NYSE · Financial Statements

Cummins Inc. (CMI) Financial Statements

$517.40 NYSE: CMI Market Cap $71.23B

Cummins Inc. most recently reported annual revenue of $33.7B, net profit of $2.8B. Revenue grew at an average annual rate of 11.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Cummins Inc.: Revenue rose from $17.5B in 2016 to $33.7B in 2025, a change of +92.3% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 10.7% to 11.5%, a shift of +0.7 percentage points; the most recent year shows net profit of $2.8B.

Income Statement — 10 Years (USD millions)

Metric	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
Operating Expenses	$15.6B	$18.1B	$21.0B	$20.9B	$17.5B	$21.3B	$25.1B	$32.3B	$30.4B	$29.8B
Operating Profit	$1.9B	$2.3B	$2.8B	$2.7B	$2.3B	$2.7B	$2.9B	$1.8B	$3.8B	$3.9B
Operating Margin	10.7%	11.4%	11.7%	11.4%	11.4%	11.3%	10.4%	5.2%	11.0%	11.5%
Other Income	$50.0M	$31.0M	$-33.0M	$134.0M	$69.0M	$45.0M	$-110.0M	$-135.0M	$1.2B	$98.0M
Interest	$69.0M	$81.0M	$114.0M	$109.0M	$100.0M	$111.0M	$199.0M	$375.0M	$370.0M	$329.0M
Depreciation	$530.0M	$583.0M	$611.0M	$672.0M	$673.0M	$662.0M	$784.0M	$1.0B	$1.1B	$1.1B
Profit Before Tax	$1.9B	$2.4B	$2.8B	$2.8B	$2.3B	$2.8B	$2.8B	$1.6B	$4.9B	$4.0B
Tax	$24.6M	$58.0M	$20.6M	$20.0M	$22.5M	$21.3M	$22.6M	$48.3M	$17.0M	$25.4M
Net Profit	$1.4B	$999.0M	$2.1B	$2.3B	$1.8B	$2.1B	$2.2B	$735.0M	$3.9B	$2.8B
EPS	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$8.4B	$8.5B	$8.4B	$8.8B	$8.5B	$8.4B	$8.2B	$8.6B	$8.3B	$8.5B	$8.4B	$9.5B
Operating Expenses	$7.5B	$9.8B	$7.5B	$7.8B	$7.4B	$7.7B	$7.0B	$7.4B	$7.3B	$7.9B	$7.4B	$8.2B
Operating Profit	$950.0M	$-1.2B	$923.0M	$1.0B	$1.1B	$732.0M	$1.1B	$1.2B	$995.0M	$640.0M	$949.0M	$1.3B
Operating Margin	11.3%	-14.2%	11.0%	11.9%	12.4%	8.7%	13.9%	14.2%	12.0%	7.5%	11.3%	13.5%
Interest	$97.0M	$92.0M	$89.0M	$109.0M	$83.0M	$89.0M	$77.0M	$87.0M	$83.0M	$82.0M	$76.0M	$80.0M
Profit Before Tax	$878.0M	$-1.2B	$2.2B	$977.0M	$1.0B	$662.0M	$1.1B	$1.2B	$830.0M	$791.0M	$934.0M	$1.3B
Tax	$21.4M	$-13.3M	$8.7M	$23.0M	$19.2M	$32.8M	$23.9M	$24.2M	$32.6M	$21.6M	$27.2M	$25.1M
Net Profit	$656.0M	$-1.4B	$2.0B	$726.0M	$809.0M	$418.0M	$824.0M	$890.0M	$536.0M	$593.0M	$654.0M	$932.0M
EPS	$4.59	$-10.08	$14.03	$5.26	$5.86	$3.02	$5.96	$6.42	$3.85	$4.27	$4.71	$6.73

