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Cummins supplies truck, bus and industrial-equipment manufacturers with engines and the components that help vehicles move, brake and control exhaust emissions. It sells diesel, natural-gas and gasoline engines under the Cummins name and some customer brands. Manufacturers pay for these products, while distributors and dealers also buy engines and parts for resale. Engine and component sales, along with distribution and aftermarket services, account for most revenue.
The company also supplies generators for backup power and continuous electricity supply. Its worldwide distribution network sells engines and power-generation equipment, supplies replacement parts and performs repairs in workshops and at customer sites. This gives Cummins a business serving equipment already in use as well as selling new equipment. Accelera, its electrified-power business, sells battery and electric-powertrain systems but remains a small business in the early stages of commercialization.
Demand depends on customers' vehicle and equipment production and on truckmakers continuing to buy engines rather than make them themselves. PACCAR is its largest customer and contributes a substantial share of sales; its long-term supply agreements do not guarantee engine volumes. Cummins also needs to meet the emissions certification and compliance requirements that govern its engines in different markets.
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Beyond this list, watch truck-engine customers Daimler and Traton and power-generation rival MTU (Rolls-Royce Power Systems), all important to Cummins.
Cummins depends on truck maker PACCAR, its largest customer, which buys engines, exhaust-treatment equipment, driveline and brake systems and accounted for 13% of Cummins’ 2025 sales. Watch production of PACCAR trucks using Cummins engines: the supply agreements cover particular models, not guaranteed volumes.
Caterpillar competes with Cummins to sell off-highway engines and power-generation systems to industrial and infrastructure customers. Its engine and power-equipment business is the part to watch for competition facing Cummins, rather than its broader construction and mining machinery sales.
INNIO N.V. competes with Cummins to supply gas-engine power systems and maintenance to data centers and industrial power users. Watch its data-center equipment orders, which speak to a customer market that helped drive Cummins’ North American power-generation growth in 2025.
Generac Holdings competes with Cummins for commercial, industrial and data-center customers buying backup and other power-generation equipment. Watch its commercial and industrial business rather than residential products for the overlap with Cummins’ generator sales.
Allison Transmission competes with Cummins to supply transmissions to makers of medium- and heavy-duty commercial vehicles. Watch its new transmission sales separately from replacement parts: Allison says parts revenue is relatively stable and follows normal maintenance needs.
Eaton shares Cummins’ exposure to data-center power spending, selling electrical infrastructure while Cummins supplies generation equipment, and the two jointly make commercial-truck transmissions. Their transmission venture serves North America and China, tying both to truck manufacturers’ demand in those markets.
Stellantis buys Cummins diesel pickup engines and exhaust-treatment equipment for its North American vehicle business. Its North American pickup business is the relevant part to watch for Cummins, rather than Stellantis’ worldwide vehicle sales.
Atmus Filtration Technologies Inc. sells replacement filters into the same truck and industrial-equipment markets where Cummins sells engines, parts and repairs. Replacement and repair parts made up about 86% of Atmus’ 2025 net sales, making that revenue a useful read on maintenance demand rather than new-equipment purchases.
Power Solutions International competes with Cummins to sell engines and packaged power-generation systems for industrial, transportation and data-center uses. Watch its data-center generator business for overlap with the power demand that helped lift Cummins’ North American distribution sales in 2025.
China Yuchai competes with Cummins in China, selling diesel and natural-gas engines for trucks, buses, industrial equipment and power generation. Its sales to vehicle manufacturers and through distributors show the local engine competition facing Cummins in those markets.
BorgWarner competes with Cummins to sell turbochargers and electric-powertrain components to vehicle manufacturers. Watch its PowerDrive Systems and Battery & Charging Systems sales for the competitive backdrop to Cummins’ Accelera business, which is still early in commercialization.
Garrett Motion Inc. competes with Cummins to sell turbochargers for vehicle and industrial engines to manufacturers and replacement-parts distributors. Turbochargers remained Garrett’s main source of sales in 2025, making that business the clearest comparison with Cummins’ turbocharger operation.
Paccar Inc earningsPCAR
PACCAR is Cummins’ largest customer, and its truck production offers a read on demand for Cummins engines and related components.
Watch PACCAR’s truck production and deliveries. If they hold up, demand at this major customer is supporting the market for Cummins engines and components; if they weaken, that points to customer-demand pressure. Their supply agreements cover particular models, not guaranteed volumes, so production alone does not establish how much PACCAR will buy from Cummins.
INNIO N.V. earningsINIO
INNIO competes with Cummins for gas-engine power systems at data centers and industrial sites, so its report offers a read on demand and competition in that market.
Focus on INNIO’s data-center equipment orders. More orders would support the case that demand from these customers is strong, but would also show INNIO winning business that Cummins competes for; fewer orders would point to weakness at INNIO, not prove that the whole market is shrinking.
Eaton Corporation, plc earningsETN
Eaton sells electrical infrastructure to data centers while Cummins supplies generation equipment, so Eaton’s related business can signal spending on the same projects.
Watch Eaton’s data-center-related orders or sales. Stronger business would indicate customers are still investing in electrical infrastructure, supporting the project market for Cummins generation equipment; weaker business would be a warning that spending may be slowing, but Eaton sells complementary equipment, so its results do not establish how Cummins generator orders changed.
Cummins Inc. earningsThis company
Cummins’ report will show whether power-generation growth can keep supporting profit as truck-engine demand weighs on the business.
Read Power Systems and Distribution power-generation sales alongside their segment profit, then compare them with Engine sales and segment profit. If power-generation sales and profit keep growing while Engine weakens, that business is cushioning pressure from trucks; if power generation also weakens, Cummins has less to offset softer truck demand.
Atmus Filtration Technologies Inc. earningsATMU
Atmus Filtration Technologies sells replacement filters into truck and industrial-equipment markets, offering a read on the maintenance demand Cummins also serves.
Read Atmus replacement and repair-parts sales alongside Cummins Distribution parts and service. Strength in both would support the view that fleet maintenance demand is holding up; if Atmus weakens while Cummins parts and service hold steady, filter demand is not tracking the broader aftermarket, so one company’s result should not be treated as the other’s.
