CUMMINS INC (CMI)

Cummins Inc. is a global power technology company founded in 1919 as Cummins Engine Company in Columbus, Indiana, and one of the first diesel engine manufacturers. It adopted the Cummins Inc. name in 2001. The company designs, manufactures, sells and services diesel, natural gas, gasoline, electric and hybrid powertrains, integrated power generation systems, and critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes. Its Destination Zero strategy is aimed at supporting customers through the energy transition. In March 2024 it completed the divestiture of its remaining 80.5 percent stake in Atmus Filtration Technologies through a tax-free split-off, and in 2024 it made $1.9 billion of payments under settlement agreements with U.S. regulators over emissions certification of certain pick-up truck engines.

Cummins reports five segments. Engine (26% of 2025 consolidated net sales before eliminations) makes engines of 2.8 to 15 liters and 48 to 715 horsepower for heavy-duty truck, medium-duty truck and bus, light-duty automotive and off-highway markets, plus new and remanufactured parts. Components (25%) supplies drivetrain and braking systems, emission solutions, turbochargers, fuel systems, valvetrain technologies, electronic controls and software, and automated transmissions, the last through the 50/50 Eaton Cummins joint venture. Distribution (30%) is the primary sales, service and support channel, selling engines, power generation systems, parts and repair services across seven geographic regions. Power Systems (18%) offers standby and prime power generators from 2 kilowatts to 3.5 megawatts, high-horsepower industrial engines up to 4,400 horsepower, and Stamford and AVK alternators. Accelera is in the early stages of commercializing battery and electric powertrain technologies. In 2025 it fully impaired electrolyzer goodwill and intends to stop new commercial activity in electrolyzers while fulfilling existing commitments.

Cummins sells to original equipment manufacturers, distributors, dealers and other customers worldwide, serving them through about 640 company-owned, joint venture and independent distributor locations and more than 13,000 certified dealer locations in roughly 190 countries and territories. Major truck customers include PACCAR, Traton and Daimler, and light-duty customers include Stellantis. Construction and agricultural equipment makers such as Komatsu and SANY buy its industrial engines. Power Systems serves data center, commercial, industrial, health care, rental, mining, oil and gas, marine, rail and defense users. Key markets include North America, China, India, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The company operates through joint ventures and non-wholly-owned subsidiaries, including Chongqing Cummins, Dongfeng Cummins, Beijing Foton Cummins, Tata Cummins, Komatsu Cummins Chile and the publicly listed Cummins India Ltd. It also holds an interest in the Amplify battery cell joint venture, which is not expected to begin production until 2028. It designs or makes its strategic components in-house and buys other items under a category strategy framework, using long-term supply agreements with key suppliers, dual and multi-sourcing, and supplier code of conduct compliance. Competitors vary by segment and region and include Weichai, Yuchai, Deutz, Bosch, Garrett Motion, BorgWarner, Allison Transmission, ZF, Caterpillar, MTU, Kohler/SDMO, Generac and BYD, along with truck OEMs that make their own engines.