Cummins Inc. · NYSE:CMI
Cummins — Investor Day (2026)
57 slides from Cummins's investor day presentation, Oct 16, 2026
Slide 1: Welcome to Analyst Day 2026
Slide 2: Agenda
Agenda Jennifer Rumsey Brett Merritt Jenny Bush Mark Smith Chair and President, Engine President, Power Chief Financial Officer Chief Executive Officer Business Systems Business The Power of Cummins Proven Strength. Unlocking Power Delivering Increasing Positioned for What’s Next. Systems’ Potential
Slide 3: Q+A Panel
Q+A Panel Jennifer Rumsey Brett Merritt Jenny Bush Mark Smith Chair and Chief Executive Officer President, Engine Business President, Power Systems Business Chief Financial Officer Amy Davis Shon Wright President, Accelera and President, Distribution Business Components Business 3
Slide 4: Disclosure Regarding Forward-Looking Statements
DISCLOSURE REGARDING FORWARD -LOOKING STATEMENTS Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, expectations, hopes, belie
Slide 5: The Power of Cummins
The Power of Cummins Jennifer Rumsey Strengthened position, disciplined Chair and Chief Executive Officer investment, stronger outlook 5
Slide 6: Today's Key Takeaways
TO DAY ' S K EY TA K E AWAYS ▪ Our global presence, broad portfolio, trusted partnerships and experienced people position us to win. ▪ We are investing and executing with discipline. ▪ We are delivering at record levels and raising our 2030 financial targets. 6
Slide 7: Raised our Performance. Advanced our Position.
S I N C E A N A LY S T D AY 2 0 2 4 Raised our Performance. Advanced our Position. RAISED CYCLE OVER ADVANCING POWER FOCUSED ACCELERA CYCLE PERFORMANCE SYSTEMS INVESTMENT Achieved record Expanded capacity Improved financial results despite North and strengthened trajectory and America truck long-ter
Slide 8: Raising Our Targets
R A I S I N G O U R TA RGE TS 2025 PERFORMANCE TO DAY ' S 2030 TA RG E TS $33.7B $45-50B REVENUE IN 2030 FY 2025 REVENUE 17.4% *FY 2025 EBITDA >20.0% EBITDA MARGIN IN 2030 *See Appendix for excluded one-time items 8
Slide 9: The Power of Our Presence
THE POWER OF OUR .PRESENCE. Continuing to win and capture growth across the globe Worldwide reach 190 Countries 135 Manufacturing 37 R&D technical and territories facilities centers Largest integrated global distribution network 640 13k+ Distributor Certified service locations locations Global leade
Slide 10: The Power of Our Portfolio
THE POWER OF OUR .PORTFOLIO. Disciplined investments reinforce and expand our leadership position in key markets HELM PLATFORMS POWER GENERATION SOLUTIONS ADVANCING OUR TECHNOLOGIES Strengthening Advancing Delivering the foundation our position customer value • Continuing investment in • Expanding o
Slide 11: The Power of Our Partnerships
T HE P OW E R OF OUR . PA RT N E RS HIP S Long-standing partnerships built on trust, reliability and local insight Deep, long-standing Collaborative, Trusted application expertise Decades of local market partnerships that have solutions-driven partnerships built through performance experience provid
Slide 12: The Power of Our People
THE POWER OF OUR .PEOPLE. Experienced people drive performance p EXPERIENCED LEADERS AND TEAMS APPLICATION EXPERTISE SKILLED EMPLOYEES Strong leaders and teams with Nearly 68,000 global employees Building skills and capabilities a proven ability to execute translate deep application knowledge that e
Slide 13: Path to Growth and Margin Expansion Through 2030
PATH TO GROWTH AND MARGIN EXPANSION THROUGH .2030. HELM Platforms Power Generation Aftermarket Launch Growth Strength Reduced Accelera Operational Losses Excellence 13
Slide 14: In Summary
Strengthened position, disciplined investment and a stronger outlook IN SUMMARY ▪ Our global presence, broad portfolio, trusted partnerships and experienced people position us to win. ▪ We are investing and executing with discipline. ▪ We are delivering at record levels and raising our 2030 financia
Slide 15: Engine Business: Proven strength. Positioned for what's next.
ENGINE BUSINESS Proven strength. Brett Merritt Positioned for what’s next. President, Engine Business 15
Slide 16: Global scale. Strong partnership. Foundation for growth.
