Cummins (CMI) Financials

$669.98 +1.23 (+0.18%)

As of 01:54 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,399	1,394	999	2,141	2,260	1,789	2,131	2,151	735	3,946	2,843
Consolidated Net Income / (Loss)	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068	2,957
Net Income / (Loss) Continuing Operations	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068	2,957
Total Pre-Tax Income	2,025	1,930	2,365	2,753	2,834	2,338	2,751	2,819	1,626	4,903	3,963
Total Operating Income	1,742	1,579	1,977	2,392	2,370	1,817	2,200	2,929	1,278	3,750	4,025
Total Gross Profit	4,947	4,458	5,100	5,737	5,980	4,894	5,695	6,719	8,249	8,439	8,516
Total Revenue	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102	33,670
Operating Revenue	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102	33,670
Total Cost of Revenue	14,163	13,051	15,328	18,034	17,591	14,917	18,326	21,355	25,816	25,663	25,154
Operating Cost of Revenue	14,163	13,051	15,328	18,034	17,591	14,917	18,326	21,355	25,816	25,663	25,154
Total Operating Expenses	3,205	2,879	3,123	3,345	3,610	3,077	3,495	4,139	6,971	5,084	4,960
Selling, General & Admin Expense	2,092	2,099	2,429	2,437	2,454	2,125	2,374	2,687	3,333	3,275	3,125
Research & Development Expense	735	637	754	902	1,001	906	1,090	1,278	1,500	1,463	1,396
Other Operating Expenses / (Income)	17	5.00	-60	6.00	36	46	31	174	2,138	346	439
Total Other Income / (Expense), net	283	351	388	361	464	521	551	239	348	1,548	407
Interest Expense	65	69	81	114	109	100	111	199	375	370	329
Interest & Investment Income	339	324	375	394	330	452	506	349	483	395	469
Other Income / (Expense), net	9.00	96	94	81	243	169	156	89	240	1,523	267
Income Tax Expense	555	474	1,371	566	566	527	587	636	786	835	1,006
Net Income / (Loss) Attributable to Noncontrolling Interest	71	62	-5.00	46	8.00	22	33	32	105	122	114
Basic Earnings per Share	$7.86	$8.25	$5.99	$13.20	$14.54	$12.07	$14.74	$15.20	$5.19	$28.55	$20.62
Weighted Average Basic Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M
Diluted Earnings per Share	$7.84	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50
Weighted Average Diluted Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M
Weighted Average Basic & Diluted Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	656	-1,431	1,993	726	809	418	824	890	536	593	654
Consolidated Net Income / (Loss)	690	-1,393	2,028	752	843	445	850	928	559	620	680
Net Income / (Loss) Continuing Operations	690	-1,393	2,028	752	843	445	850	928	559	620	680
Total Pre-Tax Income	878	-1,230	2,221	977	1,043	662	1,117	1,225	830	791	934
Total Operating Income	950	-1,562	800	1,045	1,050	855	1,134	1,226	852	813	801
Total Gross Profit	2,071	2,001	2,041	2,193	2,171	2,034	2,155	2,281	2,129	1,951	2,243
Total Revenue	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398
Operating Revenue	8,431	8,543	8,403	8,796	8,456	8,447	8,174	8,643	8,317	8,536	8,398
Total Cost of Revenue	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155
Operating Cost of Revenue	6,360	6,542	6,362	6,603	6,285	6,413	6,019	6,362	6,188	6,585	6,155
Total Operating Expenses	1,239	3,326	1,241	1,251	1,220	1,372	1,152	1,173	1,381	1,254	1,442
Selling, General & Admin Expense	831	876	839	828	807	801	771	779	789	786	845
Research & Development Expense	376	390	369	379	359	356	344	357	345	350	358
Other Operating Expenses / (Income)	32	2,060	33	44	54	215	37	37	247	118	239
Total Other Income / (Expense), net	46	95	1,421	35	92	-	114	117	82	94	133
Interest Expense	97	92	89	109	83	89	77	87	83	82	76
Interest & Investment Income	118	113	123	103	99	70	131	118	104	116	148
Other Income / (Expense), net	25	74	1,387	41	76	19	60	86	61	60	61
Income Tax Expense	188	163	193	225	200	217	267	297	271	171	254
Net Income / (Loss) Attributable to Noncontrolling Interest	34	38	35	26	34	27	26	38	23	27	26
Basic Earnings per Share	$4.63	($10.10)	$14.10	$5.30	$5.90	$3.25	$5.99	$6.46	$3.88	$4.29	$4.73
Weighted Average Basic Shares Outstanding	141.80M	283.71M	141.30M	137.10M	137.20M	137.48M	137.60M	137.80M	138M	138.17M	138.30M
Diluted Earnings per Share	$4.59	($10.04)	$14.03	$5.26	$5.86	$3.22	$5.96	$6.43	$3.86	$4.25	$4.71
Weighted Average Diluted Shares Outstanding	142.80M	283.71M	142.10M	137.90M	138.10M	137.48M	138.30M	138.50M	138.80M	138.17M	138.80M
Weighted Average Basic & Diluted Shares Outstanding	141.74M	283.71M	136.78M	137.05M	137.18M	137.48M	137.75M	137.79M	138.04M	138.17M	137.99M
Cash Dividends to Common per Share	$1.68	-	$1.68	$1.68	-	-	$1.82	$1.82	-	-	$2.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-590	-591	249	-66	-174	2,272	-809	-491	78	-508	1,174
Net Cash From Operating Activities	2,065	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487	3,621
Net Cash From Continuing Operating Activities	2,065	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487	3,621
Net Income / (Loss) Continuing Operations	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068	2,957
Consolidated Net Income / (Loss)	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068	2,957
Depreciation Expense	514	530	583	611	672	673	662	784	1,024	1,065	1,105
Non-Cash Adjustments To Reconcile Net Income	278	57	418	111	97	-156	-218	114	-207	-1,372	-31
Changes in Operating Assets and Liabilities, net	-197	-104	282	-531	144	394	-352	-1,119	2,309	-2,274	-410
Net Cash From Investing Activities	-918	-917	-1,052	-974	-1,150	-719	-873	-4,172	-1,643	-1,782	-1,731
Net Cash From Continuing Investing Activities	-918	-917	-1,052	-974	-1,150	-719	-873	-4,172	-1,643	-1,782	-1,731
Purchase of Property, Plant & Equipment	-799	-594	-587	-784	-775	-528	-734	-916	-1,213	-1,208	-1,235
Acquisitions	-124	-135	-728	-107	-237	0.00	0.00	-3,191	-292	-58	-12
Purchase of Investments	-274	-478	-194	-470	-515	-593	-806	-1,127	-1,395	-1,714	-1,823
Divestitures	0.00	60	-	-	-	-	-	0.00	0.00	-174	0.00
Sale and/or Maturity of Investments	270	204	342	387	345	469	673	1,151	1,334	1,460	1,450
Other Investing Activities, net	-16	12	5.00	-	32	-67	-6.00	-89	-77	-88	-111
Net Cash From Financing Activities	-1,650	-1,413	-1,074	-1,400	-2,095	280	-2,227	1,669	-2,177	-173	-772
Net Cash From Continuing Financing Activities	-1,650	-1,413	-1,074	-1,400	-2,095	280	-2,227	1,669	-2,177	-173	-772
Repayment of Debt	-113	-163	-60	-62	3.00	26	-73	-1,466	-1,163	-1,637	-1,036
Repurchase of Common Equity	-900	-778	-451	-1,140	-1,271	-641	-1,402	-374	-175	-50	-110
Payment of Dividends	-681	-839	-730	-748	-794	-782	-809	-855	-921	-969	-1,055
Issuance of Debt	44	367	167	519	-109	1,677	57	4,364	82	2,483	1,429
Effect of Exchange Rate Changes	-87	-200	98	-70	-110	-11	-	50	-68	-40	56

