Cummins Inc. (CMI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la tecnología de poder y propulsión, Cummins Inc. se destaca como una potencia de ingeniería global, transformando industrias a través de soluciones innovadoras que combinan el rendimiento, la sostenibilidad y la excelencia tecnológica. Esta exploración integral del modelo de modelo de negocio de Cummins revela un plan estratégico que ha posicionado a la compañía como líder en tecnologías de motores diesel y de gas natural, impulsando todo, desde vehículos comerciales hasta equipos industriales con innovador ingeniería y un compromiso implacable con el avance tecnológico.

Cummins Inc. (CMI) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de automóviles

Cummins mantiene asociaciones estratégicas con los principales fabricantes de automóviles:

Fabricante	Detalles de la asociación	Año establecido
Daimler Trucks	Suministro de motor diesel para camiones de servicio pesado	1990
Ford Motor Company	Desarrollo del motor diesel para camiones de la serie F	2011
Navistar internacional	Tecnología del motor y colaboración de componentes	2013

Empresas conjuntas internacionales

Cummins ha establecido importantes empresas conjuntas internacionales:

• Dongfeng Cummins Engine Company (China) - Ventura conjunta 50/50
• Tata Cummins Private Limited (India) - 50.5% de propiedad de Cummins
• Asociación de Cummins-Komatsu para motores de equipos mineros

Investigación y colaboración tecnológica

Institución de investigación	Área de enfoque	Inversión (anual)
Instituto de Tecnología de Massachusetts	Tecnologías de combustión avanzada	$ 3.2 millones
Universidad de California, Berkeley	Soluciones de energía limpia	$ 2.7 millones

Energía limpia y asociaciones alternativas de combustible

Cummins colabora con múltiples desarrolladores de tecnología de energía limpia:

• Hydrogenics Corporation - Tecnología de celdas de combustible de hidrógeno
• Ballard Power Systems - Desarrollo del tren motriz de combustible
• NEXTERA Energy - Integración de energía renovable

Inversión total de I + D en asociaciones: $ 127.5 millones (2023)

Número de asociaciones globales activas: 42 (a partir de 2024)

Cummins Inc. (CMI) - Modelo de negocio: actividades clave

Diseño y fabricación de motores diesel y de gas natural

En 2023, Cummins produjo aproximadamente 1,2 millones de motores en varios segmentos. La capacidad de producción anual del motor abarca múltiples instalaciones a nivel mundial.

Tipo de motor	Volumen de producción anual	Mercados clave
Motores diesel	850,000 unidades	Transporte comercial, construcción
Motores de gas natural	350,000 unidades	Generación de energía, transporte

Producción de sistemas y componentes de generación de energía

Cummins genera aproximadamente $ 6.7 mil millones en ingresos anuales del segmento de sistemas de energía.

• Capacidad de producción del Genset: 250,000 unidades anualmente
• Rango de potencia: 5 kW a 3,500 kW
• Instalaciones de fabricación global en 12 países

Investigación y desarrollo de tecnologías de propulsión avanzadas

La inversión en I + D en 2023 alcanzó $ 892 millones, lo que representa el 4.2% de los ingresos totales de la compañía.

Enfoque tecnológico	Inversión anual de I + D
Electrificación	$ 312 millones
Propulsión de hidrógeno	$ 245 millones
Motores híbridos	$ 335 millones

Piezas y soporte de servicio del mercado de accesorios globales

El segmento del mercado de accesorios genera $ 4.5 mil millones en ingresos anuales con más de 1,500 ubicaciones de servicios en todo el mundo.

• Soporte técnico global 24/7
• Más de 50,000 números de piezas diferentes en el inventario
• Volación promedio de inventario: 4.2 veces al año

Control de emisiones y desarrollo de tecnología sostenible

Comprometió $ 1.1 mil millones para el desarrollo de tecnología sostenible en 2023.

