Guidance
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CMI
FY2026 Q1
상향
Cummins Inc. 실적 발표
Buzzberg 분석
2026 revenue outlook raised to 8%-11% growth
Cummins reported a strong Q1 with revenue up 3%, though EBITDA was flat YoY excluding charges. Management raised full-year guidance across all segments, citing a faster-than-expected recovery in North American truck demand and an accelerating data-center-driven power generation market. The company also completed the sale of its low-pressure fuel cell business to Alstom and hinted at further capacity investments in power systems. Q1 revenue of $8.4B (+3% YoY) missed expectations; adjusted EBITDA margin of 17.7% was roughly flat YoY.
Buzzberg 분석 2026 revenue outlook raised to 8%-11% growth Cummins reported a strong Q1 with revenue up 3%, though EBITDA was flat YoY excluding charges. Management raised full-year guidance across all segments, citing a faster-than-expected recovery in North American truck demand and an accelerating data-center-driven power generation market. The company also completed the sale of its low-pressure fuel cell business to Alstom and hinted at further capacity investments in power systems. Q1 revenue of $8.4B (+3% YoY) missed expectations; adjusted EBITDA margin of 17.7% was roughly flat YoY. 전체 분석 보기분석 접기
Cummins reported a strong Q1 with revenue up 3%, though EBITDA was flat YoY excluding charges. Management raised full-year guidance across all segments, citing a faster-than-expected recovery in North American truck demand and an accelerating data-center-driven power generation market. The company also completed the sale of its low-pressure fuel cell business to Alstom and hinted at further capacity investments in power systems. Q1 revenue of $8.4B (+3% YoY) missed expectations; adjusted EBITDA margin of 17.7% was roughly flat YoY.
- Raised FY2026 revenue growth guide to +8-11% (from +3-8%) and raised EBITDA margin guide to 17.75-18.5%.
- Increased North America heavy-duty truck industry forecast to 230-250k units (from 220-240k) and medium-duty to 125-135k units (from 110-120k).
- Global power generation revenue growth expectation raised to +15-25% (from +10-20%) on data-center demand.
매출$8.398B-2% 전분기 대비
주당순이익(EPS)$6.15+6% 전분기 대비
매출총이익률26.71%보고값
영업이익률11.3%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Margins
Power systems record first-quarter EBITDA margin of 29.5%
Demand
Data center demand drives power generation growth
핵심 내용 3개 더 보기
Product Launch
B platform launch delayed to January 2028
Costs
Accelera losses improve after fuel cell sale
Macro
Tariffs expected to remain immaterial to EBITDA
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $8.398B | -2% 전분기 대비 |
| 주당순이익(EPS) | $6.15 | +6% 전분기 대비 |
| 매출총이익률 | 26.71% | 보고값 |
| 영업이익률 | 11.3% | 보고값 |
| 잉여현금흐름 | $0.12B | 보고값 |
| 자본지출 | $0.189B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $1.5B–$1.6B | $1.55B | 유지 |
| 영업이익률 | FY2026 | 17.75%–18.5%컨센서스 상회 | 18.125% | 상향 |
| 매출 | FY2026 | $35.6B–$37.9B컨센서스 상회 | $36.75B | 상향 |
| 매출POWER_GENERATION | FY2026 | 15%–25%컨센서스 상회 | 20% | 상향 |
| 판매량NORTH_AMERICA_HEAVY_DUTY | FY2026 | 230000–250000컨센서스 부합 | 240000 | 상향 |
| 판매량NORTH_AMERICA_MEDIUM_DUT | FY2026 | 125000–135000컨센서스 부합 | 130000 | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management raised full-year guidance across multiple segments and highlighted strong demand, particularly in power generation and data centers, while expressing confidence in achieving improved profitability.
투자 및 생산능력
Management is increasing capacity investments, such as adding a third shift at Rocky Mount and evaluating additional capacity for power generation, while total investments for 2026 are expected to be in the range of $1.35 to $1.45 billion.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
고객
고객
Jennifer Rumsey
Demand from Stellantis for engines is slightly up YoY, indicating stable pickup truck production levels.
근거
“We shipped 30,000 engines to Stellantis for use in their RAM pickups in the first quarter of 2026, up 4% from 2025 levels”
고객
Mark Smith
Cummins completed the divestiture of its low-pressure fuel cell business to Alstom, reducing Accelera's future losses.
근거
“we completed the sale of the low pressure fuel cell business to Alstom”
파트너
파트너
Jennifer Rumsey
Cummins' hybrid retrofit for Komatsu's 300-ton haul truck is now commercially deployed, a milestone in mining electrification.
근거
“deployment of the world's first commercial hybrid electric ultra-class mining truck, now in operation and production at the Casaronas Open Pit Mine in Chile. This pilot represents our first retrofit of a 300-ton Komatsu haul truck”
파트너
Jennifer Rumsey
Cummins management stated they believe the 95-liter engine market is 'growing faster than supply' and that they 'continue to work toward additional capacity' given multi-year customer commitments. — Management hinted at further capacity investments in power systems, anticipating continued data-center demand.
근거
“Mack Truck announced the integration of the Cummins X10 engine into the Mack Granite chassis. This milestone reflects the strong collaboration between the Mack and Cummins teams”
외부 신호
공급망 알파 · 3발표 이후 수익률
Cummins has added a third shift at its Rocky Mount (medium-duty) plant and is ramping capacity, pointing to stronger North American medium-duty demand in Q2.
근거
“right now we're adding a third shift at Rocky Mount. So we really saw medium duty demand improving starting in Q1 and quite strong here as we go to the second quarter.”
Cummins management stated they believe the 95-liter engine market is 'growing faster than supply' and that they 'continue to work toward additional capacity' given multi-year customer commitments.
근거
“we are continuing to look closely at longer-term demand expectations and if there's additional capacity investments we want to make across our plants and supply chain”
Canada and Mexico tariff policy changes are leading U.S. OEMs to ask for more US-built engines, potentially driving a structural shift in engine sourcing.
근거
“we're working really closely with the Department of Commerce to make sure they understand how do we meet our mutual goal of encouraging U.S. manufacturing and how the engine offset program is going to work”
방법론 및 범위
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