Cummins Inc (CMI) financial statements: income statement, balance sheet and cash flow

Cummins Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cummins Inc reported revenue of $33.7B (-1.3% year on year) and net income of $3.0B (-27.3% year on year).

Income statement

Cummins Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$33.7B	$34.1B	$34.1B	$28.1B
Cost of sales	$25.2B	$25.7B	$25.8B	$21.4B
Gross Margin	$8.5B	$8.4B	$8.2B	$6.7B
Selling, general and administrative expenses	$3.1B	$3.3B	$3.3B	$2.7B
Research, development and engineering expenses	$1.4B	$1.5B	$1.5B	$1.3B
Equity, royalty and interest income from investees	$469.0M	$395.0M	$483.0M	$349.0M
Other operating expense, net	$439.0M	$346.0M	$2.1B	$174.0M
OPERATING INCOME	$4.0B	$3.8B	$1.8B	$2.9B
Interest expense	$329.0M	$370.0M	$375.0M	$199.0M
Other income, net (Note 21)	$267.0M	$1.5B	$240.0M	$89.0M
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax	$4.0B	$4.9B	$1.6B	—
Income tax expense (Note 4)	$1.0B	$835.0M	$786.0M	$636.0M
CONSOLIDATED NET INCOME	$3.0B	$4.1B	$840.0M	$2.2B
Less: Net income attributable to noncontrolling interests	$114.0M	$122.0M	$105.0M	$32.0M
Cummins share of net income	$2.8B	$3.9B	$735.0M	$2.2B
Basic (in dollars per share)	$20.62	$28.55	$5.19	$15.20
Diluted (in dollars per share)	$20.50	$28.37	$5.15	$15.12

Cummins Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
NET SALES (Notes 1 and 2)	$9.5B	$8.4B	$8.3B	$8.6B
Cost of sales	$7.0B	$6.2B	$6.2B	$6.4B
GROSS MARGIN	$2.5B	$2.2B	$2.1B	$2.3B
Selling, general and administrative expenses	$893.0M	$845.0M	$789.0M	$779.0M
Research, development and engineering expenses	$385.0M	$358.0M	$345.0M	$357.0M
Equity, royalty and interest income from investees (Note 4)	$154.0M	$148.0M	$104.0M	$118.0M
Other operating expense, net (Note 14)	$62.0M	$239.0M	$247.0M	$37.0M
OPERATING INCOME	$1.3B	$949.0M	$852.0M	$1.2B
Interest expense	$80.0M	$76.0M	$83.0M	$87.0M
Other income, net	$94.0M	$61.0M	$61.0M	$86.0M
INCOME BEFORE INCOME TAXES	$1.3B	$934.0M	$830.0M	$1.2B
Income tax expense (Note 5)	$325.0M	$254.0M	$271.0M	$297.0M
CONSOLIDATED NET INCOME	$968.0M	$680.0M	$559.0M	$928.0M
Less: Net income attributable to noncontrolling interests	$36.0M	$26.0M	$23.0M	$38.0M
NET INCOME ATTRIBUTABLE TO CUMMINS INC.	$932.0M	$654.0M	$536.0M	$890.0M
Basic (in dollars per share)	$6.76	$4.73	$3.88	$6.46
Diluted (in dollars per share)	$6.73	$4.71	$3.86	$6.43
Basic (in shares)	137.9M	138.3M	138.0M	137.8M
Dilutive effect of stock compensation awards (in shares)	600.0K	500.0K	800.0K	700.0K
Diluted (in shares)	138.5M	138.8M	138.8M	138.5M

