Engines & power · where data-center standby power meets the truck cycle
Cummins
Cummins sells engines for trucks and mines alongside data-center power systems. Q2 2026 Power Systems sales rose 19% to $2.3 billion at a 24.5% EBITDA margin. In August it was selected for its largest BESS deployment at a large U.S. data center, with value and capacity undisclosed. Whitehaven's own 2019 report and a 2023 observation of 61 engines verify that relationship. Q3 results are due November 5, and shares were down 0.1% year to date on October 30.
Business categories Heavy Machinery & Industrial Equipment · Industrial Infrastructure & Heavy Industry · primary Data Center On-Site Power · AI Compute Infrastructure
Other companies in the same category
- Heavy Machinery & Industrial Equipment: Baker Hughes Company · Dover Corporation · Ingersoll Rand Inc. · Illinois Tool Works Inc. · Sany Heavy Industries
- Data Center On-Site Power: Caterpillar · Bloom Energy · Doosan Fuel Cell · Generac
CMI Updated Oct 30, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Cummins is directly linked to 8 companies (0 supply, 7 revenue, 1 investment relationships) and reaches 69 companies within two hops; the links are backed by 19 dated sources, 7 of them primary filings (as of 2026-10-30).
Annual return · 2026-10-30'21-1.7%'22+14.1%'23+1.7%'24+48.9%'25+49.4%YTD-0.1%
Money in ▸지엔씨에너지●procurement value ₩34.8BHyperscalers · data centers (backup power generation)●Revenue $2.3BWhitehaven Coal●supplier relationship 61 enginesKomatsu●PACCAR (엔진 조달 고객)●Circe Energy●Republic Services, Inc.◐Count 226 vehiclesHitachi Construction Machinery◐supplier relationship 61 enginesIndustrial · transport (engines · power generation)◐Microsoft◐Amazon◐Waste Management, Inc.◐
CumminsQ2 2026 total revenue of $9.5 billion
▸ Money outComponents · engines · manufacturing (undisclosed)○Engines · fuel systems (undisclosed)○
Financials & Segments
- Total revenue · Q2 2026 total revenue of $9.5 billion (+9%) (after intersegment eliminations)
- Customer concentration · Q2 2026 Power Systems sales were $2.3bn (+19%). Circe Energy Texas HPC gas-generator deliveries are scheduled for 2026-2030. An August selection for Cummins' largest BESS deployment at a large U.S. data center disclosed neither value nor capacity. Whitehaven's 2019 report directly confirms Cummins work; 61 engines is a 2023 observation.
- Segments · Engine · Components · Distribution · Power Systems
Revenue from
- 지엔씨에너지 High confidence· procurement value ₩34.8B · FY2025 · GnCenergy purchases of engines from overseas CUMMINS; may differ from Cummins consolidated recognized revenue
GnCenergy disclosed KRW 34.81 billion of FY2025 overseas CUMMINS engine purchases. This buyer-side procurement is neither Cummins consolidated recognized revenue nor data-center-only sales. - Hyperscalers · data centers (backup power generation) High confidence· Revenue $2.3B · 2026 Q2 · Power Systems quarterly sales, up 19% year over year
Data-center generation demand drove Power Systems growth. Q2 2026 segment sales rose 19% to $2.3 billion. In August, Cummins was selected to supply BESS for AI-load management at a large U.S. data center. It is the company's largest BESS deployment, but capacity and contract value were not disclosed.Confirms KO Cummins Published Aug 18, 2026: Cummins selected as BESS supplier for a large U.S. data center projectConfirms EN Cummins Investor Relations Published Aug 18, 2026: Cummins selected to supply battery energy storage systems for large U.S. data center projectConfirms KO Mirae Asset Securities Published Aug 5, 2026: Cummins: Fundamentals Intact Despite One-off Costs - Whitehaven Coal High confidence· supplier relationship 61 engines · 2023 · Cummins engines installed across 50 Hitachi machines at Whitehaven mines
Whitehaven's 2019 sustainability report directly confirms engine and fuel-optimization work with Hitachi and Cummins across 39 EH5000 trucks at Maules Creek. Cummins' count of 61 engines is a later 2023 site observation. Whitehaven's FY2026 report confirms mine activity but does not disclose a current engine count. - Komatsu High confidence
Sells engines for Komatsu ultra-class mining trucks, including Dual Fuel retrofits. - PACCAR (엔진 조달 고객) High confidence
PACCAR sources engines it does not build from Cummins; a key truck-OEM customer for Cummins on-highway engines. - Circe Energy High confidence
Agreement to supply HSK78 and QSK60 natural-gas generator sets for Circe Energy’s Texas HPC prime-power microgrid, with deliveries scheduled for 2026-2030. Contract value was not disclosed.Confirms KO Mirae Asset Securities Published Aug 5, 2026: Cummins: Fundamentals Intact Despite One-off CostsConfirms EN Cummins Published Jun 16, 2026: Cummins Natural Gas Generators to Power Data Centers in West Texas - Republic Services, Inc. Medium confidence· Count 226 vehicles · 2010 fleet deployment · Republic Services natural-gas vehicles deployed with Cummins Westport engines
