Cummins (CMI) financial statements
Cummins reported revenue of $33.7B in fiscal 2025, up 7.5% a year over 9 years.
Net income was $2.8B and the operating margin 12.0%, against 10.7% in 2016.
Free cash flow was $2.4B, and the company returned $1.1B in dividends.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cummins's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.5B | $20.4B | $23.8B | $23.6B | $19.8B | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Cost of revenue | $13.1B | $15.3B | $18.0B | $17.6B | $14.9B | $18.3B | $21.4B | $25.8B | $25.7B | $25.2B |
| 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 |
| Selling, general and admin | $2.1B | $2.4B | $2.4B | $2.5B | $2.1B | $2.4B | $2.7B | $3.3B | $3.3B | $3.1B |
| Operating income | $1.9B | $2.3B | $2.8B | $2.7B | $2.3B | $2.7B | $2.9B | $1.8B | $3.8B | $4.0B |
| Interest expense | $69M | $81M | $114M | $109M | $100M | $111M | $199M | $375M | $370M | $329M |
| Pre-tax 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 | $1.4B | $999M | $2.1B | $2.3B | $1.8B | $2.1B | $2.2B | $735M | $3.9B | $2.8B |
| EPS (diluted) | $8.23 | $5.97 | $13.15 | $14.48 | $12.01 | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
| Diluted shares | 169M | 167M | 163M | 156M | 149M | 146M | 142M | 143M | 139M | 139M |
| Gross margin | 25.5% | 25.0% | 24.1% | 25.4% | 24.7% | 23.7% | 23.9% | 24.2% | 24.7% | 25.3% |
| Operating margin | 10.7% | 11.4% | 11.7% | 11.5% | 11.5% | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| Net margin | 8.0% | 4.9% | 9.0% | 9.6% | 9.0% | 8.9% | 7.7% | 2.2% | 11.6% | 8.4% |
Balance sheet
Fiscal years, from Cummins's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Inventory | $2.7B | $3.2B | $3.8B | $3.5B | $3.4B | $4.4B | $5.6B | $5.7B | $5.7B | $5.8B |
| Total current assets | $7.7B | $8.9B | $9.8B | $9.4B | $11.9B | $12.3B | $14.5B | $15.2B | $14.8B | $16.9B |
| Property, plant and equipment | $3.8B | $3.9B | $4.1B | $4.2B | $4.3B | $4.4B | $5.5B | $6.2B | $6.4B | $7.0B |
| Goodwill | $480M | $1.1B | $1.1B | $1.3B | $1.3B | $1.3B | $2.3B | $2.5B | $2.4B | $2.2B |
| Total assets | $15.0B | $18.1B | $19.1B | $19.7B | $22.6B | $23.7B | $30.3B | $32.0B | $31.5B | $34.0B |
| Total current liabilities | $4.3B | $5.7B | $6.4B | $6.3B | $6.3B | $7.1B | $11.4B | $12.9B | $11.2B | $9.6B |
| Long-term debt | $1.6B | $1.6B | $1.6B | $1.6B | $3.6B | $3.6B | $4.5B | $4.8B | $4.8B | $6.8B |
| 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 | $8.8B | $10.3B | $12.3B |
| Net debt | $483M | $282M | $339M | $478M | $271M | $1.0B | $3.1B | $2.7B | $3.8B | $4.0B |
Cash flow
Fiscal years, from Cummins's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.3B | $2.4B | $3.2B | $2.7B | $2.3B | $2.0B | $4.0B | $1.5B | $3.6B |
| Capital spending | $594M | $587M | $784M | $775M | $575M | $786M | $916M | $1.2B | $1.2B | $1.2B |
| Free cash flow | $1.3B | $1.7B | $1.6B | $2.4B | $2.1B | $1.5B | $1.0B | $2.8B | $279M | $2.4B |
| Stock-based compensation | $32M | $41M | $53M | $49M | $31M | $37M | $33M | $79M | $100M | $93M |
| Dividends paid | $676M | $701M | $718M | $761M | $782M | $809M | $855M | $921M | $969M | $1.1B |
| Share buybacks (net) | -$778M | -$451M | -$1.1B | -$1.3B | -$641M | -$1.4B | -$374M | $0 | $0 | — |
| Net borrowing | $323M | $92M | $518M | -$109M | $1.7B | $69M | $4.4B | $82M | $2.5B | $1.4B |
| Free cash flow margin | 7.7% | 8.3% | 6.7% | 10.2% | 10.8% | 6.1% | 3.7% | 8.1% | 0.8% | 7.1% |
| Dividends per share | $3.99 | $4.19 | $4.41 | $4.88 | $5.25 | $5.54 | $6.01 | $6.45 | $6.97 | $7.61 |
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Open CMI in InvestinglyQuestions
What was Cummins's revenue in 2025?
$33.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cummins generate?
$2.4B in fiscal 2025 (operating cash flow minus capital spending).
From Cummins's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.