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Cummins vs Power Solutions International: revenue, profit, margins and growth compared

Cummins brought in $33.7B of revenue in fiscal 2025, Power Solutions International $722.4M in fiscal 2025. Revenue changed by -1.3% at Cummins and +51.8% at Power Solutions International on the year before, so Power Solutions International grew faster. Cummins kept 8.4% of its revenue as net profit, Power Solutions International 15.8%. Free cash flow was $2.4B at Cummins and $14.1M at Power Solutions International.

Side by side, latest fiscal year

CMIPSIX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$33.7B$722.4M
Revenue growth-1.3%+51.8%
Net income$2.8B$114M
Net margin8.4%15.8%
Free cash flow$2.4B$14.1M
Free cash flow margin7.1%2.0%
Earnings per share (diluted)$20.50$4.94
Cash$2.8B$41.3M
Debt$6.9B$38K
Price to earnings25.69.4
Market value$72.3B$1.1B
Dividend yield1.46%n/a
Rank by revenue in sector#18 of 451 · Industrials#290 of 451 · Industrials

Over the years

Revenue
CMI FY2018: $23.8BCMI FY2019: $23.6BCMI FY2020: $19.8BCMI FY2021: $24BCMI FY2022: $28.1BCMI FY2023: $34.1BCMI FY2024: $34.1BCMI FY2025: $33.7BPSIX FY2018: $496MPSIX FY2019: $546.1MPSIX FY2020: $417.6MPSIX FY2021: $456.3MPSIX FY2022: $481.3MPSIX FY2023: $459MPSIX FY2024: $476MPSIX FY2025: $722.4MFY18FY19FY20FY21FY22FY23FY24FY25
CMI $33.7BPSIX $722.4M
Net income
CMI FY2018: $2.1BCMI FY2019: $2.3BCMI FY2020: $1.8BCMI FY2021: $2.1BCMI FY2022: $2.2BCMI FY2023: $735MCMI FY2024: $3.9BCMI FY2025: $2.8BPSIX FY2018: -$54.7MPSIX FY2019: $8.2MPSIX FY2020: -$23MPSIX FY2021: -$48.5MPSIX FY2022: $11.3MPSIX FY2023: $26.3MPSIX FY2024: $69.3MPSIX FY2025: $114MFY18FY19FY20FY21FY22FY23FY24FY25
CMI $2.8BPSIX $114M
Net margin
CMI FY2018: 9.0%CMI FY2019: 9.6%CMI FY2020: 9.0%CMI FY2021: 8.9%CMI FY2022: 7.7%CMI FY2023: 2.2%CMI FY2024: 11.6%CMI FY2025: 8.4%PSIX FY2018: -11.0%PSIX FY2019: 1.5%PSIX FY2020: -5.5%PSIX FY2021: -10.6%PSIX FY2022: 2.3%PSIX FY2023: 5.7%PSIX FY2024: 14.6%PSIX FY2025: 15.8%FY18FY19FY20FY21FY22FY23FY24FY25
CMI 8.4%PSIX 15.8%
Revenue growth
CMI FY2019: -0.8%CMI FY2020: -16.0%CMI FY2021: +21.3%CMI FY2022: +16.9%CMI FY2023: +21.3%CMI FY2024: +0.1%CMI FY2025: -1.3%PSIX FY2019: +10.1%PSIX FY2020: -23.5%PSIX FY2021: +9.2%PSIX FY2022: +5.5%PSIX FY2023: -4.6%PSIX FY2024: +3.7%PSIX FY2025: +51.8%FY19FY20FY21FY22FY23FY24FY25
CMI -1.3%PSIX +51.8%
Free cash flow
CMI FY2018: $1.7BCMI FY2019: $2.5BCMI FY2020: $2.2BCMI FY2021: $1.5BCMI FY2022: $1BCMI FY2023: $2.8BCMI FY2024: $279MCMI FY2025: $2.4BPSIX FY2018: -$9.8MPSIX FY2019: $14.5MPSIX FY2020: -$10MPSIX FY2021: -$63.4MPSIX FY2022: -$10.2MPSIX FY2023: $65.5MPSIX FY2024: $57.8MPSIX FY2025: $14.1MFY18FY19FY20FY21FY22FY23FY24FY25
CMI $2.4BPSIX $14.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cummins and Power Solutions International

Which is bigger by revenue, Cummins or Power Solutions International?

Cummins is bigger by revenue: $33.7B in fiscal 2025, against $722.4M for Power Solutions International in fiscal 2025.

Which keeps more of its revenue as profit, Cummins or Power Solutions International?

Cummins had a net margin of 8.4% in fiscal 2025; Power Solutions International had 15.8% in fiscal 2025.

Which grew revenue faster, Cummins or Power Solutions International?

In their latest fiscal years revenue changed by -1.3% at Cummins and +51.8% at Power Solutions International.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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