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Cummins Inc
Cummins Inc. began its journey in 1919, founded by Clessie Cummins, an ambitious mechanic with a knack for innovation. This American giant, headquartered in Columbus, Indiana, carved its path through the diesel engine industry, transforming how commercial vehicles powered the world. Over time, Cummins expanded its operations beyond engines, developing into a diversified powerhouse within the global industrial sector. The company is structured into distinct but interconnected business segments: Engine, Power Systems, Components, Distribution, and the New Power segment. Each segment plays a critical role in catering to different markets and geographies, offering everything from engines and power systems to filtration, turbocharger technologies, and electrically powered solutions.
The financial engine of Cummins is driven by its comprehensive suite of products and integrated services. By providing diesel and natural gas engines used in a wide range of vehicles and machinery, Cummins secures consistent revenue streams. Its power systems division extends this by delivering standby and prime power solutions, finding indispensable uses in data centers, healthcare facilities, and industrial environments worldwide. The components segment, which includes filtration systems and emission solutions, capitalizes on regulatory changes and environmental needs, bolstering both compliance and sustainability initiatives. Meanwhile, the Distribution segment provides aftermarket support and parts, assuring longevity and efficiency for their clients' operations. Finally, their New Power segment embraces future-forward clean energy tech, exploring opportunities in hydrogen fuel cells and electrified solutions—a critical move in aligning with global decarbonization trends, ensuring Cummins remains both relevant and resilient in the evolving industrial landscape.
Cummins Inc. began its journey in 1919, founded by Clessie Cummins, an ambitious mechanic with a knack for innovation. This American giant, headquartered in Columbus, Indiana, carved its path through the diesel engine industry, transforming how commercial vehicles powered the world. Over time, Cummins expanded its operations beyond engines, developing into a diversified powerhouse within the global industrial sector. The company is structured into distinct but interconnected business segments: Engine, Power Systems, Components, Distribution, and the New Power segment. Each segment plays a critical role in catering to different markets and geographies, offering everything from engines and power systems to filtration, turbocharger technologies, and electrically powered solutions.
The financial engine of Cummins is driven by its comprehensive suite of products and integrated services. By providing diesel and natural gas engines used in a wide range of vehicles and machinery, Cummins secures consistent revenue streams. Its power systems division extends this by delivering standby and prime power solutions, finding indispensable uses in data centers, healthcare facilities, and industrial environments worldwide. The components segment, which includes filtration systems and emission solutions, capitalizes on regulatory changes and environmental needs, bolstering both compliance and sustainability initiatives. Meanwhile, the Distribution segment provides aftermarket support and parts, assuring longevity and efficiency for their clients' operations. Finally, their New Power segment embraces future-forward clean energy tech, exploring opportunities in hydrogen fuel cells and electrified solutions—a critical move in aligning with global decarbonization trends, ensuring Cummins remains both relevant and resilient in the evolving industrial landscape.
Revenue: Q3 sales were $8.3 billion, down 2% year-over-year due to sharp declines in North American truck demand, but supported by strong power generation and distribution.
Profitability: EBITDA was $1.2 billion or 14.3% of sales, including a $240 million noncash charge related to the electrolyzer business. Excluding this, EBITDA was $1.4 billion or 17.2%, up 80 bps YoY.
Segment Strength: Power Systems and Distribution segments delivered record results, driven by surging data center demand and effective pricing.
Tariffs: Tariff costs increased and were a notable headwind, but Cummins improved cost recovery through pricing and expects to be close to neutral on pre-Q3 tariffs in Q4.
Truck Market Weakness: North American heavy and medium-duty truck shipments fell significantly, with further 15% shipment decline expected in Q4 before potential stabilization.
Accelera Challenges: Electrolyzer demand dropped sharply due to reduced US incentives and slower international adoption, prompting a $240 million charge and ongoing strategic review.
Cash Flow: Operating cash flow was strong at $1.3 billion, up from $640 million last year.
Guidance: No formal 2026 guidance will be reinstated until February, pending regulatory and trade policy clarity.
