Cummins (CMI)
Builds engines, power systems and commercial-vehicle components backed by global parts and service.
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Cummins still earns most of its money from engines, the components around them, and the parts and labor those machines need for years. Its fastest-moving opportunity is supplying dependable on-site power to data centers. Battery-electric and hybrid systems are the longer-term bridge, but they remain tiny and loss-making, so the old machinery is funding the transition.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 9 more below
Engine products
Truck, pickup and equipment engines remain the largest single business. Demand swings with vehicle production, freight and construction; PACCAR alone accounts for 13% of Cummins sales across products.
Competes with DD13, DD15 and DD16 engines (Daimler Truck's Detroit) · MX-13 engine (PACCAR)
In plain English
An engine is the muscle inside a truck, bus, pickup or piece of heavy equipment. Cummins sells several sizes, from workhorse units for road vehicles to engines that push construction and farm machines.
Truck and equipment makers pay for engines to install in new vehicles, then distributors keep those machines running in the field. Winning a place in a vehicle design can bring years of orders, but production rises and falls with freight, building activity, fuel costs and changing exhaust rules.
Industrial
Very large engines power mines, trains, ships and energy sites. First-half 2026 sales rose 4.5%, but stocked mining equipment and uneven project timing make this a bumpier business than the companywide growth story.
Competes with C32 industrial engine (Caterpillar) · Series 4000 CX3 industrial engine (Rolls-Royce Power Systems)
In plain English
Picture the engine room of a machine too large for the highway. These high-power engines move mine trucks, propel vessels, haul trains and run equipment at remote energy sites.
Equipment makers buy them for new machines, while operators replace engines when hard-used fleets age. Each order can be meaningful, but sales arrive in waves because a mine expansion, ship order or rail purchase can be delayed. Commodity spending and access to factory capacity matter as much as everyday demand.
Power generation
Generators and controls keep critical sites running when the grid cannot. Cummins' companywide order book reached $7.6B in June 2026, though no customer breakdown shows how much belongs to the data-center surge.
Competes with C175-20 generator set (Caterpillar) · 20V4000 generator set (Rolls-Royce Power Systems)
In plain English
When electricity flickers, a data center cannot simply wait for the lights to return. Cummins supplies the generator sets, switches and controls that start local power, plus batteries and small power networks that help manage the handoff.
Data-center builders, hospitals, utilities and factories pay for complete systems, installation and later upkeep. The current rush comes from computing sites that need dependable backup before grid connections catch up. Long commitments improve visibility, but delivery depends on permits, fuel access and Cummins making enough large engines.
Drivetrain and braking systems
Axles, brakes and related hardware generated $3.98B in FY2025. Vehicle production and long-lived supplier selections set the pace, while recent growth has trailed Cummins' exhaust-control and software-related components.
Competes with Axles and drivelines (Dana) · Braking systems (Knorr-Bremse/Bendix)
In plain English
Everything between the engine and the road has a job: shafts carry turning force, axles support and drive the wheels, brakes stop the vehicle, and suspension hardware keeps it stable. Cummins gained much of this range through Meritor.
Truck and trailer makers choose these parts while designing a vehicle, then buy them as each unit rolls down the line. That can lock in years of volume and later replacement sales, but losing the next vehicle design or seeing truck production slow quickly cuts demand.
Emission solutions
Exhaust-cleaning hardware produced $3.03B in FY2025 sales. Stricter rules can add equipment to each combustion vehicle, but calibration failures bring costly repairs and electric vehicles eventually remove the exhaust pipe altogether.
Competes with Denoxtronic exhaust-fluid dosing (Bosch) · Clean Air exhaust treatment (Tenneco)
In plain English
Diesel exhaust passes through a cleaning line before it reaches the air. Filters trap soot, a measured fluid helps break down harmful gases, and sensors plus software keep the process working.
Engine and vehicle makers buy this equipment because their products must meet pollution rules before they can be sold. Replacement parts and recalibration create follow-on work. Regulation therefore creates demand and risk at once: tougher limits can require more equipment, while a faulty setting can force long repairs across a huge number of vehicles.
Components and software; automated transmissions
Fuel, air, electronic and transmission products form a smaller grab bag around the engine. Components and software grew 11.3% in 2026 Q2, while transmission demand was nearly flat; vehicle builds and selection for new designs remain decisive.