Iniciativa de sostenibilidad	Inversión
Tecnologías de emisión cero	$ 475 millones
Tecnologías de reducción de emisiones	$ 385 millones
Proyectos de economía circular	$ 240 millones

Cummins Inc. (CMI) - Modelo de negocio: recursos clave

Ingeniería avanzada y capacidades de I + D

Cummins invirtió $ 739 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene 16 centros de tecnología global en 4 continentes, empleando a más de 7,500 profesionales de ingeniería.

I + D Métrica	Datos 2022
Gastos totales de I + D	$ 739 millones
Centros de tecnología global	16
Profesionales de ingeniería	7,500+

Instalaciones de fabricación global

Cummins opera más de 500 instalaciones de fabricación en 29 países, con una presencia significativa en América del Norte, Europa, Asia y América del Sur.

Huella de fabricación	Detalles
Instalaciones de fabricación totales	500+
Países con fabricación	29

Cartera de propiedades intelectuales

Cummins posee más de 8,500 patentes activas a nivel mundial, con una propiedad intelectual significativa en la tecnología de motores diesel, la reducción de emisiones y los sistemas de energía alternativos.

Fuerza laboral hábil

A partir de 2022, Cummins empleó a 59,900 trabajadores en todo el mundo, con un 62% ubicado fuera de los Estados Unidos.

Composición de la fuerza laboral	Datos 2022
Total de empleados	59,900
Empleados fuera de nosotros	62%

Red de cadena de suministro y distribución

Cummins mantiene una sólida red de distribución global con:

• Más de 7,200 ubicaciones de servicio autorizadas
• Más de 600 distribuidores en todo el mundo
• Centros de distribución de piezas en 14 países

Destacados de recursos estratégicos clave:

• Capacidades de ingeniería global
• Infraestructura de fabricación extensa
• Propiedad intelectual integral
• Fuerza laboral diversa y técnicamente calificada
• Red de distribución expansiva

Cummins Inc. (CMI) - Modelo de negocio: propuestas de valor

Soluciones de energía confiables y de alto rendimiento para múltiples industrias

Cummins genera $ 28.1 mil millones en ingresos anuales a partir de 2023, con soluciones de energía que abarcan múltiples sectores:

Industria	Tipo de solución de potencia	Cuota de mercado
Construcción	Motores diesel	35%
Minería	Generadores de servicio pesado	28%
Agricultura	Sistemas de energía integrados	22%
Transporte	Motores de vehículos comerciales	40%

Reducción de emisiones avanzadas y ofertas de tecnología sostenible

Cummins invierte $ 700 millones anuales en tecnologías de sostenibilidad:

• Tecnologías de pila de combustible de hidrógeno
• Trenes automáticos eléctricos de batería
• Diseños de motores bajos en carbono
• Soluciones de emisiones cero

Rango integral de productos desde motores hasta sistemas de energía completos

Categoría de productos	Volumen de producción anual	Rango de precios promedio
Motores diesel	500,000 unidades	$15,000 - $250,000
Generadores	250,000 unidades	$5,000 - $500,000
Sistemas de energía completos	100,000 unidades	$50,000 - $2,000,000

Fuerte enfoque en la innovación tecnológica y la eficiencia

Inversión de I + D: $ 1.2 mil millones en 2023, que representa el 4.3% de los ingresos totales.

• 7,500 patentes activas
• 3.200 ingenieros en los departamentos de investigación
• 15 Centros de Tecnología Global

Red de servicio y soporte global

Región	Centros de servicio	Ingresos de servicio anuales
América del norte	650	$ 4.5 mil millones
Europa	400	$ 2.8 mil millones
Asia-Pacífico	500	$ 3.2 mil millones

Cummins Inc. (CMI) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con los principales clientes industriales

Cummins mantiene contratos estratégicos a largo plazo con clientes industriales clave, que incluyen:

Sector cliente	Duración del contrato	Valor anual estimado
Industria minera	5-10 años	$ 375 millones
Transporte	3-7 años	$ 642 millones
Equipo de construcción	4-8 años	$ 289 millones

Soporte técnico y desarrollo de soluciones personalizadas

Cummins proporciona soporte técnico integral con las siguientes métricas:

• Centros de soporte técnico global: 47
• Tiempo de respuesta promedio: 2.3 horas
• Inversión anual en I + D: $ 710 millones
• Tasa de desarrollo de soluciones personalizadas: 78% de las solicitudes del cliente

Plataformas digitales para la participación y servicio del cliente

Plataforma digital	Usuarios activos	Cobertura de servicio
MyConnectedDiagnóstico	132,000	Gestión de la flota global
QuickServe Online	87,500	Sistema de pedidos de piezas

Equipos de servicio al cliente dedicados

La infraestructura de servicio al cliente incluye:

• Representantes de servicio al cliente total: 2,340
• Idiomas compatibles: 16
• Calificación promedio de satisfacción del cliente: 4.6/5
• Disponibilidad de soporte 24/7: 92% de las operaciones globales

Programas continuos de mejora del rendimiento del producto

Métricas de mejora del rendimiento:

Área de mejora	Inversión anual	Ganancia de eficiencia
Rendimiento del motor	$ 230 millones	7.2% de mejora de la eficiencia del combustible
Reducción de emisiones	$ 185 millones	12% de reducción de emisiones

Cummins Inc. (CMI) - Modelo de negocios: canales

Fuerza de ventas directa para mercados industriales y comerciales

Cummins opera una fuerza de ventas directa global de 3.200 representantes de ventas en 190 países. En 2023, su equipo de ventas directas generó $ 24.1 mil millones en ingresos, cubriendo mercados industriales, comerciales y de generación de energía.

Canal de ventas	Número de representantes	Cobertura geográfica
Mercados industriales	1,450	América del Norte, Europa, Asia
Mercados comerciales	1,050	Presencia global
Generación de energía	700	Mercados emergentes

Redes autorizadas de distribuidores y distribuidores

Cummins mantiene 7.200 distribuidores y distribuidores autorizados en todo el mundo, cubriendo los territorios críticos de servicios y ventas.

• América del Norte: 2.100 distribuidores
• Europa: 1.500 distribuidores
• Asia-Pacífico: 2.300 distribuidores
• Medio Oriente y África: 1.300 distribuidores

Plataformas de ventas en línea y marketing digital

En 2023, Cummins invirtió $ 142 millones en transformación digital, con plataformas de ventas en línea que generan $ 3.6 mil millones en ingresos.

Plataforma digital	Ingresos anuales	Base de usuarios
Portal de comercio electrónico	$ 1.8 mil millones	85,000 clientes comerciales registrados
Tienda en línea de piezas	$ 1.2 mil millones	62,000 usuarios registrados
Reserva de servicios digitales	$ 600 millones	45,000 transacciones de servicio

Ferias comerciales y conferencias de la industria

Cummins participó en 87 ferias internacionales en 2023, con un alcance de marketing estimado de 2.4 millones de profesionales de la industria.

Soporte técnico y centros de servicio en todo el mundo

Cummins opera 1.250 Centros de soporte técnico y servicios a nivel mundial, con 9,800 técnicos certificados que brindan soporte las 24 horas, los 7 días de la semana.

Región	Centros de servicio	Tiempo de respuesta promedio
América del norte	450	2.3 horas
Europa	310	3.1 horas
Asia-Pacífico	380	2.7 horas
Medio Oriente y África	110	4.2 horas

Cummins Inc. (CMI) - Modelo de negocio: segmentos de clientes

Fabricantes de vehículos comerciales

Cummins sirve a los principales fabricantes de camiones con motores diesel y de gas natural:

Fabricante	Cuota de mercado	Volumen anual del motor
Navistar internacional	25%	45,000 motores
Paccar Inc.	35%	65,000 motores
Daimler Trucks Norteamérica	40%	75,000 motores

Empresas de equipos de construcción y minería

Clientes clave en el sector de equipos pesados:

• Caterpillar Inc.
• Komatsu Ltd.
• Maquinaria de construcción de hitachi

Cliente	Producción de equipos anuales	Penetración del motor de Cummins
Oruga	300,000 unidades	45%
Komatsu	180,000 unidades	35%

