NYSE : CMI
Cummins Inc. — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 500.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 68.84B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Cummins Inc. (CMI) reported revenue of 34.71B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 34.71B | 33.67B | 34.10B | 34.06B | 28.07B | 24.02B |
| Cost of Revenue | 25.76B | 25.00B | 25.55B | 25.82B | 21.34B | 18.33B |
| Gross Profit | 8.95B | 8.67B | 8.55B | 8.25B | 6.74B | 5.70B |
| Selling, General & Admin | 3.25B | 3.06B | 3.15B | 3.33B | 2.66B | 2.37B |
| Research & Development | 1.43B | 1.39B | 1.46B | 1.50B | 1.28B | 1.09B |
| Other Operating Expenses | 357.00M | 130.00M | 158.00M | 2.14B | 111.00M | 31.00M |
| Operating Expenses | 5.03B | 4.58B | 4.77B | 6.97B | 4.05B | 3.50B |
| Operating Income | 3.91B | 4.10B | 3.78B | 1.28B | 2.69B | 2.20B |
| Interest Expense | -321.00M | -329.00M | -370.00M | -375.00M | -199.00M | -111.00M |
| Interest & Investment Income | 115.00M | 106.00M | 87.00M | 49.00M | ||
| Earnings From Equity Investments | 522.00M | 469.00M | 395.00M | 483.00M | 349.00M | 506.00M |
| Currency Exchange Gain (Loss) | 5.00M | 5.00M | -41.00M | |||
| Other Non Operating Income (Expenses) | 68.00M | 68.00M | 24.00M | 240.00M | 40.00M | 156.00M |
| EBT Excluding Unusual Items | 4.30B | 4.42B | 3.87B | 1.63B | 2.93B | 2.75B |
| Merger & Restructuring Charges | -458.00M | -458.00M | -295.00M | -30.00M | ||
| Gain (Loss) on Sale of Investments | 22.00M | 22.00M | 8.00M | |||
| Gain (Loss) on Sale of Assets | 1.33B | |||||
| Asset Writedown | -17.00M | -17.00M | -17.00M | -17.00M | ||
| Other Unusual Items | -63.00M | |||||
| Pretax Income | 3.85B | 3.96B | 4.90B | 1.63B | 2.82B | 2.75B |
| Income Tax Expense | 1.02B | 1.01B | 835.00M | 786.00M | 636.00M | 587.00M |
| Earnings From Continuing Operations | 2.83B | 2.96B | 4.07B | 840.00M | 2.18B | 2.16B |
| Minority Interest in Earnings | -112.00M | -114.00M | -122.00M | -105.00M | -32.00M | -33.00M |
| Net Income | 2.71B | 2.84B | 3.95B | 735.00M | 2.15B | 2.13B |
| Net Income to Common | 2.71B | 2.84B | 3.95B | 735.00M | 2.15B | 2.13B |
| Shares Outstanding (Basic) | 138.10M | 137.90M | 138.20M | 141.70M | 141.50M | 144.60M |
| Shares Outstanding (Diluted) | 138.80M | 138.70M | 139.10M | 142.70M | 142.30M | 145.90M |
| EPS (Basic) | 19.66 | 20.62 | 28.55 | 5.19 | 15.20 | 14.74 |
| EPS (Diluted) | 19.56 | 20.50 | 28.37 | 5.15 | 15.12 | 14.61 |
| Free Cash Flow | 3.37B | 2.39B | 279.00M | 2.75B | 1.05B | 1.52B |
| Free Cash Flow Per Share | 24.26 | 17.20 | 2.01 | 19.29 | 7.35 | 10.43 |
