Cummins Inc.

Record Financial Performance: Cummins reported a record revenue of $34.1 billion in 2024, essentially flat compared to 2023, with EBITDA reaching $6.3 billion or 18.6% of sales, significantly improving from $3 billion or 8.9% in 2023. This growth is driven by strong demand in power generation and operational efficiency, despite a decline in North American heavy-duty truck demand.

2025 Revenue and EBITDA Guidance: For 2025, the company forecasts total revenues to decline by 2% to increase by 3% compared to 2024. EBITDA margins are expected to improve to 16.2% to 17.2%, up from 15.7% in 2024, indicating confidence in maintaining profitability despite external market challenges.

Challenges in North America Truck Market: The North American heavy-duty truck market is projected to see a significant demand drop, with industry production estimated between 260,000 to 290,000 units in 2025, flat to down 10% year-over-year. This is expected to affect engine shipments and overall revenue, particularly in the first half of 2025.