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	810	-433	362	-3,624	143	-62	-139	787	247	279	-231
Net Cash From Operating Activities	1,529	1,459	276	-851	640	1,422	-3.00	785	1,305	1,534	309
Net Cash From Continuing Operating Activities	1,529	1,459	276	-3,517	640	1,422	-3.00	785	1,305	1,534	309
Net Income / (Loss) Continuing Operations	690	-1,393	2,028	752	843	445	850	928	559	620	680
Consolidated Net Income / (Loss)	690	-1,393	2,028	752	843	445	850	928	559	620	680
Depreciation Expense	257	264	265	263	266	271	269	279	277	280	282
Non-Cash Adjustments To Reconcile Net Income	209	-329	-1,450	-2,626	47	-86	-64	-11	59	-15	-80
Changes in Operating Assets and Liabilities, net	373	2,917	-567	-1,906	-516	792	-1,058	-411	410	649	-573
Net Cash From Investing Activities	-254	-783	-406	-400	-263	-713	-246	-369	-231	-885	-10
Net Cash From Continuing Investing Activities	-254	-783	-406	-400	-263	-713	-246	-369	-231	-885	-10
Purchase of Property, Plant & Equipment	-280	-519	-169	-240	-259	-540	-162	-231	-298	-544	-189
Purchase of Investments	-328	-419	-382	-334	-349	-652	-457	-320	-359	-627	-232
Sale and/or Maturity of Investments	382	332	431	254	428	347	432	204	495	319	407
Other Investing Activities, net	-35	-12	-53	-81	-83	132	-59	-22	-69	-33	4.00
Net Cash From Financing Activities	-466	-1,108	499	308	-243	-737	92	332	-827	-369	-517
Net Cash From Continuing Financing Activities	-466	-1,108	499	308	-243	-737	92	332	-827	-369	-517
Repayment of Debt	-187	-739	-773	369	-189	-157	-190	-69	-637	-140	-207
Repurchase of Common Equity	-	-	-	-	-	-50	0.00	-	-	-55	-243
Payment of Dividends	-238	-238	-239	-230	-250	-250	-251	-251	-276	-277	-276
Issuance of Debt	134	-131	1,511	169	196	-280	533	707	86	103	209
Effect of Exchange Rate Changes	1.00	-1.00	-7.00	-	9.00	-34	18	39	-	-1.00	-13

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	15,134	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540	33,992
Total Current Assets	7,947	7,707	8,928	9,818	9,387	11,897	12,309	14,451	15,198	14,752	16,925
Cash & Equivalents	1,711	1,120	1,369	1,303	1,129	3,401	2,592	2,101	2,179	1,671	2,845
Short-Term Investments	100	260	198	222	341	461	595	472	562	593	764
Accounts Receivable	180	222	307	231	283	3,820	3,990	5,202	5,583	5,181	5,818
Inventories, net	2,707	2,675	3,166	3,759	3,486	3,425	4,355	5,603	5,677	5,742	5,822
Prepaid Expenses	609	627	577	668	761	790	777	1,073	1,197	1,565	1,676
Plant, Property, & Equipment, net	3,745	3,800	3,927	4,096	4,245	4,255	4,422	5,521	6,249	6,356	6,958
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	12,919
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	5,961
Total Noncurrent Assets	3,442	3,504	5,220	5,148	6,105	6,472	6,979	10,327	10,558	10,432	10,109
Long-Term Investments	975	946	1,156	1,222	1,237	1,441	1,538	1,759	1,800	1,889	2,133
Goodwill	482	480	1,082	1,126	1,286	1,293	1,287	2,343	2,499	2,370	2,224
Intangible Assets	328	332	973	909	1,003	963	900	2,687	2,519	2,351	2,167
Employee Benefit Assets	735	731	1,043	929	1,001	1,042	1,488	1,398	1,197	1,189	1,033
Other Noncurrent Operating Assets	922	1,015	966	962	1,578	1,733	1,766	2,140	2,543	2,633	2,552
Total Liabilities & Shareholders' Equity	15,134	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540	33,992
Total Liabilities	7,384	7,837	9,911	10,803	11,272	13,635	14,309	20,074	22,101	20,232	20,584
Total Current Liabilities	3,803	4,325	5,677	6,384	6,260	6,335	7,084	11,421	12,903	11,234	9,610
Short-Term Debt	63	288	418	879	791	554	580	3,357	1,894	2,275	760
Accounts Payable	1,706	1,854	2,579	2,822	2,534	2,820	3,021	4,252	4,260	3,951	3,800
Accrued Expenses	1,222	1,303	1,369	1,506	1,842	1,786	1,945	2,191	4,421	2,577	2,619
Current Deferred Revenue	403	468	500	498	533	691	855	1,004	1,220	1,347	1,606
Current Employee Benefit Liabilities	409	412	811	679	560	484	683	617	1,108	1,084	825
Total Noncurrent Liabilities	3,581	3,512	4,234	4,419	5,012	7,300	7,225	8,653	9,198	8,998	10,974
Long-Term Debt	1,576	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784	6,792
Noncurrent Deferred Revenue	1,358	1,289	1,561	658	821	840	850	844	966	1,065	1,054
Other Noncurrent Operating Liabilities	-	-	466	1,632	2,024	2,220	2,796	3,311	3,430	3,149	3,128
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	7,750	7,174	8,164	8,259	8,465	8,989	9,035	9,967	9,904	11,308	13,408
Total Preferred & Common Equity	7,406	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271	12,349
Total Common Equity	7,406	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271	12,349
Common Stock	2,178	2,153	2,210	2,271	2,346	2,404	2,099	2,243	2,564	2,636	2,673
Retained Earnings	10,322	11,040	11,464	12,917	14,416	15,419	16,741	18,037	17,851	20,828	22,616
Treasury Stock	-3,735	-4,489	-4,905	-6,028	-7,225	-7,779	-9,123	-9,415	-9,359	-10,748	-10,662
Accumulated Other Comprehensive Income / (Loss)	-1,348	-1,821	-1,503	-1,807	-2,028	-1,982	-1,571	-1,890	-2,206	-2,445	-2,278
Noncontrolling Interest	344	299	905	911	958	927	889	992	1,054	1,037	1,059

