Cummins Inc. (CMI) cut its 2026 revenue outlook to growth of approximately 10% from a prior range of 10% to 13%, saying weaker-than-expected pickup truck demand in North America hit the third quarter and is expected to persist through year-end.

The global power leader still posted a record third-quarter EBITDA margin. EBITDA margin guidance of approximately 18.2% was unchanged from the prior 18% to 18.5% band, excluding first-quarter charges tied to the sale of the low-pressure fuel cell business.

Third-quarter revenues of $9.4 billion increased 13% from the same quarter in 2025, after second-quarter revenue of $9.5 billion had risen 9% year over year. North America sales grew 15%; international revenues, led by China, increased 11%.

Net income attributable to Cummins was $1.14 billion, or $8.25 a share, versus $536 million, or $3.86 a share, a year earlier. Third-quarter 2025 results included $240 million, or $1.73 a share, of Accelera non-cash charges. Third-quarter 2026 diluted EPS included $0.54 a share of favorable discrete tax items.

EBITDA was a record $1.8 billion, or 18.9% of sales, compared with $1.2 billion, or 14.3% of sales, a year ago. Excluding special items, the margin was 18.9% versus 17.2%.

Chair and CEO Jennifer Rumsey said the company delivered record EBITDA and earnings per share, led by continued strength in Power Systems, and that global demand for power generation equipment remains exceptionally strong, driven by data center buildout. She said U.S. medium- and heavy-duty truck markets strengthened while customer orders in the pickup truck market have weakened.

Power Systems sales were $2.3 billion, up 15%, with segment EBITDA of $582 million, or 25.4% of sales, versus $457 million, or 22.9% of sales, on data-center power demand in the United States, China and Asia Pacific.

Engine sales were $3.1 billion, up 20%, with segment EBITDA of $422 million, or 13.5% of sales, versus $261 million, or 10.0% of sales. Components sales were $2.9 billion, up 23%, with EBITDA of $408 million, or 14.3% of sales, versus $292 million, or 12.5% of sales.

Heavy-duty truck Engine sales were $1.016 billion and heavy-duty shipments 33,200 units, versus $772 million and 22,400 units a year earlier. Medium-duty truck and bus sales were $1.045 billion versus $784 million. Light-duty automotive sales were $500 million versus $583 million.

Distribution sales were $3.3 billion, up 4%, with segment EBITDA of $461 million, or 13.9% of sales, versus $492 million, or 15.5% of sales. Accelera sales were $103 million, down 15%, with a $56 million EBITDA loss, as electrolyzer sales fell after a strategic review. The company said it remains committed to pacing zero-emissions investments and reducing the rate of ongoing EBITDA losses.

Rumsey said global power generation and North America heavy-duty truck demand remain strong, and the company expects fourth-quarter revenues to step up from third-quarter levels and set a new record.

In July the quarterly dividend was raised from $2.00 to $2.20 a share, the 17th consecutive annual increase. In August Power Generation was selected to supply battery energy storage systems for a large U.S. data center, described as the company’s largest BESS deployment to date.

The company returned $661 million to shareholders in the third quarter via dividends and buybacks, including $359 million of share repurchases, after $501 million of returns in the second quarter. It is committed to returning 50% of operating cash flow to shareholders.