Cummins (CMI) Financials

$326.23 +9.00 (+2.84%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$328.00 +1.76 (+0.54%)

As of 07:54 AM Eastern

Annual Income Statements for Cummins

This table shows Cummins' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,946	735	2,151	2,131	1,789	2,260	2,141	999	1,394	1,399
Consolidated Net Income / (Loss)	4,068	840	2,183	2,164	1,811	2,268	2,187	994	1,456	1,470
Net Income / (Loss) Continuing Operations	4,068	840	2,183	2,164	1,811	2,268	2,187	994	1,456	1,470
Total Pre-Tax Income	4,903	1,626	2,819	2,751	2,338	2,834	2,753	2,365	1,930	2,025
Total Operating Income	3,750	1,278	2,929	2,200	1,817	2,370	2,392	1,977	1,579	1,742
Total Gross Profit	8,439	8,249	6,719	5,695	4,894	5,980	5,737	5,100	4,458	4,947
Total Revenue	34,102	34,065	28,074	24,021	19,811	23,571	23,771	20,428	17,509	19,110
Operating Revenue	34,102	34,065	28,074	24,021	19,811	23,571	23,771	20,428	17,509	19,110
Total Cost of Revenue	25,663	25,816	21,355	18,326	14,917	17,591	18,034	15,328	13,051	14,163
Operating Cost of Revenue	25,663	25,816	21,355	18,326	14,917	17,591	18,034	15,328	13,051	14,163
Total Operating Expenses	5,084	6,971	4,139	3,495	3,077	3,610	3,345	3,123	2,879	3,205
Selling, General & Admin Expense	3,275	3,333	2,687	2,374	2,125	2,454	2,437	2,429	2,099	2,092
Research & Development Expense	1,463	1,500	1,278	1,090	906	1,001	902	754	637	735
Other Operating Expenses / (Income)	346	2,138	174	31	46	36	6.00	-60	5.00	17
Total Other Income / (Expense), net	1,548	348	239	551	521	464	361	388	351	283
Interest Expense	370	375	199	111	100	109	114	81	69	65
Interest & Investment Income	395	483	349	506	452	330	394	375	324	339
Other Income / (Expense), net	1,523	240	89	156	169	243	81	94	96	9.00
Income Tax Expense	835	786	636	587	527	566	566	1,371	474	555
Net Income / (Loss) Attributable to Noncontrolling Interest	122	105	32	33	22	8.00	46	-5.00	62	71
Basic Earnings per Share	$28.55	$5.19	$15.20	$14.74	$12.07	$14.54	$13.20	$5.99	$8.25	$7.86
Weighted Average Basic Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	162.17M	166.63M	169.04M	178.04M
Diluted Earnings per Share	$28.37	$5.15	$15.12	$14.61	$12.01	$14.48	$13.15	$5.97	$8.23	$7.84
Weighted Average Diluted Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	162.17M	166.63M	169.04M	178.04M
Weighted Average Basic & Diluted Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	162.17M	166.63M	169.04M	178.04M

This table shows Cummins' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	824	418	809	726	1,993	-1,431	656	720	790	631	400
Consolidated Net Income / (Loss)	850	445	843	752	2,028	-1,393	690	737	806	644	409
Net Income / (Loss) Continuing Operations	850	445	843	752	2,028	-1,393	690	737	806	644	409
Total Pre-Tax Income	1,117	662	1,043	977	2,221	-1,230	878	949	1,029	778	608
Total Operating Income	1,134	855	1,050	1,045	800	-1,562	950	864	1,026	898	626
Total Gross Profit	2,155	2,034	2,171	2,193	2,041	2,001	2,071	2,148	2,029	1,819	1,642
Total Revenue	8,174	8,447	8,456	8,796	8,403	8,543	8,431	8,638	8,453	7,770	7,333
Operating Revenue	8,174	8,447	8,456	8,796	8,403	8,543	8,431	8,638	8,453	7,770	7,333
Total Cost of Revenue	6,019	6,413	6,285	6,603	6,362	6,542	6,360	6,490	6,424	5,951	5,691
Operating Cost of Revenue	6,019	6,413	6,285	6,603	6,362	6,542	6,360	6,490	6,424	5,951	5,691
Total Operating Expenses	1,152	1,372	1,220	1,251	1,241	3,326	1,239	1,284	1,122	1,105	1,086
Selling, General & Admin Expense	771	801	807	828	839	876	831	873	753	742	708
Research & Development Expense	344	356	359	379	369	390	376	384	350	333	348
Other Operating Expenses / (Income)	37	215	54	44	33	2,060	32	27	19	30	30
Total Other Income / (Expense), net	114	-	92	35	1,421	95	46	85	122	64	52
Interest Expense	77	89	83	109	89	92	97	99	87	87	61
Interest & Investment Income	131	70	99	103	123	113	118	133	119	88	70
Other Income / (Expense), net	60	19	76	41	1,387	74	25	51	90	63	43
Income Tax Expense	267	217	200	225	193	163	188	212	223	134	199
Net Income / (Loss) Attributable to Noncontrolling Interest	26	27	34	26	35	38	34	17	16	13	9.00
Basic Earnings per Share	$5.99	$3.25	$5.90	$5.30	$14.10	($10.10)	$4.63	$5.08	$5.58	$4.46	$2.83
Weighted Average Basic Shares Outstanding	137.60M	137.48M	137.20M	137.10M	141.30M	283.71M	141.80M	141.70M	141.50M	282.75M	141.10M
Diluted Earnings per Share	$5.96	$3.22	$5.86	$5.26	$14.03	($10.04)	$4.59	$5.05	$5.55	$4.44	$2.82
Weighted Average Diluted Shares Outstanding	138.30M	137.48M	138.10M	137.90M	142.10M	283.71M	142.80M	142.50M	142.40M	282.75M	142M
Weighted Average Basic & Diluted Shares Outstanding	137.75M	137.48M	137.18M	137.05M	136.78M	283.71M	141.74M	141.65M	141.56M	282.75M	141.02M
Cash Dividends to Common per Share	$1.82	-	$1.82	$1.68	$1.68	-	$1.68	$1.57	$1.57	-	$1.57

