Cummins Inc. (CMI): Business Model Canvas

In der dynamischen Landschaft der Energie- und Antriebstechnologie steht Cummins Inc. als globales Maschinenbauunternehmen, das Branchen durch innovative Lösungen verändert, die Leistung, Nachhaltigkeit und technologische Exzellenz vereinen. Diese umfassende Untersuchung des Business Model Canvas von Cummins enthüllt einen strategischen Plan, der das Unternehmen als führender Anbieter von Diesel- und Erdgasmotorentechnologien positioniert hat, die alles von Nutzfahrzeugen bis hin zu Industrieanlagen antreiben topaktuell Ingenieurskunst und ein unermüdliches Engagement für den technologischen Fortschritt.

Cummins Inc. (CMI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Automobilherstellern

Cummins unterhält strategische Partnerschaften mit großen Automobilherstellern:

Hersteller	Einzelheiten zur Partnerschaft	Gründungsjahr
Daimler Trucks	Lieferung von Dieselmotoren für schwere Lkw	1990
Ford Motor Company	Entwicklung von Dieselmotoren für Lkw der F-Serie	2011
Navistar International	Motorentechnologie und Komponentenzusammenarbeit	2013

Internationale Joint Ventures

Cummins hat bedeutende internationale Joint Ventures gegründet:

• Dongfeng Cummins Engine Company (China) – 50/50 Joint Venture
• Tata Cummins Private Limited (Indien) – 50,5 % Cummins-Beteiligung
• Cummins-Komatsu-Partnerschaft für Bergbaumaschinenmotoren

Forschungs- und Technologiekooperation

Forschungseinrichtung	Fokusbereich	Investition (jährlich)
Massachusetts Institute of Technology	Fortschrittliche Verbrennungstechnologien	3,2 Millionen US-Dollar
Universität von Kalifornien, Berkeley	Saubere Energielösungen	2,7 Millionen US-Dollar

Partnerschaften für saubere Energie und alternative Kraftstoffe

Cummins arbeitet mit mehreren Entwicklern sauberer Energietechnologie zusammen:

• Hydrogenics Corporation – Wasserstoff-Brennstoffzellentechnologie
• Ballard Power Systems – Entwicklung von Brennstoffzellen-Antriebssträngen
• NextEra Energy – Integration erneuerbarer Energien

Gesamte F&E-Investitionen in Partnerschaften: 127,5 Millionen US-Dollar (2023)

Anzahl aktiver globaler Partnerschaften: 42 (Stand 2024)

Cummins Inc. (CMI) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung von Diesel- und Erdgasmotoren

Im Jahr 2023 produzierte Cummins in verschiedenen Segmenten rund 1,2 Millionen Motoren. Die jährliche Produktionskapazität für Motoren erstreckt sich über mehrere Werke weltweit.

Motortyp	Jährliches Produktionsvolumen	Schlüsselmärkte
Dieselmotoren	850.000 Einheiten	Gewerblicher LKW-Transport, Baugewerbe
Erdgasmotoren	350.000 Einheiten	Energieerzeugung, Transport

Produktion von Energieerzeugungssystemen und -komponenten

Cummins erwirtschaftet im Segment Energiesysteme einen Jahresumsatz von rund 6,7 Milliarden US-Dollar.

• Produktionskapazität für Aggregate: 250.000 Einheiten pro Jahr
• Leistungsbereich: 5 kW bis 3.500 kW
• Globale Produktionsstätten in 12 Ländern

Forschung und Entwicklung fortschrittlicher Antriebstechnologien

Die F&E-Investitionen erreichten im Jahr 2023 892 Millionen US-Dollar, was 4,2 % des Gesamtumsatzes des Unternehmens entspricht.

Technologiefokus	Jährliche F&E-Investitionen
Elektrifizierung	312 Millionen Dollar
Wasserstoffantrieb	245 Millionen Dollar
Hybridantriebe	335 Millionen Dollar

Weltweiter Aftermarket-Teile- und Service-Support

Das Aftermarket-Segment erwirtschaftet mit mehr als 1.500 Servicestandorten weltweit einen Jahresumsatz von 4,5 Milliarden US-Dollar.

• Weltweiter technischer Support rund um die Uhr
• Über 50.000 verschiedene Teilenummern im Lager
• Durchschnittlicher Lagerumschlag: 4,2 Mal pro Jahr

Emissionskontrolle und nachhaltige Technologieentwicklung

Bis 2023 werden 1,1 Milliarden US-Dollar für die nachhaltige Technologieentwicklung bereitgestellt.