ENGINE BUSINESS Global scale. Strong partnership. Foundation for growth. 26% 2025 Revenue F2.8 F3.8 B4.5 B6.7 $10.9B 59% 15% On-highway Off-highway Aftermarket L9 X12 X15 ON-HIGHWAY OFF-HIGHWAY AFTERMARKET 16
Slide 17: Unmatched regional capability and market leadership
ENGINE BUSINESS Unmatched regional capability and market leadership WHERE WE MANUFACTURE 1.3 million Engines sold in 2025 #1 global market position* Medium- and heavy-duty truck Bus | Off-highway *Above 4 liters 17
Slide 18: Built to perform through cycles
-ENGINE BUSINESS- Built to perform through cycles EXPANDING AFTERMARKET PEAK INVESTMENT ENGINE PRESENCE ANNUITY GROWING BEHIND US New content, Growing engine New platforms customer wins and population supports and manufacturing markets returning in long-term growth in investments largely 2027 and 20
Slide 19: Technology leadership that creates customer value
ENGINE BUSINESS Technology leadership that creates customer value FUEL CONSUMPTION 14% Engine efficiency improvement since 2007 +8% Powertrain efficiency NOX LEVELS improvement 96% NOx reduction since 2007 2007 2027 19
Slide 20: Positioned for what's next
ENGINE BUSINESS Positioned for what’s next Industry-leading power Common platforms Integrated systems density and packaging 20
Slide 21: Turning product strength into market wins
ENGINE BUSINESS Turning product strength into market wins CREATE AVAILABILITY Make Cummins Powertrain available across OEMs and product segments U SH P Product CREATE PREFERENCE Generate dealer and end LL customer preference for UP PU Cummins engines M TI SUPPORT CUSTOMERS E Deliver best in class up
Slide 22: Value that builds over time
-ENGINE BUSINESS- Value that builds over time 2.2M Active engines ENGINE PARTS LIFECYCLE CONSUMPTION Infancy 0-5 years Medium Growth 6-9 years High Mature 10-14 years Medium Late life 15+ years Low 2007 2025 N O RT H A M E R I C A O N - H I G H WAY E N G I N E S Medium- and Heavy-Duty 22
Slide 23: A proven strategy delivering higher returns
-ENGINE BUSINESS- A proven strategy delivering higher returns Expanding Aftermarket Peak investment engine presence annuity growing behind us D R I V I N G I N C R E A S I N G R E V E N U E A N D P R O F I TA B I L I T Y 23
Slide 24: Unlocking Power Systems' Potential
Unlocking Power Jenny Bush President, Power Systems Business Systems’ Potential 24
Slide 25: Transforming our performance
POWER SYSTEMS BUSINESS Transforming our performance OPERATIONAL IMPROVEMENT AND CAPACITY INVESTMENT NEW TECHNOLOGY FOCUSED STRATEGY AND EXPANDED PORTFOLIO Drove 1,050 basis points of Invested $200M adding Invested $575M in new margin improvement 9 GW HHP capacity product development 25
Slide 26: The only fully integrated genset offering in the market
POWER SYSTEMS BUSINESS The only fully integrated genset offering in the market From the engine, to the alternator, radiator, controls and enclosures – we own the full system 26
Slide 27: The only fully integrated genset offering in the market
POWER SYSTEMS BUSINESS The only fully integrated genset offering in the market From the engine, to the alternator, radiator, controls and enclosures – we own the full system 27
Slide 28: The only fully integrated genset offering in the market
POWER SYSTEMS BUSINESS The only fully integrated genset offering in the market From the engine, to the alternator, radiator, controls and enclosures – we own the full system 28
Slide 29: The only fully integrated genset offering in the market
POWER SYSTEMS BUSINESS The only fully integrated genset offering in the market From the engine, to the alternator, radiator, controls and enclosures – we own the full system 29
Slide 30: The only fully integrated genset offering in the market
POWER SYSTEMS BUSINESS The only fully integrated genset offering in the market From the engine, to the alternator, radiator, controls and enclosures – we own the full system 30
Slide 31: Stronger growth, higher margins
POWER SYSTEMS BUSINESS Stronger growth, higher margins Generator Technologies Data Center 9% 26% Other Industrial 10% $7.5B 2025 Power Systems Mining Revenue 18% Other Power Generation 37% 31
Slide 32: A proven backup power partner for data centers
