Cummins
CMI · NYSEEngines & Turbines · Fiscal year ends Dec 31
Cummins reported revenue of $33.7B in the fiscal year ended Dec 2025, down 1.3% from the year before. Operating income was $4B, an operating margin of 12.0%, and net income was $3B. Operating cash flow of $3.6B less capital expenditure of $1.2B left free cash flow of $2.4B. Net debt was $4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $24B | $28.1B | $34.1B | $34.1B | $33.7B |
| Cost of revenue | $18.3B | $21.4B | $25.8B | $25.7B | $25.2B |
| Gross profit | $5.7B | $6.7B | $8.2B | $8.4B | $8.5B |
| Research & development | $1.1B | $1.3B | $1.5B | $1.5B | $1.4B |
| Selling, general & admin | $2.4B | $2.7B | $3.3B | $3.3B | $3.1B |
| Operating income | $2.7B | $2.9B | $1.8B | $3.8B | $4B |
| Interest expense | $111M | $199M | $375M | $370M | $329M |
| Pre-tax income | $2.8B | $2.8B | $1.6B | $4.9B | $4B |
| Income tax | $587M | $636M | $786M | $835M | $1B |
| Net income | $2.2B | $2.2B | $840M | $4.1B | $3B |
| Diluted EPS | 14.61 | 15.12 | 5.15 | 28.37 | 20.50 |
| Diluted shares | 146M | 142M | 143M | 139M | 139M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.6B | $2B | $2.2B | $1.7B | $2.8B |
| Inventory | $4.4B | $5.6B | $5.7B | $5.7B | $5.8B |
| Current assets | $12.3B | $14.5B | $15.2B | $14.8B | $16.9B |
| Net PP&E | $4.4B | $5.5B | $6.2B | $6.4B | $7B |
| Goodwill | $1.3B | $2.3B | $2.5B | $2.4B | $2.2B |
| Total assets | $23.7B | $30.3B | $32B | $31.5B | $34B |
| Payables | $3B | $4.3B | $4.3B | $4B | $3.8B |
| Deferred revenue | $855M | $1B | $1.2B | $1.3B | $1.6B |
| Current liabilities | $7.1B | $11.4B | $12.9B | $11.2B | $9.6B |
| Short-term debt | $59M | $573M | $118M | $660M | $94M |
| Long-term debt | $3.6B | $4.5B | $4.8B | $4.8B | $6.8B |
| Total liabilities | $14.3B | $20.1B | $22.1B | $20.2B | $20.6B |
| Shareholders' equity | $8.1B | $9B | $8.9B | $10.3B | $12.3B |
| Backlog (remaining obligations) | $740M | $663M | $2.1B | $5.4B | $6.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2B | $4B | $1.5B | $3.6B |
| Capital expenditure | $734M | $916M | $1.2B | $1.2B | $1.2B |
| Free cash flow | $1.5B | $1B | $2.8B | $279M | $2.4B |
| Depreciation & amortisation | $662M | $784M | $1B | $1.1B | $1.1B |
| Stock-based compensation | $37M | $33M | $79M | $100M | $93M |
| Acquisitions | $0 | $3.2B | $292M | $58M | $12M |
| Share buybacks | $1.4B | $374M | $0 | $0 | – |
| Dividends paid | $809M | $855M | $921M | $969M | $1.1B |
| Dividend per share | 5.60 | 6.04 | 6.50 | 7.00 | 7.64 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.9% | 21.3% | 0.1% | −1.3% |
| Operating income growth (YoY) | – | 8.2% | −39.9% | 112.9% | 7.3% |
| EPS growth (YoY) | – | 3.5% | −65.9% | 450.9% | −27.7% |
| Gross margin | 23.7% | 23.9% | 24.2% | 24.7% | 25.3% |
| Operating margin | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| Net margin | 9.0% | 7.8% | 2.5% | 11.9% | 8.8% |
| Return on equityBlank when equity is negative | 26.6% | 24.3% | 9.5% | 39.6% | 23.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.3% | 15.5% | 9.2% | 18.5% | 16.5% |
| Free cash flow margin | 6.3% | 3.7% | 8.1% | 0.8% | 7.1% |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.90x | 4.72x | 0.37x | 1.22x |
| Inventory days | 87 | 96 | 80 | 82 | 84 |
| Payable days | 60 | 73 | 60 | 56 | 55 |
| Interest cover | 24.4x | 14.7x | 4.70x | 10.1x | 12.2x |
| Debt ÷ equity | 0.45x | 0.57x | 0.56x | 0.53x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1B | $3.1B | $2.7B | $3.8B | $4B |
| Current ratio | 1.74x | 1.27x | 1.18x | 1.31x | 1.76x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.