This table details how cash moves in and out of Cummins' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-508	78	-491	-809	2,272	-174	-66	249	-591	-590
Net Cash From Operating Activities	1,487	3,966	1,962	2,256	2,722	3,181	2,378	2,277	1,939	2,065
Net Cash From Continuing Operating Activities	1,487	3,966	1,962	2,256	2,722	3,181	2,378	2,277	1,939	2,065
Net Income / (Loss) Continuing Operations	4,068	840	2,183	2,164	1,811	2,268	2,187	994	1,456	1,470
Consolidated Net Income / (Loss)	4,068	840	2,183	2,164	1,811	2,268	2,187	994	1,456	1,470
Depreciation Expense	1,065	1,024	784	662	673	672	611	583	530	514
Non-Cash Adjustments To Reconcile Net Income	-1,372	-207	114	-218	-156	97	111	418	57	278
Changes in Operating Assets and Liabilities, net	-2,274	2,309	-1,119	-352	394	144	-531	282	-104	-197
Net Cash From Investing Activities	-1,782	-1,643	-4,172	-873	-719	-1,150	-974	-1,052	-917	-918
Net Cash From Continuing Investing Activities	-1,782	-1,643	-4,172	-873	-719	-1,150	-974	-1,052	-917	-918
Purchase of Property, Plant & Equipment	-1,208	-1,213	-916	-734	-528	-775	-784	-587	-594	-799
Acquisitions	-58	-292	-3,191	0.00	0.00	-237	-107	-728	-135	-124
Purchase of Investments	-1,714	-1,395	-1,127	-806	-593	-515	-470	-194	-478	-274
Divestitures	-174	0.00	0.00	-	-	-	-	-	60	0.00
Sale and/or Maturity of Investments	1,460	1,334	1,151	673	469	345	387	342	204	270
Other Investing Activities, net	-88	-77	-89	-6.00	-67	32	-	5.00	12	-16
Net Cash From Financing Activities	-173	-2,177	1,669	-2,227	280	-2,095	-1,400	-1,074	-1,413	-1,650
Net Cash From Continuing Financing Activities	-173	-2,177	1,669	-2,227	280	-2,095	-1,400	-1,074	-1,413	-1,650
Repayment of Debt	-1,637	-1,163	-1,466	-73	26	3.00	-62	-60	-163	-113
Repurchase of Common Equity	-50	-175	-374	-1,402	-641	-1,271	-1,140	-451	-778	-900
Payment of Dividends	-969	-921	-855	-809	-782	-794	-748	-730	-839	-681
Issuance of Debt	2,483	82	4,364	57	1,677	-109	519	167	367	44
Effect of Exchange Rate Changes	-40	-68	50	-	-11	-110	-70	98	-200	-87

This table details how cash moves in and out of Cummins' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-139	-62	143	-3,624	3,035	-433	810	-178	-121	-398	37
Net Cash From Operating Activities	-3.00	1,422	640	-851	276	1,459	1,529	483	495	817	382
Net Cash From Continuing Operating Activities	-3.00	1,422	640	-3,517	2,942	1,459	1,529	483	495	817	382
Net Income / (Loss) Continuing Operations	850	445	843	752	2,028	-1,393	690	737	806	644	409
Consolidated Net Income / (Loss)	850	445	843	752	2,028	-1,393	690	737	806	644	409
Depreciation Expense	269	271	266	263	265	264	257	257	246	240	216
Non-Cash Adjustments To Reconcile Net Income	-64	-86	47	-2,626	1,293	-329	209	-62	-25	139	-38
Changes in Operating Assets and Liabilities, net	-1,058	792	-516	-1,906	-644	2,917	373	-449	-532	-206	-205
Net Cash From Investing Activities	-246	-713	-263	-400	-406	-783	-254	-378	-228	-676	-2,920
Net Cash From Continuing Investing Activities	-246	-713	-263	-400	-406	-783	-254	-378	-228	-676	-2,920
Purchase of Property, Plant & Equipment	-162	-540	-259	-240	-169	-519	-280	-221	-193	-463	-202
Acquisitions	-12	-	-	175	-233	-165	7.00	-134	0.00	-183	-2,763
Purchase of Investments	-517	-652	-349	-334	-379	-419	-328	-322	-326	-389	-305
Divestitures	0.00	-	-	-	-	-	-	-	0.00	-	-
Sale and/or Maturity of Investments	432	347	428	254	431	332	382	275	345	332	358
Other Investing Activities, net	13	132	-83	-81	-56	-12	-35	24	-54	27	-8.00
Net Cash From Financing Activities	92	-737	-243	308	499	-1,108	-466	-240	-363	-442	2,502
Net Cash From Continuing Financing Activities	92	-737	-243	308	499	-1,108	-466	-240	-363	-442	2,502
Repayment of Debt	-190	-157	-189	369	-1,660	-739	-187	-53	-184	-424	-961
Payment of Dividends	-251	-250	-250	-230	-239	-238	-238	-223	-222	-222	-222
Issuance of Debt	533	-280	196	169	2,398	-131	134	36	43	208	3,708
Effect of Exchange Rate Changes	18	-34	9.00	-	-	-1.00	1.00	-43	-25	-97	73

This table presents Cummins' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	31,540	32,005	30,299	23,710	22,624	19,737	19,062	18,075	15,011	15,134
Total Current Assets	14,752	15,198	14,451	12,309	11,897	9,387	9,818	8,928	7,707	7,947
Cash & Equivalents	1,671	2,179	2,101	2,592	3,401	1,129	1,303	1,369	1,120	1,711
Short-Term Investments	593	562	472	595	461	341	222	198	260	100
Accounts Receivable	5,181	5,583	5,202	3,990	3,820	283	231	307	222	180
Inventories, net	5,742	5,677	5,603	4,355	3,425	3,486	3,759	3,166	2,675	2,707
Prepaid Expenses	1,565	1,197	1,073	777	790	761	668	577	627	609
Plant, Property, & Equipment, net	6,356	6,249	5,521	4,422	4,255	4,245	4,096	3,927	3,800	3,745
Total Noncurrent Assets	10,432	10,558	10,327	6,979	6,472	6,105	5,148	5,220	3,504	3,442
Long-Term Investments	1,889	1,800	1,759	1,538	1,441	1,237	1,222	1,156	946	975
Goodwill	2,370	2,499	2,343	1,287	1,293	1,286	1,126	1,082	480	482
Intangible Assets	2,351	2,519	2,687	900	963	1,003	909	973	332	328
Employee Benefit Assets	1,189	1,197	1,398	1,488	1,042	1,001	929	1,043	731	735
Other Noncurrent Operating Assets	2,633	2,543	2,140	1,766	1,733	1,578	962	966	1,015	922
Total Liabilities & Shareholders' Equity	31,540	32,005	30,299	23,710	22,624	19,737	19,062	18,075	15,011	15,134
Total Liabilities	20,232	22,101	20,074	14,309	13,635	11,272	10,803	9,911	7,837	7,384
Total Current Liabilities	11,234	12,903	11,421	7,084	6,335	6,260	6,384	5,677	4,325	3,803
Short-Term Debt	2,275	1,894	3,357	580	554	791	879	418	288	63
Accounts Payable	3,951	4,260	4,252	3,021	2,820	2,534	2,822	2,579	1,854	1,706
Accrued Expenses	2,577	4,421	2,191	1,945	1,786	1,842	1,506	1,369	1,303	1,222
Current Deferred Revenue	1,347	1,220	1,004	855	691	533	498	500	468	403
Current Employee Benefit Liabilities	1,084	1,108	617	683	484	560	679	811	412	409
Total Noncurrent Liabilities	8,998	9,198	8,653	7,225	7,300	5,012	4,419	4,234	3,512	3,581
Long-Term Debt	4,784	4,802	4,498	3,579	3,610	1,576	1,597	1,588	1,568	1,576
Noncurrent Deferred Revenue	1,065	966	844	850	840	821	658	1,561	1,289	1,358
Other Noncurrent Operating Liabilities	3,149	3,430	3,311	2,796	2,220	2,024	1,632	466	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,308	9,904	9,967	9,035	8,989	8,465	8,259	8,164	7,174	7,750
Total Preferred & Common Equity	10,271	8,850	8,975	8,146	8,062	7,507	7,348	7,259	6,875	7,406
Total Common Equity	10,271	8,850	8,975	8,146	8,062	7,507	7,348	7,259	6,875	7,406
Common Stock	2,636	2,564	2,243	2,099	2,404	2,346	2,271	2,210	2,153	2,178
Retained Earnings	20,828	17,851	18,037	16,741	15,419	14,416	12,917	11,464	11,040	10,322
Treasury Stock	-10,748	-9,359	-9,415	-9,123	-7,779	-7,225	-6,028	-4,905	-4,489	-3,735
Accumulated Other Comprehensive Income / (Loss)	-2,445	-2,206	-1,890	-1,571	-1,982	-2,028	-1,807	-1,503	-1,821	-1,348
Noncontrolling Interest	1,037	1,054	992	889	927	958	911	905	299	344