Competes with Turbochargers (Garrett Motion) · 3000 and 4000 Series transmissions (Allison Transmission) · TraXon automated transmission (ZF)
In plain English
A modern truck engine needs more than metal cylinders. It needs parts that deliver fuel and air, electronics that make decisions, software that coordinates them, and a transmission that chooses the right gear without the driver shifting.
Cummins sells these pieces to engine and truck makers, often after being selected for a particular vehicle design. Its transmission venture with Eaton combines products and sales reach. More automation can raise the value fitted to each vehicle, though customers can choose specialist rivals or bring some work inside.
Parts and service
Replacement parts, repairs and maintenance delivered $5.87B in FY2025 sales. This steadier business turns every installed engine or generator into years of possible work; fleet use, machine age and local availability drive it.
Competes with Dealer parts and service (Caterpillar) · DTNA Parts and dealer service (Daimler Truck)
In plain English
The unglamorous part keeps the whole machine useful. Filters wear out, components break and engines eventually need to be rebuilt; Cummins supplies the pieces and the trained hands that do that work.
Owners pay repeatedly because a truck, mine vehicle or generator earns nothing while it sits broken. A broad distributor and dealer network puts inventory and technicians near those machines, turning old equipment into recurring sales. Its job is to throw off dependable cash while new-equipment orders rise and fall.
Accelera by Cummins
Accelera sells electric driving systems and batteries but remains tiny beside diesel. Its FY2025 loss was $896M, including costs tied to shrinking the lineup; electric-truck adoption and battery costs decide whether the remaining products can scale.
Competes with eGen Power electric axles (Allison Transmission) · eS9000r electric axle (Dana)
In plain English
Instead of burning fuel, these systems move a truck with stored electricity. Accelera packages motors, batteries and driven axles—the parts that turn electrical energy into motion—for commercial vehicles.
Truck and bus makers pay to fit the hardware into new models, and Cummins is also backing a shared U.S. battery-cell factory with Daimler Truck, PACCAR and EVE Energy. The business is still spending far more than it brings in. It needs more electric trucks, cheaper batteries and reliable charging before scale can close that gap.
Engine productsTruck, pickup and equipment engines remain the largest single business. Demand swings with vehicle production, freight and construction; PACCAR alone accounts for 13% of Cummins sales across products.Truck, pickup and equipment engines remain the largest single business. Demand swings with vehicle production, freight and construction; PACCAR alone accounts for 13% of Cummins sales across products.
In plain English
An engine is the muscle inside a truck, bus, pickup or piece of heavy equipment. Cummins sells several sizes, from workhorse units for road vehicles to engines that push construction and farm machines.
Truck and equipment makers pay for engines to install in new vehicles, then distributors keep those machines running in the field. Winning a place in a vehicle design can bring years of orders, but production rises and falls with freight, building activity, fuel costs and changing exhaust rules.
Competes with DD13, DD15 and DD16 engines (Daimler Truck's Detroit) · MX-13 engine (PACCAR)
IndustrialVery large engines power mines, trains, ships and energy sites. First-half 2026 sales rose 4.5%, but stocked mining equipment and uneven project timing make this a bumpier business than the companywide growth story.Very large engines power mines, trains, ships and energy sites. First-half 2026 sales rose 4.5%, but stocked mining equipment and uneven project timing make this a bumpier business than the companywide growth story.
In plain English
Picture the engine room of a machine too large for the highway. These high-power engines move mine trucks, propel vessels, haul trains and run equipment at remote energy sites.
Equipment makers buy them for new machines, while operators replace engines when hard-used fleets age. Each order can be meaningful, but sales arrive in waves because a mine expansion, ship order or rail purchase can be delayed. Commodity spending and access to factory capacity matter as much as everyday demand.
Competes with C32 industrial engine (Caterpillar) · Series 4000 CX3 industrial engine (Rolls-Royce Power Systems)
Power generationGenerators and controls keep critical sites running when the grid cannot. Cummins' companywide order book reached $7.6B in June 2026, though no customer breakdown shows how much belongs to the data-center surge.Generators and controls keep critical sites running when the grid cannot. Cummins' companywide order book reached $7.6B in June 2026, though no customer breakdown shows how much belongs to the data-center surge.