Balance sheet

Cummins Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Common stock, par value (in dollars per share)	$2.50	$2.50	$2.50	$2.50
Common stock, shares authorized	500.0M	500.0M	500.0M	500.0M
Common stock, shares issued	222.5M	222.5M	222.5M	222.5M
Treasury Stock, Common, Shares	84.4M	85.1M	80.7M	—
Cash and cash equivalents	$2.8B	$1.7B	$2.2B	$2.1B
Marketable securities (Note 5)	$764.0M	$593.0M	$562.0M	$472.0M
Cash, cash equivalents and marketable securities	$3.6B	$2.3B	$2.7B	$2.6B
Trade and other	$5.8B	$5.2B	$5.6B	$4.8B
Inventories (Note 6)	$5.8B	$5.7B	$5.7B	$5.6B
Prepaid expenses and other current assets	$1.7B	$1.6B	$1.2B	$1.1B
Total current assets	$16.9B	$14.8B	$15.2B	$14.5B
Property, plant and equipment, net (Note 7)	$7.0B	$6.4B	$6.2B	$5.5B
Investments and advances related to equity method investees (Note 3)	$2.1B	$1.9B	$1.8B	$1.8B
Goodwill (Note 9)	$2.2B	$2.4B	$2.5B	$2.3B
Other intangible assets, net (Note 9)	$2.2B	$2.4B	$2.5B	$2.7B
Pension assets (Note 10)	$1.0B	$1.2B	$1.2B	$1.4B
Other assets (Note 11)	$2.6B	$2.6B	$2.5B	$2.1B
Total assets	$34.0B	$31.5B	$32.0B	$30.3B
Accounts payable (principally trade)	$3.8B	$4.0B	$4.3B	$4.3B
Loans payable (Note 12)	$313.0M	$356.0M	$280.0M	$210.0M
Commercial paper (Note 12)	$353.0M	$1.3B	$1.5B	$2.6B
Current maturities of long-term debt (Note 12)	$94.0M	$660.0M	$118.0M	$573.0M
Accrued compensation, benefits and retirement costs	$825.0M	$1.1B	$1.1B	$617.0M
Current portion of accrued product warranty (Note 13)	$693.0M	$679.0M	$667.0M	$726.0M
Current portion of deferred revenue (Note 2)	$1.6B	$1.3B	$1.2B	$1.0B
Other accrued expenses (Note 11)	$1.9B	$1.9B	$3.8B	$1.5B
Total current liabilities	$9.6B	$11.2B	$12.9B	$11.4B
Long-term debt (Note 12)	$6.8B	$4.8B	$4.8B	$4.5B
Deferred revenue (Note 2)	$1.1B	$1.1B	$966.0M	$844.0M
Other liabilities (Note 11)	$3.1B	$3.1B	$3.4B	$3.3B
Total liabilities	$20.6B	$20.2B	$22.1B	$20.1B
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued	2.7B	2.6B	2.6B	2.2B
Retained earnings	$22.6B	$20.8B	$17.9B	$18.0B
Treasury stock, at cost, 84.4 and 85.1 shares	-10.7B	-10.7B	-9.4B	-9.4B
Accumulated other comprehensive loss (Note 16)	($2.3B)	($2.4B)	($2.2B)	($1.9B)
Total Cummins Inc. shareholders' equity	$12.3B	$10.3B	$8.8B	$9.0B
Noncontrolling interests (Note 17)	$1.1B	$1.0B	$1.1B	$992.0M
Total equity	$13.4B	$11.3B	$9.9B	$10.0B
Total liabilities and equity	$34.0B	$31.5B	$32.0B	$30.3B

