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CMI

Cummins Inc.

CMI

Cummins Inc. • NYSE
$497.98 ▲ 0.18% (+0.87)
Market Cap $68.56 B
52w High $500.17
52w Low $260.02
Dividend Yield 7.64%
P/E 25.84
Volume 307.26K
Outstanding Shares 137.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.317B ▼ $1.134B ▲ $536M ▼ 6.445% ▼ $3.88 ▼ $1.19B ▼
Q2-2025 $8.643B ▲ $1.055B ▲ $890M ▲ 10.297% ▲ $6.46 ▲ $1.591B ▲
Q1-2025 $8.174B ▼ $1.021B ▼ $824M ▲ 10.081% ▲ $5.99 ▲ $1.463B ▲
Q4-2024 $8.447B ▼ $1.302B ▲ $418M ▼ 4.949% ▼ $3.04 ▼ $1.022B ▼
Q3-2024 $8.456B $1.121B $809M 9.567% $5.9 $1.392B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.159B ▲ $33.638B ▼ $20.54B ▼ $12.064B ▲
Q2-2025 $3.074B ▲ $34.259B ▲ $21.386B ▲ $11.789B ▲
Q1-2025 $2.158B ▼ $32.531B ▲ $20.56B ▲ $10.924B ▲
Q4-2024 $2.264B ▲ $31.54B ▼ $20.232B ▼ $10.271B ▼
Q3-2024 $2.251B $32.052B $20.711B $10.315B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $536M ▼ $1.305B ▲ $-231M ▲ $-827M ▼ $247M ▼ $1.007B ▲
Q2-2025 $928M ▲ $785M ▲ $-369M ▼ $332M ▲ $787M ▲ $554M ▲
Q1-2025 $850M ▲ $-3M ▼ $-246M ▲ $92M ▲ $-139M ▼ $-165M ▼
Q4-2024 $418M ▼ $1.422B ▲ $-713M ▼ $-737M ▼ $-62M ▼ $882M ▲
Q3-2024 $809M $640M $-263M $-243M $143M $381M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Accelera
Accelera
 $100.00M ▲$100.00M ▲$100.00M ▲$120.00M ▲
Components
Components
 $2.64Bn ▲$2.67Bn ▲$2.71Bn ▲$2.33Bn ▼
Distribution
Distribution
 $3.07Bn ▲$2.91Bn ▼$3.04Bn ▲$3.17Bn ▲
Engine
Engine
 $2.72Bn ▲$2.77Bn ▲$2.90Bn ▲$2.60Bn ▼
Power Systems
Power Systems
 $1.74Bn ▲$1.65Bn ▼$1.89Bn ▲$2.00Bn ▲
Total Segment
Total Segment
 $-1820.00M ▲$-1930.00M ▼$-2000.00M ▼$-1910.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Cummins has grown its sales steadily over the past five years, moving from a pandemic trough to clearly higher activity levels. Profitability has generally improved with that growth, although there was a noticeable setback in the prior year when earnings fell sharply, likely due to one‑off costs or margin pressure. The most recent year shows a strong rebound in operating profit and bottom‑line earnings, suggesting that the business has largely worked through those issues and is now converting higher sales into healthier margins again. Overall, the income statement reflects a mature industrial company that has managed to expand its revenue base and restore profitability after a temporary dip.

Balance Sheet

Balance Sheet The balance sheet shows a larger, more complex company than a few years ago, with total assets stepping up meaningfully, likely reflecting acquisitions and investments. Debt has increased compared with earlier years and now sits at a clearly higher level, while cash balances have trended down, which reduces the immediate financial cushion. On the positive side, shareholders’ equity has grown over time, helped by the recent recovery in earnings, which supports the company’s capital base. In short, Cummins looks stronger in scale and book value, but it is also carrying more leverage and holding less cash than it did a few years back, which is worth watching if conditions soften.

Cash Flow

Cash Flow Cash generation has been more volatile than earnings. Operating cash flow has swung from solid to weak, with the latest year showing much lower cash inflow than the strong prior year, despite higher reported profits. Free cash flow followed the same pattern: very robust in the previous year, then dropping sharply most recently as working capital and investment needs absorbed more cash. Capital spending itself has been fairly steady, so the variability is more about timing of cash collections and payments. This gap between reported earnings and cash flow in the latest year is a key point to monitor, as sustained strength in cash generation is critical to comfortably support debt, dividends, and ongoing investment.

Competitive Edge

Competitive Edge Cummins holds a leading position as one of the world’s largest independent engine and powertrain manufacturers, which gives it a unique role serving many different vehicle and equipment makers rather than just a single in‑house brand. Its long history, reputation for reliability, and deep service network in many countries create significant stickiness with customers who depend on uptime and parts availability. Strong relationships with major original equipment manufacturers and a broad installed base underpin recurring parts and service revenue. At the same time, Cummins faces intense competition from integrated truck and equipment makers, as well as from new entrants in electric and hydrogen power. Its scale, global footprint, and brand give it a strong starting point, but it must keep executing well to defend that position as technologies and regulations shift.

Innovation and R&D

Innovation and R&D Innovation is clearly a strategic priority for Cummins. The company is pursuing a dual path: continuously improving traditional diesel and natural‑gas engines while aggressively building out zero‑emission solutions. It is investing in advanced engine platforms, fuel‑agnostic architectures, hydrogen and natural‑gas engines, and a wide range of zero‑emission technologies under its Accelera brand, including batteries, fuel cells, and electrolyzers for green hydrogen. On top of hardware, Cummins is layering digital tools for remote diagnostics, predictive maintenance, and fleet optimization, which can deepen customer relationships and differentiate its offerings. These initiatives position Cummins to participate in multiple decarbonization pathways, but they are capital‑intensive and technologically uncertain, so the financial payoff will likely unfold over many years and may be uneven.

Summary

Cummins today looks like a large, established industrial business that has expanded its revenue base and recently restored strong profitability after a temporary setback. The company has scaled up its asset base and increased its use of debt, while its cash reserves have declined, leading to a balance sheet that is still solid but more leveraged and more reliant on consistent cash generation. Cash flows have been choppy, with the most recent year showing weaker cash conversion despite stronger earnings, which deserves continued attention. Strategically, Cummins benefits from a powerful competitive position in conventional engines and powertrains, backed by a strong brand and global service network. At the same time, it is investing heavily to secure a role in the shift toward cleaner power through hydrogen, batteries, fuel cells, and digital services. The long‑term story is one of a legacy industrial leader working to reinvent itself for a lower‑carbon future, with clear strengths, meaningful transition risks, and a need for continued disciplined execution and cash flow management.

NEWS

November 6, 2025 · 7:30 AM UTC

Cummins Reports Strong Third Quarter Operating Results, Records Non-Cash Charges Related to its Electrolyzer Business

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October 27, 2025 · 10:20 AM UTC

Halper Sadeh LLC Encourages Cummins Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 14, 2025 · 4:15 PM UTC

Cummins Inc. Declares Quarterly Common Stock Dividend

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October 6, 2025 · 4:36 PM UTC

Allison Transmission 4500 RDS Model Now Pairs with Cummins X15N Natural Gas Engine, Delivering Enhanced Performance and Efficiency

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September 16, 2025 · 9:00 AM UTC

Cummins and Komatsu to Collaborate on Joint Mining Hybrid Development and Deployment Plan

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