Nachhaltigkeitsinitiative	Investition
Null-Emissions-Technologien	475 Millionen Dollar
Technologien zur Emissionsreduzierung	385 Millionen Dollar
Projekte zur Kreislaufwirtschaft	240 Millionen Dollar

Cummins Inc. (CMI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Engineering- und F&E-Fähigkeiten

Cummins investierte im Jahr 2022 739 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält 16 globale Technologiezentren auf 4 Kontinenten und beschäftigt über 7.500 Ingenieure.

F&E-Metrik	Daten für 2022
Gesamtausgaben für Forschung und Entwicklung	739 Millionen US-Dollar
Globale Technologiezentren	16
Ingenieursprofis	7,500+

Globale Produktionsstätten

Cummins betreibt mehr als 500 Produktionsstätten in 29 Ländern mit bedeutender Präsenz in Nordamerika, Europa, Asien und Südamerika.

Fertigungspräsenz	Details
Gesamte Produktionsanlagen	500+
Länder mit Produktion	29

Portfolio für geistiges Eigentum

Cummins hält weltweit über 8.500 aktive Patente mit bedeutendem geistigem Eigentum in den Bereichen Dieselmotorentechnologie, Emissionsreduzierung und alternative Antriebssysteme.

Qualifizierte Arbeitskräfte

Im Jahr 2022 beschäftigte Cummins weltweit 59.900 Mitarbeiter, davon 62 % außerhalb der Vereinigten Staaten.

Zusammensetzung der Belegschaft	Daten für 2022
Gesamtzahl der Mitarbeiter	59,900
Mitarbeiter außerhalb der USA	62%

Lieferkette und Vertriebsnetzwerk

Cummins unterhält ein robustes globales Vertriebsnetz mit:

• Über 7.200 autorisierte Servicestandorte
• Über 600 Distributoren weltweit
• Teilevertriebszentren in 14 Ländern

Wichtige strategische Ressourcen-Highlights:

• Globale Engineering-Fähigkeiten
• Umfangreiche Fertigungsinfrastruktur
• Umfassendes geistiges Eigentum
• Vielfältige, technisch versierte Arbeitskräfte
• Umfangreiches Vertriebsnetz

Cummins Inc. (CMI) – Geschäftsmodell: Wertversprechen

Leistungsstarke, zuverlässige Stromversorgungslösungen für mehrere Branchen

Cummins erwirtschaftet ab 2023 einen Jahresumsatz von 28,1 Milliarden US-Dollar, mit Energielösungen, die mehrere Sektoren abdecken:

Industrie	Energielösungstyp	Marktanteil
Bau	Dieselmotoren	35%
Bergbau	Hochleistungsgeneratoren	28%
Landwirtschaft	Integrierte Energiesysteme	22%
Transport	Nutzfahrzeugmotoren	40%

Erweiterte Emissionsreduzierung und nachhaltige Technologieangebote

Cummins investiert jährlich 700 Millionen US-Dollar in Nachhaltigkeitstechnologien:

• Wasserstoff-Brennstoffzellentechnologien
• Batterieelektrische Antriebe
• Kohlenstoffarme Motorenkonstruktionen
• Null-Emissions-Lösungen

Umfassende Produktpalette vom Motor bis zum kompletten Antriebssystem

Produktkategorie	Jährliches Produktionsvolumen	Durchschnittliche Preisspanne
Dieselmotoren	500.000 Einheiten	$15,000 - $250,000
Generatoren	250.000 Einheiten	$5,000 - $500,000
Komplette Energiesysteme	100.000 Einheiten	$50,000 - $2,000,000

Starker Fokus auf technologische Innovation und Effizienz

F&E-Investitionen: 1,2 Milliarden US-Dollar im Jahr 2023, was 4,3 % des Gesamtumsatzes entspricht.

• 7.500 aktive Patente
• 3.200 Ingenieure in Forschungsabteilungen
• 15 globale Technologiezentren

Globales Service- und Supportnetzwerk

Region	Servicezentren	Jährlicher Serviceumsatz
Nordamerika	650	4,5 Milliarden US-Dollar
Europa	400	2,8 Milliarden US-Dollar
Asien-Pazifik	500	3,2 Milliarden US-Dollar

Cummins Inc. (CMI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit großen Industriekunden

Cummins unterhält strategische langfristige Verträge mit wichtigen Industriekunden, darunter:

Kundensektor	Vertragsdauer	Geschätzter Jahreswert
Bergbauindustrie	5-10 Jahre	375 Millionen Dollar
Transport	3-7 Jahre	642 Millionen US-Dollar
Baumaschinen	4-8 Jahre	289 Millionen Dollar

