Cummins
CMI NYSE Construction Machinery & Heavy Transportation Equipment Financials FY2016–FY2025
Cummins' revenue fell 1.3% to $33.7 billion in fiscal 2025. Its operating margin was 11.9%, up from 11.0% a year earlier. Free cash flow was $2.4 billion, up 755.2%. It paid out $1.1 billion in dividends and buybacks, 44% of free cash flow. The diluted share count fell 0.3%.
What Cummins does
Cummins designs, makes, sells and services engines and related power equipment. It was founded in 1919 in Columbus, Indiana as one of the first diesel engine makers. Its products include diesel, natural gas and gasoline engines, power generators, and parts such as turbochargers, fuel systems, transmissions, axles and brakes. It sells to truck and equipment makers, distributors, dealers and other customers worldwide, through about 640 distributor locations and more than 13,000 certified dealer locations in about 190 countries and territories.
Cummins has five reportable segments. Measured before intersegment eliminations, the Distribution segment, its main sales and service channel, made up 30% of 2025 net sales. The Engine segment made up 26%, Components 25% and Power Systems 18%. Power Systems makes generators for uses such as data centers and hospitals. The fifth, Accelera, makes battery and electric powertrain technologies and is in the early stages of commercializing them. In 2025 Cummins wrote off the goodwill of its electrolyzer business.
Cummins says its main competitors vary by country, and that some truck makers build their own engines. Its large customers include PACCAR, Traton, Daimler Trucks and Stellantis. In 2024 it made $1.9 billion in payments under settlement agreements with US regulators over its engine emissions certification, and it split off its remaining Atmus Filtration stake.
- Legal name
- CUMMINS INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0000026172-26-000009
0000026172
Revenue and margins
Cummins had $33.7B of revenue in fiscal 2025, down 1.3% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 10.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.4B in fiscal 2025, 7.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Cummins returned $1.1B to shareholders in fiscal 2025, 44% of free cash flow. The diluted share count fell 0.3%.
Value Cummins yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.6B and divides by 138.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.4x · peers 26.0x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Cummins can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.2B | $2.6B | $2.7B | $2.3B | $3.6B |
| Debt incl. finance leases | $4.0B | $7.6B | $6.4B | $6.7B | $7.2B |
| Net debt / EBITDA | 0.2x | 1.4x | 1.3x | 0.9x | 0.7x |
| Debt / equity | 0.5x | 0.9x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 24.4x | 14.7x | 4.7x | 10.1x | 12.2x |
| Current ratio | 1.7x | 1.3x | 1.2x | 1.3x | 1.8x |
| Quick ratio | 1.1x | 0.8x | 0.7x | 0.8x | 1.2x |
| Total assets | $23.7B | $30.3B | $32.0B | $31.5B | $34.0B |
| Total liabilities | $14.3B | $20.1B | $22.1B | $20.2B | $20.6B |
| Shareholders' equity | $8.1B | $9.0B | $8.9B | $10.3B | $12.3B |
| Net debt (− = net cash) | $764M | $5.1B | $3.7B | $4.4B | $3.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$14.6M
9 insiders
Of sales under plans
23%
$3.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Earl NewsomeVP - Chief Information Officer | Sold | 698 | $572.22 | $0.4M | Form 4 |
| May 14, 2026 | Donald G JacksonVP - Treasury & Tax | Sold | 730 | $710.92 | $0.5M | Form 4 |
| May 12, 2026 | Jennifer Mary BushVP & Pres. - Power Systems | Sold | 5,000 | $696.21 | $3.5M | Form 4 |
