Engines & power · where data-center standby power meets the truck cycle
Cummins
Cummins has layered data-center standby-power growth onto its installed base in truck and industrial engines. Q2 2026 Power Systems sales rose 19% to $2.3 billion at a 24.5% margin. Engine demand through PACCAR, Komatsu, Hitachi Construction Machinery and Whitehaven is moving alongside hyperscaler generation demand. After gaining about 49% in both 2024 and 2025, the stock slowed to 11% in 2026, separating operating growth from the pace of rerating.
Business categories Heavy Machinery & Industrial Equipment · Industrial Infrastructure & Heavy Industry · primary Data Center On-Site Power · AI Compute Infrastructure
CMI Updated Oct 14, 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 11 dated sources, 4 of them primary filings (as of 2026-10-14).
Financials & Segments
- Total revenue · Q2 2026 total revenue of $9.5 billion (+9%)
- Customer concentration · Power Systems sales of $2.3 billion (+19%), driven by data-center power demand across the U.S., China and Asia Pacific.
- Segments · Engine · Components · Distribution · Power Systems
Revenue from
- Hyperscalers · data centers (backup power generation) High confidence· Revenue $2.3B · 2026 Q2 · Power Systems quarterly sales, up 19% year over year
Standby generator demand for data centers drove Power Systems growth. Q2 2026 segment sales rose 19% to $2.3 billion.Confirms 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
Repowers and supports 61 Cummins engines across 50 Hitachi machines at Whitehaven Coal's Maules Creek and Tarrawonga mines. - 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. - 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
Supplies high-horsepower engines for Hitachi Construction Machinery excavators and haul trucks; 61 engines were observed across 50 machines at Whitehaven. - 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 |
| Hitachi Construction Machinery | lead1 | -3.3 | +9.6 | +44.5 | -9 | +41.3 | +15.1 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| 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 | +11 |
| 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 2026-09-04 · source: Yahoo Finance
Cummins shares priced in the data-center standby-power thesis early, gaining 48.9% in 2024 and 49.4% in 2025 before slowing to 11.0% in 2026. Operations kept running: Q2 2026 Power Systems sales rose 19% to $2.3 billion and margin reached 24.5%. On the demand side Komatsu (+28.3%) led while Microsoft (+4.0%) lagged. If truck recovery and generation buildout continue together, Cummins remains a late operating beneficiary in the power-execution layer; a simultaneous turn in data-center orders and North American trucking is the break case.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $875 · Price $560.75 (09-04) · Upside +56%
| 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
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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