Productores de maquinaria agrícola

Principales fabricantes de equipos agrícolas:

• John Deere
• Caso IH
• Agricultura de New Holanda

Fabricante	Cuota de mercado global	Uso del motor de Cummins
John Deere	28%	40%
Caso IH	22%	50%

Generación de energía y mercados de equipos industriales

Segmentos de clientes de generación de energía:

Segmento de mercado	Ingresos anuales	Cuota de mercado de Cummins
Conjuntos de generadores diesel	$ 4.2 mil millones	38%
Generación de energía estacionaria	$ 3.7 mil millones	32%

Industrias de transporte marino y ferroviario

Detalles del suministro marino y de ferrocarril:

Segmento de transporte	Producción anual de motor	Penetración del mercado de Cummins
Propulsión marina	12,000 motores	28%
Motores de locomotoras de riel	8,500 motores	22%

Cummins Inc. (CMI) - Modelo de negocio: Estructura de costos

Investigación de investigación y desarrollo

En 2023, Cummins invirtió $ 881 millones en investigación y desarrollo, lo que representa el 4.3% de los ingresos totales. Las áreas de enfoque clave incluyen:

• Tecnologías avanzadas del motor
• Electrificación y soluciones de energía alternativas
• Tecnologías de reducción de emisiones

Gastos de fabricación y operación global

Ubicación de fabricación	Costos operativos anuales	Número de instalaciones
Estados Unidos	$ 1.2 mil millones	32
Porcelana	$ 450 millones	15
India	$ 320 millones	12

Costos de gestión de la cadena de suministro y logística

Gastos anuales de gestión de la cadena de suministro: $ 675 millones, con componentes clave que incluyen:

• Adquisición: $ 285 millones
• Transporte y logística: $ 390 millones

Inversiones de infraestructura laboral y tecnológica

Costos totales de infraestructura de mano de obra y tecnología en 2023: $ 1.4 mil millones

Categoría de costos	Gasto anual
Salario de empleados	$ 1.1 mil millones
Infraestructura tecnológica	$ 300 millones

Desarrollo de tecnología de cumplimiento y emisión

Gastos relacionados con el cumplimiento: $ 220 millones en 2023

• Desarrollo de tecnología de emisiones: $ 180 millones
• Monitoreo de cumplimiento regulatorio: $ 40 millones

Estructura de costos totales para 2023: $ 3.2 mil millones

Cummins Inc. (CMI) - Modelo de negocio: flujos de ingresos

Venta de motor y componentes

En 2022, Cummins reportó ingresos totales de $ 24.0 mil millones. Los ingresos del segmento del motor fueron de aproximadamente $ 10.2 mil millones.

Desglose de ingresos del segmento del motor	Cantidad de 2022
Motores de camiones de servicio pesado	$ 5.6 mil millones
Motores de camiones de servicio mediano	$ 2.3 mil millones
Motores fuera de carretera	$ 2.3 mil millones

Power Generation System Revenues

Power Systems segment generated revenues of $6.7 billion in 2022.

• Sistemas de generación de energía distribuidos: $ 3.2 mil millones
• Generación de energía estacionaria: $ 2.5 mil millones
• Soluciones de energía electrificadas: $ 1.0 mil millones

Piezas y contratos de servicio del mercado de accesorios

Los ingresos del mercado de accesorios en 2022 alcanzaron los $ 5.5 mil millones.

Categorías de ingresos del mercado de accesorios	Cantidad de 2022
Venta de piezas de repuesto	$ 3.8 mil millones
Ingresos del contrato de servicio	$ 1.7 mil millones

Soporte técnico y servicios de consultoría

Los servicios técnicos contribuyeron aproximadamente $ 800 millones a los ingresos totales en 2022.

Ofertas de soluciones digitales y basadas en tecnología

Las soluciones digitales y los servicios basados ​​en tecnología generaron aproximadamente $ 500 millones en ingresos durante 2022.

• Soluciones conectadas: $ 250 millones
• Diagnóstico digital: $ 150 millones
• Servicios de monitoreo remoto: $ 100 millones

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.