Slide 1: Second Quarter 2026 Earnings Teleconference
Second Quarter 2026 Earnings Teleconference August 4th, 2026
Slide 2: Contents
CONTENTS Q2 2026 Summary 2026 Guidance Q2 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: Q2 2026 Summary
Q2 2026 Summary
Slide 5: Q2 2026 Summary
Q2 2026 Summary Performance Metric ($M) As Reported Revenue 9,457 EBITDA 1,653 Net Income 932 Diluted EPS $6.73 5
Slide 6: Selected Financial Data – Q2 2026
Selected Financial Data – Q2 2026 All values in $ millions (except where noted) Please refer to appendix for adjustment reconciliations 6
Slide 7: Q2 2026 Net Sales and EBITDA by Segment
Q2 2026 Net Sales and EBITDA by Segment $ Millions Engine Components Distribution Power Accelera Intersegment Total Systems Eliminations Three months ended June 30, 2026 Net Sales 3,084 2,891 3,326 2,255 145 (2,244) 9,457 Sales Growth vs 2025 6% 7% 9% 19% 38% 12% 9% EBITDA 386 381 451 552 (69) (48)
Slide 8: Q2 2026 EBITDA Detail
Q2 2026 EBITDA Detail EBITDA ($M) As Reported CMI 1,653 Engine Segment 386 Components Segment 381 Distribution Segment 451 Power Systems Segment 552 Accelera Segment (69) Eliminations (48) 8
Slide 9: 2026 Guidance
2026 Guidance
Slide 10: Guidance for 2026 Consolidated Results
Guidance for 2026 Consolidated Results Item Full Year Guidance Consolidated Revenue Up 10% to 13% Earnings from JVs Up 15% to 25% EBITDA Margin 18% 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 Interest
Slide 11: Guidance for 2026 Segment Results
Guidance for 2026 Segment Results Revenue EBITDA Engine Segment Up 9% to 14% 12.5% to 13.25% Compared to 12.7% in 2025 Components Segment Up 8% to 13% 13.5% to 14.25% Compared to 13.8% in 2025 Distribution Segment Up 9% to 14% 13.5% to 14.25% Compared to 14.6% in 2025 Power Systems Segment Up 14% to
Slide 12: Guidance for 2026 Key Markets
Guidance for 2026 Key Markets Market Size Full Year Guidance Heavy Duty Truck - North America Up 10% to 15% Class 8, Group 2 240K to 250K Medium Duty Truck - North America Up 20% to 30% Class 6-7, and Class 8 Group 1 130K to 140K Down 5% to Up 5% No change to prior guidance Heavy & Medium Truck - Ch
Slide 13: Cummins Inc. - Historical Performance
Cummins Inc. - Historical Performance Up 10% to 13% 18% 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 13
Slide 14: Q2 2026 Supplemental Information
Q2 2026 Supplemental Information
Slide 15: Engine Segment - Selected Financial Data
Engine Segment - Selected Financial Data Q2-26 Highlights • Revenue increased 6% due to stronger North America medium-duty truck and China construction volumes. • EBITDA margin decreased as higher incentive compensation, research and development and freight expenses were partially offset by stronger
Slide 16: Components Segment - Selected Financial Data
Components Segment - Selected Financial Data Q2-26 Highlights • Revenue increased 7% primarily due to stronger North America truck volumes and higher China on- and off-highway volumes. • EBITDA margin decreased as higher incentive compensation and product coverage costs were partially offset by stro
Slide 17: Distribution Segment - Selected Financial Data
Distribution Segment - Selected Financial Data Q2-26 Highlights • Revenue increased 9% due to increased demand for power generation products in North America. • EBITDA margin decreased as higher incentive compensation and freight expenses were partially offset by stronger volumes. All values in $ mi
Slide 18: Power Systems Segment - Selected Financial Data
Power Systems Segment - Selected Financial Data Q2-26 Highlights • Revenue increased 19% driven primarily by increased global power generation demand, particularly for data center applications. • EBITDA margin increased as stronger volumes more than offset higher incentive compensation expenses. All
Slide 19: Accelera Segment - Selected Financial Data
Accelera Segment - Selected Financial Data Q2-26 Highlights • Revenue increased 38% driven by higher electrified powertrain and electrolyzer (69) sales. Q2-26 EBITDA • EBITDA losses reflect continued investment in battery and electric powertrain development, along with costs to fulfill prior electro
Slide 20: Joint Venture Income
Joint Venture Income $ MILLIONS Q2 2026 Q2 2025 Engine 79 60 Components 10 10 Distribution 34 26 Power Systems 34 27 Accelera (3) (5) Total JV Income 154 118 20
Slide 21: Cash Flow
Cash Flow Q2-26 Q2-25 17 consecutive years of common stock cash dividend increases 1,499 785 Operating Cash Flow Operating Cash Flow 249 231 Capital Expenditures Capital Expenditures 35.6% 38.7% Total Debt to Capital Total Debt to Capital All values in $ millions (except where noted) 21
Slide 22: Appendix
Appendix
Slide 23: 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 23
Slide 24: 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 25: 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 25
Slide 26: 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 27: 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 28: 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 29: 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 29
Slide 30: Non-GAAP Reconciliation - EBITDA
Non-GAAP Reconciliation - EBITDA Three Months Ended In Millions 30-Jun-26 30-Jun-25 Net income attributable to Cummins Inc. $ 932 $ 890 Net income attributable to noncontrolling interests 36 38 Consolidated net income 968 928 Income tax expense 325 297 Income before taxes 1,293 1,225 Interest expens
Slide 31: Non-GAAP Reconciliation - EBITDA %
Non-GAAP Reconciliation - EBITDA % Three Months Ended 30-Jun-26 30-Jun-25 Net income attributable to Cummins Inc. % 9.9 % 10.3 Net income attributable to noncontrolling interests 0.4 0.4 Consolidated net income 10.3 10.7 Income tax expense 3.4 3.4 Income before taxes 13.7 14.1 Interest expense 0.8 1
Slide 32: 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 33: 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 34: 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 35: 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 36: Non-GAAP Reconciliation - Invested Capital Used for ROIC Calculation
Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation In Millions 30-Jun-26 30-Jun-25 Total Equity $ 13,906 $ 12,873 Less: Defined benefit postretirement plans (919) (862) Equity used for return on invested capital calculation 14,825 13,735 Loans payable 459 336
Slide 37: 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 30-Jun-26 30-Jun-25 Net income attributable to Cummins Inc. $ 2,715 $ 2,941 Net income attributable to noncontrolling interests 112 125 Consolidated net inc
Slide 38: Non-GAAP Reconciliation - Adjusted ROIC
Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 30-Jun-26 30-Jun-25 Unadjusted ROIC Net Operating Profit after Taxes $ 3,064 $ 3,322 Beginning - Unadjusted Invested capital used for ROIC calculation 21,846 18,927 Ending - Unadjusted Invested capital used for ROIC calculation
Slide 39: Thank you for your interest
Thank you for your interest For additional information: (812) 377-3121 | investor.relations@cummins.com www.investor.cummins.com