In plain English
When electricity flickers, a data center cannot simply wait for the lights to return. Cummins supplies the generator sets, switches and controls that start local power, plus batteries and small power networks that help manage the handoff.
Data-center builders, hospitals, utilities and factories pay for complete systems, installation and later upkeep. The current rush comes from computing sites that need dependable backup before grid connections catch up. Long commitments improve visibility, but delivery depends on permits, fuel access and Cummins making enough large engines.
Competes with C175-20 generator set (Caterpillar) · 20V4000 generator set (Rolls-Royce Power Systems)
Drivetrain and braking systemsAxles, brakes and related hardware generated $3.98B in FY2025. Vehicle production and long-lived supplier selections set the pace, while recent growth has trailed Cummins' exhaust-control and software-related components.Axles, brakes and related hardware generated $3.98B in FY2025. Vehicle production and long-lived supplier selections set the pace, while recent growth has trailed Cummins' exhaust-control and software-related components.
In plain English
Everything between the engine and the road has a job: shafts carry turning force, axles support and drive the wheels, brakes stop the vehicle, and suspension hardware keeps it stable. Cummins gained much of this range through Meritor.
Truck and trailer makers choose these parts while designing a vehicle, then buy them as each unit rolls down the line. That can lock in years of volume and later replacement sales, but losing the next vehicle design or seeing truck production slow quickly cuts demand.
Competes with Axles and drivelines (Dana) · Braking systems (Knorr-Bremse/Bendix)
Emission solutionsExhaust-cleaning hardware produced $3.03B in FY2025 sales. Stricter rules can add equipment to each combustion vehicle, but calibration failures bring costly repairs and electric vehicles eventually remove the exhaust pipe altogether.Exhaust-cleaning hardware produced $3.03B in FY2025 sales. Stricter rules can add equipment to each combustion vehicle, but calibration failures bring costly repairs and electric vehicles eventually remove the exhaust pipe altogether.
In plain English
Diesel exhaust passes through a cleaning line before it reaches the air. Filters trap soot, a measured fluid helps break down harmful gases, and sensors plus software keep the process working.
Engine and vehicle makers buy this equipment because their products must meet pollution rules before they can be sold. Replacement parts and recalibration create follow-on work. Regulation therefore creates demand and risk at once: tougher limits can require more equipment, while a faulty setting can force long repairs across a huge number of vehicles.
Competes with Denoxtronic exhaust-fluid dosing (Bosch) · Clean Air exhaust treatment (Tenneco)
Components and software; automated transmissionsFuel, air, electronic and transmission products form a smaller grab bag around the engine. Components and software grew 11.3% in 2026 Q2, while transmission demand was nearly flat; vehicle builds and selection for new designs remain decisive.Fuel, air, electronic and transmission products form a smaller grab bag around the engine. Components and software grew 11.3% in 2026 Q2, while transmission demand was nearly flat; vehicle builds and selection for new designs remain decisive.
In plain English
A modern truck engine needs more than metal cylinders. It needs parts that deliver fuel and air, electronics that make decisions, software that coordinates them, and a transmission that chooses the right gear without the driver shifting.
Cummins sells these pieces to engine and truck makers, often after being selected for a particular vehicle design. Its transmission venture with Eaton combines products and sales reach. More automation can raise the value fitted to each vehicle, though customers can choose specialist rivals or bring some work inside.
Competes with Turbochargers (Garrett Motion) · 3000 and 4000 Series transmissions (Allison Transmission) · TraXon automated transmission (ZF)
Parts and serviceReplacement parts, repairs and maintenance delivered $5.87B in FY2025 sales. This steadier business turns every installed engine or generator into years of possible work; fleet use, machine age and local availability drive it.Replacement parts, repairs and maintenance delivered $5.87B in FY2025 sales. This steadier business turns every installed engine or generator into years of possible work; fleet use, machine age and local availability drive it.
In plain English
The unglamorous part keeps the whole machine useful. Filters wear out, components break and engines eventually need to be rebuilt; Cummins supplies the pieces and the trained hands that do that work.
Owners pay repeatedly because a truck, mine vehicle or generator earns nothing while it sits broken. A broad distributor and dealer network puts inventory and technicians near those machines, turning old equipment into recurring sales. Its job is to throw off dependable cash while new-equipment orders rise and fall.
