Slides
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November 5th, 2026 Third Quarter 2026 Earnings Teleconference
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2 CONTENTS Q3 2026 Summary 2026 Guidance Q3 2026 Supplemental Information Appendix
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3 Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into agreements with the U.S. Environmental Protection Agency, California Air Resources Board, the Environmental and Natural Resources Division of the U.S. Department of Justice and the California Attorney General's Office to resolve certain regulatory civil claims regarding our emissions certification and compliance process for certain engines primarily used in pick-up truck applications in the U.S., which became final and effective in April 2024, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; any adverse consequences from changes in tariffs and other trade disruptions; changes in international, national and regional trade laws, regulations and policies; emissions deregulation; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services or not successfully developing new technologies and products to effectively address the energy transition; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions, divestitures or exiting the production of certain product lines or product categories and related uncertainties of such decisions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; the use of artificial intelligence in our business and in our products, services and features, and challenges with properly managing its use; political, economic and other risks from operations among, between and within numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet sustainability expectations or standards, or achieve our sustainability goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2025 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward- looking statements. The forward-looking statements made herein are made only as of the date of this presentation and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at https://www.sec.gov or at https://www.cummins.com in the Investor Relations section of our website. Disclosure Regarding Forward-Looking Statements
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Q3 2026 Summary
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5 Q3 2026 Summary Performance Metric ($M) As Reported Revenue 9,438 EBITDA 1,786 Net Income 1,140 Diluted EPS $8.25
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6 Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to appendix for adjustment reconciliations
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7 Q3 2026 Net Sales and Adjusted EBITDA by Segment $ Millions Engine Components Distribution Power Systems Accelera Intersegment Eliminations Total Three months ended September 30, 2026 Net Sales 3,130 2,856 3,310 2,289 103 (2,250) 9,438 Sales Growth vs 2025 20% 23% 4% 15% (15)% 18% 13% EBITDA 422 408 461 582 (56) (31) 1,786 Segment EBITDA % 13.5% 14.3% 13.9% 25.4% NM 18.9% Three months ended September 30, 2025 Net Sales 2,605 2,329 3,172 1,996 121 (1,906) 8,317 Adjusted EBITDA 261 292 492 457 (96) 21 1,427 Adjusted Segment EBITDA % 10.0% 12.5% 15.5% 22.9% NM 17.2% "NM" - not meaningful information
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2026 Guidance
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9 Guidance for 2026 Consolidated Results Item Full Year Guidance Consolidated Revenue Up Approx. 10% Earnings from JVs Up 15% to 20% EBITDA Margin Approx. 18.2% Depreciation & Amortization $1.1 to $1.2 B Effective Tax Rate 23.0% Capital Expenditures $1.35 to $1.45 B Global Pension Funding $47 M Interest Expense $315 M Effective Tax Rate excluding discrete income tax items
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10 Guidance for 2026 Segment Results Revenue EBITDA Engine Segment Up 8% to 11% 12.25% to 12.75% Compared to 12.7% in 2025 Components Segment Up 8% to 11% 13.25% to 13.75% Compared to 13.8% in 2025 Distribution Segment Up 10% to 13% 13.60% to 14.10% Compared to 14.6% in 2025 Power Systems Segment Up 15% to 18% 25.10% to 25.60% Compared to 22.7% in 2025 Accelera Segment $350M to $400M ($290M) to ($260M) Compared to ($438M) in 2025
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11 Guidance for 2026 Key Markets Market Size Full Year Guidance Heavy Duty Truck - North America Up 10% to 15% Class 8, Group 2 240K to 250K Medium Duty Truck - North America Up 15% to 20% Class 6-7, and Class 8 Group 1 125K to 130K Heavy & Medium Truck - China Down 5% to Up 5% 1,195K to 1,320K Heavy & Medium Truck - India Down 5% to Up 5% 430K to 475K No change to prior guidance No change to prior guidance No change to prior guidance No change to prior guidance CMI Revenue Full Year Guidance Mining Down 5% to Up 5% Total Construction Up 10% to 20% Power Generation Up 15% to 25% Parts Up 3% to 8%
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12 Up Approx. 10% 2026 Sales Guide vs. 2025 Cummins Inc. - Historical Performance All values in $ billions Please refer to the appendix for adjustment reconciliations Up Approx. 18.2% 2026 EBITDA Guide vs. 2025
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Q3 2026 Supplemental Information
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14 Engine Segment - Selected Financial Data Q3-26 Highlights • Revenue increased 20% due primarily to stronger North America heavy & medium- duty truck volumes. • EBITDA margin increased primarily due to stronger volumes in the North America heavy & medium-duty truck. All values in $ millions (except where noted)
