Cummins Inc.
Cummins Inc. offers various power solutions worldwide. The company operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. It offers diesel and natural gas-powered engines; and drivetrain systems, including axles, drivelines, brakes, and suspension systems; and on- and off-highway, and other products. The company also provides aftertreatment technology and solutions comprising custom engineering systems and integrated controls, oxidation catalysts, particulate filters, and selective catalytic reduction systems, as well as engineered components, including dosers; turbochargers, fuel systems, and valvetrain technologies; electronic control modules, sensors, and supporting software; and automated manual transmissions, and automatic transmissions for internal combustion engines. In addition, it sells and offers support services power generation systems, high-horsepower engines, and heavy-duty and medium-duty engines; offers application engineering services, custom-designed assemblies, and in-shop and field-based repair services; and retail and wholesale aftermarket parts. Further, the company offers standby and prime power generators, controls, paralleling systems, and transfer switches; turnkey solutions for distributed generation and energy management applications using natural gas, diesel, battery energy storage systems, and newer alternative sustainable fuels; diesel and natural gas high-speed, high-horsepower engines; and A/C generator/alternator products. Additionally, it provides electrified power systems, including batteries, fuel cells, and electric powertrain technologies. It sells its products to original equipment manufacturers, distributors, dealers, and other customers. The company was formerly known as Cummins Engine Company and changed its name to Cummins Inc. in 2001. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana.
What does it do?
Cummins builds the engines that power the trucks, buses, and construction equipment that keep the world moving. If you've ever seen a large semi-truck rumbling down the highway, there's a good chance it has a Cummins engine under the hood. Beyond diesel engines, the company also makes the pollution-control systems that clean up exhaust, and sells the parts and maintenance services that keep those engines running for years. Think of them as the engine room of the global economy — unglamorous, but essential.
Cummins sits at a crossroads that matters enormously to investors right now: the transition from diesel to cleaner power. Its new Accelera division is betting on hydrogen fuel cells and electric powertrains for heavy vehicles — the hardest segment of transport to decarbonize — which could define the next decade of industrial power. At the same time, its core diesel business still generates billions in reliable cash, giving it a financial cushion most pure-play clean energy startups can only dream of.
How does it make money?
Cummins earns money across five divisions. The Engine segment — diesel and natural gas engines for trucks and industrial machines — is the biggest revenue driver. The Components segment sells emissions and drivetrain systems, while Distribution handles parts, service, and maintenance contracts globally, which is the most predictable and high-margin slice of the business. Power Systems covers generators and industrial power equipment, and the newer Accelera division is pursuing hydrogen and electric solutions, currently small but strategically important. Total revenue last year was $33.7 billion, generating $2.8 billion in net profit.
Why do investors care?
The bull story on Cummins is a two-act play. Act one: the diesel and aftermarket business keeps printing steady cash for years, since engines already in the field need constant servicing and parts. Act two: Accelera becomes a meaningful business as governments worldwide push for zero-emission trucks and buses, a market where Cummins has a real head start versus newcomers. For this story to work, the clean energy transition has to arrive fast enough to matter but slow enough that the core business doesn't collapse before Accelera can scale up.
Deep Dive
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