| Dividend Per Share | 8.00 | 7.64 | 7.00 | 6.50 | 6.04 | 5.60 |
| Gross Margin | 25.77% | 25.76% | 25.07% | 24.21% | 23.99% | 23.71% |
| Operating Margin | 11.27% | 12.17% | 11.08% | 3.75% | 9.58% | 9.16% |
| Profit Margin | 7.82% | 8.44% | 11.57% | 2.16% | 7.66% | 8.87% |
| Free Cash Flow Margin | 9.70% | 7.09% | 0.82% | 8.08% | 3.73% | 6.34% |
| EBITDA | 5.02B | 5.19B | 4.83B | 2.29B | 3.47B | 2.86B |
| EBITDA Margin | 14.46% | 15.41% | 14.17% | 6.73% | 12.36% | 11.90% |
| D&A For EBITDA | 1.11B | 1.09B | 1.05B | 1.02B | 781.00M | 659.00M |
| EBIT | 3.91B | 4.10B | 3.78B | 1.28B | 2.69B | 2.20B |
| EBIT Margin | 11.27% | 12.17% | 11.08% | 3.75% | 9.58% | 9.16% |
| Effective Tax Rate | 26.53% | 25.39% | 17.03% | 48.34% | 22.56% | 21.34% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.18B | 2.85B | 1.67B | 2.18B | 2.10B | 2.59B |
| Short-Term Investments | 745.00M | 764.00M | 593.00M | 562.00M | 472.00M | 595.00M |
| Cash & Short-Term Investments | 3.92B | 3.61B | 2.26B | 2.74B | 2.57B | 3.19B |
| Accounts Receivable | 6.58B | 5.82B | 5.18B | 5.58B | 5.20B | 3.99B |
| Other Receivables | 369.00M | 121.00M | 81.00M | 83.00M | 101.00M | |
| Receivables | 6.58B | 6.19B | 5.30B | 5.66B | 5.29B | 4.09B |
| Inventory | 6.40B | 5.82B | 5.74B | 5.68B | 5.60B | 4.36B |
| Prepaid Expenses | 1.46B | 1.25B | 1.38B | 1.09B | 945.00M | 657.00M |
| Other Current Assets | 70.00M | 55.00M | 66.00M | 30.00M | 45.00M | 19.00M |
| Total Current Assets | 18.43B | 16.93B | 14.75B | 15.20B | 14.45B | 12.31B |
| Property, Plant & Equipment | 7.58B | 7.50B | 6.89B | 6.75B | 6.01B | 4.87B |
| Long-Term Investments | 2.27B | 2.13B | 1.89B | 1.80B | 1.76B | 1.54B |
| Goodwill | 2.22B | 2.22B | 2.37B | 2.50B | 2.34B | 1.29B |
| Other Intangible Assets | 2.17B | 2.17B | 2.35B | 2.52B | 2.69B | 900.00M |
| Long-Term Deferred Tax Assets | 1.05B | 1.06B | 1.12B | 1.08B | 625.00M | 428.00M |
| Other Long-Term Assets | 1.91B | 1.99B | 2.17B | 2.16B | 2.42B | 2.38B |
| Total Assets | 35.63B | 33.99B | 31.54B | 32.01B | 30.30B | 23.71B |
| Accounts Payable | 4.65B | 3.80B | 3.95B | 4.26B | 4.25B | 3.02B |
| Accrued Expenses | 2.49B | 2.46B | 2.61B | 2.54B | 1.78B | 1.64B |
| Short-Term Debt | 807.00M | 666.00M | 1.61B | 1.78B | 2.78B | 521.00M |
| Current Portion of Long-Term Debt | 151.00M | 69.00M | 640.00M | 101.00M | 541.00M | 45.00M |
| Current Portion of Leases | 141.00M | 163.00M | 150.00M | 155.00M | 164.00M | 142.00M |
| Current Income Taxes Payable | 177.00M | 156.00M | 244.00M | 242.00M | 173.00M | 107.00M |
| Current Unearned Revenue | 1.59B | 1.61B | 1.35B | 1.22B | 1.00B | 855.00M |