POWER SYSTEMS BUSINESS A proven backup power partner for data centers ▪ Backup power will remain a non-negotiable for all data center architectures ▪ We design, engineer and optimize the end-to-end system, providing our customers value in single partner accountability
Slide 33: Scaling backup power growth in data centers
POWER SYSTEMS BUSINESS Scaling backup power growth in data centers $9B+ Supporting continued data center growth Our approach: $5B ▪ Further expanding capacity: $450M investment adding 20 additional GW, for a total of 55 GW HHP capacity by 2030 ▪ Leveraging an integrated operating model and close par
Slide 34: Navigating a rapidly changing power landscape
POWER SYSTEMS BUSINESS Navigating a rapidly changing power landscape ▪ Grid constraints are intensifying and AI demand is increasing power requirements ▪ When customers’ power requirements grow faster than the grid can support, this drives demand for on-site prime power
Slide 35: Expanding beyond backup: Positioning ourselves for prime
POWER SYSTEMS BUSINESS Expanding beyond backup: Positioning Battery Energy Storage Systems ourselves for and hybrid prime integration capabilities Emissions certified aftertreatment solutions Large megawatt natural gas platform
Slide 36: Profitable growth to 2030 and beyond
-POWER SYSTEMS BUSINESS- Profitable growth to 2030 and beyond Durable growth in our core Further expanding our Extending our role behind standby business across all capacity with $450M of the meter to support data center architectures additional HHP investment prime power applications 36
Slide 37: Delivering increasing returns to shareholders
Delivering increasing returns Mark Smith Chief Financial Officer to shareholders 37
Slide 38: Continuing to raise performance cycle over cycle
Continuing to raise performance cycle over cycle EPS IN NA $23.78 EPS AT NA TRUCK PEAK $18.00 TRUCK DOWNTURN $13.62 $10.40 $8.50 $7.42 $3.70 $2.16 $(0.67) 2001 2009 2016 2020 2025 2008 2014 2019 2023 Excludes Atmus EPS is adjusted to reflect stock splits and exclude any one-time costs/benefits Pleas
Slide 39: Multiple drivers of EBITDA over prior cycles
Multiple drivers of EBITDA over prior 2 cycles 2016 EBITDA 2025 EBITDA Power Systems Power Systems 29% 16% Distribution $2.4B $5.8B 22% CMI EBITDA CMI EBITDA Distribution 31% Excludes Atmus EBITDA 39 is adjusted to exclude any one-time costs/benefits Please refer to appendix for adjustment reconcili
Slide 40: Earnings growth + disciplined investment yielded top quartile ROIC vs. peers
Earnings growth + disciplined investment yielded top quartile ROIC vs. peers 18% 18% 1 Year ROIC* 3 Year ROIC* 17% 5 Year ROIC* 12% 13% 13% CMI Peer Average CMI Peer Average CMI Peer Average *ROIC, return on invested capital is defined as net operating profit after tax divided by average total capit
Slide 41: Strong returns for shareholders
Strong returns for shareholders 247% 199% 133% 1 YEAR TSR* 3 YEAR TSR* 5 YEAR TSR* 105% 107% 92% 50% 87% 33% CMI Peer Average S&P 500 CMI Peer Average S&P 500 CMI Peer Average S&P 500 *TSR, total shareholder return 1 Year TSR: 5/11/2025 – 5/11/2026, 3 Year TSR: 5/11/2023 – 5/11/2026, 5 Year TSR: 5/1
Slide 42: Cummins is in a strong position
CUMMINS IS IN A -STRONG POSITION- Track record of Strong balance Leading Multiple growth improving sheet and market positions drivers performance credit ratings cycle over cycle 42
Slide 43: Multiple drivers of growth through 2030
Multiple drivers of growth through 2030 6-9% REVENUE CAGR TO 2030 Content growth and Aftermarket Data center power cyclical recovery in and industrial generation growth on-highway markets market growth 2-3% 2-3% 2-3% CMI REVENUE CMI REVENUE CMI REVENUE GROWTH GROWTH GROWTH Growth relative to 2025 43
Slide 44: Accelerating our financial performance
Accelerating our financial performance FINANCIAL PERFORMANCE SINCE 2023 FORWARD TO 2030 REVENUE GROWTH 2% 6-9% EBITDA MARGIN EXPANSION 250 bps >250 bps SHARE REPURCHASE DIVIDEND GROWTH 8% TOP QUARTILE ROIC Growth relative to 2025 2026 guidance range unchanged Revenue and Dividend Growth ar
Slide 45: Slide 45
Slide 46: Q+A Panel
Q+A Panel Jennifer Rumsey Brett Merritt Jenny Bush Mark Smith Chair and Chief Executive Officer President, Engine Business President, Power Systems Business Chief Financial Officer Amy Davis Shon Wright President, Accelera and President, Distribution Business Components Business 46
Slide 47: Three Conversations. One Lunch.