Management
Jennifer W. Rumsey is the President and Chief Executive Officer (CEO) of Cummins Inc., a global power technology leader known for its innovative solutions in the engine and power generation markets. She has had a distinguished career at Cummins, joining the company in 2000. Over the years, she has held various crucial engineering and leadership roles, contributing significantly to the company's growth and technological advancements. Rumsey's journey in engineering and leadership has seen her influence the development of key products and advancements at Cummins. She has been integral in driving Cummins' strategy towards cleaner, more sustainable technologies, reflecting her commitment to addressing environmental challenges through engineering innovation. Her leadership style at Cummins emphasizes the importance of technology, collaboration, and a strong customer focus, ensuring that the company not only meets market demands but also aligns with global sustainability goals. Rumsey holds degrees in mechanical engineering from the Massachusetts Institute of Technology (MIT) and Iowa State University, reinforcing her strong technical foundation for her leadership roles. Under her guidance, Cummins continues to innovate in areas such as electrification, hydrogen fuel cells, and other advanced power solutions, positioning the company at the forefront of the evolving energy and transportation sectors.
Rumsey's journey in engineering and leadership has seen her influence the development of key products and advancements at Cummins. She has been integral in driving Cummins' strategy towards cleaner, more sustainable technologies, reflecting her commitment to addressing environmental challenges through engineering innovation.
Her leadership style at Cummins emphasizes the importance of technology, collaboration, and a strong customer focus, ensuring that the company not only meets market demands but also aligns with global sustainability goals. Rumsey holds degrees in mechanical engineering from the Massachusetts Institute of Technology (MIT) and Iowa State University, reinforcing her strong technical foundation for her leadership roles.
Under her guidance, Cummins continues to innovate in areas such as electrification, hydrogen fuel cells, and other advanced power solutions, positioning the company at the forefront of the evolving energy and transportation sectors.
As of the latest available information, Mark A. Smith is associated with Cummins Inc. in the capacity of an executive leader. He serves as the Vice President and Chief Financial Officer (CFO) of the company. Smith took on the role of CFO at Cummins, leveraging his extensive expertise in financial management and strategic planning to help steer the financial health of the organization. Mark A. Smith joined Cummins having had substantial experience in various leadership positions, contributing significantly to the financial and operational success of the companies he worked with. In his capacity as CFO, he is responsible for overseeing all financial aspects of Cummins, including accounting, treasury, tax, investor relations, and financial planning and analysis. With a strong background in finance and a track record of effective leadership, Smith plays a critical role in driving Cummins' financial strategy and ensuring the company remains agile and competitive in a rapidly changing industry. His leadership is instrumental in supporting Cummins' goals of innovation and sustainability. Smith's career is marked by a commitment to fostering strong financial governance and working collaboratively across leadership teams to drive growth and operational excellence. His strategic insights and financial acumen are valued highly within the organization.
Mark A. Smith joined Cummins having had substantial experience in various leadership positions, contributing significantly to the financial and operational success of the companies he worked with. In his capacity as CFO, he is responsible for overseeing all financial aspects of Cummins, including accounting, treasury, tax, investor relations, and financial planning and analysis.
With a strong background in finance and a track record of effective leadership, Smith plays a critical role in driving Cummins' financial strategy and ensuring the company remains agile and competitive in a rapidly changing industry. His leadership is instrumental in supporting Cummins' goals of innovation and sustainability.
Smith's career is marked by a commitment to fostering strong financial governance and working collaboratively across leadership teams to drive growth and operational excellence. His strategic insights and financial acumen are valued highly within the organization.
Sharon R. Barner, J.D., is an accomplished legal professional currently serving as the Vice President, General Counsel, and Corporate Secretary at Cummins Inc., a global power technology leader. With a strong legal background, Barner oversees the company's legal affairs, providing strategic guidance and ensuring compliance with laws and regulations across Cummins' operations worldwide. Before joining Cummins, Barner had an extensive career in both the private and public sectors. She was a partner at the international law firm Foley & Lardner LLP, where she specialized in intellectual property law and litigation. Her experience includes significant work with diverse industries, providing counsel on complex legal matters. In addition to her work in the private sector, Barner served as the Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the United States Patent and Trademark Office (USPTO), where she was instrumental in shaping policies and initiatives to enhance patent quality and streamline operations within the USPTO. Barner is highly regarded for her expertise in intellectual property law and her leadership skills. Her contributions to the legal field have been recognized with various accolades and honors. She is also active in several professional organizations and is committed to fostering innovation, diversity, and inclusion within the legal and business communities. Her broad experience and leadership continue to play a crucial role in advancing Cummins' commitment to innovation and sustainability while maintaining a strong ethical and legal framework.
