Cummins is a global power leader that designs, manufactures, distributes, and services diesel, natural gas, electric, and hybrid powertrains and related technologies, and the question for the next twelve months is whether the company can convert the $9.5 billion record Q2 2026 revenues, the 9% revenue growth, the $932 million Q2 2026 net income or $6.73 diluted EPS, the 17.5% Q2 2026 EBITDA margin, the raised full-year 2026 revenue guidance of up 10% to 13%, the raised EBITDA guidance to 18.0% to 18.5%, the Circe Energy agreement to provide natural gas generator sets to support a scalable behind-the-meter prime power microgrid solution for their High-Performance Computing data center in Texas, and the Model Year 2027 North American on-highway product launch plans into the kind of data-center-power and on-highway operating leverage the company has been telegraphing. The Q2 2026 print was the cleanest test of that thesis, and the cleanest signal is that Chair and CEO Jennifer Rumsey said "Cummins delivered record second-quarter results, reflecting robust customer orders for standby power for data centers and improving North American truck markets. Rising demand and disciplined execution drove record performance as we continue to perform well in a complex macroeconomic environment. We are raising our expectations for full year performance and expect the second half of the year to be stronger than the first half." The strategic tension is the 17.5% Q2 2026 EBITDA margin against the 18.4% Q2 2025 EBITDA margin, and the forward question is whether the data center power generation demand and the North American truck markets can compound into the stronger second half the company has been telegraphing.
The $9.5 billion record Q2 2026 revenues and the 9% revenue growth are the cleanest read on the operating momentum, and the data center power generation demand is the proof. The Q2 2026 revenues of $9.5 billion increased 9% from the same quarter in 2025. The Q2 2026 sales in North America increased 8% and the Q2 2026 international revenues, led by growth in China, increased 12%.
The Q2 2026 net income of $932 million or $6.73 per diluted share, the Q2 2026 EBITDA of $1.7 billion or 17.5% of sales, the 25.1% Q2 2026 tax rate including $29 million or $0.21 per diluted share of unfavorable discrete tax items, the raised full-year 2026 revenue guidance of up 10% to 13% from prior guidance of up 8% to 11%, the raised EBITDA guidance to 18.0% to 18.5% from prior guidance of 17.75% to 18.5%, the $501 million Q2 2026 returned to shareholders in the form of cash dividends and share repurchases, the quarterly common stock cash dividend increase from $2.00 to $2.20 per share, the 17 consecutive years of quarterly dividend increases, the 2026 Analyst Day, the 2030 financial targets raise, the Circe Energy agreement to provide a series of natural gas generator sets to support a scalable behind-the-meter prime power microgrid solution for the High-Performance Computing data center in Texas, the HSK78 and QSK60 generator set platforms, the 2026 through 2030 deliveries, the updated Model Year 2027 North American on-highway product launch plans, the X10 and X15 engines introduction through a measured production ramp, the EPA's proposed changes to upcoming emissions regulations, the long-term strategic goal of returning 50% of operating cash flow back to shareholders anchor the print. The forward question is whether the data center power generation demand and the North American truck markets can compound into the stronger second half.