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15 Components Segment - Selected Financial Data Q3-26 Highlights . • Revenue increased 23% due primarily to stronger North America heavy & medium-duty truck volumes. • EBITDA margin increased primarily due to stronger volumes in the North America heavy & medium-duty truck. All values in $ millions (except where noted)
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16 Distribution Segment - Selected Financial Data Q3-26 Highlights • Revenue increased 4% due to increased demand for power generation products in North America especially in data center applications. • EBITDA margin decreased driven by higher variable compensation costs, partially offset by higher power generation volumes. All values in $ millions (except where noted)
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17 Power Systems Segment - Selected Financial Data Q3-26 Highlights • Revenue increased 15% driven primarily by increased global power generation demand, particularly for data center applications. • EBITDA margin increased due to strong global power generation demand and favorable pricing. All values in $ millions (except where noted)
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18 Accelera Segment - Selected Financial Data Q3-26 Highlights • Revenue decreased 15% due to lower electrolyzer sales. • EBITDA losses reflect continued investment in battery and electric powertrain development, along with costs to fulfill prior electrolyzer commitments. (56) Q3-26 EBITDA (96) Q3-25 EBITDA All values in $ millions Please refer to slide 8 for adjustment reconciliation
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19 Joint Venture Income $ MILLIONS Q3 2026 Q3 2025 Engine 58 54 Components 9 7 Distribution 29 23 Power Systems 35 26 Accelera (4) (6) Total JV Income 127 104
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20 Cash Flow Q3-26 Q3-25 1,405 1,305 Operating Cash Flow Operating Cash Flow 303 298 Capital Expenditures Capital Expenditures 34.4% 36.8% Total Debt to Capital Total Debt to Capital 17 consecutive years of common stock cash dividend increases All values in $ millions (except where noted)
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Appendix
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22 Cummins - Segment Overview Revenue by Segment All values in $ billions Percentages reflect full-year 2025 values • Strong product portfolio and global partners • Disciplined investment growth and demonstrated technology leadership
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23 Cummins - Regional Overview Revenue by Region Percentages reflect full-year 2025 values • Capitalizing on global emissions regulations • Strong geographic diversification and leadership across multiple end- markets • Global distribution network with presence in approximately 190 countries and territories
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24 Engine Segment - Overview Revenue by Application All values in $ billions Percentages reflect full-year 2025 values • Diesel and natural gas engines from 2.8L to 15L and 48 hp to 715 hp • Market leader in multiple end-markets and geographies
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25 Components Segment - Overview Revenue by Application • Leading supplier of axles, brakes, and aftertreatment products for commercial vehicle applications • Largest worldwide supplier of turbochargers from 3.8L to 25L for commercial applications All values in $ billions Percentages reflect full-year 2025 values
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26 Distribution Segment - Overview Revenue by Application • Engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products • Increase network capabilities in emerging markets to capture profitable growth All values in $ billions Percentages reflect full-year 2025 values
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27 Power Systems Segment - Overview Revenue by Application • Global provider of power generation systems, components and services from 2kW to 3.5 Megawatts (MW) • Leading supplier of engines 16L and larger to industrial applications and alternators from 7.5kVA to 11,200kVA All values in $ billions Percentages reflect full-year 2025 values
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28 Emerging Market Sales - China & India All value in $ billions Consolidated & JV Sales with eliminations • Present in China for over 50 years • Broad product portfolio for On and Off Highway • Strong OEM partners • Present in India for over 60 years • Market leadership • Strong OEM relationships
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29 Non-GAAP Reconciliation – Adjusted EBITDA We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non- GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating per formance without regard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forward looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity a nd limited visibility of non-cash items that are excluded from the non-GAAP outlook measure. Three Months Ended In Millions 30-Sep-26 30-Sep-25 Net income attributable to Cummins Inc. $ 1,140 $ 536 Net income attributable to noncontrolling interests 29 23 Consolidated net income 1,169 559 Income tax expense 251 271 Income before taxes 1,420 830 Interest expense 81 83 EBIT 1,501 913 Depreciation and amortization 285 274 EBITDA 1,786 1,187 One-Time Items1 — 240 EBITDA excluding One-Time Items 1,786 1,427 1 Q3 2025 one-time items include $240 million of Accelera non -cash charges.
