Slide 1: First Quarter 2026 Earnings Teleconference
First Quarter 2026 Earnings Teleconference May 5th, 2026
Slide 2: Contents
CONTENTS Q1 2026 Summary 2026 Guidance Q1 2026 Supplemental Information Appendix 2
Slide 3: 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, guidance, preliminary resul
Slide 4: Q1 2026 Summary
Q1 2026 Summary
Slide 5: Q1 2026 Summary
Q1 2026 Summary Performance Metric ($M) As Reported Sale of low- Adjusted pressure Fuel Cell1 Revenue 8,398 8,398 EBITDA 1,290 199 1,489 Net Income 654 199 853 Diluted EPS $4.71 $1.44 $6.15 Please refer to appendix for adjustment reconciliations 1 Costs related to loss on sale of business and settle
Slide 6: Selected Financial Data - Quarter
Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to appendix for adjustment reconciliations 6
Slide 7: Q1 2026 Net Sales and Adjusted EBITDA by Segment
Q1 2026 Net Sales and Adjusted EBITDA by Segment $ Millions Engine Components Distribution Power Accelera Intersegment Total Systems Eliminations Three months ended March 31, 2026 Net Sales 2,672 2,530 3,116 1,956 101 (1,977) 8,398 Sales Growth vs 2025 (4)% (5)% 7% 19% (2)% 3% 3% Adjusted EBITDA 279
Slide 8: Q1 2026 EBITDA Detail
Q1 2026 EBITDA Detail EBITDA ($M) As Reported Sale of low- Adjusted pressure Fuel Cell1 CMI 1,290 199 1,489 Engine Segment 279 279 Components Segment 337 337 Distribution Segment 444 444 Power Systems Segment 577 577 Accelera Segment (277) 199 (78) Eliminations (70) (70) 1 Costs related to loss on s
Slide 9: Q1 2026 EPS Detail
Q1 2026 EPS Detail EPS Reported EPS $4.71 Reported EPS included costs related to loss on sale of business and settlement of current and $(1.44) future customer obligations 9
Slide 10: 2026 Guidance
2026 Guidance
Slide 11: Guidance for 2026 Consolidated Results
Guidance for 2026 Consolidated Results Item Full Year Guidance Consolidated Revenue Up 8% to 11% Earnings from JVs Up 10% to 20% EBITDA Margin 17.75% to 18.5% Depreciation & Amortization $1.1 to $1.2 B Effective Tax Rate 23.0% Capital Expenditures $1.35 to $1.45 B Global Pension Funding $47 M Intere
Slide 12: Guidance for 2026 Segment Results
Guidance for 2026 Segment Results Revenue EBITDA Engine Segment Up 7% to 12% 12.5% to 13.5% Compared to 12.7% in 2025 Components Segment Up 5% to 10% 13.5% to 14.5% Compared to 13.8% in 2025 Distribution Segment Up 9% to 14% 13.7% to 14.7% Compared to 14.6% in 2025 Power Systems Segment Up 14% to 19
Slide 13: Guidance for 2026 Key Markets
Guidance for 2026 Key Markets Market Size Full Year Guidance Heavy Duty Truck - North America Up 5% to 15% Class 8, Group 2 230K to 250K Medium Duty Truck - North America Up 15% to 25% Class 6-7, and Class 8 Group 1 125K to 135K Down 10% to Flat No change to prior guidance Heavy & Medium Truck - Chi
Slide 14: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance Up 8% to 11% 17.75% to 18.5% 2026 Sales Guide vs. 2025 2026 EBITDA Guide vs. 2025 All values in $ billions Please refer to the appendix for adjustment reconciliations 14
Slide 15: Q1 2026 Supplemental Information
Q1 2026 Supplemental Information
Slide 16: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q1-26 Highlights • Revenue decreased 4% as lower Heavy Duty and Medium Duty truck demand in North America more than offset stronger off-highway demand. • EBITDA margin decreased due to lower volumes and higher compensation costs. All values in $ millions (exc
Slide 17: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data Q1-26 Highlights • Revenue decreased 5% primarily due to lower Heavy Duty and Medium Duty demand in North America. • EBITDA margin decreased due to lower volumes. All values in $ millions (except where noted) 17
