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Here are 1-3 brief analogies for Cummins (CMI):

• The Intel of heavy-duty engines.
• The Generac of industrial power.

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Major Products

• Diesel and Natural Gas Engines: Manufactures engines for a wide range of on- and off-highway, marine, and rail applications.
• Power Generation Systems: Provides generator sets and related equipment for prime, standby, and distributed power needs.
• Engine Components: Offers turbochargers, aftertreatment, filtration, fuel systems, and automated transmissions.
• Electrified Power Systems: Develops battery-electric and fuel cell electric powertrains for various commercial applications.
• Hydrogen Technologies: Manufactures electrolyzers for green hydrogen production and hydrogen internal combustion engines.

Services

• Parts & Service Support: Provides genuine parts, maintenance, repairs, and technical support globally for Cummins products.

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Cummins Inc. (CMI) - Major Customers

Cummins Inc. primarily sells its engines, power generation systems, and related technologies to other companies, often Original Equipment Manufacturers (OEMs) who integrate Cummins products into their own vehicles and equipment. Its major customers span various industries, including heavy-duty trucking, construction, agriculture, mining, and power generation.

Some of Cummins' major customer companies include:

• PACCAR Inc. (PCAR) - A leading global technology company that manufactures light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates.
• Daimler Truck AG (DTG) - One of the world's largest commercial vehicle manufacturers, producing trucks under brands like Freightliner and Western Star.
• Navistar International Corporation (part of Traton SE, TRATON) - A major manufacturer of commercial trucks, buses, and engines under the International brand.
• CNH Industrial N.V. (CNHI) - A global leader in agricultural and construction equipment, with brands such as Case IH, New Holland, and Steyr.
• Komatsu Ltd. (KMTUY) - A multinational corporation that manufactures construction, mining, forestry, and military equipment.

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• BorgWarner (BWA)
• Donaldson Company (DCI)
• Garrett Motion (GTX)
• Parker-Hannifin (PH)
• Aptiv (APTV)

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Jennifer Rumsey, President and Chief Executive Officer

Jennifer Rumsey became President and CEO of Cummins Inc. on August 1, 2022, and subsequently assumed the role of Chair and CEO on August 1, 2023. Prior to these appointments, she served as President and Chief Operating Officer, a role she took in March 2021. Her leadership journey at Cummins also includes serving as Vice President and President of the Components Segment and Vice President and Chief Technical Officer, where she led a global technical organization. Before joining Cummins in 2000, Rumsey began her career at a fuel processing and fuel cell start-up company in Cambridge, Massachusetts. She co-authored Cummins' "Destination Zero" strategy, which outlines the company's plan to reduce greenhouse gas and air quality impacts and achieve net-zero emissions by 2050.

Mark Smith, Vice President and Chief Financial Officer

Mark Smith serves as the Vice President and Chief Financial Officer for Cummins Inc., overseeing the company's finance operations and working with finance controllers to meet operational and financial commitments. He joined Cummins in 1995 and has held various leadership roles within the company, including Vice President of Investor Relations and Controller for both the Components and Filtration businesses. His experience at Cummins also includes finance and business strategy positions in the Engine and Power Generation businesses across the U.S. and the U.K. Before his tenure at Cummins, Smith spent 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.

Amy Davis, President, Accelera by Cummins and Components

Amy Davis is the President of Accelera by Cummins, the company's business segment focused on zero-emissions technologies, and also leads the Components segment, which is Cummins' largest by revenue. She joined Cummins in 1994 and has held numerous leadership roles throughout her career with the company. Her previous positions include serving as Vice President of the Filtration business, where she achieved record revenues and profits. Davis also served as President and owner of the Cummins Northeast distributor, transforming it into a high-growth operation, and held roles at AT&T Corporation and Alcan Corporation as Vice President of Sales in the Global Aerospace and Transportation Business.

Nicole Y. Lamb-Hale, Chief Administrative Officer and Corporate Secretary

Nicole Y. Lamb-Hale was appointed Chief Administrative Officer and Corporate Secretary of Cummins Inc. in June 2025. In this role, she is an officer of the company and a member of its global leadership team. Prior to becoming CAO, Lamb-Hale served as Cummins' Chief Legal Officer. Before joining Cummins, she was a Managing Director at Kroll, LLC, a global risk advisory firm, and headed its Washington, D.C. office.