Technischer Support und maßgeschneiderte Lösungsentwicklung

Cummins bietet umfassenden technischen Support mit den folgenden Kennzahlen:

• Globale technische Supportzentren: 47
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Jährliche Investition in Forschung und Entwicklung: 710 Millionen US-Dollar
• Entwicklungsrate kundenspezifischer Lösungen: 78 % der Kundenanfragen

Digitale Plattformen für Kundenbindung und Service

Digitale Plattform	Aktive Benutzer	Serviceabdeckung
MyConnectedDiagnostics	132,000	Globales Flottenmanagement
QuickServe Online	87,500	Teilebestellsystem

Dedizierte Kundendienstteams

Die Kundendienstinfrastruktur umfasst:

• Gesamtzahl der Kundendienstmitarbeiter: 2.340
• Unterstützte Sprachen: 16
• Durchschnittliche Kundenzufriedenheitsbewertung: 4,6/5
• Support-Verfügbarkeit rund um die Uhr: 92 % des weltweiten Betriebs

Kontinuierliche Programme zur Verbesserung der Produktleistung

Kennzahlen zur Leistungsverbesserung:

Verbesserungsbereich	Jährliche Investition	Effizienzgewinn
Motorleistung	230 Millionen Dollar	Verbesserung der Kraftstoffeffizienz um 7,2 %
Emissionsreduzierung	185 Millionen Dollar	Reduzierung der Emissionen um 12 %

Cummins Inc. (CMI) – Geschäftsmodell: Kanäle

Direktvertrieb für Industrie- und Handelsmärkte

Cummins verfügt über ein globales Direktvertriebsteam mit 3.200 Vertriebsmitarbeitern in 190 Ländern. Im Jahr 2023 erwirtschaftete ihr Direktvertriebsteam einen Umsatz von 24,1 Milliarden US-Dollar und deckte die Märkte Industrie, Gewerbe und Stromerzeugung ab.

Vertriebskanal	Anzahl der Vertreter	Geografische Abdeckung
Industrielle Märkte	1,450	Nordamerika, Europa, Asien
Kommerzielle Märkte	1,050	Globale Präsenz
Stromerzeugung	700	Schwellenländer

Autorisierte Händler- und Distributorennetzwerke

Cummins unterhält weltweit 7.200 autorisierte Händler und Distributoren, die wichtige Service- und Vertriebsgebiete abdecken.

• Nordamerika: 2.100 Händler
• Europa: 1.500 Händler
• Asien-Pazifik: 2.300 Händler
• Naher Osten und Afrika: 1.300 Händler

Online-Verkaufsplattformen und digitales Marketing

Im Jahr 2023 investierte Cummins 142 Millionen US-Dollar in die digitale Transformation, wobei Online-Verkaufsplattformen einen Umsatz von 3,6 Milliarden US-Dollar erwirtschafteten.

Digitale Plattform	Jahresumsatz	Benutzerbasis
E-Commerce-Portal	1,8 Milliarden US-Dollar	85.000 registrierte Geschäftskunden
Online-Shop für Ersatzteile	1,2 Milliarden US-Dollar	62.000 registrierte Benutzer
Digitale Servicebuchung	600 Millionen Dollar	45.000 Servicetransaktionen

Messen und Branchenkonferenzen

Cummins nahm im Jahr 2023 an 87 internationalen Messen teil, mit einer geschätzten Marketingreichweite von 2,4 Millionen Branchenfachleuten.

Technische Support- und Servicezentren weltweit

Cummins betreibt weltweit 1.250 technische Support- und Servicezentren mit 9.800 zertifizierten Technikern, die rund um die Uhr Support leisten.

Region	Servicezentren	Durchschnittliche Reaktionszeit
Nordamerika	450	2,3 Stunden
Europa	310	3,1 Stunden
Asien-Pazifik	380	2,7 Stunden
Naher Osten und Afrika	110	4,2 Stunden

Cummins Inc. (CMI) – Geschäftsmodell: Kundensegmente

Nutzfahrzeughersteller

Cummins beliefert große Lkw-Hersteller mit Diesel- und Erdgasmotoren:

Hersteller	Marktanteil	Jährliches Motorvolumen
Navistar International	25%	45.000 Motoren
PACCAR Inc.	35%	65.000 Motoren
Daimler Trucks Nordamerika	40%	75.000 Motoren

Unternehmen für Bau- und Bergbauausrüstung

Hauptkunden im Schwermaschinensektor:

• Caterpillar Inc.
• Komatsu Ltd.
• Hitachi-Baumaschinen

Kunde	Jährliche Ausrüstungsproduktion	Cummins-Motordurchdringung
Raupe	300.000 Einheiten	45%
Komatsu	180.000 Einheiten	35%