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	31,735	32,097	32,005	31,827	31,320	32,052	31,540	32,531	34,259	33,638	34,445
Total Current Assets	15,410	15,912	15,198	15,620	14,962	15,316	14,752	15,540	16,933	16,720	17,379
Cash & Equivalents	1,802	2,387	2,179	2,541	1,590	1,733	1,671	1,532	2,319	2,566	2,614
Short-Term Investments	512	452	562	510	593	518	593	626	755	593	568
Accounts Receivable	5,863	5,662	5,583	5,463	5,606	5,387	5,181	5,680	5,874	5,640	6,528
Inventories, net	6,026	5,906	5,677	5,758	5,857	6,134	5,742	6,123	6,287	6,256	6,126
Prepaid Expenses	1,207	1,280	1,197	1,348	1,316	1,544	1,565	1,579	1,698	1,665	1,543
Plant, Property, & Equipment, net	5,723	5,801	6,249	6,011	6,053	6,176	6,356	6,407	6,540	6,658	6,924
Plant, Property & Equipment, gross	10,922	11,098	-	11,253	11,417	11,603	-	12,007	12,341	12,545	13,003
Accumulated Depreciation	5,199	5,297	-	5,242	5,364	5,427	-	5,600	5,801	5,887	6,079
Total Noncurrent Assets	10,602	10,384	10,558	10,196	10,305	10,560	10,432	10,584	10,786	10,260	10,142
Long-Term Investments	1,861	1,785	1,800	1,774	1,828	1,922	1,889	1,990	2,018	1,972	2,221
Goodwill	2,404	2,379	2,499	2,406	2,394	2,412	2,370	2,397	2,433	2,222	2,219
Intangible Assets	2,584	2,518	2,519	2,455	2,502	2,462	2,351	2,401	2,395	2,345	2,193
Employee Benefit Assets	1,523	1,500	1,197	1,187	1,192	1,208	1,189	1,150	1,158	1,157	1,001
Other Noncurrent Operating Assets	2,230	2,202	2,543	2,374	2,389	2,556	2,633	2,646	2,782	2,564	2,508
Total Liabilities & Shareholders' Equity	31,735	32,097	32,005	31,827	31,320	32,052	31,540	32,531	34,259	33,638	34,445
Total Liabilities	20,379	20,419	22,101	21,726	20,744	20,711	20,232	20,560	21,386	20,540	21,073
Total Current Liabilities	11,045	11,126	12,903	11,686	11,144	11,603	11,234	11,575	10,315	9,454	10,167
Short-Term Debt	2,611	2,514	1,894	1,064	2,077	2,731	2,275	2,692	1,304	790	957
Accounts Payable	4,308	4,262	4,260	4,476	4,405	4,206	3,951	4,311	4,151	3,819	4,433
Accrued Expenses	2,388	2,437	4,421	4,349	2,550	2,430	2,577	2,543	2,583	2,475	2,589
Current Deferred Revenue	1,017	1,029	1,220	1,236	1,311	1,225	1,347	1,506	1,620	1,600	1,591
Current Employee Benefit Liabilities	721	884	1,108	561	801	1,011	1,084	523	657	770	597
Total Noncurrent Liabilities	9,334	9,293	9,198	10,040	9,600	9,108	8,998	8,985	11,071	11,086	10,906
Long-Term Debt	5,089	4,950	4,802	5,771	5,426	4,856	4,784	4,796	6,807	6,824	6,729
Noncurrent Deferred Revenue	939	1,011	966	1,061	1,046	1,090	1,065	1,053	1,059	1,119	1,053
Other Noncurrent Operating Liabilities	3,306	3,332	3,430	3,208	3,128	3,162	3,149	3,136	3,205	3,143	3,124
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	11,356	11,678	9,904	10,101	10,576	11,341	11,308	11,971	12,873	13,098	13,372
Total Preferred & Common Equity	10,337	10,658	8,850	9,067	9,551	10,315	10,271	10,924	11,789	12,064	12,351
Total Common Equity	10,337	10,658	8,850	9,153	9,551	10,315	10,271	11,009	11,789	12,064	12,351
Common Stock	2,532	2,558	2,564	2,557	2,582	2,612	2,636	2,600	2,624	2,651	2,602
Retained Earnings	19,102	19,520	17,851	19,605	20,101	20,660	20,828	21,401	22,040	22,300	22,994
Treasury Stock	-9,380	-9,369	-9,359	-10,745	-10,797	-10,783	-10,748	-10,626	-10,708	-10,676	-10,868
Accumulated Other Comprehensive Income / (Loss)	-1,917	-2,051	-2,206	-2,264	-2,335	-2,174	-2,445	-2,366	-2,167	-2,211	-2,377
Noncontrolling Interest	1,019	1,020	1,054	1,034	1,025	1,026	1,037	1,047	1,084	1,034	1,021