Bonnie Fetch, Executive Vice President and President – Operations

Bonnie Fetch serves as Executive Vice President and President – Operations for Cummins Inc. In this capacity, she is responsible for overseeing Cummins' New and Recon Parts business, remanufacturing operations, and global operating functions including Supply Chain, IT, Cummins Services, Digital/Analytics, and Quality. Before assuming her current role, Fetch served as Vice President & President - Distribution Business, leading approximately 16,000 employees globally.

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The public company Cummins (CMI) faces several key risks to its business:

1. Cyclical Downturn in Truck Markets: Cummins' financial performance is heavily influenced by the cyclical nature of demand in the heavy- and medium-duty truck markets. Recent reports indicate a significant decline in North American truck production, leading to a direct impact on the company's Engine segment revenue. This market weakness is anticipated to persist, putting pressure on revenue and margins within its Engine and Component segments.
2. Regulatory and Environmental Challenges and Transition to New Technologies: The industry in which Cummins operates is subject to stringent environmental regulations and an increasing global emphasis on greener technologies. Changes in emission standards necessitate substantial investment in research and development for new products, including electrification and alternative power solutions, to maintain market share and brand reputation. Moreover, Cummins has been subject to securities investigations regarding allegations of emissions fraud, posing legal and reputational risks.
3. Geopolitical and Macroeconomic Uncertainty: Geopolitical factors, such as trade policies, tariffs, and international trade restrictions—especially those involving China—have negatively affected Cummins' competitive standing and profitability. The company is also susceptible to broader macroeconomic risks, including potential economic downturns, inflationary pressures, and supply chain disruptions, which can increase operating costs and reduce demand for its products.

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The accelerating global transition to electric and hydrogen fuel cell powertrains in the commercial vehicle and industrial power generation sectors poses a clear emerging threat. While Cummins is actively investing in and developing its "New Power" solutions, the rapid pace of regulatory mandates, technological advancements, and increasing adoption by fleet operators and governments presents a significant risk to its traditional internal combustion engine (ICE) business. This shift could lead to a faster-than-anticipated decline in demand for conventional diesel and natural gas engines, potentially eroding Cummins' core revenue streams before its new power ventures achieve sufficient scale and profitability to compensate. The intensified competition from both established original equipment manufacturers (OEMs) diversifying their powertrain offerings and new pure-play electric and hydrogen vehicle manufacturers further exacerbates this threat, as they vie for market leadership in the evolving power landscape.

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Cummins (CMI) Addressable Market Sizes:

• Industrial Engines: The global industrial engine market was estimated at USD 56,954.4 million in 2024 and is projected to reach USD 81,880.7 million by 2030. Asia Pacific held the largest share, over 39.54% in 2024. The North American industrial engine market accounted for over 27% in 2024. The U.S. industrial engine market is expected to grow at a CAGR of over 7% from 2025 to 2030. Another estimate values the global market at USD 125.1 billion in 2023, anticipated to grow to USD 323.9 billion by 2033.
• Off-Highway Vehicle Engines: The global off-highway vehicle engines market was valued at USD 28.6 billion in 2024 and is projected to grow at a CAGR of 5.3% between 2025 and 2034. Another report estimates the global market at USD 277.83 billion in 2024, projected to reach USD 1,077.43 billion by 2032. Asia Pacific dominated the global market with a share of 41.61% in 2023.
• Heavy-Duty Engines: The global heavy-duty engines market was valued at USD 52.14 billion in 2024 and is expected to reach USD 72.79 billion by 2029. Another source reports the global market size at USD 56.68 billion in 2024, projected to reach USD 105.60 billion by 2034. Asia-Pacific was the largest region in the heavy-duty engines market in 2024. The market for heavy-duty engines in North America is expected to be worth more than USD 14.5 billion by 2032.
• Medium-Duty Engines: The global medium-duty engine market was valued at USD 9.2 billion in 2024 and is projected to grow to USD 16.9 billion by 2034. Another source estimates the global market at USD 9.8 billion in 2025, reaching USD 18.2 billion by 2035. The global medium-duty truck engine market size was valued at USD 13.2 billion in 2024 and is forecasted to hit USD 20.8 billion by 2033.
• Power Generation Equipment: The global power generation equipment market size was valued at USD 110.4 billion in 2022 and is projected to reach USD 173.1 billion by 2032. Another estimate for the global power generation equipment market is USD 236.14 billion in 2024, projected to grow to USD 403.12 billion by 2035. In 2023, the North America region generated a 35% revenue share in the market.
• Hydrogen Combustion Engines: The global hydrogen combustion engine market is estimated to be valued at USD 54.16 billion in 2025 and is expected to reach USD 105.61 billion by 2032. Another report indicates the global market was valued at USD 18.22 billion in 2023 and is predicted to reach USD 35.01 billion by 2030. The Asia Pacific region is projected to dominate, capturing a significant market share of 35.3% in 2025. North America is expected to be the fastest-growing region in the hydrogen IC engines market between 2024–2035.
• Fuel Cells: The global fuel cell market size was valued at over USD 7.29 billion in 2024 and is anticipated to reach USD 18.58 billion by 2034. Another source estimates the global fuel cell market size at USD 9 billion in 2024, projected to reach USD 34 billion by 2033. The Asia Pacific fuel cell market accounted for the largest share in 2024. The U.S. fuel cell market size exceeded USD 1.55 billion in 2024.
• Electrolyzers: The global electrolyzer market size was valued at USD 132.15 billion in 2024, expected to grow to USD 323.93 billion by 2034. Another source reports the global electrolyzers market size was valued at USD 5.77 billion in 2024 and is projected to reach USD 182.38 billion by 2032. Asia Pacific dominated the electrolyzers market with a market share of 90.64% in 2024. North America dominated the global industry, accounting for over 42.0% in 2023. Europe accounted for the largest market share in 2024.