Before joining Cummins, Barner had an extensive career in both the private and public sectors. She was a partner at the international law firm Foley & Lardner LLP, where she specialized in intellectual property law and litigation. Her experience includes significant work with diverse industries, providing counsel on complex legal matters.
In addition to her work in the private sector, Barner served as the Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the United States Patent and Trademark Office (USPTO), where she was instrumental in shaping policies and initiatives to enhance patent quality and streamline operations within the USPTO.
Barner is highly regarded for her expertise in intellectual property law and her leadership skills. Her contributions to the legal field have been recognized with various accolades and honors. She is also active in several professional organizations and is committed to fostering innovation, diversity, and inclusion within the legal and business communities.
Her broad experience and leadership continue to play a crucial role in advancing Cummins' commitment to innovation and sustainability while maintaining a strong ethical and legal framework.
Mr. Marvin Boakye is a recognized human resources executive, noted for his strategic approach to talent management and organizational development. Until recently, he served as the Chief Human Resources Officer at Papa John's International, where he played a crucial role in transforming the company's work culture and implementing diversity and inclusion initiatives. At Cummins Inc., a global leader in power solutions, Boakye's wealth of experience in fostering positive work environments and driving HR functions made him a key figure in aligning human resources strategies with the company's broader business goals. His leadership style is characterized by a strong focus on employee engagement, leadership development, and diversity. Before his role at Papa John's, Boakye held various HR leadership positions at companies such as Andeavor (previously Tesoro Corporation) and The Coca-Cola Company, where he honed his skills in optimizing workforce potential across a range of industries.
Srikanth Padmanabhan, Ph.D., is a prominent executive at Cummins Inc., a global power leader that designs, manufactures, and distributes engines, filtration, and power generation products. With a strong educational background, he holds a Ph.D. in Engineering from Iowa State University. Padmanabhan has held various leadership roles within Cummins since joining the company, leveraging his technical expertise and strategic vision to drive growth and innovation. Over the years, Padmanabhan has made significant contributions to the company, particularly in areas related to product development and engineering. His leadership style is characterized by a focus on technology innovation, operational excellence, and fostering a culture of teamwork and inclusivity. He is deeply committed to sustainability and has been instrumental in spearheading initiatives that align with Cummins’s goals for reducing environmental impact. With extensive experience in both technical and managerial roles, Padmanabhan is recognized for his ability to navigate complex challenges and implement transformative strategies that contribute to Cummins's long-term success. His work at Cummins reflects his dedication to advancing the company's capabilities in creating clean, efficient, and dependable power solutions for a diverse range of industries.
Over the years, Padmanabhan has made significant contributions to the company, particularly in areas related to product development and engineering. His leadership style is characterized by a focus on technology innovation, operational excellence, and fostering a culture of teamwork and inclusivity. He is deeply committed to sustainability and has been instrumental in spearheading initiatives that align with Cummins’s goals for reducing environmental impact.
With extensive experience in both technical and managerial roles, Padmanabhan is recognized for his ability to navigate complex challenges and implement transformative strategies that contribute to Cummins's long-term success. His work at Cummins reflects his dedication to advancing the company's capabilities in creating clean, efficient, and dependable power solutions for a diverse range of industries.
Jonathan Wood is the Vice President of Components Engineering at Cummins Inc. With a career at Cummins that spans over two decades, he has held multiple leadership roles across engineering and supply chain functions. Wood plays a crucial role in advancing Cummins' component technologies, focusing on innovation and sustainability. His work involves oversight of engineering teams dedicated to developing cutting-edge components that improve engine performance and efficiency. He is recognized for his strategic leadership and technical acumen, contributing significantly to the company's efforts in creating environmentally friendly solutions in the power technology industry.