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.58%	-8.38%	16.67%	16.36%	-0.84%	-15.95%	21.25%	16.87%	21.34%	0.11%	-1.27%
EBITDA Growth	-11.52%	-2.65%	20.36%	16.20%	6.52%	-19.06%	13.50%	25.98%	-33.14%	149.33%	-14.85%
EBIT Growth	-16.82%	-4.34%	23.64%	19.41%	5.66%	-24.00%	18.63%	28.10%	-49.70%	247.37%	-18.60%
NOPAT Growth	-11.13%	-5.80%	-30.24%	128.69%	-0.19%	-25.79%	22.96%	31.07%	-70.89%	371.26%	-3.47%
Net Income Growth	-15.32%	-0.95%	-31.73%	120.02%	3.70%	-20.15%	19.49%	0.88%	-61.52%	384.29%	-27.31%
EPS Growth	-13.08%	4.97%	-27.46%	120.27%	10.11%	-17.06%	21.65%	3.49%	-65.94%	450.87%	-27.74%
Operating Cash Flow Growth	-8.87%	-6.10%	17.43%	4.44%	33.77%	-14.43%	-17.12%	-13.03%	102.14%	-62.51%	143.51%
Free Cash Flow Firm Growth	25.52%	2.31%	-91.94%	1,445.88%	29.46%	-4.39%	-55.69%	-454.74%	188.82%	-59.29%	109.05%
Invested Capital Growth	3.11%	1.53%	11.08%	7.26%	1.72%	-3.38%	12.55%	55.61%	-12.29%	17.87%	7.06%
Revenue Q/Q Growth	-1.67%	-1.48%	5.00%	2.81%	-2.27%	1.29%	0.08%	7.34%	2.32%	-0.28%	0.27%
EBITDA Q/Q Growth	-14.69%	16.42%	4.49%	4.65%	-8.78%	8.13%	-8.18%	24.25%	-48.82%	59.69%	0.15%
EBIT Q/Q Growth	-18.44%	22.08%	5.23%	5.64%	-11.51%	11.51%	-9.94%	28.37%	-61.73%	81.14%	-0.02%
NOPAT Q/Q Growth	-16.71%	17.24%	-39.45%	74.22%	-14.72%	15.24%	-11.51%	31.09%	-77.69%	215.16%	1.77%
Net Income Q/Q Growth	-16.43%	17.61%	-41.50%	72.48%	-12.09%	13.26%	-4.84%	12.58%	-70.80%	82.42%	6.29%
EPS Q/Q Growth	-16.06%	18.76%	-39.33%	65.83%	-9.67%	12.56%	-4.13%	12.58%	-73.76%	87.76%	5.29%
Operating Cash Flow Q/Q Growth	8.23%	-8.36%	8.64%	8.39%	-4.56%	12.57%	-15.38%	4.53%	19.31%	-2.43%	3.19%
Free Cash Flow Firm Q/Q Growth	19.70%	-23.92%	157.92%	-1.98%	-1.47%	12.21%	-53.25%	6.20%	46.80%	82.08%	-5.92%
Invested Capital Q/Q Growth	-6.37%	1.04%	-8.73%	1.59%	-2.12%	-2.16%	5.38%	6.29%	-15.63%	-3.67%	-2.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.89%	25.46%	24.97%	24.13%	25.37%	24.70%	23.71%	23.93%	24.22%	24.75%	25.29%
EBITDA Margin	11.85%	12.59%	12.99%	12.97%	13.94%	13.42%	12.56%	13.54%	7.46%	18.59%	16.03%
Operating Margin	9.12%	9.02%	9.68%	10.06%	10.05%	9.17%	9.16%	10.43%	3.75%	11.00%	11.95%
EBIT Margin	9.16%	9.57%	10.14%	10.40%	11.09%	10.02%	9.81%	10.75%	4.46%	15.46%	12.75%
Profit (Net Income) Margin	7.69%	8.32%	4.87%	9.20%	9.62%	9.14%	9.01%	7.78%	2.47%	11.93%	8.78%
Tax Burden Percent	72.59%	75.44%	42.03%	79.44%	80.03%	77.46%	78.66%	77.44%	51.66%	82.97%	74.62%
Interest Burden Percent	115.65%	115.22%	114.20%	111.32%	108.46%	117.72%	116.77%	93.41%	107.11%	92.98%	92.33%
Effective Tax Rate	27.41%	24.56%	57.97%	20.56%	19.97%	22.54%	21.34%	22.56%	48.34%	17.03%	25.38%
Return on Invested Capital (ROIC)	19.44%	17.90%	11.74%	24.62%	23.54%	17.62%	20.74%	20.09%	5.12%	23.68%	20.41%
ROIC Less NNEP Spread (ROIC-NNEP)	4.96%	-14.85%	-15.73%	-33.43%	-98.01%	-36.95%	-30.10%	14.33%	11.45%	61.49%	18.45%
Return on Net Nonoperating Assets (RNNOA)	-0.89%	1.61%	1.22%	2.01%	3.58%	3.13%	2.79%	2.16%	3.23%	14.67%	3.52%
Return on Equity (ROE)	18.56%	19.51%	12.96%	26.63%	27.12%	20.75%	23.53%	22.25%	8.35%	38.36%	23.93%
Cash Return on Invested Capital (CROIC)	16.38%	16.39%	1.24%	17.61%	21.84%	21.06%	8.94%	-23.42%	18.21%	7.28%	13.59%
Operating Return on Assets (OROA)	11.33%	11.11%	12.52%	13.32%	13.47%	9.38%	10.17%	11.18%	4.87%	16.60%	13.10%
Return on Assets (ROA)	9.52%	9.66%	6.01%	11.78%	11.69%	8.55%	9.34%	8.08%	2.70%	12.80%	9.02%
Return on Common Equity (ROCE)	17.75%	18.67%	11.94%	23.69%	24.09%	18.51%	20.74%	19.41%	7.39%	34.57%	21.90%
Return on Equity Simple (ROE_SIMPLE)	19.85%	21.18%	13.69%	29.76%	30.21%	22.46%	26.57%	24.32%	9.49%	39.61%	0.00%
Net Operating Profit after Tax (NOPAT)	1,265	1,191	831	1,900	1,897	1,407	1,731	2,268	660	3,111	3,003
NOPAT Margin	6.62%	6.80%	4.07%	7.99%	8.05%	7.10%	7.20%	8.08%	1.94%	9.12%	8.92%
Net Nonoperating Expense Percent (NNEP)	14.49%	32.75%	27.48%	58.05%	121.55%	54.57%	50.84%	5.76%	-6.33%	-37.80%	1.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.73%	3.98%	16.94%	14.33%
Cost of Revenue to Revenue	74.11%	74.54%	75.03%	75.87%	74.63%	75.30%	76.29%	76.07%	75.78%	75.25%	74.71%
SG&A Expenses to Revenue	10.95%	11.99%	11.89%	10.25%	10.41%	10.73%	9.88%	9.57%	9.78%	9.60%	9.28%
R&D to Revenue	3.85%	3.64%	3.69%	3.79%	4.25%	4.57%	4.54%	4.55%	4.40%	4.29%	4.15%
Operating Expenses to Revenue	16.77%	16.44%	15.29%	14.07%	15.32%	15.53%	14.55%	14.74%	20.46%	14.91%	14.73%
Earnings before Interest and Taxes (EBIT)	1,751	1,675	2,071	2,473	2,613	1,986	2,356	3,018	1,518	5,273	4,292
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,265	2,205	2,654	3,084	3,285	2,659	3,018	3,802	2,542	6,338	5,397
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	2.74	3.40	2.53	3.26	3.83	3.60	3.62	3.75	4.66	5.71
Price to Tangible Book Value (P/TBV)	1.88	3.11	4.74	3.50	4.69	5.32	4.92	8.23	8.66	8.62	8.85
Price to Revenue (P/Rev)	0.65	1.08	1.21	0.78	1.04	1.56	1.22	1.16	0.97	1.40	2.09
Price to Earnings (P/E)	8.85	13.52	24.69	8.69	10.84	17.26	13.77	15.09	45.14	12.12	24.78
Dividend Yield	5.04%	3.57%	2.83%	3.83%	3.07%	2.53%	2.73%	2.62%	2.78%	2.01%	1.50%
Earnings Yield	11.30%	7.40%	4.05%	11.51%	9.23%	5.79%	7.26%	6.63%	2.22%	8.25%	4.03%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.78	3.34	2.41	3.09	3.91	3.40	2.71	3.02	3.64	4.82
Enterprise Value to Revenue (EV/Rev)	0.61	1.07	1.22	0.81	1.07	1.55	1.25	1.33	1.07	1.52	2.18
Enterprise Value to EBITDA (EV/EBITDA)	5.11	8.47	9.36	6.24	7.64	11.53	9.95	9.79	14.31	8.17	13.59
Enterprise Value to EBIT (EV/EBIT)	6.61	11.15	12.00	7.78	9.61	15.44	12.75	12.33	23.97	9.82	17.09
Enterprise Value to NOPAT (EV/NOPAT)	9.15	15.67	29.91	10.12	13.24	21.79	17.35	16.41	55.12	16.64	24.42
Enterprise Value to Operating Cash Flow (EV/OCF)	5.60	9.63	10.91	8.09	7.89	11.27	13.31	18.97	9.18	34.81	20.25
Enterprise Value to Free Cash Flow (EV/FCFF)	10.86	17.12	282.63	14.15	14.27	18.23	40.28	0.00	15.49	54.13	36.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.26	0.25	0.30	0.28	0.46	0.44	0.77	0.68	0.62	0.56
Long-Term Debt to Equity	0.20	0.22	0.19	0.19	0.19	0.40	0.38	0.44	0.48	0.42	0.51
Financial Leverage	-0.18	-0.11	-0.08	-0.06	-0.04	-0.08	-0.09	0.15	0.28	0.24	0.19
Leverage Ratio	1.95	2.02	2.16	2.26	2.32	2.43	2.52	2.75	3.10	3.00	2.65
Compound Leverage Factor	2.26	2.33	2.46	2.52	2.52	2.86	2.94	2.57	3.32	2.79	2.45
Debt to Total Capital	17.46%	20.55%	19.72%	23.06%	21.85%	31.66%	30.67%	43.45%	40.34%	38.43%	36.03%
Short-Term Debt to Total Capital	0.67%	3.19%	4.11%	8.19%	7.30%	4.21%	4.28%	18.57%	11.41%	12.39%	3.63%
