Cummins Inc. · NYSE:CMI
Cummins — Investor Day (2026)
60 slides from Cummins's investor day presentation, 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
DI S CL OS U R E R E GA R D IN G FO R W A R D - L O OK I N G S TAT E M E NT S 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 forecast
Slide 5: The Power of Cummins
The Power of Cummins Jennifer Rumsey Strengthened position, disciplined Chair and Chief Executive Officer investment, stronger outlook 1
Slide 6: Today's Key Takeaways
T O D AY ' S K E Y T A K E A W AY S ▪ 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. 2
Slide 7: Raised our Performance. Advanced our Position.
S I N C E A N A L YS 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 R G E T S 2025 PERFORMANCE T O DAY' S 20 30 TA R G E T S $33.7B $45-50B REVENUE IN 2030 FY 2025 REVENUE 17.4% *FY 2 025 EBI TDA >20.0% EBI T DA MAR GIN IN 2 030 *See Appendix for excluded one-time items 4
Slide 9: Continuing to win and capture growth across the globe
T HE PO WE R OF O UR . PR E SE NCE . 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 Glo
Slide 10: Disciplined investments reinforce and expand our leadership position
T HE PO WE R OF O UR . PO R TFO LI O. 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 • Ex
Slide 11: Long-standing partnerships built on trust, reliability and local insight
T HE P O WE R OF O U R . PA RT NE R S H I P 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 pr
Slide 12: Experienced people drive performance
T HE PO WE R OF O UR . PE O PLE . 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 knowledg
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 9
Slide 14: Strengthened position, disciplined investment and a stronger outlook
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: Proven strength. Positioned for what's next.
ENGINE BUSINESS Proven strength. Brett Merritt Positioned for what’s next. President, Engine Business 1
Slide 16: Global scale. Strong partnership. Foundation for growth.
E NG IN E B USIN ES S 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 2
Slide 17: Unmatched regional capability and market leadership
E NG IN E B USIN ES S Unmatched regional capability and market leadership WHERE WE M AN UFACT UR E 1.3 million Engines sold in 2025 #1 global market position* Medium- and heavy-duty truck Bus | Off-highway *Above 4 liters 3
Slide 18: Built to perform through cycles
-E NG IN E B USIN ES S- 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
Slide 19: Technology leadership that creates customer value
E NG IN E B USIN ES S 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 5
Slide 20: Positioned for what's next
E NG IN E B USIN ES S Positioned for what’s next Industry-leading power Common platforms Integrated systems density and packaging 6
Slide 21: Turning product strength into market wins
E NG IN E B USIN ES S Turning product strength into market wins CREATE AVAILABILITY Make Cummins Powertrain available across OEMs and product segments U SH P Product CREATE PREFERENCE LL Generate dealer and end customer preference for UP PU Cummins engines M TI SUPPORT CUSTOMERS E Deliver best in cl
Slide 22: Value that builds over time
-E NG IN E B USIN ES S- 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 OR TH AM ER I CA O N - H IG HWAY E N GIN E S Medium- and Heavy-Duty 8
Slide 23: A proven strategy delivering higher returns
-E NG IN E B USIN ES S- A proven strategy delivering higher returns Expanding Aftermarket Peak investment engine presence annuity growing behind us DRI VI NG I NCREASI N G REV ENU E AN D PROF ITAB IL I TY 9
Slide 24: Unlocking Power Systems' Potential
Unlocking Power Jenny Bush President, Power Systems Business Systems’ Potential 1
Slide 25: Transforming our performance
PO W ER SYSTE MS B U SI NE SS 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 2
Slide 26: The power of Cummins
PO W ER SYSTE MS B U SI NE SS The power of Cummins 3
Slide 27: The power of Cummins
PO W ER SYSTE MS B U SI NE SS The power of Cummins 4
Slide 28: The power of Cummins
PO W ER SYSTE MS B U SI NE SS The power of Cummins 5
Slide 29: The power of Cummins
PO W ER SYSTE MS B U SI NE SS The power of Cummins 6
Slide 30: The power of Cummins
PO W ER SYSTE MS B U SI NE SS The power of Cummins 7
Slide 31: Stronger growth, higher margins
