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Cummins Inc. reported Q1 2026 revenue of $8.40B (+2.7% YoY), but operating income fell 16.3% to $949M and EPS dropped 21.0% to $4.71 diluted, reflecting higher SG&A costs and margin compression despite modest top-line growth.
营业收入
$8.4B
同比 ++2.74%
每股收益（基本）
$4.73
同比 -21.04%
毛利率
26.7%
同比 ++0.34%
营业利润
$949M
同比 -16.31%
提交于 · 来源: SEC EDGAR 10-Q 原文
Cummins (CMI) Q1 FY2026 营收 $8.4B，同比增长 2.7%。 稀释每股收益 $4.71。 毛利率 26.7%。
Revenue grew 2.7% YoY to $8.40B in Q1 2026 from $8.17B in Q1 2025, suggesting modest demand resilience across Cummins' business segments despite a challenging macro environment.
来源: Source: 10-Q Income Statement
Operating income fell 16.3% YoY to $949M, with operating margin compressing 260 basis points to 11.3% from 13.9%, driven primarily by a 9.6% surge in SG&A expenses to $845M and a 4.1% increase in R&D spend to $358M.
来源: Source: 10-Q Income Statement
Gross margin improved modestly by approximately 34 basis points to 26.7% from 26.4%, indicating that cost of revenue grew slightly slower (+2.3%) than revenue (+2.7%), providing some offset to the operating cost headwinds.
来源: Source: 10-Q Income Statement & Key Ratios
Operating cash flow surged to $309M in Q1 2026 from nearly breakeven at -$3M in Q1 2025, a dramatic improvement that reflects better working capital management and earnings quality despite lower net income.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents jumped 70.6% YoY to $2.61B, total assets grew 5.9% to $34.4B, and stockholders' equity rose 13.1% to $12.35B, while current liabilities declined 12.2%, improving the current ratio to 1.71.
来源: Source: 10-Q Balance Sheet
SG&A expenses rose 9.6% YoY to $845M, far outpacing revenue growth of 2.7%, which drove operating margin down by approximately 260 basis points. If this cost trajectory continues without corresponding revenue acceleration, profitability could deteriorate further.
来源: Source: 10-Q Income Statement
Diluted EPS fell 21.0% YoY to $4.71 from $5.96, a decline significantly steeper than the 2.7% revenue growth, suggesting that below-the-line items or tax/share count changes are amplifying earnings pressure. This disconnect may concern investors focused on earnings power.
来源: Source: 10-Q Income Statement
The debt-to-equity ratio stands at 1.71x, indicating that Cummins carries substantial financial leverage relative to its equity base. In a rising interest rate or economic slowdown environment, this level of leverage could constrain financial flexibility and increase refinancing risk.
来源: Source: 10-Q Balance Sheet & Key Ratios
Cummins paid $276M in dividends (+10.0% YoY) and repurchased $243M in shares in Q1 2026, totaling $519M in capital returns. With operating cash flow of only $309M, these returns exceeded cash generation, potentially requiring debt or cash drawdowns to fund shareholder distributions.
来源: Source: 10-Q Cash Flow Statement
Investing cash outflow was only -$10M in Q1 2026, down dramatically from -$246M in Q1 2025, which could indicate a significant pullback in capital expenditures or acquisitions. While this preserves near-term cash, reduced investment may limit long-term growth capacity.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $6.15，分析师一致预期 $5.64，超预期 +9.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $8.4B | $8.17B | +2.74% |
营业成本 | $6.16B | $6.02B | +2.26% |
毛利润 | $2.24B | $2.15B | +4.08% |
营业利润 | $949M | $1.13B | -16.31% |
每股收益（基本） | $4.73 | $5.99 | -21.04% |
每股收益（稀释） | $4.71 | $5.96 | -20.97% |
研发费用 | $358M | $344M | +4.07% |
销售及管理费用 | $845M | $771M | +9.60% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $34.45B | $32.53B | +5.88% |
流动资产 | $17.38B | $15.54B | +11.83% |
总负债 | $21.07B | $20.56B | +2.50% |
流动负债 | $10.17B | $11.57B | -12.16% |
股东权益 | $12.35B | $10.92B | +13.06% |
现金及等价物 | $2.61B | $1.53B | +70.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $309M | $-3M | +10400.00% |
投资活动现金流 | $-10M | $-246M | +95.93% |
筹资活动现金流 | $-517M | $92M | -661.96% |
股息支出 | $276M | $251M | +9.96% |
股票回购 | $243M | $0 | — |
折旧及摊销 | $282M | $269M | +4.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 26.7% | 26.4% | +0.34% |
营业利润率 | 11.3% | 13.9% | -2.57% |
流动比率 | $1.709 | — | — |
资产负债率 | $1.706 | — | — |
预计发布日期、分析师预期与关注要点
Construction Machinery & Heavy Transportation Equipment 行业其他公司
Based on the 10-Q filing data, Cummins reported diluted EPS of $4.71 in Q1 2026, down 21.0% from $5.96 in Q1 2025. Whether this beat or missed Wall Street consensus estimates is not determinable from the filing alone, but the sharp YoY EPS decline suggests earnings came in well below the prior year's level.
Cummins posted Q1 2026 revenue of $8.40B (+2.7% YoY), but operating income fell 16.3% to $949M and diluted EPS dropped 21% to $4.71 due to a 9.6% surge in SG&A expenses to $845M. On the positive side, operating cash flow improved dramatically to $309M from nearly breakeven, and cash on hand rose 70.6% to $2.61B.
Cummins' diluted EPS fell 21.0% YoY to $4.71 in Q1 2026, primarily because operating income declined 16.3% as SG&A expenses surged 9.6% to $845M, far outpacing revenue growth of 2.7%. Additional below-the-line factors likely amplified the EPS decline beyond the operating income drop.
Cummins' balance sheet appears solid with a current ratio of 1.71, cash of $2.61B (up 70.6% YoY), and stockholders' equity of $12.35B (+13.1% YoY). However, the debt-to-equity ratio of 1.71x indicates meaningful leverage, and the company returned $519M to shareholders via dividends and buybacks while generating only $309M in operating cash flow.
Cummins grew Q1 2026 revenue by 2.7% YoY to $8.40B from $8.17B in Q1 2025, reflecting modest but positive demand trends. However, this top-line growth was insufficient to offset rising operating costs, resulting in a 16.3% decline in operating income to $949M.