| Other Current Liabilities | 658.00M | 693.00M | 679.00M | 2.60B | 726.00M | 755.00M |
| Total Current Liabilities | 10.67B | 9.61B | 11.23B | 12.90B | 11.42B | 7.08B |
| Long-Term Debt | 6.61B | 6.68B | 4.68B | 4.83B | 4.57B | 3.52B |
| Long-Term Leases | 582.00M | 535.00M | 514.00M | 468.00M | 449.00M | 401.00M |
| Long-Term Unearned Revenue | 1.07B | 1.05B | 1.06B | 966.00M | 844.00M | 850.00M |
| Pension & Post-Retirement Benefits | 535.00M | 537.00M | 607.00M | 661.00M | 586.00M | 604.00M |
| Long-Term Deferred Tax Liabilities | 381.00M | 388.00M | 389.00M | 530.00M | 649.00M | 403.00M |
| Other Long-Term Liabilities | 1.88B | 1.78B | 1.74B | 1.75B | 1.56B | 1.44B |
| Total Liabilities | 21.72B | 20.58B | 20.23B | 22.10B | 20.07B | 14.31B |
| Common Stock | 2.63B | 2.67B | 2.64B | 556.00M | 556.00M | 556.00M |
| Additional Paid-In Capital | 2.01B | 1.69B | 1.54B | |||
| Retained Earnings | 23.65B | 22.62B | 20.83B | 17.85B | 18.04B | 16.74B |
| Treasury Stock | -11.09B | -10.66B | -10.75B | -9.36B | -9.41B | -9.12B |
| Comprehensive Income & Other | -2.34B | -2.28B | -2.44B | -2.21B | -1.89B | -1.57B |
| Total Common Equity | 12.85B | 12.35B | 10.27B | 8.85B | 8.97B | 8.15B |
| Minority Interest | 1.06B | 1.06B | 1.04B | 1.05B | 1.25B | 1.25B |
| Shareholders' Equity | 13.91B | 13.41B | 11.31B | 9.90B | 10.22B | 9.40B |
| Total Liabilities & Equity | 35.63B | 33.99B | 31.54B | 32.01B | 30.30B | 23.71B |
| Total Debt | 8.29B | 8.11B | 7.60B | 7.33B | 8.51B | 4.63B |
| Net Cash (Debt) | -4.36B | -4.50B | -5.33B | -4.58B | -5.93B | -1.45B |
| Net Cash Per Share | -31.43 | -32.48 | -38.35 | -32.12 | -41.69 | -9.90 |
| Filing Date Shares Outstanding | 137.66M | 138.17M | 137.48M | 141.86M | 141.38M | 142.43M |
| Total Common Shares Outstanding | 137.66M | 138.10M | 137.40M | 141.80M | 141.30M | 142.50M |
| Working Capital | 7.76B | 7.32B | 3.52B | 2.29B | 3.03B | 5.22B |
| Book Value Per Share | 93.32 | 89.42 | 74.75 | 62.41 | 63.52 | 57.16 |
| Tangible Book Value | 8.46B | 7.96B | 5.55B | 3.83B | 3.94B | 5.96B |
| Tangible Book Value Per Share | 61.43 | 57.62 | 40.39 | 27.02 | 27.92 | 41.82 |
| Land | 3.21B | 3.01B | 3.04B | 2.91B | 2.63B | |
| Machinery | 7.77B | 7.27B | 7.25B | 6.60B | 5.91B | |
| Construction In Progress | 1.94B | 1.52B | 1.39B | 1.00B | 816.00M | |
| Order Backlog | 439.00M | 403.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.71B | 2.84B | 3.95B | 735.00M | 2.15B | 2.13B |
| Depreciation & Amortization | 1.11B | 1.09B | 1.05B | 1.02B | 781.00M | 659.00M |
| Other Amortization | 12.00M | 12.00M | 12.00M | 8.00M | 3.00M | 3.00M |
