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Cummins Inc. offers various power solutions worldwide. The company operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. It offers diesel and natural gas-powered engines; and drivetrain systems, including axles, drivelines, brakes, and suspension systems; and on- and off-highway, and other products. The company also provides aftertreatment technology and solutions comprising custom engineering systems and integrated controls, oxidation catalysts, particulate filters, and selective catalytic reduction systems, as well as engineered components, including dosers; turbochargers, fuel systems, and valvetrain technologies; electronic control modules, sensors, and supporting software; and automated manual transmissions, and automatic transmissions for internal combustion engines. In addition, it sells and offers support services power generation systems, high-horsepower engines, and heavy-duty and medium-duty engines; offers application engineering services, custom-designed assemblies, and in-shop and field-based repair services; and retail and wholesale aftermarket parts. Further, the company offers standby and prime power generators, controls, paralleling systems, and transfer switches; turnkey solutions for distributed generation and energy management applications using natural gas, diesel, battery energy storage systems, and newer alternative sustainable fuels; diesel and natural gas high-speed, high-horsepower engines; and A/C generator/alternator products. Additionally, it provides electrified power systems, including batteries, fuel cells, and electric powertrain technologies. It sells its products to original equipment manufacturers, distributors, dealers, and other customers. The company was formerly known as Cummins Engine Company and changed its name to Cummins Inc. in 2001. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $33.7B | $5.4B | $2.8B | $2.4B | 23.0% | -1.3% | -28.0% |
| 2024 | $34.1B | $6.3B | $3.9B | $279M | 38.4% | 0.1% | 436.9% |
| 2023 | $34.1B | $3.0B | $735M | $2.8B | 8.3% | 21.3% | -65.8% |
| 2022 | $28.1B | $3.8B | $2.2B | $1.0B | 24.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 28,074 | 34,065 | 34,102 | 33,670 |
| Operating Revenue | - | 28,074 | 34,065 | 34,102 | 33,670 |
| Cost Of Revenue | - | 21,355 | 25,816 | 25,663 | 25,154 |
| Gross Profit | - | 6,719 | 8,249 | 8,439 | 8,516 |
| Operating Expense | - | 4,139 | 6,971 | 5,067 | 4,651 |
| Research And Development | - | 1,278 | 1,500 | 1,463 | 1,396 |
| Selling General And Administration | - | 2,687 | 3,333 | 3,275 | 3,125 |
| Total Expenses | - | 25,494 | 32,787 | 30,730 | 29,805 |
| Operating Income | - | 2,580 | 1,278 | 3,372 | 3,865 |
| Total Operating Income As Reported | - | 2,929 | 1,761 | 3,750 | 4,025 |
| EBITDA | - | 3,802 | 3,025 | 6,338 | 5,397 |
| Normalized EBITDA | - | 3,802 | 3,025 | 5,049 | 5,641 |
| EBIT | - | 3,018 | 2,001 | 5,273 | 4,292 |
| Interest Income | - | 125 | 144 | 186 | 211 |
| Interest Expense | - | 199 | 375 | 370 | 329 |
| Net Interest Income | - | -74 | -231 | -184 | -118 |
| Other Non Operating Income Expenses | - | 89 | 240 | 130 | 96 |
| Other Income Expense | - | 313 | 579 | 1,715 | 216 |
| Interest Income Non Operating | - | 125 | 144 | 186 | 211 |
| Interest Expense Non Operating | - | 199 | 375 | 370 | 329 |
| Net Non Operating Interest Income Expense | - | -74 | -231 | -184 | -118 |
| Pretax Income | - | 2,819 | 1,626 | 4,903 | 3,963 |
| Tax Provision | - | 636 | 786 | 835 | 1,006 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 219.52 | -61.94 |
| Net Income Continuous Operations | - | 2,183 | 840 | 4,068 | 2,957 |
| Net Income From Continuing And Discontinued Operation | - | 2,151 | 735 | 3,946 | 2,843 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,151 | 735 | 3,946 | 2,843 |
| Net Income | - | 2,151 | 735 | 3,946 | 2,843 |
| Net Income Common Stockholders | - | 2,151 | 735 | 3,946 | 2,843 |
| Net Income Including Noncontrolling Interests | - | 2,183 | 840 | 4,068 | 2,957 |
| Normalized Income | - | 2,151 | 735 | 2,876.52 | 3,025.06 |
| Diluted NI Availto Com Stockholders | - | 2,151 | 735 | 3,946 | 2,843 |
| Basic Average Shares | - | 141.50 | 141.70 | 138.20 | 137.90 |
| Diluted Average Shares | - | 142.30 | 142.70 | 139.10 | 138.70 |
| Reconciled Depreciation | - | 784 | 1,024 | 1,065 | 1,105 |
| Reconciled Cost Of Revenue | - | 21,355 | 25,816 | 24,727 | 24,182 |
| Total Unusual Items | - | -159 | 2 | 1,289 | -244 |
| Total Unusual Items Excluding Goodwill | - | -159 | 2 | 1,289 | -244 |
| Minority Interests | - | -32 | -105 | -122 | -114 |
| Special Income Charges | - | -144 | 17 | 1,322 | -271 |
| Gain On Sale Of Business | - | - | 0 | 1,333 | 0 |
| Other Special Charges | - | 102 | -26 | -6 | -38 |
| Write Off | - | 43 | 9 | 17 | 17 |
| Impairment Of Capital Assets | - | - | - | - | 292 |
| Restructuring And Mergern Acquisition | 0 | - | - | - | - |
| Gain On Sale Of Security | - | -15 | -15 | -33 | 27 |
| Depreciation Amortization Depletion Income Statement | - | 70 | 133 | 129 | 133 |
| Depreciation And Amortization In Income Statement | - | 70 | 133 | 129 | 133 |
| General And Administrative Expense | - | 2,687 | 3,333 | 3,275 | 3,125 |
| Other Gand A | - | 2,687 | 3,333 | 3,275 | 3,125 |
| Salaries And Wages | - | -140 | -125 | - | - |
| Gain On Sale Of Ppe | 16 | 1 | - | - | - |
| Insurance And Claims | - | 102 | - | - | - |
| Other Operating Expenses | - | 174 | 2,138 | 200 | -3 |
| Earnings From Equity Interest | - | 224 | 339 | 296 | 364 |
| Amortization | - | 70 | 133 | 129 | 133 |
| Amortization Of Intangibles Income Statement | - | 70 | 133 | 129 | 133 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cummins Inc.this co. | CMI | $93.6B | 32.91↑ premium | 7.58 | 23.0% | 18.31 |
| Trane Technologies plc | TT | $102.5B | 35.13 | 11.95 | 34.0% | 24.61 |
| Howmet Aerospace Inc. | HWM | $99.8B | 66.15 | 18.64 | 28.2% | 44.96 |
| United Parcel Service, Inc. | UPS | $93.7B | 16.81 | 5.77 | 34.3% | 9.76 |
| General Dynamics Corporation | GD | $92.4B | 21.94 |
| - |
| - |
| - |
| - |
| 3.60 |
| 16.4% |
| 15.52 |
| Johnson Controls International plc | JCI | $89.9B | 27.33 | 6.96 | 25.5% | 32.48 |
| Waste Management, Inc. | WM | $87.9B | 32.48 | 8.80 | 27.1% | 15.37 |
| CSX Corporation | CSX | $85.9B | 29.73 | 6.53 | 22.0% | 16.62 |
| 3M Company | MMM | $79.7B | 24.52 | 16.95 | 69.1% | 13.46 |
| Peer Median | - | 28.53 | 7.88 | 27.6% | 16.07 | |