Hersteller von Landmaschinen

Große Landmaschinenhersteller:

• John Deere
• Fall IH
• New Holland Landwirtschaft

Hersteller	Globaler Marktanteil	Nutzung des Cummins-Motors
John Deere	28%	40%
Fall IH	22%	50%

Märkte für Energieerzeugung und Industrieausrüstung

Kundensegmente der Stromerzeugung:

Marktsegment	Jahresumsatz	Cummins-Marktanteil
Dieselgeneratorsätze	4,2 Milliarden US-Dollar	38%
Stationäre Stromerzeugung	3,7 Milliarden US-Dollar	32%

Schifffahrts- und Schienentransportindustrie

Einzelheiten zur Lieferung von Schiffs- und Schienenmotoren:

Transportsegment	Jährliche Motorenproduktion	Marktdurchdringung von Cummins
Schiffsantrieb	12.000 Motoren	28%
Lokomotivmotoren für Schienenfahrzeuge	8.500 Motoren	22%

Cummins Inc. (CMI) – Geschäftsmodell: Kostenstruktur

Investitionen in Forschung und Entwicklung

Im Jahr 2023 investierte Cummins 881 Millionen US-Dollar in Forschung und Entwicklung, was 4,3 % des Gesamtumsatzes entspricht. Zu den Schwerpunkten gehören:

• Fortschrittliche Motorentechnologien
• Elektrifizierung und alternative Energielösungen
• Technologien zur Emissionsreduzierung

Globale Herstellungs- und Betriebskosten

Produktionsstandort	Jährliche Betriebskosten	Anzahl der Einrichtungen
Vereinigte Staaten	1,2 Milliarden US-Dollar	32
China	450 Millionen Dollar	15
Indien	320 Millionen Dollar	12

Kosten für Lieferkette und Logistikmanagement

Jährliche Ausgaben für das Lieferkettenmanagement: 675 Millionen US-Dollar, mit Schlüsselkomponenten wie:

• Beschaffung: 285 Millionen US-Dollar
• Transport und Logistik: 390 Millionen US-Dollar

Investitionen in die Arbeits- und Technologieinfrastruktur

Gesamtkosten für Arbeits- und Technologieinfrastruktur im Jahr 2023: 1,4 Milliarden US-Dollar

Kostenkategorie	Jährliche Ausgaben
Mitarbeiterlöhne	1,1 Milliarden US-Dollar
Technologieinfrastruktur	300 Millionen Dollar

Entwicklung von Compliance- und Emissionstechnologien

Compliance-bezogene Ausgaben: 220 Millionen US-Dollar im Jahr 2023

• Entwicklung der Emissionstechnologie: 180 Millionen US-Dollar
• Überwachung der Einhaltung gesetzlicher Vorschriften: 40 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 3,2 Milliarden US-Dollar

Cummins Inc. (CMI) – Geschäftsmodell: Einnahmequellen

Motoren- und Komponentenverkauf

Im Jahr 2022 meldete Cummins einen Gesamtumsatz von 24,0 Milliarden US-Dollar. Der Umsatz im Motorensegment belief sich auf etwa 10,2 Milliarden US-Dollar.

Umsatzaufschlüsselung nach Motorensegment	Betrag 2022
Hochleistungs-Lkw-Motoren	5,6 Milliarden US-Dollar
Mittelschwere Lkw-Motoren	2,3 Milliarden US-Dollar
Off-Highway-Motoren	2,3 Milliarden US-Dollar

Einnahmen aus Stromerzeugungssystemen

Das Segment Power Systems erwirtschaftete im Jahr 2022 einen Umsatz von 6,7 Milliarden US-Dollar.

• Verteilte Energieerzeugungssysteme: 3,2 Milliarden US-Dollar
• Stationäre Stromerzeugung: 2,5 Milliarden US-Dollar
• Elektrifizierte Energielösungen: 1,0 Milliarden US-Dollar

Ersatzteile und Serviceverträge für den Aftermarket

Der Aftermarket-Umsatz erreichte im Jahr 2022 5,5 Milliarden US-Dollar.

Aftermarket-Umsatzkategorien	Betrag 2022
Ersatzteilverkauf	3,8 Milliarden US-Dollar
Einnahmen aus Serviceverträgen	1,7 Milliarden US-Dollar

Technischer Support und Beratungsdienste

Technische Dienstleistungen trugen im Jahr 2022 etwa 800 Millionen US-Dollar zum Gesamtumsatz bei.

