Cummins Inc.

CMI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$70,461	$47,822	$33,958	$34,168	$31,201	$32,483	$25,597	$19,115	$25,265	$19,548	$12,588	$26,340	$26,361	$20,511	$16,988	$21,639	$9,053	$5,211	$12,652	$5,625	$3,970	$3,534	$1,924	$1,085	$1,469	$1,517	$1,858	$1,356	$2,257	$1,831	$1,501	$1,873	$1,898	$1,282	$805	$460	$531	$683	$490	$689	$687
Enterprise value	$76,025	$54,193	$39,479	$41,023	$33,516	$34,165	$27,953	$20,977	$26,609	$20,288	$12,721	$25,965	$25,561	$19,980	$16,252	$21,394	$8,817	$5,652	$12,922	$5,755	$4,722	$4,697	$3,281	$2,016	$2,405	$2,723	$3,073	$2,607	$2,915	$2,138	$1,660	$1,958	$2,056	$1,650	$1,234	$830	$1,019	$1,131	$817	$972	$815
P/E (TTM) at period end	24.78×	12.12×	46.20×	15.88×	14.64×	18.16×	11.33×	8.93×	25.29×	14.02×	9.00×	15.95×	17.78×	12.47×	9.19×	20.81×	21.15×	6.90×	17.12×	7.87×	7.22×	10.10×	38.48×	13.24×	–	189.60×	11.62×	–	10.65×	11.44×	6.70×	7.40×	10.72×	–	–	–	–	–	35.23×	–	13.64×
P/S (TTM) at period end	2.09×	1.40×	1.00×	1.22×	1.30×	1.64×	1.09×	0.80×	1.24×	1.12×	0.66×	1.37×	1.52×	1.18×	0.94×	1.64×	0.84×	0.36×	0.97×	0.50×	0.40×	0.42×	0.31×	0.19×	0.26×	0.23×	0.28×	0.22×	0.40×	0.35×	0.29×	0.40×	0.45×	0.34×	0.24×	0.13×	0.15×	0.21×	0.18×	0.30×	0.32×
P/B at period end	5.71×	4.66×	3.84×	3.81×	3.83×	4.03×	3.41×	2.60×	3.48×	2.84×	1.70×	3.40×	3.51×	3.11×	3.09×	4.63×	2.40×	1.61×	3.71×	2.01×	2.13×	2.52×	2.03×	1.29×	1.43×	1.14×	1.30×	1.07×	1.59×	1.40×	1.27×	1.75×	2.31×	2.56×	1.29×	0.69×	0.85×	1.16×	0.71×	1.05×	0.97×
EV / EBITDA (TTM)	14.82×	11.25×	14.18×	11.05×	9.95×	11.61×	8.29×	6.18×	9.12×	8.42×	4.95×	9.21×	10.19×	7.64×	5.41×	11.13×	8.75×	3.56×	8.92×	4.03×	4.47×	6.81×	10.62×	6.09×	13.90×	8.15×	5.44×	9.28×	6.72×	5.99×	4.87×	4.50×	5.51×	6.52×	9.03×	7.13×	5.36×	–	–	–	–
EV / Sales (TTM)	2.26×	1.59×	1.16×	1.46×	1.40×	1.72×	1.19×	0.88×	1.30×	1.16×	0.67×	1.35×	1.48×	1.15×	0.90×	1.62×	0.82×	0.39×	0.99×	0.51×	0.48×	0.56×	0.52×	0.34×	0.42×	0.41×	0.46×	0.42×	0.52×	0.41×	0.32×	0.41×	0.48×	0.44×	0.36×	0.24×	0.29×	0.34×	0.30×	0.42×	0.38×
Returns
Return on equity	23.0%	38.4%	8.3%	24.0%	26.2%	22.2%	30.1%	29.1%	13.8%	20.3%	18.9%	21.3%	19.7%	24.9%	33.6%	22.3%	11.3%	23.3%	21.7%	25.5%	29.5%	25.0%	5.3%	9.8%	(10.0%)	0.6%	11.2%	(1.7%)	14.9%	12.2%	18.9%	23.6%	21.6%	(37.8%)	(10.5%)	(24.7%)	(1.0%)	(10.8%)	2.0%	(16.4%)	7.1%
Return on invested capital	16.1%	18.1%	6.1%	13.9%	19.3%	17.7%	21.3%	23.5%	11.1%	18.0%	19.5%	22.6%	23.0%	27.3%	38.8%	23.7%	13.8%	23.5%	20.5%	26.2%	20.8%	14.0%	3.2%	6.3%	(1.8%)	3.7%	9.4%	3.3%	9.8%	9.6%	14.8%	22.9%	22.6%	13.2%	0.9%	(2.6%)	–	5.8%	3.7%	0.3%	10.9%
Dividend yield	1.5%	2.0%	2.7%	2.5%	2.6%	2.4%	3.0%	3.8%	2.8%	3.5%	4.9%	1.9%	1.6%	1.7%	1.5%	0.8%	1.6%	2.3%	0.7%	1.2%	1.4%	1.5%	–	4.6%	3.4%	3.3%	2.5%	3.4%	2.0%	2.2%	2.7%	1.4%	0.8%	0.9%	2.3%	8.9%	6.3%	–	–	–	–
Financial health
Current ratio	1.76×	1.31×	1.18×	1.27×	1.74×	1.88×	1.50×	1.54×	1.57×	1.78×	2.09×	2.25×	2.57×	2.29×	1.94×	1.93×	2.06×	1.79×	1.78×	1.87×	1.77×	1.49×	1.53×	1.49×	1.69×	1.50×	1.66×	1.75×	1.62×	1.52×	1.32×	1.55×	1.53×	1.37×	1.32×	1.36×	1.30×	1.42×	1.37×	1.43×	1.65×
Debt / equity	0.56×	0.53×	0.56×	0.57×	0.45×	0.46×	0.21×	0.22×	0.23×	0.23×	0.22×	0.21×	0.23×	0.11×	0.12×	0.17×	0.18×	0.22×	0.20×	0.29×	0.73×	1.17×	1.51×	1.35×	0.92×	0.90×	0.85×	0.96×	0.46×	0.32×	0.19×	0.22×	0.29×	0.83×	0.66×	0.57×	0.80×	0.87×	0.58×	0.68×	0.41×
Effective tax rate	25.4%	17.0%	48.3%	22.6%	21.3%	22.5%	20.0%	20.6%	58.0%	24.6%	27.4%	28.7%	25.1%	23.5%	27.1%	29.5%	24.4%	30.6%	32.6%	29.9%	27.1%	13.0%	18.2%	(92.7%)	35.6%	(633.3%)	24.9%	(66.7%)	25.9%	25.2%	(26.6%)	13.8%	10.9%	11.7%	(34.7%)	(17.8%)	137.9%	(27.1%)	52.9%	32.9%	17.4%
Share count
Diluted shares outstanding	139	139	143	142	146	149	156	163	167	169	178	183	187	190	194	197	198	197	200	201	200	189	158	155	153	160	155	153	155	160	162	166	146	131	119	99	84	85	83	82	77