Long-Term Debt to Total Capital	16.79%	17.36%	15.61%	14.88%	14.55%	27.45%	26.39%	24.88%	28.93%	26.05%	32.40%
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	3.66%	3.31%	8.90%	8.49%	8.84%	7.05%	9.26%	6.91%	6.35%	5.65%	5.05%
Common Equity to Total Capital	78.88%	76.14%	71.38%	68.45%	69.31%	61.29%	60.07%	49.64%	53.31%	55.92%	58.92%
Debt to EBITDA	0.72	0.84	0.76	0.80	0.72	1.57	1.38	2.07	2.63	1.11	1.40
Net Debt to EBITDA	-0.51	-0.21	-0.27	-0.09	-0.10	-0.43	-0.19	0.93	0.85	0.46	0.34
Long-Term Debt to EBITDA	0.70	0.71	0.60	0.52	0.48	1.36	1.19	1.18	1.89	0.75	1.26
Debt to NOPAT	1.30	1.56	2.41	1.30	1.25	2.96	2.40	3.46	10.14	2.27	2.51
Net Debt to NOPAT	-0.91	-0.39	-0.86	-0.14	-0.18	-0.81	-0.33	1.55	3.26	0.93	0.60
Long-Term Debt to NOPAT	1.25	1.32	1.91	0.84	0.83	2.56	2.07	1.98	7.27	1.54	2.26
Altman Z-Score	3.93	4.28	4.11	3.87	4.15	3.77	3.82	3.18	2.99	4.11	4.65
Noncontrolling Interest Sharing Ratio	4.34%	4.31%	7.85%	11.06%	11.17%	10.80%	11.87%	12.76%	11.45%	9.86%	8.48%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	1.78	1.57	1.54	1.50	1.88	1.74	1.27	1.18	1.31	1.76
Quick Ratio	1.22	1.02	0.91	0.84	0.82	1.21	1.01	0.68	0.65	0.66	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,066	1,090	88	1,359	1,760	1,682	746	-2,645	2,349	956	1,999
Operating Cash Flow to CapEx	266.80%	334.31%	477.36%	303.32%	410.45%	515.53%	307.36%	214.19%	326.96%	123.10%	293.20%
Free Cash Flow to Firm to Interest Expense	16.39	15.80	1.09	11.92	16.14	16.82	6.72	-13.29	6.26	2.58	6.08
Operating Cash Flow to Interest Expense	31.77	28.10	28.11	20.86	29.18	27.22	20.32	9.86	10.58	4.02	11.01
Operating Cash Flow Less CapEx to Interest Expense	19.86	19.70	22.22	13.98	22.07	21.94	13.71	5.26	7.34	0.75	7.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.16	1.23	1.28	1.22	0.94	1.04	1.04	1.09	1.07	1.03
Accounts Receivable Turnover	100.05	87.11	77.23	88.37	91.72	9.66	6.15	6.11	6.32	6.34	6.12
Inventory Turnover	5.08	4.85	5.25	5.21	4.86	4.32	4.71	4.29	4.58	4.49	4.35
Fixed Asset Turnover	5.14	4.64	5.29	5.93	5.65	4.66	5.54	5.65	5.79	5.41	5.06
Accounts Payable Turnover	7.90	7.33	6.92	6.68	6.57	5.57	6.28	5.87	6.07	6.25	6.49
Days Sales Outstanding (DSO)	3.65	4.19	4.73	4.13	3.98	37.80	59.34	59.75	57.78	57.60	59.62
Days Inventory Outstanding (DIO)	71.81	75.26	69.54	70.08	75.16	84.55	77.48	85.10	79.74	81.21	83.90
Days Payable Outstanding (DPO)	46.22	49.78	52.78	54.66	55.57	65.50	58.17	62.16	60.17	58.39	56.24
Cash Conversion Cycle (CCC)	29.24	29.67	21.49	19.55	23.58	56.85	78.65	82.70	77.35	80.42	87.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,603	6,704	7,447	7,988	8,125	7,850	8,835	13,748	12,059	14,214	15,218
Invested Capital Turnover	2.94	2.63	2.89	3.08	2.93	2.48	2.88	2.49	2.64	2.60	2.29
Increase / (Decrease) in Invested Capital	199	101	743	541	137	-275	985	4,913	-1,689	2,155	1,004
Enterprise Value (EV)	11,574	18,669	24,851	19,235	25,110	30,666	30,028	37,225	36,388	51,765	73,330
Market Capitalization	12,377	18,840	24,663	18,595	24,492	30,878	29,339	32,452	33,179	47,822	70,461
Book Value per Share	$41.70	$40.86	$43.74	$45.76	$49.00	$54.47	$56.95	$63.64	$62.44	$74.87	$89.46
Tangible Book Value per Share	$37.14	$36.03	$31.36	$33.09	$34.06	$39.23	$41.66	$27.97	$27.03	$40.46	$57.65
Total Capital	9,389	9,030	10,170	10,735	10,832	13,153	13,560	18,080	16,600	18,367	20,960
Total Debt	1,639	1,856	2,006	2,476	2,367	4,164	4,159	7,855	6,696	7,059	7,552
Total Long-Term Debt	1,576	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784	6,792
Net Debt	-1,147	-470	-717	-271	-340	-1,139	-566	3,523	2,155	2,906	1,810
Capital Expenditures (CapEx)	774	580	477	784	775	528	734	916	1,213	1,208	1,235
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,396	2,290	2,102	2,788	2,448	2,254	2,618	3,814	1,448	3,529	4,466
Debt-free Net Working Capital (DFNWC)	4,207	3,670	3,669	4,313	3,918	6,116	5,805	6,387	4,189	5,793	8,075
Net Working Capital (NWC)	4,144	3,382	3,251	3,434	3,127	5,562	5,225	3,030	2,295	3,518	7,315
Net Nonoperating Expense (NNE)	-205	-265	-163	-287	-371	-404	-433	85	-180	-957	46
Net Nonoperating Obligations (NNO)	-1,147	-470	-717	-271	-340	-1,139	-566	3,523	2,155	2,906	1,810
Total Depreciation and Amortization (D&A)	514	530	583	611	672	673	662	784	1,024	1,065	1,105
Debt-free, Cash-free Net Working Capital to Revenue	12.54%	13.08%	10.29%	11.73%	10.39%	11.38%	10.90%	13.59%	4.25%	10.35%	13.26%
Debt-free Net Working Capital to Revenue	22.01%	20.96%	17.96%	18.14%	16.62%	30.87%	24.17%	22.75%	12.30%	16.99%	23.98%
Net Working Capital to Revenue	21.69%	19.32%	15.91%	14.45%	13.27%	28.08%	21.75%	10.79%	6.74%	10.32%	21.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.86	$8.25	$5.99	$13.20	$14.54	$12.07	$14.74	$15.20	$5.19	$28.55	$20.62
Adjusted Weighted Average Basic Shares Outstanding	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M
Adjusted Diluted Earnings per Share	$7.84	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50
Adjusted Weighted Average Diluted Shares Outstanding	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M
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	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M	138.17M
Normalized Net Operating Profit after Tax (NOPAT)	1,527	1,295	1,384	1,900	1,992	1,407	1,731	2,268	660	3,111	3,003
Normalized NOPAT Margin	7.99%	7.40%	6.77%	7.99%	8.45%	7.10%	7.20%	8.08%	1.94%	9.12%	8.92%
Pre Tax Income Margin	10.60%	11.02%	11.58%	11.58%	12.02%	11.80%	11.45%	10.04%	4.77%	14.38%	11.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	26.94	24.28	25.57	21.69	23.97	19.86	21.23	15.17	4.05	14.25	13.05
NOPAT to Interest Expense	19.45	17.26	10.26	16.67	17.40	14.07	15.59	11.40	1.76	8.41	9.13
EBIT Less CapEx to Interest Expense	15.03	15.87	19.68	14.82	16.86	14.58	14.61	10.56	0.81	10.99	9.29
NOPAT Less CapEx to Interest Expense	7.55	8.86	4.37	9.79	10.29	8.79	8.98	6.79	-1.47	5.14	5.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.33%	57.62%	73.44%	34.20%	35.01%	43.18%	37.38%	39.17%	109.64%	23.82%	35.68%
Augmented Payout Ratio	107.55%	111.06%	118.81%	86.33%	91.05%	78.58%	102.17%	56.30%	130.48%	25.05%	39.40%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	137,989,067.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	137,989,067.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.74
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.97%	9.95%	-0.59%	1.83%	0.30%	-1.12%	-2.73%	-1.74%	-1.64%	1.05%	2.74%