Three Conversations. One Lunch. Designed for dialogue, with leaders rotating throughout lunch PAIR 1 PAIR 2 PAIR 3 Jennifer Rumsey Colleen Koeberlein Mark Smith Shon Wright Jenny Bush Nick Arens Chair and Chief Investor Relations Chief Financial President, Distribution President, Power Executive Dir
Slide 48: Disclosure Regarding Forward-Looking Statements
DISCLOSURE REGARDIN G FORWARD - LOOKING STATEMENTS Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary re
Slide 49: Adjusted diluted EPS (downturns)
NON-GAAP RECONCILIATION Adjusted diluted EPS (downturns) Twelve months ended In millions 31-Dec-25 31-Dec-20 31-Dec-16 31-Dec-09 31-Dec-01 Diluted earnings per share as reported $ 20.50 $ 12.01 $ 8.23 $ 2.16 $ (0.67) Atmus & one-time items1 3.28 (1.61) (0.81) — — Diluted earnings per share excluding
Slide 50: Adjusted diluted EPS (peaks)
NON-GAAP RECONCILIATION Adjusted diluted EPS (peaks) Twelve months ended In millions 31-Dec-23 31-Dec-19 31-Dec-14 31-Dec-08 Diluted earnings per share as reported $ 5.15 $ 14.48 $ 9.02 $ 3.84 Atmus & one-time items1 12.85 (0.86) (0.52) (0.14) Diluted earnings per share excluding Atmus & one-time it
Slide 51: Adjusted EBITDA
NON-GAAP RECONCILIATION Adjusted EBITDA Twelve months ended In millions 31-Dec-25 31-Dec-23 31-Dec-16 Net income attributable to Cummins Inc. $ 2,843 $ 735 $ 1,394 Net income attributable to noncontrolling interests 114 105 62 Consolidated net income 2,957 840 1,456 Income tax expense 1,006 786 474
Slide 52: Adjusted EBITDA % of total
NON-GAAP RECONCILIATION Adjusted EBITDA % of total Twelve months ended In millions 31-Dec-25 31-Dec-16 Power Systems Segment EBITDA $ 1,694 $ 378 EBITDA excluding Atmus & one-time items1 5,843 2,353 Power Systems Segment EBITDA % of total 29% 16% Distribution Segment EBITDA $ 1,808 $ 508 EBITDA excl
Slide 53: Invested capital used for return on invested capital calculation
NON-GAAP RECONCILIATION Invested capital used for return on invested capital calculation Twelve months ended In millions 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 Total equity $ 13,408 $ 11,308 $ 9,904 $ 9,967 $ 9,035 $ 8,707 Less: Defined benefit postretirement plans (912) (843) (
Slide 54: Net operating profit after taxes used for ROIC calculation
NON-GAAP RECONCILIATION Net operating profit after taxes used for return on invested capital calculation Twelve months ended In millions 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 Net income attributable to Cummins Inc. $ 2,843 $ 3,946 $ 735 $ 2,151 $ 2,131 Net income attributable to noncontr
Slide 55: Adjusted ROIC
NON-GAAP RECONCILIATION Adjusted ROIC Twelve months ended In millions 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 31-Dec-21 UNADJUSTED ROIC Net operating profit after taxes $ 3,202 $ 4,377 $ 1,035 $ 2,336 $ 2,252 Beginning - Unadjusted invested capital used for ROIC calculation 19,210 17,448 18,249 13,5
Slide 56: Revenue
NON-GAAP RECONCILIATION Revenue Twelve months ended In millions 31-Dec-25 31-Dec-23 Net sales $ 33,670 $ 34,065 Less: Atmus net sales1 — 1,629 Net sales excluding Atmus 33,670 32,436 1 2023 Atmus adjustment includes $1.629 billion of net sales related to Atmus
Slide 57: Adjusted EBITDA %
NON-GAAP RECONCILIATION Adjusted EBITDA % Twelve months ended 31-Dec-25 31-Dec-23 Net income attributable to Cummins Inc. % 8.4 % 2.2 Net income attributable to noncontrolling interests 0.3 0.3 Consolidated net income 8.7 2.5 Income tax expense 3.0 2.3 Income before taxes 11.7 4.8 Interest expense 1