Cummins Inc. (NYSE:CMI) announced its fourth-quarter 2025 results on Thursday. Shares dropped despite strong revenue, as investors weighed booming data center demand against a major pullback from hydrogen electrolyzers.
The company reported quarterly revenue of $8.54 billion, a 1% year-over-year increase that exceeded the Wall Street estimate of $8.13 billion. Adjusted EPS of $5.81 for the fourth quarter, surpassing the analyst estimate of $5.11.
GAAP diluted earnings per share were $4.27 for the quarter and $20.50 for the year. These GAAP results include $458 million in primarily non-cash charges related to a strategic shift in the Accelera segment.
“Cummins delivered strong operational results in the fourth quarter and full year despite continued weakness in North America truck markets. Our Distribution and Power Systems segments achieved record full-year sales and profitability as a result of disciplined execution and robust demand for data center backup power,” said Jennifer Rumsey, Chair and CEO of Cummins.
“In the fourth quarter, we …