Digitale und technologiebasierte Lösungsangebote

Digitale Lösungen und technologiebasierte Dienste generierten im Jahr 2022 einen Umsatz von rund 500 Millionen US-Dollar.

• Vernetzte Lösungen: 250 Millionen US-Dollar
• Digitale Diagnostik: 150 Millionen US-Dollar
• Fernüberwachungsdienste: 100 Millionen US-Dollar

Cummins Inc. (CMI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Cummins Inc. (CMI) right now, late in 2025. It's about balancing the present revenue streams with the big bets on the future.

Fuel-agnostic power solutions for a seamless energy transition

The push toward cleaner power is reflected in the performance of the Accelera by Cummins segment, which houses the zero-emissions tech. While still operating at a loss, the revenue growth shows adoption is happening, even with recent headwinds in the hydrogen space.

Metric	Q1 2025 Value	Q3 2025 Value
Accelera Sales	$103 million (up 11% YoY)	$121 million (up 10% YoY)
Accelera EBITDA Loss	$86 million	$336 million (includes $240 million non-cash charges)

The HELM engine platforms, introduced in 2024, give customers the choice between advanced diesel and alternate fuels like natural gas and hydrogen.

Dependable, mission-critical power for data centers and industrial applications

The Power Systems segment is clearly delivering on the need for reliable backup power, especially for the digital economy.

• Power Systems Segment Sales in Q1 2025: $1.6 billion, a 19% increase.
• Power Systems Segment Sales in Q3 2025: Record $2 billion, an 18% increase.
• The Q1 2025 growth was driven primarily by data center demand.

Lower total cost of ownership through high-efficiency ICEs and service

While specific TCO savings percentages aren't public for every product line, the focus on efficiency and service is evident in the core Engine and Distribution segment performance.

Segment	Q3 2025 Sales	EBITDA Margin (Q3 2025)
Engine	$2.6 billion (down 11% YoY)	10.0%
Distribution	$3.2 billion (up 7% YoY)	14.6% (Q2 2025 figure)

The Distribution segment, which includes service and parts, posted sales of $3.2 billion in Q3 2025.

Global 24/7 service and parts availability for maximum uptime

The strength of the Distribution segment shows the service network is holding up, even as some end markets soften. Aftermarket demand for parts and service remained stable in Q2 2025.

• Distribution Segment Sales in Q1 2025: $2.9 billion, up 15%.
• The company operates globally in approximately 190 countries and territories.

Compliance with increasingly stringent global emissions regulations

The Engine segment is managing lower on-highway demand while maintaining decent margins, suggesting its advanced diesel and natural gas offerings meet current compliance needs.

For the trailing twelve months ending September 2025, Cummins Inc. reported total revenue of $33.581 billion.

The company invested $1.463 billion in Research & Development in 2024 to support future compliance and technology shifts.

Cummins Inc. (CMI) - Canvas Business Model: Customer Relationships

You're looking at how Cummins Inc. locks in its massive global customer base, which is key given the mixed signals in the markets as of late 2025. The relationships are built on deep, long-term commitments, especially with Original Equipment Manufacturers (OEMs).

Long-term, strategic supply agreements with major OEMs

The nature of agreements with most OEMs involves long-term price and operations contracts designed to ensure product availability over the contract duration. For instance, PACCAR remains a critical partner, having been a customer for 80 years; PACCAR accounted for more than 10 percent of Cummins Inc.'s net sales in 2024. These agreements specify engine requirements for particular vehicle models, not always a fixed volume of engines. The company is also actively collaborating on future tech, such as the reported collaboration with Komatsu to develop hybrid powertrains for surface haulage heavy mining equipment. This engineering alignment helps secure future business, even as near-term risks persist, like the expected decline in North America on-highway truck demand through the end of 2025.

Dedicated account management for large fleet and government customers

While specific account management metrics aren't public, the performance of segments heavily reliant on these customers shows their importance. The Distribution segment, which often services fleets and aftermarket needs, posted record sales of $3.2 billion in the third quarter of 2025, an increase of 7% year-over-year. Similarly, government-related demand, such as in the power generation sector, is robust; North America Power Systems equipment revenue increased by 25% in the second quarter of 2025, driven by data centers and mission critical applications. The company's commitment to these sectors is underscored by plans to invest $200 million across manufacturing sites in the U.S., England, and India, largely to support this rising power generation demand.

Partnership-based service model for emergency power generation

The service relationship for power generation, which includes emergency standby power, often involves long-term maintenance agreements. These agreements frequently include a variable component based on a cost per hour of usage basis. For certain standby generator agreements, there may be monthly minimum payments, which adds a layer of revenue certainty. The Power Systems segment, which houses generator sets, delivered record revenues of $2 billion in the third quarter of 2025, marking an 18% increase from the prior year, reflecting strong customer reliance on this installed base.

