Cummins (CMI) Q2 FY2026 earnings: revenue $9.5 billion, up 9.4% on the year

Cummins Inc. (CMI) reported revenue of $9.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.4% on the same quarter a year earlier. Net income was $932 million, up 4.7% on the year, and diluted earnings per share $6.73. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$9.5 billion

+9.4% on the year · +12.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

13.5%

14.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$932 million

+4.7% on the year · +42.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$6.73

+4.7% on the year · +42.9% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 narrowed, 2 kept.

Record second-quarter revenue of $9.5 billion: Revenue rose 9% from the same quarter in 2025. Management described the quarter as a record second quarter.
Diluted EPS rose to $6.73: Net income attributable to Cummins was $932 million, against $890 million a year earlier. Diluted EPS was $6.43 in 2025.
EBITDA margin fell to 17.5%: EBITDA was $1.7 billion, or 17.5% of sales, against $1.6 billion and 18.4% of sales a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	9,457	8,398	8,643	+12.6%	+9.4%
Cost of revenue	6,992	6,155	6,362	+13.6%	+9.9%
Gross profit	2,465	2,243	2,281	+9.9%	+8.1%
Gross margin	26.1%	26.7%	26.4%
Research and development	385	358	357	+7.5%	+7.8%
Selling, general and administrative	893	845	779	+5.7%	+14.6%
Operating income	1,279	949	1,226	+34.8%	+4.3%
Operating margin	13.5%	11.3%	14.2%
Interest expense	80.0	76.0	87.0	+5.3%	-8.0%
Pre-tax income	1,293	934	1,225	+38.4%	+5.6%
Income tax	325	254	297	+28.0%	+9.4%
Effective tax rate	25.1%	27.2%	24.2%
Net income	932	654	890	+42.5%	+4.7%
Net margin	9.9%	7.8%	10.3%
Diluted EPS	$6.73	$4.71	$6.43	+42.9%	+4.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,499	309	785	+385.1%	+91.0%
Capital expenditure	249	189	231	+31.7%	+7.8%
Free cash flow	1,250	120	554	+941.7%	+125.6%
Free cash flow margin	13.2%	1.4%	6.4%
Cash from investing	-419	-10.0	-369
Cash from financing	-524	-517	332
Depreciation and amortisation	281	282	279	-0.4%	+0.7%
Buybacks	225	243	0.0	-7.4%
Dividends paid	276	276	251	0.0%	+10.0%
Dividend per share	$2.00	$2.00	$1.82	0.0%	+9.9%
Diluted shares, weighted	138m	139m	138m	-0.2%	0.0%
Shares outstanding at period end	138m	138m	138m	-0.2%	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	12,847	12,351	11,789	+4.0%	+9.0%
Non-controlling interest	1,059	1,021	1,084	+3.7%	-2.3%
Debt	7,695	7,686	8,111	+0.1%	-5.1%
Operating lease liabilities	450	418	433	+7.7%	+3.9%
Other liabilities	13,579	12,969	12,842	+4.7%	+5.7%
Total liabilities and equity	35,630	34,445	34,259	+3.4%	+4.0%
Fixed assets	7,013	6,924	6,540	+1.3%	+7.2%
Goodwill	2,222	2,219	2,433	+0.1%	-8.7%
Intangible assets	2,168	2,193	2,395	-1.1%	-9.5%
Investments	745	568	755	+31.2%	-1.3%
Cash and equivalents	3,179	2,614	2,319	+21.6%	+37.1%
Inventory	6,397	6,126	6,287	+4.4%	+1.7%
Other assets	13,906	13,801	13,530	+0.8%	+2.8%
Total assets	35,630	34,445	34,259	+3.4%	+4.0%

Questions

What was Cummins' revenue in Q2 FY2026?

Cummins (CMI) reported revenue of $9.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 9.4% on the same quarter a year earlier.

How much did Cummins earn in Q2 FY2026?

Net income for Q2 FY2026 was $932 million, up 4.7% on the year, and diluted earnings per share $6.73.

When did Cummins report Q2 FY2026 results?

Cummins filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,850	6,385	6,586	7,333	7,770	8,453	8,638	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398	9,457	9,438
Cost of revenue	4,533	4,853	4,860	5,691	5,951	6,424	6,490	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155	6,992	6,823
Gross profit	1,317	1,532	1,726	1,642	1,819	2,029	2,148	2,071	2,001	2,041	2,193	2,171	2,034	2,155	2,281	2,129	1,951	2,243	2,465	2,615
Gross margin	23%	24%	26%	22%	23%	24%	25%	25%	23%	24%	25%	26%	24%	26%	26%	26%	23%	27%	26%	28%
R&D	288	298	299	348	333	350	384	376	390	369	379	359	356	344	357	345	350	358	385	400
SG&A	629	615	622	708	742	753	873	831	876	839	828	807	801	771	779	789	786	845	893	868
Operating income	495	604	897	626	802	1,026	997	950	-1,212	923	1,045	1,050	732	1,134	1,226	852	813	949	1,279	1,444
Operating margin	8%	9%	14%	9%	10%	12%	12%	11%	-14%	11%	12%	12%	9%	14%	14%	10%	10%	11%	14%	15%
Interest expense	26.0	17.0	34.0	61.0	87.0	87.0	99.0	97.0	92.0	89.0	109	83.0	89.0	77.0	87.0	83.0	82.0	76.0	80.0	81.0
Pre-tax income	514	578	855	608	778	1,029	949	878	-1,230	2,221	977	1,043	662	1,117	1,225	830	791	934	1,293	1,420
Tax rate	22%	27%	17%	33%	17%	22%	22%	21%	n/a	9%	23%	19%	33%	24%	24%	33%	22%	27%	25%	18%
Net income	394	418	702	400	631	790	720	656	-1,431	1,993	726	809	418	824	890	536	593	654	932	1,140
Net margin	7%	7%	11%	5%	8%	9%	8%	8%	-17%	24%	8%	10%	5%	10%	10%	6%	7%	8%	10%	12%
Diluted EPS	$2.75	$2.92	$4.94	$2.82	$4.43	$5.55	$5.05	$4.59	-$10.01	$14.03	$5.26	$5.86	$3.02	$5.96	$6.43	$3.86	$4.27	$4.71	$6.73	$8.25
Operating cash flow	732	164	599	382	817	495	483	1,529	1,459	276	-851	640	1,422	-3.0	785	1,305	1,534	309	1,499	1,405
Capital expenditure	372	104	147	202	463	193	221	280	519	169	240	259	540	162	231	298	544	189	249	303
Free cash flow	360	60.0	452	180	354	302	262	1,249	940	107	-1,091	381	882	-165	554	1,007	990	120	1,250	1,102
Buybacks	174	311	36.0	23.0	4.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	0.0	0.0	0.0	n/a	243	225	359
Dividends paid	208	207	204	222	222	222	223	238	238	239	230	250	250	251	251	276	277	276	276	302
Shares outstanding	142m	141m	141m	141m	141m	142m	142m	142m	142m	137m	137m	137m	137m	138m	138m	138m	138m	138m	138m	137m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 4 August 2026: the filing.