CUMMINS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CUMMINS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102	33,670
Cost of revenue	13,051	15,328	18,034	17,591	14,917	18,326	21,355	25,816	25,663	25,154
Gross profit	4,458	5,100	5,737	5,980	4,894	5,695	6,719	8,249	8,439	8,516
Research and development	637	754	902	1,001	906	1,090	1,278	1,500	1,463	1,396
Selling, general and administrative	2,099	2,429	2,437	2,454	2,125	2,374	2,687	3,333	3,275	3,125
Operating income	1,880	2,334	2,786	2,700	2,269	2,706	2,929	1,761	3,750	4,025
Interest expense	69	81	114	109	100	111	199	375	370	329
Interest income	23	18	35	46	21
Other non-operating income	96	94	81	243	169	156	89	240	1,523	267
Pre-tax income	1,930	2,365	2,753	2,834	2,338	2,751	2,819	1,626	4,903	3,963
Income tax	474	1,371	566	566	527	587	636	786	835	1,006
Net income to minority interests	62	-5	46	8	22	33	32	105	122	114
Net income	1,394	999	2,141	2,260	1,789	2,131	2,151	735	3,946	2,843
EBITDA	2,410	2,917	3,397	3,372	2,942	3,368	3,713	2,785	4,815	5,130
EPS, basic	8.25	5.99	13.20	14.54	12.07	14.74	15.20	5.19	28.55	20.62
EPS, diluted	8.23	5.97	13.15	14.48	12.01	14.61	15.12	5.15	28.37	20.50
Shares, basic (weighted)	169	167	162	155	148	145	142	142	138	138
Shares, diluted (weighted)	169	167	163	156	149	146	142	143	139	139
Dividend per share		4.21	4.44	4.90	5.28	5.60	6.04	6.50	7.00	7.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,120	1,369	1,303	1,129	3,401	2,592	2,020	2,179	1,671	2,845
Short-term investments					461	595	472	562	593	764
Receivables	2,803	3,311	3,635	3,387	3,440
Inventory	2,675	3,166	3,759	3,486	3,425	4,355	5,603	5,677	5,742	5,822
Other current assets	627	577	668	761	790	777	1,073	1,197	1,565	1,676
Total current assets	7,707	8,928	9,818	9,387	11,897	12,309	14,451	15,198	14,752	16,925
Property, plant and equipment	3,800	3,927	4,096	4,245	4,255	4,422	5,521	6,249	6,356	6,958
Lease right-of-use assets				496	438	444	492	501	532	537
Goodwill	480	1,082	1,126	1,286	1,293	1,287	2,343	2,499	2,370	2,224
Intangible assets	332	973	909	1,003	963	900	2,687	2,519	2,351	2,167
Other non-current assets	1,015	966	962	1,578	1,733	1,766	2,140	2,543	2,633	2,552
Total assets	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540	33,992
Accounts payable	1,854	2,579	2,822	2,534	2,820	3,021	4,252	4,260	3,951	3,800
Accrued liabilities	412	915	852	1,039	1,112	1,190	1,465	3,754	1,898	1,926
Deferred revenue	468	500	498	533	691	855	1,004	1,220	1,347	1,606
Short-term debt	35	63	45	31	62	59	573	118	660	94
Total current liabilities	4,325	5,677	6,384	6,260	6,335	7,084	11,421	12,903	11,234	9,610
Long-term debt	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784	6,792
Lease liabilities			0	370	325	326	368	374	409	424
Other non-current liabilities	137	134	892	1,379	1,548	2,796	3,311	3,430	3,149	3,128
Total liabilities	7,837	9,911	10,803	11,272	13,635	14,309	20,074	22,101	20,232	20,584
Total debt	1,603	1,651	1,642	1,607	3,672	3,638	5,071	4,920	5,444	6,886
Retained earnings	11,040	11,464	12,917	14,416	15,419	16,741	18,037	17,851	20,828	22,616
Treasury stock	-4,489	-4,905	-6,028	-7,225	-7,779	-9,123	-9,415	-9,359	-10,748	-10,662
Other comprehensive income	-1,821	-1,503	-1,807	-2,028	-1,982	-1,571	-1,890	-2,206	-2,445	-2,278
Shareholders' equity	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271	12,349
Minority interests	299	905	911	958	927	889	992	1,054	1,037	1,059
Total equity	7,174	8,164	8,259	8,407	8,707	9,035	9,967	9,904	11,308	13,408
Total liabilities and equity	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540	33,992