| May 11, 2026 | Bonnie J FetchEVP & President - Operations | Sold | 652 | $700.19 | $0.5M | Form 4 |
| May 11, 2026 | Bonnie J FetchEVP & President - Operations | Sold | 643 | $702.66 | $0.5M | Form 4 |
| May 11, 2026 | Brett Michael MerrittV.P & Pres. - Engine Business | Sold | 702 | $688.75 | $0.5M | Form 4 |
| May 11, 2026 | Nathan R StonerVP - China ABO | Sold | 607 | $694.06 | $0.4M | Form 4 |
| May 8, 2026 | Marvin BoakyeVP - CHRO | Sold | 3,481 | $679.90 | $2.4M | Form 4 |
| May 8, 2026 | Nicole Lamb-HaleVP, CAO & Corporate Secretary | Sold | 2,408 | $685.34 | $1.7M | Form 4 |
| Mar 3, 2026 | Amy Rochelle DavisVP & Pres. - Accelera and Com | Sold plan | 4,054 | $561.35 | $2.3M | Form 4 |
| Feb 24, 2026 | Donald G JacksonVP - Treasury & Tax | Sold | 1,600 | $600.13 | $1.0M | Form 4 |
| Feb 23, 2026 | Amy Rochelle DavisVP & Pres. - Accelera and Com | Sold plan | 1,864 | $586.64 | $1.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 5 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −10.0% | 8.1% | −2.0% |
| Altman Z'' | 3.13 | 4.27 | 5.06 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Cummins CMI | $71.7B | −1.3% | 12.0% | 7.1% | 18.3% | 26.4x | 7 | |
| Paccar PCAR | $56.4B | −15.5% | — | 12.9% | — | 22.5x | — | Compare → |
| Caterpillar CAT | $317.7B | 4.3% | 16.5% | 13.2% | 18.5% | 29.6x | 6 | Compare → |
| Wabtec WAB | $46.0B | 7.5% | 16.1% | 13.4% | 9.1% | 33.8x | 7 | Compare → |
| Oshkosh OSK | $8.3B | −2.9% | 9.0% | 5.9% | 14.8% | 14.7x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $17.5B | $20.4B | $23.8B | $23.6B | $19.8B | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Gross profit | $4.5B | $5.1B | $5.7B | $6.0B | $4.9B | $5.7B | $6.7B | $8.2B | $8.4B | $8.5B |
| Research and development | $637M | $754M | $902M | $1.0B | $906M | $1.1B | $1.3B | $1.5B | $1.5B | $1.4B |
| Operating income | $1.9B | $2.3B | $2.8B | $2.7B | $2.3B | $2.7B | $2.9B | $1.8B | $3.8B | $4.0B |
| Interest expense | $69.0M | $81.0M | $114M | $109M | $100M | $111M | $199M | $375M | $370M | $329M |
| Pretax income | $1.9B | $2.4B | $2.8B | $2.8B | $2.3B | $2.8B | $2.8B | $1.6B | $4.9B | $4.0B |
| Income tax | $474M | $1.4B | $566M | $566M | $527M | $587M | $636M | $786M | $835M | $1.0B |
| Net income | $1.5B | $994M | $2.2B | $2.3B | $1.8B | $2.2B | $2.2B | $840M | $4.1B | $3.0B |
| Diluted EPS | $8.23 | $5.97 | $13.15 | $14.48 | $12.01 | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
| Diluted shares | 0.17B | 0.17B | 0.16B | 0.16B | 0.15B | 0.15B | 0.14B | 0.14B | 0.14B | 0.14B |
| Cash flow | ||||||||||
| Cash from operations | $1.9B | $2.3B | $2.4B | $3.2B | $2.7B | $2.3B | $2.0B | $4.0B | $1.5B | $3.6B |
| Capital expenditure | $531M | $506M | $709M | $700M | $528M | $734M | $916M | $1.2B | $1.2B | $1.2B |
| Free cash flow | $1.4B | $1.8B | $1.7B | $2.5B | $2.2B | $1.5B | $1.0B | $2.8B | $279M | $2.4B |
| Depreciation and amortization | $530M | $583M | $611M | $672M | $673M | $662M | $784M | $1.0B | $1.1B | $1.1B |
| Stock-based compensation | $32.0M | $41.0M | $53.0M | $49.0M | $31.0M | $37.0M | $33.0M | $79.0M | $100M | $93.0M |
| Acquisitions | $94.0M | $662M | $70.0M | $237M | $0.0M | $0.0M | $3.2B | $292M | $58.0M | $12.0M |
| Share buybacks | $778M | $451M | $1.1B | $1.3B | $641M | $1.4B | $374M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $676M | $701M | $718M | $761M | $782M | $809M | $855M | $921M | $969M | $1.1B |
| Dividends and buybacks | $1.5B | $1.2B | $1.9B | $2.0B | $1.4B | $2.2B | $1.2B | $921M | $969M | $1.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.4B | $1.6B | $1.5B | $1.5B | $3.9B | $3.2B | $2.6B | $2.7B | $2.3B | $3.6B |