EBITDA Growth	39.21%	-201.92%	80.03%	15.10%	12.99%	193.55%	-40.33%	17.94%	-14.51%	0.70%	-21.80%
EBIT Growth	45.74%	-254.84%	95.97%	18.69%	15.49%	158.74%	-45.40%	20.81%	-18.92%	-0.11%	-27.81%
NOPAT Growth	77.29%	-247.09%	-9.10%	19.87%	13.67%	152.56%	18.13%	15.47%	-32.39%	10.88%	-32.42%
Net Income Growth	68.70%	-316.30%	151.61%	2.04%	22.17%	131.95%	-58.09%	23.40%	-33.69%	39.33%	-20.00%
EPS Growth	62.77%	-326.13%	152.79%	4.16%	27.67%	132.07%	-57.52%	22.24%	-34.13%	31.99%	-20.97%
Operating Cash Flow Growth	300.26%	78.58%	-44.24%	-276.19%	-58.14%	-2.54%	-101.09%	192.24%	103.91%	7.88%	10,400.00%
Free Cash Flow Firm Growth	85.17%	114.28%	166.56%	134.62%	163.14%	-365.32%	-179.13%	-155.35%	-165.22%	76.79%	110.23%
Invested Capital Growth	10.51%	-12.29%	-15.51%	-5.46%	3.23%	17.87%	26.42%	12.97%	5.60%	7.06%	2.25%
Revenue Q/Q Growth	-2.40%	1.33%	-1.64%	4.68%	-3.87%	-0.11%	-3.23%	5.74%	-3.77%	2.63%	-1.62%
EBITDA Q/Q Growth	5.12%	-199.35%	321.90%	-44.98%	3.19%	-17.74%	27.77%	8.75%	-25.20%	-3.11%	-0.78%
EBIT Q/Q Growth	6.56%	-252.62%	259.75%	-50.34%	3.68%	-22.38%	36.61%	9.88%	-30.41%	-4.38%	-1.26%
NOPAT Q/Q Growth	11.27%	-246.45%	172.32%	10.11%	5.51%	-32.28%	50.14%	7.63%	-38.22%	11.05%	-8.49%
Net Income Q/Q Growth	-6.38%	-301.88%	245.59%	-62.92%	12.10%	-47.21%	91.01%	9.18%	-39.76%	10.91%	9.68%
EPS Q/Q Growth	-9.11%	-318.74%	239.74%	-62.51%	11.41%	-45.05%	85.09%	7.89%	-39.97%	10.10%	10.82%
Operating Cash Flow Q/Q Growth	216.56%	-4.58%	-81.08%	-408.33%	175.21%	122.19%	-100.21%	26,266.67%	66.24%	17.55%	-79.86%
Free Cash Flow Firm Q/Q Growth	86.89%	197.25%	335.04%	-45.24%	-76.09%	-508.70%	-47.89%	61.69%	71.83%	-45.43%	165.21%
Invested Capital Q/Q Growth	-3.95%	-15.63%	0.43%	16.16%	4.88%	-3.67%	7.72%	3.79%	-1.96%	-2.33%	2.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.56%	23.42%	24.29%	24.93%	25.67%	24.08%	26.36%	26.39%	25.60%	22.86%	26.71%
EBITDA Margin	14.61%	-14.33%	29.18%	15.34%	16.46%	13.56%	17.90%	18.41%	14.31%	13.51%	13.62%
Operating Margin	11.27%	-18.28%	9.52%	11.88%	12.42%	10.12%	13.87%	14.18%	10.24%	9.52%	9.54%
EBIT Margin	11.56%	-17.42%	26.03%	12.35%	13.32%	10.35%	14.61%	15.18%	10.98%	10.23%	10.26%
Profit (Net Income) Margin	8.18%	-16.31%	24.13%	8.55%	9.97%	5.27%	10.40%	10.74%	6.72%	7.26%	8.10%
Tax Burden Percent	78.59%	113.25%	91.31%	76.97%	80.82%	67.22%	76.10%	75.76%	67.35%	78.38%	72.81%
Interest Burden Percent	90.05%	82.66%	101.55%	89.96%	92.63%	75.74%	93.55%	93.37%	90.91%	90.61%	108.35%
Effective Tax Rate	21.41%	0.00%	8.69%	23.03%	19.18%	32.78%	23.90%	24.24%	32.65%	21.62%	27.19%
Return on Invested Capital (ROIC)	21.66%	-33.79%	22.36%	21.59%	23.63%	17.66%	26.08%	24.19%	15.27%	17.08%	15.20%
ROIC Less NNEP Spread (ROIC-NNEP)	19.75%	-44.34%	69.87%	20.10%	23.44%	12.54%	25.60%	24.17%	14.77%	16.35%	18.65%
Return on Net Nonoperating Assets (RNNOA)	5.51%	-12.51%	18.19%	6.43%	6.14%	2.99%	6.20%	6.71%	3.56%	3.12%	4.14%
Return on Equity (ROE)	27.17%	-46.30%	40.55%	28.02%	29.77%	20.65%	32.29%	30.90%	18.84%	20.20%	19.34%
Cash Return on Invested Capital (CROIC)	11.76%	18.21%	22.63%	11.83%	3.62%	7.28%	-0.68%	9.39%	14.01%	13.59%	15.36%
Operating Return on Assets (OROA)	12.45%	-19.05%	27.99%	13.38%	14.20%	11.11%	15.38%	15.61%	11.22%	10.51%	10.39%
Return on Assets (ROA)	8.81%	-17.83%	25.95%	9.27%	10.63%	5.65%	10.95%	11.04%	6.87%	7.46%	8.20%
Return on Common Equity (ROCE)	24.29%	-41.00%	36.29%	25.41%	27.13%	18.62%	29.49%	28.12%	17.25%	18.49%	17.83%
Return on Equity Simple (ROE_SIMPLE)	26.99%	0.00%	22.74%	21.75%	21.62%	0.00%	26.46%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	747	-1,093	730	804	849	575	863	929	574	637	583
NOPAT Margin	8.86%	-12.80%	8.69%	9.14%	10.04%	6.80%	10.56%	10.75%	6.90%	7.47%	6.94%
Net Nonoperating Expense Percent (NNEP)	1.91%	10.55%	-47.50%	1.49%	0.19%	5.13%	0.48%	0.02%	0.50%	0.73%	-3.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-6.59%	-	-	-	3.13%	4.43%	4.43%	2.77%	3.04%	2.77%
Cost of Revenue to Revenue	75.44%	76.58%	75.71%	75.07%	74.33%	75.92%	73.64%	73.61%	74.40%	77.14%	73.29%
SG&A Expenses to Revenue	9.86%	10.25%	9.98%	9.41%	9.54%	9.48%	9.43%	9.01%	9.49%	9.21%	10.06%
R&D to Revenue	4.46%	4.57%	4.39%	4.31%	4.25%	4.21%	4.21%	4.13%	4.15%	4.10%	4.26%
Operating Expenses to Revenue	14.70%	38.93%	14.77%	14.22%	14.43%	16.24%	14.09%	13.57%	16.60%	14.69%	17.17%
Earnings before Interest and Taxes (EBIT)	975	-1,488	2,187	1,086	1,126	874	1,194	1,312	913	873	862
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,232	-1,224	2,452	1,349	1,392	1,145	1,463	1,591	1,190	1,153	1,144
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.96	3.75	4.56	3.97	4.30	4.66	3.91	3.83	4.82	5.71	6.02
Price to Tangible Book Value (P/TBV)	5.47	8.66	9.73	8.14	8.16	8.62	6.94	6.48	7.76	8.85	9.36
Price to Revenue (P/Rev)	0.95	0.97	1.23	1.11	1.30	1.40	1.27	1.34	1.73	2.09	2.19
Price to Earnings (P/E)	11.28	45.14	21.55	19.48	21.16	12.12	15.52	15.34	21.81	24.78	27.81
Dividend Yield	2.87%	2.78%	2.24%	2.43%	2.12%	2.01%	2.28%	2.22%	1.77%	1.50%	1.45%
Earnings Yield	8.87%	2.22%	4.64%	5.13%	4.73%	8.25%	6.44%	6.52%	4.58%	4.03%	3.60%
Enterprise Value to Invested Capital (EV/IC)	2.46	3.02	3.70	3.01	3.31	3.64	3.10	3.10	3.96	4.82	4.96
Enterprise Value to Revenue (EV/Rev)	1.06	1.07	1.32	1.24	1.43	1.52	1.40	1.46	1.84	2.18	2.29
Enterprise Value to EBITDA (EV/EBITDA)	7.08	14.31	12.34	11.13	12.30	8.17	8.88	8.80	11.45	13.59	15.29
Enterprise Value to EBIT (EV/EBIT)	8.87	23.97	17.31	15.36	16.77	9.82	11.09	10.92	14.38	17.09	19.61
Enterprise Value to NOPAT (EV/NOPAT)	11.89	55.12	58.21	47.11	49.45	16.64	15.28	15.23	20.91	24.42	28.52
Enterprise Value to Operating Cash Flow (EV/OCF)	10.58	9.18	11.96	17.57	32.03	34.81	39.30	17.31	17.59	20.25	19.74
Enterprise Value to Free Cash Flow (EV/FCFF)	21.98	15.49	14.97	24.75	92.94	54.13	0.00	34.98	29.04	36.68	32.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.68	0.68	0.71	0.67	0.62	0.63	0.63	0.58	0.56	0.57
Long-Term Debt to Equity	0.42	0.48	0.57	0.51	0.43	0.42	0.40	0.53	0.52	0.51	0.50
Financial Leverage	0.28	0.28	0.26	0.32	0.26	0.24	0.24	0.28	0.24	0.19	0.22
Leverage Ratio	2.91	3.10	3.02	2.88	2.79	3.00	2.92	2.80	2.69	2.65	2.64
Compound Leverage Factor	2.62	2.56	3.06	2.59	2.58	2.27	2.73	2.61	2.44	2.40	2.86
Debt to Total Capital	38.99%	40.34%	40.36%	41.50%	40.08%	38.43%	38.48%	38.65%	36.76%	36.03%	36.50%
Short-Term Debt to Total Capital	13.13%	11.41%	6.28%	11.49%	14.43%	12.39%	13.83%	6.21%	3.81%	3.63%	4.54%
