Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Pay costs, not demand, held back the margin
Sales rose 9.4%, but compensation pushed overheads up faster, so operating income grew less than half as quickly.
For investorsWhat decides whether the operating margin recovers
For foundersThe aftermarket playbook behind a century-old engine maker
Income from joint ventures and royalties rose 30.5%, against 4.3% for operating income, so partners carry a growing share.
Free cash flow passed net income after a weak first quarter, helped by supplier credit as well as earnings.
Distribution is the largest segment, so every engine and generator in the field brings parts and repair work back.
Unlock the financial breakdown, competitive insights, historical trends and founder playbook, plus research across the company library.
Free CXProWealth membership required
Business Lens describes Cummins from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
