Cummins Inc Financials

CMI

Source SEC Filings (10-K/10-Q) Updated Feb 10, 2026 Currency USD FYE February

This page shows Cummins Inc (CMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$34K

YoY-100.0%

5Y CAGR-93.2%

10Y CAGR-73.2%

Cummins Inc generated $34K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

$5K

YoY-100.0%

5Y CAGR-93.1%

10Y CAGR-73.0%

Cummins Inc's EBITDA was $5K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.

Free Cash Flow

$2K

YoY-100.0%

5Y CAGR-93.2%

10Y CAGR-73.5%

Cummins Inc generated $2K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.0% from the prior year.

Net Income

$3K

YoY-100.0%

5Y CAGR-93.3%

10Y CAGR-73.3%

Cummins Inc reported $3K in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EPS (Diluted)

$20.50

YoY+35.6%

5Y CAGR+9.3%

10Y CAGR+10.0%

Cummins Inc earned $20.50 per diluted share (EPS) in fiscal year 2025. This represents an increase of 35.6% from the prior year.

Cash & Debt

$166

YoY-100.0%

5Y CAGR-95.8%

10Y CAGR-81.0%

Cummins Inc held $166 in cash against $7K in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.82

YoY-69.9%

5Y CAGR-16.3%

Cummins Inc paid $1.82 per share in dividends in fiscal year 2025. This represents a decrease of 69.9% from the prior year.

Shares Outstanding

138M

YoY-2.3%

5Y CAGR-2.6%

10Y CAGR-3.0%

Cummins Inc had 138M shares outstanding in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

Gross Margin

25.3%

YoY+1.4pp

5Y CAGR+1.2pp

10Y CAGR+0.6pp

Cummins Inc's gross margin was 25.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.

Operating Margin

11.9%

YoY+1.5pp

5Y CAGR+0.2pp

10Y CAGR-0.2pp

Cummins Inc's operating margin was 11.9% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.

Net Margin

8.8%

YoY+1.0pp

5Y CAGR-0.4pp

10Y CAGR-0.4pp

Cummins Inc's net profit margin was 8.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.

Return on Equity

23.9%

YoY+2.0pp

5Y CAGR-2.5pp

10Y CAGR+3.8pp

Cummins Inc's ROE was 23.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.

R&D Spending

$1K

YoY-100.0%

5Y CAGR-93.1%

10Y CAGR-73.1%

Cummins Inc invested $1K in research and development in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

Share Buybacks

YoY-100.0%

Cummins Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$1K

YoY-100.0%

5Y CAGR-92.9%

10Y CAGR-73.3%

Cummins Inc invested $1K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

CMI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$34K-100.0%	$28.1B+16.9%	$24.0B+21.3%	$19.8B-16.0%	$23.6B-0.8%	$23.8B
Cost of Revenue	$8K-100.0%	$21.4B+16.5%	$18.3B+22.9%	$14.9B-15.2%	$17.6B-2.5%	$18.0B
Gross Profit	$9K-100.0%	$6.7B+18.0%	$5.7B+16.4%	$4.9B-18.2%	$6.0B+4.2%	$5.7B
R&D Expenses	$1K-100.0%	$1.3B+17.2%	$1.1B+20.3%	$906.0M-9.5%	$1.0B+11.0%	$902.0M
SG&A Expenses	$3K-100.0%	$2.7B+13.2%	$2.4B+11.7%	$2.1B-13.4%	$2.5B+0.7%	$2.4B
Operating Income	$4K-100.0%	$2.9B+8.2%	$2.7B+19.3%	$2.3B-16.0%	$2.7B-3.1%	$2.8B
Interest Expense	$329-100.0%	$199.0M+79.3%	$111.0M+11.0%	$100.0M-8.3%	$109.0M-4.4%	$114.0M
Income Tax	$1K-100.0%	$636.0M+8.3%	$587.0M+11.4%	$527.0M-6.9%	$566.0M0.0%	$566.0M
Net Income	$3K-100.0%	$2.2B+0.9%	$2.2B+19.5%	$1.8B-20.1%	$2.3B+3.7%	$2.2B
EPS (Diluted)	$20.50+35.6%	$15.12+3.5%	$14.61+21.6%	$12.01-17.1%	$14.48+10.1%	$13.15

