Cummins Inc. (CMI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da tecnologia de poder e propulsão, a Cummins Inc. é uma potência global de engenharia, transformando as indústrias por meio de soluções inovadoras que combinam desempenho, sustentabilidade e excelência tecnológica. Essa exploração abrangente da Canvas de modelo de negócios da Cummins revela um plano estratégico que posicionou a empresa como líder em tecnologias de motores a diesel e gás natural, alimentando tudo, desde veículos comerciais a equipamentos industriais com ponta Engenharia e um compromisso implacável com o avanço tecnológico.

Cummins Inc. (CMI) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com fabricantes de automóveis

A Cummins mantém parcerias estratégicas com os principais fabricantes automotivos:

Fabricante	Detalhes da parceria	Ano estabelecido
Caminhões daimler	Suprimento de motor a diesel para caminhões pesados	1990
Ford Motor Company	Desenvolvimento de motor a diesel para caminhões da série F	2011
Navistar International	Tecnologia do motor e colaboração de componentes	2013

Túmulos de Joint International

A Cummins estabeleceu joint ventures internacionais significativos:

• Dongfeng Cummins Engine Company (China) - 50/50 joint venture
• Tata Cummins Private Limited (Índia) - 50,5% de propriedade da Cummins
• Parceria Cummins-Komatsu para motores de equipamentos de mineração

Colaboração de pesquisa e tecnologia

Instituição de pesquisa	Área de foco	Investimento (anual)
Instituto de Tecnologia de Massachusetts	Tecnologias de combustão avançada	US $ 3,2 milhões
Universidade da Califórnia, Berkeley	Soluções de energia limpa	US $ 2,7 milhões

Energia limpa e parcerias alternativas de combustível

A Cummins colabora com vários desenvolvedores de tecnologia de energia limpa:

• Hydrogenics Corporation - Tecnologia de células a combustível de hidrogênio
• Ballard Power Systems - Desenvolvimento do trem de força de células de combustível
• NextEra Energy - Integração de energia renovável

Investimento total de P&D em parcerias: US $ 127,5 milhões (2023)

Número de parcerias globais ativas: 42 (a partir de 2024)

Cummins Inc. (CMI) - Modelo de Negócios: Atividades -chave

Projeto e fabricação de motores a diesel e gás natural

Em 2023, a Cummins produziu aproximadamente 1,2 milhão de motores em vários segmentos. A capacidade de produção anual do motor abrange várias instalações globalmente.

Tipo de motor	Volume anual de produção	Mercados -chave
Motores a diesel	850.000 unidades	Caminhões comerciais, construção
Motores a gás natural	350.000 unidades	Geração de energia, transporte

Produção de sistemas e componentes de geração de energia

A Cummins gera aproximadamente US $ 6,7 bilhões em receita anual do segmento de sistemas de energia.

• Capacidade de produção do grupo de generosas: 250.000 unidades anualmente
• Faixa de potência: 5 kW a 3.500 kW
• Instalações de fabricação global em 12 países

Pesquisa e desenvolvimento de tecnologias avançadas de propulsão

O investimento em P&D em 2023 atingiu US $ 892 milhões, representando 4,2% da receita total da empresa.

Foco em tecnologia	Investimento anual de P&D
Eletrificação	US $ 312 milhões
Propulsão de hidrogênio	US $ 245 milhões
Trins elétricos híbridos	US $ 335 milhões

Suporte global de peças e serviços de pós -venda

O segmento de pós -venda gera US $ 4,5 bilhões em receita anual, com mais de 1.500 locais de serviço em todo o mundo.

• Suporte técnico global 24/7
• Mais de 50.000 números de peça diferentes no inventário
• Rotatividade média de estoque: 4,2 vezes por ano

Controle de emissões e desenvolvimento de tecnologia sustentável

Comprometido US $ 1,1 bilhão em relação ao desenvolvimento de tecnologia sustentável em 2023.