Competes with Dealer parts and service (Caterpillar) · DTNA Parts and dealer service (Daimler Truck)
Accelera by CumminsAccelera sells electric driving systems and batteries but remains tiny beside diesel. Its FY2025 loss was $896M, including costs tied to shrinking the lineup; electric-truck adoption and battery costs decide whether the remaining products can scale.Accelera sells electric driving systems and batteries but remains tiny beside diesel. Its FY2025 loss was $896M, including costs tied to shrinking the lineup; electric-truck adoption and battery costs decide whether the remaining products can scale.
In plain English
Instead of burning fuel, these systems move a truck with stored electricity. Accelera packages motors, batteries and driven axles—the parts that turn electrical energy into motion—for commercial vehicles.
Truck and bus makers pay to fit the hardware into new models, and Cummins is also backing a shared U.S. battery-cell factory with Daimler Truck, PACCAR and EVE Energy. The business is still spending far more than it brings in. It needs more electric trucks, cheaper batteries and reliable charging before scale can close that gap.
Competes with eGen Power electric axles (Allison Transmission) · eS9000r electric axle (Dana)
Named in filings, launches and programs
- Global cloud-company backup-power agreementCustomer programAn unnamed global cloud operator committed to several years of backup-generator demand; neither customer identity nor contract value is public.
- Circe Energy West Texas local-power programCustomer program · AnnouncedNatural-gas generators and a self-contained local power network are scheduled for West Texas data centers from 2026 through 2030.
- AVAIO Digital campus generator programCustomer programGenerators are planned for four initial U.S. data-center campuses; the public equipment total includes other suppliers, so Cummins' portion is unknown.
- Unnamed U.S. data-center battery-storage deploymentCustomer program · AnnouncedCummins' largest announced battery-storage project will use liquid-cooled blocks at a U.S. data center; buyer, size and value are undisclosed.
- HELM model-year 2027 launch programCustomer program · RampingNew X15 and X10 engines are moving through staged 2027 production, tied to emissions rules and truckmakers' schedules.
- X15N / UPS deploymentCustomer programUPS bought 250 Kenworth trucks using the natural-gas X15N; wider adoption depends on fueling access and fuel economics.
- Amplify Cell TechnologiesBrand · Pre-revenueJoint Mississippi battery-cell plant with Daimler Truck, PACCAR and EVE Energy; production is planned for 2027.
- First Mode hybrid retrofit / Komatsu programProduct · AnnouncedBought hybrid-mining and rail technology feeds a planned Komatsu pilot; completed deployment is not yet supported.
- Eaton Cummins Automated Transmission TechnologiesBrandThe transmission venture combines products and sales reach; its revenue already sits inside the components-and-transmissions business.
Global cloud-company backup-power agreementCustomer program
An unnamed global cloud operator committed to several years of backup-generator demand; neither customer identity nor contract value is public.
Circe Energy West Texas local-power programCustomer program · Announced
Natural-gas generators and a self-contained local power network are scheduled for West Texas data centers from 2026 through 2030.
AVAIO Digital campus generator programCustomer program
Generators are planned for four initial U.S. data-center campuses; the public equipment total includes other suppliers, so Cummins' portion is unknown.
Unnamed U.S. data-center battery-storage deploymentCustomer program · Announced
Cummins' largest announced battery-storage project will use liquid-cooled blocks at a U.S. data center; buyer, size and value are undisclosed.
HELM model-year 2027 launch programCustomer program · Ramping
New X15 and X10 engines are moving through staged 2027 production, tied to emissions rules and truckmakers' schedules.
X15N / UPS deploymentCustomer program
UPS bought 250 Kenworth trucks using the natural-gas X15N; wider adoption depends on fueling access and fuel economics.
Amplify Cell TechnologiesBrand · Pre-revenue
Joint Mississippi battery-cell plant with Daimler Truck, PACCAR and EVE Energy; production is planned for 2027.
First Mode hybrid retrofit / Komatsu programProduct · Announced
Bought hybrid-mining and rail technology feeds a planned Komatsu pilot; completed deployment is not yet supported.
Eaton Cummins Automated Transmission TechnologiesBrand
The transmission venture combines products and sales reach; its revenue already sits inside the components-and-transmissions business.