Cummins Inc. (CMI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des technologies de puissance et de propulsion, Cummins Inc. est une puissance d'ingénierie mondiale, transformant les industries à travers des solutions innovantes qui mélangent la performance, la durabilité et l'excellence technologique. Cette exploration complète de la toile du modèle commercial de Cummins révèle un plan stratégique qui a positionné l'entreprise en tant que leader dans les technologies de moteur diesel et de gaz naturel, alimentant tout, des véhicules commerciaux aux équipements industriels avec avant-gardiste L'ingénierie et un engagement implacable dans les progrès technologiques.

Cummins Inc. (CMI) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les constructeurs automobiles

Cummins maintient des partenariats stratégiques avec les principaux constructeurs automobiles:

Fabricant	Détails du partenariat	Année établie
Camions de daimler	Alimentation du moteur diesel pour les camions lourds	1990
Ford Motor Company	Développement du moteur diesel pour les camions de la série F	2011
Navistar International	Collaboration technologique et composants du moteur	2013

Coentreprises internationales

Cummins a établi d'importantes coentreprises internationales:

• Dongfeng Cummins Engine Company (Chine) - 50/50 coentreprise
• Tata Cummins Private Limited (Inde) - 50,5%
• Cummins-Komatsu Partnership for Mining Equipment Moteurs

Collaboration de recherche et de technologie

Institution de recherche	Domaine de mise au point	Investissement (annuel)
Institut de technologie du Massachusetts	Technologies de combustion avancées	3,2 millions de dollars
Université de Californie, Berkeley	Solutions d'énergie propre	2,7 millions de dollars

Énergie propre et partenariats alternatifs en carburant

Cummins collabore avec plusieurs développeurs de technologies de l'énergie propre:

• Hydrogenics Corporation - Technologie des piles à combustible à hydrogène
• Ballard Power Systems - Développement du groupe motopropulseur à pile à combustible
• Nextera Energy - Intégration d'énergie renouvelable

Investissement total de R&D dans les partenariats: 127,5 millions de dollars (2023)

Nombre de partenariats mondiaux actifs: 42 (à partir de 2024)

Cummins Inc. (CMI) - Modèle d'entreprise: activités clés

Conception et fabrication de moteurs diesel et gaz naturel

En 2023, Cummins a produit environ 1,2 million de moteurs sur divers segments. La capacité de production annuelle du moteur s'étend sur plusieurs installations dans le monde.

Type de moteur	Volume de production annuel	Marchés clés
Moteurs diesel	850 000 unités	Camionnage commercial, construction
Moteurs à gaz naturel	350 000 unités	Production d'électricité, transport

Production de systèmes et de composants de production d'électricité

Cummins génère environ 6,7 milliards de dollars de revenus annuels du segment des systèmes électriques.

• Capacité de production de Genset: 250 000 unités par an
• Plage de puissance: 5 kW à 3 500 kW
• Installations de fabrication mondiale dans 12 pays

Recherche et développement des technologies avancées de propulsion

L'investissement en R&D en 2023 a atteint 892 millions de dollars, ce qui représente 4,2% du total des revenus de l'entreprise.

Focus technologique	Investissement annuel de R&D
Électrification	312 millions de dollars
Propulsion hydrogène	245 millions de dollars
Groupes motopropulseurs hybrides	335 millions de dollars

Pièces de rechange mondiales et support de service

Le segment du marché secondaire génère 4,5 milliards de dollars de revenus annuels avec plus de 1 500 emplacements de service dans le monde.

• Support technique mondial 24/7
• Plus de 50 000 numéros de pièces différents dans l'inventaire
• Rétallage moyen des stocks: 4,2 fois par an

Contrôle des émissions et développement de technologies durables

A engagé 1,1 milliard de dollars pour le développement des technologies durables en 2023.

Initiative de durabilité	Investissement
Technologies zéro émission	475 millions de dollars
Technologies de réduction des émissions	385 millions de dollars
Projets d'économie circulaire	240 millions de dollars

Cummins Inc. (CMI) - Modèle d'entreprise: Ressources clés

Ingénierie avancée et capacités de R&D

Cummins a investi 739 millions de dollars dans les frais de recherche et de développement en 2022. La société maintient 16 centres de technologie mondiaux sur 4 continents, employant plus de 7 500 professionnels de l'ingénierie.

