Slide 1: Fourth Quarter 2025 Earnings Teleconference
Fourth Quarter 2025 Earnings Teleconference February 5th, 2026
Slide 2: Contents
CONTENTS 2025 Summary Q4 2025 Summary 2026 Guidance Q4 2025 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: 2025 Summary
2025 Summary
Slide 5: 2025 Summary
2025 Summary Performance Metric ($M) As Reported Accelera Charges Adjusted Revenue 33,670 33,670 EBITDA 5,385 458 5,843 Net Income 2,843 455 3,298 EPS $20.50 $3.28 $23.78 Please refer to appendix for adjustment reconciliations 5
Slide 6: Selected Financial Data - Full Year
Selected Financial Data - Full Year All values in $ millions (except where noted) Please refer to the appendix for adjustment reconciliations 6
Slide 7: 2025 Net Sales and Adjusted EBITDA by Segment
2025 Net Sales and Adjusted EBITDA by Segment $ Millions Engine Components Distribution Power Accelera Intersegment Total Systems Eliminations Year Ended December 31, 2025 Net Sales 10,875 10,149 12,405 7,463 460 (7,682) 33,670 Sales growth vs 2024 (7)% (13)% 9% 16% 11% 2% (1)% Adjusted EBITDA 1,382
Slide 8: 2025 EBITDA Detail
2025 EBITDA Detail EBITDA ($M) As Reported Accelera Charges Adjusted CMI 5,385 458 5,843 Engine Segment 1,382 1,382 Components Segment 1,398 1,398 Distribution Segment 1,808 1,808 Power Systems Segment 1,694 1,694 Accelera Segment (896) 458 (438) Eliminations (1) (1) 8
Slide 9: 2025 EPS Detail
2025 EPS Detail EPS Reported EPS $20.50 Reported EPS included costs related to the $(3.28) Accelera charges 9
Slide 10: Q4 2025 Summary
Q4 2025 Summary
Slide 11: Q4 2025 Summary
Q4 2025 Summary Performance Metric ($M) As Reported Accelera Charges Adjusted Revenue 8,536 8,536 EBITDA 1,151 218 1,369 Net Income 593 215 808 Diluted EPS $4.27 $1.54 $5.81 Please refer to appendix for adjustment reconciliations 11
Slide 12: Selected Financial Data - Quarter
Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to appendix for adjustment reconciliations 12
Slide 13: Q4 2025 Net Sales and Adjusted EBITDA by Segment
Q4 2025 Net Sales and Adjusted EBITDA by Segment $ Millions Engine Components Distribution Power Accelera Intersegment Total Systems Eliminations Three months ended December 31, 2025 Net Sales 2,600 2,445 3,285 1,929 131 (1,854) 8,536 Sales growth vs 2024 (4)% (7)% 7% 11% 31% 2% 1% Adjusted EBITDA 2
Slide 14: Q4 2025 EBITDA Detail
Q4 2025 EBITDA Detail EBITDA ($M) As Reported Accelera Charges Adjusted CMI 1,151 218 1,369 Engine Segment 263 263 Components Segment 327 327 Distribution Segment 495 495 Power Systems Segment 418 418 Accelera Segment (374) 218 (156) Eliminations 22 22 14
Slide 15: Q4 2025 EPS Detail
Q4 2025 EPS Detail EPS Reported EPS $4.27 Reported EPS included costs related to the $(1.54) Accelera charges 15
Slide 16: 2026 Guidance
2026 Guidance
Slide 17: Guidance for 2026 Consolidated Results
Guidance for 2026 Consolidated Results Item Full Year Guidance Consolidated Revenue Up 3% to 8% Earnings from JVs Down 5% to Up 5% EBITDA Margin 17.0% to 18.0% Depreciation & Amortization $1.1 to $1.2 B Effective Tax Rate 24.0% Capital Expenditures $1.35 to $1.45 B Global Pension Funding $51 M Inter
Slide 18: Guidance for 2026 Segment Results
Guidance for 2026 Segment Results Revenue EBITDA Engine Segment Flat to Up 5% 12.0% to 13.0% Compared to 12.7% in 2025 Components Segment Flat to Up 5% 13.0% to 14.0% Compared to 13.8% in 2025 Distribution Segment Up 5% to 10% 13.25% to 14.25% Compared to 14.6% in 2025 Power Systems Segment Up 12% t
Slide 19: Guidance for 2026 Key Markets
Guidance for 2026 Key Markets Market Size Full Year Guidance Heavy Duty Truck - North America Flat to Up 10% Class 8, Group 2 220K to 240K Medium Duty Truck - North America Flat to Up 10% Class 6-7, and Class 8 Group 1 110K to 120K Down 10% to Flat No change to prior guidance Heavy & Medium Truck -
Slide 20: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance Up 3% to 8% 17.0% to 18.0% 2026 Sales Guide vs. 2025 2026 EBITDA Guide vs. 2025 All values in $ billions Please refer to the appendix for adjustment reconciliations 20
Slide 21: Q4 2025 Supplemental Information
Q4 2025 Supplemental Information
Slide 22: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q4-25 Highlights • Revenue decreased 4% due to lower Heavy Duty and Medium Duty demand in North America. • EBITDA margin decreased as lower volume impacts were partially offset by favorable pricing in light-duty markets. All values in $ millions (except where
Slide 23: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data Q4-25 Highlights • Revenue decreased 7% 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) 23
Slide 24: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q4-25 Highlights • Revenue increased 7% driven by increased demand for power generation products in North America. • EBITDA margin increased primarily due to higher power generation volumes. All values in $ millions (except where noted) 24
Slide 25: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q4-25 Highlights • Revenue increased 11% driven primarily by increased power generation demand, particularly for data center applications. • EBITDA margin increased as higher volumes and favorable pricing more than offset unfavorable tariff impacts. Al