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30 Non-GAAP Reconciliation - Adjusted EBITDA % We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non- GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating per formance without regard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles generally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forward looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity a nd limited visibility of non-cash items that are excluded from the non-GAAP outlook measure. Three Months Ended 30-Sep-26 30-Sep-25 Net income attributable to Cummins Inc. % 12.1 % 6.4 Net income attributable to noncontrolling interests 0.3 0.3 Consolidated net income 12.4 6.7 Income tax expense 2.7 3.3 Income before taxes 15.0 10.0 Interest expense 0.9 1.0 EBIT 15.9 11.0 Depreciation and amortization 3.0 3.3 EBITDA 18.9 14.3 One-Time Items1 0.0 2.9 EBITDA excluding One-Time Items 18.9 17.2 1 Q3 2025 one-time items include $240 million of Accelera non -cash charges.
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31 Non-GAAP Reconciliation - Adjusted EBITDA (2025 & 2024) We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non-GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating performance without r egard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles ge nerally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forwar d looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non- GAAP outlook measure. Twelve Months Ended In Millions 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. $ 2,843 $ 3,946 Net income attributable to noncontrolling interests 114 122 Consolidated net income 2,957 4,068 Income tax expense 1,006 835 Income before taxes 3,963 4,903 Interest expense 329 370 EBIT 4,292 5,273 Depreciation and amortization 1,093 0 1,053 EBITDA 5,385 6,326 One-Time Items1 458 (957) EBITDA excluding One-Time Items 5,843 5,369 1 2025 one-time items include $458 million of cost related to Accelera charges; 2024 one -time items includes $1.298 billion of net benefit related to the separation of Atmus, $312 million of cost related to the Accelera reorganization, and $29 million of restructuring expenses
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32 Non-GAAP Reconciliation - Adjusted EBITDA % (2025 & 2024) We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non-GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating performance without r egard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles ge nerally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forwar d looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non- GAAP outlook measure. Twelve Months Ended 31-Dec-25 31-Dec-24 Net income attributable to Cummins Inc. % 8.4 % 11.6 Net income attributable to noncontrolling interests 0.3 0.4 Consolidated net income 8.7 12.0 Income tax expense 3.0 2.4 Income before taxes 11.7 14.4 Interest expense 1.0 1.1 EBIT 12.7 15.5 Depreciation and amortization 3.3 0 3.1 EBITDA 16.0 18.6 One-Time Items1 1.4 (2.9) EBITDA excluding One-Time Items 17.4 15.7 1 2025 one-time items include $458 million of cost related to Accelera charges; 2024 one -time items includes $1.298 billion of net benefit related to the separation of Atmus, $312 million of cost related to the Accelera reorganization, and $29 million of restructuring expenses
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33 Non-GAAP Reconciliation - Adjusted EBITDA (2023 & 2022) We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non-GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating performance without r egard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles ge nerally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forwar d looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non- GAAP outlook measure. Twelve Months Ended In Millions 31-Dec-23 31-Dec-22 Net income attributable to Cummins Inc. $ 735 $ 2,151 Net income attributable to noncontrolling interests 105 32 Consolidated net income 840 2,183 Income tax expense 786 636 Income before taxes 1,626 2,819 Interest expense 375 199 EBIT 2,001 3,018 Depreciation and amortization 1,016 781 EBITDA1 3,017 3,799 One-Time Items2 2,178 192 EBITDA excluding One-Time Items 5,195 3,991 1 2022 EBITDA includes $115 million of cost related to the acquisition, integration and inventory valuation adjustments of Meri tor 2 2023 one-time items include $2.036 billion of cost related to the agreement to settle with U.S. regulators, $100 million of cost related to the separation of Atmus, and $42 million of cost related to employee voluntary retirement and separation; 2022 one -time items include $111 million of cost related to the indefinite suspension of operations i n Russia and $81 million of cost related to the separation of Atmus