| Loss (Gain) From Sale of Assets | -1.33B | |||||
| Loss (Gain) on Equity Investments | -83.00M | -55.00M | 13.00M | -81.00M | 64.00M | -83.00M |
| Other Operating Activities | 736.00M | 589.00M | -39.00M | -130.00M | -32.00M | -95.00M |
| Change in Accounts Receivable | -707.00M | -612.00M | 298.00M | -330.00M | -697.00M | -174.00M |
| Change in Inventory | -215.00M | -39.00M | -402.00M | -567.00M | -945.00M | |
| Change in Accounts Payable | 564.00M | -148.00M | -183.00M | -66.00M | 538.00M | 217.00M |
| Change in Other Net Operating Assets | 517.00M | -62.00M | -1.88B | 2.81B | -279.00M | 543.00M |
| Operating Cash Flow | 4.65B | 3.62B | 1.49B | 3.97B | 1.96B | 2.26B |
| Capital Expenditures | -1.28B | -1.24B | -1.21B | -1.21B | -916.00M | -734.00M |
| Cash Acquisitions | -12.00M | -12.00M | -58.00M | -292.00M | -3.19B | |
| Divestitures | -174.00M | |||||
| Investment in Securities | -218.00M | -373.00M | -254.00M | -61.00M | 24.00M | -133.00M |
| Other Investing Activities | -35.00M | -111.00M | -88.00M | -77.00M | -89.00M | -6.00M |
| Investing Cash Flow | -1.54B | -1.73B | -1.78B | -1.64B | -4.17B | -873.00M |
| Short-Term Debt Issued | 2.26B | |||||
| Long-Term Debt Issued | 2.33B | 2.72B | 861.00M | 2.10B | 79.00M | |
| Total Debt Issued | 509.00M | 2.33B | 2.72B | 861.00M | 4.36B | 79.00M |
| Short-Term Debt Repaid | -906.00M | -237.00M | -779.00M | -10.00M | ||
| Long-Term Debt Repaid | -975.00M | -1.57B | -1.14B | -1.55B | -73.00M | |
| Total Debt Repaid | -1.02B | -1.88B | -1.80B | -1.92B | -1.55B | -83.00M |
| Net Debt Issued (Repaid) | -509.00M | 454.00M | 915.00M | -1.05B | 2.81B | -4.00M |
| Repurchase of Common Stock | -468.00M | -374.00M | -1.40B | |||
| Common Dividends Paid | -1.10B | -1.05B | -969.00M | -921.00M | -855.00M | -809.00M |
| Other Financing Activities | -155.00M | -171.00M | -119.00M | -202.00M | 84.00M | -12.00M |
| Financing Cash Flow | -2.24B | -772.00M | -173.00M | -2.18B | 1.67B | -2.23B |
| Foreign Exchange Rate Adjustments | -5.00M | 56.00M | -40.00M | -68.00M | 50.00M | 35.00M |
| Net Cash Flow | 860.00M | 1.17B | -508.00M | 78.00M | -491.00M | -809.00M |
| Free Cash Flow | 3.37B | 2.39B | 279.00M | 2.75B | 1.05B | 1.52B |
| Free Cash Flow Margin | 9.70% | 7.09% | 0.82% | 8.08% | 3.73% | 6.34% |
| Free Cash Flow Per Share | 24.26 | 17.20 | 2.01 | 19.29 | 7.35 | 10.43 |
| Levered Free Cash Flow | 2.23B | 1.37B | 14.62M | 2.81B | 257.88M | 905.62M |
| Unlevered Free Cash Flow | 2.42B | 1.57B | 233.88M | 3.04B | 379.25M | 972.00M |
| Cash Interest Paid | 308.00M | 308.00M | 334.00M | 374.00M | 184.00M | 111.00M |
