Cummins

Revenue is diversified across engines, components, distribution, and power generation, with recurring aftermarket service providing ballast. However, the core on-highway business is cyclical and sensitive to freight and capex cycles, and management withdrew its 2025 forecast in May due to tariff uncertainty.

Near term predictability is better in power generation, especially data centers, which helped stabilize earnings in 2025 despite truck softness. Longer term, electrification and emissions policy introduce forecast error, though Cummins’ multi-fuel strategy lowers single-path risk.

Overall we view growth as moderately predictable, improving when services and power generation are larger mix components.