This table presents Cummins' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	32,531	31,540	32,052	31,320	31,827	32,005	32,097	31,735	31,433	30,299	29,769
Total Current Assets	15,540	14,752	15,316	14,962	15,620	15,198	15,912	15,410	15,368	14,451	14,398
Cash & Equivalents	1,532	1,671	1,733	1,590	2,541	2,179	2,387	1,802	1,980	2,101	2,499
Short-Term Investments	626	593	518	593	510	562	452	512	459	472	466
Accounts Receivable	5,680	5,181	5,387	5,606	5,463	5,583	5,662	5,863	5,834	5,202	4,799
Inventories, net	6,123	5,742	6,134	5,857	5,758	5,677	5,906	6,026	5,878	5,603	5,543
Prepaid Expenses	1,579	1,565	1,544	1,316	1,348	1,197	1,280	1,207	1,217	1,073	1,091
Plant, Property, & Equipment, net	6,407	6,356	6,176	6,053	6,011	6,249	5,801	5,723	5,590	5,521	5,201
Plant, Property & Equipment, gross	12,007	-	11,603	11,417	11,253	-	11,098	10,922	10,629	-	10,231
Accumulated Depreciation	5,600	-	5,427	5,364	5,242	-	5,297	5,199	5,039	-	5,030
Total Noncurrent Assets	10,584	10,432	10,560	10,305	10,196	10,558	10,384	10,602	10,475	10,327	10,170
Long-Term Investments	1,990	1,889	1,922	1,828	1,774	1,800	1,785	1,861	1,860	1,759	1,826
Goodwill	2,397	2,370	2,412	2,394	2,406	2,499	2,379	2,404	2,365	2,343	2,229
Intangible Assets	2,401	2,351	2,462	2,502	2,455	2,519	2,518	2,584	2,640	2,687	2,602
Employee Benefit Assets	1,150	1,189	1,208	1,192	1,187	1,197	1,500	1,523	1,496	1,398	1,536
Other Noncurrent Operating Assets	2,646	2,633	2,556	2,389	2,374	2,543	2,202	2,230	2,114	2,140	1,977
Total Liabilities & Shareholders' Equity	32,531	31,540	32,052	31,320	31,827	32,005	32,097	31,735	31,433	30,299	29,769
Total Liabilities	20,560	20,232	20,711	20,744	21,726	22,101	20,419	20,379	20,552	20,074	20,159
Total Current Liabilities	11,575	11,234	11,603	11,144	11,686	12,903	11,126	11,045	11,923	11,421	10,530
Short-Term Debt	2,692	2,275	2,731	2,077	1,064	1,894	2,514	2,611	3,343	3,357	2,665
Accounts Payable	4,311	3,951	4,206	4,405	4,476	4,260	4,262	4,308	4,636	4,252	4,000
Accrued Expenses	2,543	2,577	2,430	2,550	4,349	4,421	2,437	2,388	2,394	2,191	2,369
Current Deferred Revenue	1,506	1,347	1,225	1,311	1,236	1,220	1,029	1,017	1,040	1,004	921
Current Employee Benefit Liabilities	523	1,084	1,011	801	561	1,108	884	721	510	617	575
Total Noncurrent Liabilities	8,985	8,998	9,108	9,600	10,040	9,198	9,293	9,334	8,629	8,653	9,629
Long-Term Debt	4,796	4,784	4,856	5,426	5,771	4,802	4,950	5,089	4,409	4,498	5,450
Noncurrent Deferred Revenue	1,053	1,065	1,090	1,046	1,061	966	1,011	939	937	844	867
Other Noncurrent Operating Liabilities	3,136	3,149	3,162	3,128	3,208	3,430	3,332	3,306	3,283	3,311	2,634
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,971	11,308	11,341	10,576	10,101	9,904	11,678	11,356	10,620	9,967	9,358
Total Preferred & Common Equity	10,924	10,271	10,315	9,551	9,067	8,850	10,658	10,337	9,623	8,975	8,380
Total Common Equity	11,009	10,271	10,315	9,551	9,153	8,850	10,658	10,337	9,623	8,975	8,380
Common Stock	2,600	2,636	2,612	2,582	2,557	2,564	2,558	2,532	2,230	2,243	2,214
Retained Earnings	21,401	20,828	20,660	20,101	19,605	17,851	19,520	19,102	18,605	18,037	17,628
Treasury Stock	-10,626	-10,748	-10,783	-10,797	-10,745	-9,359	-9,369	-9,380	-9,389	-9,415	-9,449
Accumulated Other Comprehensive Income / (Loss)	-2,366	-2,445	-2,174	-2,335	-2,264	-2,206	-2,051	-1,917	-1,823	-1,890	-2,013
Noncontrolling Interest	1,047	1,037	1,026	1,025	1,034	1,054	1,020	1,019	997	992	978