Cummins supplied Cummins Westport engines for the 226 natural-gas collection vehicles that Republic Services deployed to western U.S. operations in 2010, although the engine purchase value was not disclosed.Confirms EN Republic Services Published Mar 31, 2010: Republic Services' Refuse and Recycling Fleet Gets Greener - Hitachi Construction Machinery Medium confidence· supplier relationship 61 engines · 2023 · Cummins engines in Hitachi equipment at Whitehaven mines
Cummins high-horsepower engines are documented in Hitachi equipment at Whitehaven. The 61 engines were observed at Maules Creek in 2023; direct sales volume or value to Hitachi Construction Machinery were not disclosed. - Industrial · transport (engines · power generation) Medium confidence
Engines and power for industrial and transport. - Microsoft Medium confidence
Supplies backup gensets to Microsoft's AI datacenters — essential infrastructure guarding large compute against outages, so Microsoft's datacenter buildout pace directly drives Cummins Power Systems demand. - Amazon Medium confidence
Supplies backup gensets to AWS datacenters — with Cummins and Caterpillar oligopolizing hyperscale backup power, Amazon is a flagship demand source. - Waste Management, Inc. Medium confidence
Cummins supplies X15N, L9N, and ISX12N engines for WM's natural-gas fleet and reported that WM saw positive operating results after adding these engines, but the purchase value was not disclosed.Confirms EN Cummins Inc. Published Oct 24, 2025: Natural gas lineup gives fleets more options to cut costs
Pays to
- Components · engines · manufacturing (undisclosed) Low confidence
Engine/genset parts and manufacturing. - Engines · fuel systems (undisclosed) Low confidence
Engine and fuel-system parts.
Investors
- United Rentals High confidence
Cummins transferred its mobile rental generator assets to United Rentals in 2017, enabling United Rentals to expand its Power & HVAC fleet, although the acquisition value was not disclosed.Confirms EN United Rentals Published Aug 22, 2017: United Rentals Expands Power & HVAC Fleet with Acquisition of Portable Power Assets
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +51.8 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Vulcan Materials Company | lead2 | +41.1 | -14.9 | +30.8 | +14.1 | +11.7 | -7.4 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Martin Marietta Materials, Inc. | lead2 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | -80.1 |
| Komatsu | lead1 | +0.5 | +17.4 | +40.1 | +16.4 | +30.5 | +28.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Hitachi Construction Machinery | lead1 | -3.3 | +9.6 | +44.5 | -9 | +41.3 | +11.8 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Republic Services, Inc. | lead1 | +47 | -6.2 | +29.6 | +23 | +6.4 | +3.6 |
| Waste Management, Inc. | lead1 | +43.8 | -4.5 | +16.2 | +14.3 | +10.5 | +0.5 |
| Paccar | lead1 | +5.6 | +17 | +55 | +10.8 | +8 | -0.5 |
| Cummins | node | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | -0.1 |
| United Rentals | benef1 | +43.3 | +7 | +63.6 | +24 | +15.9 | +31.3 |
| Ford Motor Company | benef2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
YTD as of 2026-10-30 · source: Yahoo Finance
Cummins returned +48.9% in 2024 and +49.4% in 2025 before slowing to -0.1% through October 30, 2026. Q2 Power Systems sales of $2.3 billion (+19%) include non-data-center uses. Its August selection for a large U.S. data-center BESS project expands the product set beyond generators, but only the label of Cummins' largest deployment was disclosed, without capacity or value. Whitehaven's own 2019 report directly records engine and fuel-optimization work with Hitachi and Cummins across 39 EH5000 trucks at Maules Creek. Cummins' later count of 61 engines is a 2023 site observation, not a current fleet total. Competitor Caterpillar posted Q3 Power Generation sales of $3.421 billion (+30%) and a +10.5% stock return over the same year-to-date window. Demand persisted while the two stocks diverged. Cummins' November 5 Q3 release is the next test for Power Systems growth and BESS order conversion.
Analysis generated from returns as of 2026-10-30Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $875 · Price $507.89 (10-30) · Upside +72%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Truist Securities | Buy | $901 | Jul 2, 2026 | Report ↗ |
| Wells Fargo | Overweight | $874 | Jun 17, 2026 | Report ↗ |
| UBS | Buy | $850 | Jun 8, 2026 | Report ↗ |
On data-center backup-power demand and a recovering truck cycle, UBS upgraded to Buy ($850) followed by Wells Fargo ($874) and Truist ($901) in a wave of target-price hikes.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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