Cummins Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$3.2B	$2.6B	$2.6B	$2.3B
Marketable securities (Note 6)	$745.0M	$568.0M	$593.0M	$755.0M
Total cash, cash equivalents and marketable securities	$3.9B	$3.2B	$3.2B	$3.1B
Accounts and notes receivable, net	$6.6B	$6.5B	$5.6B	$5.9B
Inventories (Note 7)	$6.4B	$6.1B	$6.3B	$6.3B
Prepaid expenses and other current assets	$1.5B	$1.5B	$1.7B	$1.7B
Total current assets	$18.4B	$17.4B	$16.7B	$16.9B
Property, plant and equipment	$13.2B	$13.0B	$12.5B	$12.3B
Accumulated depreciation	($6.2B)	($6.1B)	($5.9B)	($5.8B)
Property, plant and equipment, net	$7.0B	$6.9B	$6.7B	$6.5B
Investments and advances related to equity method investees	$2.3B	$2.2B	$2.0B	$2.0B
Goodwill	$2.2B	$2.2B	$2.2B	$2.4B
Other intangible assets, net	$2.2B	$2.2B	$2.3B	$2.4B
Pension assets	$1.0B	$1.0B	$1.2B	$1.2B
Other assets (Note 8)	$2.5B	$2.5B	$2.6B	$2.8B
Total assets	$35.6B	$34.4B	$33.6B	$34.3B
Accounts payable (principally trade)	$4.7B	$4.4B	$3.8B	$4.2B
Loans payable (Note 9)	$459.0M	$451.0M	$315.0M	$336.0M
Commercial paper (Note 9)	$348.0M	$349.0M	$353.0M	$353.0M
Current maturities of long-term debt (Note 9)	$151.0M	$157.0M	$122.0M	$615.0M
Accrued compensation, benefits and retirement costs	$812.0M	$597.0M	$770.0M	$657.0M
Current portion of accrued product warranty (Note 10)	$658.0M	$638.0M	$660.0M	$657.0M
Current portion of deferred revenue (Note 2)	$1.6B	$1.6B	$1.6B	$1.6B
Other accrued expenses (Note 8)	$2.0B	$2.0B	$1.8B	$1.9B
Total current liabilities	$10.7B	$10.2B	$9.5B	$10.3B
Long-term debt (Note 9)	$6.7B	$6.7B	$6.8B	$6.8B
Deferred revenue (Note 2)	$1.1B	$1.1B	$1.1B	$1.1B
Other liabilities (Note 8)	$3.2B	$3.1B	$3.1B	$3.2B
Total liabilities	$21.7B	$21.1B	$20.5B	$21.4B
Common stock, $2.50 par value, 500 shares authorized, 222.5 and 222.5 shares issued	2.6B	2.6B	2.7B	2.6B
Retained earnings	$23.6B	$23.0B	$22.3B	$22.0B
Treasury stock, at cost, 84.9 and 84.4 shares	-11.1B	-10.9B	-10.7B	-10.7B
Accumulated other comprehensive loss (Note 12)	($2.3B)	($2.4B)	($2.2B)	($2.2B)
Total Cummins Inc. shareholders’ equity	$12.8B	$12.4B	$12.1B	$11.8B
Noncontrolling interests	$1.1B	$1.0B	$1.0B	$1.1B
Total equity	$13.9B	$13.4B	$13.1B	$12.9B
Total liabilities and equity	$35.6B	$34.4B	$33.6B	$34.3B

Cash flow statement

Cummins Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Consolidated net income	$3.0B	$4.1B	$840.0M	$2.2B
Gain related to divestiture of Atmus (Note 21)	$0	($1.3B)	—	—
Depreciation and amortization	$1.1B	$1.1B	$1.0B	$784.0M
Deferred income taxes (Note 4)	$86.0M	($209.0M)	($457.0M)	($274.0M)
Equity in income of investees, net of dividends	($55.0M)	$13.0M	($81.0M)	$64.0M
Pension and OPEB expense (Note 10)	$79.0M	$38.0M	$8.0M	$24.0M
Pension contributions and OPEB payments (Note 10)	($55.0M)	($90.0M)	($134.0M)	($85.0M)
Accounts and notes receivable	($612.0M)	$298.0M	($330.0M)	($697.0M)
Inventories	($39.0M)	($402.0M)	$0	($567.0M)
Other current assets	($66.0M)	($305.0M)	($120.0M)	($109.0M)
Accounts Payable	($148.0M)	($183.0M)	($66.0M)	$538.0M
Accrued expenses	$4.0M	($1.6B)	$2.9B	($170.0M)
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Other Item	$365.0M	$100.0M	—	—
Net cash provided by operating activities	$3.6B	$1.5B	$4.0B	$2.0B
Capital expenditures	($1.2B)	($1.2B)	($1.2B)	($916.0M)
Investments in and net advances (to) from equity investees	($196.0M)	($214.0M)	—	—
Acquisition of businesses, net of cash acquired (Note 23)	($12.0M)	($58.0M)	($292.0M)	($3.2B)
Investments in marketable securities—acquisitions	($1.6B)	($1.5B)	($1.4B)	($1.1B)
Investments in marketable securities—liquidations (Note 5)	$1.4B	$1.5B	$1.3B	$1.2B
Cash associated with Atmus divestiture	$0	($174.0M)	—	—
Other, net	($111.0M)	($88.0M)	$348.0M	$86.0M
Net cash used in investing activities	($1.7B)	($1.8B)	($1.6B)	($4.2B)
Proceeds from borrowings	$2.3B	$2.7B	$861.0M	$2.1B
Net payments of commercial paper	($906.0M)	($237.0M)	($779.0M)	$2.3B
Payments on borrowings and finance lease obligations	($975.0M)	($1.6B)	($1.1B)	($1.6B)
Dividend payments on common stock (Note 15)	($1.1B)	($969.0M)	($921.0M)	($855.0M)
Payments for purchase of redeemable noncontrolling interests	($110.0M)	($50.0M)	($175.0M)	—
Other, net	($61.0M)	($69.0M)	($63.0M)	($143.0M)
Net cash used in financing activities	($772.0M)	($173.0M)	($2.2B)	$1.7B
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	$56.0M	($40.0M)	($68.0M)	$50.0M
Net increase (decrease) in cash and cash equivalents	$1.2B	($508.0M)	$78.0M	($491.0M)
Cash and cash equivalents at beginning of year	$1.7B	$2.2B	$2.1B	$2.6B
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$2.8B	$1.7B	$2.2B	$2.1B