The following table summarizes key segment revenue performance, which reflects the health of these customer relationships across different end-markets as of the third quarter of 2025:

Segment	Q3 2025 Revenue (USD Millions)	Year-over-Year Growth	Key Customer Driver
Power Systems	$2,000	18%	Data Center and Mission Critical
Distribution	$3,200	7%	Aftermarket Parts and Power Generation
Engine	(Not explicitly stated for Q3 2025, Q1 2025 was $2.8B)	(Lower due to truck weakness)	North America On-Highway Truck

Digital tools like Guidanz for remote monitoring and diagnostics

Cummins Inc. deploys digital tools like Guidanz for remote monitoring and diagnostics to maintain ongoing relationships post-sale. These tools are part of the Connected Solutions offering. Specific metrics on the number of active units or customer adoption rates for Guidanz as of late 2025 were not available in the latest filings. However, the overall focus on digital capabilities supports the stable aftermarket demand, which the company noted remained steady even when on-highway truck volumes declined sharply.

Direct engineering collaboration on new product integration

Direct engineering collaboration is evident in the introduction of the Cummins HELM™ platforms, which offer customers the choice between advanced diesel or alternate fuels like natural gas and hydrogen for the X15-series engines. The new X10 engine, introduced as part of this, is designed to replace both the L9 and X12 platforms, requiring close integration with OEM vehicle designs. Furthermore, the company is working with partners like Komatsu on hybrid powertrains, which is a direct form of engineering collaboration aimed at accelerating decarbonization for mining customers.

Cummins Inc. (CMI) - Canvas Business Model: Channels

You're looking at how Cummins Inc. (CMI) gets its power solutions and services to the customer base, which is a massive, multi-layered physical and digital footprint. It's not just about selling an engine; it's about supporting it globally for its entire lifecycle.

The backbone of aftermarket support and parts sales is the Global Distribution Segment. This segment is a powerhouse, delivering $3.0 billion in sales in the second quarter of 2025, marking a 7% increase year-over-year for that quarter. For the first quarter of 2025, this segment brought in $2.9 billion in sales, a 15% jump from Q1 2024. Honestly, that segment's growth in Q1 was a bright spot when overall company revenue dipped.

The physical reach of Cummins Inc. (CMI) is extensive, covering approximately 190 countries and territories. This network is structured to ensure parts and service are always nearby.

• The service network includes approximately 650 wholly-owned, joint venture, and independent distributor locations.
• This is complemented by a network of over 19,000 Cummins certified dealer locations.
• The company employed approximately 69,600 people worldwide as of early 2025.

The Distribution Segment's operational performance shows the strength of this channel, especially in North America where power generation demand was high in Q2 2025. Here's a quick comparison of the segment's top-line and profitability across the first two quarters of 2025:

Metric	Q1 2025 Value	Q2 2025 Value
Segment Sales	$2.9 billion	$3.0 billion
Segment Sales YoY Change	+15%	+7%
Segment EBITDA	$376 million	$445 million
Segment EBITDA Margin	12.9%	14.6%

For large industrial and Power Systems customers, Cummins Inc. (CMI) relies on a direct sales force. This is crucial for complex, high-value projects, like the data center power generation demand that drove Power Systems sales up 19% in Q1 2025 and 19% in Q2 2025.

The direct-to-OEM sales channel remains a primary route for engine and component integration. Customers like PACCAR, Daimler, and Volvo utilize these components in their product platforms. While specific revenue splits aren't always public, the Engine segment sales were $2.8 billion in Q1 2025 and $2.9 billion in Q2 2025, showing the scale of OEM business, even with North America on-highway demand softening.

Digital channels are growing, though they face near-term headwinds. The e-commerce and digital platforms support parts and service. For context, the online store generated annual sales of $224.8M in 2024. For 2025, revenue is projected to decline by 10-20%. In October 2025 alone, the site generated online sales revenue of $15,176,403, with an average order value (AOV) between $800-$825.

The company also returned $251 million to shareholders in Q2 2025, partly through a 10% increase in the quarterly dividend to $2 per share. Finance: draft 13-week cash view by Friday.

Cummins Inc. (CMI) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Cummins Inc. (CMI) serves as of late 2025, based on their recent quarterly performance reports. The business model clearly shows a split between legacy, economically sensitive markets and high-growth, secular demand areas.