This table displays calculated financial ratios and metrics derived from Cummins' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.11%	21.34%	16.87%	21.25%	-15.95%	-0.84%	16.36%	16.67%	-8.38%	-0.58%
EBITDA Growth	149.33%	-33.14%	25.98%	13.50%	-19.06%	6.52%	16.20%	20.36%	-2.65%	-11.52%
EBIT Growth	247.37%	-49.70%	28.10%	18.63%	-24.00%	5.66%	19.41%	23.64%	-4.34%	-16.82%
NOPAT Growth	371.26%	-70.89%	31.07%	22.96%	-25.79%	-0.19%	128.69%	-30.24%	-5.80%	-11.13%
Net Income Growth	384.29%	-61.52%	0.88%	19.49%	-20.15%	3.70%	120.02%	-31.73%	-0.95%	-15.32%
EPS Growth	450.87%	-65.94%	3.49%	21.65%	-17.06%	10.11%	120.27%	-27.46%	4.97%	-13.08%
Operating Cash Flow Growth	-62.51%	102.14%	-13.03%	-17.12%	-14.43%	33.77%	4.44%	17.43%	-6.10%	-8.87%
Free Cash Flow Firm Growth	-59.29%	188.82%	-454.74%	-55.69%	-4.39%	29.46%	1,445.88%	-91.94%	2.31%	25.52%
Invested Capital Growth	17.87%	-12.29%	55.61%	12.55%	-3.38%	1.72%	7.26%	11.08%	1.53%	3.11%
Revenue Q/Q Growth	-0.28%	2.32%	7.34%	0.08%	1.29%	-2.27%	2.81%	5.00%	-1.48%	-1.67%
EBITDA Q/Q Growth	59.69%	-48.82%	24.25%	-8.18%	8.13%	-8.78%	4.65%	4.49%	16.42%	-14.69%
EBIT Q/Q Growth	81.14%	-61.73%	28.37%	-9.94%	11.51%	-11.51%	5.64%	5.23%	22.08%	-18.44%
NOPAT Q/Q Growth	215.16%	-77.69%	31.09%	-11.51%	15.24%	-14.72%	74.22%	-39.45%	17.24%	-16.71%
Net Income Q/Q Growth	82.42%	-70.80%	12.58%	-4.84%	13.26%	-12.09%	72.48%	-41.50%	17.61%	-16.43%
EPS Q/Q Growth	87.76%	-73.76%	12.58%	-4.13%	12.56%	-9.67%	65.83%	-39.33%	18.76%	-16.06%
Operating Cash Flow Q/Q Growth	-2.43%	19.31%	4.53%	-15.38%	12.57%	-4.56%	8.39%	8.64%	-8.36%	8.23%
Free Cash Flow Firm Q/Q Growth	82.08%	46.80%	6.20%	-53.25%	12.21%	-1.47%	-1.98%	157.92%	-23.92%	19.70%
Invested Capital Q/Q Growth	-3.67%	-15.63%	6.29%	5.38%	-2.16%	-2.12%	1.59%	-8.73%	1.04%	-6.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.75%	24.22%	23.93%	23.71%	24.70%	25.37%	24.13%	24.97%	25.46%	25.89%
EBITDA Margin	18.59%	7.46%	13.54%	12.56%	13.42%	13.94%	12.97%	12.99%	12.59%	11.85%
Operating Margin	11.00%	3.75%	10.43%	9.16%	9.17%	10.05%	10.06%	9.68%	9.02%	9.12%
EBIT Margin	15.46%	4.46%	10.75%	9.81%	10.02%	11.09%	10.40%	10.14%	9.57%	9.16%
Profit (Net Income) Margin	11.93%	2.47%	7.78%	9.01%	9.14%	9.62%	9.20%	4.87%	8.32%	7.69%
Tax Burden Percent	82.97%	51.66%	77.44%	78.66%	77.46%	80.03%	79.44%	42.03%	75.44%	72.59%
Interest Burden Percent	92.98%	107.11%	93.41%	116.77%	117.72%	108.46%	111.32%	114.20%	115.22%	115.65%
Effective Tax Rate	17.03%	48.34%	22.56%	21.34%	22.54%	19.97%	20.56%	57.97%	24.56%	27.41%
Return on Invested Capital (ROIC)	23.68%	5.12%	20.09%	20.74%	17.62%	23.54%	24.62%	11.74%	17.90%	19.44%
ROIC Less NNEP Spread (ROIC-NNEP)	61.49%	11.45%	14.33%	-30.10%	-36.95%	-98.01%	-33.43%	-15.73%	-14.85%	4.96%
Return on Net Nonoperating Assets (RNNOA)	14.67%	3.23%	2.16%	2.79%	3.13%	3.58%	2.01%	1.22%	1.61%	-0.89%
Return on Equity (ROE)	38.36%	8.35%	22.25%	23.53%	20.75%	27.12%	26.63%	12.96%	19.51%	18.56%
Cash Return on Invested Capital (CROIC)	7.28%	18.21%	-23.42%	8.94%	21.06%	21.84%	17.61%	1.24%	16.39%	16.38%
Operating Return on Assets (OROA)	16.60%	4.87%	11.18%	10.17%	9.38%	13.47%	13.32%	12.52%	11.11%	11.33%
Return on Assets (ROA)	12.80%	2.70%	8.08%	9.34%	8.55%	11.69%	11.78%	6.01%	9.66%	9.52%
Return on Common Equity (ROCE)	34.57%	7.39%	19.41%	20.74%	18.51%	24.09%	23.69%	11.94%	18.67%	17.75%
Return on Equity Simple (ROE_SIMPLE)	39.61%	9.49%	24.32%	26.57%	22.46%	30.21%	29.76%	13.69%	21.18%	19.85%
Net Operating Profit after Tax (NOPAT)	3,111	660	2,268	1,731	1,407	1,897	1,900	831	1,191	1,265
NOPAT Margin	9.12%	1.94%	8.08%	7.20%	7.10%	8.05%	7.99%	4.07%	6.80%	6.62%
Net Nonoperating Expense Percent (NNEP)	-37.80%	-6.33%	5.76%	50.84%	54.57%	121.55%	58.05%	27.48%	32.75%	14.49%
Return On Investment Capital (ROIC_SIMPLE)	16.94%	3.98%	12.73%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	75.25%	75.78%	76.07%	76.29%	75.30%	74.63%	75.87%	75.03%	74.54%	74.11%
SG&A Expenses to Revenue	9.60%	9.78%	9.57%	9.88%	10.73%	10.41%	10.25%	11.89%	11.99%	10.95%
R&D to Revenue	4.29%	4.40%	4.55%	4.54%	4.57%	4.25%	3.79%	3.69%	3.64%	3.85%
Operating Expenses to Revenue	14.91%	20.46%	14.74%	14.55%	15.53%	15.32%	14.07%	15.29%	16.44%	16.77%
Earnings before Interest and Taxes (EBIT)	5,273	1,518	3,018	2,356	1,986	2,613	2,473	2,071	1,675	1,751
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,338	2,542	3,802	3,018	2,659	3,285	3,084	2,654	2,205	2,265
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.66	3.75	3.62	3.60	3.83	3.26	2.53	3.40	2.74	1.67
Price to Tangible Book Value (P/TBV)	8.62	8.66	8.23	4.92	5.32	4.69	3.50	4.74	3.11	1.88
Price to Revenue (P/Rev)	1.40	0.97	1.16	1.22	1.56	1.04	0.78	1.21	1.08	0.65
Price to Earnings (P/E)	12.12	45.14	15.09	13.77	17.26	10.84	8.69	24.69	13.52	8.85
Dividend Yield	2.01%	2.78%	2.62%	2.73%	2.53%	3.07%	3.83%	2.83%	3.57%	5.04%
Earnings Yield	8.25%	2.22%	6.63%	7.26%	5.79%	9.23%	11.51%	4.05%	7.40%	11.30%
Enterprise Value to Invested Capital (EV/IC)	3.64	3.02	2.71	3.40	3.91	3.09	2.41	3.34	2.78	1.75
Enterprise Value to Revenue (EV/Rev)	1.52	1.07	1.33	1.25	1.55	1.07	0.81	1.22	1.07	0.61
Enterprise Value to EBITDA (EV/EBITDA)	8.17	14.31	9.79	9.95	11.53	7.64	6.24	9.36	8.47	5.11
Enterprise Value to EBIT (EV/EBIT)	9.82	23.97	12.33	12.75	15.44	9.61	7.78	12.00	11.15	6.61
Enterprise Value to NOPAT (EV/NOPAT)	16.64	55.12	16.41	17.35	21.79	13.24	10.12	29.91	15.67	9.15
Enterprise Value to Operating Cash Flow (EV/OCF)	34.81	9.18	18.97	13.31	11.27	7.89	8.09	10.91	9.63	5.60
Enterprise Value to Free Cash Flow (EV/FCFF)	54.13	15.49	0.00	40.28	18.23	14.27	14.15	282.63	17.12	10.86
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.68	0.77	0.44	0.46	0.28	0.30	0.25	0.26	0.21
Long-Term Debt to Equity	0.42	0.48	0.44	0.38	0.40	0.19	0.19	0.19	0.22	0.20
Financial Leverage	0.24	0.28	0.15	-0.09	-0.08	-0.04	-0.06	-0.08	-0.11	-0.18
Leverage Ratio	3.00	3.10	2.75	2.52	2.43	2.32	2.26	2.16	2.02	1.95
Compound Leverage Factor	2.79	3.32	2.57	2.94	2.86	2.52	2.52	2.46	2.33	2.26
