Cummins Stock Price, News & Analysis

Cummins Inc. (NYSE: CMI) is a global power solutions and power technology company headquartered in Columbus, Indiana. Founded in 1919, the company develops and manufactures powertrains, power generation systems and related components that move people, goods and economies. Cummins operates through five business segments – Engine, Components, Distribution, Power Systems and Accelera™ by Cummins – supported by global manufacturing, an extensive service and support network and a large, skilled workforce.

According to the company’s public disclosures, Cummins’ product portfolio spans advanced diesel, natural gas, electric and hybrid powertrains, integrated power generation systems and a range of powertrain-related components. These components include aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, control systems, air handling systems, automated transmissions, axles, drivelines, brakes and suspension systems. In addition, Cummins develops electrified power systems and zero-emissions technologies such as battery systems, fuel cell technologies, electric powertrains and hydrogen production technologies, including electrolyzers.

Cummins describes itself as a global power leader and global power solutions leader, with customers served online, through company-owned and independent distributors and through thousands of dealer locations worldwide. The company reports that it earned about $3.9 billion on sales of $34.1 billion in 2024 and employs approximately 69,600 to 70,000 people worldwide. Its common stock is registered on the New York Stock Exchange under the symbol CMI.

Business segments and activities

The Engine segment focuses on engines and powertrains used in applications such as heavy- and medium-duty vehicles and industrial equipment. Cummins has highlighted new engine platforms such as the X10 and the B7.2 diesel engine as part of its Cummins HELM™ platforms, designed for heavy- and medium-duty customers and intended to support a range of applications and duty cycles.

The Components segment provides critical powertrain-related components. Based on company descriptions, this includes aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes and suspension systems. These components are integral to the performance, emissions characteristics and efficiency of powertrains and power systems that use Cummins technology.

The Distribution segment manages Cummins’ global distribution and service footprint. Cummins reports that it serves customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide. This segment supports customers with parts, service, and access to Cummins’ power solutions and components in multiple regions.

The Power Systems segment focuses on integrated power generation systems and related technologies. Cummins has reported record performance in this segment and has highlighted strong demand for power generation equipment, particularly for data center and other mission-critical markets. The company has also launched products such as the S17 Centum™ generator set, a 17-liter engine platform generator designed to produce up to 1 megawatt of power within a compact footprint for applications such as commercial properties, healthcare facilities and water treatment plants.

The Accelera™ by Cummins segment is dedicated to zero-emissions technologies. Cummins states that Accelera develops and supplies battery and electric powertrain systems, fuel cell technologies and hydrogen production technologies, including proton exchange membrane (PEM) electrolyzers. The company has disclosed projects such as a 100-megawatt PEM electrolyzer system for bp’s Lingen green hydrogen project in Germany and has noted non-cash charges and a strategic review related to its electrolyzer business in response to policy-driven shifts in hydrogen adoption expectations.

Technology, energy transition and Destination Zero

Cummins emphasizes its Destination Zero strategy, which it describes as its commitment to sustainability and to helping customers navigate the energy transition. Under this strategy, the company continues to invest in advanced diesel and natural gas technologies while also developing electric and hybrid powertrains and zero-emissions solutions. The company notes that it is pacing and focusing its zero-emissions investments on the paths it views as most promising for long-term success.

In its public communications, Cummins links its hybrid and electrified solutions to decarbonization goals in sectors such as mining, rail and power generation. For example, Cummins and Komatsu have signed a memorandum of understanding to collaborate on hybrid powertrains for surface haulage heavy mining equipment, and Cummins has referenced retrofit hybrid solutions that can reduce fuel consumption and support decarbonization in existing fleets.

Markets and applications

The company’s disclosures indicate that Cummins technologies are used in a variety of markets and applications. These include heavy- and medium-duty commercial vehicles, construction and mining equipment, power generation for data centers and other mission-critical facilities, and industrial uses. Cummins has highlighted growing demand for backup and mission-critical power for data centers in North America, India and China, and has reported increased power generation demand across multiple regions.

Cummins also notes that its power solutions and components are used in projects aimed at reducing emissions and supporting energy transition objectives. Examples include dual-fuel haul truck projects using ethanol-diesel blends and large-scale green hydrogen projects enabled by PEM electrolyzer systems.

Corporate responsibility and workforce

Cummins states that it seeks to create value for customers, investors and employees while strengthening communities through corporate responsibility priorities. These priorities are described as education, environment and equality of opportunity (also referred to as education, equity and environment in some company communications). The company highlights recognition for its workplace culture and inclusion, including external listings that have named Cummins as a strong employer for various groups.

With a workforce of roughly 69,600 to 70,000 people worldwide, Cummins underscores its reliance on technical expertise, manufacturing capabilities and service networks to support its power solutions. The company also points to its global legal, compliance and administrative functions as part of its governance and risk management framework, as reflected in board and executive appointments disclosed in its news releases and SEC filings.

Stock, regulatory filings and governance

Cummins Inc. is incorporated in Indiana and its common stock, with a par value of $2.50 per share, trades on the New York Stock Exchange under the ticker symbol CMI. The company files periodic and current reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q and 8-K. Recent Form 8-K filings have covered quarterly financial results and board changes, such as the election of a new director.

The company’s board of directors and leadership team oversee its strategic priorities, including the Destination Zero strategy, portfolio management, and major transactions such as acquisitions and spin-offs. Cummins has also disclosed regular cash dividends on its common stock and has noted a long history of consecutive annual dividend increases.

Risk factors and operating environment

In its forward-looking statements and risk disclosures, Cummins identifies a range of factors that can affect its performance. These include changes in tariffs and trade policies, evolving emissions and climate regulations, potential future limitations on diesel-powered products, raw material and labor cost fluctuations, supply chain constraints, regulatory compliance matters, product recalls, technological change that may affect demand for existing products, and macroeconomic conditions such as interest rates and energy prices.

The company also notes risks related to its use of joint ventures, competition, sustainability expectations, labor relations, foreign currency exchange rates, information technology and data security, and the availability of financing. These risks are discussed in more detail in its SEC filings, particularly in the risk factors section of its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Dividends and capital allocation

Cummins’ board of directors has declared regular quarterly cash dividends on the company’s common stock. The company has reported that it has increased its quarterly common stock dividend for 16 consecutive years and has announced increases from $1.82 per share to $2.00 per share. These dividend actions are disclosed in press releases and corresponding SEC filings.

Through its combination of powertrain technologies, power generation systems, zero-emissions solutions and global distribution and service capabilities, Cummins positions itself as a long-established participant in the power solutions and engine manufacturing sector. Investors and analysts often review the company’s segment performance, capital allocation decisions, and progress on its Destination Zero strategy when evaluating CMI stock.