Over the 10 years reported for Cummins Inc., borrowings increased from $1.8B in 2016 to $8.1B in 2025, cash stood at $2.8B in the latest year, shareholders' equity was $556.0M, current assets covered current liabilities 1.76 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$15.0B	$18.1B	$19.1B	$19.7B	$22.6B	$23.7B	$30.3B	$32.0B	$31.5B	$34.0B
Current Assets	$7.7B	$8.9B	$9.8B	$9.4B	$11.9B	$12.3B	$14.5B	$15.2B	$14.8B	$16.9B
Cash	$1.1B	$1.4B	$1.3B	$1.1B	$3.4B	$2.6B	$2.1B	$2.2B	$1.7B	$2.8B
Inventory	$2.7B	$3.2B	$3.8B	$3.5B	$3.4B	$4.4B	$5.6B	$5.7B	$5.7B	$5.8B
Receivables	$3.0B	$3.6B	$3.9B	$3.7B	$3.8B	$4.0B	$5.2B	$5.6B	$5.2B	$5.8B
Fixed Assets	$3.8B	$3.9B	$4.1B	$4.7B	$4.3B	$4.4B	$5.5B	$6.8B	$6.9B	$7.5B
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$1.2B	$1.4B	$1.4B	$1.6B	$1.9B	$2.1B	$2.2B	$2.4B	$2.5B	$2.9B
Other Assets	$480.0M	$1.1B	$1.1B	$1.3B	$1.3B	$1.3B	$2.3B	$2.5B	$2.4B	$2.2B
Total Liabilities	$7.8B	$9.9B	$10.8B	$11.3B	$13.6B	$14.3B	$20.1B	$22.1B	$20.2B	$20.6B
Current Liabilities	$4.3B	$5.7B	$6.4B	$6.3B	$6.3B	$7.1B	$11.4B	$12.9B	$11.2B	$9.6B
Borrowings	$1.8B	$2.0B	$2.5B	$2.9B	$4.6B	$4.6B	$8.4B	$7.2B	$7.6B	$8.1B
Other Liabilities	$6.0B	$7.9B	$8.3B	$8.4B	$9.0B	$9.7B	$11.7B	$14.9B	$12.6B	$12.5B
Equity	$2.2B	$2.2B	$2.3B	$2.3B	$2.4B	$2.4B	$2.2B	$556.0M	$556.0M	$556.0M
Reserves	$6.9B	$7.3B	$7.3B	$7.5B	$8.1B	$8.5B	$9.0B	$8.8B	$10.3B	$12.3B

For Cummins Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $2.4B; free cash flow was positive in 10 of 10 years; financing activities used $61.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	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
Investing Cash Flow	$-1.5B	$-1.6B	$-1.8B	$-1.9B	$-1.3B	$-1.7B	$-5.1B	$-2.9B	$-3.0B	$-3.1B
Financing Cash Flow	$-685.0M	$-411.0M	$-1.1B	$-1.3B	$-552.0M	$-1.4B	$-290.0M	$-202.0M	$-119.0M	$-61.0M
Net Cash Flow	$-591.0M	$249.0M	$-66.0M	$-174.0M	$2.3B	$-809.0M	$-491.0M	$78.0M	$-508.0M	$1.2B
Free Cash Flow	$1.3B	$1.7B	$1.6B	$2.4B	$2.1B	$1.5B	$1.0B	$2.8B	$279.0M	$2.4B

Valuation & Return Ratios

Metric	Value
PEG Ratio	-3.26
EV / EBITDA	15.51
FCF Yield	4.68%
Quick Ratio	1.13
Interest Coverage	12.03
Return 1Y	25.67%
Return 3Y	150.82%
Return 5Y	149.82%

Cummins Inc. (CMI) financials — frequently asked questions

What is Cummins Inc.'s annual revenue?

Cummins Inc. (CMI) reported annual revenue of $33.7B in its most recent fiscal year.

What is Cummins Inc.'s net profit?

Cummins Inc. (CMI) reported net profit of $2.8B in its most recent fiscal year.

What is CMI EV/EBITDA?

Cummins Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 15.51.

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