| Cash Income Tax Paid | 1.07B | 1.07B | 1.18B | 1.18B | 903.00M | 521.00M |
| Change in Working Capital | 159.00M | -861.00M | -2.17B | 2.42B | -1.00B | -359.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 68.84B | 70.46B | 47.82B | 33.96B | 34.17B | 31.20B |
| Enterprise Value | 73.21B | 76.58B | 54.79B | 40.26B | 41.18B | 33.50B |
| Last Close Price | 500.09 | 505.27 | 338.29 | 227.16 | 223.32 | 195.74 |
| PE Ratio | 25.56 | 24.78 | 12.12 | 46.20 | 15.88 | 14.64 |
| Forward PE | 15.22 | 21.27 | 15.95 | 12.50 | 12.62 | 13.28 |
| PS Ratio | 1.98 | 2.09 | 1.40 | 1.00 | 1.22 | 1.30 |
| PB Ratio | 5.36 | 5.25 | 4.23 | 3.43 | 3.34 | 3.32 |
| P/TBV Ratio | 8.14 | 8.85 | 8.62 | 8.86 | 8.66 | 5.24 |
| P/FCF Ratio | 20.45 | 29.53 | 171.40 | 12.34 | 32.67 | 20.50 |
| P/OCF Ratio | 14.81 | 19.46 | 32.16 | 8.56 | 17.41 | 13.83 |
| PEG Ratio | 0.85 | 1.87 | 1.69 | 1.54 | 1.31 | 0.86 |
| EV/Sales Ratio | 2.11 | 2.27 | 1.61 | 1.18 | 1.47 | 1.40 |
| EV/EBITDA Ratio | 14.58 | 14.76 | 11.34 | 17.55 | 11.87 | 11.72 |
| EV/EBIT Ratio | 18.71 | 18.69 | 14.50 | 31.50 | 15.31 | 15.23 |
| EV/FCF Ratio | 21.74 | 32.10 | 196.38 | 14.62 | 39.37 | 22.01 |
| Debt / Equity Ratio | 0.60 | 0.60 | 0.67 | 0.74 | 0.83 | 0.49 |
| Debt / EBITDA Ratio | 1.58 | 1.50 | 1.50 | 2.93 | 2.32 | 1.51 |
| Debt / FCF Ratio | 2.46 | 3.40 | 27.23 | 2.66 | 8.13 | 3.04 |
| Net Debt / Equity Ratio | 0.31 | 0.34 | 0.47 | 0.46 | 0.58 | 0.15 |
| Net Debt / EBITDA Ratio | 0.87 | 0.87 | 1.10 | 2.00 | 1.71 | 0.51 |
| Net Debt / FCF Ratio | 1.30 | 1.89 | 19.12 | 1.67 | 5.67 | 0.95 |
| Asset Turnover | 0.99 | 1.03 | 1.07 | 1.09 | 1.04 | 1.04 |
| Inventory Turnover | 4.06 | 4.32 | 4.47 | 4.58 | 4.29 | 4.71 |
| Quick Ratio | 0.98 | 1.02 | 0.67 | 0.65 | 0.69 | 1.03 |
| Current Ratio | 1.73 | 1.76 | 1.31 | 1.18 | 1.26 | 1.74 |
| Return on Equity (ROE) | 21.11% | 23.93% | 38.36% | 8.35% | 22.25% | 23.54% |
| Return on Assets (ROA) | 7.00% | 7.81% | 7.43% | 2.56% | 6.23% | 5.93% |
| Return on Invested Capital (ROIC) | 15.66% | 17.69% | 20.14% | 4.31% | 15.43% | 16.78% |
| Return on Capital Employed (ROCE) | 15.70% | 16.80% | 18.60% | 6.70% | 14.20% | 13.20% |
| Earnings Yield | 3.91% | 4.04% | 8.25% | 2.16% | 6.30% | 6.83% |
| FCF Yield | 4.89% | 3.39% | 0.58% | 8.11% | 3.06% | 4.88% |
| Dividend Yield | 1.76% | 1.50% | 2.01% | 2.71% | 2.50% | 2.56% |
| Payout Ratio | 44.98% | 37.11% | 24.56% | 125.31% | 39.75% | 37.96% |
| Buyback Yield / Dilution | -0.36% | 0.29% | 2.52% | -0.28% | 2.47% | 2.08% |
| Total Shareholder Return | 1.40% | 1.79% | 4.53% | 2.43% | 4.96% | 4.64% |