Heavy- and medium-duty truck Original Equipment Manufacturers (OEMs)

This segment, primarily served by the Engine Segment, showed clear signs of cyclical weakness through the first half of 2025. You can see the pressure in the year-over-year sales declines reported.

Metric	Q1 2025 Amount	Q2 2025 Amount	Trend Note
Engine Segment Sales	$2.8 billion	$2.9 billion	Q1 down 5%; Q2 down 8%
Heavy-Duty Truck Engine Sales Revenue	N/A	$976 million	Down 17.6% from $1.18 billion in Q2 2024
Medium-Duty Truck and Bus Engine Sales Revenue	N/A	$950 million	Down 7.4% from $1.07 billion in Q2 2024
Heavy-Duty Truck Engine Units Sold	N/A	29,600 units	Down 21.1% from 37,500 units in Q2 2024

The Chair and CEO noted that North America truck build rates were expected to decline sharply starting in the third quarter of 2025.

Global Power Generation customers (especially data centers, mission-critical)

This group, largely served by the Power Systems Segment, is a major growth driver, offsetting the on-highway weakness. Demand here is robust, supported by clear secular drivers.

• Power Systems Segment Sales in Q1 2025 were $1.6 billion, up 19% year-over-year.
• Power Systems Segment Sales in Q2 2025 reached $1.9 billion, up 19% year-over-year.
• North America power generation demand in Q2 2025 rose 23% year-over-year.
• Management projected data center-related revenues to rise 30% to 35% for the full year 2025.

The Distribution Segment also benefited, with North American revenues increasing 22% in Q1 2025 due to increased demand for power generation products.

Mining, construction, marine, rail, and agriculture industries

These sectors fall under the Engine Segment's traditional scope, though specific revenue breakouts aren't itemized separately from general on-highway weakness in the latest reports. However, strategic customer engagement is visible.

• The Engine Segment manufactures and markets engines for construction, farm equipment, mining, marine, and rail applications.
• The CEO highlighted a collaboration with Komatsu to develop hybrid powertrains for surface haulage heavy mining equipment.

The Power Systems Segment also serves mining, rail, and marine applications with large industrial engines.

Government and defense agencies (e.g., U.S. Army)

This customer group is served through the Power Systems Segment, which manufactures large industrial engines for defense applications. No specific 2025 financial figures were detailed for this segment in the provided earnings summaries.

Light-duty automotive manufacturers (e.g., Stellantis for Ram pickups)

These customers are part of the broader on-highway market that experienced lower demand, contributing to the Engine Segment's revenue decline. The company is focused on its HELM platforms across its X15-series portfolio, offering alternate fuel options to these and other on-highway customers.

Segment/Metric	Q1 2025 Sales	Q2 2025 Sales	Key Driver/Headwind
Engine Segment (Includes Light-Duty)	$2.8 billion	$2.9 billion	Lower on-highway demand in the U.S. and Latin America.

The overall Components Segment, which supplies products like aftertreatment and transmissions, saw sales fall 20% in Q1 2025 and 9% in Q2 2025, reflecting the downturn in the core truck markets it supports.

Finance: draft updated customer segment revenue weighting based on Q3 2025 results by next Tuesday.

Cummins Inc. (CMI) - Canvas Business Model: Cost Structure

You're looking at the major drains on Cummins Inc. (CMI)'s bottom line as of late 2025. It's a mix of heavy, long-term asset costs and significant, ongoing technology investment, plus the recent, sharp impact of market shifts in their zero-emission unit.

High fixed costs from global manufacturing and assembly plants are a given for a company this size. While specific fixed overhead isn't broken out in the latest reports, the scale of investment points to substantial ongoing costs. For instance, Capital Expenditures (CapEx) for the latest twelve months ending September 2025 peaked at $1.231 billion. Furthermore, CapEx as of September 30, 2025, was reported at $1.2B USD. These figures reflect continuous spending to maintain and upgrade the global footprint that supports the Engine and Components segments.

Significant R&D expenditure for Destination Zero and Accelera technologies is a major, recurring cost. The company has maintained its commitment to innovation, with R&D investment steady at about 4.25% of revenue as of mid-2025. This investment is clearly visible in the performance of the Accelera segment, which is driving the zero-emissions push. In the third quarter of 2025, the Accelera segment recorded an EBITDA loss of $336 million. That loss was heavily influenced by specific write-downs, but the underlying investment in future tech is a constant cost driver.

The costs associated with the Accelera segment's strategic pivots are concrete and recent. During the third quarter of 2025, Cummins recorded specific non-cash charges related to Accelera's electrolyzer business totaling $240 million. This charge broke down into a $210 million goodwill impairment and a $30 million inventory write-down. These non-cash items reflect the cost of adjusting expectations for hydrogen adoption due to policy shifts.

