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Cummins (CMI) guidance and outlook
Cummins (CMI) lowered its guidance on Nov 5, 2026: Revenue +10% for FY2026; EBITDA +18.2% for FY2026; Tax rate 23% for FY2026. Cummins' 10-Q filed Nov 5, 2026 makes 19 forward-looking statements, 1 of them new and 1 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Revenue | FY2026 | +10% | lowered |
| EBITDA | FY2026 | +18.2% | lowered |
| Tax rate | FY2026 | 23% | reaffirmed |
From the earnings release filed Nov 5, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 5, 2026
- Department of Justice (DOJ) and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, (collectively, the Settlement Agreements), including required additional mitigation projects, adverse…
- • our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions;
- new · Our effective tax rate for 2026 is expected to approximate 23.0 percent, excluding all discrete items and the unfavorable tax impact of the $199 million loss on the sale of our low pressure fuel cell business and settlement of current and future customer obligations for which no tax benefit was recognized.
- Given the breadth, severity and uncertain duration of these global trade measures, our outlook presented below could be negatively impacted by policy-driven volatility.
- Our outlook reflects the following positive trends and challenges to our business that could impact our revenue and earnings potential in 2026.
- • We expect demand within markets served by our Power Systems business to remain strong, including the power generation and industrial markets.
- • We anticipate our aftermarket business will remain stable, driven primarily by demand in our Engine and Power Systems businesses.
- • We expect strong demand for medium-duty and heavy-duty trucks in North America to continue for the remainder of 2026.
- While we anticipate these actions will gradually improve the cost structure, we expect ongoing investments in priority technologies to result in continued near-term operating losses.
- As a result, we do not anticipate any local liquidity restrictions to preclude us from funding our operating needs with local resources.
- We intend to maintain credit facilities at the current or higher aggregate amounts by renewing or replacing these facilities at or before expiration.
- We intend to use the net proceeds from the commercial paper borrowings for general corporate purposes.
Cummins' latest quarter
Cummins, Q3 2026: revenue $9.4B (+14% year over year), operating margin 15.3%, net earnings $1.1B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
Questions
Did Cummins raise or lower its guidance?
Cummins (CMI) lowered its guidance on Nov 5, 2026: Revenue +10% for FY2026; EBITDA +18.2% for FY2026; Tax rate 23% for FY2026.
What does Cummins expect?
Our effective tax rate for 2026 is expected to approximate 23.0 percent, excluding all discrete items and the unfavorable tax impact of the $199 million loss on the sale of our low pressure fuel cell business and settlement of current and future customer obligations for which no tax benefit was recognized. We anticipate making additional defined benefit pension contributions during the remainder of 2026 of $12 million for our U.S. and U.K. qualified and non-qualified pension plans.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.