Cummins Inc.
CMI - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$64.96B
Close$
Earnings Call Q3 2026
November 5, 2026 - AI Summary
Q3 headline results (strong profitability + power strength)
- Revenue: $9.4B, +13% YoY (North America +15%, International +11%).
- EBITDA: $1.8B, 18.9% margin vs $1.2B / 14.3% last year (last year included major non-recurring items).
- Gross margin: 27.7% (record), supported by higher volumes and favorable pricing in Power Systems; partially offset by freight/materials and higher variable compensation.
- Cash returns: $661M to shareholders in the quarter ($359M buybacks + $300M dividends), consistent with ~50% of operating cash flow policy.
Power Systems: record quarter, but supply-constrained shipments created a revenue shortfall
- Power Systems revenue: record $2.3B, +15% YoY; EBITDA margin 25.4%, up ~250 bps YoY.
- Demand backdrop: exceptionally strong, especially global data centers; orders extend into 2H 2028 and include multi-year discussions/contractual commitments (hyperscalers).
- Key negative/surprise: despite record sales/orders, revenue came in below expectations because supply chain constraints limited shipments in Q3 (management expects most delayed shipments to catch up in Q4, boosting Distribution step-up).
Engine/Truck markets: pickup and regulatory uncertainty are the main drag
- North America HD truck: industry 70k units (+62%), and Cummins unit sales up strongly (reported +68% YoY).
- But demand not meeting expectations due to regulatory uncertainty and customer delays for the EPA27 transition.
- Pickup truck engines: 34k shipped, -16% YoY (management cites elevated diesel prices and interest rates).
- This pickup weakness is the primary reason for lower full-year revenue guidance.
Exclusive for Stockcircle Pro members
Sign up
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $64.96 Billion |
|---|---|
| Enterprise Value | $70.59 Billion |
| Annual dividend | $8.20 |
| Dividend yield | 1.82% |
| Earnings per Share | $20.62 |
| Beta | 1.24 |
| Outstanding Shares | 137,500,000 |
Return
| Return on Equity | 24.90% |
|---|---|
| Return on Assets | 9.07% |
| Return on Invested Capital | 17.47% |
Valuation & Multiples
| P/E Ratio | 18.71 |
|---|---|
| PEG | 16.6 |
| Price to Sales | 1.74 |
| Price to Book Ratio | 4.35 |
| Enterprise Value to Revenue | 1.97 |
| Enterprise Value to EBIT | 15.87 |
| Enterprise Value to Net Income | 21 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 0.69 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$7.71
Est. $8.21Revenue
$9.44 B
Est. $9.87 BNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$7.95
Consensus analyst estimateRevenue Estimate
$9.82 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 10.00, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 10.0000▲ 889.54% |
|---|---|
| Total Calls | 600▼ 99.92% |
| Total Puts | 6,000▼ 99.26% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 18.12%▼ 67.76% |
|---|---|
| Total Invested | $12.93B▼ 84.69% |
| Investors Holding | 1,118▼ 1052.00% |
About Cummins Inc.
67,400 employees
CEO: Norman Linebarger
Cummins Inc. specializes in the development, production, global distribution, and maintenance of a wide array of power solutions, including diesel and natural gas engines, as well as cutting-edge electric and hybrid powertrain systems, a...