Costs associated with maintaining the vast global distribution and service network represent the operational backbone cost. While direct maintenance cost figures aren't itemized, the sheer scale of the Distribution segment shows the size of this cost base. In Q3 2025, the Distribution Segment generated sales of $3.0 billion. That level of revenue implies significant fixed and variable costs for parts inventory, facility upkeep, and service personnel across the globe.

When you look at the segment performance in Q3 2025, you see where the cost pressures are hitting hardest:

• Accelera Segment EBITDA Loss: $336 million.
• Engine Segment EBITDA: $261 million, down from $427 million in Q3 2024.
• Components Segment EBITDA: $292 million, down from $351 million in Q3 2024.

Here's a quick look at the Q3 2025 segment financial scale, which helps frame the cost base:

Segment	Q3 2025 Sales (USD)	Q3 2025 EBITDA (USD)
Accelera	$121 million	Loss of $336 million
Engine	$2.6 billion	$261 million
Components	$2.3 billion	$292 million
Distribution	$3.0 billion	$445 million

The company's overall Q3 2025 EBITDA was $1.2 billion, or 14.3% of sales, a drop from 16.4% of sales in Q3 2024. That margin compression is the direct result of cost pressures, including the write-downs and lower volume in economically sensitive areas like North American truck engines, where sales fell 11% year-over-year in Q3 2025. Effective cost management is definitely helping, but the structural costs remain high.

Finance: draft 13-week cash view by Friday.

Cummins Inc. (CMI) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation engine for Cummins Inc. as of late 2025. The streams are diverse, spanning traditional power to zero-emissions technology, though near-term market dynamics have introduced some volatility.

Cummins Inc. had projected a full-year 2025 revenue range that could decrease by 2% to increase by 3% year-over-year, based on the initial forecast from February 2025, using the $34.1 billion in revenue from 2024 as the base. However, due to growing economic uncertainty, particularly driven by tariffs, the company officially withdrew this full-year outlook in its first-quarter 2025 report. This means the near-term picture is less certain, but the underlying revenue sources remain the same.

The business model relies on five core segments, with Q2 2025 results showing a total revenue of $8.64 billion for the quarter. The high-margin Distribution/Aftermarket service and parts sales continue to be a strong performer; Q2 2025 Distribution revenue was reported at $3.0 billion, marking a 7% increase year-over-year. Also, the Power Systems segment delivered record profitability in Q2 2025, with sales soaring 19% year-over-year to $1.9 billion.

Here's a look at the revenue contribution by segment for the second quarter of 2025:

Revenue Stream Category (Segment)	Q2 2025 Sales Amount	Year-over-Year Change (Q2 2025 vs Q2 2024)
Distribution Segment	$3.0 billion	Up 7%
Power Systems Segment	$1.9 billion	Up 19%
Engine Segment	$2.90 billion	Down 8%
Components Segment	$2.7 billion	Down 9%
Accelera Segment (Zero-Emissions)	$105 million	Down 5%

You generate revenue across the product lifecycle, from initial equipment sales to ongoing service. The specific product lines feeding these segments translate into the following revenue drivers:

• Engine sales (diesel, natural gas, hydrogen ICEs) are primarily captured within the Engine Segment, which posted $2.90 billion in Q2 2025 sales.
• Components sales (turbochargers, aftertreatment, transmissions) are booked through the Components Segment, which saw revenues of $2.7 billion in Q2 2025.
• Power Systems sales (generators, alternators, switchgear) are the core of the Power Systems Segment, which achieved $1.9 billion in Q2 2025 sales.
• High-margin Distribution/Aftermarket service and parts sales: Q2 2025 Distribution revenue was $3.0 billion.
• Accelera sales from zero-emissions products (electrolyzers, battery systems) are reported in the Accelera segment, which had sales of $105 million in Q2 2025.

The revenue mix shows a clear split between traditional power (Engine, Components, Distribution) and future-focused areas (Power Systems strength, Accelera investment). For instance, in Q2 2025, the Engine segment revenue of $2.90 billion was down due to lower on-highway demand in the United States and Mexico, while the Power Systems segment, driven by data center demand, grew to $1.9 billion.

The full-year 2025 revenue is projected to be in the range of down 2% to up 3% from $34.1 billion in 2024, though this forecast was withdrawn as of May 2025. The Q1 2025 revenue was $8.2 billion, a 3% decrease year-over-year, showing the early impact of market softness before the guidance withdrawal.

Finance: draft 13-week cash view by Friday.