Christopher C. Clulow serves as the Treasurer and Vice President of Investor Relations at Cummins Inc., a global power technology leader known for its vast range of engine, power generation, and component solutions. In his role, Clulow is instrumental in shaping the company's financial strategy and ensuring effective communication with investors. With a solid financial background and extensive experience in corporate finance, he plays a key part in managing Cummins' financial operations and investor relations activities. Clulow's work involves overseeing treasury functions, optimizing the company's capital structure, and engaging with stakeholders to convey Cummins' financial health and strategic outlook. His leadership helps to drive Cummins' financial stability and supports its long-term growth objectives.
Hon. Nicole Y. Lamb-Hale is an accomplished executive and former government official known for her expertise in international trade and economic development. She serves as the Vice President and General Counsel at Cummins Inc., where she oversees the company's legal functions globally. Before joining Cummins, Lamb-Hale held significant positions in both the public and private sectors. She served as the Assistant Secretary of Commerce for Manufacturing and Services in the International Trade Administration, where she was responsible for strengthening the global competitiveness of U.S. industry, expanding its market access, and increasing exports. In the private sector, she has extensive experience as a managing partner in Detroit for the law firm Foley & Lardner LLP, where she specialized in bankruptcy and restructuring matters, as well as commercial litigation. Nicole Y. Lamb-Hale is committed to fostering diversity and inclusion within the business environment and is a well-respected leader for her legal acumen and dedication to service. She holds a J.D. from Harvard Law School and a bachelor's degree from the University of Michigan, providing her with a strong educational foundation for her distinguished career. Her work at Cummins Inc. continues to have a significant impact, particularly in guiding the company's legal strategies and supporting its initiatives across the globe.
In the private sector, she has extensive experience as a managing partner in Detroit for the law firm Foley & Lardner LLP, where she specialized in bankruptcy and restructuring matters, as well as commercial litigation. Nicole Y. Lamb-Hale is committed to fostering diversity and inclusion within the business environment and is a well-respected leader for her legal acumen and dedication to service. She holds a J.D. from Harvard Law School and a bachelor's degree from the University of Michigan, providing her with a strong educational foundation for her distinguished career. Her work at Cummins Inc. continues to have a significant impact, particularly in guiding the company's legal strategies and supporting its initiatives across the globe.
Ms. Schuyla Jeanniton is a notable figure at Cummins Inc., where she serves as the Chief Technology Officer. In her role, she is responsible for overseeing the company's technology strategy and driving innovation across various divisions. Jeanniton has an extensive background in engineering and technology leadership, having worked in multiple sectors within the company. Her contributions have been pivotal in advancing Cummins' commitment to sustainable and efficient energy solutions. Known for her strategic insight and leadership abilities, Jeanniton plays a crucial role in positioning Cummins as a leader in the power technology industry. Leadership, innovation, and a strong vision for the future are hallmarks of her tenure at Cummins.
Jennifer Mary Bush serves as the Vice President of Cummins Inc., a global power leader and corporation that designs, manufactures, and distributes engines, filtration, and power generation products. She also leads the North America distribution business, which is responsible for managing the sales and services network across the region. With a strong background in engineering and business operations, Jennifer has played a critical role in strategic initiatives that have enhanced Cummins' distribution capabilities and operational efficiencies in North America. Her leadership is characterized by a focus on customer satisfaction, innovation, and sustainability, aligning with Cummins' broader objectives of reducing environmental impact and driving technological advancement in the power solutions industry. Throughout her career at Cummins, she has held various key positions, contributing significantly to the company's growth and success in competitive markets. Jennifer Bush is highly regarded for her strategic acumen, commitment to team development, and her ability to foster inclusive and diverse work environments. Her contributions are crucial to Cummins' mission of powering a more prosperous world.
Her leadership is characterized by a focus on customer satisfaction, innovation, and sustainability, aligning with Cummins' broader objectives of reducing environmental impact and driving technological advancement in the power solutions industry. Throughout her career at Cummins, she has held various key positions, contributing significantly to the company's growth and success in competitive markets.
Jennifer Bush is highly regarded for her strategic acumen, commitment to team development, and her ability to foster inclusive and diverse work environments. Her contributions are crucial to Cummins' mission of powering a more prosperous world.