FirmAtlas
Company handbook · CMI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CMI · CIK 26172 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
CUMMINS INC.
$531.33
−1.40 (−0.26%)
Close, Oct 16, 2026 · 52-week $406–738
Last fiscal year
CUMMINS INC. reported revenue of $33.7B for the year ended Dec 31, 2025 (FY25), down 1.3% from FY24. Net income was $2.8B, operating cash flow $3.6B and free cash flow $2.4B. Source: 10-K filed Feb 10, 2026.
Market cap
$73.7B
P/E
27.1
EV/EBITDA
15.0x
P/B
5.7
Div yield
1.54%
ROIC
20.7%
Revenue 1Y
−1.3%/yr
EPS 1Y
−27.7%/yr
Shares 1Y
−0.3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJennifer W. Rumsey
HQColumbus, IN
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
15.5%
17.4%
32.5%
25.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.5B deployed
Capex
$2.4B
53.8%
Acquisitions
$70M
1.5%
Dividends
$2.0B
44.6%
Operating cash flow over the period: $5.1B. Total debt changed by +$1.4B. R&D of $2.9B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
34,102
33,670−1.3%
34,708
YoY
−1.3%
Gross profit
8,439
8,516+0.9%
8,788
Gross margin
24.7%
25.3%+0.5 pp
—
Operating income
3,750
4,025+7.3%
3,893
Operating margin
11.0%
12.0%+1.0 pp
—
EBITDA
4,815
5,130+6.5%
—
EBITDA margin
14.1%
15.2%+1.1 pp
—
Interest expense
370
329−11.1%
—
Interest coverage
13.01x
15.59x+2.58x
—
Net income
3,946
2,843−28.0%
2,715
YoY
−28.0%
Net margin
11.6%
8.4%−3.1 pp
—
EPS (diluted, $)
28.37
20.50−27.7%
19.58
YoY
−27.7%
Balance sheet
Total assets
31,540
33,992+7.8%
35,630
Cash & short-term investments
2,264
3,609+59.4%
—
Inventory
5,742
5,822+1.4%
—
Net PP&E
6,356
6,958+9.5%
—
Other assets
17,178
17,603+2.5%
—
Total liabilities
21,269
21,643+1.8%
22,783
Accounts payable
3,951
3,800−3.8%
—
Total debt
5,444
6,886+26.5%
6,888
Other liabilities
11,874
10,957−7.7%
—
Shareholders’ equity
10,271
12,349+20.2%
12,847
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,487
3,621+143.5%
4,647
Net income
4,068
2,957−27.3%
—
Depreciation & amortization
1,065
1,105+3.8%
—
Stock-based compensation
100
93−7.0%
—
Working capital & other
(3,746)
(534)n/m
—
Cash from investing
(1,782)
(1,731)n/m
—
Capex
(1,208)
(1,235)n/m
—
Acquisitions
(58)
(12)n/m
—
Investments bought
(1,500)
(1,627)n/m
—
Investments sold / matured
1,460
1,450−0.7%
—
Other investing
(476)
(307)n/m
—
Cash from financing
(173)
(772)n/m
—
Debt raised
2,720
2,335−14.2%
—
Debt repaid
(1,568)
(975)n/m
—
Dividends
(969)
(1,055)n/m
—
Buybacks
0
—
—
Shares issued
133
69−48.1%
—
Other financing
(489)
(1,146)n/m
—
Net change in cash
(508)
1,174n/m
—
Free cash flow (OCF − capex)
279
2,386+755.2%
3,367
Where the cash went
Operating cash flow
1,487
3,621+143.5%
4,647
Reinvested in the business
1,266
1,247−1.5%
—
% of operating cash flow
85.1%
34.4%
Capex
1,208
1,235+2.2%
1,280
Acquisitions
58
12−79.3%
—
R&D (memo, already in costs)
1,463
1,396−4.6%
—
Free cash flow
279
2,386+755.2%
3,367
YoY
+755.2%
Returned to shareholders
969
1,055+8.9%
—
% of free cash flow
347.3%
44.2%
Dividends
969
1,055+8.9%
—
Buybacks
0
—
—
Change in total debt
—
1,442
—
Cash left over
—
2,761
—
FCF conversion (FCF ÷ net income)
7.1%
83.9%+76.9 pp
—
Owner earnings
—
2,482
—
Owner earnings margin
—
7.4%
—
Returns & ratios
ROIC (all capital)
23.1%
20.7%−2.5 pp
—
ROIC (operating)
38.2%
35.1%−3.1 pp
—
Net debt / EBITDA
0.66x
0.64x−0.02x
—
Debt / equity
0.53x
0.56x+0.03x
—
ROE
38.4%
23.0%−15.4 pp
—
ROA
12.5%
8.4%−4.1 pp
—
ROCE
18.5%
16.5%−2.0 pp
—
NOPAT
3,111
3,003−3.5%
—
Invested capital (operating)
8,147
8,980+10.2%
—
Invested capital (all)
13,451
15,626+16.2%
—
Reinvestment rate
—
27.7%
—
Inventory days
82
84+3 d
—
Days payable
56
55−1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
8,317
8,536
8,398
9,457
vs year-ago quarter
Gross profit
2,129
1,951
2,243
2,465
Gross margin
25.6%
22.9%
26.7%
26.1%
Operating income
852
813
949
1,279
Net income
536
593
654
932
vs year-ago quarter
Net margin
6.4%
6.9%
7.8%
9.9%
EPS (diluted, $)
3.86
4.28
4.71
6.73
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
33,638
33,992
34,445
35,630
Cash & equivalents
3,159
3,609
3,182
3,924
Total debt
6,946
6,886
6,886
6,888
Shareholders’ equity
12,064
12,349
12,351
12,847
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,305
1,534
309
1,499
Capex
298
544
189
249
Free cash flow
1,007
990
120
1,250
vs year-ago quarter