Slide 18: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q1-26 Highlights • Revenue increased 7% by increased demand for power generation products in North America and Asia Pacific. • EBITDA margin increased as stronger volumes more than offset higher compensation costs. All values in $ millions (except where
Slide 19: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q1-26 Highlights • Revenue increased 19% driven primarily by increased power generation demand, particularly for data center applications. • EBITDA margin increased due to higher volumes, favorable pricing, and benefit of IEEPA tariff recoveries. All v
Slide 20: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q1-26 Highlights • Revenue decreased 2%. (78) • EBITDA losses are driven by costs Q1-26 Adjusted EBITDA associated with the development of electric powertrains, fuel cells and electrolyzers, as well as products to support battery electric vehicles. (86) Q1-
Slide 21: Joint Venture Income
Joint Venture Income $ MILLIONS Q1 2026 Q1 2025 Engine 80 73 Components 10 7 Distribution 28 28 Power Systems 36 29 Accelera (6) (6) Total JV Income 148 131 21
Slide 22: Cash Flow
Cash Flow Q1-26 Q1-25 16 consecutive years of common stock cash dividend increases 309 (3) Operating Cash Flow Operating Cash Flow 189 162 Capital Expenditures Capital Expenditures 36.5% 38.5% Total Debt to Capital Total Debt to Capital All values in $ millions (except where noted) 22
Slide 23: Appendix
Appendix
Slide 24: Cummins - Segment Overview
Cummins - Segment Overview • Strong product portfolio and global partners • Disciplined investment growth and demonstrated technology leadership Revenue by Segment All values in $ billions Percentages reflect full-year 2025 values 24
Slide 25: Cummins - Regional Overview
Cummins - Regional Overview • Capitalizing on global emissions regulations • Strong geographic diversification and leadership across multiple Revenue end-markets by Region • Global distribution network with presence in approximately 190 countries and territories Percentages reflect full-year 2025 va
Slide 26: Engine Segment - Overview
Engine Segment - Overview • Diesel and natural gas engines from 2.8L to 15L and 48 hp to 715 hp • Market leader in multiple end-markets and geographies Revenue by Application All values in $ billions Percentages reflect full-year 2025 values 26
Slide 27: Components Segment - Overview
Components Segment - Overview • Leading supplier of axles, brakes, and aftertreatment products for commercial vehicle applications • Largest worldwide supplier of turbochargers from 3.8L to 25L for commercial applications Revenue by Application All values in $ billions Percentages reflect full-year
Slide 28: Distribution Segment - Overview
Distribution Segment - Overview • Engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products • Increase network capabilities in emerging markets to capture profitable growth Revenue by Application All values in $ billions Per
Slide 29: Power Systems Segment - Overview
Power Systems Segment - Overview • Global provider of power generation systems, components and services from 2kW to 3.5 Megawatts (MW) • Leading supplier of engines 16L and larger to industrial applications and alternators from 7.5kVA to 11,200kVA Revenue by Application All values in $ billions Perc
Slide 30: Emerging Market Sales - China & India
Emerging Market Sales - China & India • Present in China for over 50 years • Present in India for over 60 years • Broad product portfolio for On and Off Highway • Market leadership • Strong OEM partners • Strong OEM relationships All value in $ billions Consolidated & JV Sales with eliminations 30
Slide 31: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Three Months Ended In Millions 31-Mar-26 31-Mar-25 Net income attributable to Cummins Inc. $ 654 $ 824 Net income attributable to noncontrolling interests 26 26 Consolidated net income 680 850 Income tax expense 254 267 Income before taxes 934 1,117 Interest