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068	2,957
Depreciation and amortization	530	583	611	672	673	662	784	1,024	1,065	1,105
Stock-based compensation	32	41	53	49	31	37	33	79	100	93
Deferred income tax	50	378	-238	-4	7	7	-274	-457	-209	86
Change in inventory	-4	-407	-695	291	46	-945	-567	0	-402	-39
Change in payables	188	639	302	-310	288	217	538	-66	-183	-148
Cash from operations	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487	3,621
Capital expenditures	-531	-506	-709	-700	-528	-734	-916	-1,213	-1,208	-1,235
Acquisitions	-94	-662	-70	-237	0	0	-3,191	-292	-58	-12
Purchases of investments	-478	-194	-368	-495	-593	-806	-1,073	-1,409	-1,500	-1,627
Sales and maturities of investments	306	266	331	389	469	673	1,151	1,334	1,460	1,450
Cash from investing	-917	-1,052	-974	-1,150	-719	-873	-4,172	-1,643	-1,782	-1,731
Debt issued	111	6	36	11	2,014	79	2,103	861	2,720	2,335
Stock issued			13	76	88	56	80	48	133	69
Share buybacks	-778	-451	-1,140	-1,271	-641	-1,402	-374	0	0
Dividends paid	-676	-701	-718	-761	-782	-809	-855	-921	-969	-1,055
Cash from financing	-1,413	-1,074	-1,400	-2,095	280	-2,227	1,669	-2,177	-173	-772
Exchange rate effect	-200	98	-70	-110	-11	35	50	-68	-40	56
Net change in cash		249	-66	-174	2,272	-809	-491	78	-508	1,174
Free cash flow	1,408	1,771	1,669	2,481	2,194	1,522	1,046	2,753	279	2,386
Interest paid	68	82	114	109	88	111	184	374	334	308
Income taxes paid	430	622	699	691	432	521	903	1,181	1,175	1,074

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $525.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.3%	Gross profit / revenue.
Operating margin	11.2%	Operating income / revenue.
EBITDA margin	14.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	9.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.4%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.6%	Net income / average total assets.
Return on invested capital (ROIC)	17.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.1%	Research and development expense / revenue.
SG&A / revenue	9.5%	Selling, general and administrative expense / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-28.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-27.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	143.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	755.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	20.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.73x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.54x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.3%	Total debt / total assets.
Liabilities / assets	61.0%	Total liabilities / total assets.
Net debt	$2.96B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.1x	Operating income / interest expense.
Working capital	$7.76B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.46B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
Fixed asset turnover	4.95x	Revenue / average property, plant and equipment.
Inventory turnover	4.05x	Cost of revenue / average inventory.
Days inventory	90 days	365 x average inventory / cost of revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
FCF conversion	124.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$19.60	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$250.60	Revenue / diluted weighted shares.
FCF per share	$24.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$33.55	Cash from operations / diluted weighted shares.
Book value per share	$92.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$61.06	Tangible book value / shares outstanding.
Cash per share	$28.33	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$72.28B	Share price x shares outstanding.
Enterprise value	$75.25B	Market cap + total debt - cash - short-term investments.
P/E	26.6x	Market cap / net income. Only when net income is positive.
P/S	2.08x	Market cap / revenue.
P/B	5.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.55x	Market cap / tangible book value, when positive.
P/FCF	21.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	2.17x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	2.49x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CUMMINS INC's revenue in fiscal 2025?

CUMMINS INC reported revenue of $33.67B for fiscal 2025, 1.3% lower than the year before.

Was CUMMINS INC profitable in fiscal 2025?

Yes. Net income was $2.84B, a net margin of 8.4%.

How much free cash flow did CUMMINS INC generate in fiscal 2025?

Cash from operations of $3.62B minus capital expenditures of $1.24B left free cash flow of $2.39B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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