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$8.5B+2.6%	$8.3B-3.8%	$8.6B+5.7%	$8.2B-4.3%	$8.5B+1.3%	$8.4B-2.4%	$8.6B+2.2%	$8.5B
Cost of Revenue	$6.6B+6.4%	$6.2B-2.7%	$6.4B+5.7%	$6.0B-8.0%	$6.5B+2.9%	$6.4B-2.0%	$6.5B+1.0%	$6.4B
Gross Profit	$2.0B-8.4%	$2.1B-6.7%	$2.3B+5.8%	$2.2B+7.7%	$2.0B-3.4%	$2.1B-3.6%	$2.1B+5.9%	$2.0B
R&D Expenses	$350.0M+1.4%	$345.0M-3.4%	$357.0M+3.8%	$344.0M-11.8%	$390.0M+3.7%	$376.0M-2.1%	$384.0M+9.7%	$350.0M
SG&A Expenses	$786.0M-0.4%	$789.0M+1.3%	$779.0M+1.0%	$771.0M-12.0%	$876.0M+5.4%	$831.0M-4.8%	$873.0M+15.9%	$753.0M
Operating Income	$813.0M-4.6%	$852.0M-30.5%	$1.2B+8.1%	$1.1B+193.6%	-$1.2B-227.6%	$950.0M-4.7%	$997.0M-2.8%	$1.0B
Interest Expense	$82.0M-1.2%	$83.0M-4.6%	$87.0M+13.0%	$77.0M-16.3%	$92.0M-5.2%	$97.0M-2.0%	$99.0M+13.8%	$87.0M
Income Tax	$171.0M-36.9%	$271.0M-8.8%	$297.0M+11.2%	$267.0M+63.8%	$163.0M-13.3%	$188.0M-11.3%	$212.0M-4.9%	$223.0M
Net Income	$620.0M+10.9%	$559.0M-39.8%	$928.0M+9.2%	$850.0M+161.0%	-$1.4B-301.9%	$690.0M-6.4%	$737.0M-8.6%	$806.0M
EPS (Diluted)	$4.25+10.1%	$3.86-40.0%	$6.43+7.9%	$5.96+159.4%	$-10.04-318.7%	$4.59-9.1%	$5.05-9.0%	$5.55

CMI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$34K-100.0%	$30.3B+27.8%	$23.7B+4.8%	$22.6B+14.6%	$19.7B+3.5%	$19.1B
Current Assets	$17K-100.0%	$14.5B+17.4%	$12.3B+3.5%	$11.9B+26.7%	$9.4B-4.4%	$9.8B
Cash & Equivalents	$166-100.0%	$2.6B-0.7%	$2.6B-23.8%	$3.4B+201.2%	$1.1B-13.4%	$1.3B
Inventory	$6K-100.0%	$5.6B+28.7%	$4.4B+27.2%	$3.4B-1.7%	$3.5B-7.3%	$3.8B
Accounts Receivable	$6K-100.0%	$5.2B+45.9%	$3.6B+3.6%	$3.4B+1.6%	$3.4B	N/A
Goodwill	$2K-100.0%	$2.3B+82.1%	$1.3B-0.5%	$1.3B+0.5%	$1.3B+14.2%	$1.1B
Total Liabilities	$21K-100.0%	$20.1B+40.3%	$14.3B+4.9%	$13.6B+21.0%	$11.3B+4.3%	$10.8B
Current Liabilities	$10K-100.0%	$11.4B+61.2%	$7.1B+11.8%	$6.3B+1.2%	$6.3B-1.9%	$6.4B
Long-Term Debt	$7K-100.0%	$4.5B+25.7%	$3.6B-0.9%	$3.6B+129.1%	$1.6B-1.3%	$1.6B
Total Equity	$12K-100.0%	$10.0B+10.3%	$9.0B+3.8%	$8.7B+3.6%	$8.4B+1.8%	$8.3B
Retained Earnings	$23K-100.0%	$18.0B+7.7%	$16.7B+8.6%	$15.4B+7.0%	$14.4B+11.6%	$12.9B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$34.0B+1.1%	$33.6B-1.8%	$34.3B+5.3%	$32.5B+1.6%	$32.0B-0.3%	$32.1B+1.1%	$31.7B+1.0%	$31.4B
Current Assets	$16.9B+1.2%	$16.7B-1.3%	$16.9B+9.0%	$15.5B+2.3%	$15.2B-4.5%	$15.9B+3.3%	$15.4B+0.3%	$15.4B
Cash & Equivalents	$3.6B+40.6%	$2.6B+10.7%	$2.3B+51.4%	$1.5B-44.1%	$2.7B+14.8%	$2.4B+3.2%	$2.3B-5.1%	$2.4B
Inventory	$5.8B-6.9%	$6.3B-0.5%	$6.3B+2.7%	$6.1B+7.9%	$5.7B-3.9%	$5.9B-2.0%	$6.0B+2.5%	$5.9B
Accounts Receivable	$5.8B+3.2%	$5.6B-4.0%	$5.9B+3.4%	$5.7B+1.7%	$5.6B-1.4%	$5.7B-3.4%	$5.9B+0.5%	$5.8B
Goodwill	$2.2B+0.1%	$2.2B-8.7%	$2.4B+1.5%	$2.4B-4.1%	$2.5B+5.0%	$2.4B-1.0%	$2.4B+1.6%	$2.4B
Total Liabilities	$20.6B+0.2%	$20.5B-4.0%	$21.4B+4.0%	$20.6B-7.0%	$22.1B+8.2%	$20.4B+0.2%	$20.4B-0.8%	$20.6B
Current Liabilities	$9.6B+1.7%	$9.5B-8.3%	$10.3B-10.9%	$11.6B-10.3%	$12.9B+16.0%	$11.1B+0.7%	$11.0B-7.4%	$11.9B
Long-Term Debt	$6.8B-0.5%	$6.8B+0.2%	$6.8B+41.9%	$4.8B-0.1%	$4.8B-3.0%	$5.0B-2.7%	$5.1B+15.4%	$4.4B
Total Equity	$12.3B+2.4%	$12.1B-6.3%	$12.9B+7.5%	$12.0B+20.9%	$9.9B-15.2%	$11.7B+2.8%	$11.4B+6.9%	$10.6B
Retained Earnings	$22.6B+1.4%	$22.3B+1.2%	$22.0B+3.0%	$21.4B+19.9%	$17.9B-8.6%	$19.5B+2.2%	$19.1B+2.7%	$18.6B