Slide 32: Non-GAAP Reconciliation - Adjusted EBITDA %
Non-GAAP Reconciliation - Adjusted EBITDA % Three Months Ended 31-Mar-26 31-Mar-25 Net income attributable to Cummins Inc. % 7.8 % 10.1 Net income attributable to noncontrolling interests 0.3 0.3 Consolidated net income 8.1 10.4 Income tax expense 3.0 3.3 Income before taxes 11.1 13.7 Interest expen
Slide 33: Non-GAAP Reconciliation - Adjusted EBITDA (2025 & 2024)
Non-GAAP Reconciliation - Adjusted EBITDA (2025 & 2024) Twelve Months Ended In Millions 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. $ 2,843 $ 3,946 Net income attributable to noncontrolling interests 114 122 Consolidated net income 2,957 4,068 Income tax expense 1,006 835 Income befo
Slide 34: Non-GAAP Reconciliation - Adjusted EBITDA % (2025 & 2024)
Non-GAAP Reconciliation - Adjusted EBITDA % (2025 & 2024) Twelve Months Ended 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. % 8.4 % 11.6 Net income attributable to noncontrolling interests 0.3 0.4 Consolidated net income 8.7 12.0 Income tax expense 3.0 2.4 Income before taxes 11.7 14.4
Slide 35: Non-GAAP Reconciliation - Adjusted EBITDA (2023 & 2022)
Non-GAAP Reconciliation - Adjusted EBITDA (2023 & 2022) Twelve Months Ended In Millions 31-Dec-23 31-Dec-22 Net income attributable to Cummins Inc. $ 735 $ 2,151 Net income attributable to noncontrolling interests 105 32 Consolidated net income 840 2,183 Income tax expense 786 636 Income before taxe
Slide 36: Non-GAAP Reconciliation - Adjusted EBITDA % (2023 & 2022)
Non-GAAP Reconciliation - Adjusted EBITDA % (2023 & 2022) Twelve Months Ended 31-Dec-23 31-Dec-22 Net income attributable to Cummins Inc. % 2.2 % 7.7 Net income attributable to noncontrolling interests 0.3 0.1 Consolidated net income 2.5 7.8 Income tax expense 2.3 2.3 Income before taxes 4.8 10.1 In
Slide 37: Non-GAAP Reconciliation - Adjusted Net Income
Non-GAAP Reconciliation - Adjusted Net Income Three Months Ended In Millions 31-Mar-26 31-Mar-25 Net income attributable to Cummins Inc. $ 654 $ 824 One-Time Items1 199 — Net Income excluding One-Time Items 853 824 1 Q1 2026 one-time items include $199 million loss on sale of business and settlement
Slide 38: Non-GAAP Reconciliation - Adjusted Diluted EPS
Non-GAAP Reconciliation - Adjusted Diluted EPS Three Months Ended In Millions 31-Mar-26 31-Mar-25 Diluted Earnings per Share as Reported $ 4.71 $ 5.96 One-Time Items1 1.44 Diluted Earnings per Share excluding One-Time Items 6.15 5.96 1 Q1 2026 one-time items include $1.44 per share from loss on sale
Slide 39: Non-GAAP Reconciliation - Invested Capital Used for ROIC Calculation
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 31-Mar-26 31-Mar-25 Total Equity $ 13,372 $ 11,971 Less: Defined benefit postretirement plans (927) (869) Equity used for return on invested capital calculation 14,299 12,840 Loans payable 451 291
Slide 40: Non-GAAP Reconciliation - NOPAT Used for ROIC Calculation
Non-GAAP Reconciliation - Net Operating Profit After Taxes Used for Return on Invested Capital Calculation Last Twelve Months Ended In Millions 31-Mar-26 31-Mar-25 Net income attributable to Cummins Inc. $ 2,673 $ 2,777 Net income attributable to noncontrolling interests 114 113 Consolidated net inc
Slide 41: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 31-Mar-26 31-Mar-25 Unadjusted ROIC Net Operating Profit after Taxes $ 3,028 $ 3,163 Beginning - Unadjusted Invested capital used for ROIC calculation 20,328 17,797 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 42: Thank you for your interest
Thank you for your interest For additional information: (812) 377-3121 | investor.relations@cummins.com www.investor.cummins.com