Debt to Total Capital	38.43%	40.34%	43.45%	30.67%	31.66%	21.85%	23.06%	19.72%	20.55%	17.46%
Short-Term Debt to Total Capital	12.39%	11.41%	18.57%	4.28%	4.21%	7.30%	8.19%	4.11%	3.19%	0.67%
Long-Term Debt to Total Capital	26.05%	28.93%	24.88%	26.39%	27.45%	14.55%	14.88%	15.61%	17.36%	16.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.65%	6.35%	6.91%	9.26%	7.05%	8.84%	8.49%	8.90%	3.31%	3.66%
Common Equity to Total Capital	55.92%	53.31%	49.64%	60.07%	61.29%	69.31%	68.45%	71.38%	76.14%	78.88%
Debt to EBITDA	1.11	2.63	2.07	1.38	1.57	0.72	0.80	0.76	0.84	0.72
Net Debt to EBITDA	0.46	0.85	0.93	-0.19	-0.43	-0.10	-0.09	-0.27	-0.21	-0.51
Long-Term Debt to EBITDA	0.75	1.89	1.18	1.19	1.36	0.48	0.52	0.60	0.71	0.70
Debt to NOPAT	2.27	10.14	3.46	2.40	2.96	1.25	1.30	2.41	1.56	1.30
Net Debt to NOPAT	0.93	3.26	1.55	-0.33	-0.81	-0.18	-0.14	-0.86	-0.39	-0.91
Long-Term Debt to NOPAT	1.54	7.27	1.98	2.07	2.56	0.83	0.84	1.91	1.32	1.25
Altman Z-Score	4.11	2.99	3.18	3.82	3.77	4.15	3.87	4.11	4.28	3.93
Noncontrolling Interest Sharing Ratio	9.86%	11.45%	12.76%	11.87%	10.80%	11.17%	11.06%	7.85%	4.31%	4.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.31	1.18	1.27	1.74	1.88	1.50	1.54	1.57	1.78	2.09
Quick Ratio	0.66	0.65	0.68	1.01	1.21	0.82	0.84	0.91	1.02	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	956	2,349	-2,645	746	1,682	1,760	1,359	88	1,090	1,066
Operating Cash Flow to CapEx	123.10%	326.96%	214.19%	307.36%	515.53%	410.45%	303.32%	477.36%	334.31%	266.80%
Free Cash Flow to Firm to Interest Expense	2.58	6.26	-13.29	6.72	16.82	16.14	11.92	1.09	15.80	16.39
Operating Cash Flow to Interest Expense	4.02	10.58	9.86	20.32	27.22	29.18	20.86	28.11	28.10	31.77
Operating Cash Flow Less CapEx to Interest Expense	0.75	7.34	5.26	13.71	21.94	22.07	13.98	22.22	19.70	19.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.09	1.04	1.04	0.94	1.22	1.28	1.23	1.16	1.24
Accounts Receivable Turnover	6.34	6.32	6.11	6.15	9.66	91.72	88.37	77.23	87.11	100.05
Inventory Turnover	4.49	4.58	4.29	4.71	4.32	4.86	5.21	5.25	4.85	5.08
Fixed Asset Turnover	5.41	5.79	5.65	5.54	4.66	5.65	5.93	5.29	4.64	5.14
Accounts Payable Turnover	6.25	6.07	5.87	6.28	5.57	6.57	6.68	6.92	7.33	7.90
Days Sales Outstanding (DSO)	57.60	57.78	59.75	59.34	37.80	3.98	4.13	4.73	4.19	3.65
Days Inventory Outstanding (DIO)	81.21	79.74	85.10	77.48	84.55	75.16	70.08	69.54	75.26	71.81
Days Payable Outstanding (DPO)	58.39	60.17	62.16	58.17	65.50	55.57	54.66	52.78	49.78	46.22
Cash Conversion Cycle (CCC)	80.42	77.35	82.70	78.65	56.85	23.58	19.55	21.49	29.67	29.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,214	12,059	13,748	8,835	7,850	8,125	7,988	7,447	6,704	6,603
Invested Capital Turnover	2.60	2.64	2.49	2.88	2.48	2.93	3.08	2.89	2.63	2.94
Increase / (Decrease) in Invested Capital	2,155	-1,689	4,913	985	-275	137	541	743	101	199
Enterprise Value (EV)	51,765	36,388	37,225	30,028	30,666	25,110	19,235	24,851	18,669	11,574
Market Capitalization	47,822	33,179	32,452	29,339	30,878	24,492	18,595	24,663	18,840	12,377
Book Value per Share	$74.87	$62.44	$63.64	$56.95	$54.47	$49.00	$45.76	$43.74	$40.86	$41.70
Tangible Book Value per Share	$40.46	$27.03	$27.97	$41.66	$39.23	$34.06	$33.09	$31.36	$36.03	$37.14
Total Capital	18,367	16,600	18,080	13,560	13,153	10,832	10,735	10,170	9,030	9,389
Total Debt	7,059	6,696	7,855	4,159	4,164	2,367	2,476	2,006	1,856	1,639
Total Long-Term Debt	4,784	4,802	4,498	3,579	3,610	1,576	1,597	1,588	1,568	1,576
Net Debt	2,906	2,155	3,523	-566	-1,139	-340	-271	-717	-470	-1,147
Capital Expenditures (CapEx)	1,208	1,213	916	734	528	775	784	477	580	774
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,529	1,448	3,814	2,618	2,254	2,448	2,788	2,102	2,290	2,396
Debt-free Net Working Capital (DFNWC)	5,793	4,189	6,387	5,805	6,116	3,918	4,313	3,669	3,670	4,207
Net Working Capital (NWC)	3,518	2,295	3,030	5,225	5,562	3,127	3,434	3,251	3,382	4,144
Net Nonoperating Expense (NNE)	-957	-180	85	-433	-404	-371	-287	-163	-265	-205
Net Nonoperating Obligations (NNO)	2,906	2,155	3,523	-566	-1,139	-340	-271	-717	-470	-1,147
Total Depreciation and Amortization (D&A)	1,065	1,024	784	662	673	672	611	583	530	514
Debt-free, Cash-free Net Working Capital to Revenue	10.35%	4.25%	13.59%	10.90%	11.38%	10.39%	11.73%	10.29%	13.08%	12.54%
Debt-free Net Working Capital to Revenue	16.99%	12.30%	22.75%	24.17%	30.87%	16.62%	18.14%	17.96%	20.96%	22.01%
Net Working Capital to Revenue	10.32%	6.74%	10.79%	21.75%	28.08%	13.27%	14.45%	15.91%	19.32%	21.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$28.55	$5.19	$15.20	$14.74	$12.07	$14.54	$13.20	$5.99	$8.25	$7.86
Adjusted Weighted Average Basic Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	157.34M	165.68M	168.16M	174.32M
Adjusted Diluted Earnings per Share	$28.37	$5.15	$15.12	$14.61	$12.01	$14.48	$13.15	$5.97	$8.23	$7.84
Adjusted Weighted Average Diluted Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	157.34M	165.68M	168.16M	174.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	137.48M	283.71M	282.75M	284.85M	295.32M	150.27M	157.34M	165.68M	168.16M	174.32M
Normalized Net Operating Profit after Tax (NOPAT)	3,111	660	2,268	1,731	1,407	1,992	1,900	1,384	1,295	1,527
Normalized NOPAT Margin	9.12%	1.94%	8.08%	7.20%	7.10%	8.45%	7.99%	6.77%	7.40%	7.99%
Pre Tax Income Margin	14.38%	4.77%	10.04%	11.45%	11.80%	12.02%	11.58%	11.58%	11.02%	10.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.25	4.05	15.17	21.23	19.86	23.97	21.69	25.57	24.28	26.94
NOPAT to Interest Expense	8.41	1.76	11.40	15.59	14.07	17.40	16.67	10.26	17.26	19.45
EBIT Less CapEx to Interest Expense	10.99	0.81	10.56	14.61	14.58	16.86	14.82	19.68	15.87	15.03
NOPAT Less CapEx to Interest Expense	5.14	-1.47	6.79	8.98	8.79	10.29	9.79	4.37	8.86	7.55
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.82%	109.64%	39.17%	37.38%	43.18%	35.01%	34.20%	73.44%	57.62%	46.33%
Augmented Payout Ratio	25.05%	130.48%	56.30%	102.17%	78.58%	91.05%	86.33%	118.81%	111.06%	107.55%