CMI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4K-100.0%	$2.0B-13.0%	$2.3B-17.1%	$2.7B-14.4%	$3.2B+33.8%	$2.4B
Capital Expenditures	$1K-100.0%	$916.0M+24.8%	$734.0M+39.0%	$528.0M-24.6%	$700.0M-1.3%	$709.0M
Free Cash Flow	$2K-100.0%	$1.0B-31.3%	$1.5B-30.6%	$2.2B-11.6%	$2.5B+48.7%	$1.7B
Investing Cash Flow	$2K+100.0%	-$4.2B-377.9%	-$873.0M-21.4%	-$719.0M+37.5%	-$1.1B-18.1%	-$974.0M
Financing Cash Flow	$772-100.0%	$1.7B+174.9%	-$2.2B-895.4%	$280.0M+113.4%	-$2.1B-49.6%	-$1.4B
Dividends Paid	$1K-100.0%	$855.0M+5.7%	$809.0M+3.5%	$782.0M+2.8%	$761.0M+6.0%	$718.0M
Share Buybacks	$0-100.0%	$374.0M-73.3%	$1.4B+118.7%	$641.0M-49.6%	$1.3B+11.5%	$1.1B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	N/A	N/A	N/A	-$3.0M	N/A	N/A	N/A	$495.0M
Capital Expenditures	N/A	N/A	N/A	$162.0M	N/A	N/A	N/A	$193.0M
Free Cash Flow	N/A	N/A	N/A	-$165.0M	N/A	N/A	N/A	$302.0M
Investing Cash Flow	N/A	N/A	N/A	-$246.0M	N/A	N/A	N/A	-$228.0M
Financing Cash Flow	N/A	N/A	N/A	$92.0M	N/A	N/A	N/A	-$363.0M
Dividends Paid	N/A	N/A	N/A	$251.0M	N/A	N/A	N/A	$222.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