Cummins Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Consolidated net income	$1.6B	$680.0M	$2.3B	$1.8B
Depreciation and amortization	$563.0M	$282.0M	$825.0M	$548.0M
Deferred income taxes	$15.0M	($12.0M)	$68.0M	($138.0M)
Equity in income of investees, net of dividends	($116.0M)	($86.0M)	($38.0M)	($88.0M)
Pension and OPEB expense (Note 3)	$37.0M	$19.0M	$60.0M	$39.0M
Pension contributions and OPEB payments (Note 3)	($28.0M)	($13.0M)	($38.0M)	($26.0M)
Accounts and notes receivable	($738.0M)	($678.0M)	($466.0M)	($643.0M)
Inventories	($612.0M)	($333.0M)	($446.0M)	($436.0M)
Other current assets	($37.0M)	($50.0M)	($146.0M)	($172.0M)
Accounts payable	$860.0M	$629.0M	($147.0M)	$148.0M
Accrued expenses	$150.0M	($167.0M)	($201.0M)	($244.0M)
Other, net	$66.0M	$38.0M	$279.0M	$16.0M
Net cash provided by operating activities	$1.8B	$309.0M	$2.1B	$782.0M
Capital expenditures	($438.0M)	($189.0M)	($691.0M)	($393.0M)
Investments in marketable securities—acquisitions	($633.0M)	($232.0M)	($1.1B)	($783.0M)
Investments in marketable securities—liquidations (Note 6)	$641.0M	$407.0M	$1.1B	$636.0M
Other, net	$1.0M	$4.0M	($78.0M)	($9.0M)
Net cash used in investing activities	($429.0M)	($10.0M)	($846.0M)	($615.0M)
Proceeds from borrowings	$320.0M	$213.0M	$2.2B	$2.1B
Net payments of commercial paper	($5.0M)	($4.0M)	($906.0M)	($906.0M)
Payments on borrowings and finance lease obligations	($248.0M)	($108.0M)	($827.0M)	($210.0M)
Dividend payments on common stock	($552.0M)	($276.0M)	$778.0M	$502.0M
Repurchases of common stock	($468.0M)	($243.0M)	—	—
Payments for purchase of redeemable noncontrolling interests	$0	—	($55.0M)	($55.0M)
Other, net	($88.0M)	($99.0M)	($69.0M)	($49.0M)
Net cash (used in) provided by financing activities	($1.0B)	($517.0M)	($403.0M)	$424.0M
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	($4.0M)	($13.0M)	$57.0M	$57.0M
Net increase in cash and cash equivalents	$334.0M	($231.0M)	$895.0M	$648.0M
Cash and cash equivalents at beginning of year	$2.8B	$2.8B	$1.7B	$1.7B
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$3.2B	$2.6B	$2.6B	$2.3B

Cummins Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.