PO W ER SYSTE MS B U SI NE SS 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% 8
Slide 32: A proven backup power partner for data centers
PO W ER SYSTE MS B U SI NE SS 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 9
Slide 33: Scaling backup power growth in data centers
PO W ER SYSTE MS B U SI NE SS 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 cl
Slide 34: Navigating a rapidly changing power landscape
PO W ER SYSTE MS B U SI NE SS 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 11
Slide 35: Expanding beyond backup: Positioning ourselves for prime
PO W ER SYSTE MS B U SI NE SS Expanding beyond backup: Positioning ourselves for prime 12
Slide 36: Expanding beyond backup: Positioning ourselves for prime
PO W ER SYSTE MS B U SI NE SS Expanding beyond backup: Positioning ourselves for prime Emissions certified aftertreatment solutions 13
Slide 37: Expanding beyond backup: Positioning ourselves for prime
PO W ER SYSTE MS B U SI NE SS Expanding beyond backup: Positioning Battery Energy Storage Systems ourselves for and hybrid integration prime capabilities Emissions certified aftertreatment solutions 14
Slide 38: Expanding beyond backup: Positioning ourselves for prime
PO W ER SYSTE MS B U SI NE SS Expanding beyond backup: Positioning Battery Energy Storage Systems ourselves for and hybrid integration prime capabilities Emissions certified aftertreatment solutions Large megawatt natural gas platform 15
Slide 39: Profitable growth to 2030 and beyond
- PO W ER SYSTE MS B U SI NE SS - 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 16
Slide 40: Delivering increasing returns to shareholders
Delivering increasing returns Mark Smith Chief Financial Officer to shareholders 1
Slide 41: 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 42: 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 3 is adjusted to exclude any one-time costs/benefits Please refer to appendix for adjustment reconcilia
Slide 43: 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 44: 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 45: 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 6
Slide 46: Multiple drivers of growth through 2030
Multiple drivers of growth through 2030 6 - 9% R EV ENU E CAG R 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% CM I R EVEN UE CM I R EVEN UE CM I R EVEN UE GROWTH GROWTH GROWTH Growth rela
Slide 47: Accelerating our financial performance
Accelerating our financial performance FINA NCIA L PERFORM ANCE SINCE 2023 FO R WAR D T O 203 0 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 G
Slide 48: Slide 48
Slide 49: 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 2
Slide 50: 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 51: Disclosure Regarding Forward-Looking Statements
DI S CL OS U R E R E GA R D IN G FO R W A R D - L O OK I N G S TAT E M E NT S 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 forecast
Slide 52: Adjusted diluted EPS (downturns)
NON-GAAP RECONCILIATION Adjusted diluted EPS (downturns) Twe lve months e nded 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 items 1 3.28 (1.61) (0.81) — — Diluted earnings per share exclud
Slide 53: Adjusted diluted EPS (peaks)
NON-GAAP RECONCILIATION Adjusted diluted EPS (peaks) Twe lve months e nded 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
Slide 54: 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 55: 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 items 1 5,843 2,353 Power Systems Segment EBITDA % of total 29% 16% Distribution Segment EBITDA $ 1,808 $ 508 EBITDA exc
Slide 56: Invested capital used for return on invested capital calculation
NON-GAAP RECONCILIATION Invested capital used for return on invested capital calculation Twe lve months e nded 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 57: Net operating profit after taxes used for ROIC calculation
NON-GAAP RECONCILIATION Net operating profit after taxes used for return on invested capital calculation Twe lve 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 noncont
Slide 58: Adjusted ROIC
NON-GAAP RECONCILIATION Adjusted ROIC Twe lve 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,
Slide 59: Revenue
NON-GAAP RECONCILIATION Revenue Twe lve months e nded 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 60: 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