Iniciativa de Sustentabilidade	Investimento
Tecnologias de emissão zero	US $ 475 milhões
Tecnologias de redução de emissões	US $ 385 milhões
Projetos de economia circular	US $ 240 milhões

Cummins Inc. (CMI) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia e P&D

A Cummins investiu US $ 739 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém 16 centros de tecnologia global em 4 continentes, empregando mais de 7.500 profissionais de engenharia.

Métrica de P&D	2022 dados
Despesas totais de P&D	US $ 739 milhões
Centros de Tecnologia Global	16
Profissionais de engenharia	7,500+

Instalações de fabricação globais

A Cummins opera mais de 500 instalações de fabricação em 29 países, com presença significativa na América do Norte, Europa, Ásia e América do Sul.

Pegada de fabricação	Detalhes
Total de instalações de fabricação	500+
Países com fabricação	29

Portfólio de propriedade intelectual

A Cummins detém mais de 8.500 patentes ativas em todo o mundo, com propriedade intelectual significativa na tecnologia de motores a diesel, redução de emissões e sistemas alternativos de energia.

Força de trabalho qualificada

A partir de 2022, a Cummins empregou 59.900 trabalhadores em todo o mundo, com 62% localizados fora dos Estados Unidos.

Composição da força de trabalho	2022 dados
Total de funcionários	59,900
Funcionários fora de nós	62%

Cadeia de suprimentos e rede de distribuição

Cummins mantém uma rede de distribuição global robusta com:

• 7.200 mais de locais de serviço autorizados
• Mais de 600 distribuidores em todo o mundo
• Centros de distribuição de peças em 14 países

Principais recursos estratégicos destaques:

• Recursos de engenharia global
• Extensa infraestrutura de fabricação
• Propriedade intelectual abrangente
• Força de trabalho diversa e tecnicamente qualificada
• Rede de distribuição expansiva

Cummins Inc. (CMI) - Modelo de Negócios: Proposições de Valor

Soluções de energia confiáveis ​​e de alto desempenho para vários setores

A Cummins gera US $ 28,1 bilhões em receita anual em 2023, com soluções de energia abrangendo vários setores:

Indústria	Tipo de solução de energia	Quota de mercado
Construção	Motores a diesel	35%
Mineração	Geradores de serviço pesado	28%
Agricultura	Sistemas de energia integrados	22%
Transporte	Motores de veículos comerciais	40%

Ofertas avançadas de redução de emissões e tecnologia sustentável

A Cummins investe US $ 700 milhões anualmente em tecnologias de sustentabilidade:

• Tecnologias de células a combustíveis de hidrogênio
• Trins elétricos com bateria
• Projetos de motor de baixo carbono
• Soluções de emissões zero

Produtos abrangentes variam de motores a sistemas de energia completos

Categoria de produto	Volume anual de produção	Faixa de preço médio
Motores a diesel	500.000 unidades	$15,000 - $250,000
Geradores	250.000 unidades	$5,000 - $500,000
Sistemas de energia completos	100.000 unidades	$50,000 - $2,000,000

Forte foco na inovação e eficiência tecnológica

Investimento em P&D: US $ 1,2 bilhão em 2023, representando 4,3% da receita total.

• 7.500 patentes ativas
• 3.200 engenheiros em departamentos de pesquisa
• 15 centros de tecnologia global

Rede de Serviço e Suporte Global

Região	Centros de serviço	Receita anual de serviço
América do Norte	650	US $ 4,5 bilhões
Europa	400	US $ 2,8 bilhões
Ásia-Pacífico	500	US $ 3,2 bilhões

Cummins Inc. (CMI) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com os principais clientes industriais

A Cummins mantém contratos estratégicos de longo prazo com os principais clientes industriais, incluindo:

Setor de clientes	Duração do contrato	Valor anual estimado
Indústria de mineração	5-10 anos	US $ 375 milhões
Transporte	3-7 anos	US $ 642 milhões
Equipamento de construção	4-8 anos	US $ 289 milhões

Suporte técnico e desenvolvimento de soluções personalizadas

A Cummins fornece suporte técnico abrangente com as seguintes métricas:

• Centros de Suporte Técnico Global: 47
• Tempo médio de resposta: 2,3 horas
• Investimento anual em P&D: US $ 710 milhões
• Taxa de desenvolvimento de soluções personalizadas: 78% das solicitações do cliente

Plataformas digitais para envolvimento e serviço do cliente

Plataforma digital	Usuários ativos	Cobertura de serviço
MyConnectedDiagnósticos	132,000	Gerenciamento global da frota
QuickServe online	87,500	Sistema de pedidos de peças

Equipes de atendimento ao cliente dedicadas

A infraestrutura de atendimento ao cliente inclui:

• Representantes totais de atendimento ao cliente: 2.340
• Idiomas suportados: 16
• Classificação média de satisfação do cliente: 4.6/5
• Disponibilidade de suporte 24/7: 92% das operações globais

Programas contínuos de melhoria de desempenho do produto

Métricas de melhoria de desempenho:

Área de melhoria	Investimento anual	Ganho de eficiência
Desempenho do motor	US $ 230 milhões	7,2% de melhoria da eficiência de combustível
Redução de emissões	US $ 185 milhões	12% de redução de emissões

Cummins Inc. (CMI) - Modelo de Negócios: Canais

Força de vendas direta para mercados industriais e comerciais

A Cummins opera uma força de vendas diretas globais de 3.200 representantes de vendas em 190 países. Em 2023, sua equipe de vendas direta gerou US $ 24,1 bilhões em receita, cobrindo os mercados de geração de energia industrial, comercial e de energia.

Canal de vendas	Número de representantes	Cobertura geográfica
Mercados industriais	1,450	América do Norte, Europa, Ásia
Mercados comerciais	1,050	Presença global
Geração de energia	700	Mercados emergentes

Revendedor autorizado e redes de distribuidores

A Cummins mantém 7.200 revendedores e distribuidores autorizados em todo o mundo, cobrindo territórios críticos de serviços e vendas.

• América do Norte: 2.100 revendedores
• Europa: 1.500 revendedores
• Ásia-Pacífico: 2.300 revendedores
• Oriente Médio e África: 1.300 revendedores

Plataformas de vendas on -line e marketing digital

Em 2023, a Cummins investiu US $ 142 milhões em transformação digital, com plataformas de vendas on -line gerando US $ 3,6 bilhões em receita.

Plataforma digital	Receita anual	Base de usuários
Portal de comércio eletrônico	US $ 1,8 bilhão	85.000 clientes comerciais registrados
Loja online de peças	US $ 1,2 bilhão	62.000 usuários registrados
Reserva de serviço digital	US $ 600 milhões	45.000 transações de serviço

Feiras e conferências do setor

A Cummins participou de 87 feiras internacionais em 2023, com um alcance estimado de marketing de 2,4 milhões de profissionais do setor.

Suporte técnico e centros de serviço em todo o mundo

A Cummins opera 1.250 centros de suporte e serviços técnicos em todo o mundo, com 9.800 técnicos certificados fornecendo suporte 24 horas por dia, 7 dias por semana.

Região	Centros de serviço	Tempo médio de resposta
América do Norte	450	2,3 horas
Europa	310	3,1 horas
Ásia-Pacífico	380	2,7 horas
Oriente Médio e África	110	4,2 horas

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

Fabricantes de veículos comerciais

A Cummins serve os principais fabricantes de caminhões com motores a diesel e gás natural:

Fabricante	Quota de mercado	Volume anual do motor
Navistar International	25%	45.000 motores
Paccar Inc.	35%	65.000 motores
Daimler Trucks North America	40%	75.000 motores

Empresas de equipamentos de construção e mineração

Os principais clientes no setor de equipamentos pesados:

• Caterpillar Inc.
• Komatsu Ltd.
• Máquinas de construção de Hitachi

Cliente	Produção anual de equipamentos	Penetração do motor Cummins
Lagarta	300.000 unidades	45%
Komatsu	180.000 unidades	35%

Produtores de máquinas agrícolas

Principais fabricantes de equipamentos agrícolas:

• John Deere
• Caso ih
• Agricultura da Nova Holanda

Fabricante	Participação de mercado global	Uso do motor Cummins
John Deere	28%	40%
Caso ih	22%	50%

Geração de energia e mercados de equipamentos industriais

Segmentos de clientes de geração de energia:

Segmento de mercado	Receita anual	Participação de mercado da Cummins
Conjuntos de geradores diesel	US $ 4,2 bilhões	38%
Geração estacionária de energia	US $ 3,7 bilhões	32%

Indústrias de transporte marítimo e ferroviário

Detalhes da oferta de motor marítimo e ferroviário:

Segmento de transporte	Produção anual do motor	Penetração do mercado da Cummins
Propulsão marinha	12.000 motores	28%
Motores locomotivos ferroviários	8.500 motores	22%

Cummins Inc. (CMI) - Modelo de negócios: estrutura de custos

Investimento de pesquisa e desenvolvimento

Em 2023, a Cummins investiu US $ 881 milhões em pesquisa e desenvolvimento, representando 4,3% da receita total. As principais áreas de foco incluem:

• Tecnologias avançadas de motor
• Soluções de eletrificação e energia alternativa
• Tecnologias de redução de emissões

Global Manufacturing e Despesas Operacionais

Local de fabricação	Custos operacionais anuais	Número de instalações
Estados Unidos	US $ 1,2 bilhão	32
China	US $ 450 milhões	15
Índia	US $ 320 milhões	12

Custos de gerenciamento da cadeia de suprimentos e logística

Despesas anuais de gerenciamento da cadeia de suprimentos: US $ 675 milhões, com os principais componentes, incluindo:

• Compras: US $ 285 milhões
• Transporte e logística: US $ 390 milhões

Investimentos de infraestrutura de mão -de -obra e tecnologia

Custos totais de infraestrutura de mão -de -obra e tecnologia em 2023: US $ 1,4 bilhão

Categoria de custo	Despesas anuais
Salários dos funcionários	US $ 1,1 bilhão
Infraestrutura de tecnologia	US $ 300 milhões

Desenvolvimento de Tecnologia de Conformidade e Emissão

Despesas relacionadas à conformidade: US $ 220 milhões em 2023

• Desenvolvimento de tecnologia de emissão: US $ 180 milhões
• Monitoramento de conformidade regulatória: US $ 40 milhões

Estrutura de custo total para 2023: US $ 3,2 bilhões

Cummins Inc. (CMI) - Modelo de negócios: fluxos de receita

Vendas de motor e componentes

Em 2022, a Cummins registrou receita total de US $ 24,0 bilhões. As receitas do segmento do motor foram de aproximadamente US $ 10,2 bilhões.

Repartição de receita do segmento do motor	2022 quantidade
Motores de caminhão para serviço pesado	US $ 5,6 bilhões
Motores de caminhão de serviço médio	US $ 2,3 bilhões
Motores fora da estrada	US $ 2,3 bilhões

Receita do sistema de geração de energia

O segmento de sistemas de energia gerou receita de US $ 6,7 bilhões em 2022.

• Sistemas de geração de energia distribuídos: US $ 3,2 bilhões
• Geração estacionária de energia: US $ 2,5 bilhões
• Soluções de energia eletrificada: US $ 1,0 bilhão

Peças de reposição e contratos de serviço

As receitas de pós -venda em 2022 atingiram US $ 5,5 bilhões.

Categorias de receita de pós -venda	2022 quantidade
Vendas de peças de reposição	US $ 3,8 bilhões
Receita de contrato de serviço	US $ 1,7 bilhão

Serviços técnicos de suporte e consultoria

Os serviços técnicos contribuíram com aproximadamente US $ 800 milhões para as receitas totais em 2022.

Ofertas de solução digital e baseada em tecnologia

Soluções digitais e serviços baseados em tecnologia geraram aproximadamente US $ 500 milhões em receita durante 2022.

• Soluções conectadas: US $ 250 milhões
• Diagnóstico Digital: US $ 150 milhões
• Serviços de monitoramento remoto: US $ 100 milhões

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.