Cummins Inc. (CMI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$7.17	$6.73	-6.1%	—	—	—
Q4 26	$5.65	$6.15	+8.8%	—	—	—
Q3 26	$5.08	$5.81	+14.4%	—	—	—
Q2 26	$4.77	$3.86	-19.1%	—	—	—
Q1 26	$5.21	$6.43	+23.4%	—	—	—
Q4 25	$4.92	$5.96	+21.1%	—	—	—
Q3 25	$4.69	$4.54	-3.2%	—	—	—
Q2 25	$4.81	$5.86	+21.8%	—	—	—
Q1 25	$4.76	$5.26	+10.5%	—	—	—
Q4 24	$4.96	$5.1	+2.8%	—	—	—
Q3 24	$4.47	$4.14	-7.4%	—	—	—
Q2 24	$4.68	$4.74	+1.3%	—	—	—
Q1 24	$5.22	$5.18	-0.8%	—	—	—
Q4 23	$4.71	$5.65	+20.0%	—	—	—
Q3 23	$4.52	$4.51	-0.2%	—	—	—
Q2 23	$4.82	$3.44	-28.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$20.6	—	—	$33.7B	—
FY24	—	$28.6	—	—	$34.1B	—
FY23	—	$5.19	—	—	$34.1B	—
FY22	—	$15.2	—	—	$28.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$17.5B	$20.4B	$23.8B	$23.6B	$19.8B	$24B	$28.1B	$34.1B	$34.1B	$33.7B
YoY change	-8.38%	+16.7%	+16.4%	-0.84%	-16%	+21.3%	+16.9%	+21.3%	+0.11%	-1.27%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	17.5B	20.4B	23.8B	23.6B	19.8B	24B	28.1B	34.1B	34.1B	33.7B
Cost of revenue	13.1B	15.3B	18B	17.6B	14.9B	18.3B	21.4B	25.8B	25.7B	25.2B
Gross profit	4.5B	5.1B	5.7B	6B	4.9B	5.7B	6.7B	8.2B	8.4B	8.5B
Gross margin	25.5%	25%	24.1%	25.4%	24.7%	23.7%	23.9%	24.2%	24.7%	25.3%
Research & development	637M	754M	902M	1B	906M	1.1B	1.3B	1.5B	1.5B	1.4B
Selling, general & administrative	2.1B	2.4B	2.4B	2.5B	2.1B	2.4B	2.6B	3.2B	3.3B	3.1B
Operating expenses	2.7B	3.1B	3.3B	3.5B	3B	3.5B	4B	6.7B	4.9B	4.5B
Operating income	1.7B	2B	2.4B	2.5B	1.8B	2.2B	2.7B	1.4B	3.4B	3.9B
Operating margin	9.9%	9.68%	10.1%	10.6%	9.32%	9.16%	9.48%	4.15%	9.92%	11.5%
Non-operating income, net	211M	402M	417M	395M	496M	580M	183M	350M	1.7B	216M
Pretax income	1.9B	2.4B	2.8B	2.8B	2.3B	2.8B	2.8B	1.6B	4.9B	4B
Income tax	474M	1.4B	566M	566M	527M	587M	636M	786M	835M	1B
Net income	1.5B	994M	2.2B	2.3B	1.8B	2.2B	2.2B	840M	4.1B	3B
Net margin	8.32%	4.87%	9.2%	9.62%	9.14%	9.01%	7.78%	2.47%	11.9%	8.78%
EBITDA	2.7B	3B	3.5B	3.7B	3.1B	3.5B	3.9B	3B	5.1B	5.6B
EPS	8.25	5.99	13.2	14.5	12.1	14.7	15.2	5.19	28.6	20.6
Diluted EPS	8.23	5.97	13.2	14.5	12	14.6	15.1	5.15	28.4	20.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	8.4B	8.5B	8.4B	8.8B	8.5B	8.4B	8.2B	8.6B	8.3B	8.5B	8.4B	9.5B
Cost of revenue	6.4B	6.5B	6.4B	6.6B	6.3B	6.4B	6B	6.4B	6.2B	6.6B	6.2B	7B
Gross profit	2.1B	2B	2B	2.2B	2.2B	2B	2.2B	2.3B	2.1B	2B	2.2B	2.5B
Gross margin	24.6%	23.4%	24.3%	24.9%	25.7%	24.1%	26.4%	26.4%	25.6%	22.9%	26.7%	26.1%
Research & development	376M	390M	369M	379M	359M	356M	344M	357M	345M	350M	358M	385M
Selling, general & administrative	831M	751M	809M	830M	807M	801M	754M	779M	789M	786M	845M	893M
Operating expenses	1.2B	3.2B	1.2B	1.2B	1.2B	1.3B	1.1B	1.2B	1.1B	1.1B	1.2B	1.3B
Operating income	833M	-1.2B	830M	940M	963M	664M	1B	1.1B	962M	781M	1B	1.1B
Operating margin	9.88%	-14%	9.88%	10.7%	11.4%	7.86%	12.5%	12.8%	11.6%	9.15%	11.9%	11.9%
Non-operating income, net	70M	0	1.4B	93M	116M	53M	114M	182M	-100M	44M	-47M	223M
Pretax income	878M	-1.2B	2.2B	977M	1B	662M	1.1B	1.2B	830M	791M	934M	1.3B
Income tax	188M	163M	193M	225M	200M	217M	267M	297M	271M	171M	254M	325M
Net income	690M	-1.4B	2B	752M	843M	445M	850M	928M	559M	620M	680M	968M
Net margin	8.18%	-16.3%	24.1%	8.55%	9.97%	5.27%	10.4%	10.7%	6.72%	7.26%	8.1%	10.2%
EBITDA	1.3B	-883M	1.2B	1.4B	1.4B	1.1B	1.5B	1.6B	1.4B	1.2B	1.5B	1.7B
EPS	4.63	-10.1	14.1	5.3	5.9	3.04	5.99	6.46	3.88	4.29	4.73	6.76
Diluted EPS	4.59	-10.1	14	5.26	5.86	3.02	5.96	6.43	3.86	4.27	4.71	6.73