Métrique de R&D	2022 données
Dépenses totales de R&D	739 millions de dollars
Centres technologiques mondiaux	16
Professionnels de l'ingénierie	7,500+

Installations de fabrication mondiale

Cummins exploite plus de 500 installations de fabrication dans 29 pays, avec une présence significative en Amérique du Nord, en Europe, en Asie et en Amérique du Sud.

Empreinte de fabrication	Détails
Installations de fabrication totale	500+
Pays avec fabrication	29

Portefeuille de propriété intellectuelle

Cummins détient plus de 8 500 brevets actifs dans le monde, avec une propriété intellectuelle importante dans la technologie du moteur diesel, la réduction des émissions et les systèmes d'alimentation alternatifs.

Main-d'œuvre qualifiée

En 2022, Cummins employait 59 900 travailleurs dans le monde, avec 62% situés à l'extérieur des États-Unis.

Composition de la main-d'œuvre	2022 données
Total des employés	59,900
Employés à l'extérieur de nous	62%

Chaîne d'approvisionnement et réseau de distribution

Cummins maintient un réseau mondial robuste avec:

• 7 200 emplacements de services autorisés
• 600+ distributeurs dans le monde
• Centres de distribution de pièces dans 14 pays

Souvailles des ressources stratégiques clés:

• Capacités d'ingénierie mondiales
• Infrastructure de fabrication étendue
• Propriété intellectuelle complète
• Main-d'œuvre diversifiée et techniquement qualifiée
• Réseau de distribution expansif

Cummins Inc. (CMI) - Modèle d'entreprise: propositions de valeur

Solutions de pouvoir hautes performances et fiables pour plusieurs industries

Cummins génère 28,1 milliards de dollars de revenus annuels à partir de 2023, avec des solutions électriques couvrant plusieurs secteurs:

Industrie	Type de solution d'alimentation	Part de marché
Construction	Moteurs diesel	35%
Exploitation minière	Générateurs lourds	28%
Agriculture	Systèmes d'alimentation intégrés	22%
Transport	Moteurs de véhicules commerciaux	40%

Réduction avancée des émissions et offres de technologies durables

Cummins investit 700 millions de dollars par an dans les technologies de durabilité:

• Technologies de piles à combustible à hydrogène
• Groupes motopropulseurs électriques à batterie
• Conceptions de moteurs à faible teneur en carbone
• Solutions zéro-émissions

Plage de produits complète des moteurs à des systèmes d'alimentation complets

Catégorie de produits	Volume de production annuel	Fourchette de prix moyenne
Moteurs diesel	500 000 unités	$15,000 - $250,000
Générateurs	250 000 unités	$5,000 - $500,000
Systèmes d'alimentation complets	100 000 unités	$50,000 - $2,000,000

Focus sur l'innovation et l'efficacité technologiques

Investissement en R&D: 1,2 milliard de dollars en 2023, ce qui représente 4,3% des revenus totaux.

• 7 500 brevets actifs
• 3 200 ingénieurs dans les services de recherche
• 15 centres de technologie mondiaux

Réseau mondial de services et de support

Région	Centres de service	Revenus de services annuels
Amérique du Nord	650	4,5 milliards de dollars
Europe	400	2,8 milliards de dollars
Asie-Pacifique	500	3,2 milliards de dollars

Cummins Inc. (CMI) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des clients industriels majeurs

Cummins maintient des contrats stratégiques à long terme avec des clients industriels clés, notamment:

Secteur des clients	Durée du contrat	Valeur annuelle estimée
Industrie minière	5-10 ans	375 millions de dollars
Transport	3-7 ans	642 millions de dollars
Équipement de construction	4-8 ans	289 millions de dollars

Support technique et développement de solutions personnalisés

Cummins fournit un support technique complet avec les mesures suivantes:

• Centres de soutien technique mondial: 47
• Temps de réponse moyen: 2,3 heures
• Investissement annuel dans la R&D: 710 millions de dollars
• Taux de développement de la solution personnalisée: 78% des demandes des clients

Plateformes numériques pour l'engagement et le service des clients

Plate-forme numérique	Utilisateurs actifs	Couverture de service
MyConnectedDiagnostics	132,000	Gestion mondiale de la flotte
QuickServe en ligne	87,500	Système de commande de pièces

Équipes de service client dédiées

L'infrastructure du service client comprend:

• Représentants totaux du service à la clientèle: 2 340
• Langues soutenues: 16
• Évaluation moyenne de satisfaction du client: 4.6 / 5
• Disponibilité du support 24/7: 92% des opérations mondiales

Programmes d'amélioration des performances continues des produits

Mesures d'amélioration des performances:

Zone d'amélioration	Investissement annuel	Gain d'efficacité
Performance du moteur	230 millions de dollars	Amélioration de l'efficacité énergétique de 7,2%
Réduction des émissions	185 millions de dollars	12% de réduction des émissions

Cummins Inc. (CMI) - Modèle d'entreprise: canaux

Force de vente directe pour les marchés industriels et commerciaux

Cummins exploite une force de vente directe mondiale de 3 200 représentants commerciaux dans 190 pays. En 2023, leur équipe de vente directe a généré 24,1 milliards de dollars de revenus, couvrant les marchés industriels, commerciaux et de production d'électricité.

Canal de vente	Nombre de représentants	Couverture géographique
Marchés industriels	1,450	Amérique du Nord, Europe, Asie
Marchés commerciaux	1,050	Présence mondiale
Production d'électricité	700	Marchés émergents

Réseaux de concessionnaires et de distributeurs autorisés

Cummins maintient 7 200 concessionnaires et distributeurs autorisés dans le monde entier, couvrant les services critiques et les territoires de vente.

• Amérique du Nord: 2 100 concessionnaires
• Europe: 1 500 concessionnaires
• Asie-Pacifique: 2 300 concessionnaires
• Moyen-Orient et Afrique: 1 300 concessionnaires

Plateformes de vente en ligne et marketing numérique

En 2023, Cummins a investi 142 millions de dollars dans la transformation numérique, avec des plateformes de vente en ligne générant 3,6 milliards de dollars de revenus.

Plate-forme numérique	Revenus annuels	Base d'utilisateurs
Portail de commerce électronique	1,8 milliard de dollars	85 000 clients commerciaux enregistrés
Magasin en ligne des pièces	1,2 milliard de dollars	62 000 utilisateurs enregistrés
Réservation de services numériques	600 millions de dollars	45 000 transactions de service

Salons commerciaux et conférences de l'industrie

Cummins a participé à 87 salons internationaux en 2023, avec une portée marketing estimée de 2,4 millions de professionnels de l'industrie.

Centres de support technique et de service dans le monde entier

Cummins exploite 1 250 centres de support technique et de service dans le monde, avec 9 800 techniciens certifiés fournissant un soutien 24/7.

Région	Centres de service	Temps de réponse moyen
Amérique du Nord	450	2,3 heures
Europe	310	3,1 heures
Asie-Pacifique	380	2,7 heures
Moyen-Orient et Afrique	110	4,2 heures

Cummins Inc. (CMI) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules commerciaux

Cummins sert de grands fabricants de camions avec des moteurs diesel et au gaz naturel:

Fabricant	Part de marché	Volume annuel du moteur
Navistar International	25%	45 000 moteurs
PACCAR Inc.	35%	65 000 moteurs
Daimler Trucks Amérique du Nord	40%	75 000 moteurs

Companies d'équipement de construction et d'exploitation

Clients clés dans le secteur des équipements lourds:

• Caterpillar Inc.
• Komatsu Ltd.
• Hitachi Construction Machinery

Client	Production annuelle d'équipement	Pénétration du moteur Cummins
Chenille	300 000 unités	45%
Komatsu	180 000 unités	35%

Producteurs de machines agricoles

Principaux fabricants d'équipements agricoles:

• John Deere
• Cas ih
• Nouvelle-Hollande Agriculture

Fabricant	Part de marché mondial	Utilisation du moteur Cummins
John Deere	28%	40%
Cas ih	22%	50%

Marchés de production d'électricité et d'équipement industriel

Segments de clientèle de production d'électricité:

Segment de marché	Revenus annuels	Part de marché Cummins
Ensembles de générateurs diesel	4,2 milliards de dollars	38%
Génération d'électricité stationnaire	3,7 milliards de dollars	32%

Industries du transport marin et ferroviaire

Détails de l'alimentation du moteur marin et ferroviaire:

Segment des transports	Production annuelle du moteur	Pénétration du marché de Cummins
Propulsion marine	12 000 moteurs	28%
Moteurs de locomotive ferroviaire	8 500 moteurs	22%

Cummins Inc. (CMI) - Modèle d'entreprise: Structure des coûts

Investissement de la recherche et du développement

En 2023, Cummins a investi 881 millions de dollars dans la recherche et le développement, ce qui représente 4,3% des revenus totaux. Les principaux domaines d'intérêt comprennent:

• Technologies de moteur avancées
• Solutions d'électrification et d'alimentation alternative
• Technologies de réduction des émissions

Frais de fabrication mondiale et opérationnels

Emplacement de fabrication	Coûts opérationnels annuels	Nombre d'installations
États-Unis	1,2 milliard de dollars	32
Chine	450 millions de dollars	15
Inde	320 millions de dollars	12

Coûts de gestion de la chaîne d'approvisionnement et de la logistique

Dépenses annuelles de gestion de la chaîne d'approvisionnement: 675 millions de dollars, avec des composants clés, notamment:

• Procurement: 285 millions de dollars
• Transport et logistique: 390 millions de dollars

Investissements sur les infrastructures du travail et de la technologie

Total des coûts d'infrastructure de main-d'œuvre et de technologie en 2023: 1,4 milliard de dollars

Catégorie de coûts	Dépenses annuelles
Salaire des employés	1,1 milliard de dollars
Infrastructure technologique	300 millions de dollars

Développement de la technologie de la conformité et des émissions

Dépenses liées à la conformité: 220 millions de dollars en 2023

• Développement de la technologie des émissions: 180 millions de dollars
• Surveillance de la conformité réglementaire: 40 millions de dollars

Structure totale des coûts pour 2023: 3,2 milliards de dollars

Cummins Inc. (CMI) - Modèle d'entreprise: Strots de revenus

Ventes de moteurs et de composants

En 2022, Cummins a déclaré un chiffre d'affaires total de 24,0 milliards de dollars. Les revenus du segment des moteurs étaient d'environ 10,2 milliards de dollars.

Répartition des revenus du segment du moteur	2022 Montant
Moteurs de camions en service lourd	5,6 milliards de dollars
Moteurs de camions moyens	2,3 milliards de dollars
Moteurs hors route	2,3 milliards de dollars

Revenus du système de production d'énergie

Le segment des systèmes électriques a généré des revenus de 6,7 milliards de dollars en 2022.

• Systèmes de production d'électricité distribués: 3,2 milliards de dollars
• Génération d'énergie stationnaire: 2,5 milliards de dollars
• Solutions électriques électrifiées: 1,0 milliard de dollars

Pièces de rechange et contrats de service

Les revenus du marché secondaire en 2022 ont atteint 5,5 milliards de dollars.

Catégories de revenus du marché secondaire	2022 Montant
Ventes de pièces de remplacement	3,8 milliards de dollars
Revenus de contrat de service	1,7 milliard de dollars

Services de support technique et de conseil

Les services techniques ont contribué à environ 800 millions de dollars aux revenus totaux en 2022.

Offres de solutions numériques et basées sur la technologie

Les solutions numériques et les services basés sur la technologie ont généré environ 500 millions de dollars de revenus en 2022.

• Solutions connectées: 250 millions de dollars
• Diagnostics numériques: 150 millions de dollars
• Services de surveillance à distance: 100 millions de dollars

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.