Long-Term Debt to Total Capital	25.86%	28.93%	34.08%	30.01%	25.66%	26.05%	24.65%	32.44%	32.95%	32.40%	31.95%
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	5.33%	6.35%	6.11%	5.67%	5.42%	5.65%	5.38%	5.17%	4.99%	5.05%	4.85%
Common Equity to Total Capital	55.68%	53.31%	54.04%	52.83%	54.50%	55.92%	56.57%	56.18%	58.25%	58.92%	58.65%
Debt to EBITDA	1.50	2.63	1.88	1.97	1.91	1.11	1.40	1.45	1.41	1.40	1.51
Net Debt to EBITDA	0.53	0.85	0.55	0.92	0.86	0.46	0.62	0.54	0.46	0.34	0.45
Long-Term Debt to EBITDA	1.00	1.89	1.59	1.42	1.22	0.75	0.90	1.22	1.27	1.26	1.33
Debt to NOPAT	2.52	10.14	8.88	8.34	7.69	2.27	2.41	2.51	2.58	2.51	2.82
Net Debt to NOPAT	0.88	3.26	2.61	3.88	3.46	0.93	1.08	0.93	0.84	0.60	0.84
Long-Term Debt to NOPAT	1.67	7.27	7.50	6.03	4.92	1.54	1.54	2.11	2.31	2.26	2.47
Altman Z-Score	3.09	2.68	3.46	3.35	3.51	3.65	3.49	3.51	3.98	4.32	4.37
Noncontrolling Interest Sharing Ratio	10.57%	11.45%	10.52%	9.32%	8.89%	9.86%	8.66%	8.99%	8.43%	8.48%	7.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.18	1.34	1.34	1.32	1.31	1.34	1.64	1.77	1.76	1.71
Quick Ratio	0.76	0.65	0.73	0.70	0.66	0.66	0.68	0.87	0.93	0.98	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-612	596	2,953	1,617	387	-1,580	-2,337	-895	-252	-367	239
Operating Cash Flow to CapEx	546.07%	281.12%	163.31%	-354.58%	247.10%	263.33%	-1.85%	339.83%	437.92%	281.99%	163.49%
Free Cash Flow to Firm to Interest Expense	-6.31	6.47	33.19	14.84	4.66	-17.76	-30.35	-10.29	-3.04	-4.47	3.15
Operating Cash Flow to Interest Expense	15.76	15.86	3.10	-7.81	7.71	15.98	-0.04	9.02	15.72	18.71	4.07
Operating Cash Flow Less CapEx to Interest Expense	12.88	10.22	1.20	-10.01	4.59	9.91	-2.14	6.37	12.13	12.07	1.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.09	1.08	1.08	1.07	1.07	1.05	1.03	1.02	1.03	1.01
Accounts Receivable Turnover	6.37	6.32	6.02	5.96	6.19	6.34	6.08	5.87	6.09	6.12	5.55
Inventory Turnover	4.41	4.58	4.43	4.35	4.28	4.49	4.26	4.13	4.03	4.35	4.13
Fixed Asset Turnover	6.05	5.79	5.86	5.80	5.71	5.41	5.46	5.36	5.23	5.06	5.09
Accounts Payable Turnover	6.11	6.07	5.65	5.94	6.09	6.25	5.76	5.86	6.23	6.49	5.78
Days Sales Outstanding (DSO)	57.35	57.78	60.61	61.25	58.96	57.60	60.04	62.13	59.93	59.62	65.73
Days Inventory Outstanding (DIO)	82.83	79.74	82.46	83.84	85.19	81.21	85.64	88.37	90.51	83.90	88.39
Days Payable Outstanding (DPO)	59.77	60.17	64.57	61.47	59.92	58.39	63.33	62.26	58.62	56.24	63.10
Cash Conversion Cycle (CCC)	80.40	77.35	78.50	83.62	84.24	80.42	82.34	88.24	91.82	87.28	91.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,293	12,059	12,111	14,068	14,755	14,214	15,311	15,892	15,581	15,218	15,655
Invested Capital Turnover	2.45	2.64	2.57	2.36	2.35	2.60	2.47	2.25	2.21	2.29	2.19
Increase / (Decrease) in Invested Capital	1,359	-1,689	-2,223	-813	462	2,155	3,200	1,824	826	1,004	344
Enterprise Value (EV)	35,172	36,388	44,809	42,395	48,815	51,765	47,479	49,218	61,714	73,330	77,640
Market Capitalization	31,537	33,179	41,765	37,878	44,375	47,822	43,092	45,115	58,197	70,461	74,336
Book Value per Share	$75.24	$62.44	$64.77	$69.83	$75.27	$74.87	$80.08	$85.58	$87.56	$89.46	$89.39
Tangible Book Value per Share	$40.67	$27.03	$30.37	$34.03	$39.70	$40.46	$45.18	$50.53	$54.41	$57.65	$57.46
Total Capital	19,142	16,600	16,936	18,079	18,928	18,367	19,459	20,984	20,712	20,960	21,058
Total Debt	7,464	6,696	6,835	7,503	7,587	7,059	7,488	8,111	7,614	7,552	7,686
Total Long-Term Debt	4,950	4,802	5,771	5,426	4,856	4,784	4,796	6,807	6,824	6,792	6,729
Net Debt	2,615	2,155	2,010	3,492	3,414	2,906	3,340	3,019	2,483	1,810	2,283
Capital Expenditures (CapEx)	280	519	169	240	259	540	162	231	298	544	189
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,236	1,448	1,947	3,712	4,193	3,529	4,499	4,848	4,897	4,466	4,987
Debt-free Net Working Capital (DFNWC)	7,300	4,189	4,998	5,895	6,444	5,793	6,657	7,922	8,056	8,075	8,169
Net Working Capital (NWC)	4,786	2,295	3,934	3,818	3,713	3,518	3,965	6,618	7,266	7,315	7,212
Net Nonoperating Expense (NNE)	57	300	-1,298	52	5.66	130	13	0.76	15	17	-97
Net Nonoperating Obligations (NNO)	2,615	2,155	2,010	3,492	3,414	2,906	3,340	3,019	2,483	1,810	2,283
Total Depreciation and Amortization (D&A)	257	264	265	263	266	271	269	279	277	280	282
Debt-free, Cash-free Net Working Capital to Revenue	12.72%	4.25%	5.72%	10.86%	12.26%	10.35%	13.28%	14.38%	14.58%	13.26%	14.71%
Debt-free Net Working Capital to Revenue	21.93%	12.30%	14.69%	17.25%	18.84%	16.99%	19.65%	23.49%	23.99%	23.98%	24.10%
Net Working Capital to Revenue	14.38%	6.74%	11.57%	11.17%	10.86%	10.32%	11.71%	19.63%	21.64%	21.73%	21.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.63	($10.10)	$14.10	$5.30	$5.90	$3.25	$5.99	$6.46	$3.88	$4.29	$4.73
Adjusted Weighted Average Basic Shares Outstanding	141.80M	283.71M	141.30M	137.10M	137.20M	137.48M	137.60M	137.80M	138M	138.17M	138.30M
Adjusted Diluted Earnings per Share	$4.59	($10.04)	$14.03	$5.26	$5.86	$3.22	$5.96	$6.43	$3.86	$4.25	$4.71
Adjusted Weighted Average Diluted Shares Outstanding	142.80M	283.71M	142.10M	137.90M	138.10M	137.48M	138.30M	138.50M	138.80M	138.17M	138.80M
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	141.74M	283.71M	136.78M	137.05M	137.18M	137.48M	137.75M	137.79M	138.04M	138.17M	137.99M
Normalized Net Operating Profit after Tax (NOPAT)	747	-1,093	730	804	849	575	863	929	574	637	583
Normalized NOPAT Margin	8.86%	-12.80%	8.69%	9.14%	10.04%	6.80%	10.56%	10.75%	6.90%	7.47%	6.94%
Pre Tax Income Margin	10.41%	-14.40%	26.43%	11.11%	12.33%	7.84%	13.67%	14.17%	9.98%	9.27%	11.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.05	-16.17	24.57	9.96	13.57	9.82	15.51	15.08	11.00	10.65	11.34
NOPAT to Interest Expense	7.70	-11.88	8.21	7.38	10.22	6.46	11.21	10.68	6.91	7.77	7.67
EBIT Less CapEx to Interest Expense	7.16	-21.82	22.67	7.76	10.45	3.75	13.40	12.43	7.41	4.01	8.86
NOPAT Less CapEx to Interest Expense	4.81	-17.53	6.31	5.18	7.10	0.39	9.10	8.02	3.32	1.14	5.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.46%	109.64%	45.49%	45.50%	42.91%	23.82%	33.94%	32.68%	36.95%	35.68%	38.75%
Augmented Payout Ratio	37.68%	130.48%	45.49%	45.50%	42.91%	25.05%	33.94%	36.11%	40.73%	39.40%	51.42%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor‑focused view of Cummins Inc. (CMI) using the quarterly data provided for the last four years. The notes highlight how revenue, profitability, cash flow, and the balance sheet have trended, with a focus on quarters in 2025 and the surrounding years.