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	23.1B	29.4B	21.7B	27.8B	33.7B	31.5B	34.3B	33.9B	48.2B	70.4B	71.5B
Enterprise value	23.6B	29.9B	22.6B	29.2B	34.4B	33B	40.1B	38.4B	53.5B	74.9B	77.7B
Shares outstanding	169M	166.6M	162.2M	155.4M	148.2M	144.6M	141.5M	141.7M	138.2M	137.9M	137.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.9	29.6	9.91	12.3	18.6	14.6	15.7	40.4	11.8	23.8	26.5
P/S	1.32	1.44	0.91	1.18	1.7	1.31	1.22	1	1.41	2.09	2.06
P/B	3.22	3.6	2.62	3.29	3.74	3.36	3.35	3.43	4.26	5.25	5.56
EV/EBITDA	8.88	9.86	6.51	7.82	11.2	9.36	10.4	12.7	10.6	13.3	15.5
EV/Sales	1.35	1.46	0.95	1.24	1.74	1.37	1.43	1.13	1.57	2.22	2.24
Earnings yield	6.3%	3.38%	10.1%	8.16%	5.38%	6.86%	6.37%	2.47%	8.44%	4.2%	3.77%
FCF yield	5.82%	5.74%	7.35%	8.65%	6.38%	4.83%	3.05%	8.11%	0.58%	3.39%	3.12%
PEG	—	—	—	—	—	—	—	—	—	—	5.71

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.5%	25%	24.1%	25.4%	24.7%	23.7%	23.9%	24.2%	24.7%	25.3%	26.1%
Operating margin	9.9%	9.68%	10.1%	10.6%	9.32%	9.16%	9.48%	4.15%	9.92%	11.5%	11.9%
Net margin	8.32%	4.87%	9.2%	9.62%	9.14%	9.01%	7.78%	2.47%	11.9%	8.78%	7.82%
ROE	20.3%	12.2%	26.5%	26.8%	20.1%	23%	21.3%	8.48%	36%	22.1%	21.1%
ROA	9.7%	5.5%	11.5%	11.5%	8%	9.13%	7.2%	2.62%	12.9%	8.7%	7%
ROIC	17.1%	9.66%	20.6%	20.2%	14.7%	16%	12.9%	5.08%	16.9%	16.1%	15.6%
Return on tangible assets	10.9%	7.12%	14.6%	15%	10%	11.2%	10.8%	3.82%	18.4%	11.7%	10.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.78	1.57	1.54	1.5	1.88	1.74	1.27	1.18	1.31	1.76	1.73
Quick ratio	1.16	1.01	0.95	0.94	1.34	1.12	0.77	0.74	0.8	1.16	1.13
Debt / equity	0.26	0.25	0.3	0.34	0.51	0.49	0.82	0.73	0.67	0.61	0.6
Debt / assets	0.12	0.11	0.13	0.15	0.2	0.19	0.28	0.23	0.24	0.24	0.23
Net debt / EBITDA	0.18	0.14	0.27	0.37	0.25	0.4	1.5	1.48	1.05	0.8	0.76
Interest coverage	29	30.2	25.1	27	24.4	25.8	15.2	5.34	14.3	13	13
Effective tax rate	24.6%	58%	20.6%	20%	22.5%	21.3%	22.6%	48.3%	17%	25.4%	26.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	103.6	122.6	146.6	151.7	133.7	166.1	198.4	240.4	246.8	244.2	251.3
EPS (basic)	8.25	5.99	13.2	14.5	12.1	14.7	15.2	5.19	28.6	20.6	20.6
EPS (diluted)	8.23	5.97	13.2	14.5	12	14.6	15.1	5.15	28.4	20.5	19.6
Book value per share	42.4	49	50.9	54.5	60.7	65	72.3	69.9	81.8	97.2	93.3
FCF per share	7.96	10.1	9.83	15.5	14.5	10.5	7.39	19.4	2.02	17.3	24.3
Cash per share	8.17	9.41	9.4	9.46	26.1	22	18.2	19.3	16.4	26.2	28.5
Capex per share	0.08	0.66	0.12	0	0	0.14	—	—	—	8.96	9.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.08%	0.54%	0.08%	0%	0%	0.08%	—	—	—	3.67%	3.69%
Capex / operating cash flow	0.55%	5.28%	0.93%	0%	0%	1.15%	—	—	—	34.1%	27.5%
Payout ratio	46.4%	70.5%	32.8%	33.6%	43.2%	37.4%	39.2%	109.6%	23.8%	35.7%	40.9%
Dividend yield	2.93%	2.38%	3.31%	2.74%	2.32%	2.56%	2.49%	2.71%	2.01%	1.5%	1.7%

