Filing Flows › Cummins (CMI) › Q1 2026
Cummins (CMI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Cummins (CMI) reported revenue of $8.4B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -2% from the quarter before. Operating margin was 11.3%, net earnings $654M (7.8% of revenue).
Cummins, Q1 2026: revenue $8.4B (+3% year over year), operating margin 11.3%, net earnings $654M, operating cash flow $309M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4B | -2% | +3% |
| Gross profit | $2.2B | +15% | +4% |
| Operating profit | $949M | +17% | -16% |
| Net earnings | $654M | +10% | -21% |
| Operating cash flow | $309M | -80% | — |
| Free cash flow | $120M | -88% | — |
What changed
Revenue was $8.4B in Q1 2026, up 3% year over year and down 2% from the previous quarter. Distribution was the largest line at 37% of revenue. Power Systems added $0.22B year over year (up 25%), 99% of the total change. Components declined 6%.
Gross margin was 26.7%, up 0.3 points from Q1 2025. Operating profit was $0.95B, a 11.3% margin (down 2.6 points year over year). Operating profit fell $0.18B even though revenue rose $0.22B versus Q1 2025, so costs grew faster than sales. Operating expenses grew 27% against revenue growth of 3%. Net earnings were $0.65B, down 21% year over year. The effective tax rate was 27.2%.
Operating cash flow was $0.31B, 45% of net income including minority interests. Non-cash charges added back $0.28B of depreciation and amortization. Working capital and other items used $0.65B. Capital expenditures of $0.19B left free cash flow of $0.12B.
Questions
What was Cummins' revenue in the first quarter 2026?
Cummins (CMI) reported revenue of $8.4B for the first quarter 2026 (Q1 2026), +3% from a year earlier and -2% from the quarter before.
Was Cummins profitable in the first quarter 2026?
Operating profit was $949M (11.3% of revenue) and net earnings $654M.
Source: Cummins 10-Q on SEC EDGAR.