This table displays calculated financial ratios and metrics derived from Cummins' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.73%	-1.12%	0.30%	1.83%	-0.59%	9.95%	14.97%	31.16%	32.39%	32.82%	22.87%
EBITDA Growth	-40.33%	193.55%	12.99%	15.10%	80.03%	-201.92%	39.21%	10.98%	106.36%	161.66%	15.08%
EBIT Growth	-45.40%	158.74%	15.49%	18.69%	95.97%	-254.84%	45.74%	2.92%	123.65%	226.87%	9.85%
NOPAT Growth	18.13%	152.56%	13.67%	19.87%	-9.10%	-247.09%	77.29%	-9.54%	116.17%	283.61%	-8.14%
Net Income Growth	-58.09%	131.95%	22.17%	2.04%	151.61%	-316.30%	68.70%	4.24%	90.54%	61.00%	-24.40%
EPS Growth	-57.52%	132.07%	27.67%	4.16%	152.79%	-326.13%	62.77%	2.23%	90.07%	61.45%	-23.58%
Operating Cash Flow Growth	-101.09%	-2.54%	-58.14%	-276.19%	-44.24%	78.58%	300.26%	-19.37%	201.83%	11.61%	-32.86%
Free Cash Flow Firm Growth	-179.13%	-365.32%	163.14%	134.62%	166.56%	114.28%	85.17%	-862.77%	-712.36%	-426.99%	-4,337.05%
Invested Capital Growth	26.42%	17.87%	3.23%	-5.46%	-15.51%	-12.29%	10.51%	56.02%	57.64%	55.61%	54.27%
Revenue Q/Q Growth	-3.23%	-0.11%	-3.87%	4.68%	-1.64%	1.33%	-2.40%	2.19%	8.79%	5.96%	11.34%
EBITDA Q/Q Growth	27.77%	-17.74%	3.19%	-44.98%	321.90%	-199.35%	5.12%	-13.95%	13.41%	35.71%	-16.19%
EBIT Q/Q Growth	36.61%	-22.38%	3.68%	-50.34%	259.75%	-252.62%	6.56%	-18.01%	16.13%	43.65%	-24.75%
NOPAT Q/Q Growth	50.14%	-32.28%	5.51%	10.11%	172.32%	-246.45%	11.27%	-16.51%	8.11%	76.52%	-43.23%
Net Income Q/Q Growth	91.01%	-47.21%	12.10%	-62.92%	245.59%	-301.88%	-6.38%	-8.56%	25.16%	57.46%	-42.15%
EPS Q/Q Growth	85.09%	-45.05%	11.41%	-62.51%	239.74%	-318.74%	-9.11%	-9.01%	25.00%	57.45%	-42.92%
Operating Cash Flow Q/Q Growth	-100.21%	122.19%	175.21%	-408.33%	-81.08%	-4.58%	216.56%	-2.42%	-39.41%	113.87%	-36.23%
Free Cash Flow Firm Q/Q Growth	-47.89%	-508.70%	-76.09%	-45.24%	335.04%	197.25%	86.89%	-5.29%	-6.42%	-0.99%	-750.84%
Invested Capital Q/Q Growth	7.72%	-3.67%	4.88%	16.16%	0.43%	-15.63%	-3.95%	3.82%	4.26%	6.29%	35.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.36%	24.08%	25.67%	24.93%	24.29%	23.42%	24.56%	24.87%	24.00%	23.41%	22.39%
EBITDA Margin	17.90%	13.56%	16.46%	15.34%	29.18%	-14.33%	14.61%	13.57%	16.11%	15.46%	12.07%
Operating Margin	13.87%	10.12%	12.42%	11.88%	9.52%	-18.28%	11.27%	10.00%	12.14%	11.56%	8.54%
EBIT Margin	14.61%	10.35%	13.32%	12.35%	26.03%	-17.42%	11.56%	10.59%	13.20%	12.37%	9.12%
Profit (Net Income) Margin	10.40%	5.27%	9.97%	8.55%	24.13%	-16.31%	8.18%	8.53%	9.54%	8.29%	5.58%
Tax Burden Percent	76.10%	67.22%	80.82%	76.97%	91.31%	113.25%	78.59%	77.66%	78.33%	82.78%	67.27%
Interest Burden Percent	93.55%	75.74%	92.63%	89.96%	101.55%	82.66%	90.05%	103.72%	92.20%	80.96%	90.88%
Effective Tax Rate	23.90%	32.78%	19.18%	23.03%	8.69%	0.00%	21.41%	22.34%	21.67%	17.22%	32.73%
Return on Invested Capital (ROIC)	26.08%	17.66%	23.63%	21.59%	22.36%	-33.79%	21.66%	20.48%	24.46%	23.79%	14.09%
ROIC Less NNEP Spread (ROIC-NNEP)	25.60%	12.54%	23.44%	20.10%	69.87%	-44.34%	19.75%	24.36%	24.61%	17.07%	13.20%
Return on Net Nonoperating Assets (RNNOA)	6.20%	2.99%	6.14%	6.43%	18.19%	-12.51%	5.51%	3.95%	3.87%	2.57%	1.92%
Return on Equity (ROE)	32.29%	20.65%	29.77%	28.02%	40.55%	-46.30%	27.17%	24.43%	28.33%	26.36%	16.01%
Cash Return on Invested Capital (CROIC)	-0.68%	7.28%	3.62%	11.83%	22.63%	18.21%	11.76%	-22.18%	-21.65%	-23.42%	-26.45%
Operating Return on Assets (OROA)	15.38%	11.11%	14.20%	13.38%	27.99%	-19.05%	12.45%	12.13%	14.33%	12.86%	9.03%
Return on Assets (ROA)	10.95%	5.65%	10.63%	9.27%	25.95%	-17.83%	8.81%	9.77%	10.35%	8.62%	5.52%
Return on Common Equity (ROCE)	29.49%	18.62%	27.13%	25.41%	36.29%	-41.00%	24.29%	22.18%	25.28%	22.99%	14.16%
Return on Equity Simple (ROE_SIMPLE)	26.46%	0.00%	21.62%	21.75%	22.74%	0.00%	26.99%	25.11%	26.67%	0.00%	23.14%
Net Operating Profit after Tax (NOPAT)	863	575	849	804	730	-1,093	747	671	804	743	421
NOPAT Margin	10.56%	6.80%	10.04%	9.14%	8.69%	-12.80%	8.86%	7.77%	9.51%	9.57%	5.74%
Net Nonoperating Expense Percent (NNEP)	0.48%	5.13%	0.19%	1.49%	-47.50%	10.55%	1.91%	-3.87%	-0.15%	6.72%	0.90%
Return On Investment Capital (ROIC_SIMPLE)	4.43%	3.13%	-	-	-	-6.59%	-	-	-	4.17%	-
Cost of Revenue to Revenue	73.64%	75.92%	74.33%	75.07%	75.71%	76.58%	75.44%	75.13%	76.00%	76.59%	77.61%
SG&A Expenses to Revenue	9.43%	9.48%	9.54%	9.41%	9.98%	10.25%	9.86%	10.11%	8.91%	9.55%	9.66%
R&D to Revenue	4.21%	4.21%	4.25%	4.31%	4.39%	4.57%	4.46%	4.45%	4.14%	4.29%	4.75%
Operating Expenses to Revenue	14.09%	16.24%	14.43%	14.22%	14.77%	38.93%	14.70%	14.86%	13.27%	14.22%	14.81%
Earnings before Interest and Taxes (EBIT)	1,194	874	1,126	1,086	2,187	-1,488	975	915	1,116	961	669
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,463	1,145	1,392	1,349	2,452	-1,224	1,232	1,172	1,362	1,201	885
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.91	4.66	4.30	3.97	4.56	3.75	2.96	3.27	3.41	3.62	3.29
Price to Tangible Book Value (P/TBV)	6.94	8.62	8.16	8.14	9.73	8.66	5.47	6.32	7.11	8.23	7.76
Price to Revenue (P/Rev)	1.27	1.40	1.30	1.11	1.23	0.97	0.95	1.05	1.09	1.16	1.05
Price to Earnings (P/E)	15.52	12.12	21.16	19.48	21.55	45.14	11.28	13.29	13.01	15.09	14.39
Dividend Yield	2.28%	2.01%	2.12%	2.43%	2.24%	2.78%	2.87%	2.63%	2.65%	2.62%	3.03%
Earnings Yield	6.44%	8.25%	4.73%	5.13%	4.64%	2.22%	8.87%	7.52%	7.69%	6.63%	6.95%
Enterprise Value to Invested Capital (EV/IC)	3.10	3.64	3.31	3.01	3.70	3.02	2.46	2.58	2.62	2.71	2.48
Enterprise Value to Revenue (EV/Rev)	1.40	1.52	1.43	1.24	1.32	1.07	1.06	1.19	1.25	1.33	1.23
Enterprise Value to EBITDA (EV/EBITDA)	8.88	8.17	12.30	11.13	12.34	14.31	7.08	8.30	8.33	9.79	10.49
Enterprise Value to EBIT (EV/EBIT)	11.09	9.82	16.77	15.36	17.31	23.97	8.87	10.47	10.33	12.33	13.65
Enterprise Value to NOPAT (EV/NOPAT)	15.28	16.64	49.45	47.11	58.21	55.12	11.89	14.55	13.88	16.41	18.55
Enterprise Value to Operating Cash Flow (EV/OCF)	39.30	34.81	32.03	17.57	11.96	9.18	10.58	17.60	16.37	18.97	17.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	54.13	92.94	24.75	14.97	15.49	21.98	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.62	0.67	0.71	0.68	0.68	0.64	0.68	0.71	0.77	0.84
Long-Term Debt to Equity	0.40	0.42	0.43	0.51	0.57	0.48	0.42	0.45	0.41	0.44	0.57
Financial Leverage	0.24	0.24	0.26	0.32	0.26	0.28	0.28	0.16	0.16	0.15	0.15
Leverage Ratio	2.92	3.00	2.79	2.88	3.02	3.10	2.91	2.68	2.74	2.75	2.84
Compound Leverage Factor	2.73	2.27	2.58	2.59	3.06	2.56	2.62	2.77	2.53	2.23	2.58