Yield

1.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.20

ex-dividend Aug 21, 2026

Payout ratio

41%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 21, 2026	$2.20
May 22, 2026	$2.00
Feb 20, 2026	$2.00

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$8.4B	$8.5B	$8.4B	$8.8B	$8.5B	$8.4B	$8.2B	$8.6B	$8.3B	$8.5B	$8.4B	$9.5B
YoY change	+15%	+9.95%	-0.59%	+1.83%	+0.3%	-1.12%	-2.73%	-1.74%	-1.64%	+1.05%	+2.74%	+9.42%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	1.6B	1.5B	1.5B	3.9B	3.2B	2.6B	2.7B	2.3B	3.6B
Receivables	3B	3.6B	3.9B	3.4B	3.4B	3.6B	5.2B	5.6B	5.2B	5.8B
Inventory	2.7B	3.2B	3.8B	3.5B	3.4B	4.4B	5.6B	5.7B	5.7B	5.8B
Total current assets	7.7B	8.9B	9.8B	9.4B	11.9B	12.3B	14.5B	15.2B	14.8B	16.9B
Property, plant & equipment	3.8B	3.9B	4.1B	4.7B	4.7B	4.9B	6B	6.8B	6.9B	7.5B
Goodwill & intangibles	1.6B	4.1B	4.1B	4.6B	4.5B	4.4B	10.1B	10B	9.4B	8.8B
Total assets	15B	18.1B	19.1B	19.7B	22.6B	23.7B	30.3B	32B	31.5B	34B
Accounts payable	1.9B	2.6B	2.8B	2.5B	2.8B	3B	4.3B	4.3B	4B	3.8B
Short-term debt	288M	418M	879M	922M	682M	708M	3.5B	2B	2.4B	898M
Total current liabilities	4.3B	5.7B	6.4B	6.3B	6.3B	7.1B	11.4B	12.9B	11.2B	9.6B
Long-term debt	1.6B	1.6B	1.6B	1.9B	3.9B	3.9B	4.9B	5.2B	5.2B	7.2B
Total liabilities	7.8B	9.9B	10.8B	11.3B	13.6B	14.3B	20.1B	22.1B	20.2B	20.6B
Shareholders' equity	7.2B	8.2B	8.3B	8.5B	9B	9.4B	10.2B	9.9B	11.3B	13.4B
Total debt	1.9B	2B	2.5B	2.9B	4.6B	4.6B	8.4B	7.2B	7.6B	8.1B
Net debt	736M	637M	1.2B	1.7B	1.2B	2B	6.3B	5B	5.9B	5.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.8B	2.7B	3.1B	2.2B	2.3B	2.3B	2.2B	3.1B	3.2B	3.6B	3.2B	3.9B
Receivables	5.7B	5.6B	5.5B	5.6B	5.4B	5.2B	5.7B	5.9B	5.6B	5.8B	6.5B	6.6B
Inventory	5.9B	5.7B	5.8B	5.9B	6.1B	5.7B	6.1B	6.3B	6.3B	5.8B	6.1B	6.4B
Total current assets	15.9B	15.2B	15.6B	15B	15.3B	14.8B	15.5B	16.9B	16.7B	16.9B	17.4B	18.4B
Property, plant & equipment	6.3B	6.8B	6.5B	6.5B	6.7B	6.9B	6.9B	7.1B	7.2B	7.5B	7.5B	7.6B
Goodwill & intangibles	9.8B	10B	9.7B	9.8B	9.7B	9.4B	9.6B	9.7B	9.1B	8.8B	8.8B	8.8B
Total assets	32.1B	32B	31.8B	31.3B	32.1B	31.5B	32.5B	34.3B	33.6B	34B	34.4B	35.6B
Accounts payable	4.3B	4.3B	4.5B	4.4B	4.2B	4B	4.3B	4.2B	3.8B	3.8B	4.4B	4.7B
Short-term debt	2.6B	2B	1.2B	2.2B	2.9B	2.4B	2.8B	1.4B	930M	898M	1.1B	1.1B
Total current liabilities	11.1B	12.9B	11.7B	11.1B	11.6B	11.2B	11.6B	10.3B	9.5B	9.6B	10.2B	10.7B