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34 Non-GAAP Reconciliation - Adjusted EBITDA % (2023 & 2022) We define EBITDA as earnings or losses before interest expense, provision for income taxes, depreciation & amortization, and non- controlling interests in earnings of consolidated subsidiaries. The table above reconciles EBITDA, a non-GAAP financial measure, to our consolidated earnings before income taxes and non- controlling interests, for each of the applicable periods. We believe EBITDA is a useful measure of our operating performance for the periods presented as it illustrates our operating performance without r egard for financing methods, capital structure, income taxes, or depreciation & amortization methods. This measure is not in accordance with, or an alternative for, accounting principles ge nerally accepted in the United States of America (GAAP) and may not be consistent with measures used by other companies. It should be considered supplemental data. The table above excludes forwar d looking measures of EBITDA and EBITDA Margin where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of non-cash items that are excluded from the non- GAAP outlook measure. Twelve Months Ended 31-Dec-23 31-Dec-22 Net income attributable to Cummins Inc. % 2.2 % 7.7 Net income attributable to noncontrolling interests 0.3 0.1 Consolidated net income 2.5 7.8 Income tax expense 2.3 2.3 Income before taxes 4.8 10.1 Interest expense 1.1 0.7 EBIT 5.9 10.8 Depreciation and amortization 3.0 2.8 EBITDA1 8.9 13.5 One-Time Items2 6.4 0.7 EBITDA excluding One-Time Items 15.3 14.2 1 2022 EBITDA includes $115 million of cost related to the acquisition, integration and inventory valuation adjustments of Meri tor 2 2023 one-time items include $2.036 billion of cost related to the agreement to settle with U.S. regulators, $100 million of cost related to the separation of Atmus, and $42 million of cost related to employee voluntary retirement and separation; 2022 one -time items include $111 million of cost related to the indefinite suspension of operations i n Russia and $81 million of cost related to the separation of Atmus
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35 Non-GAAP Reconciliation - Adjusted Net Income Three Months Ended In Millions 30-Sep-26 30-Sep-25 Net income attributable to Cummins Inc. $ 1,140 $ 536 One-Time Items1 — 240 Net Income excluding One-Time Items 1,140 776 We believe adjusted net income is a useful measure of our operating performance for the periods presented as it illustrates o ur operating performance without regard to the one -time Accelera charges. This measure is not in accordance with, or an alternative for GAAP and may not be consistent with measures used by other companies. It should be considered supplemental data. 1 Q3 2025 one-time items include $240 million of Accelera non -cash charges
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36 Non-GAAP Reconciliation - Adjusted Diluted EPS Three Months Ended In Millions 30-Sep-26 30-Sep-25 Diluted Earnings per Share as Reported $ 8.25 $ 3.86 One-Time Items1 1.73 Diluted Earnings per Share excluding One-Time Items 8.25 5.59 1 Q3 2025 one-time items include $1.73 per share of Accelera non -cash charges
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37 Non-GAAP Reconciliation - Invested Capital Used for Return on Invested Capital Calculation A reconciliation of invested capital used for return on invested capital calculation to total equity in our Condensed Consoli dated Financial Statements is shown in the table above. In Millions 30-Sep-26 30-Sep-25 Total Equity $ 14,346 $ 13,098 Less: Defined benefit postretirement plans (910) (854) Equity used for return on invested capital calculation 15,256 13,952 Loans payable 383 315 Commercial paper 348 353 Current maturities of long-term debt 154 122 Long-term debt 6,634 6,824 Invested capital used for return on invested capital calculation $ 22,775 $ 21,566
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38 Non-GAAP Reconciliation - Net Operating Profit After Taxes Used for Return on Invested Capital Calculation A reconciliation of net operating profit after taxes used for return on invested capital calculation to net income attributable to Cummins Inc. in our Condensed Consolidated Financial Statements is shown in the table above. Last Twelve Months Ended In Millions 30-Sep-26 30-Sep-25 Net income attributable to Cummins Inc. $ 3,319 $ 2,668 Net income attributable to noncontrolling interests 118 114 Consolidated net income 3,437 2,782 Income tax expense 1,001 1,052 Income before taxes 4,438 3,834 Interest expense 319 336 EBIT 4,757 4,170 One-Time Items1 417 552 EBIT excluding One-Time Items 5,174 4,722 Less: Tax effect on EBIT 1,071 1,152 Net operating profit after taxes used for return on invested capital calculation $ 4,103 $ 3,570 1 Q1 2026 LTM one-time items include $218 million of cost related to Accelera charges and $199 million loss on sale of business and settlement of current and future customer o bligations; Q3 2025 LTM one-time items include $312 million of cost related to the Accelera reorganization and $240 million of Accelera non -cash charges;
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39 Non-GAAP Reconciliation - Adjusted ROIC Last 12 Months Ended In Millions 30-Sep-26 30-Sep-25 Unadjusted ROIC Net Operating Profit after Taxes $ 3,682 $ 3,027 Beginning - Unadjusted Invested capital used for ROIC calculation 21,566 19,771 Ending - Unadjusted Invested capital used for ROIC calculation 22,775 21,566 Unadjusted ROIC 17 % 15 % Adjusted ROIC Net Operating Profit after taxes excluding one-time items1 4,103 3,570 Beginning - Adjusted Invested capital used for ROIC calculation 21,566 19,771 Ending - Adjusted Invested capital used for ROIC calculation 22,775 21,566 Adjusted ROIC 19 % 17 % 1 Q3 2026 LTM one-time items include $215 million of cost related to Accelera charges and $199 million loss on sale of business and settlement of current and future customer o bligations; Q3 2025 LTM one-time items include $312 million of cost related to the Accelera reorganization and $240 million of Accelera non -cash charges;
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Thank you for your interest For additional information: (812) 377-3121 | Investor.Relations@cummins.com www.cummins.com