Debt to Total Capital	38.48%	38.43%	40.08%	41.50%	40.36%	40.34%	38.99%	40.41%	41.60%	43.45%	45.78%
Short-Term Debt to Total Capital	13.83%	12.39%	14.43%	11.49%	6.28%	11.41%	13.13%	13.70%	17.94%	18.57%	15.04%
Long-Term Debt to Total Capital	24.65%	26.05%	25.66%	30.01%	34.08%	28.93%	25.86%	26.71%	23.66%	24.88%	30.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.38%	5.65%	5.42%	5.67%	6.11%	6.35%	5.33%	5.35%	6.75%	6.91%	6.94%
Common Equity to Total Capital	56.57%	55.92%	54.50%	52.83%	54.04%	53.31%	55.68%	54.25%	51.64%	49.64%	47.28%
Debt to EBITDA	1.40	1.11	1.91	1.97	1.88	2.63	1.50	1.67	1.72	2.07	2.65
Net Debt to EBITDA	0.62	0.46	0.86	0.92	0.55	0.85	0.53	0.76	0.77	0.93	1.09
Long-Term Debt to EBITDA	0.90	0.75	1.22	1.42	1.59	1.89	1.00	1.10	0.98	1.18	1.78
Debt to NOPAT	2.41	2.27	7.69	8.34	8.88	10.14	2.52	2.92	2.87	3.46	4.69
Net Debt to NOPAT	1.08	0.93	3.46	3.88	2.61	3.26	0.88	1.34	1.28	1.55	1.92
Long-Term Debt to NOPAT	1.54	1.54	4.92	6.03	7.50	7.27	1.67	1.93	1.63	1.98	3.15
Altman Z-Score	3.49	3.65	3.51	3.35	3.46	2.68	3.09	3.11	2.99	2.95	2.76
Noncontrolling Interest Sharing Ratio	8.66%	9.86%	8.89%	9.32%	10.52%	11.45%	10.57%	9.21%	10.79%	12.76%	11.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.31	1.32	1.34	1.34	1.18	1.43	1.40	1.29	1.27	1.37
Quick Ratio	0.68	0.66	0.66	0.70	0.73	0.65	0.76	0.74	0.69	0.68	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,337	-1,580	387	1,617	2,953	596	-612	-4,672	-4,437	-4,170	-4,129
Operating Cash Flow to CapEx	-1.85%	263.33%	247.10%	-354.58%	163.31%	281.12%	546.07%	218.55%	256.48%	176.46%	189.11%
Free Cash Flow to Firm to Interest Expense	-30.35	-17.76	4.66	14.84	33.19	6.47	-6.31	-47.19	-51.00	-47.93	-67.69
Operating Cash Flow to Interest Expense	-0.04	15.98	7.71	-7.81	3.10	15.86	15.76	4.88	5.69	9.39	6.26
Operating Cash Flow Less CapEx to Interest Expense	-2.14	9.91	4.59	-10.01	1.20	10.22	12.88	2.65	3.47	4.07	2.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.05	1.07	1.07	1.08	1.08	1.09	1.08	1.15	1.09	1.04	0.99
Accounts Receivable Turnover	6.08	6.34	6.19	5.96	6.02	6.32	6.37	6.43	5.91	6.11	5.84
Inventory Turnover	4.26	4.49	4.28	4.35	4.43	4.58	4.41	4.55	4.38	4.29	4.04
Fixed Asset Turnover	5.46	5.41	5.71	5.80	5.86	5.79	6.05	6.37	6.05	5.65	5.57
Accounts Payable Turnover	5.76	6.25	6.09	5.94	5.65	6.07	6.11	6.37	5.64	5.87	5.53
Days Sales Outstanding (DSO)	60.04	57.60	58.96	61.25	60.61	57.78	57.35	56.80	61.77	59.75	62.46
Days Inventory Outstanding (DIO)	85.64	81.21	85.19	83.84	82.46	79.74	82.83	80.20	83.30	85.10	90.30
Days Payable Outstanding (DPO)	63.33	58.39	59.92	61.47	64.57	60.17	59.77	57.32	64.74	62.16	66.00
Cash Conversion Cycle (CCC)	82.34	80.42	84.24	83.62	78.50	77.35	80.40	79.67	80.33	82.70	86.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,311	14,214	14,755	14,068	12,111	12,059	14,293	14,881	14,334	13,748	12,934
Invested Capital Turnover	2.47	2.60	2.35	2.36	2.57	2.64	2.45	2.64	2.57	2.49	2.45
Increase / (Decrease) in Invested Capital	3,200	2,155	462	-813	-2,223	-1,689	1,359	5,343	5,241	4,913	4,550
Enterprise Value (EV)	47,479	51,765	48,815	42,395	44,809	36,388	35,172	38,325	37,536	37,225	32,094
Market Capitalization	43,092	47,822	44,375	37,878	41,765	33,179	31,537	33,781	32,825	32,452	27,540
Book Value per Share	$80.08	$74.87	$75.27	$69.83	$64.77	$62.44	$75.24	$73.02	$68.07	$63.64	$59.44
Tangible Book Value per Share	$45.18	$40.46	$39.70	$34.03	$30.37	$27.03	$40.67	$37.79	$32.66	$27.97	$25.17
Total Capital	19,459	18,367	18,928	18,079	16,936	16,600	19,142	19,056	18,633	18,080	17,725
Total Debt	7,488	7,059	7,587	7,503	6,835	6,696	7,464	7,700	7,752	7,855	8,115
Total Long-Term Debt	4,796	4,784	4,856	5,426	5,771	4,802	4,950	5,089	4,409	4,498	5,450
Net Debt	3,340	2,906	3,414	3,492	2,010	2,155	2,615	3,525	3,453	3,523	3,324
Capital Expenditures (CapEx)	162	540	259	240	169	519	280	221	193	463	202
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,499	3,529	4,193	3,712	1,947	1,448	4,236	4,662	4,349	3,814	3,568
Debt-free Net Working Capital (DFNWC)	6,657	5,793	6,444	5,895	4,998	4,189	7,300	6,976	6,788	6,387	6,533
Net Working Capital (NWC)	3,965	3,518	3,713	3,818	3,934	2,295	4,786	4,365	3,445	3,030	3,868
Net Nonoperating Expense (NNE)	13	130	5.66	52	-1,298	300	57	-66	-2.35	99	12
Net Nonoperating Obligations (NNO)	3,340	2,906	3,414	3,492	2,010	2,155	2,615	3,525	3,453	3,523	3,324
Total Depreciation and Amortization (D&A)	269	271	266	263	265	264	257	257	246	240	216
Debt-free, Cash-free Net Working Capital to Revenue	13.28%	10.35%	12.26%	10.86%	5.72%	4.25%	12.72%	14.48%	14.43%	13.59%	13.64%
Debt-free Net Working Capital to Revenue	19.65%	16.99%	18.84%	17.25%	14.69%	12.30%	21.93%	21.67%	22.52%	22.75%	24.98%
Net Working Capital to Revenue	11.71%	10.32%	10.86%	11.17%	11.57%	6.74%	14.38%	13.56%	11.43%	10.79%	14.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.99	$3.25	$5.90	$5.30	$14.10	($10.10)	$4.63	$5.08	$5.58	$4.46	$2.83
Adjusted Weighted Average Basic Shares Outstanding	137.60M	137.48M	137.20M	137.10M	141.30M	283.71M	141.80M	141.70M	141.50M	282.75M	141.10M
Adjusted Diluted Earnings per Share	$5.96	$3.22	$5.86	$5.26	$14.03	($10.04)	$4.59	$5.05	$5.55	$4.44	$2.82
Adjusted Weighted Average Diluted Shares Outstanding	138.30M	137.48M	138.10M	137.90M	142.10M	283.71M	142.80M	142.50M	142.40M	282.75M	142M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	137.75M	137.48M	137.18M	137.05M	136.78M	283.71M	141.74M	141.65M	141.56M	282.75M	141.02M
Normalized Net Operating Profit after Tax (NOPAT)	863	575	849	804	730	-1,093	747	671	804	743	421
Normalized NOPAT Margin	10.56%	6.80%	10.04%	9.14%	8.69%	-12.80%	8.86%	7.77%	9.51%	9.57%	5.74%
Pre Tax Income Margin	13.67%	7.84%	12.33%	11.11%	26.43%	-14.40%	10.41%	10.99%	12.17%	10.01%	8.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.51	9.82	13.57	9.96	24.57	-16.17	10.05	9.24	12.83	11.05	10.97
NOPAT to Interest Expense	11.21	6.46	10.22	7.38	8.21	-11.88	7.70	6.78	9.24	8.54	6.90
EBIT Less CapEx to Interest Expense	13.40	3.75	10.45	7.76	22.67	-21.82	7.16	7.01	10.61	5.72	7.66
NOPAT Less CapEx to Interest Expense	9.10	0.39	7.10	5.18	6.31	-17.53	4.81	4.55	7.02	3.22	3.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.94%	23.82%	42.91%	45.50%	45.49%	109.64%	31.46%	34.25%	33.90%	39.17%	41.93%
Augmented Payout Ratio	33.94%	25.05%	42.91%	45.50%	45.49%	130.48%	37.68%	34.25%	33.90%	56.30%	69.98%

