Cummins (CMI) official guidance

Capital investments expected to be in the range of $1.35-$1.45 billion as we continue to make critical investments to support future growth.

Capital investments will be in the range of $1.35 billion-$1.45 billion this year as we continue to make critical investments to support growth.

For global construction, we now expect demand to range from flat to up 10% year-over-year, an improvement from our prior outlook of down 10% to flat.

We expect EBITDA margins to be in the range of 13.5%-14.5%, up 50-basis points from our prior guide at the low and the high end due to higher earnings in North America and China.

EBITDA margins are expected to be 13%-14%.

We also expect EBITDA margins to be in the range of 13.7%-14.7%, an increase from our previous forecast of 13.25%-14.25%.

The EBITDA margins are expected to be in the range of 13.25%-14.25%.

We've also raised our EBITDA margin projections now to be in the range of 12.5%-13.5%, up 50-basis points at the midpoint of the guide.

2026 EBITDA is expected to be in the range of 12%-13%.

We also expect EBITDA margins in the range of approximately 25%-26% compared to our previous guidance of 23%-24%.

In 2026, we expect power systems revenues to be up 12%-17% driven by continued strength in power generation and EBITDA in the range of 23%-24%.

In summary, coming off a strong Q1, we are raising our full year sales outlook to 8%-11% increase and increasing our EBITDA margin guidance to a range of 17.75%-18.5%.

Our effective tax rate for 2026 is expected to approximate 23.0 percent, excluding any discrete items that may arise.

Our effective tax rate is expected to be approximately 23% in 2026, excluding any discrete items.

Our effective tax rate for 2026, excluding discrete items, is expected to approximate 23.0 percent.

Our effective tax rate is expected to be approximately 24% in 2026, excluding discrete items.

Consistent with our prior guidance, our engine shipments for pickup trucks in North America are expected to be 125,000-140,000 units in 2026.

Our engine shipments for pickup trucks in North America are expected to be 125,000-140,000 in 2026, down 5% to up 5% year-over-year.

We are raising our 2026 North America heavy-duty truck forecast to a range of 230,000-250,000 units, up from our prior guidance of 220,000-240,000 units.

Industry production for heavy-duty trucks in North America is projected to range from 220,000-240,000 units in 2026, flat to up 10% year-over-year, with the second half of the year higher than the first.

In the North America medium-duty truck market, we are increasing our forecast to 125,000-135,000 units in 2026 compared to our prior guide of 110,000-120,000 units, reflecting stronger than anticipated demand in the H1 and momentum expected to continue into the H2 of the year.

In the medium-duty truck market, we expect market size to be between 110,000-120,000 units, also flat to up 10% compared to 2025.

We now expect net losses, excluding the charge related to the fuel cell sale, to improve to a range of $270-$300 million, better than our previous projection of EBITDA losses of $325-$355 million.

In 2026, we expect Accelera revenues to be in the range of $300 million-$350 million and net losses to decline to $325 million-$355 million, reflecting our ongoing efforts to streamline the business, lower costs, and while ensuring we're set up for long-term success in those product lines where the prospects are more promising.

In 2026, we anticipate Accelera revenues to be in the range of $300-$350 million, unchanged from three months ago.

In 2026, we expect Accelera revenues to be in the range of $300 million-$350 million and net losses to decline to $325 million-$355 million, reflecting our ongoing efforts to streamline the business, lower costs, and while ensuring we're set up for long-term success in those product lines where the prospects are more promising.

For aftermarket, we expect a range of 2%-8% increase for 2026 consistent with our prior outlook, supported by aging fleets, higher parts consumption, and increased rebuild activity.

For aftermarket, we expect a range of up 2%-8% for 2026, with increased parts consumption from aging fleets and higher rebuild demand.

In China, we now expect total revenue, including joint ventures, to increase 10% in 2026, an improvement from prior outlook of down 1% driven by stronger data center demand.

In China, we project total revenue, including joint ventures, to decrease 1% in 2026, with weakness in heavy and medium-duty truck demand partially offset by growth in data center demand.

We now expect full year 2026 distribution revenues to be up 9%-14% from our prior guidance of up 5%-10% due to stronger demand for power generation equipment, mainly.

We expect 2026 distribution revenues to grow 5%-10%, driven by continued strength in power generation markets and higher aftermarket demand.

In India, we now project total revenue, including joint ventures, to increase 2% in 2026, up from our prior guide of 5% decline.

In mining, engine sales are expected to be flat to up 10% driven by replacement demand and consistent with our prior outlook.

Sales of mining engines are expected to be flat to up 10% driven by replacement demand.

For 2026, we now expect Power Systems revenues to grow 14%-19%, up from our prior forecast of up 12%-17% due to stronger demand, especially in international markets.

In 2026, we expect power systems revenues to be up 12%-17% driven by continued strength in power generation and EBITDA in the range of 23%-24%.

We are raising our forecast for total company revenues in 2026 to a range of up 8%-11% compared to our prior guidance of up 3%-8%.

Based on its current forecast, Cummins is raising its full-year 2026 revenue guidance to be up 8% to 11%, due to stronger demand across several markets, particularly North America on-highway and power generation.

We are forecasting total company revenues for 2026 to be up 3%-8% compared to 2025, and EBITDA, including the dilutive impact of tariffs, to be 17%-18% of sales compared to 17.4% the prior year.

Based on its current forecast, Cummins projects full-year 2026 revenue to be in the range of up 3% to 8%, and EBITDA to be in the range of 17.0% and 18.0% of sales.