Overview
CUMMINS INC
Latest 10-K: FY2025, filed Feb 10, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $33.67B
- 1.3%YoYdown from FY2024
- TotalRevenue
- Gross profit
- $8.52B
- 0.9%YoYup from FY2024
- GrossProfit
- Operating income
- $4.03B
- 7.3%YoYup from FY2024
- OperatingIncome
- Net income
- $2.84B
- 28.0%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $20.50
- 27.7%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 138.7M
- 0.3%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CUMMINS INC reported revenue of $33.67B for fiscal 2025, down 1.3% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 12.0% and net margin was 8.4%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $20.50, down 27.7% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $33.67B1.3%down Benchmark median 6.4% | $34.10B0.1%up Benchmark median 4.5% | $34.06B21.3%up Benchmark median 4.8% | $28.07B16.9%up Benchmark median 10.3% | $24.02B21.3%up Benchmark median 13.8% | 8.8% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $8.52B0.9%up Benchmark median 6.8% | $8.44B2.3%up Benchmark median 5.5% | $8.25B22.8%up Benchmark median 5.2% | $6.72B18.0%up Benchmark median 8.3% | $5.70B16.4%up Benchmark median 15.7% | 10.6% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $4.03B7.3%up Benchmark median 7.3% | $3.75B112.9%up Benchmark median 7.4% | $1.76B39.9%down Benchmark median 4.9% | $2.93B8.2%up Benchmark median 7.5% | $2.71B19.3%up Benchmark median 23.5% | 10.4% Benchmark median 7.2% |
| Net Income | $2.84B§28.0%down Benchmark median 4.8% | $3.95B§436.9%up Benchmark median 5.7% | $0.73B§65.8%down Benchmark median 1.9% | $2.15B§0.9%up Benchmark median 1.3% | $2.13B§19.1%up Benchmark median 33.9% | 7.5% Benchmark median 4.1% |
| EPS (Diluted) | $20.5027.7%down Benchmark median 6.2% | $28.37450.9%up Benchmark median 7.9% | $5.1565.9%down Benchmark median 1.9% | $15.123.5%up Benchmark median 1.5% | $14.6121.6%up Benchmark median 34.8% | 8.8% Benchmark median 5.6% |
§ Net income available to common stockholders; the company files no net-income line.
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $33.99B7.8%up Benchmark median 5.6% | $31.54B1.5%down Benchmark median 3.4% | $32.01B5.6%up Benchmark median 4.1% | $30.30B27.8%up Benchmark median 2.2% | $23.71B4.8%up Benchmark median 6.7% | 9.4% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $20.58B1.7%up Benchmark median 6.4% | $20.23B8.5%down Benchmark median 1.9% | $22.10B10.1%up Benchmark median 2.9% | $20.07B40.3%up Benchmark median 2.0% | $14.31B4.9%up Benchmark median 5.2% | 9.5% Benchmark median 4.4% |
| Stockholders' Equity | $13.41B18.6%up Benchmark median 6.8% | $11.31B14.2%up Benchmark median 5.4% | $9.90B0.6%down Benchmark median 7.3% | $9.97B10.3%up Benchmark median 2.5% | $9.04B3.8%up Benchmark median 9.0% | 10.4% Benchmark median 6.1% |
| Cash & Equivalents | — | — | — | $2.10B18.9%down Benchmark median -8.6% | $2.59B23.8%down Benchmark median -2.9% | — Benchmark median 2.0% |
| Total Debt | $6.89B26.5%up Benchmark median 2.1% | $5.44B10.7%up Benchmark median 0.2% | $4.92B3.0%down Benchmark median 0.3% | $5.07B39.4%up Benchmark median 0.1% | $3.64B0.9%down Benchmark median -0.1% | 17.3% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.62B143.5%up Benchmark median 6.3% | $1.49B62.5%down Benchmark median 4.8% | $3.97B102.1%up Benchmark median 9.9% | $1.96B13.0%down Benchmark median -0.7% | $2.26B17.1%down Benchmark median 10.7% | 12.6% Benchmark median 7.0% |
| Capital Expenditures | $1.24B2.2%up Benchmark median 5.4% | $1.21B0.4%down Benchmark median 2.8% | $1.21B32.4%up Benchmark median 11.3% | $0.92B24.8%up Benchmark median 14.0% | $0.73B39.0%up Benchmark median 8.1% | 13.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $2.39B755.2%up Benchmark median 7.3% | $0.28B89.9%down Benchmark median 6.1% | $2.75B163.2%up Benchmark median 8.8% | $1.05B31.3%down Benchmark median -11.3% | $1.52B30.6%down Benchmark median 10.2% | 11.9% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.0%
Wall Street
on net earnings
FY2024 8.1%
3.4%
Value investor
on free cash flow
FY2024 0.6%
Gap −0.6 pts: Value-investor figure 0.6 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 24.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.7%
Wall Street
on EBITDA
FY2024 9.0%
5.2%
Value investor
on EBIT
FY2024 7.0%
Gap −1.5 pts: Value-investor figure 1.5 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 15.0×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
18.9%
Wall Street
on book equity
FY2024 23.3%
12.7%
Value investor
on tangible book
FY2024 13.6%
Gap −6.2 pts: Value-investor figure 6.2 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.3×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
23.0%
Wall Street
ROE: net income ÷ equity
FY2024 37.2%
12.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 14.4%
Gap −10.5 pts: Value-investor figure 10.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
15.2%
Wall Street
EBITDA margin
FY2024 14.1%
7.1%
Value investor
Free-cash-flow margin
FY2024 0.8%
Gap −8.1 pts: Value-investor figure 8.1 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.76×
Wall Street
Current ratio
FY2024 1.31×
1.16×
Value investor
Quick ratio, inventory excluded
FY2024 0.80×
Gap −0.60×: Value-investor figure 0.60 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.74×
Wall Street
EBITDA ÷ total debt
FY2024 0.88×
0.35×
Value investor
FCF ÷ total debt
FY2024 0.05×
Gap −0.39×: Value-investor figure 0.39 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.19×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
14.3×
Wall Street
EBITDA ÷ interest
FY2024 12.4×
11.2×
Value investor
EBIT ÷ interest
FY2024 9.7×
Gap −3.1×: Value-investor figure 3.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CMI yet.
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Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/CMI
Valuein. (2026, October 30). CUMMINS INC (CMI) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CMI
@misc{valuein_cmi_2026,
author = {{Valuein}},
title = {CUMMINS INC (CMI) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CMI}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 10, 2026 · accession 0000026172-26-000009
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