| Total debt | $1.8B | $1.9B | $2.4B | $2.3B | $4.0B | $4.0B | $7.6B | $6.4B | $6.7B | $7.2B |
| Finance lease liabilities | $0.0M | $0.0M | $132M | $90.0M | $91.0M | $89.0M | $113M | $111M | $125M | $136M |
| Current assets | $7.7B | $8.9B | $9.8B | $9.4B | $11.9B | $12.3B | $14.5B | $15.2B | $14.8B | $16.9B |
| Current liabilities | $4.3B | $5.7B | $6.4B | $6.3B | $6.3B | $7.1B | $11.4B | $12.9B | $11.2B | $9.6B |
| Inventory | $2.7B | $3.2B | $3.8B | $3.5B | $3.4B | $4.4B | $5.6B | $5.7B | $5.7B | $5.8B |
| Property and equipment, net | $3.8B | $3.9B | $4.1B | $4.2B | $4.3B | $4.4B | $5.5B | $6.2B | $6.4B | $7.0B |
| Total assets | $15.0B | $18.1B | $19.1B | $19.7B | $22.6B | $23.7B | $30.3B | $32.0B | $31.5B | $34.0B |
| Total liabilities | $7.8B | $9.9B | $10.8B | $11.3B | $13.6B | $14.3B | $20.1B | $22.1B | $20.2B | $20.6B |
| Shareholders' equity | $6.9B | $7.3B | $7.3B | $7.5B | $8.1B | $8.1B | $9.0B | $8.9B | $10.3B | $12.3B |
| Margins | ||||||||||
| Gross margin | 25.5% | 25.0% | 24.1% | 25.4% | 24.7% | 23.7% | 23.9% | 24.2% | 24.8% | 25.3% |
| Operating margin | 10.7% | 11.4% | 11.7% | 11.5% | 11.5% | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| EBITDA margin | 13.8% | 14.3% | 14.3% | 14.3% | 14.9% | 14.0% | 13.2% | 8.2% | 14.1% | 15.2% |
| Net margin | 8.3% | 4.9% | 9.2% | 9.6% | 9.1% | 9.0% | 7.8% | 2.5% | 11.9% | 8.8% |
| FCF margin | 8.0% | 8.7% | 7.0% | 10.5% | 11.1% | 6.3% | 3.7% | 8.1% | 0.8% | 7.1% |
| Returns | ||||||||||
| Return on capital | 18.7% | 14.5% | 25.0% | 23.5% | 19.5% | 22.8% | 18.3% | 6.4% | 21.2% | 18.3% |
| Return on capital employed | 17.1% | 20.2% | 22.2% | 20.7% | 15.3% | 16.4% | 16.5% | 9.3% | 19.0% | 18.0% |
| Return on equity | 20.4% | 14.1% | 29.9% | 30.5% | 23.3% | 26.7% | 25.5% | 9.4% | 42.6% | 26.2% |
| Return on assets | 9.7% | 6.0% | 11.8% | 11.7% | 8.6% | 9.3% | 8.1% | 2.7% | 12.8% | 9.0% |
| Growth | ||||||||||
| Revenue growth | −8.4% | 16.7% | 16.4% | −0.8% | −16.0% | 21.3% | 16.9% | 21.3% | 0.1% | −1.3% |
| Net income growth | −1.0% | −31.7% | 120.0% | 3.7% | −20.2% | 19.5% | 0.9% | −61.5% | 384.3% | −27.3% |
| EPS growth | 5.0% | −27.5% | 120.3% | 10.1% | −17.1% | 21.7% | 3.5% | −65.9% | 450.9% | −27.7% |
| FCF growth | 6.6% | 25.8% | −5.8% | 48.7% | −11.6% | −30.6% | −31.3% | 163.2% | −89.9% | 755.2% |
| Share count change | −5.1% | −1.2% | −2.7% | −4.1% | −4.6% | −2.1% | −2.5% | 0.3% | −2.5% | −0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.2x | 0.1x | 0.3x | 0.2x | 0.1x | 0.2x | 1.4x | 1.3x | 0.9x | 0.7x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.3x | 0.5x | 0.5x | 0.9x | 0.7x | 0.7x | 0.6x |
| Interest coverage | 27.3x | 28.8x | 24.4x | 24.8x | 22.7x | 24.4x | 14.7x | 4.7x | 10.1x | 12.2x |
| Current ratio | 1.8x | 1.6x | 1.5x | 1.5x | 1.9x | 1.7x | 1.3x | 1.2x | 1.3x | 1.8x |
| Quick ratio | 1.2x | 1.0x | 1.0x | 0.9x | 1.3x | 1.1x | 0.8x | 0.7x | 0.8x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.0% | 2.5% | 3.0% | 3.0% | 2.7% | 3.1% | 3.3% | 3.6% | 3.5% | 3.7% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% | 0.3% | 0.3% |
| Payouts / FCF | 103.3% | 65.1% | 111.3% | 81.9% | 64.9% | 145.3% | 117.5% | 33.5% | 347.3% | 44.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 5.0 | 6.0 | 5.0 | 7.0 | 5.0 | 5.0 | 6.0 | 7.0 |
| Altman Z'' | 5.7 | 5.0 | 5.2 | 5.1 | 5.2 | 5.2 | 3.8 | 3.1 | 4.3 | 5.1 |
| Accruals ratio | −3.2% | −7.8% | −1.0% | −4.7% | −4.3% | −0.4% | 0.8% | −10.0% | 8.1% | −2.0% |
Source: SEC EDGAR XBRL filings (CIK 0000026172). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.