Slide 26: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q4-25 Highlights • Revenue increased due to Electrolyzer installation timing. (156) Q4-25 Adjusted EBITDA • EBITDA losses are driven by costs associated with the development of electric powertrains, fuel cells and electrolyzers, as well as products to suppo
Slide 27: Joint Venture Income
Joint Venture Income $ MILLIONS Q4 2025 Q4 2024 Engine 67 54 Components 7 13 Distribution 28 17 Power Systems 27 14 Accelera (13) (11) Total JV Income 116 87 Q4 2024 Accelera JV Income excludes $17 million of impairment related to the Accelera reorganization 27
Slide 28: Cash Flow
Cash Flow Q4-25 Q4-24 16 consecutive years of common stock cash dividend increases 1,534 1,422 Operating Cash Flow Operating Cash Flow 544 540 Capital Expenditures Capital Expenditures 36.0% 38.4% Total Debt to Capital Total Debt to Capital All values in $ millions (except where noted) 28
Slide 29: Appendix
Appendix
Slide 30: 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 30
Slide 31: 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 32: 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 32
Slide 33: 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 34: 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 35: 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 36: 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 36
Slide 37: Non-GAAP Reconciliation - Adjusted EBITDA
Non-GAAP Reconciliation - Adjusted EBITDA Three Months Ended In Millions 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. $ 593 $ 418 Net income attributable to noncontrolling interests 27 27 Consolidated net income 620 445 Income tax expense 171 217 Income before taxes 791 662 Interest e
Slide 38: Non-GAAP Reconciliation - Adjusted EBITDA %
Non-GAAP Reconciliation - Adjusted EBITDA % Three Months Ended 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. % 6.9 % 4.9 Net income attributable to noncontrolling interests 0.3 0.3 Consolidated net income 7.3 5.3 Income tax expense 2.0 2.6 Income before taxes 9.3 7.8 Interest expense 1
Slide 39: 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 40: 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 8.8 11.9 Income tax expense 3.0 2.4 Income before taxes 11.8 14.4
Slide 41: 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 42: 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 10.0 In
Slide 43: Non-GAAP Reconciliation - Adjusted Net Income
Non-GAAP Reconciliation - Adjusted Net Income Three Months Ended In Millions 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. $ 593 $ 418 One-Time Items1 215 296 Net Income excluding One-Time Items 808 714 1 Q4 2025 one-time items include $215 million of Accelera charges; Q4 2024 one-time
Slide 44: Non-GAAP Reconciliation - Adjusted Net Income
Non-GAAP Reconciliation - Adjusted Net Income Twelve Months Ended In Millions 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. $ 2,843 $ 3,946 One-Time Items1 455 (973) Net Income excluding One-Time Items 3,298 2,973 1 2025 one-time items include $455 million of Accelera charges; 2024 one
Slide 45: Non-GAAP Reconciliation - Adjusted Diluted EPS
Non-GAAP Reconciliation - Adjusted Diluted EPS Three Months Ended In Millions 31-Dec-25 31-Dec-24 Diluted Earnings per Share as Reported $ 4.27 $ 3.02 One-Time Items1 1.54 2.14 Diluted Earnings per Share excluding One-Time Items 5.81 5.16 1 Q4 2025 one-time items include $1.54 per share of Accelera
Slide 46: Non-GAAP Reconciliation - Adjusted Diluted EPS
Non-GAAP Reconciliation - Adjusted Diluted EPS Twelve Months Ended In Millions 31-Dec-25 31-Dec-24 Diluted Earnings per Share as Reported $ 20.50 $ 28.37 One-Time Items1 3.28 (7.00) Diluted Earnings per Share excluding One-Time Items 23.78 21.37 1 2025 one-time items include $3.28 per share of Accel
Slide 47: Non-GAAP Reconciliation - Invested Capital for ROIC Calculation
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 31-Dec-25 31-Dec-24 Total Equity $ 13,408 $ 11,308 Less: Defined benefit postretirement plans (912) (842) Equity used for return on invested capital calculation 14,320 12,150 Loans payable 313 356
Slide 48: 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-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 inc
Slide 49: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 31-Dec-25 31-Dec-24 Unadjusted ROIC Net Operating Profit after Taxes $ 3,202 $ 4,377 Beginning - Unadjusted Invested capital used for ROIC calculation 19,209 17,448 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 50: 2024 EBITDA Detail
2024 EBITDA Detail EBITDA ($M) As Reported Atmus Accelera Restructuring Adjusted Separation Charges CMI 6,326 (1,298) 312 29 5,369 Engine Segment 1,653 1,653 Components Segment 1,591 21 1,612 Distribution Segment 1,378 1,378 Power Systems Segment 1,180 1,180 Accelera Segment (764) 312 (452) Eliminat
Slide 51: Q4 2024 EBITDA Detail
Q4 2024 EBITDA Detail EBITDA ($M) As Reported Accelera Charges Adjusted CMI 1,020 312 1,332 Engine Segment 367 367 Components Segment 361 361 Distribution Segment 400 400 Power Systems Segment 314 314 Accelera Segment (431) 312 (119) Eliminations 9 9 51
Slide 52: Thank you for your interest
Thank you for your interest For additional information: (812) 377-3121 | Investor.Relations@cummins.com www.cummins.com