CMI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	25.3%+1.4pp	23.9%+0.2pp	23.7%-1.0pp	24.7%-0.7pp	25.4%+1.2pp	24.1%
Operating Margin	11.9%+1.5pp	10.4%-0.8pp	11.3%-0.2pp	11.5%0.0pp	11.5%-0.3pp	11.7%
Net Margin	8.8%+1.0pp	7.8%-1.2pp	9.0%-0.1pp	9.1%-0.5pp	9.6%+0.4pp	9.2%
Return on Equity	23.9%+2.0pp	21.9%-2.0pp	23.9%+3.1pp	20.8%-6.2pp	27.0%+0.5pp	26.5%
Return on Assets	8.7%+1.5pp	7.2%-1.9pp	9.1%+1.1pp	8.0%-3.5pp	11.5%+0.0pp	11.5%
Current Ratio	1.76+0.5	1.27-0.5	1.74-0.1	1.88+0.4	1.50-0.0	1.54
Debt-to-Equity	0.55+0.1	0.45+0.1	0.40-0.0	0.41+0.2	0.190.0	0.19
FCF Margin	7.1%+3.4pp	3.7%-2.6pp	6.3%-4.7pp	11.1%+0.5pp	10.5%+3.5pp	7.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	22.9%-2.7pp	25.6%-0.8pp	26.4%+0.0pp	26.4%+2.9pp	23.4%-1.1pp	24.6%-0.3pp	24.9%+0.9pp	24.0%
Operating Margin	9.5%-0.7pp	10.2%-3.9pp	14.2%+0.3pp	13.9%+28.1pp	-14.2%-25.5pp	11.3%-0.3pp	11.5%-0.6pp	12.1%
Net Margin	7.3%+0.5pp	6.7%-4.0pp	10.7%+0.3pp	10.4%+26.7pp	-16.3%-24.5pp	8.2%-0.4pp	8.5%-1.0pp	9.5%
Return on Equity	5.0%+0.4pp	4.6%-2.6pp	7.2%+0.1pp	7.1%	N/A	5.9%-0.6pp	6.5%-1.1pp	7.6%
Return on Assets	1.8%+0.2pp	1.7%-1.0pp	2.7%+0.1pp	2.6%+7.0pp	-4.3%-6.5pp	2.1%-0.2pp	2.3%-0.2pp	2.6%
Current Ratio	1.760.0	1.77+0.1	1.64+0.3	1.34+0.2	1.18-0.3	1.43+0.0	1.40+0.1	1.29
Debt-to-Equity	0.55-0.0	0.57+0.0	0.53+0.1	0.40-0.1	0.48+0.1	0.42-0.0	0.45+0.0	0.42
FCF Margin	N/A	N/A	N/A	-2.0%	N/A	N/A	N/A	3.6%

Financial Health Signals

Financial Profile 55/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Based on FY2025 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

2371274.71

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

8/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

1.22x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

12.2x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Cummins Inc's annual revenue?

Cummins Inc (CMI) reported $34K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Cummins Inc's revenue growing?

Cummins Inc (CMI) revenue declined by 100% year-over-year, from $28.1B to $34K in fiscal year 2025.

Is Cummins Inc profitable?

Yes, Cummins Inc (CMI) reported a net income of $3K in fiscal year 2025, with a net profit margin of 8.8%.

What is Cummins Inc's earnings per share (EPS)?

Cummins Inc (CMI) reported diluted earnings per share of $20.50 for fiscal year 2025. This represents a 35.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Cummins Inc's EBITDA?

Cummins Inc (CMI) had EBITDA of $5K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Cummins Inc have?

As of fiscal year 2025, Cummins Inc (CMI) had $166 in cash and equivalents against $7K in long-term debt.

What is Cummins Inc's gross margin?

Cummins Inc (CMI) had a gross margin of 25.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Cummins Inc's operating margin?

Cummins Inc (CMI) had an operating margin of 11.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Cummins Inc's net profit margin?

Cummins Inc (CMI) had a net profit margin of 8.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Cummins Inc pay dividends?

Yes, Cummins Inc (CMI) paid $1.82 per share in dividends during fiscal year 2025.

What is Cummins Inc's return on equity (ROE)?

Cummins Inc (CMI) has a return on equity of 23.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Cummins Inc's free cash flow?

Cummins Inc (CMI) generated $2K in free cash flow during fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Cummins Inc's operating cash flow?

Cummins Inc (CMI) generated $4K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cummins Inc's total assets?

Cummins Inc (CMI) had $34K in total assets as of fiscal year 2025, including both current and long-term assets.

What are Cummins Inc's capital expenditures?

Cummins Inc (CMI) invested $1K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Cummins Inc spend on research and development?

Cummins Inc (CMI) invested $1K in research and development during fiscal year 2025.

How many shares does Cummins Inc have outstanding?

Cummins Inc (CMI) had 138M shares outstanding as of fiscal year 2025.

What is Cummins Inc's current ratio?

Cummins Inc (CMI) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.

What is Cummins Inc's debt-to-equity ratio?

Cummins Inc (CMI) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cummins Inc's return on assets (ROA)?

Cummins Inc (CMI) had a return on assets of 8.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cummins Inc's Altman Z-Score?

Cummins Inc (CMI) has an Altman Z-Score of 2371274.71, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Cummins Inc's Piotroski F-Score?

Cummins Inc (CMI) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Cummins Inc's earnings high quality?

Cummins Inc (CMI) has an earnings quality ratio of 1.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Cummins Inc cover its interest payments?

Cummins Inc (CMI) has an interest coverage ratio of 12.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Cummins Inc?

Cummins Inc (CMI) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.