Cummins designs and manufactures diesel and natural gas engines, power generation equipment, and related components, sold globally to OEMs, distributors, and dealers. Its core engine products power commercial trucks (heavy- and medium-duty), pickup trucks, buses, and off-highway equipment like construction, mining, and agricultural machinery. Cummins wins and retains long-term supply agreements with truck OEMs — PACCAR, Daimler, Traton, and Stellantis are key customers, with PACCAR alone accounting for roughly 13% of revenue. Cummins also makes generator sets ranging from 2kW to 3.5MW for standby and prime power applications, with data centers as a fast-growing end market driven by AI and cloud infrastructure buildout. Cummins operates five segments: Engine, Components, Distribution, Power Systems, and Accelera. The Distribution segment serves as Cummins' primary sales and service channel, handling both power generation equipment and aftermarket parts. Power Systems, which serves data centers, mining, and oil and gas, has been the fastest-growing segment. Accelera, the zero-emissions unit focused on battery electric powertrains, is loss-making and small. Cummins' business model combines upfront equipment sales to OEMs with a recurring aftermarket parts and service stream that grows with the installed base. Key revenue drivers include North American truck production volumes, data center generator demand, and emissions regulation cycles — upcoming 2027 U.S. Low NOx rules are expected to add significant powertrain content per vehicle. Cummins also generates meaningful equity income from joint ventures in China.