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$34,708	$33,670	$34,102	$34,065	$28,074	$24,021	$19,811	$23,571	$23,771	$20,428	$17,509	$19,110	$19,221	$17,301	$17,334	$18,048	$13,226	$10,800	$14,342	$13,048	$11,362	$9,918	$8,438	$6,296	$5,853	$5,681	$6,597	$6,639	$6,266	$5,625	$5,257	$5,245	$4,737	$4,248	$3,749	$3,406	$3,462	$3,511	$3,310	$2,767	$2,304	$2,146
Cost of revenue	($25,920)	($25,154)	($25,663)	($25,816)	($21,355)	($18,326)	($14,917)	($17,591)	($18,034)	($15,328)	($13,051)	($14,163)	($14,360)	($13,021)	($12,918)	($13,459)	($10,058)	($8,631)	($11,402)	($10,492)	($8,767)	($7,732)	($6,758)	($5,173)	($4,808)	($4,668)	($5,330)	($5,221)	($4,925)	($4,345)	($4,072)	($3,974)	($3,551)	($3,086)	($2,784)	($2,650)	($2,714)	($2,587)	($2,422)	($1,952)	($1,607)	($1,458)
Gross profit	$8,788	$8,516	$8,439	$8,249	$6,719	$5,695	$4,894	$5,980	$5,737	$5,100	$4,458	$4,947	$4,861	$4,280	$4,416	$4,589	$3,168	$2,169	$2,940	$2,556	$2,595	$2,186	$1,680	$1,123	$1,045	$1,013	$1,267	$1,418	$1,341	$1,280	$1,185	$1,271	$1,186	$1,162	$965	$756	$748	$924	$888	$815	$697	$688
Operating expenses
Research and development	($1,438)	($1,396)	($1,463)	($1,500)	($1,278)	($1,090)	($906)	($1,001)	($902)	($754)	($637)	($735)	($754)	($713)	($728)	($629)	($414)	($362)	($422)	($329)	($321)	($278)	($241)	($200)	($201)	($220)	($244)	($245)	($255)	($260)	($252)	($263)	($238)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,313)	($3,125)	($3,275)	($3,333)	($2,687)	($2,374)	($2,125)	($2,454)	($2,437)	($2,429)	($2,099)	($2,092)	($2,095)	($1,817)	($1,808)	($1,837)	($1,487)	($1,239)	($1,450)	($1,296)	($1,283)	($1,145)	($1,015)	($830)	($736)	($721)	($773)	($781)	($787)	($744)	($725)	($692)	($641)	($789)	($712)	($619)	($632)	($734)	($696)	($617)	($585)	($498)
Total operating expenses	($4,895)	($4,491)	($4,689)	($6,488)	($3,790)	($2,989)	($2,625)	($3,280)	($2,951)	($2,766)	($2,578)	($2,890)	($2,496)	($2,179)	($2,162)	($1,908)	($1,566)	($1,487)	($1,668)	($1,398)	($1,464)	($1,423)	($1,256)	($1,030)	($929)	($1,067)	($1,173)	($1,086)	($1,259)	($1,004)	($977)	($1,073)	($879)	($914)	($834)	($746)	($775)	($869)	($828)	($736)	($692)	($577)
Total costs and expenses	($30,815)	($29,645)	($30,352)	($32,304)	($25,145)	($21,315)	($17,542)	($20,871)	($20,985)	($18,094)	($15,629)	($17,053)	($16,856)	($15,200)	($15,080)	($15,367)	($11,624)	($10,118)	($13,070)	($11,890)	($10,231)	($9,155)	($8,014)	($6,203)	($5,737)	($5,735)	($6,503)	($6,307)	($6,184)	($5,349)	($5,049)	($5,047)	($4,430)	($4,000)	($3,619)	($3,396)	($3,489)	($3,456)	($3,250)	($2,688)	($2,299)	($2,036)
Operating income	$3,893	$4,025	$3,750	$1,761	$2,929	$2,706	$2,269	$2,700	$2,786	$2,334	$1,880	$2,057	$2,365	$2,101	$2,254	$2,681	$1,602	$682	$1,272	$1,158	$1,131	$763	$424	$93	$116	($54)	$94	$332	$82	$276	$208	$198	$308	$248	$130	$10	($27)	$55	$60	$79	$5	$111
Earnings
