Cummins Earnings: What To Look For From CMI

Engine manufacturer Cummins (NYSE:CMI) will be announcing earnings results this Thursday before the bell. Here’s what investors should know.

Cummins beat analysts’ revenue expectations by 3.4% last quarter, reporting revenues of $8.64 billion, down 1.7% year on year. It was an incredible quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.

Is Cummins a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Cummins’s revenue to decline 6.3% year on year to $7.92 billion, a deceleration from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $4.83 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Cummins has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.1% on average.

Looking at Cummins’s peers in the heavy transportation equipment segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Douglas Dynamics delivered year-on-year revenue growth of 25.3%, missing analysts’ expectations by 0.7%, and Federal Signal reported revenues up 17%, topping estimates by 1.9%. Douglas Dynamics’s stock price was unchanged after the resultswhile Federal Signal was down 9.4%.

Read our full analysis of Douglas Dynamics’s results here and Federal Signal’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the heavy transportation equipment stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.5% on average over the last month. Cummins is down 2.8% during the same time and is heading into earnings with an average analyst price target of $444.74 (compared to the current share price of $426.52).

When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.