Cummins IncCummins Inc
Cummins Inc

Cummins Inc

CMI
Industrials·Machinery

Cummins, Inc. engages in the design, manufacture, and distribution of diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies, and fuel cell products. It operates through the following segments: Engine, Distribution, Components, Power Systems, and Accelera. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets. The Distribution segment includes power generation systems, high-horsepower engines, heavy-duty and medium-duty engines designed for on- and off-highway use, application engineering services, custom-designed assemblies, retail and wholesale aftermarket parts, and in-shop and field-based repair service. The Components segment supplies products including axles, drivelines, brakes and suspension systems for commercial diesel and natural gas applications, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, filtration products, automated transmissions, and electronics. The Power Systems segment engages in power generation, industrial, and generator technologies. The Accelera segment designs, manufactures, sells, and supports hydrogen production technologies, as well as electrified power systems, including battery, fuel cell, and electric powertrain technologies. The company was founded by Clessie Lyle Cummins and William Glanton Irwin on February 3, 1919 and is headquartered in Columbus, IN.

Indiana; U.S.A
Market cap
No dataNo data
Revenue
$33.7B−1.3% YoY
Net income
$3B−27.3% YoY
Free cash flow
$2.4B+755.2% YoY

Market

Listed stock
Tokenized stocks
CMIPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$33.7B−1.3% YoY
Operating income
$4B+7.3% YoY
Net income
$3B−27.3% YoY
Free cash flow
$2.4B+755.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $24B, 2022 $28.1B, 2023 $34.1B, 2024 $34.1B, 2025 $33.7B. Operating income: 2021 $2.7B, 2022 $2.9B, 2023 $1.8B, 2024 $3.8B, 2025 $4B. Net income: 2021 $2.2B, 2022 $2.2B, 2023 $840M, 2024 $4.1B, 2025 $3B. Free cash flow: 2021 $1.5B, 2022 $1B, 2023 $2.8B, 2024 $279M, 2025 $2.4B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-1.3%−138 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $2.7B, 2022-12-31 $2.9B, 2023-12-31 $1.8B, 2024-12-31 $3.8B, 2025-12-31 $4B. Net income: 2021-12-31 $2.2B, 2022-12-31 $2.2B, 2023-12-31 $840M, 2024-12-31 $4.1B, 2025-12-31 $3B. Free cash flow: 2021-12-31 $1.5B, 2022-12-31 $1B, 2023-12-31 $2.8B, 2024-12-31 $279M, 2025-12-31 $2.4B

Growth heatmap

2022202320242025CAGR
Revenue
+16.9%
+21.3%
+0.1%
-1.3%
+8.8%
Gross profit
+18.0%
+22.8%
+2.3%
+0.9%
+10.6%
Operating income
+8.2%
-39.9%
+112.9%
+7.3%
+10.4%
Free cash flow
-31.3%
+163.2%
-89.9%
+755.2%
+11.9%

Earnings quality

Operating cash flow
$3.6B+143.5% YoY
Net income
$3B−27.3% YoY
Free cash flow
$2.4B+755.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 122%, 2024-12-31 37%, 2023-12-31 472%, 2022-12-31 90%, 2021-12-31 104%. Free cash flow: 2025-12-31 81%, 2024-12-31 7%, 2023-12-31 328%, 2022-12-31 48%, 2021-12-31 70%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
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Price to sales
No data
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EV / EBITDA
No data
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Free cash flow yield
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