Frequently Asked Questions About Cummins' Financials

When does Cummins's financial year end?

According to the most recent income statement we have on file, Cummins' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Cummins' net income changed over the last 9 years?

Cummins' net income appears to be on an upward trend, with a most recent value of $4.07 billion in 2024, rising from $1.47 billion in 2015. The previous period was $840 million in 2023. Check out Cummins' forecast to explore projected trends and price targets.

What is Cummins's operating income?

Cummins's total operating income in 2024 was $3.75 billion, based on the following breakdown:

Total Gross Profit: $8.44 billion
Total Operating Expenses: $5.08 billion

How has Cummins revenue changed over the last 9 years?

Over the last 9 years, Cummins' total revenue changed from $19.11 billion in 2015 to $34.10 billion in 2024, a change of 78.5%.

How much debt does Cummins have?

Cummins' total liabilities were at $20.23 billion at the end of 2024, a 8.5% decrease from 2023, and a 174.0% increase since 2015.

How much cash does Cummins have?

In the past 9 years, Cummins' cash and equivalents has ranged from $1.12 billion in 2016 to $3.40 billion in 2020, and is currently $1.67 billion as of their latest financial filing in 2024.

How has Cummins' book value per share changed over the last 9 years?

Over the last 9 years, Cummins' book value per share changed from 41.70 in 2015 to 74.87 in 2024, a change of 79.6%.

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This page (NYSE:CMI) was last updated on 5/28/2025 by MarketBeat.com Staff

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Frequently Asked Questions About Cummins' Financials

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