EBITDA	$5,013	$5,130	$4,815	$2,785	$3,713	$3,368	$2,942	$3,372	$3,397	$2,917	$2,410	$2,571	$2,820	$2,508	$2,615	$3,006	$1,922	$1,008	$1,586	$1,448	$1,427	$1,057	$690	$309	$331	$173	$334	$565	$281	$434	$357	$341	$435	$373	$253	$137	$116	$190	–	–	–	–
Interest income	–	$106	$186	$239	$125	$82	$21	$46	$35	$18	$23	$24	$23	$27	$25	$34	$21	$8	$18	$36	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($321)	($329)	($370)	($375)	($199)	($111)	($100)	($109)	($114)	($81)	($69)	($65)	($64)	($41)	($32)	($44)	($40)	($35)	($42)	($58)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,848	$3,963	$4,903	$1,626	$2,819	$2,751	$2,338	$2,834	$2,753	$2,365	$1,930	$2,025	$2,434	$2,119	$2,271	$2,671	$1,617	$640	$1,178	$1,169	$1,083	$798	$432	$66	$41	($118)	$3	$221	($6)	$286	$214	$177	$293	$205	$76	($49)	($140)	$16	($50)	$30	($160)	$61
Income tax expense	($1,021)	($1,006)	($835)	($786)	($636)	($587)	($527)	($566)	($566)	($1,371)	($474)	($555)	($698)	($531)	($533)	($725)	($477)	($156)	($360)	($381)	($324)	($216)	($56)	($12)	$38	$42	$19	($55)	($4)	($74)	($54)	$47	($40)	($22)	($9)	($17)	($25)	($22)	($14)	($16)	$52	($11)
Net income	$2,715	$2,843	$3,946	$735	$2,151	$2,131	$1,789	$2,260	$2,141	$999	$1,394	$1,399	$1,651	$1,483	$1,645	$1,848	$1,040	$428	$755	$739	$715	$550	$350	$50	$82	($102)	$8	$160	($21)	$212	$160	$224	$253	$177	($190)	($66)	($165)	($6)	($63)	$14	($107)	$50
Per share
Diluted EPS (GAAP)	$19.57	$20.50	$28.37	$5.15	$15.12	$14.61	$12.01	$14.48	$13.15	$5.97	$8.23	$7.84	$9.02	$7.91	$8.67	$9.55	$5.28	$2.16	$3.84	$3.70	$3.55	$2.75	$1.85	$0.32	$0.53	($0.67)	$0.05	$1.03	($0.14)	$1.37	$1.00	$1.38	$1.53	$1.21	($1.44)	($0.55)	($1.67)	($0.0729)	($0.75)	$0.17	($1.31)	$0.65
Basic EPS (GAAP)	$19.66	$20.62	$28.55	$5.19	$15.20	$14.74	$12.07	$14.54	$13.20	$5.99	$8.25	$7.86	$9.04	$7.93	$8.69	$9.58	$5.29	$2.17	$3.87	$3.72	$3.75	$3.11	$2.07	$0.32	$0.53	($0.67)	$0.05	$1.04	($0.14)	$1.39	$1.01	$1.38	$1.53	$1.25	($1.44)	($0.55)	($1.67)	($0.0729)	($0.75)	$0.17	($1.31)	$0.66
Basic shares outstanding	138	138	138	142	142	145	148	155	162	167	169	178	183	187	189	193	197	197	195	199	190	177	169	157	154	153	160	154	153	153	159	162	166	141	131	119	99	84	85	83	82	76
Margins
Gross margin	25.3%	25.3%	24.7%	24.2%	23.9%	23.7%	24.7%	25.4%	24.1%	25.0%	25.5%	25.9%	25.3%	24.7%	25.5%	25.4%	24.0%	20.1%	20.5%	19.6%	22.8%	22.0%	19.9%	17.8%	17.9%	17.8%	19.2%	21.4%	21.4%	22.8%	22.5%	24.2%	25.0%	27.4%	25.7%	22.2%	21.6%	26.3%	26.8%	29.5%	30.2%	32.0%
Operating margin	11.2%	12.0%	11.0%	5.2%	10.4%	11.3%	11.5%	11.5%	11.7%	11.4%	10.7%	10.8%	12.3%	12.1%	13.0%	14.9%	12.1%	6.3%	8.9%	8.9%	10.0%	7.7%	5.0%	1.5%	2.0%	(1.0%)	1.4%	5.0%	1.3%	4.9%	4.0%	3.8%	6.5%	5.8%	3.5%	0.3%	(0.8%)	1.6%	1.8%	2.9%	0.2%	5.2%
Net margin	7.8%	8.4%	11.6%	2.2%	7.7%	8.9%	9.0%	9.6%	9.0%	4.9%	8.0%	7.3%	8.6%	8.6%	9.5%	10.2%	7.9%	4.0%	5.3%	5.7%	6.3%	5.5%	4.1%	0.8%	1.4%	(1.8%)	0.1%	2.4%	(0.3%)	3.8%	3.0%	4.3%	5.3%	4.2%	(5.1%)	(1.9%)	(4.8%)	(0.2%)	(1.9%)	0.5%	(4.7%)	2.3%