Long-term debt	5.3B	5.2B	6.1B	5.8B	5.2B	5.2B	5.2B	7.2B	7.3B	7.2B	7.1B	7.2B
Total liabilities	20.4B	22.1B	21.7B	20.7B	20.7B	20.2B	20.6B	21.4B	20.5B	20.6B	21.1B	21.7B
Shareholders' equity	11.7B	9.9B	10.1B	10.6B	11.3B	11.3B	12B	12.9B	13.1B	13.4B	13.4B	13.9B
Total debt	8B	7.2B	7.3B	8B	8.1B	7.6B	8B	8.7B	8.2B	8.1B	8.2B	8.3B
Net debt	5.6B	5B	4.8B	6.4B	6.4B	5.9B	6.5B	6.4B	5.6B	5.3B	5.6B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	994M	2.2B	2.3B	1.8B	2.2B	2.2B	840M	4.1B	3B
Depreciation & amortization	530M	583M	611M	672M	673M	662M	784M	1B	1.1B	1.1B
Stock-based compensation	32M	41M	53M	49M	31M	37M	—	—	—	—
Change in working capital	333M	194M	-589M	561M	622M	-906M	-836M	-516M	-592M	-865M
Operating cash flow	2.6B	2.1B	2.1B	3.6B	2.8B	1.7B	2B	1.1B	4.3B	3.6B
Capital expenditure	14M	110M	20M	0	0	20M	—	—	—	-1.2B
Investing cash flow	-323M	-465M	-170M	-375M	-144M	-119M	-3.3B	-430M	-574M	-1.7B
Dividends paid	-676M	-701M	-718M	-761M	-782M	-809M	-855M	-921M	-969M	-1.1B
Share repurchases	-778M	-451M	-1.1B	-1.3B	-641M	-1.4B	-374M	0	0	—
Financing cash flow	-1.4B	-1.1B	-1.4B	-2.1B	280M	-2.2B	1.7B	-2.2B	-173M	-772M
Net change in cash	816M	552M	577M	1.2B	3B	-544M	456M	-1.5B	3.6B	1.1B
Free cash flow	1.3B	1.7B	1.6B	2.4B	2.1B	1.5B	1B	2.8B	279M	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	690M	-1.4B	2B	752M	843M	445M	850M	928M	559M	620M	680M	968M
Depreciation & amortization	257M	264M	265M	263M	266M	271M	269M	279M	277M	280M	282M	281M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	197M	397M	-213M	-305M	-442M	368M	-494M	-609M	-102M	340M	-432M	-95M
Operating cash flow	1.2B	-955M	2.1B	687M	-647M	2.2B	535M	785M	1.3B	1.5B	309M	1.5B
Capital expenditure	—	—	—	—	—	—	—	-231M	-298M	-544M	-189M	-249M
Investing cash flow	26M	-264M	-237M	-160M	-4M	-173M	-84M	-363M	-165M	-885M	-10M	-419M
Dividends paid	-238M	-238M	-239M	-230M	-250M	-250M	-251M	-251M	-276M	-277M	-276M	-276M
Share repurchases	0	0	—	—	—	—	—	—	—	—	-243M	-225M
Financing cash flow	-466M	-1.1B	499M	308M	-243M	-737M	92M	332M	-827M	-369M	-517M	-524M
Net change in cash	793M	-2.3B	2.3B	835M	-894M	1.3B	543M	754M	313M	280M	-218M	556M
Free cash flow	1.2B	940M	107M	-1.1B	381M	882M	-165M	554M	1B	990M	120M	1.3B

Date	Ratio
Jan 3, 2008	2:1
Apr 10, 2007	2:1
Nov 12, 1993	2:1

Cummins Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history