longer separately traded).
• Volvo Group (OTC: VOLVY): A global manufacturer of trucks (Volvo Trucks, Mack Trucks), buses, construction equipment, and marine and industrial engines.
• Komatsu Ltd. (OTC: KMTUY): A major manufacturer of construction, mining, and utility equipment.

• Eaton Corporation plc (ETN)

Jennifer Rumsey, Chair and Chief Executive Officer

Jennifer Rumsey became President and CEO of Cummins Inc. on August 1, 2022, and assumed the role of Chair and CEO on August 1, 2023. Before her current role, she served as President and Chief Operating Officer from March 2021. Prior to that, she was Vice President and President of the Components Segment. Rumsey joined Cummins in 2000, where her early career focused on advanced controls in research and technology. She also worked at a fuel processing and fuel cell start-up company in Cambridge, MA, prior to joining Cummins. She co-authored Cummins' "Destination Zero" strategy, which aims for net-zero emissions by 2050.

Mark Smith, Vice President and Chief Financial Officer

Mark Smith joined Cummins in 1995 and currently serves as Vice President and Chief Financial Officer. He has held numerous leadership positions within Cummins, including Vice President of Investor Relations and Controller for both the Components and Filtration businesses. His experience also includes finance and business strategy roles in the Engine and Power Generation businesses across the U.S. and the U.K. Before his tenure at Cummins, Smith worked for six years as a public accountant with Ernst & Young in the U.K. He is a qualified member of the Institute of Chartered Accountants in England and Wales.

Bonnie Fetch, Executive Vice President and President – Operations

Bonnie Fetch was appointed Executive Vice President and President – Operations, effective March 15. Previously, she held the position of Vice President and President – Distribution Business. Fetch joined Cummins in 2018. Prior to Cummins, she spent two decades at Caterpillar, where she held various leadership roles in Logistics, Human Resources, Product Design, Manufacturing, and General Management. Her early career also included managing full-service restaurants and owning a small business in the travel industry.

Amy Davis, President, Accelera by Cummins and Components

Amy Davis is the President of Accelera by Cummins and the Components segment. In this role, she oversees Accelera, Cummins' newest business segment focused on zero-emissions technologies, and the Components segment, which is the company's largest by revenue. She leads a team of more than 2,000 innovators across four continents dedicated to advancing electrified, fuel cell, and hydrogen products.

Jenny Bush, President, Power Systems Business

Jenny Bush serves as the President of the Power Systems Business at Cummins Inc.

Key Risks to Cummins Inc. (CMI)

Cummins Inc. (CMI) faces several significant risks to its business operations and financial performance. These primarily stem from its exposure to cyclical industrial markets, ongoing regulatory compliance challenges, and the impact of global geopolitical and trade tensions.

The most significant risk to Cummins is its **dependence on cyclical industries and weak demand in key end markets**, particularly the North American heavy- and medium-duty truck markets. The company's performance is closely tied to the health of sectors such as construction, agriculture, and transportation. Recent reports indicate a sharp cyclical decline and prolonged downturn in North American heavy- and medium-duty truck demand, directly impacting Cummins' core Engine and Components segments. This reduced demand leads to lower sales, impacting profitability, and current order levels are at multi-year lows with no clear immediate catalysts for recovery.

Another key risk is **regulatory compliance and litigation**, particularly concerning emissions standards. Cummins has faced substantial challenges in this area, including a $2.0 billion charge in 2023 related to emissions certification and compliance issues. The need for stringent compliance measures and proactive management of regulatory relationships is critical, as ongoing regulatory pressures and potential for further penalties and reputational damage remain a concern.

Finally, **geopolitical risks and tariff uncertainties** pose a significant threat to Cummins' global operations. The company's international presence exposes it to risks associated with global trade tensions, tariffs, and policy changes, which can disrupt supply chains, increase costs, and negatively affect competitive positioning. Uncertainty regarding future relationships between major global economies, such as the U.S. and China, including trade policies, treaties, government regulations, and tariffs, could adversely impact demand for Cummins' products and its financial performance.

Cummins Inc. (CMI) operates in several global markets for its main products and services. Here are the addressable market sizes for some of its key offerings:

• Diesel and Natural Gas Engines:
  • The global heavy-duty trucks market, a key end-market for Cummins' engines, was valued at USD 311.4 billion in 2024 and is estimated to reach USD 458.4 billion by 2034.
  • The global natural gas engine market was valued at approximately USD 5.34 billion in 2023 and is expected to reach USD 8.97 billion by 2032.
  • The global gas-powered commercial vehicle market was estimated at USD 112.60 billion in 2025 and is predicted to increase to approximately USD 151.91 billion by 2035.
• Electric and Hybrid Powertrains:
  • The global electric commercial vehicle market was valued at USD 60.98 billion in 2024 and is expected to reach USD 415.29 billion by 2032.
  • The global hybrid powertrain market is projected to reach a valuation of USD 130.98 billion in 2025 and is anticipated to reach USD 483.33 billion by 2034.
• Power Generation Systems:
  • The global industrial power generation equipment market was estimated at USD 75.9 billion in 2024 and is expected to grow to USD 125.8 billion by 2034.
  • The global industrial generator market was worth USD 19.86 billion in 2024 and is anticipated to be worth USD 35.06 billion by 2033.
• Components (General Engine & Aftermarket Parts):
  • The global automotive engine components market is valued at USD 87.48 billion in 2025 and is expected to grow to USD 130.46 billion in 2034.
  • The global heavy-duty automotive aftermarket market was valued at USD 149.75 billion in 2024 and is projected to reach USD 204.26 billion by 2033.
• Automated Transmissions:
  • The global commercial vehicle transmission market was valued at USD 26.9 billion in 2024 and is projected to reach USD 36.4 billion by 2030.
  • The global commercial vehicle automated manual transmission (AMT) market is projected to grow from USD 3,584.4 million in 2025 to USD 7,667.2 million by 2035.
• Fuel Cell and Hydrogen Production Technologies:
  • The global fuel cell technology market was valued at USD 5.70 billion in 2023, with projections indicating it will reach USD 20.12 billion by 2032.
  • The global hydrogen generation market size is projected to grow from USD 68.31 billion in 2024 to USD 167.12 billion by 2035.
  • The global hydrogen electrolyzer market is projected to grow from USD 8.8 billion in 2026 to USD 77.0 billion by 2036.

Here are 3-5 expected drivers of future revenue growth for Cummins (CMI) over the next 2-3 years:

1. Robust Demand in Power Generation, Particularly Data Centers: Cummins expects continued strong demand in global power generation markets, with a significant boost from data center applications. The company's Power Systems and Distribution segments are experiencing record sales and profitability due to this trend, with data center-related revenue projected to increase substantially.
2. Recovery in North America Heavy and Medium-Duty Truck Markets: Despite a downturn in North American truck markets in 2025, Cummins anticipates a strengthening of demand in these segments, particularly in the second half of 2026.
3. New Product Introductions and Platforms: The launch of new engines, such as the X10 and B7.2 as part of the Cummins HELM™ platforms, is expected to drive growth. These new products are designed to enhance performance and efficiency, and are strategically aligned with upcoming regulations like the EPA 2027 low-NOx rule, which could lead to increased content per truck.
4. Growth in Aftermarket Demand and Improved Pricing: The Distribution segment is forecasted to experience continued revenue growth driven by sustained strength in power generation markets and higher aftermarket demand for parts and services. Improved pricing strategies across various segments are also contributing to revenue growth.

Share Repurchases

• In December 2021, Cummins' board authorized a new $2 billion share repurchase program, following the completion of a previous $2 billion program authorized in 2019.
• During the first nine months of 2021, Cummins repurchased approximately $1.23 billion of its own shares.
• In 2024, Cummins returned $969 million to shareholders through dividends and reduced shares outstanding by approximately 5.6 million (4%) with the successful divestiture of Atmus.

Share Issuance

• In 2024, Cummins successfully divested its Filtration business, Atmus Filtration Technologies, which led to a reduction in shares outstanding by approximately 4%.
• The number of shares of Cummins in 2026 is 138.7 million, with no change from 2025.

Inbound Investments

• In July 2024, Cummins secured a $75 million grant from the Department of Energy to transform its Columbus Engine Plant in Indiana into a facility for zero-emissions components and electric powertrain systems. Cummins will match this grant with an additional $75 million investment, totaling $150 million.
• Mercuria Capital Strategies LLC bought 16,230 shares of Cummins (NYSE:CMI) in Q3 2025, valued at approximately $6.86 million, making CMI its fifth-largest position.
• Several institutional investors significantly increased their holdings in Cummins during 2025, including Norges Bank ($505.9M), Boston Partners ($473.5M), American Century (up 138.8% to 909,653 shares), BNY Mellon (up 50.8% to 1,450,659 shares), and Ontario Teachers (up 5,158.9% to 435,960 shares).

Outbound Investments

• Cummins acquired First Mode in February 2025, a developer of hybrid retrofit kits for mining operations focused on decarbonization solutions for the industrial sector.
• In February 2022, Cummins acquired Meritor for $3.7 billion.
• In February 2022, Cummins acquired Jacobs Vehicle Systems for $325 million.

Capital Expenditures

• Cummins' capital expenditures for fiscal years ending December 2021 to 2025 averaged $1.061 billion.
• Capital expenditures were $734 million in 2021, $916 million in 2022, $1.213 billion in 2023, $1.208 billion in 2024, and $1.235 billion in 2025.
• Cummins plans to invest $1.35 billion to $1.45 billion in capital by 2026, primarily in its Power Systems sector, and an additional $200 million across manufacturing sites in the U.S., England, and India to increase capacity for power generation.