Analyst consensus

Buy51 analysts

Bearish · 1 · Hold · 23 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$5.86	$4.80	Beat
Q4 2024	$5.16	$4.70	Beat
Q1 2025	$5.96	$4.91	Beat
Q2 2025	$6.43	$5.23	Beat
Q3 2025	$5.59	$4.83	Beat
Q4 2025	$5.81	$5.10	Beat
Q1 2026	$6.15	$5.63	Beat
Q2 2026	$6.73	$7.21	Miss

Peers

Company overview

IPO dateOct 3, 1947

CEOJennifer W. Rumsey

Employees67,400

SectorIndustrials

IndustryIndustrial - Machinery

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cummins.com

Cummins Inc. is a global innovator in power solutions, responsible for the design, manufacturing, distribution, and maintenance of a broad array of diesel and natural gas engines, alongside cutting-edge electric and hybrid powertrains, and associated components. Its operations are strategically divided into five segments: Engine, Distribution, Components, Power Systems, and New Power. The company's extensive engine portfolio, available under the Cummins brand and others, powers a vast range of heavy and medium-duty applications, including commercial trucks, buses, recreational vehicles, light-duty automobiles, construction and mining equipment, marine vessels, railway systems, oil and gas operations, defense, and agriculture. Complementing these engines, Cummins provides both new and remanufactured parts and comprehensive servicing. Beyond its core engine offerings, Cummins delivers sophisticated power generation systems, high-horsepower engines, and specialized application engineering. It also offers custom-designed assemblies, retail and wholesale aftermarket components, and expert repair services conducted both in-shop and on-site. The company's technological scope extends to emission control solutions, turbochargers, a variety of filtration systems (for air, fuel, lubricants, and hydraulics), coolants, fuel additives, and advanced electronic control modules, sensors, and supporting software. Fuel systems, both new and reconditioned, are also a key part of their product line, as are automated transmissions. For electrical power generation, Cummins provides standby and primary power generators, complete with controls, paralleling systems, and transfer switches, featuring products like Stamford and AVK A/C alternators. Embracing future energy demands, the company is a frontrunner in electrified power systems, encompassing battery technologies, fuel cells, and hydrogen production. This includes a robust offering of filtration, aftertreatment, control, air handling systems, automated transmissions, electric power generation, and battery solutions. Cummins distributes its diverse product range to original equipment manufacturers, an extensive network of distributors and dealers, and various other clientele worldwide. Founded in 1919 as the Cummins Engine Company, the enterprise adopted its current name, Cummins Inc., in 2001 and maintains its headquarters in Columbus, Indiana.

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