Net income attributable to common shareholders in Q4 2025 rose to $593,000,000, with basic earnings per share of $4.29, signaling improved profitability versus weaker periods in prior years.
Net cash from continuing operating activities in Q4 2025 was about $1.534 billion, indicating strong quarterly cash generation despite cyclical pressures.
Free cash flow in Q4 2025 was roughly $0.99 billion (roughly CFO of $1.534B minus capex of $0.544B), suggesting available cash for dividends, debt reduction, or share buybacks.
Total revenue in Q4 2025 was about $8.54 billion with gross margin near 23%, reflecting stable demand and a solid profitability base despite modest margin compression over time.
The company maintained a steady capital-return policy, with cash dividends per share around $1.82 in recent quarters.
Balance sheet leverage remained manageable, with long-term debt around $6.8 billion and total liabilities near $20.5 billion against roughly $12.9 billion in equity, indicating solid liquidity and solvency metrics.
R&D spending stayed in the mid‑$300 million range per quarter (Q4 2025: about $350 million) and SG&A was around $786 million, signaling ongoing investment in product development and selling activities without dramatic expense spikes.
Capital expenditures (PPE purchases) were around $544 million in Q4 2025, showing ongoing capacity maintenance and expansion without excessive debt funding.
Net cash from financing activities was negative in several 2025 quarters, reflecting dividends and debt activity that prioritize capital returns but can pressure near-term liquidity.
Profitability shows quarterly volatility, with gross margin around 23% and a net income margin in the low single digits in some quarters (e.g., Q4 2025 net income about 7% of revenue), indicating ongoing margin pressure in a cyclical industrial environment.

05/27/26 12:47 PM ETAI Generated. May Contain Errors.

Cummins Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cummins' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cummins' net income appears to be on an upward trend, with a most recent value of $2.96 billion in 2025, rising from $1.47 billion in 2015. The previous period was $4.07 billion in 2024. Find out what analysts predict for Cummins in the coming months.

Cummins' total operating income in 2025 was $4.03 billion, based on the following breakdown:

Total Gross Profit: $8.52 billion
Total Operating Expenses: $4.96 billion

Over the last 10 years, Cummins' total revenue changed from $19.11 billion in 2015 to $33.67 billion in 2025, a change of 76.2%.

Cummins' total liabilities were at $20.58 billion at the end of 2025, a 1.7% increase from 2024, and a 178.8% increase since 2015.

In the past 10 years, Cummins' cash and equivalents has ranged from $1.12 billion in 2016 to $3.40 billion in 2020, and is currently $2.85 billion as of their latest financial filing in 2025.

Over the last 10 years, Cummins' book value per share changed from 41.70 in 2015 to 89.46 in 2025, a change of 114.6%.

Related Companies

Financial statements for NYSE:CMI last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cummins (CMI) Financials

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Cummins (CMI) Financials

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How has Cummins' revenue changed over the last 10 years?

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