COLUMBUS — Cummins Inc. (NYSE: CMI) reported a complex financial picture for 2025, closing the year with a strong fourth quarter but trailing slightly behind 2024’s record-setting annual totals. While the company saw unprecedented demand in its data center and power generation sectors, it simultaneously announced a major strategic retreat from the hydrogen electrolyzer market.
For the fourth quarter ending Dec. 31, 2025, Cummins outperformed analyst expectations on several fronts, even as it navigated a “down cycle” in the North American truck market.
| Metric | Q4 2025 | Q4 2024 | Full Year 2025 | Full Year 2024 |
| Revenue | $8.5 Billion | $8.4 Billion | $33.7 Billion | $34.1 Billion |
| EBITDA | $1.2 Billion | $1.0 Billion | $5.4 Billion | $6.3 Billion |
| Net Income | $593 Million | $418 Million | $2.8 Billion | $3.9 Billion |
Segment Performance: Data Centers vs. Trucking
The company’s diverse portfolio proved essential in 2025, with booming sectors offsetting weakness in traditional engine sales:
- Power Systems & Distribution: Both segments achieved record full-year sales. Power Systems revenue rose 11% in Q4 to $1.9 billion, fueled by a 15% surge in North American demand for data center backup power.
- Engine & Components: These segments felt the pinch of a cooling North American truck market. Engine sales fell 4% to $2.6 billion, while Components dropped 7% to $2.4 billion.
- Accelera (Zero-Emissions): Revenue grew 31% to $131 million due to the timing of electrolyzer installations, but the segment posted a significant EBITDA loss of $374 million.
The most striking update in the report was a $458 million impairment charge related to the electrolyzer business within the Accelera segment ($218 million of which was recorded in Q4).
CEO Jennifer Rumsey explained that the move follows a “strategic review” triggered by slower-than-expected hydrogen adoption. Cummins will fulfill existing commitments but will pivot away from pursuing new commercial electrolyzer activity to streamline costs.
“These decisions were aimed at streamlining operations and reducing ongoing costs in light of the weaker outlook for demand,” said Jennifer Rumsey, Chair and CEO.
Despite the 2025 full-year dip, Cummins’ leadership is optimistic for 2026. The company projects revenue growth of 3% to 8% for the coming year.
The rebound is expected to be driven by a recovery in the North American on-highway truck market particularly in the second half of 2026—and the continued “insatiable” demand for power generation from the global data center industry.