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

1. Growth in Power Systems, Driven by Data Center Demand

   Cummins anticipates significant revenue growth from its Power Systems segment, primarily fueled by the accelerating demand for data centers. This surge is attributed to increased digitization, cloud adoption, and the rapid expansion of artificial intelligence (AI) infrastructure. The company is actively expanding capacity, investing in vertical integration, and launching new products and platforms to capitalize on the estimated 7-10% market growth in data centers through 2030.

2. Expansion of Accelera by Cummins and Zero-Emissions Technologies

   Accelera, Cummins' business unit focused on zero-emissions solutions, is projected to be a key growth driver, with the company aiming for the segment to reach breakeven by 2027. This growth is expected through entry into new markets, strategic partnerships, and an increased share of wallet with existing customers. Cummins continues to invest in the development and deployment of new products and capabilities, such as increased electrolyzer installations, as part of its "Destination Zero" strategy to support the energy transition.

3. Introduction of New, Environmentally Compliant Products

   New product launches, such as the X15N natural gas engine (part of the HELM platform), are expected to contribute to market share gains in the trucking industry. These innovations align with evolving environmental regulations and customer demand for reduced carbon emissions, positioning Cummins to capture new business.

4. Strategic Pricing Actions and Operational Efficiencies

   Cummins has consistently implemented pricing actions and focused on operational improvements across its segments. These strategies have contributed to increased revenues and improved margins, and are expected to continue supporting top-line growth and profitability in the coming years.

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Share Repurchases

• Cummins authorized a new $2 billion share repurchase program in December 2021, to commence upon the completion of its 2019 $2 billion program.
• The company repurchased $374 million of common stock in 2022.
• No share repurchases were made in 2023, 2024, or the second quarter of 2025. As of December 31, 2024, $218 million remained available under the 2019 repurchase program.

Share Issuance

• On March 18, 2024, Cummins completed the divestiture of its remaining 80.5% ownership of Atmus Filtration Technologies Inc. through a tax-free split-off, which reduced outstanding common stock by 5.6 million shares.

Inbound Investments

• Cummins received a $2.1 million grant (prize money) on September 29, 2025, from the Department of Energy and other investors.

Outbound Investments

• In February 2025, Cummins announced the acquisition of Meritor Inc. for $3.7 billion in an all-cash deal.
• In February 2025, Cummins also acquired assets of First Mode, including hybrid mining and rail product lines, and its full technology portfolio, which features hydrogen and battery powertrain solutions.
• In April 2023, Cummins signed a definitive agreement with Tata Motors to manufacture low-to zero-emissions technology products in India, establishing a new entity called TCPL Green Energy Solutions (GES).

Capital Expenditures

• Cummins' capital expenditures were $734 million in 2021, $916 million in 2022, $1.213 billion in 2023, and $1.208 billion in 2024.
• The company planned to spend an estimated $1.2 billion to $1.3 billion in 2023 on capital expenditures, with over 60% of these investments focused in North America on new product lines and targeted capacity expansions.
• Cummins is investing over $1 billion to modernize engine plants in New York, North Carolina, and Indiana, and $10 million to convert a Minnesota plant to produce hydrogen electrolyzers, supporting its "Destination Zero" goal. Additionally, the Cummins Group plans to invest about $1 billion in its India operations over the next decade for the transition to hydrogen and other green energy technologies.